Business

Latest Business News in Iran – News and reports about all things to do with commerce, trade, banking and industry in Iran and the world. Covering ongoing developments, market news, contracts, joint ventures, trade delegations, chambers of commerce, manufacturing, labour news and resource management.

Economy

Chinese envoy blames Western sanctions for trade hurdles with Iran

IFP Editorial Staff -
China’s Ambassador to Tehran Cong Peiwu says the persisting problems for transactions between the Chinese and Iranian businesspeople are rooted in the Western, and specifically US, sanctions.
Economy

Head of Securities and Exchange Organization of Iran steps down amid loan row, red market

IFP Media Wire -
The Chairman of the Board of the Securities and Exchange Organization of Iran Majid Eshghi confirmed on Saturday he resigned from the post after a long period that the markets have been in the red, and days into a reported row over low-rate bank loans he received.
Views

Analyst: Reaching agreement with Pakistan over gas pipeline best option 

IFP Editorial Staff -
As the ultimatum set by Iran for Pakistan on the implementation of the so-called Peace Pipeline, looms, some experts have called on the new Iranian Administration of President Massoud Pezeshkian to seize the opportunity and revive the long-delayed deal.
Economy

Controversy surrounds billion-toman loans to Iran’s stock market board amid public outcry

IFP Editorial Staff -
Iranian media is abuzz with controversy after it was revealed that senior members of the country's Securities and Exchange Organization (SEO) granted themselves loans totaling 10.5 billion tomans. 
Finance

Unofficial sources say several Iranian banks hit by massive cyberattack

IFP Media Wire -
A massive cyberattack that hit Iran last month threatened the stability of its banking system and forced Tehran to agree to a ransom deal of millions of dollars, Politico reported citing people familiar with the case. The Islamic Republic has yet to respond to the claim.
Energy

US warns Pakistan of ‘ramifications’ over business agreements with Iran

IFP Media Wire -
An American official has stated that Washington would not advise any country, including Pakistan, of “considering business deals” with Iran, warning of “ramifications” such as sanctions.
Energy

Iran’s daily gasoline use hits all-time record: Official

IFP Media Wire -
Daily gasoline use in Iran reached an all time high of 142 million liters on August 31, an official in the country’s Oil Ministry has announced.
Economy

Official: Illegal import of iPhones costs Iran $900mn

IFP Editorial Staff -
Iran’s ban on importing iPhone cellphones has led to a capital flight of 900 million dollars to sneak the phones in high demand into the country through illegal channels and smuggling, the head of the country’s Association of Mobile Phone Importers says.
Industry

Poll: 92% of Iranians want high-quality foreign cars, even at cost of binning 3mn jobs at home

IFP Editorial Staff -
Over 92 percent of Iranians prefer lifting a years-old ban on importing foreign cars over keeping the restriction in place in favor employment in the domestic auto-industry sector, a survey has revealed.  
Economy

Iran’s president terms expansion of intl. interactions as key to resolving economic problems

IFP Media Wire -
Iranian President Masoud Pezeshkian has described the expansion of international interactions as a key solution to the country's economic challenges. He also emphasized his administration's endeavours to foster such cooperation and attract foreign investment.
Economy

Iran, Turkmenistan ink cooperation deals in various fields

IFP Media Wire -
Iran and Turkmenistan have signed a number of cooperation agreements during a visit by the Chairman of the People's Council of Turkmenistan, Gurbanguly Berdimuhamedow to Tehran.
Parliament

Iran president’s pick for trade ministry says ‘rise in non-oil exports’ on agenda

IFP Editorial Staff -
Iranian President Massoud Pezeshkian’s nominee for the ministry of industry, mine, and trade says developing exports and boosting the country’s trade balance through increasing non-oil exports is a top priority in his program.
Economy

Survey shows Iranians upbeat Pezeshkian administration able to tame inflation

IFP Media Wire -
A new poll found that a majority of Iranians are upbeat that the new Iranian President Masoud Pezeshkian and his administration can tame high levels of inflation in the country. The swearing-in ceremony for Pezeshkian was held at the Parliament on Tuesday.
Energy

IRGC says seized Togo-flagged tanker carrying smuggled fuel

IFP Media Wire -
The Islamic Revolution Guards Corps (IRGC) Navy announced that it has confiscated a tanker carrying over 700,000 liters of smuggled oil with the flag of Togo in the Persian Gulf.
Economy

Data: Iran’s non-oil exports rise 8.3 percent

IFP Editorial Staff -
Iran’s export of non-oil items has increased by $1.35 billion during the first four months of the current year on the Iranian calendar, staring on March 20, according to official figures.
Economy

Russia’s largest bank to participate in major Iranian financial event

IFP Editorial Staff -
The secretary of the policy-making council of the 14th Iranian financial industry event says Russia’s largest bank which holds an asset value of 290 billion dollars, will certainly participate in this year's Stock Exchange, Bank and Insurance Exhibition in the Islamic Republic.
Agriculture

Farmers cultivate rice in paddy fields in Iran’s Mazandaran

IFP Editorial Staff -
Rice farmers in the northern Iranian province of Mazandaran are busy cultivating rice these days, which is an integral part of their heritage.
Economy

Iran’s trade with neighbors hits $20bn mark

IFP Editorial Staff -
Iran’s trade with its neighboring countries has reached 20 billion dollars, showing a 6-percent increase in the past 4 months.
Energy

Iran says has defused Western sanctions on gas condensates exports

IFP Editorial Staff -
Iran’s oil minister says the country has rendered the US-led Western sanctions on gas condensates exports completely ineffective.
Economy

Iran’s non-oil trade hits $36bn over last four months

IFP Editorial Staff -
According to the Head of Iran's Customs Administration (IRICA), the country's non-oil foreign trade, comprising exports and imports, reached $36 billion during a four month period from 20 March to 21 July 2024.
Economy

China ambassador to Tehran says Chinese firms willing to invest in Iran

IFP Editorial Staff -
China's ambassador to the Islamic Republic of Iran says that Chinese companies are willing to invest in various projects in Iran and to that end, seek a stable environment for investment.
Economy

Official: Joint Iran-Saudi economic commission to be held soon

IFP Editorial Staff -
Iran’s deputy foreign minister for economic diplomacy says Saudi Arabia is keen on boosting economic cooperation with Iran, adding a joint commission will be held within three months.
Transportation

Inauguration of Iran-China freight train

IFP Editorial Staff -
The Iran-China dual-load freight train was officially inaugurated at the Aprin Rail Dry Port near Tehran.
Energy

Iran dismisses reports oil tankers involved in collision near Singapore carrying Iranian crude

IFP Editorial Staff -
The Iranian Oil Ministry in a statement on Saturday rejected reports that a large oil tanker that collided with a supertanker and caught fire off Singapore's coast was carrying Iranian crude oil.
Energy

Iranian youths’ ‘sacrificial effort’ save country from nationwide blackout

IFP Editorial Staff -
A leak in a turbine condenser knocked a power plan in the southern Iranian city of Ahwaz offline and caused power outage in large parts of the Khuzestan province that is experiencing an average temperate of nearly 50 degrees Celsius.
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