News : Economy

The Wall Street Journal Automotive sanctions hitting sales By BENOÎT FAUCON And DAVID PEARSON French car maker Renault SA, one of the last large European companies still active in Iran, is considering winding down its sales to the country as the impact

By BENOÎT FAUCONnd DAVID PEARSON
French car maker Renault SA, one of the last large European companies still active in Iran, is considering winding down its sales to the country as the impact of international sanctions deepens, according to people familiar with the matter.

No UK official to attend Rouhani inauguration

July 26 2013: Iran has invited leaders from around the world, excepting the US and Israel, to attend the inauguration of its new president Hassan Rouhani on August 4. Although Britain was invited, a Foreign Office spokeswoman said the European Union had agreed that the ceremony would be attended only by Tehran-based diplomats. The UK has not had diplomatic representation there since the British embassy was ransacked by a mob in November 2011.

Congress threatens new sanctions against Iranian regime

WASHINGTON (AP) — Congress is considering a new series of hard-hitting Iran sanctions on everything from mining and construction to the Islamic republic's already besieged oil industry, despite concern from the Obama administration that the measures could interfere with nuclear negotiations.

Iran: Production halted at strike-hit Iranian steel factory

Monday, 01 July 2013

INUAt least 4,000 workers went on strike on Wednesday at Iran's Khuzestan Steel Factory in protest at the non-payment of their promised salary increases.

Contract workers are protesting at the failure by management to pay a 25 per cent wage rise pledged to them in March.

The factory production came to halt as non-contract workers joined the initial protest by contract workers.

Iranian regime is Making UN Sanctions Ineffective through Iraq.

 

Saturday, 29 June 2013

INU - According to El-Monitor’s website, quoted today by the clerical government news agency, Tasnim, 72% of Iranian exports are sent to Iraq

El-Monitor has written that Iran’s trade with Iraq has helped Iran to decrease the effects of international sanctions. Iraq imports from Iran have risen by approximately 15% this year.

The value of Iran's currency has fallen sharply due to international sanctions. America’s new round of sanctions has targeted Iran's automotive industry. However, it is Iraq that is the largest foreign market for Iran’s vehicles.

Ehsan Alshomari, a political analyst in Iraq, told El-Monitor: “Iran has now accepted that Iraq is the only economical opportunity for it. It is very natural, on the other hand, that Iraq consumes large amount of Iranian goods.”

Alshomari believes the "deepening of relations between Iraq and Iran to this extent will eventually damage Iraq's foreign relations, particularly with America." 

Alshomari also told El-Monitor: "Iran desperately needs Iraq, especially at this stage, not only to market its goods, but also to export goods through Iraq to other countries and to facilitate the transfer of Iranian funds from Baghdad to Damascus and Beirut. ...Iraq is Iran's economic gateway to the outside world."

 

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