Business

Tehran Targets Foreign Investors

Iran’s first roadshow after sanctions promises abundant investments By Leila Hatoum MUSCAT Feb 29 Iran is targeting over $100 billion in foreign investments after being isolated from the global market for nearly a decade due to international economic sanctions for its nuclear program, Iranian officials told Newsweek Middle East. During its first roadshow since the

[ Read More ]

Iran Committed to OPEC’s Oil Output Freeze: Iranian Ambassador to Oman

By Leila Hatoum Muscat (Newsweek Middle East)– A day after Iran’s Oil Minister Bijan Namdar Zanganeh ridiculed a decision by the Organization of the Oil Petroleum Exporting Countries (OPEC) to freeze oil output, the Islamic Republic’s Ambassador to Oman said his country “is committed to OPEC’s oil output freeze decision.” Speaking on the sidelines of Iran’s

[ Read More ]

British Business Bosses Say Exit from EU Would Hit Economy and Jobs

By Kate Holton and James Davey LONDON, Feb 23 – The bosses at more than a third of Britain’s biggest companies said on Tuesday leaving the European Union would put the economy at risk, backing Prime Minister David Cameron’s call for Britain to vote to stay in the June referendum. The pound posted its biggest

[ Read More ]

Fridges and Flour: Syrian Refugees Boost Turkish Economy

By Nevzat Devranoglu ISTANBUL, Feb 22 – Turkey’s 2.6 million Syrian refugees may be straining the housing and jobs systems, but they’re also fueling economic growth. The world’s largest refugee population has had a positive impact on Turkish output, economists and government officials say. It may be partly responsible for an unexpected rise in third-quarter

[ Read More ]

Anti-Money Laundering Body Urges More Scrutiny of Iran, North Korea

WASHINGTON, Feb 20 – An international anti-money laundering group wants government financial intelligence agencies to give extra scrutiny to transactions and business relationships involving Iran and North Korea. Paris-based Financial Action Task Force (FATF) said on Friday that it remained “particularly and exceptionally concerned” about what it called Iran’s “failure to address the risk of terrorist

[ Read More ]

Egypt Struggles to Get Subsidized Food to Poor Amid Dollar Crisis

By Ali Abdelaty and Lin Noueihed CAIRO, Feb 19 – “Any rice?” says the woman, leaning into a shop in Cairo and brandishing a green smartcard that carries her family’s food credits. The shopkeeper shakes his head: “Only sugar.” Behind him, more than half the shelves are empty. Rice and cooking oil are nowhere to be

[ Read More ]

EU Court Rules Iran Bank Assets Should Not Have Been Frozen

BRUSSELS, Feb 18 – The European Court of Justice ruled on Thursday that the assets of Iran’s Bank Mellat should not have been frozen from 2010, dismissing an appeal brought by the European Council. The Council, the grouping of the EU’s 28 member states, froze the funds of a number of Iranian financial entities from

[ Read More ]

Iranian Banks Reconnected to Global Payments Network

DUBAI, Feb 17 – Global transaction network SWIFT has reconnected a number of Iranian banks to its system, allowing them to resume cross-border transactions with foreign banks after the lifting of sanctions on Tehran, a SWIFT official said. Iranian banks were disconnected from Belgium-based SWIFT, the Society for Worldwide Interbank Financial Telecommunication, in March 2012

[ Read More ]

Saudis, Russia Agree Oil Output Freeze, Iran Still Obstacle

By Rania El Gamal and Tom Finn DOHA, Feb 16  – Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in—a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and

[ Read More ]

Russia Says Improved Iran-Saudi Ties Would Help Oil Prices

MOSCOW, Feb 15 – Russia wants to see improved relations between Iran and Saudi Arabia at a time when joint action is needed to influence global oil prices, the RIA news agency on Monday quoted Zamir Kabulov, a senior official at Russia’s Foreign Ministry, as saying. Russia, one of the world’s top oil producers, has

[ Read More ]