Our Business News

Deputy prime minister describes what amounts to a gold-for-oil barter systemGovernment says Iran has imported billions of dollars worth of gold from Turkey since MarchIn April, Turkey exported $ 1.2 billion in gold to Iran, a 438.2% jump from the previous yearEconomists say the gold-for-oil trade shows the U.S.-led sanctions are hurting IranIstanbul — Over the last six months, Iran has evaded U.S. sanctions by importing Turkish gold to pay for billions of dollars worth of energy sales to Turkey.Turkey’s deputy prime minister has described what amounts to a gold-for-oil barter system.Read more: Turkey: Facing a soft landing or serious [...]

After President Barack Obama’s re-election, world leaders expressed hope for stronger cooperation with the United States on issues ranging from the struggle against Islamic extremism to international trade. Here are some of the reactions: RUSSIA Russian President Vladimir Putin said he hoped Obama’s re-election would have a positive impact on relations with the United States, which have been strained by differences over issues ranging from missile defense to human rights and the conflict in Syria. “We express hope that the positive beginnings in bilateral relations and in international cooperation between Russian and the United States, in the interest of international [...]

Standard Chartered is close to wrapping up discussions to resolve U.S. investigations into its Iran-linked transactions and nearing agreement on a fine in the $ 300-million range, mirroring a much-publicized state settlement over similar allegations, according to four people familiar with the matter. The London-based bank agreed in August to pay New York’s banking regulator $ 340 million after that authority filed a surprise order accusing the bank of hiding some $ 250 billion worth of transactions with Iran. In bringing its case in August, the New York Department of Financial Services broke away from other authorities also investigating the [...]

Just weeks after the election, President Barack Obama will be faced with a pivotal decision on oil sanctions on Iran, in which he will have to balance the need to stay tough on Tehran without pushing oil prices too high. In considering whether to extend a new series of six-month exemptions to Washington’s oil sanctions, the administration must decide whether China, India, South Korea and other nations have done enough to wean themselves from Iranian oil. Forcing cuts that are too aggressive could fuel a new rally in oil prices, benefiting Iran and hurting allies. Accepting meager cuts risks criticism [...]

JOHANNESBURG A U.S. court has delayed ruling on a $ 4.2 billion suit by Turkish mobile operator Turkcell against South African rival MTN Group , pending a Supreme Court decision on a separate case, the two companies said. Turkey’s largest cell phone operator sued MTN in a U.S. federal court in March, alleging the Johannesburg-based company used bribery and attempted trafficking of political influence to win a mobile license in Iran that was first awarded to Turkcell. MTN has asked for the case to be dismissed, saying the suit has no legal merit and a U.S. court does not have [...]

DUBAI Iran’s oil exports have remained steady in recent months, Iran’s OPEC governor said on Saturday, denying a report from the International Energy Agency (IEA) that Iran is struggling to arrest a decline in its oil sales. In a report on Friday, the IEA estimated Iran’s exports falling to a new low of 860,000 barrels per day (bpd) in September, a huge plunge from 2.2 million bpd at the end of 2011. The drop in Iranian supply is supporting oil prices and hurting Tehran’s revenues, deepening hardship for a population deprived of basic imports and adding to pressure on the [...]

TOKYO Iran’s finance minister said on Friday that despite sanctions imposed on the country by Western nations, Iran’s foreign exchange reserves are in a “good position”. Shamseddin Hosseini, Iran’s minister of economic affairs and finance, told reporters the government was taking steps to curb speculative demand and other measures to combat a sharp decline in Iran’s rial. Hosseini was in Tokyo to attend meetings of the International Monetary Fund. (Reporting by Stanley White; Writing by Chris Gallagher; Editing by Edmund Klamann)

LONDON Cisco Systems Inc. has ended a longstanding sales partnership with ZTE Corp after an internal investigation into allegations that the Chinese telecommunications equipment maker sold Cisco networking gear to Iran. Cisco’s probe followed stories by Reuters in March and April that documented how Shenzhen, China-based ZTE had sold banned computer equipment from Cisco and other U.S. companies to Iran’s largest telecom firm. ZTE also agreed last year to ship millions of dollars worth of additional U.S. tech products, including Cisco switches, to a unit of the consortium that controls the telecom firm. The stories sparked internal probes by the [...]

Iran currency protests Sanctions hit Iranians abroad

Tehran’s main bazaar reopened for its first full day of business after protestsSixteen people were arrested after the demonstrationsThey were protesting the country’s currency crisisTehran, Iran — Tehran’s main bazaar reopened for its first full day of activity after demonstrations this week over the country’s plummeting currency.The bazaar was open Saturday, as were money exchange shops.”The price of the dollar on the open market today dropped to (between) 28,500 and 29,000 rials, but the price of all foreign currencies, including the dollar, is still fluctuating and only a few transactions took place today,” Mohammad Kashtiarai, head of the National Gold [...]