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Press TV

Iran knows how to cope with sanctions: Minister

Iran’s Oil Minister Bijan Namdar Zangeneh says the country knows how to cope with sanctions that have restricted its direct sale of oil.

Macro Economy

Iran spent over $720m on mechanized agriculture: Official

An official from Iran’s ministry of agriculture says the country has spent over $720 million on machinery and technology over the past six years to modernize farming.

Agriculture and Environment

UK, Germany say Europe working to operationalize INSTEX

Britain, France and Germany are seriously pursuing the implementation of the Iran-EU special payment mechanism, which is supposed to facilitate trade ties between the two sides after the US withdrew from the Iran nuclear deal and reimposed sanctions on the country, senior European officials say.

Trade

‘Iran-EU trade mechanism to be set up in coming days’

French Foreign Minister Jean-Yves Le Drian says a European-backed trade mechanism, known as the Special Purpose Vehicle (SPV), aimed at facilitating non-dollar business with Iran in the face of US sanctions should be established in the coming days.

Financial Markets

Iran denies report of Germany’s ban on Mahan Air

The Civil Aviation Organization of the Islamic Republic of Iran (CAO.IRI) has dismissed some media reports that Germany is planning to ban flights in and out of the country by Iran’s Mahan Air in January.

Transportation

Iran steel industry takes off despite US sanctions

Iran is capable of producing 25 million tonnes of steel in the current fiscal year which ends on March 21, 2019 but foreign sanctions and duties are a big hurdle, the head of the Iranian Steel Producers Association says.

Mine and Industry

OPEC agrees output cut after crunch talks despite US pressure

Member states of the Organization of the Petroleum Exporting Countries (OPEC) and 10 other oil producing nations have agreed to cut output by 1.2 million barrels a day despite opposition from US President Donald Trumps administration.

Energy

German court rules in favor of Iranian bank

A court in Germany has ordered Deutsche Telekom, a partly state-owned telecom provider, to reactivate phone and internet service for the Hamburg branch of Bank Melli Iran.

Financial Markets

Iran to sue US for sanctioning its maritime transport

Iran says it plans to sue the United States at the International Maritime Organization (IMO) for sanctioning its maritime transport services.

Transportation

India welcomes US waivers on Iran oil purchase

India welcomes the United States decision to grant exemptions to the country to continue the import of Iranian crude oil despite re-imposition of sanctions on Iran, saying New Delhi is examining the details of the waivers.

Trade

Iran Chamber of Commerce, Industries, Mines and Agriculture

Established in 1884, Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) is a non-profit and non-governmental institution which aims at facilitating economic growth and development in the country. Iran Chamber tries to further coordinate the activities of the private sector. As an economic forum, representatives from both the government and the private sector attend Iran Chamber's sessions. Meanwhile the institution acts as an advisory body to the government, parliament and judiciary.

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