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January 29 2015
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Iran's economy can grow by over 8% if sanctions lifted: Finance Minister

- Finance and Economic Affairs Minister Ali Tayyebnia said on Monday that the Iranian economy can grow by over eight percent if the sanctions against the country are lifted. Achieving this goal requires making use of all economic capacities in the country, the Fars news agency quoted Tayyebnia as saying. - 1/27/15

Bread gets more expensive in Iran as controls loosen

- Bread prices have gone up once again in Tehran and other cities as the second phase of deregulating bread prices begins. The Mehr News Agency reports that on Saturday January 24, the second phase of lifting the cap on bread prices will be implemented. - 1/25/15

Oil price rise after Saudi ruler's death is seen as temporary

- Oil prices went up following the news that Malek Abdullah had passed away. Reports indicate that the rise in prices is temporary and Saudi Arabian oil policies will not change before the OPEC meeting in June. - 1/24/15

Iran announces record gas production

- Iran said on Saturday that it has been able to produce a total of 105 million cubic meters of sweet gas per day (mcm/d) from five prioritized projects in the country's energy hub of South Pars from June 2013. - 1/24/15

Iranian teachers begin strike to protest wages, inadequate budget

- Teachers from across Iran have begun a strike in the past two days to protest their wages as well as reports that the education ministry will only get a 14-percent budget increase in the coming year. - 1/23/15

Iran will face no problem even with $25 oil: Finance Minister

- Iranian Finance and Economic Affairs Minister Ali Tayyebnia says the administration will face no problem even if oil price drops to $25 a barrel. "For the time being, predicting oil price fluctuations is not possible. So, the administration is preparing itself to deal with any probable situation," - 1/21/15

Iran planning to lower oil price in budget to $40 a barrel: Finance Minister

- The Iranian administration is planning to lower the crude oil price for the next year's budget (March 2015-March 2016) to $40, Finance and Economic Affairs Minister Ali Tayyebnia stated. - 1/17/15

Plunging oil prices cost Iran billions

- The fall in the price of oil has led to a $5.2-billion decline in Iran's oil revenues. The Tasnim website reports that according to OPEC, the price of Iranian oil has fallen by $60 a barrel since last June. - 1/14/15

Asian markets see further fall in oil prices

- Oil prices in Asian markets have experienced a further drop as the demand is weak and a continued oversupply puts more pressure on the prices already at their lowest in five and a half years. - 1/12/15

Nicolas Maduro visits Tehran: Iran, Venezuela stress expansion of all-out relations

- In a Saturday meeting between Iranian President Hassan Rohani and his Venezuelan counterpart Nicolas Maduro in Tehran, the two sides stressed promotion of economic, political and cultural ties. - 1/10/15

How OPEC Weaponized the Price of Oil Against U.S. Drillers

- If there ever was doubt about the strategy of the Organization of Petroleum Exporting Countries, its wealthiest members are putting that issue to rest. Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won't curb output to halt the biggest drop in crude since 2008. -Grant Smith, Bloomberg - 1/9/15

President Rouhani Urges End to Iran's Isolation

- "We want a sustainable, comprehensive and continued development. It is not possible to say we want economic development but want to be politically restrictive," said Rouhani, speaking at Iran's first National Economy Conference in Tehran. - 1/5/15

Tehran to host first Italian exclusive exhibit

- he First exclusive exhibition of Italian companies in Iran will open today at the Tehran Permanent International Fairgrounds. The event, which is the first exclusive exhibition of a European country in Iran, will host over 50 Italian companies - 1/5/15

Iran oil dependency under 30% in new draft budget

- Iran expects to slash its dependency on oil revenues to all-time lows, the country's vice-president for scientific and technological affairs says. Iran is faced with an unprecedented downfall in the prices of oil at the international markets which, accompanied by West's sanctions on Iran's oil exports, could further shrink the country's actual earnings. - 1/5/15

Iran's Rohani Says International Isolation Harming Economy

- During a televised speech to leading economists on January 4, Hassan Rohani said "we can't have sustainable growth while we are isolated." He also called for reduced state involvement in the economy and greater transparency in order to end Iran's international isolation. - 1/4/15

Iran-China trade hits $47.5B in 11 months

- Trade between Iran and China amounted to $47.5 billion from January to November 2014, a 36 percent rise year on year, according to the Chinese General Administration of Customs. - 1/4/15

'Saudi Arabia enjoying perfect storm in oil market': Analyst

- Oil prices have plunged about 50 percent since June on mounting supplies by certain countries such as Saudi Arabia, the largest producer in the Organization of the Petroleum-Exporting Countries (OPEC), and lackluster global economic growth. - 1/3/15

Rohani deputy slams former administration over oil revenues

- Eshagh Jahangiri, the chief deputy to President to Hassan Rohani, says Iranian economy was " at the bottom of the pit" when the new administration took over, but they have managed to "lift it ten steps" closer to the top. - 1/3/15

Youth hit hard as unemployment rises in Iran

- Iran's Census Bureau reports that unemployment rose to 10.5 percent in the fall of 2014, which marks a one-percent increase compared to the summer and a two-percent rise compared to fall of last year. - 1/2/15

Iranian Official Urges Saudis To Act To Stop Oil Price Slide

- An Iranian Foreign Ministry official says falling oil prices will hurt Middle Eastern countries and Saudi Arabia's decision not to reduce production is a mistake. World oil prices ended 2014 at a 5 1/2-year low, with the price for a barrel of oil decreasing nearly 50 percent since June. - 1/2/15

Iran-Turkey preferential trade agreement takes effect

- The preferential trade agreement, which was signed last year between Iran and Turkey, goes into force on January 1, 2015. Iranian Industry, Mining, and Trade Minister Mohammadreza Nematzadeh and Turkish Economy Minister Nihat Zeybekci endorsed the agreement in a ceremony in Tehran on Wednesday. - 1/2/15

Lower Oil Prices Will Not Turn Producers into Pushovers

- The steep drop in the price of oil during the latter half of 2014 has generated much comment about how this development has weakened major oil-producing countries and supposedly made their governments more pliable on issues that separate them from other countries. -Paul R. Pillar, LobeLog - 1/2/15

President Rouhani stresses speedy construction of Chabahar-Mashhad railway

- President Hassan Rouhani has emphasized the need to expedite the construction of the Chabahar-Zahedan-Mashhad railway, which will extend 1,380 kilometers from southeast to northeast of Iran. On Tuesday, Rouhani accompanied by a delegation, traveled to the port city of Chabahar on the east coast of the Sea of Oman. - 12/31/14

US Treasury Adds More People, Entities To Iranian Sanctions List

- Today the U.S. Department of the Treasury designated nine individuals and entities under various Iran-related authorities for their support of Iranian government sanctions evasion efforts and human rights-related abusers, including those engaged in censorship. - 12/31/14

Photos: Iranian two-seat electric vehicle unveiled

- A two-seater electric vehicle built by a group of students and professors in Qazvin Islamic Azad University was unveiled in Azad University of Tehran. The newly-unveiled plug-in car has a width of 120cm and its length is 2m, which can reduce parking problems on the streets of Tehran. Moreover, The car does not produce any pollution. - 12/30/14

Protests at an IRGC Plant: Mediation to End the Workers Strike in Arak, Iran

- Workers at the Pars Wagon train car manufacturing plant who on the third day of their strike had taken their protest to the streets finally ended their action on Saturday after the mediation of the chief of police of the town of Arak and a member of the town's security team. - 12/30/14

Iran approves $15b plan to develop joint oilfields

- Iran has approved a comprehensive plan to develop joint oilfields at a cost of $15 billion. Iran has a number of joint fields with Qatar, Saudi Arabia, and Iraq. - 12/30/14

Iran will weather storm of 'oil plot': President Rouhani

- Iranian President Hassan Rouhani has predicted that oil prices will not remain low and has stated that Iran will deal with the current "oil plot" through the people's support. Rouhani made the remarks on Wednesday in a speech to a large group of people in the eastern city of Birjand, the capital of South Khorasan Province. - 12/25/14

Iran's GDP grows by 4%: Central Bank

- TEHRAN -Iran's gross domestic product grew by 4 percent in the first half of the current Iranian calendar year, which began on March 21, compared to the same period in the previous year, the Central Bank of Iran reported. - 12/25/14

Iran's Budget Woes Unlikely to Derail Nuclear Goals

- A big slide in oil prices will hurt Iran's attempts to rescue battered living standards, but economic pain is unlikely to soften the Islamic Republic's stance in nuclear talks or end aid to allies such as Syria, matters seen by its ruling clerics as strategic priorities. -Reuters - 12/23/14

Iran projected to maintain oil output at 2.8 mbpd in December.: EIA

- Iran's crude oil output was projected to remain 2.8 million barrels per day in December 2014, unchanged compared to previous months, according to the U.S. Energy Information Administration (EIA). - 12/22/14

New Iran Bank Rules Change Interest Paid On Deposits

- New central bank directives have put an end to the payment of daily interest on deposits, and only a minimum one-year deposit is allotted interest at 22 percent. Reports indicate, however, that some financial institutions are still offering daily interest rates at 27 percent per annum. - 12/22/14

Iran and Landlocked States

- Land-locked states or coast-less states are the states that have no free access to the open waters of the world. At the moment, there are 42 land-locked States and out of these, a considerable number are in the area that Iran is situated: Afghanistan, Azerbaijan, Kazakhstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, and Kirgizstan. - Bahman Aghai Diba - 12/20/14

Iran's Income from South Pars Gas Field to Hit $167B in 2017

- An Iranian gas official predicted that South Pars gas field will generate an annual income of 167 billion dollars for Iran in 2017-2018. -The South Pars gas field, whose development has been divided into 24 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar. - 12/20/14

Photos: Bonefishing season begins in Caspian Sea

- Iranian fishermen in north of the country have started the bonefishing season in the Caspian Sea. Bonefish live in shallow inshore water and the fishing is done by wading or from a shallow-draft boat. - 12/19/14

Nuclear Program Has 'Hurt Iran More Than Iraq War'

- Iran's nuclear activities and ambitions faced rare, blunt criticism at a roundtable at Tehran University, where one of the speakers said the damage done by the nuclear program was greater than that by the 1980-88 war with Iraq, which left tens of thousands dead and caused much devastation. -Golnaz Esfandiari, RFE - 12/18/14

Reports of Ahmadinejad administration's corruption called "tip of iceberg"

- The head of Iran's Expediency Council said on Tuesday December 16 that the administration cannot fully report on the depth of the problems it has inherited from the former administration of Mahmoud Ahmadinejad, adding that only "the tip of the iceberg of corruption" has been revealed so far. - 12/17/14

Iran exports $954M pistachios in eight months

- Iran exported $954 million of pistachio in the first eight months of the current Iranian calendar year, which began on March 21, a 67 percent rise compared to the same period last year, the Fars news agency reported on Monday. - 12/17/14

Western-style stores growing in Iran

- When Thomas Cristofoletti walked into the Hyperstar supermarket in Shiraz, Iran, he was stopped at the door. He had his camera over his shoulder, and the international-style grocery store was built inside a large mall with a strict policy against photography. -Allison Love, CNN - 12/17/14

Iranian MP slams "completely overt" corruption

- Iranian MP Abed Fatahi has spoken out against the widespread nature of corruption in the country, saying it is has become a matter of course in every branch of life. Fatahi told ISKA news on Sunday December 14: "It has now gone beyond under-the-table handouts, it is completely overt." - 12/15/14

Iranian economy to grow 2.8% in 2014: Business Monitor

- The Iranian economy will grow 2.8 percent in 2014, Business Monitor said in its latest report. Meanwhile, the country's inflation rate is estimated at 23 percent in 2014, according to the report. The Iranian economy will grow by 3.3 percent on average by 2018, the report added. - 12/15/14

Iran's 300% Stock Rally Fades as Nuclear Deal Eludes Rouhani

- The Tehran Stock Exchange Index has lost 20 percent in 2014, set for the first yearly decline since 2008, as petrochemical companies and lenders plunged, bourse data show. Over the previous five years, shares soared 910 percent, or about 300 percent in dollar terms after factoring in the rial's declines. -Business Week - 12/15/14

Iran to resume petchem exports to Europe

- Iran will soon resume exports of petrochemical products to Europe, which have been banned under the US-led sanctions in recent years. The ban was lifted last year following breakthroughs in nuclear talks between Iran and the P5+1 group of world powers. - 12/14/14

Sensing a Deal on Sanctions, Iran Is Bullish

- The confidence is beginning to take on a life of its own, with executives in the major export industries - oil and gas, transportation and carpets - feverishly preparing for what they envision as gloriously prosperous days ahead. -Thomas Erdbrink, NY Times - 12/13/14

Oil prices fall below $60 for first time since July 2009

- Oil prices have fallen below USD 60 for the first time since July 2009 amid mounting evidence that global supplies are far outstripping demand. US benchmark West Texas Intermediate (WTI) for January delivery decreased by 86 cents to USD 59.09 in Friday morning trade in Asia. Brent was also down 52 cents at USD 63.16. - 12/12/14

Iran rejects claim of oil-for-goods swap deal with Russia

- Iranian Oil Minister Bijan Namdar Zanganeh has rejected Russian Economic Development Minister Alexei Ulyukayev's claim that Iran and Russia have made an oil-for-goods swap deal. - 12/11/14

Iran's President Rouhani Calls Global Oil Price Fall Political Scenario

- Iran's President Hassan Rouhani has warned that the current drop in global crude prices is not simply an economic issue, but rather a political plot by some countries. "The fall in crude price is not merely an economic issue. Rather, it is caused by a plot and political planning by certain countries," Rouhani said at his Wednesday cabinet meeting. - 12/10/14

Arrests announced in fraud case from Ahmadinejad era

- Iranian Intelligence Minister Mahmoud Alavi has announced the arrest of 20 middle managers of the former administration in connection with a financial fraud case. Alavi reports that the scheme took place from 2010 to 2013 during Mahmoud Ahmadinejad's second term as president. - 12/10/14

Iran's President Rohani warns of corruption from concentration of power

- Iranian President Hassan Rohani has referred to the concentration of power as a cause of corruption and he criticized the combination of arms, money, power and the media controlled by one institution. It appears that President Rohani is referring to Iran's Revolutionary Guards Corps (IRGC), which in addition to extensive military power is also widely active in economic projects and the media. - 12/9/14

Iranian oil giant seeking billions in foreign investment

- The National Iranian Oil Company says it will attend a London conference with the goal of attracting $40 billion of investment in 40 oil industry projects The conference is reportedly set for two days in March of 2015. - 12/9/14

Photos: Saffron Farms in Ghaenat, Iran

- Iran has long been a significant source of high-quality saffron production and export which accounts for up to 95 percent of saffron production in the world. These photos by Mohsen Noferesti show saffron farming in the city of Ghaenat in northeastern Iran. - 12/4/14

Photos: Iran, Turkmen, Kazakh presidents attend landmark ceremony to open joint railway

- Iranian, Turkmen and Kazakh Presidents met and conferred in Incheborun railway station on Wednesday in a landmark ceremony to celebrate putting into operation of joint railway networks. President Rouhani said the project will pave the way for economic development of the three nations and the entire region. - 12/3/14

Is Iran's Rial in Free Fall?

- The decision announced last Monday in Vienna to extend the talks aimed at a compressive agreement on Iran's nuclear program for an additional seven months has resulted in Iran's currency taking dive. In one week, the rial lost more than 5% of its value in the unofficial market. The devaluation has clear political and economic implications -Djavad Salehi-Isfahani - 12/3/14

Iran wary of oil 'shock therapy' as OPEC vies for market

- The "shock therapy" of a steep drop in crude prices, which have fallen to a five-year low, is no solution for OPEC's loss of market share to U.S. shale producers, Iran's Oil Minister Bijan Namdar Zanganeh said. - 12/2/14

Iranian currency tumbles further in wake of nuclear extension

- The exchange rate for the dollar rose even higher in Tehran with every dollar being traded at 3,520 toumans on Sunday November 30 Mehr News Agency reports. ISNA reported the dollar was traded at 3560 toumans on Sunday afternoon which is the highest rate of exchange for the dollar since Hassan Rohani took power last year. - 12/1/14

Iranian, Russian export funds ink MOU

- The Export Guarantee Fund of Iran (EFGI) and the Export Insurance Agency of Russia (EXIAR) signed a memorandum of understanding in Tehran on Sunday to boost cooperation. - 12/1/14

Oil at $40 Possible as Market Transforms From Caracas to Tehran

- Oil's decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union. -Bloomberg - 12/1/14

Foreign automakers find Iranian market has gone local

- Foreign automakers seeking a return to the potentially huge Iranian market with the lifting of international sanctions will find the business environment has changed: former joint venture partners now want to play the game by their own rules. -Cyril Julien, AFP - 12/1/14

New Era of Cheap Oil Tilts Geopolitical Power Toward U.S.

- A new age of abundant and cheap energy supplies is redrawing the world's geopolitical landscape, weakening and potentially threatening the legitimacy of some governments while enhancing the power of others. -Bloomberg - 11/29/14

OPEC Maintains Output, Prices Hit 4-year Low

- The Organization of Petroleum Exporting Countries has decided to maintain current levels of production, despite a worldwide oil glut that has driven market prices down more than 30 percent since June. Meeting Thursday in Vienna, Austria, OPEC oil ministers decided to maintain the present output target of 30 million barrels a day. - 11/28/14

U.S. follows EU example on Iran sanctions relief

- Following the European Union's suspension of sanctions against Iran, the US Treasury announced that it will also extend the sanctions relief provided for in the plan of action implemented by the parties. - 11/28/14

India Group's Oil-for-steel Deal to Test Iran Sanctions

- NEW DELHI-- Essar Group, a $39 billion Indian conglomerate, is looking to tap frozen Iranian oil revenues to pay for its steel exports to Tehran, in a novel attempt to work around Western financial sanctions against the OPEC member state. -Reuters - 11/28/14

Iran's next budget adjusted for continued sanctions, low oil price

- Iran's Minister of Economics has announced he is prepared to present the country's budget to Parliament now that the outcome of Iran's nuclear talks has determined that international sanctions will persist. The budget for the coming year reportedly assumes an oil price of $70 per barrel. - 11/26/14

Iran nuclear deal could spur rapid growth

- Companies and global investors are sizing up Iran's economic potential in anticipation of a deal that could end years of isolation. -CNN - 11/23/14

Two Futures: With An Iran Nuclear Deal, And Without

- As the six world powers and Tehran try to reach a deal in Vienna, there is more at stake than simply ending the crisis over Iran's nuclear program. Equally important is how the success or failure of the negotiations could set the stage for determining the West's relations with Iran for years to come. -Charles Recknagel, RFE - 11/21/14

Iran: Thousands rally against legislative attack on workers' rights

- Thousands of Iranian workers took part in a rally on Thursday November 20 organized by Tehran Manufacturing and Service Workers, protesting the government's attempts to change the country's employment legislation to the benefit of employers. - 11/21/14

Photos: International Air Show kicks off in Kish, Iran

- The Kish Development and investment company fully supported by Kish Free Zone Organization is holding the 7th edition of the International Iran Kish Air Show with the cooperation of Civil Aviation Organization of Islamic Republic of Iran (CAO-IRI) from 18-21 Nov. 2014 on Kish Island in Persian Gulf. - 11/20/14

IRNA: Iran to Hold Market Share Talks With Saudi at OPEC

- Iran's oil minister said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week in Vienna, as Tehran plans for the possible end of sanctions and unfettered crude exports. -Reuters - 11/20/14

Iran allows private sector to import aircraft

- Iran Civil Aviation Organization Director Alireza Jahangirian announced that Iranian private entities are allowed to import aircraft. He made the remarks on the sidelines of the 7h International Air Show of Iran (Iran Air Show 2014), which is underway ON THE Persian Gulf island of Kish - 11/19/14

Iran's Kish Air Show: Investment Opportunities

- The 7th Biennial Kish Air Show opens on November 18 on the Persian Gulf Island. The 4-day exhibition is aimed at helping participants understand changes in the Iranian aviation industry, discover attractive business opportunities and meet new partners as well as competitors. - 11/17/14

Iran's wheat imports up 124% in 7 months

- Iran imported over 3.753 million tons of wheat in the first seven months of the current Iranian calendar year (March 21-October 22), a 124 percent rise compared to the same period in the previous year. - 11/17/14

Photos: Iran opens largest Middle East gold plant, doubling production

- First Vice-President Eshaq Jahangiri inaugurated the largest gold plant in the Middle East in Zareh Shuran of Takaab in West Azarbaijan Province on Saturday. With the operation of the plant the gold bullion production capacity in the country will be doubled and reach 5.5 tons. - 11/15/14

Energy agency sees lower oil prices continuing

- The latest estimate by the International Energy Agency, published on Friday Nov. 14, foresees that depressed oil prices on the international market will continue until 2015. The agency cites falling demand as the reason for the drop in oil prices. - 11/15/14

Stewarding the Deal: Business Diplomacy and Iran's Private Sector

- It's no secret that business leaders worldwide are eagerly awaiting the announcement of an agreement on Iran's nuclear program this month. "Apart from Mars and the Moon, Iran is the only remaining opportunity for [our] clients," declared Sir Martin Sorrell, the CEO of British advertising giant, WPP, last month at the Europe-Iran Forum in London. Business owners in Iran are meanwhile looking forward to sanctions relief and a flood of foreign investment, as are average Iranians. -Esfandyar Batmanghelidj - 11/14/14

NIAC Urges President Obama to Establish U.S.-Iran Banking Channel

- ith a potential nuclear deal only weeks away, the National Iranian American Council is urging that a direct banking channel be established between the U.S. and Iran. Such a channel would allow for humanitarian transactions, the sale of licensed goods like phones and computer software, and the transfer of personal remittances and inheritances between the U.S. and Iran. -Tyler Cullis and Jamal Abdi, NIAC - 11/14/14
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