GDP Growth of 1% in 1H

Iran’s economic output grew by 1 percent in the first half of the current fiscal year (started March 21), according to preliminary data released from the Statistical Center of Iran. Growth in agriculture (5.7 percent) and services (0.9 percent) outweighed a contraction in industrial output (-1.1 percent). GDP expanded 3 percent in 2014, after a […]

Deutsche Bank Fined for Sanctions Violations

The US Federal Reserve Board on Wednesday announced a $58 million penalty and consent cease and desist order against Germany’s Deutsche Bank AG related to violations of U.S. sanctions. The Federal Reserve’s order is being issued in conjunction with an action by the New York State Department of Financial Services for violations of various New […]

S.Koreans Seek Joint Ventures with Iran

A delegation from South Korea’s Small and Medium Business Administration (SMBA) has visited Iran to look at investments and joint ventures with Iranian partners. IRNA news agency reports that the group met with officials of the Iran Small Industries and Industrial Parks Organization (ISIPO) in Tehran on Wednesday, and agreed to sign a memorandum of understanding […]

Actresses Flee for not Wearing Hijab

Iran’s Ministry of Culture and lslamic Guidance has questioned the mental balance of a leading actress who released photographs of herself without a veil. Sadaf Taherian (pictured) was forced to flee to the United Arab Emirates (UAE) last week after being criticised for publishing pictures on social media showing her without a traditional Muslim head […]

Iran Improves in Prosperity Index

By John Lee. Iran has risen one place in this year’s Legatum Institute Prosperity Index, ranking in 106th place out of the 142 countries measured. The index ranks countries in eight categories including economic success, opportunity, health, and personal freedom. Norway finishes highest on the annual Prosperity Index for the seventh year in a row, […]

Iran Begins Deactivating Centrifuges

By John Lee. The head of the Atomic Energy Organization of Iran, Ali Akbar Salehi (pictured), has said that Iran has started decommissioning the first of thousands of centrifuges used for enriching uranium. He told the Kyodo News agency that the whole process will “take some time.” Under the nuclear agreement reached in July, Iran […]

Iran Khodro to Increase Production in Iraq

By John Lee. Iran’s main car manufacturer is set to raise its production level in Iraq by producing 3,000 vehicles per month. Iran Khodro (IKCO)‘s  Deputy CEO for Export, Saeed Tafazzoli, said its Iraqi partner had decided to allocate most parts of its production lines to IKCO’s vehicles. “IKCO’s rivals have failed to grab the […]

‘Battle of the Brands’ as US Franchises Look to Enter

By Holly Dagres, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iran sees ‘battle of the brands’ as US franchises look to enter The line was around the block. When the Baskin-Robbins first opened on Valiasr Street in Tehran, you’d have to wait a good […]

French Cosmetics Chain to Open in Iran

The French perfume and cosmetics chain Sephora plans to open several shops in Iran starting next year, according to a report from Reuters. The company, part of luxury industry leader LVMH, is keen to build its presence in Iran where there is a huge appetite for cosmetics and especially make-up. With a population of nearly […]

IRGC Head Warns of ‘Sedition’ Post-Nuclear Deal

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. As Iran began the preliminary implementation of the nuclear deal with the six world powers on Nov. 2, the head of the Islamic Revolutionary Guard Corps (IRGC), Mohammad Ali Jafari (pictured), warned of a […]

What’s in Iran’s Bottled Water?

By a Correspondent in Tehran, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. You won’t believe what some Iranians have found in their bottled water The latest in a string of questionable food quality calls by the government is bringing to light issues such as […]

World Leaders Condemn Attack on Refugee Camp

By John Lee. The United Nations Secretary-General has condemned the attack last week on Camp Hurriya (Camp Liberty), near the Baghdad International Airport, which left at least 26 residents dead and many more wounded. The attack reportedly also caused casualties among the Iraqi Security Forces in the vicinity of the Camp. The Secretary-General called on […]

Inflation Falls to 14.8%

The Central Bank of Iran (CBI) has announced that the inflation rate for the 12-month period ending 22nd October has fallen to 14.8 percent compared to the same period last year. According to the Mehr News Agency, the inflation rate has been falling in recent months and is expected to fall further in the coming […]

Chinese Investors Visit Southern Economic Zone

By John Lee. A group of Chinese investors has visited the Bushehr Special Economic Zone in southern Iran and said they were eager to invest in the region. Bushehr’s deputy manager Qassem Sabet highlighted the potential of the zone, and its special advantages including discounts on utilities like water, power and gas supply. (Source: Tasnim […]

Iran talking to Six Countries to Buy Aircraft

PressTV reports that Iran is in talks with six countries to purchase new commercial aircraft to renovate the country’s aviation fleet after the removal of sanctions. The Secretary of the Association of Iranian Airlines, Maqsoud As’adi-Samani (pictured), told the Tasnim news agency: “After the Vienna agreement, chief executives or sales managers of all aircraft manufacturers […]

Rouhani Shifts Gears on Economy

By Alireza Ramezani, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. After months of resisting calls for an economic stimulus package, President Hassan Rouhani has finally changed his stance on the matter. This will be the second such short-term plan initiated since he took office […]

Private Equity Firm Sets Up before Sanctions Lift

An investment banker with dual UK and Iranian citizenship has set up Iran’s first private equity firm able to take foreign investment, according to a report from Business Insider. Xanyar Kamangar (pictured), who left his investment banking job at Deutsche Bank, wants to be ready for investment opportunities as soon as sanctions are removed. From […]

Iran names First Female Ambassador since Revolution

According to a report from Rudaw, Iran has appointed its first female ambassador since the 1979 Islamic Revolution. Marziyeh Afkham (pictured), currently serving as spokesperson for foreign ministry, will soon take up her position as Ambassador to Malaysia. President Rouhani vowed to improve women’s rights issues during his election campaign in 2013, but analysts say […]

Tehran, Istanbul Bourses sign MOU

The Tehran Stock Exchange (TSE) has signed a memorandum of understanding (MOU) on bilateral cooperation with Istanbul Stock Exchange, also known as Borsa Istanbul, according to the Fars News Agency. The MOU was signed by Hassan Qalibaf-Asl [Hassan Ghalibaf Asl] (pictured), the managing director of TSE, and Tuncay Dinc, the CEO of Borsa Istanbul. Qalibaf-Asl […]

Iran Improves in Ease of Doing Business index

By John Lee. Iran has been ranked 118th out of 189 countries in the World Bank‘s recent Doing Business 2016 report, 12 places higher than the previous year. Top of the list were Singapore, New Zealand and Denmark, with last place going to Eritrea, just behind Libya and South Sudan. The pace of business regulatory […]