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Economy

24 October 2014 17:03

Official figures show that the UK economy slowed in the three months to the end of September as manufacturing grew at the slowest pace for 18 months. The Office for National Statistics said Friday that the UK’s gross domestic product increased by only 0.7 percent in the third quarter, a figure noticeably lower than that of the previous three months, which...

24 October 2014 16:58

Iran’s leading auto manufacturer, Iran Khodro Company (IKCO), plans to use the technical expertise of German and French experts in the industry, an Iranian official says. “Currently, a German group with 35 years of experience in auto industry is visiting different sections of IKCO to start cooperation as consultant,” said IKCO Chief Executive Officer Hashem Yekkeh-Zare on Friday. “Based on plans, a...

23 October 2014 8:35

American aircraft-manufacturing giant Boeing has ended a 35-year break in business with Iran, supplying the country’s national flag carrier with a cargo of plane parts. "During the third quarter of 2014, we sold aircraft manuals, drawings, and navigation charts and data to Iran Air," Boeing said in its quarterly report on Wednesday. This is the first time that the American company has...

16 October 2014 15:44

Global oil prices have dropped to a 47-month low, sending economic and political shockwaves through oil-exporting countries around the world. The global price of oil now stands at $84 per barrel, about $31 cheaper than its highest price this year. The current price is nearly 30 percent less than it was earlier this year. On October 14, the global price of oil witnessed...

13 October 2014 15:25

Hassan Rouhani, who was speaking in the joint government and the parliament session on Tuesday told the meeting that the world should know that the Islamic Republic of Iran’s officials have the ability to solve the issues even under current economic hardships through ‘cooperation and coordination.’ “Positive growth in construction budget, stability in the market, general willingness by foreign investors to...

12 October 2014 11:50

President Hassan Rouhani on Sunday called for foreign investment in Iran's rail transit projects. He made the remarks in a meeting with the Ministry of Housing and Urban Development officials. Foreign investors are welcome to invest in construction of Iran's rail transit projects, the president added. He underlined immediate execution of the Iran-Turkmenistan-Kazakhstan railway as well as the Khaf-Herat railway which will link...

11 October 2014 13:24

Iran’s economy minister said the country’s economy is improving and has been heading in the right direction since the new administration took office in August 2013. According to Tasnim news agency, heading a high-ranking economic delegation, Iran’s Economic Affairs and Finance Minister Ali Tayyebnia is in Washington for the joint annual meetings of the World Bank Group and the International...

11 October 2014 10:14

Iran Khodro Industrial Group has raised the daily number of cars it manufactures in Iraq to 50 and the figure will climb to around 100 as it plans to increase its personnel working shifts at the request of the Iraqi side, Iran Khodro Company (IKCO) vice-president said. "Iran Khodro produces a variety of cars such as Runna, Samand, Soren, Peugeot Pars...

9 October 2014 15:24

An American economist has said that the world is in a currency war between the United States, China, Russia, and Japan, questioning the countries’ economic growth. “The world is unfortunately in a currency war between the US, Japan, China, and Russia, keeping the interest rates very low and increasing the supplies of money and credit beyond normal, sustainable limits,” said Mark...

8 October 2014 22:57

The International Monetary Fund says China has overtaken the United States as the world’s largest economy, according to a report. The IMF estimates that the size of the US economy is $17.4 trillion, while the Chinese economy comes in at $17.6 trillion, Business Insider reports. China’s share of the global economy is 16.48 percent, while the United States accounts for 16.28 percent,...

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