Author: Steven Sahiounie

August scores the highest prices of rice in 15 years due to India’s restrictions. The Food and Agriculture Organization (FAO) reported that global rice prices surged to their highest point in 15 years during the month of August after India’s decision to impose restrictions on overseas sales of rice, AFP reported. While global food prices experienced a slight decline in August, rice prices defied the trend, rising by 9.8% compared to the previous month. The FAO noted that this rise was directly linked to the disruptions in the rice trade caused by India’s ban on exports of Indica white rice. “Uncertainty surrounding the duration…

Anticipation of these strikes in Western Australia has caused unease in global gas markets in recent weeks, as union representatives had previously indicated their intent to disrupt Chevron’s operations. Union officials have announced that employees are set to initiate a series of strikes commencing this Friday at Chevron’s gas facilities in Western Australia. This action poses a significant risk to a major production network responsible for generating five percent of the world’s LNG reserves. Anticipation of these strikes has caused unease in global gas markets in recent weeks, as union representatives had previously indicated their intent to disrupt Chevron’s operations. Originally scheduled…

The US dollar has appreciated in relation to the Chinese yuan: with 1 dollar amounting to 7.3285. The US dollar’s exchange rate surged past 7.3285 Chinese yuan on Thursday, marking its highest point in nearly 16 years, Sputnik reported citing trading data. As of 11:06 AM GMT, the dollar continued its upward trajectory, reaching 7.3281 yuan, a significant increase from the previous day’s closing rate of 7.316 yuan. Moments before, the Chinese currency experienced a significant setback, hitting a 16-year low when the exchange rate briefly touched 7.3288 yuan for one US dollar. The rapid appreciation of the US dollar against the…

This transition would elevate the African Union, comprising 55 member states, to an equivalent standing as the EU. Bloomberg News reported on Thursday, citing sources, that the G20 coalition of countries has reached a decision to provide permanent membership status to the African Union. This transition would elevate the African Union, comprising 55 member states, to an equivalent standing as the EU, replacing its current categorization as an “invited international organization.” In June, Indian Prime Minister Narendra Modi penned letters to the leaders of G20 member nations, suggesting that the African Union be granted full, enduring membership within the assembly during the…

In his comprehensive address, Guterres urges world leaders to seek peaceful and inclusive resolutions for the world’s pressing challenges. UN Secretary-General Antonio Guterres, during a summit involving Southeast Asia’s ASEAN bloc, China, the US, and other nations in Indonesia, warned that the global economic and financial systems are at risk of a significant fracture. In his comprehensive address covering topics like geopolitical tensions, multilateral development finance, and climate change, Guterres urged world leaders to seek peaceful and inclusive resolutions for the world’s pressing challenges. “There is a real risk of fragmentation – of a great fracture in world economic and…

Head of Iran’s Department of Environment (DoE) Ali Salajegheh met and held talks with Qatar Minister of Environment and Climate Change Faleh bin Ahmed bin Ali Al Thani in Tehran on the sidelines of the International Conference on Combating Sand and Dust Storms. During the meeting, the two sides discussed bilateral ties and the need for cooperation to deal with sand and dust storms. Reducing contamination in the Persian Gulf, especially oil contamination, sharing experiences, knowledge, and technical know-how and increasing cooperation in dealing with dust storms were among the main topics discussed at the meeting. The two-day international conference…

Speaking at the 23rd edition of the China International Fair for Investment & Trade (CIFIT 2023), Hojjatollah Abdolmaleki said Iran’s free and special economic zones enjoy high potentials for investment. Abdolmaleki added that 850 investment packages, valued at €15 billion, regarding 48 free and special economic zones in Iran will be presented at this exhibition. Expansion of investment is the main policy of the current administration in the management of Iran’s free and special economic zones, he underlined. Source: Tasnim

As many as 30 commercial attaches are plannd to be sent overseas by the end of the current Persian calendar year, the head of the TPOI’s Department of Commercial Attaches stated, adding that two female commercial envoys will be dispatched overseas for the first time. Speaking to Mehr news agency on Saturday, Mohammad Rajabnejad pointed out that the experts from four ministries including oil, economy, agriculture and industry can enroll their names as commercial envoys. The official put the current number of Iran’s commercial attaches at 17, saying they have been sent to Iraq, Oman, China, Armenia, India, Qatar, Afghanistan, Lebanon,…

Iran’s export of saffron to 47 countries of the world from March 21 to August 22, 2023 registered a 66 and a 52 percent hike in weight and value respectively compared to the same period of last year, Seyed Rouhollah Latifi said. China was Iran’s first export target market in this period, he said, adding that the East Asian country imported 28,447 kg of saffron, valued at over $33, from Iran. He pointed to other export destinations of Iran’s saffron and added that the United Arab Emirates imported 19,116 kg of saffron from Iran, valued at over $21 million, followed by…

Mohammad Reza Farzin said the Iraqi dinar was given to Arbaeen pilgrims of the country and that was a successful effort to sideline the US Dollar in nontrade and tourist transactions. Expressing his thanks to all organizers of the Arbaeen rituals and the CBI officials in the Foreign Currency Department, the governor of the Central Bank of Iran said the foreign currency department of the bank offered quality services during the Arbaeen season this year. The ground was set for Iranian pilgrims during Arbaeen ceremonies to use the Iraqi dinar instead of the US dollar and euro for the first…