SiasatRooz - Latest News Economy :: rss_full_edition http://siasatrooz.ir/en/economy Tue, 24 Jan 2017 04:53:15 GMT News Studio(News Distribution System http://siasatrooz.ir/skins/default/en/{CURRENT_THEME}/ch01_newsfeed_logo.gif Produced by SiasatRooz http://siasatrooz.ir/ 100 70 en Copyright© SiasatRooz, all rights reserved Tue, 24 Jan 2017 04:53:15 GMT Economy 60 Iran welcomes Russia in Europe gas transfer plan http://siasatrooz.ir/vdcdox0n.yt0jn6me2y.html Iran welcomes Russian participation in the $۲.۵ billion construction of a pipeline to transfer Iranian gas to Europe, a deputy oil minister says. IGAT-۹ is a ۳۵ billion cubic meter per year pipeline that Iran plans to use to send gas from its giant South Pars field to Europe via Turkey. Russian companies have indicated interest in Iran’s gas development projects, with state-run Gazprom recently signing a letter of intent with the National Iranian Gas Company (NIGC). “We are welcoming Russians’ participation in the project to build Iran’s IGAT-۹ with $۲.۵ billion of investment,” Deputy Minister of Petroleum Hamid Reza Araqi said in remarks published by the Mehr news agency on Monday. Araqi said Iran has raised gas production to about ۷۰۰ million cubic meters per day, adding this capacity is expected to pass ۱ billion cubic meters next year when new South Pars phases become operational. “In tandem with the rise in production capacity, the country’s capacity for storage and transportation of gas must also increase,” he said. Araqi touched on plans to build more high-pressure gas pipelines and gas compressor stations, including the ۱,۹۰۰-kilometer trunk line to carry about ۱۱۰ million cubic meters of gas per day from southern Iran to the country’s north for exports to Europe. “The Russians can participate in the construction of this pipeline but NIGC’s priority is to hold international tenders for the project,” he added. Gazprom and NIGC have already signed MoUs for building high-pressure units and gas storage facilities as well as for implementing joint projects in neighboring countries and marketing. Iran with its ۳۴ trillion cubic meters (tcm) of natural gas reserves, or around ۱۸% of the world's total, has the potential to become one of the top gas producers. The country exports about ۹ billion cubic meters of gas a year to Turkey and also swaps gas with Azerbaijan and with Armenia for electricity while it imports from Turkmenistan for use in its northern provinces. One key challenge, however, is a dramatic rise in domestic gas consumption which has made Iran the world's fourth biggest gas consumer behind the US, Russia and China. Several gas production projects are in various stages of implementation mainly the development of the giant South Pars field. Another major project is the North Pars field with estimated reserves of ۱.۳ trillion cubic meters. In ۲۰۰۶, China's CNOOC signed a $۱۶ billion deal for the development of the North Pas field and build a four-train LNG facility with a ۲۰ million tonne per year capacity. The agreement has yet to be finalized. ]]> Economy Mon, 23 Jan 2017 10:37:40 GMT http://siasatrooz.ir/vdcdox0n.yt0jn6me2y.html Diplomat says China would assume world leadership if needed http://siasatrooz.ir/vdcb55b9.rhbw9pe4ur.html China does not want world leadership but could be forced to assume that role if others step back from that position, a senior Chinese diplomat said on Monday, after U.S. President Donald Trump pledged to put "America first" in his first speech. Zhang Jun, director general of the Chinese Foreign Ministry's international economics department, made the comments during a briefing with foreign journalists to discuss President Xi Jinping's visit to Switzerland last week. Topping the bill at the World Economic Forum in Davos, Xi portrayed China as the leader of a globalized world where only international cooperation could solve the big problems. Speaking days before Trump assumed the presidency, Xi also urged countries to resist isolationism, signaling Beijing's desire to play a bigger role on the global stage. Elaborating on that theme, Zhang said China had no intention of seeking global leadership. "If anyone were to say China is playing a leadership role in the world I would say it's not China rushing to the front but rather the front runners have stepped back leaving the place to China," Zhang said. "If China is required to play that leadership role then China will assume its responsibilities," he added. At his inauguration on Friday, Trump struck a nationalist and populist tone, pledging to end what he called an "American carnage" of rusted factories and crime. China is the world's second-largest economy and others also rely on it for their economic growth, Zhang said. "We still hope that the United States and other Western economies can continue to make an even bigger contribution to the world economic recovery. We've heard Trump announce that the United States will achieve four percent growth and we're very happy about that," he added. While Trump said American workers have been devastated by the outsourcing of jobs abroad, he did not mention China by name in his inaugural speech. However, he has threatened to put punitive tariffs on imports of Chinese goods. Zhang said he thought Trump would not be able to achieve his economic growth goals if he was also fighting trade wars. "A trade war or an exchange rate war won't be advantageous to any country," Zhang added. Separately, Chinese Foreign Ministry spokeswoman Hua Chunying said Xi had sent a congratulatory message to Trump upon his assumption of office, but gave no other details. ]]> Economy Mon, 23 Jan 2017 10:35:09 GMT http://siasatrooz.ir/vdcb55b9.rhbw9pe4ur.html Ethics lawyers to sue Trump over foreign payments http://siasatrooz.ir/vdcjy8eh.uqeohz29fu.html A group including former White House ethics attorneys will file a lawsuit on Monday accusing President Donald Trump of allowing his businesses to accept payments from foreign governments, in violation of the U.S. Constitution. The lawsuit, brought by the Citizens for Responsibility and Ethics in Washington, will allege that the Constitution's emoluments clause forbids payments to Trump's businesses. It will seek a court order forbidding Trump from accepting such payments, said Deepak Gupta, one of the lawyers working on the case. Trump does business with countries like China, India, Indonesia and the Philippines, the group noted in a statement. "When Trump the president sits down to negotiate trade deals with these countries, the American people will have no way of knowing whether he will also be thinking about the profits of Trump the businessman," it said. A Trump representative referred questions to a law firm representing the president on ethics matters. "We do not comment on our clients or the work we do for them," said the representative of the firm, Morgan Lewis & Bockius. The case is part of a wave of litigation expected to be filed against Trump by liberal advocacy groups. It will be filed in a Manhattan federal court, Gupta said, and attorneys for the plaintiffs will include Richard Painter, a former ethics lawyer in Republican President George W. Bush's White House. The impending lawsuit was earlier reported by the New York Times. ]]> Economy Mon, 23 Jan 2017 10:30:35 GMT http://siasatrooz.ir/vdcjy8eh.uqeohz29fu.html UK workers face worst decade for pay over Brexit http://siasatrooz.ir/vdcawino.49n001gtk4.html 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 08:22:55 GMT http://siasatrooz.ir/vdcawino.49n001gtk4.html UK workers face worst decade for pay over Brexit http://siasatrooz.ir/vdci3qa3.t1ayq2lict.html 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 http://siasatrooz.ir/vdci3qa3.t1ayq2lict.html Toyota to settle U.S. truck rust lawsuit for up to $3.4 billion http://siasatrooz.ir/vdcj8ieh.uqeaiz29fu.html 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 http://siasatrooz.ir/vdcj8ieh.uqeaiz29fu.html U.S. banks' post-election rally may be just an appetizer http://siasatrooz.ir/vdcizwa3.t1ayw2lict.html The U.S. banking sector's dramatic rally post Election Day is likely just a taste of bigger gains to come, as investors expect banks to reap huge benefits from rising interest rates and lighter regulation under a Donald Trump presidency. In recent years, bank stocks have been held back by heavy regulation and historically low interest rates which have sapped the earnings potential of their massive cash holdings. But optimism about the sector's outlook is growing. Interest rates are rising and investors are betting that Trump will follow through on his campaign promise to review the increased number of regulations put on the banking system after it nearly keeled over in the ۲۰۰۸ financial crisis. The S&P ۵۰۰ bank subsector rose ۱۰.۲ percent in the three days following Trump's victory in the U.S. presidential election. This was the index's best three-day performance since August ۲۰۰۹. In those three days, Wells Fargo Co shares rose ۱۳.۶ percent, JPMorgan Chase & Co climbed ۹.۵ percent and Bank of America gained ۱۱.۹ percent. Some investors and analysts watching banks say the stocks are likely not near the end of their run. "They are not close to being expensive yet," said Peter Kenny, senior market strategist at Global Markets Advisory Group in New York. The S&P ۵۰۰ banks are currently trading at about ۱۱.۲ times forward earnings estimates as a group, up from about nine times in February, when the index hit its lowest since May ۲۰۱۳. Valuation is still well off peak levels of over ۳۳ times earnings estimates in May of ۲۰۰۹, though it trades near levels seen between ۲۰۰۲ and ۲۰۰۸, before many current regulations were put in place. If rates continue to rise and the Trump administration gives some clarity on how regulations will change, then bank valuations "certainly can move higher," Piper Jaffray analyst Kevin Baker said. Baker stopped short of giving a specific P/E estimate but he pointed to the higher valuations of banks that are not designated as systemically important financial institutions, commonly referred to as "too big to fail". Today, the minimum asset threshold for too-big-to-fail designated banks is $۵۰ billion. If this threshold is lifted to $۲۵۰ billion in a regulatory overhaul it would give a lot more flexibility that could likely boost valuations of banks operating in that range, Baker said. ]]> Economy Sun, 13 Nov 2016 10:14:39 GMT http://siasatrooz.ir/vdcizwa3.t1ayw2lict.html Philippine minister 'clarifies' Duterte comments, says trade with U.S. safe http://siasatrooz.ir/vdchvinw.23nq6d10t2.html 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 http://siasatrooz.ir/vdchvinw.23nq6d10t2.html Justice Department spying on millions of US drivers http://siasatrooz.ir/vdcf11d1.w6dxea7riw.html The US Justice Department has been spying on hundreds of millions of American drivers, says a new report by the Wall Street Journal.The Justice Department has been gathering a national database in order to track in real time the movement of motorists around the US, according to current and former officials and government documents.The program, run by the Drug Enforcement Administration, aims to confiscate cars, cash and other assets for fighting drug trafficking, according to one government document.However, the department has expanded its use to hunt for vehicles involved in other potential crimes, including kidnappings, people familiar with the matter said.The program also allows many state and local law-enforcement agencies to have access to motorists’ personal information and they can track vehicles in real time on major roadways.In addition, it was not clear if any court monitors or approves the data gathering by the Justice Department.The program “raises significant privacy concerns. The fact that this intrusive technology is potentially being used to expand the reach of the government’s asset-forfeiture efforts is of even greater concern,’’ Sen. Patrick Leahy, senior Democrat on the Senate Judiciary Committee, said.Leahy called for “additional accountability,” saying American citizens should not be worried about whether “their locations and movements are constantly being tracked and stored in a massive government database.”The latest revelations are expected to fuel controversy about privacy violations and the scope of government surveillance in the United States.A similar report published recently also showed that the US has secretly equipped at least 50 law enforcement agencies with radars that enable their officers to see through the walls of houses.The agencies, including the FBI and US Marshals Service, began using the handheld Range-R devices more than two years ago without public disclosure, USA Today reported. ]]> Economy Tue, 27 Jan 2015 10:55:39 GMT http://siasatrooz.ir/vdcf11d1.w6dxea7riw.html Iran capable of exporting military equipment: General http://siasatrooz.ir/vdccssqo.2bqxx8y-a2.html A top Iranian commander has hailed the Islamic Republic’s self-sufficiency in its defense sector, saying the country has gained the capability of exporting domestically-built military hardware to other states.On Sunday, Iranian Navy Commander Rear Admiral Habibollah Sayyari highlighted Iran’s know-how to manufacture a wide range of military equipment and expressed the country’s preparedness to export its products to the naval forces of other countries.The Iranian commander also said domestically-manufactured Fateh (conqueror) as well as Damavand destroyer are slated to join the Navy in the near future.“As we managed to build such destroyers and submarines, we also possess the ability to manufacture aircraft carriers and heavy submarines,” he stated, adding, “In our country, academic centers, knowledge-based companies and industries join hands and create high capabilities.”In recent years, Iran has made major breakthroughs in its defense sector and attained self-sufficiency in producing important military equipment and systems.Iran has so far launched different classes of home-made advanced submarines including Fateh, Ghadir, Qaem, Nahang, Tareq and Sina.The top commander further reaffirmed Iran’s determination to expand its naval presence in the high seas and noted, “The Navy has so far escorted 2,000 commercial vessels, engaged in over 150 battles with pirates and assisted 22 commercial ships of other countries.”Sayyari also pointed to Iran’s plans to hold more joint naval exercises with neighboring countries such as Oman, adding that the country may stage similar drills with other states, including Russia and China.The Iranian Navy has been conducting anti-piracy patrols in the Gulf of Aden since November 2008 to safeguard the vessels involved in maritime trade, especially the ships and oil tankers owned or leased by Iran. ]]> Economy Sun, 23 Nov 2014 10:46:56 GMT http://siasatrooz.ir/vdccssqo.2bqxx8y-a2.html