Major Iranian Cities to get 4G Mobile Phone Services

By John Lee. Iran’s Minister of Communications and Information Technology has said his ministry will provide major cities with fourth generation mobile phone services. Mahmoud Vaezi (pictured) told IRNA that other cities will receive the third generation services. (Source: IRNA)

How Iran Plans to Cover its Budget Deficit

By Navid Kalhor, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Research shows that countries where businesses can easily raise funds in the bond market typically experience comparatively faster and stronger recoveries from a recession. This finding is important for a nascent market at its embryonic […]

More Flights between Britain and Iran

High-ranking aviation officials from Iran and Britain signed a memorandum of understanding (MoU) to increase the number of direct flights between the two countries, Iran’s Civil Aviation Organization (CAO) announced. According to the cooperation agreement, Iran and Britain can increase the number of direct passenger flights to 42 per week, Director of Public Relations Department […]

Lufthansa to Start Repairing Planes in Iran

By John Lee. Germany’s Lufthansa is set to establish a repair and maintenance service unit in Iran. The company is reported to have sealed a deal with Iran Air when a group from Lufthansa visited Tehran on Wednesday. PressTV says that under the deal, Iran Air and Lufthansa work closely over five fields such as […]

UK Seeks to Ease Banking Problems with Iran

By John Lee. The United Kingdom is working with its European partners to help ease the impact of banking restrictions on trade with Iran. Despite the removal of nuclear-related sanctions, U.S. restrictions, including a ban on dollar trading and a freeze on U.S. banks engaging in trade, remain in place. UK Business Secretary Sajid Javid […]

Iran’s FM Meets Singaporean PM, Speaker

Iranian Foreign Minister Mohammad Javad Zarif has held separate meetings with Singapore’s Prime Minister Lee Hsien Loong and Parliament Speaker Halimah Yacob in the Southeast Asian country’s capital. In his meeting with PM Lee, Zarif underlined the existing capacities in different economic fields for the expansion of Tehran-Singapore cooperation after the recent nuclear deal (known […]

Iran, Brunei Eye Enhanced Economic Ties

Iranian Foreign Minister Mohammad Javad Zarif in meetings with a number of Bruneian ministers discussed ways to expand bilateral relations in a range of fields. During his stay in Brunei as part of a tour of Southeast Asia and Oceania, the top Iranian diplomat held meetings with a number of Brunei’s ministers, including Minister of […]

Video: Iran Fires Ballistic Missiles in New Test

From AFP. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. Iran said its armed forces had fired two more ballistic missiles on Wednesday as it continued tests in defiance of US warnings.

Partnership Agreement Strengthens UK’s Relationship with Iran

UK Export Finance (UKEF) and the Export Guarantee Fund of Iran (EGFI) have committed to enhancing trade and economic co-operation with a Memorandum of Understanding in a move designed to help British businesses export. Under the agreement, UKEF, the UK’s export credit agency, and EGFI, the Iranian state-owned credit insurance company, will work together to […]

Mittal signs €1bn iron deal in Iran

India’s Mittal Steel signed a €1-billion contract on Tuesday to produce iron in southern Iran. According to Press TV, the contract signed with Mahan Industries and Mines Development Company – a subsidiary of Iran’s Tourism Financial Group – envisages extracting iron and building a processing plant in the southern province of Kerman. Mahan has not specified […]

Oman signs MoU with Iranian Ports

The biggest port in the sultanate of Oman has signed a memorandum of understanding (MoU) with the Iranian ports of Shahid Rajaee (pictured) and Chabahar (Chah Bahar). Arranged with the Ports and Maritime Organization of Iran (PMOI), the agreement with the Port of Salalah envisages close cooperation to facilitate growth in shipping, trade and commerce […]

Iran Names Head of Country’s Wealthiest Foundation

By Arash Karami, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. The funeral for Ayatollah Abbas Vaez Tabasi, the former custodian of the shrine of Imam Reza, was held March 5 in the holy city of Mashhad. It was a significant funeral not only because […]

Iranian Billionaire Sentenced to Death

Billionaire Iranian businessman Babak Zanjani (pictured) has been sentenced to death. The sentence follows his conviction for “spreading corruption on earth“, withholding billions of dollars in oil revenue channelled through his companies, which he denies. One of Iran’s richest men, Zanjani, aged 42, was blacklisted by the United States and the European Union for helping […]

Iran, Iraq Negotiate Joint Oil Projects

Minister of Petroleum Bijan Zangeneh said he hopes that Iran and Iraq will be able to reach agreement on joint projects during the on-going visit by a delegation from the Iraqi Oil Ministry. He made the remarks during a meeting with visiting Deputy Minister for Gas Refineries at the Ministry of Oil, Fayaz Hassan, on […]

Iran Launches New Ballistic Missile Tests

Iran’s Islamic Revolutionary Guards Corp (IRGC) has reportedly launched several ballistic missiles from silos across the country as part of a military exercise. The IRGC said the tests demonstrated the country’s “deterrent power” and “ability to confront any threat“, according to BBC News. In January, the US imposed sanctions targeting Iran’s missile programme in response […]

Bank Mellat to Reopen Seoul Branch

Bank Mellat, Iran’s largest private lender, plans to reopen its branch in Seoul, South Korea, next month. The bank also expects to be reconnected with the SWIFT payment network. It is also claiming $4 billion from Britain’s Treasury for unlawful imposition of sanctions. (Source: EmergingMarkets)

Korean Firms Keen to Invest in Iran

The President of public think tank Korea Energy Economics Institute (KEEI) says Korean companies are eager to invest in Iran’s energy sector given the country’s role in energy markets. Park Joo-heon said there are many Korean elites who think Iran is key in energy sector and Seoul has been seeking to broaden its relations with […]

UAE Payments Firm in talks with Iranian Banks

The CEO of Network International, the largest payments processor in the Middle East and Africa, has said the company could begin working with some of Iran’s largest banks this year. Bhairav Trivedi (pictured) told Reuters the company is in talks with the banks about how it could begin processing transactions without breaching the remaining economic […]

Insurers Consider Services to Iran

The Central Insurance Company has issued a report on the situation of international communication with foreign insurance companies. According to the report, negotiations are underway between the IG international clubs and the US Department of Treasury to get permission for American reinsurers to provide insurance coverage to Iranian oil tankers. Meanwhile, a ban on the […]

Iran, Russia Agree Customs ‘Green Corridor’

By John Lee. The Customs administrations of Iran and Russia have agreed to create a customs ‘green corridor’. Based on the report of the Public Relations office of Iran Customs, the agreement was signed during the meeting of Vladimir Malinin, the first deputy head of Russian Customs, with Masoud Karbasian, the president of the Islamic […]