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First Iranian English Economic Daily financialtribune.com twitter.com/fintribune Contacts, ads: @FTD_ADS_Bot Print subscription: +982142710123 Digital subscription: financialtribune.com/subscription-plans
World Steel Association Releases Jan.-Nov. Data:
Iran Steel Output Tops 20%
Iranian steel mills produced 19.74 million tons of steel during January- November 2017, up 20.6% compared with last year's corresponding period, the latest report released by World Steel Association shows.
According to WSA, Iran’s steel output in November grew by 24.4% year-on-year to hit an estimated 1.95 million tons.
And yet again, Iran's steel sector is on a fast track to growth, as it recorded the highest growth among all products exceeding 1 million tons per month for the 11-month period. Traditional rivals like Turkey and France were still lagging behind
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Imported Cars Unaffordable
Gov’t Imposes New Import Tariffs
After months of wrangling between the government and auto importers over the imposition of new restrictions on imports, new rules have been approved by the government. The online auto import registration system that had been suspended for months will restart at the weekend.
As per law, after getting auto import permits from the Industries Ministry, local firms are required to register online with the Trade Promotion Organization separately for every single unit.
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5.2 Magnitude #Earthquake Hits 39km Southwest of #Tehran
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South Pars Phase 11 Subcontracts to Be Awarded by March
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IPOs Make Comeback to Capital Market
Initial public offerings on Iran's capital market are to resume after a gap of two months, with Omid Investment Bank floating 10% of its shares on Tehran Stock Exchange on Wednesday, the deputy head for markets at TSE said.
“The IPO includes 490 million shares of ‘OMID’ offered through book building in the 1,500-1,600-rial price range with a 10,000 share purchase quota for institutional and non-institutional investors,” Ali Sahrayi was also quoted as saying.
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Iran Rail Transit Rises 61%
About 1.15 million tons of goods have been transited via Iranian railroads since the beginning of the current fiscal year (March 21), registering a 61% upsurge compared with the corresponding period of last year
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Tehran Mayor: No Magic Wand for Tehran Traffic
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IMF Staff Completes 2017 Article IV Mission to Iran: Real GDP Growth Forecast to Reach 4.2% in 2017-18
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Maersk Poised to Sign Iran Oil Deal in 2 Months
Denmark's Maersk Oil, a new subsidiary of French energy group Total, could sign a deal early next year to develop an offshore Iranian oil project in the Persian Gulf, according to the chief executive officer of Pars Oil and Gas Company.
"Maersk is likely to sign the second IPC deal within two months," Mohammad Meshkinfam said, referring to Tehran's new framework to develop its oil and gas fields, dubbed as Iran Petroleum Contract
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Iran’s Average Mobile Internet Speed Up 36% YoY
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Iran's crude oil prices eased from their peak levels this year, but continued to trade firmly above the $60-per-barrel mark in the week to Dec 8
Iran's light crude dropped 71 cents to $62.03 per barrel in the week
Iran Heavy settled down 30 cents at $59.47 a barrel
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Iran: Any Attempt to Block Plane Sales Violates JCPOA
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ATA Airlines Takes Delivery of First of 15 Embraer Jets
Iran’s fourth largest airline, ATA, took delivery of its first Embraer ERJ 145 jet late Friday.
The secondhand 50-seat jet is the first of 15 aircraft, which has been purchased recently.
According to ATA’s public relations, the company recently finalized plans for adding 15 Embraer passenger planes to its fleet, aiming to start new domestic routes to smaller cities and flights to neighboring countries
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Iran's Processed Meat Industry Dominates Region
Report
The production of processed meat in Iran dates back to 90 years when no other country in the Middle East had a clue about such products.
Iran has now become the top country in producing processed meat products in the region, both in terms of quality and quantity.
"The technology used in this industry, which was once imported, now meets international health and religious standards," Majid Aflaki, secretary of Processed Meat Industries Association, told Financial Tribune
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Interview: Iran Integral to Islamic Development Bank Operations
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Iran Government Approves Major Insurance Divestiture
The Cabinet of President Hassan Rouhani’s administration approved a measure based on which the government will sell its remaining shares in three major insurance companies which–barring Iran Insurance Company–are the only firms in which the government still holds a stake.
All remaining shares belonging to the government in Asia Insurance Company, Alborz Insurance Company and Dana Insurance Company are to be divested.
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Tehran's Imam Khomeini Airpot Traffic Growth Above Global Average
Imam Khomeini International Airport registered a traffic growth rate of 11.5% in 2017, 3% higher than the global average, according to the caretaker of IKIA Airport City Company.
"IKIA is ranked third in the Middle East and ninth in Asia-Pacific region in terms of airport traffic growth," Koroush Fattahi added on Sunday at the Second International Exhibition of Transportation, Road Construction, Road Maintenance and Related Industries, otherwise known as Iran Trans Expo 2017
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Tehran-Mashhad Railroad Project Gets Off the Ground
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Rising Trajectory of Medicinal Plant Production, Export
Report
Medicinal and aromatic plants, which are found both domestically and in overseas markets, play a significant role in meeting the demands of the traditional medicine markets.
Not surprisingly, medicinal plant production and exports show a rising trend in Iran. Read More
Italian Company Signs $40m Ardebil Petrochemical Deal
Italy's Techint Engineering and Construction signed an agreement with Ardebil Petrochemical Company to provide the technical know-how for the construction of a 500,000-ton petrochemical unit in northwest Iran, the company's head of the board of directors said.
https://goo.gl/u6YxCs
Gov't Spending Tops Revenues
March 21-Oct. 22 Budget Deficit Hits $5.3b
Iran’s budget deficit came in wider than expected in the first seven months of the current fiscal year (March 21-Oct. 22) to reach 223.9 trillion rials ($5.3 billion), according to the Central Bank of Iran's latest report.
The government’s overall revenues during the period amounted to 330.6 trillion rials ($7.9 billion), posting a rise of 88.6% over last year's corresponding period.
Revenues associated with the sales of oil and petroleum products reached 469.3 trillion rials ($11.17 billion), indicating a 56.8% YOY rise, but less than the projected 674 trillion rials ($16.04 billion).
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MSC Plans to Boost Slab Exports
Mobarakeh Steel Company, Iran’s largest flat steel producer, aims to increase its slab exports rapidly over the next couple of years.
"The plan follows the expansion of the company’s finished steelmaking capacity in recent years," MSC Managing Director Bahram Sobhani told Metal Bulletin at the 21st Middle East Iron & Steel Conference in Dubai, the UAE.
At the end of 2016, Mobarakeh Steel added a 1.8-million-ton continuous casting machine at its main plant in Isfahan Province that increased annual slab capacity to 7.2 million tons. Currently, it feeds a 5.5-million-ton per year hot-rolling mill
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Russia Sign Deal with Iran to Finance €3b for Joint Rolling Stock Production
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UNESCO to Help Restore Quake-Stricken Monuments in #Kermanshah
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A number of major Iranian private lenders have recently established correspondent relations with Qatar National Bank
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Tehran Stock Exchange’s main index gained 994.35 points or 1.05% on Sunday to extend its all-time high record to 95,600.8
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Tax, Twitter and Twisted Concerns
Opinion
The significant rise in departure tax incorporated by President Hassan Rouhani and his budgetary cadre in the next budget bill for the fiscal March 2018-19 has patently infuriated the Iranian public.
A week past the budget day, the firestorm of criticism toward the government still rages on; people are using social networking platforms such as Twitter to vent their feelings about the threefold rise from the current 750,000 rials ($17) to the proposed budgetary figure of 2.2 million rials ($52).
But they have taken little notice, if any, of the long-awaited bold changes to the subsidy policy that should remove 30 million people from the list of monthly cash recipients.
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$1.7b Chinese LOC for Iranian Rail Project
China has opened a $1.7 billion line of credit for the electrification of the 926-km railroad from Tehran to the eastern city of Mashhad in Khorasan Razavi Province, five months after a contract was signed for the project in Tehran.
According to the Persian daily Donya-e-Eqtesad, this is the first and the largest LOC to have opened for Iran after international nuclear-related sanctions against the country were lifted in January 2016, following the signing of a landmark agreement between Tehran and world powers a year earlier.
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Gazprom to Submit Proposal for 3 Persian Gulf Gas Fields
Gazprom will provide the National Iranian Oil Company with the result of its technical surveys and development plans for three Iranian offshore gas fields in the Persian Gulf, namely North Pars, Kish and Farzad-A and Frazad-B gas fields by April 2018
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