Ayatollah Mohammad Yazdi, ex-judiciary chief and Islamic jurist, passed away at the age of 89 on Wednesday.
Ayatollah Mohammad Yazdi, ex-judiciary chief and Islamic jurist, passed away at the age of 89 on Wednesday.
Iran will soon start vaccinating its high-risk population against Covid-19, President Hassan Rouhani announced on Wednesday.
Foreign Minister Mohammad Javad Zarif underlined the significance of the Khaf-Herat railroad ahead of the project’s inauguration on Thursday.
Azerbaijan’s Foreign Minister Jeyhun Bayramov described Iran as a friendly neighbor, reiterating the determination of top officials in Baku to expand multifaceted ties with Tehran.
Dams are built to help protect against the potential loss of life and properties that can be caused by flooding.
There are 200 dams in Iran half of which are in southern regions like Khuzestan Province, but the flood-prone area has long suffered from deluge causing heavy human and material losses, ISNA reported.
If rainwater management systems were efficient and enough funds were available for developing runoff collecting systems instead of constructing dams, people would not have to endure the pain and misery that has become a near permanent feature in recent years.
Catalysts used for dry reforming of methane at Khuzestan Petrochemical Company has been indigenized with the help of two domestic companies.
Petrochemical Research and Technology Company has acquired the technical knowhow to produce the catalysts at Khwarizmi Technology Development Company, the National Petrochemical Company news website Nipna reported.
The initiative lessens the negative impact of the US economic siege on Iran. In the past two years local knowledge-based firms and manufactures have pooled minds to indigenize machinery and equipment for assorted industries.
Donald Trump announced fresh economic sanctions on Iran in August 2018 targeting key industrial sectors. In May of that year the belligerent US president tore up the landmark 2015 nuclear deal Iran had signed with six world powers and in November announced tough new sanctions against key sectors.
The export of cement chain products totaled 7.63 million tons worth $163 million over the first seven months of the current Iranian year (March 20-Oct. 21), showing a 24% and 11% decline in tonnage and value respectively compared with the similar period of last year, according to a Ministry of Industries, Mining and Trade report.
Imports of cement chain products over the seven months amounted to 24,000 tons worth $17.6 million that a show 27% and 34% fall respectively year-on-year, IRNA reported.
Latest data show Iran's cement production in the first six months of the current fiscal year (started March 20) reached 35.63 million tons, which show an increase of 14.4% compared with the same period of last year.
According to the data provided by the Ministry of Industries, Mining and Trade, Iran produced 31.15 million tons of cement in H1, Mehr News Agency reported.
Imam Khomeini Airport City, located in southern Tehran, is expected to start operating air taxi services for the first time in the country’s capital city.
“A domestic airliner has invested about 1,100 billion rials [$4.23 million] in the project,” Sajjad Kamalipour, IKAC’s deputy for economic affairs, was quoted as saying by Cannews, a local media outlet specializing in aviation developments.
“The project is being developed on a six-hectare area inside the airport city,” he added.
Pouya Air, the project investor, has so far purchased two Embraer ERJ 145ER passenger aircraft and one Bombardier Challenger 604, according to Kamali.
A total of 5.45 million tons of agricultural products worth $3.84 billion were exported from Iran during the first eight months of the current Iranian year (March 20-Nov. 20), showing a 27% and 13% growth in weight and value respectively compared with the similar period of last year, according to the technical affairs deputy with the Islamic Republic of Iran Customs Administration.
“Agro products accounted for 7.26% and 18.87% of the volume and value of Iran’s overall exports respectively during the eight-month period,” Mehrdad Jamal Orounaqi was quoted as saying by IRNA.
“Our main exported products were unshelled and shelled pistachio, tomato and tomato paste, watermelon and apple, which together made up close to 1.52 million tons of the total agro exports worth $1.31 billion. Exports of these products registered a 7% and 30% increase in volume and value respectively year-on-year.”
The average goods and services Consumer Price Index of “tobacco” in the 12-month period ending Nov. 20, which marks the end of the eighth Iranian month, increased by 21.8% compared with the corresponding period of the year before.
According to the Statistical Center of Iran, the CPI of “tobacco” among the 12 groups of the basket of consumer goods and services purchased by households stood at 420.9 in Aban, indicating a 6.2% rise compared with the month before.
The tobacco index, which has minimum impact on total inflation rate with a coefficient of 0.59%, registered a year-on-year increase of 50.7%.
The overall average goods and services Consumer Price Index in the 12-month period ending Nov. 20, increased by 29% compared with the corresponding period of last year.
Total tax earnings in the fiscal 2021-22 budget bill have been set at 2,515 trillion rials ($9.67 billion).
These include 591 trillion rials ($2.27 billion) from tax on legal entities, 491 trillion rials ($1.88 billion) from income tax, 238 trillion rials ($915 million) from wealth tax, 235 trillion rials ($903 million) from tax on imports and 957 trillion rials ($3.68 billion) from tax on goods and services.
Vice President for Parliamentary Affairs Hosseinali Amiri submitted the budget bill for the next fiscal year (March 2021-22) to the parliament last week.
In the next fiscal year (starting March 21, 2021), the operating budget (including revenues derived mainly from taxation and exports at the disposal of the government) has been projected to reach 8,413 trillion rials ($32.35 billion at the market exchange rate of 260,000 rials per dollar).
The Export Price Index, an indicator measuring the overall change in prices for goods and services sold abroad, (using the year ending March 2017 as a base year), stood at 850 in the second quarter of the current Iranian year (June 21-Sept. 21) in terms of rial.
Iran's stock market regulator allowed three companies to go public in the past week and more are poised to hold initial public offers in the weeks as the market started showing signs of recovery.
IPOs were on hold since mid-September when the share market was fading with one of its biggest downturns in recent memory.
Fears that the IPOs may not be well-received as before was the main reason behind the postponements. The regulator apparently took some lesson from the last listing, where Sepehr Saderat Financial Group Company, an investment entity affiliated to the semi-private Bank Saderat Iran, failed to break the previous IPO turnout record and didn’t perform well.
The government will repay $600 million as part of its foreign debt in the next fiscal year. The amount is projected in the proposed March 2020-21 budget bill, according to a press release of the Plan and Budget Organization.
Of the total, $166m will be paid to the Islamic Development Bank for loans Tehran received in 2012. Financial commitments of the Energy Ministry and its subsidiaries worth $244m are on the repayment list. The loans were taken for economic development projects.
Reimbursements include $64m owed to the OPEC Fund for International Development. Iran also has to reimburse part of its debt ($56m) to the World Bank. The remaining foreign financial commitment is related to other development projects.
The government sold 22.5 trillion rials ($88 million) in bonds at the weekly auction on Tuesday -- up 15% compared to the previous week sale.
As per a press release posted on the Central Bank of Iran website, four banks put in bids collectively worth 7.8 trillion rials. The bids were approved by the Economy Ministry.
Bonds were sold at 21.5% for and 20.5%, respectively for three and two years maturity dates. The remaining were sold to retail and institutional traders. Bond auctions were largely ignored in the seven weeks but investors have shown renewed interest in the past three weeks.
Iranian carmakers have implemented a double-pronged strategy to curb their reliance on foreign suppliers: expanding ties with local tech firms and academia, as well as collaborating with armed forces.
Following the reimposition of harsh US sanctions against Tehran in 2018, most international automotive companies cut their ties with Iran. The sudden move took a harsh toll on local car production.
To curb the industry’s over-reliance on imports, Iranian car companies tapped domestic capabilities. The decision has been praised by Islamic Republic officials and is in line with policies outlined by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei.
The renewed outbreak of Covid-19 infections in some parts of the world has dampened the global economic outlook in the short run, said Philippine Central Bank Governor Benjamin Diokno.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018