Sunday , 2 April 2023

Economy

Iran’s leading carmaker IKCO halts production due to coronavirus

PayvandNews – Iran’s leading car manufacturer the Iran Khodro Company (IKCO) has decided to halt production at all its plants after reports emerged its workers had contracted coronavirus. A letter addressed to IKCO workers and managers by the company’s human resources deputy on Wednesday said that production lines would start lowering output in the second shift of the day with …

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For First Time In 6 Decades Iran Asks For IMF Loan To Battle Coronavirus

Radiofarda – For the first time since 1962 Iran has asked the International Monetary Fund (IMF) for emergency funding to help it fight the coronavirus (COVID-19) outbreak, which has infected more than 10,000 people and claimed hundreds of lives so far. In a tweet on Thursday Foreign Minister Mohammad Javad Zarif said Iran’s Central Bank has requested immediate access to funding …

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U.S. Sanctions Have Idled A Quarter Of Iran’s Oil Rigs

Reuters – At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry. By Bozorgmehr Sharafedin​ The lack of rig activity could damage the OPEC member’s capacity to produce …

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Oil falls 25 pct after Saudi Arabia cuts prices

Al-Arabia – Oil prices plunged around 25 percent on Monday, heading towards their biggest daily loss since 1991 after Saudi Arabia slashed prices and set plans for a big increase in crude production in April.Prices fell as much as 31 percent following the Saudi move to start a price war after Russia balked at making the further steep output cuts …

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‘Business is finished’: Iranian merchants fear the worst as virus spreads

Reuters – Iranian merchants plying the busy Strait of Hormuz between Dubai and Iran fear their next trip home will be a one-way trip after the United Arab Emirates banned ferry services to prevent the spread of coronavirus.Workers load goods onto a dhow bound for Iran along the creek in old Dubai, United Arab Emirates, March 2, 2020. Picture taken …

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Iran’s Trade Dropped Dramatically In January Compared With 2019

Radiofarda – Iran’s trade with its main partners dropped dramatically in January 2020 compared with last year when U.S. sanctions on oil exports were only partial. India’s Ministry of Economy on March 3 issued its January trade report, which shows imports from Iran dropping by 97 percent compared with January 2019. Last year, India imported $1.2 billion of oil and …

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Khamenei Circumvents Parliament To Get Controversial Budget Bill Approved

Radiofarda – Iran’s Supreme Leader Ayatollah Ali Khamenei has issued a decree, circumventing parliament by allowing members of the budget committee of the Parliament (Majles) to decide on Iran’s budget bill for the next year. Based on Khamenei’s decree, the 45 members of the budget committee will decide on the budget bill rather than the 290 members of the Parliament. …

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Coronavirus puts more pressure on Iran’s already strained economy

Al-Monitor – The current crisis surrounding the spread of coronavirus in Iran is a complex and multilayered issue with political, social, health, environmental and economic consequences ranging from questions of how to sustain the economy to the notion of public trust in the government’s handling of the process. Yet with Iran already facing massive economic problems due to sanctions, mismanagement and …

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Iranian rial plunges as coronavirus threatens export lifeline

Reuters – Iran’s rial hit a one-year low against the dollar on Wednesday as a sharp rise in coronavirus cases forced the closure of most of its borders, threatening the non-oil exports that are its main economic lifeline.FILE PHOTO: Iranian women wear protective masks to prevent contracting coronavirus, as they walk in the street in Tehran, Iran February 25, 2020. …

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Coronavirus Outbreak To Hurt Ailing Iranian Economy

Radiofarda – After nationwide unrest in November, escalation with the U.S. following the killing of Qods Force Commander Qassem Soleimani and the Ukrainian airliner shot down by Iran’s Revolutionary Guards, all in a matter of three months, Iran’s economy has received yet another blow, this time from a coronavirus outbreak. The outbreak, officially announced on February 20 is likely to …

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