Business
June 7-June 11, 1999 / Khordad 17-21, 1378
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Today
* U.S. Administration pressured on food
sanctions
* Moody's rates Iran foreign currency bonds
Previous
* Iran Air cancels Saudi flights
* Azerbaijan: U.S. plan for Caspian pipeline makes little
progress
* Oil producers plan to keep $18-$20 Brent range
* U.S. aide promises simple rules for Iran grain sales
* Majlis postpones examination of labour law reform bill
* Tehran's mayor wants to attract foreign capital
* Iran approves bill on easing labor laws
* Low oil price hit Iran growth to March 99
* Iran says two-month non-oil exports up 47.7 pct
* Drought to hit barley output
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Updated June 10, 1999
* To send money to Iran, the rate is 840-875 tomans per
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Friday,
June 11, 1999
* U.S. Administration pressured on food sanctions
10 June 1999 (RFE/RL) -- Members of the U.S. Congress pressured the
administration of President Bill Clinton on Wednesday to help finance sales
of food and medicine to nations that have been subject to U.S. embargoes.
In a hearing of the House of Representatives (lower chamber) Agriculture
Committee, several congressmen urged the administration to provide U.S.
official financing for food sales to embargoed countries like Iran. Such
a move would go beyond President Clinton's recent policy decision of simply
allowing exports of food and medical items on humanitarian grounds ...
FULL
TEXT
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* Moody's rates Iran foreign currency bonds
NEW YORK, June 10 (Moody's press release) - Moody's assigned a B2 foreign
currency ceiling for bonds and notes to the Islamic Republic of Iran and
a B3 ceiling for foreign currency bank deposits. The long-term domestic
currency bonds issued by the government were rated at Ba2. The B2 ceiling
reflects a weak economic structure that is prone to balance of payments
crisis when oil prices collapse ... FULL
TEXT
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Thursday
June 10, 1999
* Iran Air cancels Saudi flights
DUBAI, United Arab Emirates (AP) -- Iran's national carrier has canceled
flights to Saudi Arabia because the kingdom has apparently revoked landing
rights, the Iranian news agency reported Wednesday. Iran Air ``canceled
its flights to the western Saudi city of Jiddah after Saudi authorities
refused to grant the airline permission to fly to the country,'' the Islamic
Republic News Agency said ... FULL
TEXT
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* Azerbaijan: U.S. plan for Caspian pipeline makes little progress
Boston, 9 June 1999 (RFE/RL) - Despite numerous agreements, there have
been few real signs of progress for a U.S.-backed plan to build a gas pipeline
across the Caspian Sea, analysts say. With the passage of time, the risk
may also increase that conditions will not be met for building the trans-Caspian
gas pipeline, which is one of the pillars of U.S. policy for the region
... FULL
TEXT
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* Oil producers plan to keep $18-$20 Brent range
LONDON, June 10 (Reuters) - World oil exporters aim to stabilise volatile
petroleum prices by intervening in the market if it strays too low or too
high, a senior Gulf official said on Thursday. ``If the prices move ...
then we will decide whether it is necessary to intervene but we will not
jump in immediately. The concept is to have a stable price -- not too high
or too low,'' said the official who is familiar with Saudi government policy
... FULL
TEXT
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Wednesday
June 9, 1999
* U.S. aide promises simple rules for Iran grain sales
WASHINGTON, June 9 (Reuters) - The Clinton administration hopes to issue
rules covering the sale of U.S. food to Iran that are simple for exporters
to use, a top U.S. State Department official said on Wednesday. Stuart
Eizenstat, Undersecretary of State for Economic and Business Affairs, said
the new rules should be out by the end of the month. They will be as ``efficient
and nonbureaucratic as possible'' so that a lengthy government approval
process does not block sales, he told the House Agriculture Committee ...
FULL
TEXT
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* Majlis postpones examination of labour law reform bill
TEHRAN, June 9 (AFP) - Iran's conservative-dominated parliament Wednesday
postponed detailed discussion of a controversial bill aimed at easing labour
legislation for small businesses. Under the bill, small businesses with
three employees or less will be exempt from the current legislation for
six years ... FULL
TEXT
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Tuesday
June 8, 1999
* Tehran's mayor wants to attract foreign capital
TEHRAN, June 8 (AFP) - Tehran's new mayor Morteza Alviri said on Tuesday
he wanted to attract private capital, both Iranian and foreign, to tackle
the city's twin problems of pollution and traffic. "We must attract
domestic and foreign capital from private sectors for our urban projects,"
Alviri said in an official ceremony to mark his assumption of office after
his appointment last week ... FULL
TEXT
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* Iran approves bill on easing labor laws
TEHRAN, June 8 (Reuters) - Iran's parliament approved a bill on Tuesday
to ease labour laws as part of a drive to encourage investment and improve
the country's chronic unemployment problem, but the assembly must still
work out the final details. The law, passed by a narrow margin of 107 to
93, exempts firms with three or less employees from labour regulations
for six years ... FULL
TEXT
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Monday
June 7, 1999
* Low oil price hit Iran growth to March 99
BASLE, Switzerland, June 5 (Reuters) - Iran's economic growth slowed
to between 1.7 and two percent in the year to March 1999 as oil prices
slumped, Iran's central bank governor said on Saturday. This reflected
an ``illness'' in the oil-dependent economy, Governor Mohsen Nourbakhsh
told Reuters in an interview ... FULL
TEXT
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* Iran says two-month non-oil exports up 47.7 pct
TEHRAN, June 5 (Reuters) - The value of Iran's non-oil exports rose
by 47.7 percent in the first two months of the Iranian year to $526 million,
the official news agency IRNA reported. ``Export of non-oil commodities
shows an increase of 86.16 percent growth weight wise and 47.7 percent
value wise,'' it said, quoting a report on Friday by Iran's customs department
on non-oil exports from March 21 to May 21 ... FULL
TEXT
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* Drought to hit barley output
TEHRAN, June 6 (Reuters) - Iran produced 3.3 million tonnes of barley
in the Iranian year to March, but production in the current year is severely
threatened by drought, a newspaper quoted an official as saying on Sunday.
``Last year, 3.3 million tonnes of barley were produced from 1.8 million
hectars of land under cultivation. But this year, because of drought, we
expect Iran will face a major reduction in production,'' Abrar-e Eqtesadi
daily quoted Kamal Zabihi, the head of the agriculture ministry's fodder
branch, as saying
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