20 Big Names Added to Divestment List
The Iranian Privatization Organization has added 20 state and government owned companies to the list that the government plans to fully divest.
According to a press release seen on the IPO website, the new candidates are refiners in Kermanshah, Khuzestan and Arak plus the giant Persian Gulf Star Oil Company, in which the government has a 17.9% stake.
The list includes Esfarayen Industrial Complex, Esfarayen Lule Gostar Company, a steel tube firm, Jajarm Aluminum, South Aluminum Company, Azarbaijan Steel company, two steel companies in Baft and Meibod in Yazd Province, Kish Airlines, two mass construction companies affiliated to the Urban Regeneration Corporation, Sefidroud Agro and Livestock Company, Sugarcane & By-Products Development Company.
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The Iranian Privatization Organization has added 20 state and government owned companies to the list that the government plans to fully divest.
According to a press release seen on the IPO website, the new candidates are refiners in Kermanshah, Khuzestan and Arak plus the giant Persian Gulf Star Oil Company, in which the government has a 17.9% stake.
The list includes Esfarayen Industrial Complex, Esfarayen Lule Gostar Company, a steel tube firm, Jajarm Aluminum, South Aluminum Company, Azarbaijan Steel company, two steel companies in Baft and Meibod in Yazd Province, Kish Airlines, two mass construction companies affiliated to the Urban Regeneration Corporation, Sefidroud Agro and Livestock Company, Sugarcane & By-Products Development Company.
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E-Platform Launched to Screen Interbank Deals
The Central Bank of Iran on Monday unveiled an online platform that will be used to keep track of overnight interbank transactions.
The system is known as “Taba”(Persian acronym for electronic settlement of securities), the CBI said in a press release seen on its website.
Taba is touted as an effective tool to implement monetary policies. Its main function is to register credit exchange among banks for short-term maturity (mainly overnight) under CBI supervision.
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The Central Bank of Iran on Monday unveiled an online platform that will be used to keep track of overnight interbank transactions.
The system is known as “Taba”(Persian acronym for electronic settlement of securities), the CBI said in a press release seen on its website.
Taba is touted as an effective tool to implement monetary policies. Its main function is to register credit exchange among banks for short-term maturity (mainly overnight) under CBI supervision.
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Biggest Russian Business Mission to Visit in Sept.
A 125-strong business delegation from Russia made up of representatives of 78 companies are scheduled to visit Tehran from Sept. 19-21 to meet their Iranian counterparts and survey ways of expanding bilateral cooperation.
Members of the visiting delegation are active in a host of fields, including agriculture, food industries and related machinery, mineral water, beverages, grains, chocolate and pastry, edible oils, fisheries, packaging, health, pharmaceuticals, medical equipment, construction materials, glass and crystal, wood industries, auto spare parts, transportation, industrial machinery, metal industries, radio and telecommunication systems, excavation, energy, recycling, digital marketing and education, the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture reported.
The upcoming visit is part of an agreement between Tehran Chamber of Commerce and the Russian Export Center.
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A 125-strong business delegation from Russia made up of representatives of 78 companies are scheduled to visit Tehran from Sept. 19-21 to meet their Iranian counterparts and survey ways of expanding bilateral cooperation.
Members of the visiting delegation are active in a host of fields, including agriculture, food industries and related machinery, mineral water, beverages, grains, chocolate and pastry, edible oils, fisheries, packaging, health, pharmaceuticals, medical equipment, construction materials, glass and crystal, wood industries, auto spare parts, transportation, industrial machinery, metal industries, radio and telecommunication systems, excavation, energy, recycling, digital marketing and education, the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture reported.
The upcoming visit is part of an agreement between Tehran Chamber of Commerce and the Russian Export Center.
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Iraqi Border Closure Irks Iranian Non-Oil Exporters
Iran’s mineral and mining industries’ exports to Iraq hit 21.98 million tons worth $2.59 billion in the first four months of the current fiscal year (March 21-July 22), according to a new report by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
In terms of value, steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports to the neighboring country during the period as they accounted for 63% of total shipments in value with 2.49 million tons worth $1.65 billion.
Cement with 11.59 million tons worth $227.4 million, aluminum with 35,712 tons worth $93.22 million and stones and related products with 547,192 tons worth $75.07 million were other mineral exports from Iran to Iraq during the period.
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Iran’s mineral and mining industries’ exports to Iraq hit 21.98 million tons worth $2.59 billion in the first four months of the current fiscal year (March 21-July 22), according to a new report by the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO).
In terms of value, steel manufacturing chain products (iron ore, semi-finished and finished steel) topped the list of exports to the neighboring country during the period as they accounted for 63% of total shipments in value with 2.49 million tons worth $1.65 billion.
Cement with 11.59 million tons worth $227.4 million, aluminum with 35,712 tons worth $93.22 million and stones and related products with 547,192 tons worth $75.07 million were other mineral exports from Iran to Iraq during the period.
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Rail Transportation Impeded by Severe Shortage of Locomotives
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Corporate Debt Set to Increase
Private companies in increasingly numbers are approaching the debt market for funds, managing director of the Capital Market Asset Management Company.
Mohammad Hossein Sadraee said the pace is evident in the number of applications sent for corporate sukuks.
Corporate sukuks are Islamic bonds normally issued to help non-government companies raise funds for current needs, new ventures or business expansion.
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Private companies in increasingly numbers are approaching the debt market for funds, managing director of the Capital Market Asset Management Company.
Mohammad Hossein Sadraee said the pace is evident in the number of applications sent for corporate sukuks.
Corporate sukuks are Islamic bonds normally issued to help non-government companies raise funds for current needs, new ventures or business expansion.
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Privatization Plans Marred by Hurdles
After publishing the names of 20 state-owned companies for divestment, the Iranian Privatization Organization concurred that these companies face countless challenges in the divestment process.
The IPO has listed 189 government-controlled companies, including 23 listed in the stock market and 168 non-listed, Tasnim News Agency reported, citing IPO data.
Divesting most non-listed firms is irrelevant simply because of their weak finances and legal/judicial barriers, the IPO said.
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After publishing the names of 20 state-owned companies for divestment, the Iranian Privatization Organization concurred that these companies face countless challenges in the divestment process.
The IPO has listed 189 government-controlled companies, including 23 listed in the stock market and 168 non-listed, Tasnim News Agency reported, citing IPO data.
Divesting most non-listed firms is irrelevant simply because of their weak finances and legal/judicial barriers, the IPO said.
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Banks Warned Against Higher Interest Rates
In a fresh warning to banks and credit institutions, the Central Bank of Iran said they must not pay interest on deposits over and above those set by the regulator.
In a press release posted on its website, the CBI cited reports about some banks that arbitrarily raised interest rates on big deposits and savings and warned the CEOs of such banks that will face the full force of the law.
The warning came after reports that some banks were offering more than 20% interest on deposits, apparently in the attempt to lure customers with big money.
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In a fresh warning to banks and credit institutions, the Central Bank of Iran said they must not pay interest on deposits over and above those set by the regulator.
In a press release posted on its website, the CBI cited reports about some banks that arbitrarily raised interest rates on big deposits and savings and warned the CEOs of such banks that will face the full force of the law.
The warning came after reports that some banks were offering more than 20% interest on deposits, apparently in the attempt to lure customers with big money.
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State Firms Pile Up Huge Losses
State and government owned companies produce losses estimated at 710 trillion rials ($2.4 billion) a year, chief of Auditing Organization of Iran said.
Speaking to reporters on Wednesday, Mousa Bozrog-Asl, reviewed the performance of the companies in the last fiscal year that ended in March.
He singled out ten loss-making companies that account for nearly 90% of the total loss shown by state and government enterprises, the Economy Ministry website, Shada.ir reported.
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State and government owned companies produce losses estimated at 710 trillion rials ($2.4 billion) a year, chief of Auditing Organization of Iran said.
Speaking to reporters on Wednesday, Mousa Bozrog-Asl, reviewed the performance of the companies in the last fiscal year that ended in March.
He singled out ten loss-making companies that account for nearly 90% of the total loss shown by state and government enterprises, the Economy Ministry website, Shada.ir reported.
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Proposed Banking Law Will Harm, Not Help the Economy
Head of the Tehran Chamber of Chamber of Commerce, Industries, Mines and Agriculture said the banking bill now being debated in the Majlis is a matter of concern for private companies.
Mosoud Khansari conveyed the list of concerns voiced by the already struggling private sector in a letter to Majlis Speaker to Mohammad-Baqer Qalibaf. He complained that the lawmakers have been indifferent toward private sector proposals for amending key provisions of the controversial bill.
“This bill has raised concerns business owners. It (the bill if it becomes law) will deprive the country of the capacity to stabilize the macro economy, tame inflation and promote healthy banking,” the rare letter said in part.
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Head of the Tehran Chamber of Chamber of Commerce, Industries, Mines and Agriculture said the banking bill now being debated in the Majlis is a matter of concern for private companies.
Mosoud Khansari conveyed the list of concerns voiced by the already struggling private sector in a letter to Majlis Speaker to Mohammad-Baqer Qalibaf. He complained that the lawmakers have been indifferent toward private sector proposals for amending key provisions of the controversial bill.
“This bill has raised concerns business owners. It (the bill if it becomes law) will deprive the country of the capacity to stabilize the macro economy, tame inflation and promote healthy banking,” the rare letter said in part.
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Food Inflation Hit 81.2% YOY
The Consumer Price Index of “food and beverages” stood at 790.9 in the fifth month of the current Iranian year (July 23-Aug. 22) to register a staggering 81.2% year-on-year rise, new data released by the Statistical Center of Iran show.
The group’s annualized and monthly inflation rates reached 57.4% and 1.4% respectively.
The 12 groups of the basket of consumer goods and services purchased by households include "food and beverages" with a coefficient of 26.64%, "tobacco" with 0.59%, "clothing and shoes" with 4.78%, "housing, water, electricity, natural gas and other fuels" with 35.5% (highest), "furniture, home appliances and their maintenance" with 3.93%, "health and treatment" with 7.14%, "transportation" with 9.41%, "communications" with 2.87%, "leisure and culture" with 1.65%, "education" with 1.86%, "hotels and restaurants" with 1.44% and "miscellaneous items and services" with 4.18%.
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The Consumer Price Index of “food and beverages” stood at 790.9 in the fifth month of the current Iranian year (July 23-Aug. 22) to register a staggering 81.2% year-on-year rise, new data released by the Statistical Center of Iran show.
The group’s annualized and monthly inflation rates reached 57.4% and 1.4% respectively.
The 12 groups of the basket of consumer goods and services purchased by households include "food and beverages" with a coefficient of 26.64%, "tobacco" with 0.59%, "clothing and shoes" with 4.78%, "housing, water, electricity, natural gas and other fuels" with 35.5% (highest), "furniture, home appliances and their maintenance" with 3.93%, "health and treatment" with 7.14%, "transportation" with 9.41%, "communications" with 2.87%, "leisure and culture" with 1.65%, "education" with 1.86%, "hotels and restaurants" with 1.44% and "miscellaneous items and services" with 4.18%.
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Tehran Residential Buildings’ Inflation Exceeds 28 Percent
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Renewed Appeal for Unified Forex Rates
Heads of three major business organizations have called on President Ebrahim Raisi to adopt effective measures to unify the forex rates.
In a letter signed by Gholam Hossein Shafei, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA); Saeid Mombeini, the head of Iran Chamber of Guilds and Bahman Abdollahi, the head of Iran Chamber of Cooperatives, the president has been urged to put a permanent end to the chaotic multiple currency rates and address the economic challenges afflicting businesses across the country.
The signatories named at least four exchange rates, recalling that the present state of affairs is a bane of the struggling economy and serves as oxygen for fraud and rent-seeking, Fars News Agency reported.
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Heads of three major business organizations have called on President Ebrahim Raisi to adopt effective measures to unify the forex rates.
In a letter signed by Gholam Hossein Shafei, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA); Saeid Mombeini, the head of Iran Chamber of Guilds and Bahman Abdollahi, the head of Iran Chamber of Cooperatives, the president has been urged to put a permanent end to the chaotic multiple currency rates and address the economic challenges afflicting businesses across the country.
The signatories named at least four exchange rates, recalling that the present state of affairs is a bane of the struggling economy and serves as oxygen for fraud and rent-seeking, Fars News Agency reported.
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