US Iran envoy Rob Malley expressed renewed interest Tuesday in pursuing a diplomatic solution to address Tehran’s nuclear issue.
US Iran envoy Rob Malley expressed renewed interest Tuesday in pursuing a diplomatic solution to address Tehran’s nuclear issue.
President Ebrahim Raisi said his government’s foreign policy is aimed at fostering interaction with all countries on the basis of “justice and balance”.
The Iranian foreign minister said the rapprochement between Iran and Saudi Arabia is not merely “a tactical agreement,” stressing that both countries have agreed to develop bilateral economic and commercial relations.
Referring to the recent events that happened in Iran-Afghanistan border areas, the Iranian interior minister said peace and security have been restored to the areas.
Pakistan is scheduled to receive around 750,000 barrels of Urals crude over the coming days, which would mark the South Asian nation's first commercial-scale purchase of Russian crude oil, as it looks to take advantage of steep discounts on the medium sour grade to save on energy import costs and dollar reserves, industry and government sources said over May 27-30.
A call-for-action with over 100 signatories was sent to the French government on Wednesday to ask that industrial competitiveness is incorporated into the new national strategy for hydrogen, petition-leader France Hydrogen said.
Oil prices extended losses early on Wednesday, as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the US debt ceiling bill.
Due to a severe drought in South Khorasan, North Khorasan and Khorasan Razavi provinces, most industries and petrochemical plants are opting to tap into unconventional water resources, including reclaimed sewage, to meet their demand, the deputy for engineering affairs at Iran Water and Wastewater Company (Abfa) said.
The declining trend of water storage in the dams of Mazandaran Province is continuing for the third consecutive year, creating concerns regarding the supply of water needed by agricultural and household sectors in the coming months.
Currently, about 147 million cubic meters of water are stored in the dams of the northern province while the storage capacity of dams in the province is about 328 mcm. It means that only about 45% of the reservoir capacity of Mazandaran dams are filled, the Energy Ministry’s news portal Paven reported.
Iran will sign a gas contract with Turkmenistan and import 10 million cubic meters per day later this month, the oil minister said on Tuesday.
Javad Owji made the announcement after meeting Batyr Amanov, Turkmen deputy prime minister for oil and gas, in Tehran, the Oil Ministry’s news service Shana reported.
“Iran started swapping 1.5 to 2 billion cubic meters of gas per year with Turkmenistan two years ago, which figure increased last year,” he added.
Is the advent of hyperinflation in Iran's economy close? This is a question frequently asked by economists, experts and even officials these days. Some give a positive answer to these ambiguities, while some other officials and analysts believe there is no sign of hyperinflation in Iran's economy at the moment, Hadi Haqshenas, an economist, prefaced an article for the Persian newspaper Ta’adol with this note.
With the implementation of the free-trade zone agreement between Iran and the Eurasian Economic Union, Armenia will receive privileges for a number of products, including food commodities, Armenia’s Minister of Economy Vahan Kerobyan said on Tuesday.
“Clothing and Shoes”, one of 12 groups of goods and services surveyed by the Statistical Center of Iran, registered an annualized inflation rate of 48.6% in the second month of the current Iranian year (April 21-May 21).
The group’s month-on-month and year-on-year inflation stood at 4% and 52.3% receptively.
The overall annualized inflation in the second month of the current Iranian year stood at 49.1%, up from 47.6% reported in the previous month and 45.8% in the month before, SCI said in a new report released last week.
Iran and Turkey traded $1.47 billion worth of goods during the first four months of 2023 to register a 23.18% year-on-year decline, latest data released by the Turkish Statistical Institute show.
Iranian exports amounted to $749.9 million, down 34.38% while imports declined by 6.69% to $724.1 million.
Bilateral trade stood at $290.62 million in April, down 42.89% YOY, with Turkish exports at $163.12 million, down 24.32% YOY, and Iranian exports at $127.49 million, registering a 56.54% decline YOY.
Iran and Turkey traded $5.35 billion worth of goods in 2022 to register a 12.18% year-on-year rise. Iran’s exports stood at $2.91 billion, up 15.49% while imports grew by 8.47% to $2.44 billion
Bilateral trade stood at $4.77 billion in 2021 to register a 69.12% rise compared with the preceding year. Iranian exports stood at $2.52 billion, up 145.18% year-on-year, while imports grew by 25.5% to $2.25 billion.
The services sector employed 51.6% of the Iranian employed population (12.23 million) in the fiscal 2022-23, 1.8% higher than the year before, whereas industrial and agricultural sectors generated 33.6% and 14.8% of jobs respectively, according to the Statistical Center of Iran.
Tehran Chamber of Commerce, Industries, Mines and Agriculture, in cooperation with Tehran Industries, Mining and Trade Organization, is scheduled to hold a conference to introduce laws and directives of the Social Security Organization on June 13, TCCIM’s deputy for development affairs said.
The US dollar accounts for 88% of world transactions and comprises a sizable part of the reserves of central banks and major companies, which have increased demand for US bonds in financial markets.
Dollarization of the economy happens when a country recognizes the dollar as a legal currency or medium of exchange instead of or besides its local currency. It often occurs in developing countries mainly due to the national currency’s weakness and their volatile economy.
Abdolnasser Hemmati, a former governor of the Central Bank of Iran, prefaced an editorial for the Persian economic daily Donya-e-Eqtesad with this note. A translation of the text follows:
People are likely to choose dollar for daily transactions when their developing countries experience runaway inflation, because their local currency is continuously losing its purchasing power.
Talks were between the tax chief and representatives from innovative companies and experts in digitizing the taxation system in a fresh move toward closer collaboration between the Iranian National Tax Administration (INTA) and the startup industry,
The meeting brought together key stakeholders, including the spokesperson for the Majlis Economic Commission, the president and secretary of the Fintech Association, CEO of the Blockchain Association, and the CEO of Dotin company.
Participants raised a host of critical issues with the main focus on lack of transparency in taxing cryptocurrencies and activities related to digital currencies, the Persian-language way2pay website reported.
Mohammad Mehdi Fatemian, chairman of the board of directors of the Fintech Association, criticized the way details of taxing cryptos was announced in the framework of the capital gains tax plan.
Tehran Stock Exchange's main index, TEDPIX, lost 17,385.18 points or 0.76% on Wednesday to end at 2,271,042.39 and the TSE equal-weighted index plunged 1.08%.
About 19.28 billion shares worth 122.1 trillion rials ($271.34 million) changed hands for the day. Trading at TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
German truck maker Daimler, Japan’s top automaker Toyota and two other automakers said on Tuesday they will work together on new technologies, including using hydrogen fuel, to help fight climate change.
SAIPA Automotive Group has published detailed statistics from March 21 to May 28, alongside the release of the total vehicle production report, which indicate a substantial jump in output.
A total of 86,618 vehicles were produced by SAIPA during the period, registering an 82.5% increase compared with the corresponding period of last year, the company’s CEO said.
“Since good agreements have been made between the Ministry of Industries, Mining and Trade and the Central Bank of Iran regarding the supply of foreign currency to car manufacturers and parts producers, vehicle output has increased,” Mohammad Ali Teymouri was also quoted as saying by Khabar Khodro, a Persian website that covers automotive news.
Today (Thursday, June 1) the five foreign ministers of BRICS (Brazil, Russia, India, China and South Africa) are meeting in Cape Town. On the second day of their meet they will be joined by 15 other foreign ministers representing Africa, the Global South, and “Friends of BRICS” nations. Among other things these deliberations will seek to firm up the agenda for the BRICS Summit to be held August 22-24 this year.
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