The Consumer Price Index (CPI) decreased 0.1 percent in the month of the Iranian year “Tir” (ending July 22). The inflation rate has advanced 10.3 percent over the last twelve months.
Summary Results of the CPI for Tir (July 22)
The food and beverages index turned down 1.5 percent in Tir, largely due to the decreases in the indices for fresh fruits by 15.0 percent, ground vegetables 7.0 percent, leafy green vegetables 2.6, and egg 2.8 percent.
The index for tobacco decreased 0.5 percent in Tir, largely due to the declines in the indices for imported cigarettes by 0.6 percent and domestic cigarettes 0.3 percent.
The clothing and footwear index increased 0.2 percent, mostly as a result of the increases in the indices for clothing materials by 0.8 percent, footwear 0.6 percent, and tailoring, cleaning and laundering wage 0.5 percent.
The housing, water, electricity, gas and other fuels index went up 0.5 percent which was attributed to the advances of the indices for rental equivalence of owner occupied houses, and rent of residential houses each by 0.5 percent, and maintenance and repair services of the dwelling 0.8 percent.
The furnishings, household equipment and routine household maintenance index rose 0.6 percent, largely due to the increases in the indices for furniture and furnishings, carpets and other floor coverings by 1.1 percent, glassware, tableware and household utensils 0.7 percent, goods and services for routine household maintenance 0.5 percent.
The index for health increased 0.4 percent, mostly as a result of the increases in the indices for “medical, paramedical and dental services” and “medical products, appliances and equipment” each by 0.5 percent, and hospital services 0.2 percent.
The transport index went up 0.7 percent in Tir that was principally attributed to the increases in the indices for transport services by 2.1 percent, and operation of personal transport equipment 0.3 percent.
The index for communication went up 0.1 percent, mostly as a result of the increase in the index for telephone and telefax equipment by 0.5 percent.
The recreation and culture index rose 0.7 percent in Tir, largely due to the increases in the indices for package holidays by 2.1 percent, recreational and cultural services 1.7 percent, other recreational items and equipment 0.4 percent, and stationery 0.8 percent.
The education index advanced 0.2 percent over this month, mostly as a result of the increase in the index for supplementary courses tuition fees by 1.6 percent.
The index for restaurants and hotels rose 1.4 percent, mainly due to the advances in the indices for accommodation services by 2.6 percent and food away from home 1.1 percent.
The miscellaneous goods and services index increased 0.7 percent in this month.
Increases in the indices for personal care by 0.8 percent and goldsmith wage 0.1 percent were the major reasons for this rise.
One of the main commodities in petrochemical industry is urea. The most common way of producing urea is Haber process which includes combining nitrogen in the air with hydrogen in the natural gas. Producing 1 ton of urea needs 0.58 ton ammonia and 0.78 ton carbon dioxide. Most urea produced in the world is solid and in the form of granola, crystal and prilled urea. Nitrogen-based fertilizers are about 60% of global fertilizer’s consumption. Given that the soil can’t hold nitrogen for a long time, farmers should order nitrogen-based fertilizers on annual basis. Therefore, increasing in global demand for food is one of the basic factor determined demand for urea. Development plans, change in population and consumption patterns and the price of feedstocks like natural gas and coal are among other effective factors on urea’s pricing.
Global urea capacity and historical trends of demand and supply are shown in the following:
Source: www.ihs.com/index.html (2016)
The main global players of urea industry are China, India, United States and Russia.
The biggest exporters are Russia and West Asian countries. Qatar, Ukraine and Saudi Arabia with shares of 4,341,000 tons, 3,567,000 tons and 6,062,000 tons respectively, provided about half of the world needs for urea in 2016, while Russia with export of 5,269,000 tons is on the top of urea exporting countries’ list around the world.
The main urea producers are mostly the biggest consumers at the same time. China, India, United States, Brazil, Pakistan and Indonesia can be as samples of this quote and that is mainly because of the countries’ strategies in the field of decreasing urea import and increasing their production capacities.
Top Ten Players in Urea Industry (2016)
It should be noted that natural gas is the major feedstock of nitrogen-based fertilizers. Rapid rise of shale gas production in United States on one hand and reduction of natural gas price in that country on the other hand, have impressive effects on chemical fertilizers pricing. Since China is the biggest urea producer and 80% of Chinese urea companies have coal-based production line, fluctuations of coal prices beside natural gas prices can influence urea as well. The trends of mentioned factors in a period of 10 years are shown in the chart below:
Iran is one of the biggest urea producers and exporters with capacity of 9,766,000 tons per year. According to the ministry of agriculture’s data, about 70% of production is being exported annually. Some information about main urea producers in Iran are shown in the table below:
Source: www.codal.ir *In nominal capacities it is assumed that all development projects will be launched successfully **2016 ***N/A
To sum up, urea like the other commodities is faced with political and economic uncertainty. It is expected that urea industry will follow the trend of large Canadian companies such as PotashCorp and Agrium. Generally, urea market seems to keep its current level of price because of expecting increase in demand of European countries, Unites States and Latin America because of supply shortage in these regions on one hand and India’s returning back to the market as we are getting closer to planting season on the other hand. It should be noted that, Iran can become the biggest urea producer in the region in near future and can compete with other major players and it is mostly depends on completion of different development plants by the companies.
The price of copper has soared to its highest level since mid-2015 on strong economic data released from China – the world’s largest red metal importer – along with reports that China may put restrictions on imports of some scrap metal, including copper, from the end of 2018.
China’s GDP released last week, reading of 6.9% YoY in the second quarter of 2017, coupled with a growth in retail sales by 11% YoY in June which were all above economists’ median forecasts.
Adding to above, more than expected improvement in consumer confidence in July was reported. Moreover, some reports have been announced that the recycling branch of China plans to ban imports of scrap metal, including copper, according to Reuters. In response to this news, the copper price rocketed to hit an almost 3-years high around $7,000 last week.
But the bullish price action stalled in front of the 50% Fibonacci retracement level at the end of the week, caused by liquidating long positions by investors, following the recent sharp move. With overbought market conditions, prices are currently pulling back and can retrace further although the market still remains bullish.
Copper seems to be positioned at a critical level right now after facing the tough and psychological resistance at $7,000. The weekly chart below offers supportive indicators which are going to be explained further in the following.
To resume positive momentum in copper, the price needs to fluctuate above the most supportive zone of $6,500, overlapping a strong horizontal support, coupled with %38.2 retracement ratio of 2011 to 2016 high-low. This area is also overlapped by %38.2 retracement of last year’s low to high move.
The Gravestone Doji candlestick pattern formed last week suggests downside pressure in near-term sessions as momentum oscillators such as stochastic has also signs of overbought conditions in short term. We should note that the continuation of the negative pressures caused by stochastic decline from the overbought areas will postpone the bullish overview.
From the market timing perspective, we expect the bullish momentum resumes anytime in near future, as the time cycle of the rally has not completed yet, and the market has faced intra-cycle resistance so far. We believe the rally starting from the early 2016, will continue to hit fresh highs around $8,000 (%61.8 Fibonacci retracement $10,000 high to $4,000 low) during next 5 months. This bullish scenario should be considered valid, as far as the supportive areas of $6,500 and $6,000 accordingly are held.
Tehran (ISNA) - Iran’s deputy foreign minister Majid Takht-Ravanchi has urged Europe to clarify how it will react if Washington abandons the multinational Iran deal and imposes news sanctions on the country.
Speaking at a conference in the French capital, Paris, on Tuesday, Takht-Ravanchi said that Tehran would not be the first party to withdraw from the nuclear accord, known as the Joint Comprehensive Plan of Action (JCPOA), but it has prepared itself for any scenario, Press TV reported.
He made the remarks after US President Donald Trump said he would not continue to certify Iran’s compliance with the terms of the JCPOA and kicked the issue to Congress.
Congress was given 60 days to decide whether to reimpose sanctions that were lifted under the deal, in exchange for restrictions on Iran’s nuclear activities.
Tehran (ISNA) – Iranian defense minister held a meeting with Pakistan’s Chief of Army Staff, discussing the expansion of bilateral cooperation in order to maintain and strengthen the defense base of the two countries.
During the meeting, Iranian defense minister Brigadier General Amir Hatami stated, “Respecting the territorial integrity and sovereignty of the regional countries is one of our main principles in foreign policy and on this basis, Pakistan’s security is our security”.
Referring to the regional and international developments, General Hatami considered the visit of Pakistan’s Chief of Army Staff General Qamar Javed Bajwa to Tehran as consolidating the stability, security and development of the bilateral relations.
Pointing to the attempts of some countries to destabilize regional security, divide the region and raise tension in it, he stressed that Iran's policy is to develop relations with neighbors.
He also considered the United States and the Zionist regime as the biggest and most dangerous supporters of terrorism in the region.
He stressed that unfortunately, some countries in the region and beyond have not abandoned their destabilizing practices and have fallen into the trap of American conspiracies and the Zionist regime, pointing out that they seek to divide the countries of the region and provoke unrest after the war in Afghanistan and Iraq and finding an advocate in Iraq and Syria and targeting Yemen.
He added that Iran's resistance against the implementation of the unjust agendas of Washington and the Zionist regime is the main reason for exerting pressure on Tehran and the Islamic Republic of Iran will employ all its capabilities to preserve the security of the region and the territorial integrity of countries.
General Qamar Javed Bajwa, for his part, said fighting terrorism and security chaos was a priority for Pakistan, hoping to establish security and stability on the borders of the two countries.
The unity of the countries of the region and of the Muslim world in the current sensitive circumstances has been a necessity for the establishment of stability and security
Tehran (ISNA) - Iran has held the first place in the field of handmade carpet exports, registering 23.8% growth during the last Iranian year (21 March 2016- 20 March 2017) and 13.3% during the first six months of this year.
The deputy director of Iran Carpet Center pointed out that Iran is the world's number one exporter of hand-made carpet as it is being technical, saying that today special attention must be paid to the technical and commercial dimensions of carpets.
“Following the signing of the nuclear agreement known as the Joint Comprehensive Plan of Action (JCPOA), we witnessed a growth in exports of Iranian handmade carpets, where we registered a growth of 23.8% in this regard during the last Iranian year and 13.3% during the first six months of the current Iranian year,” he added.
Tehran (ISNA) – Iranian President Hassan Rouhani sent a message to the new Prime Minister of New Zealand to congratulate her election.
President’s message is as follows:
In the Name of Allah, the Most Beneficent, the Most Merciful
Your Excellency Ms. Jacinda Ardern,
Honourable Prime Minister of New Zealand,
I sincerely congratulate your election as the new Prime Minister of New Zealand.
Wishing you success in carrying out this important responsibility, I hope that with regard to political will and attempts of the high-ranking officials of the two countries, relations further develop and deepen.
I wish your Excellency health and success and the people of New Zealand prosperity and felicity.
President of the Islamic Republic of Iran
Tehran (ISNA) – Iranian foreign minister Mohammad Javad Zarif reacted to Saudi Arabia’s hostile allegations and actions on Twitter.
Iranian Foreign Minister Mohammad Javad Zarif tweeted on Monday:
Visits to the belligerent #KSA have proved hazardous to regional health. Trump visit led to Bahrain repression followed by Qatar debacle.1/
Visits by Kushner & Lebanese PM led to Hariri’s bizarre resignation while abroad. Of course, Iran is accused of interference. 2/
#KSA bombs #Yemen to smithereens, killing 1000s of innocents including babies, spreads cholera and famine, but of course blames Iran. 3/
KSA is engaged in wars of aggression, regional bullying, destabilizing behavior & risky provocations. It blames Iran for the consequences. 4/
Tehran (ISNA) – Iranian President welcomed development and deepening of Tehran-Islamabad defense and military cooperation to consolidate stability and security in the region.
Iranian President Hassan Rouhani met with Chief of Army Staff of the Pakistan Army General Qamar Javed Bajwa and said, "The Islamic Republic of Iran is determined to have strong, brotherly and close relations with its regional neighbors, including Pakistan, and these relations are undoubtedly what the two nations want".
The depth of the relationship between the two nations has now gone beyond political relations between the two countries, he added.
"Given the will of the two governments of Iran and Pakistan to promote relations and cooperation between armed forces, cooperation can be promoted by developing training and joint maneuvers," he said, adding that the history of Iran and Pakistan's military and defense cooperation dates back to decades ago and today we are ready to develop these relations.
Mr. Rouhani also described terrorism and sectarian and ethnic disagreements as two main problems of the World of Islam today and emphasized the role of some powers in creating and reinforcing these problems and differences in the region.
"Powers do not have interest in unity and brotherhood among Muslims because if this unity and brotherhood is strengthened, then Islamic countries will be able to solve problems without the presence of outsiders," he said.
Referring to the two countries' common views on the need to maintain unity among Islamic countries, fight against terrorism and the role of some powers in creating these problems, the president said, "Iran-Pakistan cooperation can provide the context for greater unity among Islamic countries".
“Our goal is to strengthen relations between Islamic countries, and there is no doubt that disagreements between Islamic countries can be resolved through dialogue,” he continued.
President Rouhani also described improving security of the common borders of the two countries imperative and said, "The borders between Iran and Pakistan should be frontiers of friendship, development and tourism between the two nations, and we should not allow some terrorist groups promote insecurity in these borders".
The president said that Iran's goal in the region was to strengthen brotherhood and stability and unity among countries of the region, saying, "Terrorism is a problem for all countries of the region. Iran's presence in Iraq and Syria is aimed at fighting ISIS and other terrorist groups at the invitation of the governments of these countries, the positive results of which are now obvious for these two countries and the region; but the big question is that what is the purpose of military strikes, destruction and killing of the Yemeni people?"
Chief of Army Staff of the Pakistan Army also called Iran-Pakistan relations fraternal, deep-rooted and deep-seated, and insisted that Islamabad wanted to develop its military and defence cooperation with Tehran, along with historical and economic relations.
General Qamar Javed Bajwa said, "The people of Pakistan have consistently shown special respect to the Iranian people, especially because of their courage and resistance against powers and invaders, and we are determined to cement relations with Iran in all areas".
Referring to the spread of terrorism and takfiri extremism in the region, he called for an alliance between Islamic countries and said, "The disputes between some Islamic countries should be resolved at the negotiation table and Western countries should not be allowed to fan these disputes with the aim of selling their weapons".
Tehran (ISNA) – Iranian defense minister and his Iraqi counterpart in a phone call on Monday discussed the latest regional and international developments, stressing on further cooperation and efforts in fighting terrorism.
During the phone call, Iranian defense minister Brigadier General Amir Hatami congratulated his Iraqi counterpart Erfan al-Hiyali as well as the nation the recent victories against terrorism, hoping the restoration of peace and security to the warn-torn country.
General Hatami announced Iran’s readiness to help rebuild of Iraq with using all its capacities, stressing Tehran’s strong determination to further improve relations with Baghdad.
Referring to the safety of Iranian Arbaeen pilgrims in Iraq, General Hatami thanked Iraqi armed and security forces for their constant efforts to provide security for the pilgrims.
Erfan al-Hiyali, for his part, expressed hope over the expansion of defense cooperation between the two countries.
“We appreciate Tehran for supporting the Iraqi nation and government in fighting terrorism” he said.
At the end of the conversation, Erfan al-Hiyali invited his Iranian counterpart to visit Iraq.
Tehran (ISNA)-Iran’s foreign ministry spokesman has categorically rejected the recent anti-Iran accusations raised in a statement by the Saudi-led coalition against Yemen, calling such allegations “baseless, irresponsible, damaging, and provocative.”
Referring to years of Saudi aggression and war crimes against Yemeni people, Iranian foreign ministry spokesman Bahram Qassemi called the Yemeni response an independent one and a result of Saudis’ aggression which is not carried out or provoked by any other country.
“The Saudis, who have failed to achieve their evil goals during long-term military aggression against Yemen, are making more problems for their defeated coalition with a clumsy psychological operation to make baseless and totally false accusations,” added Qassemi in his Monday statement.
“Our friendly advice to them is to stop playing the blame game and levelling accusations against others, and rather halt their attacks on the innocent and defenseless people of Yemen as soon as possible, and pave the way for Yemeni-Yemeni dialogue and peace-making in that country.”
Tehran (ISNA) - The Chief of General Staff for Iranian Armed Forces General Mohammad Bagheri and Pakistan’s Chief of Army Staff General Qamar Javed Bajwa held a meeting on Monday.
The officials of the General Staff for Iranian Armed Forces have officially welcomed General Qamar Javed Bajwa who traveled to Tehran at the head of a high-ranking military delegation.
During the meeting, the two army chiefs exchanged views on various bilateral and regional issues.
They stressed on the need for expanding defense and security relations in solving common issues especially in identifying and countering factors that cause the spread of terrorism along the borders between Iran and Pakistan.
The army chiefs have also insisted on the need for expanding defense and security ties in the industrial, research and training fields.
Using the existing capacities in various international and regional communities, using the defense and political capacities in solving regional conflicts, and joint cooperation between Iran and Pakistan as the two big and powerful countries without foreign intervention were also among the topics of discussion in the Monday meeting.
Tehran (ISNA) - The head of the Iran Chamber of Commerce announced that a number of Iranian banks are interested in opening branches in Belgium.
This was announced by Gholamhossein Shafei, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture, during a meeting with a Belgian delegation headed by President of the Federation of Belgian Chambers of Commerce Rene Branders in Tehran.
“The most important requirements for both countries’ businesses are banking and insurance ties that have registered slight improvements after Iran’s nuclear deal, but they are still not enough,” Shafei said.
The private sector leader noted that Belgium’s economic, financial and trading strength is significant among European Union member countries and ties with that country is of high importance for Iranian companies and traders, Financial Tribune reported.
“The desire for expanding economic relations is obvious in both sides. Therefore, we have made plans for the Belgian delegation during their four-day visit in Tehran and Isfahan, and we hope to achieve beneficial results through negotiations,” he said.
This is while the Belgian ambassador to Tehran noted that there are plenty of opportunities to expand bilateral relations, as the economy of the two countries can be complementary.
“Because of the volatile atmosphere and US actions, banking and insurance ties have not improved at an acceptable pace, which is hoped to be resolved as soon as possible,” Francois Delhaye added.
The Belgian ambassador explained that in this situation of uncertainty, the visit of Belgian delegation has a special message and that Belgian companies are eager to extend their ties with Iran and the Belgian government has been also actively pursuing Iranian issues in EU.
The head of ICCIMA noted that the establishment of Iran-Belgium Economic Commission can considerably boost bilateral relations and urged the Belgian side to speed up the process.
“We have had many agreements with Belgium in the past, but both sides need to be more serious about their implementation, as it is one of the most important priorities to discuss with Belgian delegation,” he added.
This is while a few months ago, a 35-member delegation from ICCIMA led by Shafei wrapped up a visit to Belgium and Luxembourg to discuss expansion of economic cooperation.
The Belgian ambassador to Tehran also called for implementing the previous agreements between the two countries, adding that "we're think about signing new ones".
“The bilateral investment agreement is the most important pact between Iran and Belgium, which has been improving slowly since it was agreed but we hope to speed up the process,” he added
Delhaye hoped that the Belgian delegation will finalize the investment agreement and pursue the bilateral tax exemption plan that has been the other objective of this trip.
“In order to absorb finance, I suggest that Iranian high-ranking banking and economic officials take a trip to Belgium to facilitate the establishment of banking and insurance ties,” he said.
As Shafei asked the Belgian official to ease the process of issuing visa for Iranian traders and businesspeople, the Belgian ambassador noted that Iranians have no legal problem in making a business trip to Belgium and in many cases, they face issues in acquiring a visa because there is something amiss with their documents.
Delhaye elaborated that the demand for business visa from Iranian traders have surged dramatically and the embassy is no longer able to handle this volume of applicants, so currently it is increasing the number of its employees and also considering other measures to resolve the issue.
Iran-Belgium trade stood at $723.83 million in 2016, according to figures released by ICCIMA.
On November 3, 2017, Posted by admin , In News, By china,emerging market,invest in iran,investing opportunities,investment opportunity,iran,Iran’s rail industry drawing overseas investments,Italy and France,rail industry,rail projects , With No CommentsSeveral countries including China, Japan, Russia, Italy and France have signed deals to develop Iran’s rail industry.
Iran’s rail industry is seen as an emerging market in the world with a huge investment potential which is already attracting a host of foreign players.
The Forbes in an article said the Islamic Republic had devoted 1 percent of its oil and gas sales to rail development – an initiative that could provide $25 billion for the country’s projects to revitalize its existing rail network as well as add on 10,000 kilometers of new rail lines by 2025.
It added that the same initiative could create a yearly demand for roughly 8,000-10,000 new wagons in Iran.
Iran’s rail ambitions are currently a shining beacon for rail engineering and rolling stock firms from all over the world, Forbes added in its article.
China, it said, was one of the leading countries set to make heavy investments in Iran’s rail projects.
In early 2017, Beijing signed a $1.5 billion deal to provide funds to electrify the rail line from Tehran to Mashhad. The project – that could provide a crucial link in a major commercial rail connectivity project between Iran and China – would be in line with a larger scheme to increase the level of trade between the two countries to as high as $600 billion per year within the next decade.
Forbes identified Germany as the next country with high ambitions over investments in Iran’s rail industry. This was specifically evident, it said, in a $3.5-billion scheme that the Germans had devised to provided new signaling system for Tehran-Tabriz railroad, as well as deals to supply locomotives for the country’s train fleet.
Others that have sealed deals in Iran’s rail sector include Italy, France, Russia, and Japan.
By revolutionizing its railway sector, Iran could essentially put itself back on the map as the central hub of Eurasia, Forbes concluded.
On October 16, 2017, Posted by admin , In News, By BPC Group of Companies,Central Bank of Iran,cooperation agreement,emerging market,financial network,global payment services,global payment systems,invest in iran,investing opportunities,investment opportunity,iran,Iran’s Informatics Services Corporation,Managing Director Seyyed Aboutaleb Najafi,Russia,Russia to link Iran to global payment systems ,signed contracts,technological solutions , With No CommentsIran says a cooperation agreement has been signed with a Russian provider of banking technological solutions to connect the country’s financial network with global payment systems.
Iran says a cooperation agreement has been signed with a Russian provider of banking technological solutions to connect the country’s financial network with global payment systems.
The agreement was signed between Iran’s Informatics Services Corporation (ISC) and Russia’s BPC Group of Companies.
Based on it, the two companies would cooperate in creating a standard banking card switch platform so as to provide a link between Iranian clients and international providers of financial services.
ISC Managing Director Seyyed Aboutaleb Najafi told Iran’s IRNA news agency that the Central Bank of Iran (CBI) had delegated the mission to create a link to global payment systems to his company. The mission, he said, was in line with a CBI roadmap.
Najafi said a tender had been accordingly announced and nine bidders were picked out of which Russia’s BCP eventually won the contract.
Two other final bidders were France’s Worldline and Russia’s Openway, added the official.
“BPC has already carried out similar projects in several other countries,” said Najafi. “It has even already signed contracts with several Iranian banks to launch the switch platform needed to connect them to global payment services providers.”
Iran’s CBI announced in May that the Islamic Republic and Russia had agreed to integrate their bank card systems – a move that officials said would enable Iranian and Russian citizens to use their cards in each other’s countries.
“Iranian citizens who have a Shetab [Iran’s national payment system] card and those who have Russian [Mir] cards will be able to use ATMs in both countries,” the bank announced in a statement.
On October 15, 2017, Posted by admin , In News, By asset manager,emerging market,financial advisory,financial intermediary,foreign fund,invest in iran,investing opportunities,investment opportunity,iran,Italy’s Azimut seals deal to become first foreign fund to operate in Iran,Mofid Entekhab,Sergio Albarelli,Tehran Stock Exchange , With No CommentsTraders watching shares developments at Tehran Stock Exchange (TSE).
An Italian asset manager has purchased stakes in an Iranian financial company thus becoming the first foreign fund house to invest in the nation’s financial sector.
The Financial Times reported that Azimut, a €48-billion group headquartered in Milan, had acquired 20 percent of Mofid Entekhab, an Iranian asset manager, for an undisclosed sum.
“We were looking for an opportunity to invest in a very interesting market. Iran is a great story,” it quoted Sergio Albarelli, chief executive of Azimut, as saying.
Azimut said it and Mofid Entekhab had ensured that the partnership would be compliant with economic sanctions requirements.
Mofid Entekhab is part of Iran’s privately held Mofid Group, the largest brokerage firm and financial advisory in Iran with $89 million in assets. Entekhab was carved out from its Mofid Securities business last year, the Financial Times reported.
Azimut would buy the stake through AZ International Holdings, its Luxembourg-based unit. Azimut and Mofid also plan to establish a fund, domiciled in Luxembourg, for foreign investors to invest in Iran.
“Our strategic goal is now to capitalize on our track record as the leading financial intermediary in Iran and create with Azimut a benchmark for the local asset management industry,” Hamid Azaraksh, chairman of Mofid Securities, was quoted as saying by the Financial Times reported.
He said his clients “will be able to access a new suite of financial advisory and wealth management services in line with the highest international standards”.
On the same front, Azimut announced in a statement posted on its website that the agreement it had signed in Tehran envisaged developing a range of investment strategies in local asset classes, building a local trained sales force to provide financial advisory and wealth management services and launching offshore funds for foreign investors.
On October 14, 2017, Posted by admin , In News, By credit line,Czech Ambassador,Czech Republic,Czech Republic to fund Iran investments,emerging market,infrastructure projects,invest in iran,investing opportunities,investment opportunity,iran,Tehran Svatopluk Cumba , With No CommentsSvatopluk Cumba, the ambassador of the Czech Republic to Iran, says his country plans to allocate a credit line of €100 million to support Iran’s infrastructure projects.
The Czech Republic says it plans to allocate a credit line of €100 million to support Iran’s infrastructure projects.
The announcement was made by Czech Ambassador to Tehran Svatopluk Cumba who said an agreement to the same effect would be signed between the two countries in the near future.
Cumba added that there had been an increase of 60 percent in exports from the Czech Republic to Iran over the past year, Iran’s official IRNA news agency reported.
He emphasized that a significant number of his country’s businesses were eager to enter the Iranian market to use its potentials.
The value of Iran’s trade activities with the Czech Republic reached a total of $27.1 million over first half of 2017, IRNA added quoting official figures. This, it said, was higher than the corresponding period last year.
The announcement of a new credit line for Iran investments follows several other recent moves in the same direction.
In late September, the Islamic Republic saw a historic opening in banking relations with Europe in September after banks from Austria, Denmark and France signed deals to establish credit lines for investments in the country.
The biggest such credit line was created by Austria’s Oberbank which signed deals with 14 Iranian private companies to allocate €1 billion for investments by Austrian companies in the country.
Another was created by Denmark’s Danske Bank with a total lending value of €500 million.
To the same effect, France’s state investment bank Bpifrance (BPI) announced plans to support French enterprises in their investments in Iran.
TEHRAN, November 9-Iranians from all walks of life mark the 40th day after the martyrdom anniversary of Imam Hussein, while millions of others have travelled to Iraq to honor the event at the third Shia Imam’s shrine in the holy city of Karbala.
TEHRAN, Young Journalists Club (YJC) -Iranians from all walks of life mark the 40th day after the martyrdom anniversary of Imam Hussein, while millions of others have travelled to Iraq to honor the event at the third Shia Imam’s shrine in the holy city of Karbala.
The occasion called Arba’een occurs 40 days after Ashura, the tenth day of the lunar calendar month of Muharram, when the grandson of Prophet Muhammad was martyred at the hands of the tyrant of the time, Yazid I, back in the seventh century.
The first nine days of Muharram feature mourning processions in anticipation of Ashura. The rituals culminate with Arba’een, known as the world’s largest annual pilgrimage.
Large numbers of Iranians travel to Iraq each year, walking the distance between the Iraqi holy cities of Najaf and Karbala, which houses the Imam’s holy shrine, so as to be able to be there by Arba’een.
According to the spokesman for Iran’s Arba’een ceremony committee, Shahriar Heidari, so far 2.3 million pilgrims have travelled to Iraq to mark Arba’een this year, including 80,000 Afghan expatriates living in Iran.
The devotees are joined by millions of their fellow Muslims from other countries along the course.
This year, Iranians mark Arba’een on Thursday, but the occasion will be commemorated in Karbala on Friday.
Imam Hussein is a highly-venerated figure not only among Shias but also Sunni Muslims. Even some groups of Iraqi Christians join the march to Karbala.
Source: Press Tv
TEHRAN, November 8 - Chairman of the Board of Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) Mehdi Karbasian said the organization is going to ink agreements with Asian and European banks for investment in mining.
TEHRAN, Young Journalists Club (YJC) - “We have signed agreements with South Korea, Austria and Denmark. We are reaching an agreement with other countries such as Germany,” Karbasian said.
Iran is after cooperation with foreign producers and mining companies, he said, adding, Iranian mines and firms are good opportunities for investment of foreign companies.”
Iran is after receiving $50 billion investment in mining and mineral industries by 2025, he said.
Iran is in talks for producing bauxite in Australia and Brazil and it would attend an international bauxite tender with its Guinea partner SBDT, he noted.
TEHRAN, November 8 - Iran and Iraq have reportedly started talks over the shipment of crude oil from the fields around Kirkuk to the Kermanshah refinery inside the Iranian territory.
TEHRAN, Young Journalists Club (YJC) - Reports quoted Alaa al-Mussawi, the director of Iraq’s state-oil marketer State Organization for Marketing of Oil (SOMO), as saying in a statement that the Kermanshah refinery would be supplied with 15,000 barrels per day (bpd) of oil from Kirkuk fields.
Al-Mussawi added that the volume could increase to as high as 25,000 bpd in the near future.
The official emphasized that the oil would be transferred into the Iranian territory by road tankers.
Until recently, oil from the fields around Kirkuk – which is an oil-rich province in northern Iraq – was shipped to the Turkish port of Ceyhan via a pipeline owned and operated by the Kurdistan Regional Government (KRG).
However, following the attack and takeover of the province by Iraqi forces last month, the Iraqi Oil Ministry started talks with Iranian officials about the province’s oil exports through Iran, reported Kurdistan24.net news website.
On Monday, the KRG Prime Minister Nechirvan Barzani in a televised press conference asserted the crisis in Kirkuk had adversely affected the Kurdistan Region’s oil export revenue, reducing it to less than half of what it was generating prior to last month’s attack, Kurdistan24.net added.
Iran and Iraq signed a basic agreement in February that envisaged exporting Iraqi oil through the Iranian territory – a scheme that would remove Baghdad’s reliance on the KRG to export its oil through a pipeline to Turkey’s Ceyhan.
This came against the backdrop of a long-standing dispute between Baghdad and the Kurdish region over the pipeline to Turkey.
The flow of the pipeline was interrupted for several months last year as the Iraqi government disagreed with the Kurds on their share of the national oil revenue and budget.
Later in July, Iran said that it had reached an agreement with Iraq to construct a pipeline that would export crude oil from Kirkuk fields.
The announcement was made by Iran’s Petroleum Minister Bijan Zanganeh after a meeting with his visiting Iraqi counterpart Jabbar al-Luaibi.
Zanganeh also added that agreements had been reached with Iraq about an international company that will carry out a feasibility study of the project.
TEHRAN, November 8 - Chairperson of the Parliament of Georgia Irakli Kobakhidze said expanding ties with the Islamic Republic of Iran is one of the priorities for Georgia.
TEHRAN, Young Journalists Club (YJC) - Georgian Parliament is ready to activate bilateral ties between Tehran and Tbilisi, he said in a meeting with Iranian Ambassador to Georgia Javad Ghavam-Shahidi.
He also said exchanging economic, political and scientific delegations between the two sides reiterates their will to expand bilateral cooperation.
Ghavam-Shahidi, for his part, called for boosting the volume of current transactions between Iran and Georgia.
He also expressed hope that grounds would be provided to use extensive potential of the two sides in business and investment through expanding mutual financial and banking cooperation.
TEHRAN, November 8 - Iranian Deputy Foreign Minister Morteza Sarmadi and Omani Foreign Minister Yusuf bin Alawi bin Abdullah stressed peaceful settlement of regional crises as they met in Muscat.
TEHRAN, Young Journalists Club (YJC) - The two sides also discussed issues of mutual interests and regional developments and stressed continuous consultation and coordination between Iran and Oman as well as resolving regional crises through peaceful means.
Sarmadi has already discussed bilateral economic cooperation between Tehran and Muscat with Secretary General of Omani Foreign Ministry Sayyid Badr bin Hamad Al Busaidi.
Earlier in June, Iranian Ambassador to Oman Mohammad Reza Nouri Shahroudi and Chairman of Oman's State Council Yahya bin Mahfoudh al-Mantheri in a meeting discussed ways to broaden bilateral ties.
During the meeting in Muscat, Nouri Shahroudi and Yahya reviewed the ways to expand parliamentary relations between the two countries' parliaments.
The two sides stressed that the long-standing relations between Iran and Oman are an indication of wisdom and prudence of the two countries' senior officials.