Russian President Vladimir Putin underlined Iran’s role in resolving conflicts in the region and expressed willingness to cooperate with Tehran to help end the recent clash between neighboring Azerbaijan and Armenia through dialogue.
Russian President Vladimir Putin underlined Iran’s role in resolving conflicts in the region and expressed willingness to cooperate with Tehran to help end the recent clash between neighboring Azerbaijan and Armenia through dialogue.
Foreign Minister Mohammad Javad Zarif held consultations with his Chinese counterpart, Wang Yi, on Saturday over a range of subjects, including the 25-year roadmap for Tehran-Beijing strategic cooperation.
People who breach coronavirus regulations in Iran’s capital could face fines of up to $6.6, President Hassan Rouhani announced on Saturday in a bid to encourage compliance with health protocols in the face of a third wave of infections.
Heavy Duty Pumps and Water Turbine Manufacture Company (Petco) designs and manufactures assorted pumps for the gas and oil industries with indigenized materials, knowledge and expertise without the need to import technology, head of mechanical design and technical-engineering affairs said.
“In recent years Petco has strived to develop products in accordance with the API 610 standard,” Ali Shirzadegan was quoted as saying by ILNA.
The standard, defined by American Petroleum Institute, relates primarily to centrifugal pumps and centrifugal pumping systems. It provides design criteria for the actual centrifugal pump, as well as how the pump is to be tested, and the type of base it is mounted on.
Retrofitting vehicles, especially vans, with compressed natural gas can substantially cut fuel costs, head of the CNG Department of state-run National Iranian Oil Products Distribution Company said.
“A van uses at least 750 liters of gasoline per month that costs 19 million rials ($64). CNG (750 cubic meters/month) costs 3.8 million rials ($12) and helps save $52,” Mohammad Hossein Baqeri was quoted as saying by IRNA.
Each cubic meter of CNG is sold for 5,000 rials (1.6 cents) and a liter of subsidized gasoline costs 15,000 rials (5 cents) and non-subsidized fuel 30,000 rials (10 cents).
The Purchasing Managers’ Index for Iran’s industrial sector during the sixth month of current fiscal year (Aug. 22-Sept. 21) settled at 54.53 from 48.06 in the preceding month (July 22-Aug. 21), indicating a 6.47-point or a 13.4% increase.
The announcement was made by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture. The center is measuring PMI, known by its Farsi acronym Shamekh, in Iran for the past 24 months.
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to companies’ decision-makers, analysts and purchasing managers.
The government-owned Iran Post Company dispatches at least 5 tons of letters and packages overseas on a daily basis, says Deputy Minister of Information and Communications Technologies Ramezanali Sobhanifar.
Iran-India economic linkages have been impacted significantly, ever since the withdrawal of the US from JCPOA (the formal name of Iran nuclear deal—the Joint Comprehensive Plan of Action) in 2018.
Tehran stocks opened trading week on Saturday amid a lukewarm reception of blue chips and relatively high demand for shares of smaller companies.
The market-cap weighted index of Tehran Stock Exchange, TEDPIX, closed a little above the flatline by climbing 0.07%. The TSE benchmark added 1,123 points to close session at 1,541,822.
Small-cap stocks were the winners as indicated by the 0.81% rise in the equal-weighted index, which gives the same weight to all shares irrespective of their market cap.
About 6.99 billion shares valued at 80.95 trillion rials ($269.83 million) changed hands at TSE for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Gold and foreign currency in Tehran posted strong gains in post-holiday trading on Saturday jumping to record highs.
Emami gold coin jumped 7.5 million rials, or 4.82%, to an all-time high of 155.5 million rials. It traded at 148 million rials on Wednesday, Eghtesad News website reported.
Half-Bahar Azadi gold coin rose by 4.24% on Saturday to 82.5 million rials. It had registered 1.27% decline on Wednesday after six months of systematic increase.
The dollar was quoted at 307,500 rials in the open market, up 3.41% compared with the previous trading day. Bank-affiliated moneychangers preferred not break the 300,000-rial barrier and offered the greenback at 299,000 rials.
The total value of bad checks reached 190 trillion rials ($655 million) by the end of the month to August 21, down 2.6% on a monthly basis and the number dropped by 9.2%.
A total of 794,000 checks bounced during the period, according to a monthly report on check transactions released by the Central Bank of Iran.
Rubber checks accounted for 9.3% of the total number and 9.8% in value.
In the same period 218,000 checks valued at 82 trillion rials ($273.33m) bounced in Tehran Province, accounting for 8.2% and 8.4% in volume and value, respectively.
News US sanctions against Iranian banks are less likely to have further impact as they are already under multilayer restrictions, a monetary expert and former banker said.
The US Treasury Department on Thursday imposed fresh sanctions on 18 Iranian banks in a bid to totally cut off the country from the world's financial system and harm the government’s depleting revenues.
“The sanctions are less likely to have much effect on banks’ relations with the outside world. Links to the international financial system were severed two years ago,” the Persian-language newspaper Sharq quoted Ahmad Hatami Yazd, a former chief executive of Bank Saderat Iran, as saying.
The Statistical Center of Iran has published its latest findings concerning building permits issued in Iran, especially in the capital city Tehran, during the last fiscal year that ended on March 19, 2020.
Last year, municipalities across the country issued a total of 147,005 building permits, registering a 3.5% year-on-year increase.
A total of 382,565 housing units are expected to be built as a result of the permits issued across Iran’s urban areas, indicating a 1.6% increase YOY.
The average number of residential units per permit across the country was 2.6.
Across the country, the total floor area of units authorized in building permits was at 70,593,000 square meters, posting a 2% decrease YOY. The average floor area of units per permit was 468 square meters.
The average Consumer Price Index for rents in urban areas during the four-quarter period ending Sept. 21, which marks the end of the second quarter of the current Iranian year, increased by 24.3% compared with the corresponding period of last year.
The Statistical Center of Iran had put the annual inflation rate for the preceding quarter, which ended on June 20, at 22.7%.
The highest and lowest average annual inflation rates were registered for Lorestan and West Azarbaijan provinces at 32.3% and 8.9%, respectively.
According to the SCI report, CPI for rent levels in urban areas (using the Iranian year to March 2017 as the base year) stood at 195.8 in summer, the second quarter of the current Iranian year (June 21-Sept. 21), indicating an 11.8% increase quarter-on-quarter.
SCI had put the QOQ rent inflation rate for the preceding quarter, which ended on June 20, at 3.4%.
Iran Army Air Force has launched an initiative to strengthen relations with the major automaker SAIPA for sharing technologies, bolstering domestic auto production and reducing foreign dependency.
During a visit to SAIPA’s production and design departments, Commander of Iran Air Force Brigadier General Aziz Nasirzadeh said the army is willing to offer its latest knowhow and technological capacities to the automotive sector for designing and manufacturing high-tech components and engines, the automaker’s website Saipanews.com reported.
Nasirzadeh said the result of the collaboration will benefit both sides.
“The army would like to use the capabilities of SAIPA and its subsidiary part makers to produce special engines for drones. In return, the army would help the automaker develop complex auto components that are currently imported,” he said.
Reportedly, the two have started negotiations on collaboration details to design and integrated contract.
The air force chief said in case a reliable cooperation plan is devised, the US sanctions that have troubled the automotive sector will be easily overcome.
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