Experience is the word the Iranian government, bureaucrats and businesspeople are counting on as a safety valve against the new unilateral U.S. sanctions reimposed by President Donald Trump when he announced the abandoning of the nuclear deal on May 8. Despite the forecast of sluggish growth, a major contraction and reduction in oil and non-oil exports, the Iranians believe that Iran will find a way to keep the oil and natural gas trade flow with its main customers, as it has done in the past under harsher sanctions. For almost 40 years, Iranians have been living under tough economic sanctions, first imposed by the U.S. and sporadically followed by the United Nations and European Union. These four-decade-long sanctions, Iranians argue, have equipped them with adequate experience to generate solutions to maintain trade and the economy, despite major declines in the gross domestic product (GDP) in the periods of sanctions and war including the period of 1980 to 1988, 2012 and 2015. While … [Read more...] about 40 years of experience: Hedging mechanism for Iran’s oil trade under sanctions despite inevitable slump
Industrial credit and investment corporation of india
The Indian Space Research Organization (ISRO) successfully launched two British commercial satellites into sun synchronous orbit, roughly 583 kilometers above Earth, a press statement said on Sunday. Antrix Corporation Limited, the commercial wing of the ISRO, launched both satellites using its Polar Satellite Launch Vehicle (PSLV-C42) from the Satish Dhawan Space Centre in Sriharikota, India on Sunday at 16:38 Coordinated Universal Time. The high-tech duo, named NovaSAR and S1-4, was developed by UK-based Surrey Satellite Technologies Limited (SSTL), a subdivision of French aviation giant Airbus, and use high-resolution optics for flood and disaster monitoring and forest mapping. "The PSLV-C42 marks the latest technology and commercial collaboration between India and the UK with the launch of the combination of high resolution optical and radar (SAR) … [Read more...] about UK, India Space Agencies Launch Twin Satellites Into Orbit, Collaborate Efforts
Samanth Subramanian reports on the Mumbai bank jobNirav Modi didn’t seem like the kind of person who needed to rob $2bn (€1.7bn) from a bank. He’s a short man, 47 years old and losing hair, the pocket square in his jacket always arranged to fussy perfection.His daintiness befitted a jeweller to the stars. Kate Winslet wore a Modi bracelet and Modi earrings to the Oscars. Dakota Johnson wore a similar set to the Golden Globes.Priyanka Chopra gazed out of Modi advertisements. Naomi Watts attended the opening, in 2015, of his emporium on Madison Avenue. Christie’s once put his Golconda Lotus necklace on the cover of its catalogue and auctioned it for over $3m.His stores — in Las Vegas, Macau, Singapore, Beijing, London — were boutiques of bling, where white light bounced off the arrayed gold and diamonds. He told people he wanted 100 shops by 2025. Last year, Forbes estimated his worth at $1.8bn.A good casting director would have marked him for the role … [Read more...] about Did a jeweller to the stars commit India’s biggest bank fraud?
With the withdrawal from the Iran nuclear deal, also known as Joint Comprehensive Plan of Action (JCPOA), the U.S. has created disenchantment among its allies across the Atlantic and has compelled them to look for ways to keep the accord alive. European countries such as Germany, France and the U.K. have expressed determination to continue economic ties with Iran and their investment projects in the country. In order to do that, Europe is looking for alternative financial structures for its trade with Iran and with no exposure to the U.S. dominated financial system, including euro-denominated loans and euro-based payment systems. A meeting between Iranian Foreign Minister Javad Zarif and his German, British, and French counterparts as well as EU foreign policy chief Federica Mogherini on May 15 also highlighted the joint determination to seek "practical solutions" for keeping the nuclear accord. "I cannot talk about legal or economic guarantees but I can talk about serious, determined, … [Read more...] about US policies drive Iran’s trade partner Europe to ditch dollar to maintain economic ties
In a bid to stabilize and foster economic growth through industrial production and increasing exports, Turkey introduced a TL 135 billion ($33 billion) incentive certificate package Monday to support petrochemical, energy, metallurgy, health, manufacturing and agricultural industries. The expansive incentive certificates do not distinguish between foreign and local investors. All investment projects will be treated equally under this scheme, raising the competitiveness of the Turkish incentives against other emerging markets, such as Mexico, India and Indonesia. From land allocation, various tax exemptions, support for staff insurance premiums and energy support for up to 10 years, the incentive package covers a vast area of investment expenditure items. Specifically within the scope of the project based incentive system, investors will be able to benefit from one or more of the provisions, such as customs duty exemptions, value-added tax exceptions, value-added tax (VAT) refunds for … [Read more...] about Turkey offers one of most competitive, encouraging investment incentives in emerging markets