SiasatRooz - Most Popular Economy :: rss_full_edition Tue, 24 Jan 2017 04:51:36 GMT News Studio(News Distribution System{CURRENT_THEME}/ch01_newsfeed_logo.gif Produced by SiasatRooz 100 70 en Copyright© SiasatRooz, all rights reserved Tue, 24 Jan 2017 04:51:36 GMT Economy 60 Iran Air bypasses IATA sanctions Managing Director of Iran's national air carrier, Iran Air (Homa), Farhad Parvaresh said the International Air Transport Association (IATA) has been pressured by the US to impose tight sanctions on Iran, but Tehran has managed to bypass such embargoes on its air industry. Speaking to FNA on Monday, Parvaresh referred to his meeting with IATA Director-General Tony Tyler, and said, "The IATA director-general admitted in this meeting that following the US treasury department's directive (for the different bodies inside the US), they were also forced to impose sanctions against Homa" although IATA is an international organization and not a part of the US administration. He blasted IATA's double-standard behavior towards different countries, and said IATA which claims to be a non-political entity has now made a political move by imposing US-dictated sanctions against Iran. Meantime, Parvaresh downplayed effectiveness of such sanctions, and said Iran Air has found certain ways to bypass the sanctions and is changing its contracts with the international airline companies. The US has adopted a range of sanctions against Iran's aviation industry and forced the western countries and firms to comply with its rules. It had earlier imposed a boycott on the supply of spare parts and another boycott on the supply of jet fuel to Iranian passenger planes. But Iran has always managed to go round these sanctions. Earlier this year, Parvaresh downplayed the effects of fuel sanctions against the Iranian airliners, and said his airline is conducting flights on a routine basis and western restrictions have been unable to disrupt Iran Air flights. Parvaresh further pointed out that although ۱۳ European destinations refuse to supply jet fuel to Iranian airliners due to the US pressures, his airline has not stopped any of its international flights. ]]> Economy Mon, 28 Nov 2011 15:16:22 GMT Turkey's private sector foreign debt rises $8.9 billion The Turkish Central Bank has disclosed that the private sector has seen its long-term foreign debt increase to $166.5 billion since December.Turkish private sector’s long-term foreign debt rose by $8.9 billion in June to $166.5 billion, compared to December last year, the country's central bank disclosed Tuesday.The sector's short-term foreign debt, - the debt that must be paid in the next 12 months - also increased by $3.3 billion to $43.7 billion over the same period.Data released by the bank indicated that more than half of Turkey's private sector long-term debt was in dollars, at 58 percent, with 34 percent in euros and 6 percent in Turkish lira.For short-term debt, 48 percent was in dollars, with 40 percent in euros and 11.2 percent in Turkish lira. Almost 60 percent of foreign credit comes from EU countries such as Germany and the U.K., the central bank reported. The finance sector, especially banks, has a 37.1 percent share in long-term private sector debts, worth $61.8 billion.Analysts argue that Turkey's private sector debt is not at alarming levels. "When we look at the structure of companies we see that companies with Forex loans are usually well established firms usually at conglomerate scale. Those firms can afford employing professional staff capable of managing Forex risk," Tamer Yilmaz, a senior economist from Ziraat Investment, said. “According to Turkey's Central Bank research in February of this year 63 percent of all companies in Turkey do not have a foreign debt at all. And of the remaining 37 percent, a majority of the companies are exporters which means, these companies are naturally hedged against currency shocks.”"Therefore the bank monetary policy committee adopted a “fire-wall” approach back in 2012. They came up with an innovation called Reserve Option Mechanism (ROM)," Yilmaz said. "According to ROM scheme, commercial banks were offered to keep their reserve requirements in foreign currency. Quickly all banks in Turkey switched their reserve strategies and they prefer keeping dollars in the vaults of the central bank rather than Turkish lira. These dollars in the central bank vaults act as a buffer against a “sudden-stop” scenario."Turkish businesses and the public have increasingly used dollar accounts since May last year when the country was rocked by violent anti-government protests.Companies and ordinary citizens have put $25.8 billion of their cash into U.S. dollars over the year up to May – the highest-ever annual amount – as they look to protect their savings from depreciation in the Turkish lira, according to official figures.Turkish dollar accounts grew from $56.8 billion to $82.6 billion in the year up to May, an increase of 45 percent.Earlier this year, Turkish lira lost more than 25 percent of its value against dollar. In January 28, the central bank introduced drastic interest rate rises in response to the dollar’s rise against the lira. ]]> Economy Wed, 20 Aug 2014 14:24:28 GMT Israel war adversely affects Gaza economy Israel’s recent aggression on the Gaza Strip has seriously affected the economy of the besieged Palestinian territory, Press TV reports.The Israeli war has brought down the economy in the enclave to the lowest levels of productivity.“The production cycle in Gaza has stopped due to the war. This goes in parallel with the elimination of the plants power, the immense loss in manpower in addition to the continuing blockade,” Mazin Ijla, an economic expert, said.According to the Palestinian Ministry of Economy, the recent Israeli aggression on Gaza destroyed around 500 economic facilities that form 60 percent of the manufacturing capability in the area.“Israel destroyed more 500 strategic factories, other than 2,800 small [and] medium facilities, which paralyzed the industrial sector in the Gaza Strip,” said Maher Taba’a, Gaza’s chairman of commerce and industry.“The poverty rate in Gaza now exceeds 60 percent. The preliminary estimation of the loss is 5 billion dollars,” he added.The business owners in Gaza have suffered the most severe loss due to the Israeli aggressions and the blockade.“Three F-16 missiles destroyed this factory entirely,” Nafez Whahid, the owner of a tile factory, said.Israel’s recent war on Gaza ended on August 26 with an Egyptian-brokered truce, which took effect after negotiations in the Egyptian capital, Cairo.Israel started pounding the blockaded enclave in early July, inflicting heavy losses on the Palestinian land. Almost 2,140 Palestinians, mostly civilians, including women, children and elderly people, were killed in the 50 days of the Israeli onslaught on Gaza. Around 11,000 others were injured.Israel has maintained an air, sea and land blockade of Gaza for more than seven years, while Egypt’s military-backed government has tightened its control on entry into the region since the summer of 2013.This has turned the Gaza Strip into the largest open-air prison in the world and caused a decline in the standards of living, unprecedented levels of unemployment and unrelenting poverty. ]]> Economy Wed, 10 Sep 2014 18:07:36 GMT EU will lose Turkey if it hasn't joined by 2023: Erdogan It was the first time Erdogan has given an indication of how long Ankara might continue down the path towards EU entry, and his comments came at a time of growing alienation between Turkey and a political entity it feels has cold-shouldered it.Turkey's bid to join the EU, officially launched in 2005, has virtually ground to a halt in recent years due to opposition from core EU members and the failure to find a solution to the dispute over the divided island of Cyprus.Asked during a panel discussion in Berlin on Tuesday night if Turkey would be an EU member by 2023, Erdogan answered, "they probably won't string us along that long. But if they do string us along until then the European Union will lose out, and at the very least they will lose Turkey."Turkey will celebrate the 100th anniversary of its foundation as a republic from the ruins of the Ottoman Empire in 2023.The predominantly Muslim but secular country of some 74 million people would strengthen the European Union, Erdogan said. Some 6 million Turks already live within the European Union, about 3 million of them in Germany, he said.German Chancellor Angela Merkel, who Erdogan will meet on Wednesday, opposes full EU membership and favors a privileged partnership instead, although foreign minister Guido Westerwelle supports Ankara's bid.Speaking at the opening of Turkey's new embassy building in Berlin, Westerwelle criticized the impasse in accession talks. "It is bad for both sides and next year, we want to make a new beginning to overcome this standstill."Earlier this month Turkey's economy minister Zafer Caglayan scoffed at the EU's winning the Nobel Peace Prize and condemned the bloc as the most hypocritical organization in the world, saying it had "kept Turkey waiting at its door for 50 years."Turkey has completed only one of 35 policy "chapters" every accession candidate must conclude. All but 13 policy chapters in Ankara's negotiations are blocked and the European Commission, the EU's executive arm, says Turkey does not yet meet required standards on human rights and freedom of speech. ]]> Economy Wed, 31 Oct 2012 12:30:00 GMT Poor growth keeps UK interest rates at record low: Economist The Bank of England’s chief economist says interest rates in the UK could linger at record lows for much longer than previously estimated due to poor wage growth and global economic fears.Chief economist, Andrew Haldane, said on Friday that real wages are falling, productivity is stagnant and savings interest rates are at their lowest since the 1970, all reminders of the country’s slow recovery since the 2008 financial crisis.He also highlighted the weakening global growth, increased risks in the geopolitical and financial sectors, and weaker inflationary pressures, saying, “Taken together, this implies interest rates could remain lower for longer, certainly than I had expected three months ago.”The gloomy statement comes as a majority of British workers have seen their wages fall behind inflation in recent years.A study for the Institute of Policy Research published on Wednesday revealed that an average British worker is £5,000 a year worse off amid the UK’s stalled pay growth.Moreover, one in three British workers believes their employers do not pay the living wage to all staff despite profiting from the economic recovery, the Trades Unions Congress (TUC) said.The current UK government has been implementing austerity measures since it came to power in 2010 in a bid to tackle the country’s mounting debt and sluggish growth. The cuts have severely hit the poorest households in the country, forcing many of them to choose between paying for food or energy. ]]> Economy Sun, 19 Oct 2014 11:23:31 GMT UK workers face worst decade for pay over Brexit The UK workforce faces the worst period for wages in at least ۷۰ years as the British referendum to exit the European Union lowers real income and living standards, a new report has warned. Britons would earn less in real wages in ۲۰۲۱ than they did in ۲۰۰۸, according to a report by the Institute for Fiscal Studies (IFS), an economic research institute based in London. “One cannot stress enough how dreadful that is — more than a decade without real earnings growth,” said Paul Johnson, head of IFS, in his analysis of the latest official economic forecasts from the Office for Budget Responsibility (OBR). "This has, for sure, been the worst decade for living standards certainly since the last [world] war and probably since the ۱۹۲۰s," he added. Real income in Britain was hit badly after the financial crisis in ۲۰۰۸ and the OBR’s forecasts suggest the outlook has darkened once again following the Brexit vote. Before the Brexit vote the OBR had been expecting slow earnings growth over the next few years, with average wages finally returning to their ۲۰۰۸ level by ۲۰۲۰. Average earnings fell ۹ percent between ۲۰۰۸ and ۲۰۱۳ as wages failed to keep pace with inflation. The income squeeze in the next few years is likely to impact low and middle-income families, according to a separate analysis of the OBR figures by the Resolution Foundation think-tank. The Resolution Foundation estimated that the income of wealthier households was expected to rise between ۲۰۱۵ and ۲۰۲۱, while the incomes of the poorest third of households would fall. “Households risk experiencing even slower income growth in this parliament than they saw in the aftermath of the financial crisis. But unlike the last parliament, it will be low and middle-income households who feel the tightest squeeze this time round,” said Torsten Bell, director of the Resolution Foundation. Britain’s economy will grow more slowly over the next few years than was forecast as a result of the country’s vote to leave the EU, UK finance minister Philip Hammond said Wednesday during an annual fall statement to parliament. ]]> Economy Fri, 25 Nov 2016 08:17:39 GMT Switzerland biggest bank UBS AG to cut up to 10,000 jobs: Source Speaking on condition of anonymity, the source stated on Friday that many of the layoffs will be expected to come in the trading businesses and probably will occur over several quarters globally. The bank, which employs over than 60,000 people, will announce the details of the cuts when it releases its third-quarter results on October 30, the source added.Since the beginning of the financial crisis in Europe, UBS has been battered with billions of dollars in trading losses, management mishaps and scandals.Last year, the Swiss bank said it would cut only 5 percent of its workforce, or about 3,500 jobs. It also appointed new executive management that has promised to emphasize its wealth management business and decrease its capital markets activities.Europe plunged into financial crisis in early 2008. Insolvency now threatens heavily debt-ridden countries such as Greece, Portugal, Italy, Ireland and Spain.The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries. ]]> Economy Sat, 27 Oct 2012 14:35:37 GMT Samsung fined Rs 10,000 over faulty phone Samsung India has been asked by a consumer forum to pay Rs 10,000 to one of its customers for selling him a faulty mobile phone and then failing to get it repaired.The compensation was awarded by the Central Delhi District Consumer Disputes Redressal Forum after Samsung offered to settle the matter by paying Rs 10,000 to complainant Mulk Raj Manchanda."We have examined the record and have found that the instrument, purchased by the complainant (Manchanda), has not given him due service/facilities. The same could not be repaired by the seller as well as by the service provider of Samsung India Electronics Pvt Ltd.""We are of the view that the amount of Rs 10,000 as offered by opposite party three (Samsung) will be sufficient to meet the claim of the complainant in all respect, including the purchase cost of the mobile phone as well as compensation and litigation charges."We allow the complaint with the direction to Samsung to pay the complainant Rs 10,000 on returning the mobile phone by him to opposite party 3," the bench presided by B B Chaudhary said.In his complaint, Manchanda had alleged the Samsung mobile phone which he had purchased on December 29, 2009 for Rs 5,300 did not function properly and had a faulty battery.He had also alleged the Samsung's authorised dealer from whom he had bought the phone had assured him that if the device gave any trouble then free service for five years would be available and if the trouble persists, the mobile handset would be replaced. ]]> Economy Mon, 29 Oct 2012 15:18:30 GMT Philippine minister 'clarifies' Duterte comments, says trade with U.S. safe The Philippines will maintain trade and economic ties with the United States, Trade Minister Ramon Lopez said on Friday, a day after President Rodrigo Duterte announced his "separation" from Washington. Duterte made his comments in Beijing, where he was paving the way for what he calls a new commercial alliance as relations with long-time ally Washington deteriorate. "With that, in this venue, your honors, in this venue, I announce my separation from the United States," Duterte told Chinese and Philippine business people to applause at a forum in the Great Hall of the People. "Both in military, not maybe social, but economics also." Duterte's efforts to engage China, months after a tribunal in the Hague ruled that Beijing did not have historic rights to the South China Sea in a case brought by the previous administration in Manila, marks a reversal in foreign policy since the ۷۱-year-old former mayor took office on June ۳۰. Lopez sought to explain Duterte's comments. "Let me clarify. The president did not talk about separation," Lopez told CNN Philippines in Beijing. "In terms of economic (ties), we are not stopping trade, investment with America. The president specifically mentioned his desire to strengthen further the ties with China and the ASEAN region which we have been trading with for centuries." He said the Philippines was "breaking being too much dependent on one side". "But we definitely won't stop the trade and investment activities with the West, specifically the U.S." ANTI-U.S. PROTEST Duterte's tone towards China is in stark contrast to the language he has used against the United States, after being infuriated by U.S. criticism of his bloody war on drugs. He has called U.S. President Barack Obama a "son of a bitch" and told him to "go to hell". On Wednesday, about ۱,۰۰۰ anti-U.S. protesters gathered outside the U.S. Embassy in Manila calling for the removal of U.S. troops from the southern island of Mindanao. Hundreds of left-wing demonstrators burned a replica of the U.S. flag during a rally in Manila on Friday as they called on the government to terminate military agreements with Washington. The United States, a former colonial power, has seen Manila as an important ally in its "rebalance" of resources to Asia in the face of a rising China. The U.S. Embassy press attache in Manila, Molly Koscina, said Duterte's statements were creating uncertainty. "We've seen a lot of this sort of troubling rhetoric recently which is inexplicably at odds with the warm relationship that exists between the Filipino and American people and the record of important cooperation between our two governments," she told Reuters in an email. "We have yet to hear from the Philippine government what Duterte's remarks on 'separation' might mean, but it is creating unnecessary uncertainty." She also said the United States would honor alliance commitments and treaty obligations with the Philippines. "And, of course, we expect the Philippines to do the same." U.S. Defense Secretary Ash Carter said Washington intended to keep to its alliance commitments to the Philippines. "Obviously any relationship is one of mutuality and we will continue to discuss that with our Philippine counterparts," he told reporters before landing in Turkey. "That's not new today, but that's our alliance relationship with the Philippines." "NO RUSH TO INTERPRET" Marie Banaag, assistant secretary at the Philippine presidential communications office, urged the public to wait for guidelines before interpreting Duterte's announcement. "There is no rush for us to interpret the speech of the president as we have to wait for guidelines that would be coming from him, from the Department of Foreign Affairs, as soon as they come back," she said. Chinese Foreign Ministry spokeswoman Hua Chunying, asked in Beijing about Duterte's comments, said countries should not resort to win-lose mentalities. "As far as China is concerned, we think that at present in international relations we should not have Cold War thinking, it's either you or me, you win I lose, that kind of zero-sum game," she told a regular press briefing. "We have always developed relations with other countries in the spirit of openness, inclusiveness, mutually win-win, not aimed at, not excluding and not affecting other countries developing normal relations with each other." Duterte said in Beijing that he had "realigned (himself) in your ideological flow" and "America has lost now". "Maybe I will also go to Russia to talk to (President Vladimir) Putin and tell him that there are three of us against the world - China, Philippines and Russia," he said. "It's the only way." Wrangling over territory in the South China Sea, where neighbors Brunei, Malaysia, Taiwan and Vietnam also have claims, has consumed China-Philippines relations in recent years. China claims most of the energy-rich waters through which about $۵ trillion in ship-borne trade passes every year, and in ۲۰۱۲ it seized the disputed Scarborough Shoal and denied Philippine fishermen access to its fishing grounds. In a joint statement issued by China's official Xinhua news agency, China and the Philippines said it was important to address differences in the South China Sea "without resorting to the threat or use of force". ]]> Economy Fri, 21 Oct 2016 09:05:30 GMT Toyota to settle U.S. truck rust lawsuit for up to $3.4 billion Toyota Motor Corp (۷۲۰۳.T) has agreed to a settlement of up to $۳.۴ billion for a federal class action brought by U.S. owners of pickup trucks and SUVs whose frames could rust through, plaintiffs lawyers have said in court papers. The proposed settlement covers about ۱.۵ million Tacoma compact pickups, Tundra full-size pickups and Sequoia SUVs alleged to have received inadequate rust protection that could lead to corrosion serious enough to jeopardize their structural integrity, according to court papers. Attorneys for the plaintiffs in court papers supporting the settlement estimated the value of frame replacements at about $۳.۳۷۵ billion based on a cost of about $۱۵,۰۰۰ per vehicle and the inspections at about $۹۰ million at $۶۰ per vehicle. Toyota admitted no liability or wrongdoing in the proposed settlement filed on Wednesday before U.S. District Judge Fernando Olguin in Los Angeles. "We want our customers to have a great ownership experience, so we are pleased to resolve this litigation in a way that benefits them and demonstrates that we stand behind the quality and reliability of our vehicles," Toyota said in a statement. Under the settlement terms, Toyota will inspect the vehicles for ۱۲ years from the day they were first sold or leased to determine whether frames need to be replaced at company expense and reimburse owners who previously paid for frame replacement. The settlement reached on Oct. ۳۱ covers Tacoma trucks from the model years ۲۰۰۵ through ۲۰۱۰, Sequoias from ۲۰۰۵ through ۲۰۰۸ and Tundras from the ۲۰۰۷ and ۲۰۰۸ model years. ]]> Economy Sun, 13 Nov 2016 10:21:52 GMT