Iranian President Ebrahim Raisi described constructive interaction among the member states of the Organization of the Petroleum Exporting Countries as a crucial factor in the organization’s success.
Iranian President Ebrahim Raisi described constructive interaction among the member states of the Organization of the Petroleum Exporting Countries as a crucial factor in the organization’s success.
A heavy sandstorm carried by strong winds from neighboring countries in the west was set to hit several western and southern provinces on Saturday evening, the Iran Meteorological Organization sounded the alarm and warned of increased chances of flight delays.
The Iranian ambassador in Muscat said the upcoming visit by Oman’s Sultan Haitham bin Tariq Al Said to Tehran will help strengthen cooperation between the two countries.
Advancing the administration’s economic policies requires proper coordination between the foreign ministry and relevant state organizations, according to the first vice president.
Tunisia is able to export 6 million tons of green hydrogen to Europe by 2050, said Director General of the Electricity and Energy Transition at the Ministry of Industry, Mines and Energy Belhassen Chiboub.
After years of neglect, Germany is making concrete plans to reduce the emissions produced through heating the country’s buildings, which are directly responsible for around 15% of the country’s entire CO2 output.
Canadian natural gas production has been on the rebound in recent days thanks to precipitation and continued cooler weather, which has helped firefighting efforts in Alberta's oil and gas country.
Financing power projects are not economically viable for banks and they are reluctant to invest in electricity-related initiatives, a member of Tehran Chamber of Commerce, Industries, Mines and Agriculture said.
“The government's huge budget deficit has led to underinvestment in Iran's power development projects and the country will have to face the devastating consequences sooner rather than later,” Alireza Kolahi-Samadi was also quoted as saying by ILNA.
The Energy Ministry is heavily in debt with the private sector power producers and it has not been able to settle its growing unpaid dues over the last 10 years, he added.
The official noted that if the ministry cannot keep its vows to banks and contractors, the whole sector will have to sustain major losses.
Lack of rainfall in the current water year (started September 2022) compared to the previous year has caused a decline in the level of water in dams and groundwater resources of Markazi Province, indicating that the province is facing a dry year, the managing director of the provincial regional water company said.
“The precipitation this year has been about 20% less than last year and so far only 180 mm of rain have been recorded in the province,” ISNA also quoted Ezzatollah Ameri as saying.
“The decline in rainfall has reduced water inflow to the province's dams, so that currently only 17% of the reservoir of Al-Ghadir Dam in Saveh County are full and there is just 50 million cubic meters of water stored there,” he said.
“Over 90% of water in the dam are consumed in the agriculture sector and the rest is used in the drinking sector. However, 70% of the water used in the farms are wasted due to the old inefficient ways in farming practices and dilapidated facilities.”
To expand small-scale solar power stations in rural districts, operations are underway to link 690 rooftop photovoltaic power stations to the national power grid in Isfahan Province over the next 10 months, managing director of the Renewable Energy and Energy Efficiency Organization (Satba) said.
“This will be the largest small-scale solar power station project in Iran’s rural districts,” the Energy Ministry’s news portal also quoted Mahmoud Kamani as saying.
Each panel has a capacity of 5 kilowatts and upon completion, the initiative will add close to 3 megawatts to Iran’s installed green energy capacity at 1 gigawatt, he added.
Iran is increasing wheat production, such that output stood at 12 million tons in the 2021-22 crop year and rose to 13.2 million tons in 2022-23, according to the US Department of Agriculture.
It is projected to hit 14.5 million tons in 2023-24 to register a 9.85% year-on-year rise, USDA said in its May update.
The report estimates that 6.2 million hectares are under wheat cultivation in Iran.
The Government Trading Corporation, a subsidiary of Iran’s Agriculture Ministry, rep
Collective illusions are convictions and beliefs that are formed in social groups and can be observed in that group in a stark manner, Todd Rose, a professor at the Harvard Graduate School of Education, said.
They may be based on misinformation, misconceptions or personal experiences or even run counter to scientific and logical facts in some cases. A complex set of illusions caused by conformity bias distorts the way we see the world around us. The potential for collective delusions in societies are a wide range of characteristics, goals and relationships, including trust, success, social networks, in-group conformity, careers, aspirations, education and cultural norms that are being copied from others and turned into reality.
Making an improvement in people’s livelihoods is the goal of all economic policies. Economics and all policymaking tools should help promote economic growth and public well-being. With that in mind, a positive change in the welfare of people could be considered an indicator of the achievement of the country’s policymaking apparatus.
Zahra Kaviani, an economist, prefaced her write-up for the Persian economic daily Donya-e-Eqtesad with this note. A translation of the text follows:
Unfortunately, Iran’s economic indicators all show similar results: negative economic growth, high inflation and widespread unemployment, which reflect the rising trend of poverty. The super challenges that economists have frequently warned about are now entering the crisis stage.
A total of 457,000 tons of goods worth $186 million were exported from Iran to Iraq from Parvizkhan Border Terminal during the first two months of the current Iranian year (March 21-May 21), registering a 32% increase in terms of weight, according to Qasem Matlabi, a local customs official.
A total of 4.1 million tourists visited Iran in 2022, indicating a 315% rise compared to the year before, according to the United Nations World Tourism Organization.
The whopping rise in the number of inbound tourists may be attributed in part to the general relaxation of global preventative measures taken in the face of the Covid-19 pandemic.
However, the figure pales in comparison to 2019 when 9.11 million tourists visited the country — the peak of arrivals in recent years.
UNWTO data show the trend of arrivals went south after the 2019 peak until 2021, which is attributable to the onset of sanctions against Iran and the pandemic.
In fact, the trend in Iran follows similar pattern across the globe, as the total number of international tourist arrivals reached its peak of 1.46 billion in 2019. It dropped to 406.89 million in 2020, rose to 455.77 million in the following year and further jumped to 962.8 million last year.
Tehran Stock Exchange's main index, TEDPIX, lost 34,746.13 points or 1.48% on Saturday to end at 2,311,221.79 while the TSE equal-weighted index gave up 1.53%.
About 12.46 billion shares worth 102.9 trillion rials ($228.64 million) changed hands for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Amin Pharmaceutical Company led the winner’s list as its shares jumped 5.99% to 5,660 rials per share. Nasir Machine Engineering Company was the big loser among all TSE-listed companies plunging 9.15% to 18,470 rials per share.
Majid Moshalchi, the deputy chief of the Central Insurance company of Iran (CII), the industry regulator, has disclosed details about ten major brokers and agents with major debts to the insurance sector as of March.
According to Moshalchi, the ten, including the two major carmakers, account for approximately 80% of the total debt within the sales network with a 100,000 payroll, Risknews website reported.
"The CII, as the regulatory body, will make every effort to quickly collect the [unpaid] premiums and enforce the law against those in breach," he said.
"Insurance companies resorted to legal means, including suspending policy issuance and enforcing guarantees, to collect the debt from the sales network”.
He revealed that in sum 211 brokers and agencies owe an estimated 22 trillion rials ($43.1 million) to insurance companies. He concurred that the “amount may not be significant compared to the debts of other industries.”
Iran Fara Bourse (IFB) ended the second month of the Iranian calendar year (April 20-May 21) with substantial growth in trade, market share and overall performance.
According to the IFB public relations office, in the 19 trading days of the month, 226 billion shares were traded worth 1,433 trillion rials ($28.1 billion), posting 25% growth from the same period last year.
The average daily trading volume reached 11.9 billion shares, valued at over 754 trillion rials ($1.47 billion).
The First Market logged trade of more than 464 trillion rials ($909 million), indicating 52% growth on the same period in the previous year. Similarly, the Second Market recorded transactions worth 330 trillion rials ($640 million) – a whopping 64% increase.
To help underpin bilateral trade and economic ties, a cooperation agreement was signed between insurance companies from Iran and Syria.
Iran’s Alborz Insurance Company and the Syrian Al-Aqeela Insurance Company, signed a document to launch a joint insurance company.
According to Mousa Rezaei, the CEO of Alborz Insurance, the agreement calls for Iranian investment in the Arab county by covering Iranian businesses operating there, Alborz Insurance website quoted him as saying.
"This signals the beginning of Iranian insurers playing a role in supporting businesses operating outside the country…We are willing to send our experts in the three main fields of reinsurance, Takaful and commercial insurance to Syria in near future," Rezaei said.
An expert believes that the correct implementation of capital gains tax law could eliminate brokers from the car market and benefit real customers, but the passage of the law alone cannot solve the automotive industry’s challenges.
Some experts, however, believe that at a time when inflation has crossed 50% and the foreign exchange market remains highly volatile, this law cannot restrain the car market brokers.
According to Daryoush Badiee-Sabet, a trade expert, the capital gains tax in the car and housing markets can cause brokers to leave the automotive market, but the question is whether this law will benefit low-income deciles in the current economic condition, the Persian automobile daily Donyaye Khodro reported.
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