Financial Tribune No 600

CBI's Komijani Q1 EconomicExplicates Banking Growth 5.4%Reform Plan Governor of the Central Bank of Iran Valiollah Seif has put economic growth for theVice-governor of the Central Bank of Iran says the banking first quarter of theoverhaul plan has been devised, among other things, to curb current Iranian yearthe effects of a war between the banks and credit institutions (started March 20)on interest rates. 6 at 5.4%. 4MONDAY OCTOBER 17, 2016 USD 35,960 Rial EUR 39,920 Rial AED 9,860 Rial TEDPIX 77,569.1 DFMGI 4,315.62 Gold $1,250.50 Coin 10,830,000 Rial Brent 51.95 bbl 3RD YEAR  NO. 600  16 PAGES MEHR 26, 1395 PRICE 20,000 RIALS MOHARRAM 15, 1438 1.00 EURO 4.00 AEDSix Powers Need to Publicly Obama Obliged toNotify Post-Sanctions Policy Block Anti-Iran Sanctions The US administration is bound by the landmark nuclear deal to block attempts by Congress to impose fresh nuclear sanctionsThe Central Bank of Iran has directive Sunday, comes after the US Treasury Iran and requires banks to compel international Russia plus Germany – are supposed to against Iran, a nuclear negotiator said. issued new guidelines clarifying Department’s recent move to help further ease entities to meet their commitments vis-à-vis Iran. domestic banks’ interaction with restrictions on Iran's dollar transactions. update (revise) their restrictive measures over Two years of negotiations between Iran and major powers their foreign peers and businesses. “According to the terms of the nuclearThe guidelines, published in the form of a The CBI is cognizant of the recent \" alleviation agreement, which came into effect in January, interaction with Iran. They also are supposed culminated in the nuclear accord in July last year. It went into of misgivings\" about financial dealings with the six powers – US, Britain, France, China, to inform the public about the updates,” says force six months later to remove sanctions against the Islamic the CBI, as reported on its website. 6 Republic in return for scaling down its nuclear program. 2 NIOC: Stocks of Oil, Gas Condensates at TTIP, CETA Protesters March Across Europe Sea Shrinking Iran has no stockpiles of crude oil at sea and floating gas condensates are rapidly dwindling as exports pick up in wake of the lifting of international economic sanctions, says a senior official at the NIOC. “Iran has no cargo of seaborne crude and gas condensates exports have surpassed 600,000 barrels per day. We previously had 20 tankers loaded with condensates,” Mohsen Qamsari, director of international affairs at the National Iranian Oil Company said, Mehr News Agency reported on Sunday. Qamsari added that NIOC is gradually shipping out the remainder of condensates as “all of Iran’s oil is being marketed.” 5 Asia Can Endure Higher US Rates Asia can withstand higher US interest rates and risks of capital outflows and weaker currencies against the US dollar are exaggerated, according to the Asian Development Bank. \"Asia is in a pretty good shape to weather this looming US rate hike,” Donghyun Park, ADB principal economist in Manila, told Bloomberg.Activists rally for a demonstration against the massive transatlantic trade deals CETA and TTIP in Berlin. 15 \"Emerging markets especially in Asia have relatively robust, UK Lawmakers Seek Vote strong economic and structural fundamentals. I’m quite optimistic on EU Negotiating Strategy that the effect will be subdued and muted. The risks are quite British lawmakers from across the political spectrum will press their bid to force Prime Minister Theresa May to exaggerated, overstated.” give parliament a vote on her negotiating strategy for leaving the European Union, saying she had no mandate Central banks in the region have strengthened defenses for a \"hard Brexit\". by building up foreign-exchange reserves and current-account Theresa May positions since the sell-off that roiled developing nations during As Britain embarks on some of its most complex diplomatic negotiations since World War Two, Nick Clegg, the so-called taper tantrum in 2013 when the US Federal former deputy prime minister, said May's plan to invoke Article 50 of the EU's Lisbon Treaty by the end of March— Reserve signaled it would wind down bond purchases. 14 triggering the formal Brexit procedure—would hand power to the other 27 EU members, Reuters reported. Kuwait Ruler Dissolves \"Whilst the government has a mandate to pull us Parliament out of the European Union, they don't have a mandate how to do that,\" Clegg told the BBC's Andrew Marr Kuwait’s emir has once again ordered the dissolution of parliament program on Sunday. \"That is why it is important that on Sunday, saying regional developments and “security challenges” the government strengthens its own hand and also meant the national assembly should choose fresh representatives. just subjects its own ideas to the sort of scrutiny The order was contained in a decree by Sheikh Sabah al-Ahmad of the parliament before they go to the negotiations al-Sabah published by the Persian Gulf Arab state’s official KUNA elsewhere in Europe.\" news agency, just over three months since the current parliament was reinstated by the constitutional court. Lawmakers from the ruling Conservative Party, opposition Labor Party and Clegg's Liberal Democrats The agency had no further details. Elections now need to be said they accepted Britain had voted to leave, but have held under constitutional rules, Reuters reported. called for a debate and vote in parliament to try to influence the terms of the divorce. KUNA reported the decree as saying the move was linked to regional developments and “security challenges and their different May, who was appointed prime minister shortly after the impacts and risks, that require returning to the people—the origin June referendum, last week said parliament would have of authority—to choose its representatives to express its directions, every opportunity to debate plans to leave the European ambitions and contribute to facing these challenges.” Union, but ruled out letting it vote on triggering Article 50. Political stability in Kuwait, a leading OPEC oil producer and Clegg said he backed a \"soft Brexit\" in which Britain exporter, has traditionally depended on cooperation between the stays in or close to the EU's lucrative single market and government and parliament. Liberals and candidates from some of urged May to try to \"square the circle\" over whether Kuwait’s more marginalized tribes won seats in the last election in Britain will have to sacrifice full participation in the single 2013, after opposition Islamists and populists boycotted the election. market to restore control over immigration. Merkel Toughens Stance on ENERGY 5 Rejected Asylum Seekers Chancellor Angela Merkel has criticized Germany's lack of progress in deporting migrants who have had their claim to stay in the country turned down. She said it was necessary to reassure voters about immigration policy. Speaking at a meeting of the youth wing of Merkel's Christian Democrat (CDU), the chancellor said deportations had to happen more quickly to show the electorate that concerns over migration were being taken seriously. Merkel, who has been criticized for her open-door policy for those seeking asylum, said Germany needed to step up deportations once asylum requests were denied, Deutsche Welle reported. \"We need a national effort to return those who have been rejected,\" Merkel stressed. \"That is undisputed and we are working on that at the moment with great vigor.\" When smaller numbers of asylum seekers arrived in the past, those refused the right to stay were not always deported rigorously. Given the high number of refugees and migrants, Merkel said, that situation now needed to change. WORLD ECONOMY 14 WORLD ECONOMY 15 INTERNATIONAL 3BRICS Bank Singapore Oil Majors Using Aid Trucks Looted as EDIERCNAAOIGNLNLY’OISSMHICto Lend $2.5b Economy Shrinks Technology to Weather UN Chief Assesses HaitiNext Year 4% in 3Q Worsening Crisis Hurricane Damage Website Google+ Facebook Telegram Twitter Linkedin financialtribune.com +financialtribuneplus @fintribune @fintribune @fintribune company/financial-tribune

LATEST NEWS Naval Flotilla A naval flotilla carrying the message of peace and friendship left the northern port city of Bandar the Caspian Sea is secure and mutual interaction has been given the top priority in this region. The Heads to Baku Anzali on Sunday for Baku in the Republic of Azerbaijan. Commander of Iran's fourth naval zone said commander noted that the presence of Iranian ships in the Caspian Sea littoral states reflects Iran's the dispatch of the Iranian flotilla to Azerbaijan is taking place for the first time, which is an indication of belief that the ground is well prepared for establishing peace and friendship, and holding talks on new developments in maritime cooperation in the Caspian Sea region, IRNA reported. Rear Admiral regional issues. \"The flotilla is on the way to Baku to show that it is the carrier of message of peace from Afshin Rezaei Haddad said sending the flotilla with messages of peace and friendship indicates that the Iranian nation to their Muslim brothers in Azerbaijan,\" he added.in brief 2 www.financialtribune.com/national IRANIAN ECONOMIC DAILYBenin Special OCTOBER 17, 2016Envoy in Tehran Obama Obliged to Block ICANA on Saturday about whether the anti-Iran minister for legal and international affairs, said US received the US Treasury’s approval to beginBenin’s Minister of Anti-Iran Sanctions congressional measures constitute a breach of President Barack Obama would have to veto any such exporting over 200 jets to Iran, under the deals struckState for Planning and the action plan, Abbas Araqchi added that they are legislation passed by Congress. early this year. Explaining the reason for the delayDevelopment Abdoulaye 1 not considered a violation because they are not in the implementation of the deals, which shouldBio Tchane, who is US Republican lawmakers, who unanimously enforceable yet. “None of the measures by hawkish congressmen have started by now, Araqchi said, “It is because thein Iran as the special oppose the agreement, formally titled the Joint has made it past both the House of Representatives negotiations between Iran Air and Airbus and Boeingenvoy of the African Comprehensive Plan of Action, have made repeated “Based on the JCPOA, the US administration is and the Senate yet to make Obama use his veto are still underway and are not over yet.country’s president, met attempts to prevent its full implementation. bound to prevent the imposition of any new nuclear power,” he said. Some senior Republican lawmakersIranian Foreign Minister Responding to a question in an interview with sanctions or the reinstatement of previous ones have been campaigning against the sale of Boeing “The delivery of the aircraft to Iran is pending theMohammad Javad Zarif against Iran under new pretexts,” he said. and Airbus jetliners to Iran. result of the negotiations ... They involve detailed andon Sunday to explore complicated discussions on technical and legal aspects.”avenues for enhancing Araqchi, who also serves as the deputy foreign Both aviation giants said last month they hadbilateral relations.In a meeting in Tehran on Ceasefire Focal PointSunday, the visiting African of Syria Peace Talksofficial and Zarif discussed Ways to separate terrorist groupsways of forging closer ties from the so-called moderate Hossein Jaberi Ansaribetween Iran and Benin militants in Syria and the relatedin the political, economic criteria and timetable wereand academic fields as well discussed in detailas stronger cooperationin banking, industry and The international Syria talks on Saturday were mainly focusedagriculture, Tasnim News on establishing a ceasefire in the conflict-ridden Arab country, aAgency reported. high-ranking Iranian diplomat said.They also talked about Foreign Minister Mohammad Javad Zarif, along with hiscoordinated action in counterparts from the US, Russia, Turkey, Egypt, Saudi Arabia, Iraq,international organizations Qatar and Jordan, held four-and-a-half-hour discussions in a meetingand joint efforts in the behind closed doors in the Swiss city of Lausanne.fight against terrorism andextremism. However, participants in the talks, which came weeks after the end of aBio Tchane also submitted ceasefire brokered by the US and Russia on September 19, failed to agree ona written message from a common strategy to end the conflict in Syria, now in its sixth year.Benin’s President PatriceTalon for Iranian President Hossein Jaberi Ansari, the deputy foreign minister for Arab and AfricanHassan Rouhani. affairs, who attended the meeting, told IRIB News on Saturday that theExpansion of relations participants conferred on how to distinguish terrorist groups, particularlywith African nations in all the Al-Nusra Front [recently rebranded as Jabhat Fateh al-Sham] and thefields tops the agenda of self-styled Islamic State, from other militant groups operating in Syria.Iran’s foreign policy.President Rouhani has \"Ways to separate these groups and the related criteria and timetablerepeatedly stressed his were discussed in detail,\" he said.administration’s interestin boosting relations with Under the latest ceasefire plan, whose details were not made public, MoscowAfrican states. says it was up to the US to separateAl-Nusra Front from the so-called moderate militants that enjoy its support, but Washington has failed to honor this obligation.Algeria Offers Ansari said the participants also exchanged views on the humanitarian situationYemen Peace in Syria and ways to facilitate aid deliveries to Syrian people.Proposal Russia's Foreign Ministry said on Sunday that all participants in LausanneAn Algerian diplomatic talks had agreed that Syrians should determine their own future throughsource disclosed that his inclusive dialogue and that the country should remain integrated.country has proposedthat Iran and Saudi Arabia US Secretary of State John Kerry told reporters after the meetingdeploy peacekeeping that there was consensus on a number of options that could lead to atroops from neutral Arab ceasefire, adding that parties to the talks would contact each other onstates in Yemen to end the Monday to follow up.war.Anadolu Agency quoted US Seen More Willing to Remove JCPOA Hurdles US Should Not Tie Nucleara source in the Algerian Deal to Regional IssuesForeign Ministry as saying A former nuclear negotiator said US President goodwill gesture, saying, \"Obama is seeking the nuclear accord because remaining USon Saturday that the Barack Obama's recent move to further ease to remove obstacles to the implementation sanctions scare foreign companies from doing Asenior lawmaker said the US should not make its fulfillment of obligationscountry has proposed non-nuclear sanctions against Iran signals of the deal before leaving office [in January business in or with the country. under the July 2015 nuclear deal between Iran and world powers subject tothat Iran and Saudi his willingness to address Tehran's concerns 2017].\" the settlement of its differences with Iran over regional conflicts.Arabia recruit forces from relating to the nuclear deal before his term The US insists it has met its obligationscountries that do not play expires early next year. Despite the July 2015 nuclear agreement and has gone to great lengths to clear up Chairman of Majlis National Security and Foreign Policya role in Yemen and form with major powers, formally called the Joint misunderstandings among banks and Commission Alaeddin Boroujerdi also told ICANA on Sunday thatan Arab peacekeeping The US Treasury Department published Comprehensive Plan of Action, which gave businesses. Iran's backing for the Syrian government in its fight against foreign-force to settle the crisis in new guidance for businesses that said some sanctions relief to Iran in return for curtailing its backed militants fighting to topple it has nothing to do with the Jointthe war-hit country. previously prohibited dollar transactions nuclear program, the US maintains sanctions Mousavian said the easing of the US Comprehensive Plan of Action, the formal title of the nuclear deal.“Algerian Foreign Minister with Iran by offshore banking institutions are on Iran and certain Iranian companies and sanctions was not possible without Obama'sRamtane Lamamra in allowed, as long as they do not enter the US people political will, although pressure from the He was responding to remarks by US Secretary of State Johnrecent meetings with financial system. European Union, Russia and China also Kerry in a recent interview published on Friday that Iran's supporthis Iranian and Saudi They are known as \"specially designated contributed to the decision. for the Syrian government, the Lebanese Hezbollah movement andcounterparts, Mohammad The clarifications from Treasury's Office of nationals\", for a variety of reasons, including its Houthis in Yemen are obstacles to its efforts to benefit from the deal.Javad Zarif and Adel Foreign Assets Control also remove a blanket ballistic missile program, human rights record Noting that the nuclear agreement hasal-Jubeir, respectively on ban on foreign transactions with Iranian and support for groups the US deems to be committed Washington to lifting only nuclear- \"The US cannot escape its obligations using such excuses,\" saidthe sidelines of the UN firms that may be controlled by a person who terrorist organizations. related sanctions, the ex-diplomat said, \"The Boroujerdi. \"It bears the responsibility for any problems relating toGeneral Assembly meeting remains subject to US sanctions. total removal of US sanctions demands [delays in] the implementation of the deal.\"in New York has raised Friday's steps by the Treasury come amid comprehensive negotiations on all issues.the proposal to decrease Speaking to ISNA on Saturday, Hossein growing complaints from Iran that it is not Tehran has never agreed to engage in such Months after the January implementation of the historic accord,tensions in Yemen,” the Mousavian also praised the move as a getting the sanctions relief it deserves under negotiations.\" Iran complains that the US has not let it enjoy the full benefits of thesource said. deal, by intervening in Iran's relations with other countries and notThe Iranian and Saudi Terror Attacks in Egypt’s Sinai Denounced clarifying vague US restrictions on doing business with Iran.officials have not yetreacted to the report yet. Iran denounced the recent terrorist attacks in Egypt's volatile Sinai itself, but the Egyptian military said 15 assailants died in Friday's gun Big international banks still steer clear of the Iranian market,Saudi Arabia has been Peninsula that left a dozen soldiers dead, voicing alarm over the spread battle at the checkpoint. fearing the US punishment.attacking Yemen since of terrorism to other regions beyond the Middle East.March 2015 to restore Separately on Saturday, security and medical officials said a member This is while the UN nuclear watchdog, the International Atomicpower to fugitive On Sunday, Foreign Ministry Spokesman Bahram Qasemi expressed of the security forces was killed when suspected militants attacked a Energy Agency, has repeatedly confirmed Iran has kept its end of thepresident, Abd-Rabbuh Iran's disgust with all terrorist acts in any form and location, calling on the checkpoint close to the town of Sheikh Zuweid in northern Sinai. bargain. Speaking to the Foreign Affairs magazine, Kerry claimedMansur Hadi, a close ally international community and regional governments to take heed of the that the US has lifted all the sanctions that it agreed to lift and blamedof Riyadh. The Saudi- expansion of the \"ominous phenomenon\", Press TV reported. Long Battle Iranian behavior and issues in its banking system for the reluctanceled aggression has so On the same day, Egypt's President Abdel-Fattah el-Sisi predicted of foreign companies to do business in Iran.far killed at least 10,000 The growing wave of violence, terror and extremism, \"which has a long battle against Sinai militants. The country's jets also carriedYemenis, including targeted people from all walks of life in the region, including soldiers out a string of aerial attacks against militants in the rugged and thinly \"[The US] even gone beyond it in efforts to try to make sure thathundreds of women and and civilians, could not be countered except through the unification populated region. banks that are reluctant to do business [in Iran] for various reasonschildren. of governments, a global resolve and regional nations' vigilance, in The Sinai Peninsula has been under a state of emergency since will do business,\" he said.Despite Riyadh’s claims particular,\" Qasemi stressed. October 2014, following a deadly terrorist attack that left 33 Egyptianthat it is bombing the soldiers dead. \"But it's very difficult when Iran is engaged in Yemen andpositions of Ansarullah The spokesman underlined Iran's strong disapproval of any actions Over the past years, militants have been carrying out anti- supporting [Syrian President Bashar] Assad and supportingfighters, Saudi bombers aimed at fueling terror, insecurity and instability. government activities and fatal attacks, taking advantage of the turmoil Hezbollah and firing missiles that people deem to be threatening andare destroying residential caused in Egypt after the democratically-elected president, Mohamed so forth. That hugely complicates efforts to move forward rapidly.\"areas and civilian Qasemi voiced Tehran's empathy with the Egyptian government and Morsi, was ousted in July 2013.infrastructures. nation, offering condolences to the families of victims. Velayat Sinai terrorists have claimed most of the assaults, mainly After the deal, the US took a series of separate measures against targeting the army and police. Iran that fanned the flames of Iranian criticism of the deal, including a US On Friday, terrorists affiliated with the self-styled Islamic State In November 2014, the group pledged allegiance to IS, which is Supreme Court's ruling to seize over $2 billion of Tehran's assets and terrorist group attacked a security checkpoint near the town of Bir el-Abd, mainly operating in Iraq and Syria. amendments to the US visa law tightening control over travelers to Iran. killing 12 Egyptian soldiers and wounding at least six more. Last week, the US Treasury Department published new guidance It was the first major attack in the central Sinai area, which had so far for businesses willing to work in Iran, which said previously prohibited remained unaffected by militancy. dollar transactions with Iran by offshore banking institutions are allowed as long as they do not enter the US financial system. IS claimed that it had killed over 20 soldiers while suffering no losses

LATEST NEWS Iraqi aircraft dropped “tens of thousands” of leaflets, some bearing safety only the start of a battle that is likely to be the most difficult and complex yet in the war against IS. A coalition of heterogeneous and sometimes rival Iraqi forces instructions for Mosul residents, ahead of an operation to retake the city from will have to fight their way through the defenses set up by the self-styled Islamic State terrorist group to reach the city, in some cases over distances of dozens Iraq Drops Leaflets militants, the military said. One image showed a leaflet containing safety of kilometers. The battle may spark a humanitarian crisis, with the United Nations US Detects Failed instructions for Mosul residents, urging them to tape over windows to prevent warning that up to one million people may be displaced by the fighting as winter North Korean Missile Test Over Mosul sets in. the glass from shattering, to avoid the sites of airstrikes for at least an hour after a The US military detected a failed North Korean test launch of an intermediate ballistic missile, the Pentagon said on Saturday. place is bombed and saying they should not drive if possible, France24 reported. The launch of the operation is expected to be announced soon, but it will mark 3 IRANIAN ECONOMIC DAILY www.financialtribune.com/international OCTOBER 17, 2016Diplomats Open New Track South Korean soldiers pass by a TV news programto End Syria Violence showing a file footage of a missile launch conducted by North Korea. (File Photo)(From L-R): Egypt’s FM Sameh Shoukry, Russia’s FM Sergey Lavrov, US Secretary of State John Kerry, Saudi Arabia’s The Syrian-Russian offensive in Aleppo prompted the US to end discussions this month over a proposed military alliance The test-firing was the latest in a series conducted by NorthFM Adel al-Jubeir, Qatar’s FM Sheikh Mohammed bin Abdulrahman al-Thani, Iraq’s FM Ibrahim al-Jaafari, Iran’s FM against IS and Al-Qaeda-linked militants. Korea in violation of United Nations resolutions, drawing a fresh US vow to take its concerns to the world body and seek to holdMohammad Javad Zarif, UN Special Envoy of the Secretary-General for Syria Staffan de Mistura, Turkey’s FM Mevlut Nevertheless, Kerry reunited with Russian Foreign North Korea “accountable for these actions”, Reuters reported. Minister Sergey Lavrov at the lakeside Beau-Rivage Palace inCavusoglu and Jordan’s FM Nasser Judeh meet in Lausanne, Switzerland, on Oct. 15. Lausanne, speaking with the Russian for almost 40 minutes The US Strategic Command’s systems detected that the before the larger gathering. For all the talk in Washington about Musudan missile failed in a launch conducted near North Korea’sNew ideas proposed, more terrorist group, AP reported. a possible Plan B, US hopes for diplomatic progress appeared northwestern city of Kusong, the Pentagon said in a statement.talks prepared and no quick The new approach comes after last month’s US-Russian to rest squarely on Russia’s cooperation.resolution in sight for Syria’s It provided no details on what went wrong but said the launchagony, as top diplomats meet bid to end the war collapsed. Ministers put a brave face on the “There are a few ideas we discussed today in this circle never posed a threat to North America.in Switzerland Lausanne meeting, which Kerry said was “exactly what we of countries that can influence the situation,” Lavrov told wanted”—a statement that testified mostly to low expectations. Russian news agencies. “We agreed to continue contacts in “We strongly condemn this and North Korea’s other recent The main result was pledges to resume contact on Monday. the next few days aiming at agreements that could advance missile tests,” said US Navy Commander Gary Ross, a Pentagon the settlement. We spoke clearly in favor of a quick launch of a spokesman. “Our commitment to the defense of our allies, Russia has put a priority on separating Al-Qaeda-linked political process.” including the Republic of Korea and Japan, in the face of these militants on a UN-designated list of terrorist organizations from threats, is ironclad. We remain prepared to defend ourselves and On Saturday, Syrian and Russian airstrikes hit several our allies from any attack or provocation.” “moderate” militants backed by the United States. For that to militant-held Aleppo neighborhoods amid clashes on the frontlines in Syria’s largest city and onetime commercial center, South Korea’s military said early on Sunday that North KoreaAUS-hosted meeting of major world and regional happen, Washington says the aerial attack in eastern Aleppo according to the Britain-based Syrian Observatory for Human fired what it believed was a Musudan missile at 0333 GMT on powers made only piecemeal headway on creating must stop. Rights and the Aleppo Media Center, an activist collective. Saturday (11:33 p.m. EDT on Friday) but it failed immediately a new, multilateral track for ending the beleaguered after launch. It did not elaborate on the reason for the failure. country’s grinding war. Saturday’s talks included top envoys from Iran, Turkey, Also, opposition fighters backed by Turkish airstrikes US Secretary of State John Kerry convened top diplomats Qatar, Iraq, Egypt, Jordan and Saudi Arabia. launched an offensive to try to capture Dabiq from IS, which Ross said the United States called on North Korea to “refrainfrom Russia and regional powers like Turkey and Iran on confers special status to the northern Syrian town in its ideology from actions that further raise tensions in the region”.Saturday for a 4 1/2-hour meeting in Switzerland. Kerry said the discussion was driven by the “urgency of and propaganda. Aleppo, the urgency of trying to find something that works other The top US diplomat for East Asia said late last month that The talks came amid heightened urgency about the than military action”. In another sign that Turkey and Russia have repaired Washington would speed up deployment of the US Terminal Highcity of Aleppo, the latest flashpoint in a war that has killed relations since last year’s Turkish downing of a Russian fighter Altitude Area Defense anti-missile system to South Korea givenup to a half-million people, sparked a refugee crisis and Ministers offered suggestions that “really might be plane, Turkish Foreign Minister Mevlut Cavusoglu appeared the pace of North Korea’s missile tests, and it would be stationedoffered a territorial base to the self-styled Islamic State able to shape some different approaches”, he said, without to endorse Russia’s position on the significance of US and there “as soon as possible”. elaborating. No official news conference or joint statement Turkish-backed opposition forces separating themselves from followed Saturday’s meeting. Al-Qaeda-linked militants. South Korea and the United States have agreed to deploy the anti-missile system in the South to counter the North’s US President Barack Obama and the Pentagon have made threat. China, the North’s main diplomatic ally, has opposed the clear their opposition to any US military strikes against Syria move saying it would destabilize regional security balance, but President Bashar Assad’s military. The US is uneasy with Washington has said the system was not aimed at China. providing more advanced weaponry to the anti-Assad militants because of their links to extremist groups. Daniel Russel, assistant secretary of state for East Asia, also told a congressional hearing the United States was in discussions And sanctions on Moscow are seen as unlikely step, given with international partners, including the European Union, to deny their limited impact after Russia’s annexation of Ukraine’s North Korea access to international banking infrastructure after Crimea territory in 2014 and the weak appetite among its recent nuclear and missile tests. America’s European partners for such action. Pyongyang is already under heavy international sanctions Underscoring the lack of options, Obama directed his over its missile and nuclear tests. North Korea conducted its fifth national security team on Friday to renew diplomatic efforts to nuclear blast on Sept. 9. reduce the bloodshed in Syria. Saudi Arabia ConfessesThai Prince Coronation Delayed for a Year Trump Challenges Clinton to Take Drug Test to Bombing Yemen FuneralThailand’s Crown Prince Maha in Thailand at times of political upheaval and Donald Trump has called for his rival Hillary Trump has also alleged in recent days The Saudi-led coalition fighting the Houthi movement in YemenVajiralongkorn wants his coronation held off King Bhumibol, who died aged 88, was a Clinton to take a drug test before the next that Clinton and the media had colluded on attacked a funeral there after receiving incorrect information thatfor at least a year, government officials say. figure revered by many Thais. televised debate, while a ninth woman false sexual assault charges and, therefore, armed Houthi leaders were in the area, an investigative body set has come forward saying that Trump has the election was rigged against him. up by the coalition said on Saturday. King Bhumibol Adulyadej died on The military government has made clear assaulted her.Thursday and the crown prince wants more that Vajiralongkorn will be the new king but it First Lady Michelle Obama has also The Saudi-led campaign in Yemen has come under severetime to mourn his father. just isn’t clear when this will happen. Trump said that after the last debate commented on the claims against Trump, criticism since last Saturday’s airstrike on the funeral gathering Clinton had not been well enough to be able saying she felt that “no woman deserves to in the Yemeni capital Sana’a, killing 82 people according to the Former prime minister, Prem Thailand is beginning a year of official to properly make her way back to her car, be treated this way, none of us deserves this Houthis, Reuters reported.Tinsulanonda, is standing in as regent. mourning and entertainment such as while allegedly being “all pumped up” on kind of an abuse”.Current Prime Minister Prayuth Chan- TV shows and sports events has been drugs during the televised standoff earlier Mourners who died in the attack included some of Yemen’socha sought to reassure Thais about the cancelled or toned down. Many Thais that evening. He offered no evidence to The Clinton campaign, meanwhile, called top political and security officials, potentially galvanizing powerfulsuccession in a TV address on Saturday, are wearing black and mourners have support his claim, DPA reported. Trump’s attempts to paint the election as tribes to join the Houthis in opposing a Saudi-backed exiledsaying they should not worry, BBC reported. continued to converge on the Grand unfair as “shameful attempts to undermine an government. Palace in central Bangkok to pay their “I don’t know what’s going on with her,” election weeks before it happens”. This issue was discussed when Crown respects to the late king by signing a book Trump said about Clinton at a rally in New “A party affiliated to the Yemeni Presidency of the GeneralPrince Vajiralongkorn summoned the regent of condolences. Hampshire. “Participation in the system, and Chief of Staff wrongly passed information that there was aand General Prayuth for an audience, particularly voting, should be encouraged, gathering of armed Houthi leaders in a known location in Sana’aaccording to Gen. Prayuth. It is unclear when his cremation will take “I think we should take a drug test prior to not dismissed or undermined because and insisted that the location be targeted immediately,” the place, but it is thought the ceremony could the debate. Why don’t we do that?” he added. a candidate is afraid he’s going to lose,” investigators concluded, according to a statement. The 64-year-old crown prince “asked the be months away. campaign manager Robby Mook said.people not to be confused or worry about Trump has repeatedly raised questions The Joint Incidents Assessment Team said in the statementthe country’s administration or even about Thailand’s Crown Prince Maha about Clinton’s health, challenging her Donald Trump speaks as Hillary Clinton that the coalition’s Air Operations Center in Yemen also failed tothe succession”, Gen. Prayuth said in his TV Vajiralongkorn wants a delay before stamina and bringing up to her recent bout listens during their second debut on obtain approval for the strike from commanders, a violation ofstatement. acceding to the throne. of pneumonia as well as a concussion she October 9. protocol. had suffered while serving as secretary of “He said at this time everyone is sad, he state. JIAT called for a review of the rules of engagement andis still sad, so every side should wait until we for compensation for the families of the victims. It also saidpass this sad time.” Trump and Clinton will square off in their “appropriate action” should be taken against those who caused final televised debate on Wednesday evening the incident, without elaborating. Questions about the crown prince’s ahead of November 8 elections.capabilities have been raised in the A spokesman for JIAT said the actions could include judicialpast, although the strict lese-majeste The Republican nominee has begun proceedings.laws prevent any open discussion of these. to flounder in opinion polls following the release of a 2005 video tape showing him “Naturally, these people must be confronted about what led Gen. Prayuth took power in a military talking offensively about women. Nine to this mistake. They have the right to defend themselves, butcoup in 2014 which overthrew the civilian women have come forward since saying that if it becomes clear that legal measures should be taken, thegovernment. He has promised elections he had sexually assaulted them. Trump has coalition forces are concerned with that,” said Mansour Ahmednext year. categorically denied the charges. al-Mansour, a legal adviser to JIAT. The monarchy is seen as a unifying force The coalition accepted the findings in a statement released hours later and said it had begun to implement JIAT’s Aid Trucks Looted as UN Chief Assesses Haiti Hurricane Damage recommendations.Angry Haitians looted aid trucks as the UN Secretary-General been destroyed. Haitian police and UN peacekeepers cholera epidemic and second support the families of the “The coalition command expresses its regret at this unintentionalBan Ki-moon visited parts of the country hit by Hurricane used tear gas to disperse a group of 100 residents victims.” incident and the ensuing pain for victims’ families,” it said.Matthew that killed 900 people. who attacked humanitarian convoys in Les Cayes on Saturday. Some 120,000 homes were either damaged or destroyed “The incident is not in line with the coalition’s objectives, Ban said he witnessed a looting incident in Les Cayes when Category Four Hurricane Matthew swept through on namely protecting civilians and restoring safety and stability towhere he promised more aid to Haiti. He also urged countries “We understand the impatience and the anger of the October 4 with winds of 230 km/h. Yemen.”to donate more. population who are waiting for emergency relief. We are doing all we can to facilitate the arrival of the assistance as soon as In the town, one of the worst affected by Matthew, the International condemnation of the strike had been swift. The Officials say more than 1.4 million people urgently need possible,” Ban said. streets have been cleaned and businesses have reopened. But White House announced an immediate review of Washington’shumanitarian help. There are also fears of a cholera outbreak, power, transport and communications links are still difficult in support for the 18-month-old military push against the Houthis.with spikes in cases and deaths reported in the southwest, BBC He flew over areas hit by the hurricane alongside Prime other areas.reported. Minister Enex Jean-Charles. Senior US officials also said the attack had killed senior Last week, Ban called for a “massive response” to help figures who were important to the reconciliation process. The waterborne disease reached the island via Nepalese “I was very, very sad when we saw the complete the country, the poorest in the Americas. The UN launchedUN troops after the deadly earthquake in 2010, causing the devastation. But people the world over stand with you,” the UN an emergency appeal for nearly $120 million in aid, but just a The strike has threatened to escalate Yemen’s civil war anddeaths of nearly 10,000 people. chief added. fraction of it has been raised. pull the United States further into the conflict. Tensions have been high as help has yet to reach “We are going to mobilize as many resources and as Ban acknowledged there was aid “fatigue”, but urged Houthi-led forces had responded to the attack by launchingmany families whose crops and water supplies have much medical support as we can to first of all stop the countries to help Haiti. missiles into Saudi Arabia and possibly at a US warship stationed off the Yemeni coast, prompting US retaliatory strikes against what Washington said were Houthi radar sites. The Houthis have denied firing missiles at the US Navy destroyer. The United Nations estimates that 10,000 people have been killed in the war and blames coalition airstrikes for 60% of some 3,800 civilian deaths since March 2015. Attacks continued on Saturday, with Houthi media claiming responsibility for firing another missile into Saudi Arabia, at a military camp in Asir Province.

LATEST NEWS Sharp Rise in About 33,000 tons of seafood worth $95 million were exported five months into the current us,” Ali Akbar Khodaei was also quoted as saying by Mehr News Agency. The official noted that Seafood Exports Iranian year (started March 20), registering a 52% and 38% rise in weight and value respectively seafood exports are expected to reach $380 million by the yearend. Seafood exports stood at compared with the similar period of last year, the head of Seafood Exporters Union said. “Exports nearly $350 million last year. “Seafood imports during the period,” Khodaei added, “amounted mainly included shrimps, common carp, trout and conserved fish, which were shipped to to 26,500 tons worth $61.5 million, showing no significant difference compared with last year’s Southeast Asia, Europe, littoral states of the Persian Gulf and Russia, which is a new market for corresponding period.”in brief 4 www.financialtribunedaily.com/economy IRANIAN ECONOMIC DAILYRoads Minister OCTOBER 17, 2016in Ecuador CBI: Q1 Growth at 5.4%Minister of Roads andUrban Development Governor of the Central Bank of Iran Valiollah The government has set an 8% annual economic contracted 2.2% during the year, as weak consumerAbbas Akhoundi arrived Seif has put economic growth for the first growth target for the sixth five-year development spending and lack of adequate financing ate away atin Ecuador’s capital Quito quarter of the current Iranian year (started plan (2016-21) output.on Sunday to participate March 20) at 5.4%.in the Habitat III United “We managed to achieve economic growth after Valiollah Seif “Iran is recognized as one of the most successfulNations Conference on eight consecutive quarters of contraction … We can recession with a 5.4% rise in output. The services compared to the previous year. Services, however, countries by the international community, especiallyHousing and Sustainable now see the result of our financial and fiscal policy sector stalled, as it edged up in output by 0.2% were far better than industries. The industrial sector the World Bank and the International Monetary Fund,Urban Development, and stability due to financial discipline. As a case in in managing economic crisis,” Seif added.which is being held point, GDP grew 5.5% during the first three monthsfrom October 17-20. A of the current fiscal year, while inflation reduced from The IMF is forecasting an improvement indelegation, including about 40% at the beginning of the (President Hassan sustainability for Iran in 2016-17 as better economicdeputy roads minister, Rouhani’s) government down to 8.8%,” Seif was conditions herald more robust growth prospects forHamed Mazaherian, quoted by Bourse Press as saying on Sunday. the country.and the head ofNational Land and CBI’s latest report on Iran’s inflation showed the According to the concluding statement describingHousing Organization, average goods and services Consumer Price Index preliminary findings of a recent IMF mission to IranHamidreza Azimian, for urban areas in the 12 months ending September released on Monday, Iran’s real GDP reboundedamong other senior 21, which marks the end of the Iranian month of strongly over the first half of the year, as sanctionsofficials, is accompanying Shahrivar, increased 8.8% compared with last year’s eased after the implementation of the nuclear deal IranAkhoundi, the ministry’s corresponding period. signed with major countries.news service reported.The objectives of the It put the inflation rate for the preceding month of The report confirms that oil production and exportsdecennial conference Mordad, which ended on August 21, at 8.9%. have rebounded quickly to pre-sanctions levels,are to secure renewed helping cushion the impact of low global oil prices.political commitment The overall CPI (using 2011 as the base year) Increased activity in agriculture, auto production, tradefor sustainable urban stood at 247.1 in Shahrivar, indicating a 0.7% growth and transport services has led the recovery in growthdevelopment, assess compared with the previous month. The index in the non-oil sector.accomplishments to registered a year-on-year increase of 9.5% compareddate, address poverty with the similar month of last year. “Real GDP is projected to grow by at least 4.5%and address emerging in 2016-17,” the report says, adding that “prudentchallenges. Seif’s remarks on GDP growth come, as the monetary and fiscal policies” adopted in recent years, Statistical Center of Iran put first quarter economic along with favorable international food prices, allowedQuantum Leap growth at 4.4% in mid-August. CPI inflation to decline to a low of 6.8% year-on-year inin Apple Exports June 2016. Both the CBI and SCI are in charge of releasingClose to 170,000 tons of periodic statistics on macroeconomic indices, which Although point-to-point inflation has risen to 9.5%apples worth $57.5 million often differ from one another. in September, IMF staff estimates inflation is expectedwere exported during the to average 9.2% in 2016-17.first half of the current The economy emerged from recession two yearsIranian year (started ago with a 3% growth. The rebound followed two years The World Bank forecasts 4.2% and 4.6%March 20), registering of recession when the economy contracted 5.8% and growth rates for Iran’s economy for 2016 and 2017a 300% and 220% rise 1.9% back to back. The Iranian economy grew 0.9% in respectively.in weight and value the last fiscal year, according to SCI.respectively compared The government has set an 8% annual growth targetwith the corresponding Agriculture helped Iran from falling back into for the sixth five-year development plan (2016-21),period of last year, Mehr mainly betting on growth in the oil sector.News Agency reported.The new regulation Russia Fast-Tracking Visa while about 40% more Russians have visited China over the same period. Oleg Safonov, head of Russia’s Federal Agency for Tourismratified by the Waiver for Iranian Tours In February, Tehran and Moscow relaxed visa procedures in what thegovernment, whichrequires apples to be Russia’s Federal Agency for Tourism is speeding up the process of Russian media described as “the first step toward a visa-free regime”.exported in return for a abolishing visa requirements for tours from Iran and India. Iranian officials have expressed their willingness to abolish the visalow tariff of 5% againstbanana imports, is said Speaking to the state-owned Russia-24 news channel, Oleg regime with Russia, only if the move is reciprocated.to be the main reason for Safonov, the head of the agency, said his office and the Russian Earlier this year, Morteza Rahmani Movahed, the tourism deputythe huge rise. Foreign Ministry have made the issuance of “visa waivers for Iranian and India tours a priority”. at Iran’s Cultural Heritage, Handicrafts and Tourism Organization, toldExports to Italy Moscow-based news agency RIA Novosti that the two countries couldDecline Russia hopes to replicate the success it has had by implementing a waive visa requirements altogether “within a week” if Russia agreed on a similar arrangement with China. mutual political decision.Iran exported some488,500 tons of non- According to Nikolay Korolev, deputy head of the agency, the number of According to Rosstat (Russia’s state statistics service), nearly 35,000oil goods worth $290 Chinese tourists in Russia over the past three months has shot up by 48%, Iranians visited Russia in 2015, a rise of more than 110% compared to amillion to Italy during the year ago.first half of the currentIranian year (started Russia expects about 70,000 Iranians to visit this year. Iran is said toMarch 20), registering be a top 20 tourism source market for Moscow.a 4% decline in valuecompared with the Iranian Government Woos Foreign Investorssimilar period of a yearbefore. Steel products, The Iranian government has invited a but a set of US sanctions are still in place, billion of assets, also received permission and pension funds. The country has a lot of potential.”petrochemicals, animal prestigious group of international investors limiting US citizens’ ability to invest there. from the Norwegian Ministry of Finance Ahmad Khonsari, a German partner of Donald said a relaxation in the ruleshide, water heaters, that includes the Heinz Family Office, at the start of the year to invest in Iranianpistachios and carpets Capital Group and Fidelity to visit the country As such, western banks and asset bonds. Iranian origin at Watson Farley & Williams, around US investors’ ability to invest inwere among the main following the relaxation of trade barriers managers remain wary of working with the law firm in Hamburg, said the “high- the Islamic Republic would be a welcomeexported commodities, between Iran and the West in January. Iranian companies. Few big western In a bid to attract more foreign profile” London conference demonstrated development. He said: “I would love to gothe Islamic Republic companies have signed contracts with Iran investors, Tehran Chamber of Commerce, the country’s desire to “obtain foreign there. Iran has always interested me. It has aof Iran Customs The report, which made the above since the nuclear agreement was put into Industries, Mines and Agriculture has investment”. very literate and knowledgeable population.Administration reported. statement and was published by Financial force earlier this year. helped organize a roadshow of companies Any change [in the rules around whether USMeanwhile, 73,000 tons Times, is reproduced below: to London in December to meet European He added: “We see vast interest in citizens can invest in Iran] would be a veryof goods worth $525.6 Jan Dehn, the head of research at asset managers, sovereign wealth funds investing in Iran. I am doing almost nothing interesting opportunity.”million were imported The 20-20 Investment Association, a Ashmore, the emerging markets-focused else than working on Iran-related matters.from the European group of influential investors overseeing $7 asset manager, said: “We are lookingcountry, indicating a trillion of assets, received the invitation from closely at Iran. I was there recently. The17% year-on-year rise Iranian President Hassan Rouhani, after current government is reformist and keenin terms of value. The the implementation of a landmark nuclear to show progress. Iran needs funding andmain imports included agreement between the country and six wants to attract foreign capital.industrial machinery leading powers at the start of the year.and parts; human and “While sanctions have been reduced,animal blood; vehicles; James Donald, the head of emerging there are still major obstacles that makepharmaceuticals; as well markets at Lazard Asset Management, the investment difficult. The goalposts haveas paper and printing US fund company that oversees $174 billion been shifting frequently when it comes todevices. of assets, and a board member of the 20-20 regulation. We find that even if investments association, said the invitation reflected the are permitted according to the law, there Iranian government’s desire to attract more is a growing reluctance [among] banks to foreign investors. get involved in any transactions that could become subject to changing interpretations The landmark agreement involved Tehran of existing laws.” committing to scale down its nuclear activities in return for the removal of sanctions that Rouhani has repeatedly said prevented foreign companies from investing economic hardships, notably high youth in Iranian businesses. unemployment, could not be resolved without foreign investment. Donald said: “The group at this stage has not accepted the invitation. An awful A small number of European investors lot of large government pension plans have have already started to increase their restrictions on Iranian investments and [on] exposure to Iran. any company that does business in Iran. There is talk of [the remaining sanctions Charlemagne Capital, the frontier being removed]. I think there would have markets-focused asset manager, set up to be a federal law change [for banks and an Iran-focused fund at the end of 2015. asset managers to move en masse into the It has raised €50 million from European Iranian market].” private wealth managers and family offices, according to Dominic Bokor-Ingram, The nuclear deal was expected to trigger portfolio adviser at the company. a sharp increase in foreign investment into the Middle East’s second-largest economy, The Norwegian oil fund, the world’s largest sovereign wealth fund, with $830

LATEST NEWS New Chief The National Iranian Tanker Company’s board of directors appointed Sirous Servants Pension Fund in NITC, was earlier managing director of Pad Energy Brent Price at NITC Kianersi as the company’s new managing director on Saturday. According Development Company, a subsidiary of CSPF, in addition to serving in the to IRNA, Kianersi will replace Ali Akbar Safaei, who held the post since 2013. National Iranian Oil Company. According to Tanker Shipping & Trade journal, IRANIAN ECONOMIC DAILY Under Safaei's watch, NITC's tanker fleet turned into the world’s largest, the the company plans to seek a stock exchange listing on the local exchange company prepared a five-year strategic roadmap aiming at diversifying and later overseas in an effort to raise cash for a badly-needed tanker fleet sources of revenue and many offshore services companies were established as renewal. NITC currently has a fleet of 69 tankers, all but three of which are subsidiaries. Kianersi, who was also appointed as the representative of the Civil crude carriers. 5 www.financialtribune.com/energy OCTOBER 17, 2016NIOC: Stocks of Oil, Gas WTI PriceCondensates at Sea Shrinking Natural Gas PriceOn January 18,just days after the Oil Majors Using Technologynuclear-related to Weather Worsening Crisisrestrictions wereremoved, CNN Oil majors including Statoil, Shell and Chevron are experimentingplaced Iran's floating with various technologies, from drones and drill design to datastockpile at 46 management, to drive down costs and weather a deep downturn.million barrels Crude prices have more than halved since mid-2014, forcing 1 Iran reportedly sold 600,000 bpd of condensates in Sept., including about 100,000 bpd from inventories. companies to cut billions of dollars in costs. Determined to shield Gas condensate is an ultra light type dividends and preserve the infrastructure that will allow them toof oil found in the Persian Gulf gas fields. Countries behind Saudi Arabia and Iraq. It on vessels belonging to the National Iranian using 20 to 25 ships at the time to hold the oil compete and grow if the market recovers, they are increasinglySome customers of Iranian crude, such as aims to raise output to around 4 million bpd in Tanker Company. stockpile that \"it could not sell when sanctions looking to smarter tech and design to make savings, ReutersSouth Korea, include condensates in their oil the short-term, its peak production level before were in place.\" reported. French oil and gas major Total said it was now usingpurchases data without giving a breakdown. the tightening of sanctions in 2011 and 2012. Iran and the six world powers (the five drones to carry out detailed inspections on some of its oilfields Iran sold 600,000 bpd of condensates for permanent members of the United Nations Iran ships most of its crude to its traditional following a trial at one of its Elgin/Franklin platforms in the North Sea.September, including about 100,000 bpd from Reports on Large Stockpiles Security Council plus Germany) reached oil buyers, namely China, India, Southinventories, to meet robust demand in Asia, In the lead-up to Tehran's nuclear accord a historic agreement in July last year on Korea, Japan and Turkey. Officials say Cyberhawk, the drone company that led the trial, said this kindtwo sources said. September crude exports in July 2015, there were several reports revoking some financial and trade restrictions between 600,000-700,000 bpd of crude and of work was previously carried out by engineers who suspendedincreased slightly from the previous month to about huge amounts of Iranian crude oil and in return for Tehran's commitment to limiting its condensates are sent to Europe. themselves from ropes at dizzying heights. It said the mannedabout 2.2 million bpd, they said. condensates stored on supertankers at sea. nuclear program. inspection used to take seven separate two-week trips with a According to reports, NIOC drew on In June 2015, Reuters estimated that Iran Iran's total crude oil and condensates sales 12-man team that had to be flown in and accommodated on site.condensates stocks from floating storage and had piled up as much as 40 million barrels of On January 18, just days after the nuclear- reached around 2.8 million barrels per dayonshore tanks in September to help meet oil off its coasts in the Persian Gulf, mainly related restrictions were removed, CNN in September, Reuters reported this month, The drones do the work in two days and at about a tenth ofgrowth in demand from China, South Korea, placed Iran's floating stockpile at 46 million citing two sources with knowledge of the the cost, according to the Britain-based firm's founder MalcolmJapan and India. The lifting of international barrels. Another report claimed that Iran was matter. Connolly, who said it had also worked with ExxonMobil, Shell,sanctions in mid-January gave the OPEC ConocoPhillips and BP.producer a fresh lifeline to reassert itself in theglobal crude market. According to Oil Ministry Total declined to comment on how long the manned or dronedata, Iran pumps 3.8 million barrels of crude inspections took, or specify how much money was saved.and condensates per day. Iran is now the third-largest producer Total is using drones to inspect some of its oilfields.of the Organization of Petroleum Exporting Statoil's giant Johan Sverdrup field, the largest North Sea oil findGas Chief Says No Plan to Officialdom Blamed for Paucity of Renewables in three decades which is due to start production in 2019, is a leadingRival Russia in Europe industry case study for cutting costs in the era of cheap oil. Expensive subsidies for fossil fuels \"that may or may not prove to be sectors, stressing that barely 200 MWIran has no plans to take on Russia in Europe’s natural and the negative attitude of authorities economically viable.\" in renewable initiatives have come on The Norwegian company has cut its development costs forgas market, managing director of National Iranian Gas and stakeholders have resulted in Iran stream over the past two decades, which the first stage of the project by a fifth compared with estimatesCompany said on Sunday. lagging behind global trends in the fast- Renewables Outlook is \"a shame\" for a country like Iran that given in early 2015, to $12.2 billion. emerging renewable sector. Commenting on SUNA's future has huge potential to expand solar power. “We cannot compete with Russia in the European plans, Sadeqzadeh announced that the The savings have largely been made by focusing on the most(gas) market. We will not take Russia’s place and have Mohammad Sadeqzadeh, head of installed capacity of renewable sources Chitchian also blamed some efficient technology and designs from the beginning, Statoil's headno plans in this regard… Iran has its own market and the Renewable Energy Organization will increase by100 MW in the current officials for their reluctance to develop of technology Margareth Oevrum told Reuters in an interview.our neighbors need our gas,” Hamidreza Araqi was also of Iran, known as SUNA, made the fiscal year that ends in March 2017. renewable infrastructure despite Iran'squoted as saying by ISNA. critical statement Sunday, noting that huge potential for electricity generation Executives say the growing attention on technologies that effective steps had been taken recently have been around for some time shows how wasteful the global Araqi noted that Iran sits on one of the world's to develop the industry via pledges to Iran eyes $12 billion in renewable investments. industry had been in the years before the downturn when— withlargest gas reserves, thus the country has the potential purchase electricity produced from solar crude at above $100 a barrel delivering bumper profits—oilto significantly increase supplies to the neighboring panels and preparing the grounds for a Iran's total installed power from clean energies. companies' had little incentive to develop fields efficiently.states. He stressed that disputes over gas prices as well more effective private sector role in the generation capacity for renewables, Almost 62,000 MW, or 80% of Iran'sas political and technical hurdles should be gradually renewables industry, IRNA reported. including wind and solar, is close to 250 Global upstream - exploration and production - oil and gasremoved. megawatts. Plans have been made to 75,000-MW output, is generated from spending has fallen by more than $300 billion across the industry According to the official, Iran's power raise the capacity to 300 MW by 2018. thermal plants that burn fossil fuels. in 2015-16, according to the International Energy Agency, roughly “Iran is the only country in the region which can meet industry is based mainly on fossil fuels, An estimated 12,000 MW comes from equivalent to the annual GDP of SouthAfrica.Around two-thirds comeall of its neighbors’ gas demand,” he said, stressing that which explains why senior decision According to the official, the hydroelectric plants and 1,000 MW from from cost cuts, rather than cancelling or shelving projects, it said.the country’s share of the global gas trade should rise to and policy-makers in the energy government is planning to impose duties the sole nuclear power plant in Bushehr.10% in the long run. sector have paid very little attention to on electricity consumers, half of which Fire Disrupts Statoil renewable technologies over the past will be invested in renewable energy As part of efforts to cap emissions Production at North Sea Iran has devised plans to expand its gas footprint to four decades. Sadeqzadeh believes and the remainder to supply power to from greenhouse gases, Iran informedthe European market alongside Russia by boosting its that the bloated bureaucracy and lack of the deprived areas. the Paris Climate Conference last year Norway's Statoil said on Sunday it had stopped production at itsliquefied natural gas exports. economic incentives has indeed pushed that it will produce up to 7,500 MW from Statfjord A platform in the North Sea due to a fire, and started to \"private enterprise farther away from Energy Minister Hamid Chitchian renewable sources, which requires evacuate personnel. Production Plans investing in renewable energies.\" recently said that the renewable industry at least $12 billion in investment, Iran’s gas production from South Pars, the world’s in Iran is among the slowest-growing according to some estimates. There were 67 people on board when the fire broke, andlargest gas field shared with Qatar, will equal the small Nonetheless, the Energy Ministry Statoil had evacuated 20 people by 8:00 a.m. local time, ReutersArab nation's output in the next fiscal year that starts in has recently taken the initiative to turn reported. Statoil's spokesman said the situation was underMarch 2017, Araqi said. He added that the company will things around and attract private sector control at around 9:00 a.m., with no smoke or flames visible, but itboost total gas production to 1.26 billion cubic meters per investment in the seemingly unattractive was unclear when the production could restart.day within four years from the current 600 mcm/d. industry. Referring to the unusually high domestic gas \"We are now working to confirm that the fire is abated,\"consumption in the cold season, Araqi underscored that \"Now that the playing field has been spokesman Ola Anders Skauby told Reuters.by reducing consumption, Iran can save between 60 leveled for the fledgling industry, long-mcm/d and 100 mcm/d of gas and use it for producing term and short-term targets should \"Production will continue to be shut down and we don't knowhigher value-added products. be set to promote renewable energy how long it will take to restart production,\" he added. “The injection of gas into oil reservoirs, which results technologies,\" said the official.in higher rate of extraction, supplying petrochemical Statfjord is an oilfield on the border between the Norwegiancomplexes with gas as feedstock as well as replacing He acknowledged that the renewable and UK sectors of the North Sea which produced about 24,700liquefied fuels with gas in power plants and industrial units sector is still a risky area for investment barrels of oil per day in July, the latest available data from theare ways to make proper use of natural gas,” the official because it demands costly and thorough Norwegian Petroleum Directorate showed.was quoted as saying. research prior to embarking on ventures It also produces natural gas, which is exported via the FLAGS Oil Competition Tehran Park Gets Solar Panels pipeline to Britain. Statoil is an international energy company with Iran's slow start in the European gas market after the operations in 37 countries. It is headquartered in Stavanger, Norwaylifting of sanctions in January comes as the country is Solar panels have been installed in Tehran's Pardisan Park over 120 GW by the end of 2025. with approximately 22,000 employees worldwide, and is listed on themaking inroads in crude oil supplies to Europe, some of it for green electricity production, said Masoumeh Ebtekar, The country plans to generate over 5,000 MW of New York and Oslo stock exchanges.at the expense of Russia. head of the Department of Environment. According to reports, Poland was replacing Russia's renewable energies in the long-term -- 4,500 MW of windcrude with Iranian oil and unsold Urals crude in August. She made the statement on her official channel on the power and 500 MW of solar. Polish refiner Lotos received 2 million barrels of oil online messaging application Telegram without providingfrom the National Iranian Oil Company in mid-August. details, YJC reported. Currently, the potential for generating over 15 GW of In addition, Belarusian President Alexander wind energy in areas such as Manjil, Zahedan, Zabol andLukashenko said this month that his country, which faces As per government plans, state organizations, Nishabour has been recognized by the Renewable Energydecline in oil deliveries from Russia, is in talks with Iran companies and NGOs enlisted by the Ministry of Energy, Organization of Iran.to buy oil. are obliged to purchase at least 20% of their electricity needs from green energy suppliers in two years. Installing new generation high-efficiency turbines, design and construction of new substations, construction According to the national energy roadmap, the of high-voltage transmission lines as well as adoption of government plans to promote green technology to increase renewable and green technologies into the energy mix are the nominal capacity of power plants from 74 gigawatts to among plans to develop electricity infrastructure.

World Currencies LATEST NEWS Marine Marine industries have applied for one trillion rials ($31.6 million) in loans from on Sunday. Noting that the industry is suffering from financial constraints, Mozafari Industries Seek banks since the beginning of the fiscal year in March, said the head of the Fund said “marine industries at least need $1 billion a year.” The official added that Bank Loans for Development of Marine Industries. Mehrdad Mozafari added that 40-50% of Saderat Iran, Cooperatives Development Bank and Bank Refah have agreed to lend applicants had received credits until September 21, Fars News Agency reported 2.1 trillion rials ($66.4 million) to marine industries.Currency Pair Value ChangeEUR-USD 1.0972 -0.0084(0.76%) 6GBP-USD 1.2191 -0.0063(0.51%) OCTOBER 17, 2016USD-JPY 104.1800 0.4700(0.45%)AUD-USD 0.7618 0.0049(0.65%)USD-CAD 1.3139 -0.0053(0.40%) www.financialtribune.com/economy IRANIAN ECONOMIC DAILYUSD-CHF 0.9903 0.0041(0.42%)EUR-GBP 0.9004 -0.0018(0.20%)EUR-JPY 114.3100 -0.3500(0.31%) CBI’s Komijani Explicates Banking Reform Plan Foreign Exchange RatesCurrency IRR Market IRR OfficialUS Dollar (USD) 35,960(-20) 31,640Euro (EUR) 39,920(-90) 34,14British Pound (GBP) 44,550(-200) 38,572100 Japanese Yen (JPY) 35,000(0) 30,369 One of the goals of the overhaul plan package is to eliminate the negative consequences of the war of banks in luring savings to balance interest rates proportional to the inflation rateEmirati Dirham (AED) 9,860(-10) 8,615Turkish Lira (TRY) 11,870(-30) 10,239Chinese Yuan (CNY) 5,600(0) 4,702 Vice-governor of the Central Bank of Iran says the banking overhaul planCanadian Dollar (CAD) 27,730(0) 24,075 has been devised, among other things, to curb the effects of a warAustralian Dollar (AUD) 27,450(-30) 24,103 between the banks and credit institutions on interest rates.Swiss Franc (CHF) 36,740(+60) 31,949 “One of the goals of the [overhaul Iranian Gold Coins plan] package is to eliminate the negative consequences of the war of banks in luringDenomination Price (IRR) Change savings to balance interest rates proportional to the inflation rate,” Akbar Komijani said inBahar Azadi 10,830,000 0(0%) a talk with Tazehaye Eqtesad Publication as reported by IBENA.Emami 10,836.000 -2,000(0.02%) Banks, saddled with billions in non-Half Azadi 5,500,000 -10,000(0.18%) performing loans and dodgy investments, have been trying desperately to attract savingsQuarter Azadi 2,900,000 -10,000(0.34%) in order to stay afloat. Their persuasion tactics in recent years have deteriorated into a war Libor in which they offer higher returns on deposits, resulting in high interest rates.Borrowing Latest Week 52-WK 52-WK Low period Ago High “The interest rate war has exacerbated the 0.12480 issue of the banks’ liquidity flow and thereforeOvernight 0.43100 0.42878 0.43100 0.51590 it is imperative deposit rates be cut further with 0.81640 the goal of checking the liquidity growth,” he6 Month 1.26228 1.26244 1.26367 -0.40971 added. The interest rate war has exacerbated the issue of the banks’liquidity flow. 0.223751 Year 1.58733 1.58122 1.59567 -0.15229 The MCC-- CBI’s monetary policy committee– and Credit Council relevant and effective, it is government debts to banks and address the setting a ceiling for the issuance of bonds lowered interest rates twice in the past six months, necessary that the CBI adopt a different tone mounting problems of bad loans. proportional to the country’s GDP,” areEuro Overnight -0.40686 -0.40471 -0.17286 citing the significant drop in inflation as the main when dealing with banks. among the 10 prerequisites that will insure reason. Officials close to the decision-making The action plan also seeks to solve issues the success of the Banking Overhaul Plan,Pound Overnight 0.23063 0.22938 0.48500 body had hinted that another rate cut could be Calling it Quits about liquidity and banks’ soured assets as detailed by Komijani. coming soon – a plan strongly opposed by the In his opinion, based on the level of banks’ with the goal of creating suitable groundsYen Spot/Next -0.01714 -0.02571 0.04857 lenders. compliance with CBI regulations and based to implement fundamental reforms in the Prioritizing the repayment of any new on their performance and conduct, the central monetary system. debts through issuance of bonds in the capital Interest Rates The banking overhaul plan was enacted bank must employ “various incentives and market, devising a cap for the bonds in CBI’s by President Hassan Rouhani with the aim punitive measures to contain and reverse the “Approval of regulations by the balance sheet, securitizing the bonds mutually *** Yield 1 Day 1 Month 1 Year of reviving the lethargic banking system. The pattern that makes the way for price wars and parliament, effective action on part of by the CBI and the banks and implementing blueprint has been hailed by monetary officials defuse its effects.” the CBI to monitor and deal with the open market policies, paying attention to United States Government Treasuries +38 as a giant step in modernizing the outdated Komijani notes that in the reform plan, uncertified financial institutions, issuance Islamic finance principles in designing and +23 banking system and addressing its many efforts have been made to terminate the of government bonds and making them issuing the bonds and allocating the necessary6 month 0.44% - -4 -24 challenges. effects of rivalry on bank interest rates, marketable, incorporating the cost of bonds budget to increase the capital of governmental -32 increase the capital of banks, restructure the in the annual budgets and a clear timely banks are the other factors pursued by the CBI2 year 0.83% - +7 On the other hand, notes the senior official, repayment mechanism for the bonds, proper in its reform plan. -33 with the aim of stabilizing the interest rates management of government debts and -69 and making directives issued by the Money -7110 year 1.80% - +11 -8030 year 2.56% - +11 -39 -44 United Kingdom Government Gilts -49 -622 year 0.21% +1 +7 Six Powers Need to Publicly Notify Post-Sanctions Policy5 year -2810 year 0.46% +5 +17 -2630 year -37 1.09% +7 +22 -85 1 with an entity that is not on the SDN (specially designated nationals) banks can do dollar trades with Iran, provided those transactions Iranian entities not on the sanctions list are allowed List but that is minority owned, or that is controlled in whole or in part, don’t pass through financial institutions in the United States. 1.76% +6 +19 -58 to open US dollar accounts in non-US banks across the by an Iranian or Iran-related person on the SDN List. -22 world, says the regulator. “There is no risk in conducting The guidance comes after months of complaints from Tehran, German Government Bunds -25 banking operations for Iranians as long as transactions do The SDN -- specially designated nationals -- list comprises which says that remaining US sanctions have frightened away -65 not involve financial institutions in the United States.” certain Iranian companies and people who are still subject to US trade partners and robbed Iran of the benefits it was promised2 year -0.67% 0 -1 -56 US sanctions on Iran are not applicable to non-US sanctions for a variety of reasons, including Iran’s ballistic missile under the nuclear deal it concluded with world powers last year. +86 financial institutions and cannot be used as justification for program, human rights record and support for groups the US5 year -0.49% +0 +2 +50 refusing services to Iranians, the CBI affirms. claims to be terrorist organizations. Valiollah Seif, CBI governor, also complained about the It also notes that working with Iranian entities would current state of international banking relations, saying that it is not10 year 0.05% +2 +5 -22 not jeopardize foreign banks’ relations with US financial The CBI also says domestic entities “have no right to use “satisfactory.” “Many things have indeed improved after the lifting +17 institutions, as feared by many big lenders and insurance sanctions” as an excuse for not offering services inside the country. of the sanctions in January and we have managed to establish30 year 0.67% +3 +4 -439 companies still hesitant to resume normal relations with relatively good relations with foreign banks,” he said recently. post-sanctions Iran. The guidelines, issued by the US Treasury Department’s Japanese Government Bonds -33 “According to the nuclear agreement, US-affiliated Office of Foreign Assets Control on Friday, clarify that non-US “But the current state simply cannot be seen as normal.” -44 companies in other countries, are also allowed to restart2 year -0.28% -1 -1 -49 financial ties with Iran,” the CBI added. -52 Banks are also informed that the non-US entities and5 year -0.21% -1 +0 -81 individuals are allowed to engage in transactions with companies that are minority-owned or wholly controlled by10 year -0.06% +0 -2 Iranian entities. The Office of Foreign Assets Control of the US Treasury30 year 0.49% +0 -5 Department had announced that it is not necessarily sanctionable for a non-US person to engage in transactions 10-Year Government Bond Yields EuropeFrance 0.33% +1 +3Italy 1.38% +0 +4 ‫ﺷﺮﻛﺖ ﻓﺮﻭﺩﮔﺎﻩﻫﺎ ﻭ ﻧﺎﻭﺑﺮﻯ ﻫﻮﺍﻳﻰ ﺍﻳﺮﺍﻥ‬Switzerland -0.53% +4 -8 Recall for Purchase of One Flight Check AircraftSpain 1.12% +1 +5Netherlands 0.16% +1 +5Portugal 3.27% -7 -11 Iranian Airports and Air Navigation Company (I.A.C) intends to purchase one flight check aircraft. Invite companies to refer and receive technical specification and type of aircraft,Greece 8.22% -2 -23 with letter of introduction, up to 19 October 2016 and deliver documents and price proposal to investigate, in closed envelopes, up to 02 November 2016 to procurement general Americas department of Iranian Airports and Air Navigation Company, building No. 8, Mearaj Ave., Mehrabad international airport, Tehran, IranCanada 1.24% +7 +6Mexico 6.04% -1 +0Brazil 11.40% 0 -80 AsiaAustralia 2.26% +2 +16Hong Kong 0.94% +0 -3Singapore 1.86% +2 +2South Korea 1.55% +2 0 Procurement General Department of Iranian Airports and Air NavigationIndia 6.75% +2 -11 Company (I.A.C) CBI HAS required banks to compel international 2084 ‫ﺍﻟﻒ‬/‫ﻡ‬ entities to meet their commitments vis-à-vis Iran.

LATEST NEWS Steelmaking Iran’s railroad transportation capacity needs to increase fourfold to 88 million Ranjbar was also quoted as saying by IMIDRO’s news portal. IMIDRO projections Tehran Stock Exchange Targets Require tons in about nine years to help fulfill the steelmaking target set in the 20-Year show the railroad system needs to sustain an 11% growth rate in transportation Rail Transport Vision Plan (2005-25), said an executive of Iranian Mines and Mining Industries capacity annually for the next decade. Iran aims to become the world’s sixth Changes Development Development and Renovation Organization–Iran’s biggest holding company in largest manufacturer of steel and reach the crude steelmaking production Unit % the mining sector. “The national railroad’s development is deeply entwined with capacity of 55 million tons per year by the end of 2025. Despite objections the expansion of the mining sector, as minerals made up more than 60% of the regarding the plan’s feasibility by industry experts, the government remains Index Value 35.6 million-ton cargo transit during the past fiscal year (March 2015-16),” Abbas steadfast in pursuing the goal. 7 TEDPIX 77,569.1 317.30 -0.41 Price 27,535.5 112.60 -0.41 First Market 54,377.7 312.20 -0.57 IRANIAN ECONOMIC DAILY www.financialtribune.com/economy OCTOBER 17, 2016 Second Market 169,053.9 161.10 -0.10 Industry Index 64,754.4 297.20 -0.46 Free Float Index 86,312.70 535.07 -0.62Long-Term Unemployment TSE 30 3,150.7 24.00 -0.76 TSE 50 3,074.6 14.00 -0.45Rampant Among College Grads Excess Demand Symbol Volume Last Value (IRR)Out of the 2.7 million people TBAS1 5,962,611 3,484 20,773,736,724seeking jobs today, 1.1million have been searching NIRO1 1,403,125 6,212 8,716,212,500for over a year to no avail DDPK1 970,643 5,883 5,710,292,769Morteza Mirmohammadi Excess SupplyFINANCIAL TRIBUNE Symbol Volume Last Value (IRR)Alarge segment of Iran’s workforce is jobless. FAJR1 556,710 7,676 4,273,305,960 A new study shows long-term unemployment at alarming levels, especially among college graduates ABDI1 143,000 20,000 2,860,000,000 and women. Although Iran’s economy is improvingin the aftermath of sanctions relief and prudent policies by the ASAL1 502,405 4,062 2,040,769,110government, the poor state of businesses has created a joblesshost. *TEDPIX: Tehran Stock Exchange Main Index * FFI: Free Floating Index Out of the 2.7 million people seeking jobs today, 1.1 million * FIN: Industry Indexhave been searching for over a year to no avail. This is the cruxof a study by the High Center for Education and Research on Source: www.tse.ir & www.ifb.irManagement and Planning—an organization that operatesunder the president. Exchange Traded Funds The study analyses data for the second quarter of the Symbol Volume Value Last Price Change%1394 fiscal year that ended March 2016. Jobs data in Iran are (Million Rial) (Rial)scarce and this is one of the few studies dealing with long-term unemployment. The previous study was done by Iran’s ASAS 24,400 225.79m 9,254 +0.81chamber of commerce in 1392. Long-term unemployment is higher among women at 52%, while over a third of jobless men have been seeking a job for ATLAS 3,658 40.91m 11,184 +0.16 Under the definition of the US Bureau of Labor Statistics,the long-term unemployment category includes those who over a year. ETEMAD 1.47m 21.06b 14,314 +0.06remain jobless for 27 weeks or more. Most people becomediscouraged and drop out of the labor force after six months. The whole issue has long been in the making. According suppressed the job market. The study in question has expanded the time horizon to the 2013-14 study, nine out of 10 people that joined the Long-term unemployment can be self-sustaining as it is ACORD 1.63m 18.8b 11,546 +0.05for the definition to over 52 weeks, which lowers long-termunemployment numbers, but makes the numbers more workforce from 2006 to 2011 did not find jobs. The situation has harder to find a job the longer one is out of work. KARIS 90,000 977.58m 10,862 +0.04disturbing. worsened after the 2012-13 financial crisis in Iran, as it further These results have far-reaching implications. For one, SAYAND 46,820 629.54m 13,446 +0.03 Based on the data, 40% of Iran’s jobless fall into the long- unemployment among the young is worse, as they compriseterm unemployed category. The ratio is higher among women Almost half the a considerable section of Iran’s population. With most state ALMAS 514 6.87m 13,366 -0.33at 52%, while over a third of jobless men have been searching unemployed pension funds already in trouble, this mass of jobless peoplefor work for over a year. college graduates will create havoc for these funds up until their age of retirement. Stocks Wipe Saturday’s Gains have been out of work for The crisis is more acute among college graduates who are Also, fertility rates, already falling in Iran, tend to drop off Tehran Stock Exchange’s main index lost 317.30 points or 0.41%deemed more skilled in general, with 49.2% of unemployed and life expectancy can decline when unemployment rates to end Sunday trade at 77,569.1.graduates seeking a job for over a year. The figure falls to 33%for those without university degrees. over a year are high. The repercussions of Iran’s jobs crisis are multi- More than 1.1 billion shares valued at $75 million changed generational and will plague the Iranian society for years to hands for the day. come. Vehicle Axis Manufacturing Company incurred the biggest loss among all TSE-listed companies, as it went down 4.85% to Iron Ore Trading on IME Prioritized Over Export 4,198 rials per share.In a bid to minimize the export of unprocessed IME trading floor mining sector to produce at least 80 million The new arrangement appears to be Iranian Parenteral and Pharmaceutical Company was theiron ore, all producers of the industrial material tons of iron ore concentrate and pellets per a compromise between miners and the biggest riser, going up 5% to 15,670 rials per share.are mandated to prioritize meeting the any form of iron ore–the main mineral under year. government for both sides to benefit followingdomestic demand by offering their products scrutiny–as an instance of “raw” sales, arguing a years-long dispute during a global decline in SAIPA Group weighed the most on TEDPIX, followed byin Iran Mercantile Exchange, the head of Iron that it deprives the economy of potential value Miners, however, contend that each stage iron ore prices. Ghadir Investment Company and Bandar Abbas Oil RefiningOre Producers and Exporters Association of added. of processing extracted iron ore creates a Company.Iran said. certain degree of value added. They believe Prices fell to below $60 a ton in 2015 from They hold that preventing the export of it is not economical, especially for smaller a record near $200 in 2011 amid a glut that Islamic Republic of Iran Shipping Lines gave the biggest Alireza Siasi-Rad added that exports can unprocessed minerals helps complete steel mines, to continue processing minerals forced many low-grade producers, including boost to the benchmark, followed by Iran Alloy Steel Companyonly take place if the offerings exceed IME production chain, which is necessary to meet considering the inadequate infrastructure those in Iran, to shut. The sector was severely and Iran Tractor Manufacturing Company.demand for more than three consecutive the objective of producing at least 55 million inside the country. hit, as the number of iron ore mines in Irantrading sessions. tons of steel by 2025, as per the 20-Year dropped to 20 from 200 in 2013, most of which The Price Index lost 317.30 points or 0.41% to reach Vision Plan. The ambitious goal requires the “The government had previously called for were private producers. 27,535.5. According to the Iropex official, the move a total ban on the export of iron ore, gold andis intended to realize the association’s three copper in their raw form,” Mehdi Karbasian, In 2015, Iran exported 14.8 million tons of The First Market Index gave up 112.60 points or 0.41% togoals of minimizing sales of raw materials, the head of Iranian Mines and Mining iron ore, down 35% compared to 21.8 million register 54,377.7.meeting domestic demand and achieving a Industries Development and Renovation tons in 2014. The country was the world’s 11thsuccessful presence in international markets, Organization–the country’s largest state- leading exporter of the steelmaking material. The Second Market Index shed 161.10 points or 0.10% toBourse Press reported. owned mining holding, said in July. post 169,053.9. Most of Iran’s iron ore exports were to The export of unprocessed minerals Karbasian, who is also a deputy minister of China. In 2015, exports to China decreased The Industry Index was down 297.20 points or 0.46% tohas for long been the subject of debates industries, mining and trade, maintains that the by 40% from 2014 to 13.2 million tons owing record 64,754.4.among government authorities and miners. country’s iron ore output must be exclusively primarily to prevailing low global iron oreGovernment officials consider the export of used for feeding domestic furnaces. prices. The Free Float Index wiped 535.07 points or 0.62% to hit 86,312.70. The TSE 30 Index fell by 24 points or 0.76% to settle at 3,150.7 while the TSE 50 Index lost 14 points or 0.45% to finish at 3,074.6. Steel Market Stagnation Foils Buyers Attempts to Set PricesIranian steel buyers struggled to fix prices last week scrap metals markets. traded last week at 13.10-13.50 million rials ($364-375)despite the stagnant market, which usually favors them in In the free currency market, $1 could be exchanged for per ton ex-stock Tehran, up from 13.00-13.50 milliondetermining prices rather than sellers. rials ($361-375) per ton. 36,000 rials on October 12, the same as last week. The The above statement was made by Metal Bulletin, official exchange rate on October 12, according to Oanda. CIS suppliers offered billet at $350-360 per tona London-based specialist international publisher and com, was $1 to 30,102 rials. CFR Iranian northern ports, unchanged from the priorinformation provider for the global steel, non-ferrous and week. Billet in sizes ranging from 125x125mm to 150x150mm There was no supply of billet through the Iran Permit No: 1395.3069 Mercantile Exchange last week. The latest supply of More than 1.1 billion shares valued at $75 million changed billet was three weeks ago, sold at 12.50 million rials hands at TSE. Pre-Qualification Public Announcement For Iran Oil ($347) per ton. and Gas Upstream Projects Tender rounds IFX Down 0.41% Local mills sold rebar at 15.00-15.50 million rials The over-the-counter Iran Fara Bourse’s main index IFX shed National Iranian Oil Company ($417-431) per ton ex-stock Tehran. This compared with 4.4 points or 0.41% to end Sunday trade at 822.29. 15.40-15.70 million rials ($428-436) per ton two weeks Over 252 million securities valued at $116.4 million were National Iranian Oil Company (NIOC) intends to hold tender rounds for some of Iran’s oil and gas ago. traded for the day. E&P projects. It hereby invites interested, qualified and reputable E&P or integrated oil companies for Rail Pardaz Seir Company saw the highest number of traded pre-qualification. The projects that will subsequently be tendered will be awarded under Iranian laws, Major supplier Esfahan Steel Company sold small shares and trade value, as 67.4 million of its shares worth $2.7 rules and regulations. batches of rebar through the IME at 14.70-14.80 million million changed hands. Pre-qualification documents and related information such as procedures, criteria and evaluation rials ($408-411) per ton ex-stock, on 43-45 days’ Sarmayeh Bank, Tose’e Goharan Omid Investment Company mechanisms, will be available atwww.nioc.ir as of Oct. 17th 2016. Applicants shall provide a hard delivery. and Atieh Dadeh Pardaz Company had the highest value copy as well as electronic files of all required documents and information to the following address up to increase. Nov. 19th 2016: Hot rolled coil (2-5 mm) was sold at 18.30-19.00 Pardis Housing Investment Company, Alborz Darou Bulk Address: Room 501, 6th NIOC Hq., No. 523, Hafez St. (before Hafez Bridge), Tehran, Iran million rials ($508-528) per ton ex-stock Tehran, Pharmaceutical Company and Chaharmahal Sugar Company Email Address: [email protected] compared with 18.00-19.20 million rials ($500-533) per registered the highest decline. The final list of pre-qualified applicants will be published on Dec. 7th 2016 at www.nioc.ir ton last week. Tehran Oil Refining Company, Esfahan Steel Company and Middle East Mines and Mineral Development Holding Company Mobarakeh Steel Company sold some hot rolled coil gave the biggest boost to the IFB benchmark. last week at 15.96-16.37 million rials ($443-455) per ton ex-works, on 42 days’ delivery. It had sold similar material at 15.76-16.21 million rials ($438-450) per ton through the IME a few weeks ago.

8 www.financialtribune.com IRANIAN ECONOMIC DAILYOCTOBER 17, 2016 TEDPIX 50 Top TSE Stocks Based on Market Value in 10/16/2016 78000 Closing Predicted Earnings Growth of Market Value Value of Quality of 77800 Price Rials Operating Million Rials Company3 profit7 77600 Name of Company Symbol Last Price P/E1 Coverage Million Rials Return 4 Beta5 6(%)ROE 77400 Persian Gulf Petrochemical Industry Co. Profit2 258,700,000 34.81 77200 Million Rials Percent Period 365,888,820 149.81 14.68% 80.55 9:00 PKLJ 5,174 5,085 5.97 43,319,478 - - 3.25% 0.23 31.88 70.35 95 Mobile Telecommunication Co. of Iran - MCI HMRZ 33,556 33,317 4.69 28,600,000 24.7% 3 Months 13.28% 134,224,000 255,591,883 36.74% 0.49 80.50 5.71 168.16 Mobarakeh Steel Co. FOLD 1,218 1,210 8.82 10,355,007 11.86% 3 Months 22.83% 91,350,000 203,813,303 21.83% 1.63 9.12 115.29 10:00 11:00 12:00 National Iranian Copper Industries Co. MSMI 1,743 1,741 12.29 7,089,638 52.51% 3 Months (0.6)% 87,150,000 126,818,210 54.22% 1.41 7.11 2.48 1702.71 77,569.1 -317.3 (-0.41%) Ghadir Investment Co. GDIR 1,783 1,781 4.42 18,607,802 22.45% 6 Months (17.2)% 82,160,640 109,308,357 9.02% 1.14 21.81 63.33 Market Summary Islamic Republic Of Iran Shipping Lines Co. KSHJ 4,918 4,802 27.62 2,918,639 - - 14.22% 80,620,774 113,502,309 (8.21)% 0.72 13.89 111.86 65.72 7 Jam Petrochemical Co. PJMZ 8,384 8,260 5.32 15,139,590 22.16% 3 Months 0.38% 80,486,400 97,578,930 39.25% 0.38 55.34 277.03 187 Parsian Oil & Gas Development Co. PASN 1,908 1,898 6.32 12,224,254 - - (39.43)% 77,274,000 113,687,255 1.41% 1.56 36.60 N/A 85.08 Bandar Abbas Oil Refining Co. PNBA 5,050 5,010 31.51 2,211,966 11.83% 3 Months 270.14% 69,690,000 122,218,402 47.13% 1.94 3.24 101.09 112.74 Top 10 in TSE on Sunday, October 16, 2016 9.10 22.24 Mobin Petrochemical Co. MOBN 3,993 4,002 4.97 11,461,785 25.03% 3 Months 9.05% 56,908,236 74,469,261 47.88% 1.03 40.99 105.54 223.69Price Golgohar Mining & Industrial Co. GOLG 1,848 1,851 10.51 5,273,841 19.36% 3 Months 27.96% 55,440,000 94,235,335 21.05% 1.33 17.82 28.74 87.26Gainers Change Mkt Cap (M.R.) Saipa Co. SIPA 1,403 1,394 13.73 4,011,356 1.% 3 Months 162.26% 55,091,145 138,983,063 208.63% 2.66 26.75 443.64 26.19Right.Shargh Cement Co. 6.02% - Esfahan Oil Refining Co. PNES 2,639 2,595 9.08 5,814,054 - - 21.77% 52,780,000 74,337,280 17.6% 1.71 22.61 N/A 3,134,000 N/AIranian Parenteral & Pharmaceutical Co. 5.00% 1,863,600 Iran Khodro Co. - IKCO IKCO 3,371 3,341 43.36 1,189,494 14.42% 3 Months 14.96% 51,576,300 169,426,385 98.15% 2.20 5.10 196.90 522,600 N/ANirou Trans Co. 4.99% 5,705,050 Informatics Services Corporation INFO 18,315 18,411 9.29 5,517,969 21.71% 3 Months (4.77)% 51,282,000 61,387,796 39.14% 0.11 53.92 45.48 367.23Negin Tabas Lignite Co. 4.97% Mkt Cap (M.R.) Pasargad Bank BPAS 1,004 1,000 3.58 14,140,497 - - 45.77% 50,601,600 509,905,454 (8.9)% 1.14 16.71 162.84 121.15Iran Kish Credit Card Co. 4.84% - Chadormalu Mining & Industrial Co. CHML 1,755 1,768 8.07 6,134,904 59.97% 6 Months 6.6% 49,517,325 77,206,168 6.12% 1.03 20.91 69.23 - 84.53Losers Change 1,766,271 Civil Pension Fund Investment Co. SAND 1,711 1,640 5.67 8,151,144 - - (19.43)% 46,197,000 70,645,483 10.53% 0.68 35.39 150.24 1,275,657 N/ARight.Iran Credit Investment Co. -7.87% 1,560,500 Omid Investment Management Co. OIMC 1,538 1,530 4.59 10,048,277 51.11% 6 Months (21.69)% 46,140,000 84,912,951 24.47% 0.65 24.12 28.75 163.84Right.Ghadir Khodro Leasing Co. -6.97% Mkt Cap (M.R.) Pardis Petrochemical Co. PRDZ 7,634 7,401 7.43 6,164,674 - - (26.8)% 45,804,000 60,341,330 (8.31)% 0.30 59.42 64.33 92.46Vehicle Axle Manufacturing Co. - VAMCO -4.85% 80,620,774 Khouzestan Steel Co. FKHZ 2,781 2,760 18.17 2,215,070 29.64% 3 Months 6.06% 40,246,632 76,257,302 66.05% 1.03 12.28 23.76 5,705,050 69.73Iran Tractor Foundry Co. -4.71% 8,149,440 Mines & Metals Development Investment Co. MADN 1,304 1,294 12.48 2,920,661 1.21% 3 Months (10.89)% 36,439,980 43,036,922 43.26% 1.82 13.27 83.52 5,139,000 62.34Luleh VA Mashinsazi Iran Co. - LMICO -4.64% 5,934,000 Fajr Petrochemical Co. BFJR 14,189 14,273 5.33 6,658,906 23.75% 3 Months 0.41% 35,472,500 53,290,919 31.41% 0.66 69.64 215.44 75.20Mkt Cap Mkt Cap (M.R.) Khorasan Steel Complex Co. FKAS 4,272 4,200 50.62 675,151 36.69% 3 Months 147.68% 34,176,000 44,721,527 5.97% -0.08 2.54 70.52 24.47Gainers Change 55,091,145 Tose-e Melli Group Investment Co. BANK 1,862 1,870 3.53 8,568,255 1.5% 3 Months (4.99)% 30,257,500 42,374,593 19.18% 0.84 28.05 58.89 82,160,640Islamic Republic Of Iran Shipping Lines Co. 0.99% 69,690,000 Karafarin Bank KRAF 3,106 3,110 8.30 3,180,694 9.38% 3 Months 23.78% 26,401,000 139,751,453 13.83% 0.19 17.60 51,576,300Iran Kish Credit Card Co. 4.84% 91,350,000 Eghtesad Novin Bank - EN Bank NOVN 2,267 2,281 7.28 3,522,824 14.03% 3 Months 68.2% 25,644,304 427,292,427 24.7% 0.68 12.70Iran Alloy Steel Co. 2.46% Mkt Cap (M.R.) Parsian Bank BPAR 1,063 1,050 8.86 2,851,200 - - 49.01% 25,256,880 642,437,673 (5.71)% 1.22 8.07Iran Tractor Manufacturing Co. 3.78% - Iran Transfo Corporation TRNS 16,217 16,225 21.96 1,107,947 3.66% 3 Months (2.04)% 24,325,500 33,947,747 115.4% 1.63 30.51 50,601,600Pars Oil Co. 2.86% 55,091,145 Iranian Investment Petrochemical Group - IIPG IPTR 1,198 1,195 9.91 2,417,659 N/A 3 Months 47.94% 23,960,000 43,315,850 (17.55)% 1.48 6.47 6,154,770Losers Change 12,660,550 Tabriz Oil Refining Co. PNTB 5,604 5,540 10.06 2,164,457 - - 305.76% 21,767,118 41,125,192 67.82% 0.87 2.76 1,726,474Saipa Co. -4.30% 15,622,072 Ansar Bank BANS 2,000 1,971 5.12 3,904,502 18.46% 3 Months 49.82% 20,000,000 242,565,669 5.48% 1.14 24.88Ghadir Investment Co. -2.41% - Kharg Petrochemical Co.Ltd PKHA 9,125 9,160 5.07 3,602,420 19.6% 3 Months (6.56)% 18,250,000 25,689,102 (10.18)% 0.23 48.77 5,941,969Bandar Abbas Oil Refining Co. -2.79% 55,440,000 Tamin Pharmaceutical Investment Co. - TPICO DTIP 6,204 6,230 5.49 3,279,804 7.1% 3 Months (3.01)% 17,991,600 19,831,608 61.89% 1.10 46.88Iran Khodro Co. - IKCO -3.41% Mkt Cap (M.R.) Iran Chemical Industries Investment Co. SSIN 3,841 3,780 5.06 3,517,048 40.26% 6 Months (3.22)% 17,779,943 21,654,113 30.71% 0.61 32.85Mobarakeh Steel Co. -1.06% 30,257,500 Behran Oil Co. NBEH 8,186 8,209 4.22 3,875,881 12.2% 3 Months 4.75% 16,372,000 30,661,540 7.16% 0.80 48.26 50,601,600Vol 13,522,320 Machine Sazi Arak Co. MARK 2,485 2,490 12.21 1,279,000 - - 151.66% 15,622,072 18,891,425 218.92% 1.18 19.88 16,372,000Leaders Volume 2,015,000 Behshahr Industrial Development Holding Corp. TSBE 1,935 1,914 7.73 1,757,598 6.92% 3 Months (2.07)% 13,585,639 14,940,031 53.91% 0.49 18.78 5,976,000Right.Chadormalu Mining & Industrial Co. 172,370,293 82,160,640 Shazand Petrochemical Co. PARK 2,683 2,675 4.17 3,242,834 14.42% 3 Months (5.7)% 13,522,320 25,550,246 3.5% 0.72 61.12 6,710,550Pasargad Bank 124,561,261 Middle East Bank BKHZ 2,620 2,673 7.60 1,723,866 24.15% 3 Months 27.85% 13,100,000 52,384,702 29.94% 0.72 25.03 232,000Saipa Co. 92,681,077 46,140,000 Saipa Investment Co. SSAP 1,186 1,170 19.80 639,556 8.52% 3 Months (13.89)% 12,660,550 13,810,631 127.55% 1.94 7.10Zamyad Co. 65,142,021 National Investment Co. Of Iran NIKI 1,766 1,751 - - - - N/A 12,362,000 16,583,892 29.97% 1.29 19.06Saipa Investment Co. 58,729,078 Bahman Group BHMN 2,392 2,375 7.05 1,720,000 0.9% 3 Months 3.2% 12,127,440 17,411,777 34.45% 2.17 14.77Iran Combine Manufacturing Co. 55,758,211 DarouPakhsh Holding Co. DARO 19,850 20,000 7.37 1,615,924 0.18% 3 Months 7.97% 11,910,000 12,346,470 71.24% 0.23 48.71Machine Sazi Arak Co. 44,492,908 Alborz Investment Group ALBZ 4,305 4,250 5.88 1,902,539 12.43% 3 Months 9.64% 11,193,431 13,364,912 35.17% 0.68 34.95Right.Shargh Cement Co. 28,404,302 Shiraz Petrochemical Co. PSHZ 2,040 2,034 26.21 396,994 46.86% 3 Months 79.22% 10,404,000 38,161,799 (34.91)% 0.30 9.07Iran Khodro Diesel Co. 22,352,367 Dr. ABIDI Pharmaceutical Laboratory ABDI 15,075 15,827 23.72 427,167 52.92% 6 Months 43.91% 10,130,400 12,652,607 611.73% 0.04 47.84Golgohar Mining & Industrial Co. 19,976,712 Fanavaran Petrochemical Co. PFAN 10,634 10,600 5.40 1,869,213 22.75% 3 Months 0.53% 10,102,300 15,450,260 (26.01)% 0.08 48.28PE Atye Damavand Investment Co. ATDM 3,329 3,278 7.94 1,257,129 0.86% 6 Months 29.35% 9,987,000 11,183,143 147.38% 1.22 23.74Lowest PE Pakshoo Industrial Group PASH 14,002 14,000 6.66 1,471,157 13.99% 3 Months 10.94% 9,801,400 13,517,105 51.82% 0.42 60.15Tose-e Melli Group Investment Co. 3.53 1. Based on predicted EPS. 2. Forecasted Operating Profit Compared with Actual Operating Profit in the last Fiscal Year. 3. Sum of the market value and debt. 4. Compound returns from Friday, October 16, 2015 to Sunday, October 16, 2016.Pasargad Bank 3.58 5. Beta is calculated using daily security's returns and daily market's returns(TSE & Farabourse) from Friday, October 16, 2015 to Sunday, October 16, 2016. 6. Based on the Actual Financial Statements. 7. Operating Cash Flow Divided by Operating Profit.Shazand Petrochemical Co. 4.17 Top Industries In TSEBehran Oil Co. 4.22 Chemicals & chemical products Basic metals Multidisciplinary industrial activitiesMa Insurance Co. 4.30 Other 4.4% FAIR 2.9% Other 1.6%Parsian Insurance Co. 4.41 Other 1.6%Ghadir Investment Co. 4.42 IPTR 4.0% Other Other 10.8% 5.6% BANK 14.8%Sepahan Oil Co. 4.52 FKHZ 14.5% FKAS 12.3% OIMC 22.5%Loabiran Co. 4.57 PRDZ 7.7% GDIR 40.1% PASN 13.0%Omid Investment Management Co. 4.59Top Industries In TSE PKLJ 43.6% MSMI 31.4% FOLD 32.9% Chemicals & chemical products PJMZ 13.6% Basic metals Multidisciplinary industrial activities SAND 22.6% Motor vehicles Refined petroleum products Motor vehicles Refined petroleum products Monetary intermediation Monetary intermediation Mining of metal ores Other 2.8% SEPP 3.8% Telecommunications Other 0.2% Pharmaceuticals Other 2.1% Electricity, gas, steam & hot water supply Other 8.1% KRAF 16.4% BANS 12.4% Other 20.5% PNTB 12.3% PNES 29.8% SIPA 30.8% RENA 4.8% BPAR 15.7% BPAS 31.4% PKOD 5.3% NOVN 15.9% PNBA 39.4% NBEH 9.3% BHMN Other 3.4% 6.8% IKCO 28.8%

IRANIAN ECONOMIC DAILYA www.financialtribune.com 9 OCTOBER 17, 2016 50 Top Farabourse Stocks Based on Market Value in 10/16/2016 Farabourse Index Closing Predicted Earnings Growth of Market Value Value of Quality of 828 Price Rials Company3 profit7 826 Name of Company Symbol Last Price P/E1 Coverage Operating Million Rials Million Rials Return4 Beta5 ̌ROE(%) 824Marun Petrochemical Co. Profit2 822 Million Rials Percent Period 132,478,687 820 PMRZ 29,247 29,217 6.54 17,879,821 18.02% 3 Months (19.79)% 116,988,000 5.95% 0.76 70.87 118.82 09:00Middle East Mines & Mineral Industrial Development Holding Co. KHMZ 2,004 2,000 14.88 3,200,000 N/A 3 Months 54.77% 47,615,040 63,481,564 (23.41)% 0.84 9.11 188.74 32Tehran Oil Refining Co. PTRZ 3,370 3,300 15.40 2,626,294 - - 18.11% 40,440,000 57,894,754 44.35% 2.39 17.41 95.41Hormozgan Steel Co. FOHZ 2,152 2,140 -152.86 -211,168 486.34% 3 Months N/A 32,280,000 48,454,017 101.12% 0.95 -16.62 N/A 10:00 11:00 12:00Damavand Power Generation Co. BDMZ 9,878 9,810 5.97 4,566,150 - - 13.82% 27,263,280 50,627,590 (10.2)% 0.84 51.24 43.83 822.3 -3.4 (-0.41%)Zagros Petrochemical Co. PZGZ 10,032 10,053 7.65 3,145,884 46.77% 3 Months (10.54)% 24,076,800 31,948,901 8.9% 0.72 37.76 210.68 Market SummaryEsfahan Steel Co. - ESCO ZOBZ 2,713 2,698 390.66 54,644 N/A 3 Months N/A 21,346,984 87,184,485 44.% 1.25 -38.51 N/A 1Shiraz Oil Refining Co. PRZZ 15,485 15,450 61.06 260,571 - - N/A 15,911,590 20,426,037 194.95% 2.13 20.25 N/A 49Lavan Oil Refining Co. PNLZ 12,272 12,260 99.59 140,895 N/A 3 Months 376.41% 14,032,070 25,741,321 73.16% 2.24 3.24 3149.88 Top 10 in Farabourse on Sunday, October 16, 2016Arfa Iron & Steel Co. ARFZ 3,705 3,650 575.28 19,288 N/A 3 Months 40,829.32% 11,095,975 20,600,104 215.88% 1.22 -56.43 72572.96MAPNA Assaluyeh Power Plant Co. BMAZ 12,968 13,050 6.32 1,493,153 20.3% 3 Months 3.33% 9,440,704 21,077,539 12.89% 1.37 132.33 27.43 PriceKhorasan Petrochemical Co. PSKZ 4,950 4,947 3.44 2,573,845 7.74% 3 Months 0.16% 8,860,064 11,744,629 3.05% 0.57 52.52 123.92 Gainers Change Mkt Cap (M.R.)Iranol Oil Co. NOLZ 7,306 7,300 3.99 1,829,477 16.97% 3 Months 22.14% 7,306,000 13,796,498 (12.53)% 1.14 39.30 131.97 Sarmayeh Bank 5.00% 4,876,000 2,274,000Kosar Finance & Credit Institution KOSZ 1,142 1,140 5.70 1,202,452 22.65% 3 Months 29.28% 6,852,000 171,074,986 0.16% 1.41 14.02 N/A Omid Goharan Investment Co. 4.79% 3,320,700 5,446,000Pasargad Insurance Co. BIPZ 3,243 3,250 9.45 700,175 16.89% 3 Months 119.11% 6,619,612 21,174,045 8.03% 0.15 27.49 580.01 Atieh Dade Pardaz 4.72% 2,806,720Iran Cultural Heritage & Tourism Investment Group Co. IMFZ 3,212 3,200 7.00 917,962 N/A 6 Months 71.78% 6,424,000 7,777,493 8.65% 1.52 61.86 N/A Tuka Rail Co. 4.61% Mkt Cap (M.R.)Omid Taban Hour Energy Management Co. HORZ 2,613 2,615 9.69 619,914 57.03% 6 Months (17.39)% 6,009,900 8,559,879 46.8% 0.92 19.65 38.72 Rail Pardaz Seir Co. 4.60% 1,645,200 644,840Kahnooj Mahtab Power Generation Co. KAHZ 9,482 9,402 6.20 967,476 - - 338.5% 6,002,106 16,017,224 1.96% 0.00 57.53 21.14 Losers Change 664,300 704,400Pasargad Oil Co. NPSZ 9,716 9,710 11.67 499,713 21.26% 3 Months (46.86)% 5,829,600 14,635,496 (24.65)% 0.65 27.14 180.15 Pardis Housing Investment Co. -4.36% 130,223Tuka Rail Co. TORZ 2,723 2,733 9.45 576,441 23.87% 3 Months 12.69% 5,446,000 7,757,429 56.77% 2.01 19.31 38.98 Alborz Bulk Pharmaceutical Co. -3.32% Mkt Cap (M.R.)Sarmayeh Bank IBKZ 1,219 1,219 8.62 565,911 - - 2.22% 4,876,000 162,748,554 2.09% 1.48 0.93 85.44 ChaharMahal Food Products & Sugar Co. -3.12% 14,032,070 5,446,000Hekmat Iranian Bank BHKZ 1,097 1,107 7.30 601,008 11.27% 3 Months 118.06% 4,388,000 36,974,775 1.36% 1.22 7.09 461.76 Goldasht Nemooneh Isfahan Co. -3.03% 4,876,000 6,852,000Kowsar Insurance Co. BKSZ 1,703 1,739 7.43 573,149 19.65% 3 Months 27.66% 4,257,500 15,491,788 17.12% 1.18 22.39 196.01 Ravan Fanavar Engineering Co. -3.02% 3,320,700Bahman Diesel Co. DZLZ 4,194 4,172 5.34 785,449 22.96% 3 Months (5.91)% 4,194,000 7,171,106 41.44% 1.42 38.51 35.62 Mkt Cap Mkt Cap (M.R.)Khazar Sea Shipping Lines Co. KHZZ 3,635 3,578 16.31 240,744 27.83% 3 Months 136.55% 3,925,800 4,443,930 0.83% 1.22 15.23 183.24 Gainers Change 40,440,000 21,346,984Sina Port & Maritime Co. SMBZ 22,842 22,685 10.18 374,807 29.04% 3 Months (31.4)% 3,814,614 6,796,491 (38.8)% 1.06 68.49 168.28 Lavan Oil Refining Co. 2.84% 47,615,040 116,988,000Pars Paper Industrial Group JPRZ 2,867 2,816 7.70 489,680 62.94% 9 Months 7.07% 3,771,814 4,372,163 91.13% 0.94 39.88 75.28 Tuka Rail Co. 4.61% 32,280,000System Group - SG SYSZ 4,815 4,781 8.79 410,629 17.93% 3 Months (16.56)% 3,611,250 4,376,189 47.64% 1.06 38.37 148.11 Sarmayeh Bank 5.00% Mkt Cap (M.R.)Iranian Reinsurance Co. ETKZ 1,671 1,666 6.40 524,835 52.42% 6 Months (1.12)% 3,360,130 4,348,325 13.88% 0.34 20.27 93.59 Kosar Finance & Credit Institution 3.35% 2,806,720 3,771,814Atieh Dade Pardaz APDZ 11,069 11,098 11.90 279,002 55.13% 6 Months 12.15% 3,320,700 3,757,888 203.26% 2.89 51.15 125.17 Atieh Dade Pardaz 4.72% 5,446,000 40,440,000Ghasem Iran Co. GASZ 5,415 5,349 15.28 212,646 1.8% 3 Months 27.67% 3,249,000 12,457,573 74.72% 1.56 26.97 N/A Losers Change 21,346,984 1,978,200Day Insurance Co. BMDZ 1,170 1,168 5.82 502,961 24.97% 3 Months 25.78% 2,925,000 7,244,680 5.79% 1.48 174.78 29.22 Tehran Oil Refining Co. -2.66% 4,388,000 6,009,900Rail Pardaz Seir Co. HRLZ 1,432 1,402 37.56 74,731 27.36% 3 Months 158.15% 2,806,720 3,522,857 33.47% 1.89 2.15 287.49 Esfahan Steel Co. - ESCO -2.69% 856,400 2,274,000Caspian Tamin Pharmaceutical Co. KSPZ 18,517 18,550 6.46 430,174 25.07% 3 Months 7.73% 2,777,550 4,478,061 62.31% 1.03 63.66 78.17 Middle East Mines & Mineral Industrial Develo -1.04% Mkt Cap (M.R.)Shahed Development & Cunstruction Co. OSHZ 1,761 1,725 8.34 274,365 5.07% 3 Months (5.44)% 2,289,300 2,942,064 52.35% 0.91 5.92 29.85 Marun Petrochemical Co. -0.30% 8,860,064Baghmisheh Urbanism Co. BGHZ 2,274 2,260 6.26 363,293 - - (6.21)% 2,274,000 3,153,337 27.66% 1.41 29.57 86.89 Hormozgan Steel Co. -0.83% 7,306,000 1,410,400Omid Goharan Investment Co. GOMZ 1,137 1,139 - - - - N/A 2,274,000 2,625,466 5.28% 1.51 -14.94 N/A Vol 1,645,200 1,457,100Kerman Development & Investment Co. KRMZ 9,992 9,900 139.84 14,298 - - (81.11)% 1,999,399 2,241,955 58.48% 1.90 32.16 99.19 Leaders Volume 4,194,000 872,000Tabas Parvadeh Coal Co. TBSZ 5,495 5,529 12.85 154,000 15.29% 3 Months 16.01% 1,978,200 2,304,677 107.6% 1.14 32.42 N/A Rail Pardaz Seir Co. 67,495,872 1,882,500 6,852,000Toliddarou Pharmaceutical Co. DTDZ 6,275 6,300 5.51 341,557 17.16% 3 Months 23.37% 1,882,500 3,086,270 53.83% 0.42 56.94 84.57 Pars Paper Industrial Group 15,714,384 2,925,000Parsian Railway Transport Development Co. - PODGC HPRZ 17,580 17,507 6.58 267,241 - - 67.91% 1,758,000 2,106,907 38.43% 0.33 68.15 101.02 Tuka Rail Co. 12,825,225Sobhan Investment Co. SOBZ 1,308 1,320 - - - - N/A 1,700,400 2,449,391 6.72% 0.95 16.33 29.83 Tehran Oil Refining Co. 11,705,861Sobhan Oncology Co. DSNZ 4,454 4,500 15.38 110,312 18.63% 3 Months 19.73% 1,696,974 3,034,009 61.86% 1.42 17.22 5.65 Esfahan Steel Co. - ESCO 9,390,411Pardis Housing Investment Co. MPRZ 2,742 2,760 4.78 344,187 - - 23.92% 1,645,200 4,095,698 9.17% 1.22 46.49 N/A Tabas Parvadeh Coal Co. 5,472,159Tehran Housing Investment Co. PMTZ 1,298 1,290 13.81 112,787 - - 78.54% 1,557,600 2,761,485 5.51% 0.99 5.38 50.52 Hekmat Iranian Bank 4,860,866Saman Insurance Co. BSMZ 2,500 2,500 12.19 126,726 50.61% 3 Months (26.58)% 1,545,000 7,696,469 177.19% 0.30 32.60 244.61 Omid Taban Hour Energy Management Co. 4,668,962Alborz Distribution Co. PKSH 3,238 3,279 4.84 301,162 23.88% 3 Months 55.% 1,457,100 11,828,866 (1.99)% 0.99 28.66 33.09 Iranian Investment Incorporation Co. - 3ICo 3,906,818Bahman Leasing Co. BHLZ 1,763 1,751 4.73 298,249 19.09% 3 Months 7.51% 1,410,400 2,432,915 (19.31)% 0.99 26.52 52.18 Omid Goharan Investment Co. 3,820,758Mihan Insurance Co. MIHZ 1,536 1,530 6.34 194,507 18.7% 3 Months 466.76% 1,233,288 4,512,136 74.28% 1.25 5.16 N/A PEAfranet Co. AFRZ 6,137 6,137 16.49 74,426 13.64% 3 Months 125.28% 1,227,400 1,939,296 74.49% 0.46 21.76 329.84 Lowest PE 1. Based on predicted EPS. 2. Forecasted Operating Profit Compared with Actual Operating Profit in the last Fiscal Year. 3. Sum of the market value and debt. 4. Compound returns from Friday, October 16, 2015 to Sunday, October 16, 2016. Khorasan Petrochemical Co. 3.44 5. Beta is calculated using daily security's returns and daily market's returns(TSE & Farabourse) from Friday, October 16, 2015 to Sunday, October 16, 2016. 6. Based on the Actual Financial Statements. 7. Operating Cash Flow Divided by Operating Profit. Iranol Oil Co. 3.99 Top Industries In Farabourse Bahman Leasing Co. 4.73 Chemicals & chemical products Basic metals Refined petroleum products Pardis Housing Investment Co. 4.78 TPSZ Other 1.0% Alborz Distribution Co. 4.84 0.2% SYNZ 0.3% KZIZ 0.7% Other 0.7% Bahman Diesel Co. 5.34 PSKZ ARFZ 9.7% NPSZ ASP Construction Co. 5.47 5.9% 7.0% PZGZ 16.0% NOLZ 8.8% PNLZ 16.8% Toliddarou Pharmaceutical Co. 5.51 ZOBZ 18.6% KHMZ 41.4% Kosar Finance & Credit Institution 5.70 PRZZ 19.1% Day Insurance Co. 5.82 Top Industries In Farabourse PMRZ 77.6% PTRZ 48.4% FOHZ 28.1% Electricity, gas, steam & hot water supply Insurance & pension funding Transportation & storage Chemicals & chemical products Basic metals KAHZ 12.3% HORZ 12.3% BMDZ 14.7% Refined petroleum products Other 6.2% Electricity, gas, steam & hot water supply BSMZ 7.8% SMBZ 21.5% Insurance & pension funding Transportation & storage BIPZ 33.2% TORZ 30.7% Monetary intermediation Real estate activities BMAZ 19.4% Pharmaceuticals Hotels & restaurants KHZZ 22.1% BDMZ 56.0% ETKZ 16.9% HRLZ 15.8% BKSZ 21.4% HPRZ 9.9%

10 www.financialtribune.com IRANIAN ECONOMIC DAILY OCTOBER 17, 2016 International Markets Roundup Iran Mercantile Exchange Trades - Oct 16DOW JONES IND S&P 500 NASDAQ FTSE 100 EURO STOXX 50 DAX CAC 40 NIKKEI 225 HANG SENG Oil and Petrochemical Trading Floor 17,576.96 2,047.60 4,850.69 6,209.09 2,936.54 9,718.47 4,323.88 15,751.13 20,440.81 Commodity Type Volume (Ton) Ask (Rial) Bid (Rial) Bitumen 6070 3,000 6,917 6,917 +0.22% +0.02% +0.02% +0.51% +1.69% +1.60% +1.49% +0.49% +0.88% Bitumen 6070 3,000 6,976 6,976 6:02PM EDT 5:57PM EDT 5:57PM EDT 4:48PM EDT 5:59PM EDT 5:59PM EDT 5:59PM EDT Closed: 10:00AM EDT Closed: 11:45AM EDT Bitumen MC250 1,000 11,000 11,000 Regional Indices Regional Indices Regional Indices Bitumen PG6410 500 7,350 7,350 Bitumen PG6416 2,000 7,576 7,576 Country Index Oct 16 Change(%) Country Index Oct 16 Change(%) Country Index Oct 16 Change(%) Bitumen PG6422 500 7,428 7,428Bahrain All Share Index 1,140.96 2,124.35 MICEX 1,966.39 -0.50Egypt EGX30 INDEX 8,432.41 -0.31 Jordan Amman SE 5,328.00 +0.43 Russia Bitumen PG7010 1,000 7,728 7,728 INDEX -0.35 -0.85 Kuwait Polystyrene 7240 600 53,345 37,751 KWSEIDXIraq ISX 568.94 +0.53 Oman MSM 30 5,651.070 -0.16 Saudi Arabia TADAWUL 5,632.69 -61.27 Polystyrene 1540 700 43,100 36,045 PVC S65 1,000 26,205 24,159India CNX NIFTY 8,583.40 +0.12 Pakistan KSE 100 41,464.31 +0.13 Turkey Bist 100 77,554.21 +0.97Crude Oil (Brent) Qatar -0.21 UAE DFMGI 4,315.62 -0.73 50.35 QE 10,367.74 35,871 39,860 44,084 PVC S65 2,992 26,171 24,159 - Gold (USD/t oz.) EUR-IRR GBP-IRR 51.95 Crude Oil (WTI) 1,250.50 USD-IRR Polypropylene Fiber RG1102XL 651 34,831 34,060 - - Polypropylene Fiber HP552R 1,386 35,712 34,060 Commodities Polypropylene Fiber C30S 2,024 36,037 34,060 Energy Base Metals (USD / Metric Ton) Oct 15 Agriculture Features Polypropylene RP340R 110 43,600 39,966 Commodity Units Price (USD) Change (%) Contract Time (ET) Aluminum 1,685.00 Commodity Units Price Change(%) Contract Time (ET) Heavy Lube Cut 10,000 6,003 6,003Crude Oil (WTI) USD/bbl. 50.35 -0.18 Nov 16 10:30 Aluminum Alloy 1,575.00 CornCrude Oil (Brent) USD/bbl. 51.95 -0.15 Dec 16 10:30 Copper 4,672.50 USD/bu. 354.25 +1.36 Dec 16 10:30 Light Lube Cut 5,000 6,160 6,160Gasoline USD/gal. 149.36 +0.80 Nov 16 10:30 Wheat USD/bu. 421.00 +1.20 Dec 16 10:30 Polybutadiene Rubber 1220 101 36,217 36,217 Oats USD/bu. 198.75 +1.53 Dec 16 10:30 Polyethylene HD CRP100N 440 43,390 41,467 USD/ -0.03 Nov 16 10:30 Lead 1,991.50 Soybeans USD/bu. 962.50 +0.65 Nov 16 10:30 Polyethylene HD HI0500 430 36,567 36,567 MMBtu -0.78 Nov 16 10:30 Tin 19,575.00Natural Gas 3.28 Soybean Meal USD/st. 300.60 -0.56 Dec 16 10:30 Polyethylene HD EX3 2,160 41,467 41,467Heating Oil USD/gal. 156.73 Soybean Oil USD/Ib. 34.38 +3.00 Dec 16 10:30 Polyethylene HD BL3 132 37,982 37,982Gasoil USD/MT 461.25 -0.97 Nov 16 10:30 Zinc 2,232.50 Cotton USD/lb. 70.57 +1.82 Dec 16 10:30 Polyethylene HD UA3840 200 41,831 38,029 Precious Metals (New York Spot Price) Bitumen Prices Molybdenum 15,500.00 Polyethylene LD 0209AA 3,014 39,999 39,714 Packing Price (USD) Term Steel Billet 325.00 Sulphuric Acid 20 2,990 2,990 Commodity Barrel 257 FOB Delivery NA SAAC 1,727.00 Commodity Date Time (EST) Bid (USD) Ask(USD) Change (%)Bitumen Bandar AbbasBitumen Bulk 206 FOB Bandar Abbas Gold Oct. 14 17:00 1,250.50 1,251.50 -0.58 Linear Alkylbenzene 600 37,045 37,045 Silver Oct. 14 17:00 17.38 17.48 -0.49 Argon 100 14,500 14,500 Platinum Oct. 14 17:00 933.00 938.00 -0.11 Styrene-butadiene Rubber 1502 20 39,502 39,502Bitumen Bulk 193 FOB Bandar-e-Emam Nickle 10,435.00 Palladium Oct. 14 17:00 645.00 650.00 +1.10 Styrene-butadiene Rubber 1712 160 36,707 36,707 Iran Equity Market Main Indices (Tehran Stock Exchange & Iran Fara Bourse Performance Over Last 30 Days) Monoethylene Glycol 1,078 20,607 20,607 TSE MAIN INDEX IFB MAIN INDEX TSE INDUSTRY INDEX TSE TOP 50 INDEX TSE TOP 30 INDEX TSE FREE FLOAT INDEX Diethylene Glycol 330 15,848 15,791 2-Ethylhexanol 176 23,461 23,461 Sep 16 - Oct 16 Sep 16 - Oct 16 Sep 16 - Oct 16 Sep 16 - Oct 16 Sep 16 - Oct 16 Sep 16 - Oct 1680,000 840 66,000 3,150 3,200 88,000 Urea 40 8,531 8,53178,000 820 65,000 3,100 3,15076,000 800 64,000 3,050 3,100 86,000 Granular Urea 440 8,293 8,29374,000 780 63,000 3,000 3,05072,000 760 62,000 2,950 3,000 84,000 Ammonia Liquid 80 12,346 12,34670,000 740 61,000 2,900 2,95068,000 720 60,000 2,850 2,900 82,000 Sulfur Lumps 500 3,184 2,895 59,000 2,800 2,850 58,000 2,750 2,800 80,000 57,000 2,700 78,000 76,000 Granulated Sulfur 200 3,058 3,058 Cement Prices in Iran - Oct 16 Sodium Carbonate Light 170 6,234 6,234 Abyek Cement Company Kordestan Cement Qeshm Cement Sufian Cement Sodium Carbonate Heavy 80 6,924 6,924 Product Type Price (USD) Product Type Price (USD) Product Type Price (USD) Product Type Price (USD) Crystal Melamine 265 39,212 39,212 2 1 2 - - Isobutanol 33 18,457 18,457 Bag - 42.09 Bag 2 45.84 Bag 5 36 Bag 2 Vacuum Bottom 4,000 7,463 6,785 Bulk 2 - Bulk 1 4202 Bulk 2 37 Bulk - 42.09Cement - Cement 2 36.94 Cement 5 3.0 Cement 2 - Vacuum Bottom 15,000 7,125 7,124 1 36.60 1 36.60 2 3.0 - 2 - 2 5 - 36.60 Monoethanolamine 154 28,857 28,857 - - - - - - 33 (FOB) - 30 (FOB) - 33 (FOB) - - Diethanolamine 110 30,707 30,595 - 33 (FOB) - 30 (FOB) - 34 (FOB) - - Bag - Bag - Bag - Bag - - Triethanolamine 22 34,855 34,855 Clinker Bulk - Bulk - BulkClinker Bulk - - Clinker - Clinker 39.39 Agricultural Trading FloorPozzolana Bag - 33.89 Type Volume (Ton) Ask (Rial) Bid (Rial) Bulk Commodity - Bag 37.69 Bag - Bag Corn 1000 7,430 7,430 Pozzolana Bulk 32.20 Bulk Pozzolana Bulk Pozzolana Corn 50 8,020 8,020 - - Rice 500 27,990 27,990 Sugar 2,300 23,000 23,000 Metal Prices in Local Market Esfahan Steel Company West Alborz Steel Complex Dorpad Steel Industrial Group Sugar 300 23,000 23,000 Price (IRR) Price (IRR) Price (IRR) Cottonseed 100 15,200 15,200 Product Change (%) Product Change (%) Product Change (%) Chickpea 380 13,600 13,600 Oct. 15 Oct. 16 Oct. 15 Oct. 16 0 Oct. 15 Oct. 16 0 0 0 Steel Ingot 3SP 125*125 13,500 13,500 0 0 Soybean Oil 60 31,000 31,000 0 0Steel Ingot 5SP, 3SP 120*120 13,500 13,500 0 Negotiable Ribbed Rebar Size 8 AII 15,700 15,700 0 Soybean Meal 10,000 15,100 15,100 0 Negotiable 0Cast Iron Ingots 22,000 22,000 0 Steel Ingot 5SP 125*125 13,500 13,500 Negotiable 0 Barley 35 8,050 8,050Steel Girder 70 CR 17,800 17,800 0 Negotiable 0 Canola 0 Steel Ingot 3SP 150*150 13,500 13,500 Negotiable Ribbed Rebar Size 10 AII 15,600 15,600 0 Negotiable Change (%) Negotiable Ribbed Rebar Size 12 AIII 15,250 15,250 300 14,500 14,500 0 Negotiable 0Steel Girder CK 45 18,500 18,500 0 Steel Ingot 5SP 150*150 13,500 13,500 Negotiable 0 Sunflower Oil 920 28,000 28,000Steel Girder CK 60 18,500 18,500 Negotiable - Change (%) Steel Ingot CK 45 Negotiable Negotiable Negotiable Ribbed Rebar A3 Size 14 15,250 15,250 0 Wheat 200 9,100 9,300 Negotiable 0 0 Steel Ingot 70 CR 2 Negotiable Negotiable Negotiable Ribbed Rebar A3 Size 16 15,250 15,250 0 Frozen Chicken 280 45,000 45,000 0 Negotiable 0Steel Girder CK 80 18,500 18,500 I-beam Size 14 Negotiable Negotiable Negotiable Ribbed Rebar A3 Size 18 15,250 15,250 0 Metals and Minerals Trading Floor Sadra Zob Change (%) - I-beam Size 16 Negotiable Negotiable Ribbed Rebar A3 Size 20 15,250 15,250 Commodity Type Volume (Ton) Ask (Rial) Bid (Rial) 0 Change (%)Steel Ingot 5SP, 3SP 120*120 13,500 13,500 +0/2 I-beam Size 18 Negotiable Negotiable Ribbed Rebar A3 Size 22 15,250 15,250 Rebar Basket 14-28 A3 110 13,100 13,100Steel Ingot 5SP, 3SP 100*100 13,500 13,500 - 0 Angle Size 8 Negotiable Negotiable Arian Steel Company - I-Beam 12 220 16,300 16,300 0 Khorasan Steel Complex Co 0 AngleSize 10 Negotiable Negotiable Change (%) Hot Rolled Sheet 45,080 16,707 16,707 0 0 Angle Size 12 Negotiable Negotiable Product Price (IRR) 0 Cold Rolled Sheet 47,860 20,200 20,200 0 0 Product Price (IRR) 0 Oct. 15 Oct. 16 - Galvanized Sheet 300 21,952 21,952 0 Oct. 15 Oct. 16 0 Angle Size 14 Negotiable Negotiable Steel Slab C 1,500 13,500 13,500 - - Angle Size 16 Negotiable Negotiable Angle Size 5-6 15,350 15,350 -Ribbed Rebar Size A3-14-28 16,790 16,790 - Angle Size 8-10-12 15,350 15,350 Bloom 5SP (150*150) 49,500 11,956 11,956Ribbed Rebar Size A3-10 15,700 15,700 Channel Size 8 Negotiable Negotiable Billet 7-6063 2,000 64,536 64,435 Prices include VAT Channel Size 10 Negotiable Negotiable Rebar 10-12 -- Alloy Ingot ALSI12 40 68,930 68,930 Alloy Ingot AS7GO3 60 67,177 67,177 Bonab Steel Industry Complex Channel Size 12 Negotiable Negotiable Ribbed Rebar Size A2- 10,12 14,950 14,950 Channel Size 14 Negotiable Negotiable Ribbed Rebar Size A3- 22,28 14,850 14,850 Alloy Ingot AS5U3GR 300 66,593 66,593 Product Price (IRR) Channel Size 16 Negotiable Negotiable Alloy Ingot LM2 20 67,104 67,104 Ingot 1000 P-99.75 600 58,649 57,755 Oct. 15 Oct. 16 Ribbed Rebar Size A3- 14 14,850 14,850 Copper Cathode 700 175,890 175,890 Kimia Steel Company I-beam Size 18 3,400,000 3,400,000Ribbed Rebar AII Size 8 15,750 15,750 Price (IRR)Ribbed Rebar AII Size 10 15,500 15,550 Product Change I-beam Size 20 4,300,000 4,300,000 Copper Wire 460 183,280 183,280 Oct. 15 Oct. 16 0 I-beam Size 22 -- -Ribbed Rebar AIII Size 12 15,300 15,300 Cast-iron Ingot 11,450 11,450 - Copper Wire 130 187,290 187,290 +0/5 Low Grade Copper 3,500 352 352Ribbed Rebar A3 - 14 15,300 15,300 Steel Ingot 5SP 100*100 Negotiable Negotiable +0/5 Kabir Panel Company -Ribbed Rebar A3 - 16 15,300 15,300 Steel Ingot 3SP 150*150 Negotiable Negotiable Product Price (IRR) Precious Metals Concentrate 3 3,120,737 3,120,737Ribbed Rebar A3 - 18 15,300 15,300 Steel Ingot 5SP 150*150 12,700 12,800 Oct. 15 Oct. 16 Molybdenum Sulfur 10 106,046 106,046 Steel Ingot 5SP 125*125 12,600 12,700 Ribbed Rebar Size 12 AII Negotiable Negotiable Molybdenum Sulfur 10 104,624 104,624Ribbed Rebar A3 - 20 15,300 15,300 Steel Ingot 3SP 125*125 Negotiable Negotiable Ribbed Rebar Size 32 AII Negotiable Negotiable Molybdenum Sulfur 10 103,668 103,668Ribbed Rebar A3 - 22 15,300 15,300 Molybdenum Sulfur 10 101,845 101,845 Zob Bris CompanyRibbed Rebar A3 - 25 15,300 15,300 Gem Steel Industries Company Molybdenum Sulfur 10 100,873 100,873Ribbed Rebar A3 - 28 15,300 15,300 Product Price (IRR) Change (%) Product Price (IRR) Metallurgical Coke 15-25 100 8,000 8,200 Oct. 15 Oct. 16 0 Oct. 15 Oct. 16 Metallurgical Coke 5-15 200 8,200 8,200 0 Steel Ingot 5SP 125*125Ribbed Rebar A3 - 32 15,300 15,300 Steel Ingot 5SP 100*100 13,100 13,100 0 Steel Ingot 3SP 125*125 Export Trading FloorI-beam Size 14 - - 0 Steel Ingot 3SP 100*100 13,100 13,100 12,900 12,900 Commodity Type Volume (Ton) Ask (US $) Bid (US $) Steel Ingot ck45 Bitumen 6070I-beam Size 16 -- Steel Ingot 5SP 125*125 13,100 13,100 - 13,100 13,100 Bitumen 6070 18,000 201 201I-beam Size 18 -- Steel Ingot 3SP 125*125 13,100 13,100 5,000 215 215I-beam Size 20 -- Customised Steel Ingot Negotiable Negotiable Negotiable Negotiable Bitumen 85100 2,000 250 250

LATEST NEWS Bioinformatics The Sixth Bioinformatics Conference of Iran will be held at the University of Tehran for problem solving. In the course of the event, professors, students and researchers Mobile Phones Confab in Dec. on December15-13. The event has been organized by Iran’s Bioinformatics Society will exchange ideas in this field, specifically about putting bioinformatics solutions and the biochemistry and biophysics research centers of the university, Mehr News to practical use. Bioinformatics is the application of computer technology to the Agency reported. Some of the main goals of the event are to disseminate the management of biological information. Computers are used to gather, store, analyze Model Price in Rials Free Market Price latest achievements in different areas of bioinformatics and to create a suitable and integrate biological and genetic information that can then be applied to gene- environment for the development of bioinformatics so that solutions can be derived based drug discovery and development. $880 $814 Apple $743 $743 11 6s Plus 128GB 32,000,000 $740 $729 OCTOBER 17, 2016 6s 128GB 29,600,000 $718 $715 6s Plus 64GB 27,000,000 $644 $638 6 Plus 128GB 27,000,000 $633 6s 64GB 26,900,000 $495 $371 IRANIAN ECONOMIC DAILY w w w . f i n a n c i a l t r i b u n e . c o m / sci&tech 6 Plus 64GB 26,500,000 $330 $289 6 128GB 26,090,000 $258IAU to Offer Game and Iran Computer and Video Games Foundation (ICG) been implemented to monitor the games entering the country. 6s Plus 16GB 26,000,000 $495Development Courses signed a memorandum of understanding to boost Iran’s game These measures have been ineffective and even games, $371 developing sector. 6 64GB 23,400,000 $330Iran’s Islamic Azad University is to offer undergraduate courses which were announced “illegal”, have been available in $289in game development, the university’s website announced. ICG’s website reported that the two national bodies have country’s gray gaming market. 6 Plus 16GB 23,200,000 $258 developed the new undergraduate courses in line with the IAU, which is the largest academic body of the country, latest directive of Iran’s High Council of Cyberspace about Hadi Jafari, an official with ICG, announced said the new SE 64GB 23,000,000 $330 game development. major will be offered as of this fall. $395 Samsung $358 In recent years, Iranian officials have kept an eye on the Gaming is vastly popular in Iran that has an estimated 20 $339 country’s expanding gaming sector and several schemes have million gamers who spend 14.6 billion hours annually, which V10 18,000,000 $283 makes the sector highly lucrative. $326 Nexus 5 32GB 13,500,000 $536 G4 32GB Dual SIM 12,000,000 $526 $418 Nexus 5 16GB 10,500,000 $385 $358 G3 16GB 9,370,000 $261 $261Sloppy Seven Stings LGSamsung Severely $548 V10 18,000,000 $529 $499 Nexus 5 32GB 13,500,000 $477 $220 G4 32GB Dual SIM 12,000,000 $127 Nexus 5 16GB 10,500,000 $523 $440 G3 16GB 9,370,000 $413 $385 HTC $633 One A9 12,000,000 $659 $640 One M9 Plus 14,350,000 $379 One M9 13,000,000 $523 $413 One ME 12,310,000 $303 One M8 Dual SIM - 16GB 10,289,900Although there have been no reports of the likely to explode. However, this was just of the companies, its representative said, One Max - 16GB 11,850,000Galaxy Note 7 igniting in Iran, Samsung has conjecture and not proof. “We do have several handsets in stock,recalled all the phones in the domestic market but please don’t buy it. Why would anyone Sony Note 7s Still for Sale want to buy the phone now is a mystery to This is not the end of the us.” Xperia Z5 Premium 19,500,000 story for the Galaxy Note 7 in Iran, as it seems The retailer, however, called us back to Xperia Z5 Premium Dual 19,120,000 there are a few offer “a 20,000-toman ($6) discount on the still knocking phone”, as if we were keen to see how it Xperia Z5 Dual 15,180,000 around and actually explodes from close.The recent disaster for Samsung S7, it may be only in the low thousands, Financial Tribune Xperia Z5 14,000,000 Electronics over its now according to estimates by mobile phone went to track This is part of the wider problem in discontinued Galaxy Note 7 has watchers. them down. the domestic market, as Samsung Xperia Z5 Compact 13,000,000 cost the company in excess of $5 Accordingbillion in recalls and the worst public relations The Note 7 was not officially sold in Iran, to a local price has no interest in taking the phones Xperia M5 9,500,000fiasco in its history. but like most other phones, it entered the comparison back from retailers who smuggled country via gray channels. And the company website, Xperia M5 Dual 9,500,000 Although there have been no reports didn’t take any chances and urged everyone Emalls.ir, it. Hence, the phones were aof the Note 7 igniting in Iran, Samsung has to give their phones back. several retailers dead-loss for the company. Nokia - Microsoftrecalled all the phones in the domestic listed Note 7 for There might be a moralmarket following the global recall of 2.5 At the time, Samsung Iran released the sale, as some of story in this, after the Lumia 950 XL Dual SIM 19,910,000million other phones. following press statement: “To secure the the shops had not government on several future interest of these customers in the yet removed the occasions urged local Lumia 950 XL 19,220,000 Financial Tribune contacted Samsung brand, Samsung has devised a scheme to item off their site. cellphone retailers not toIran whose representative said they have provide services to these customers and Upon calling the handle smuggled phones, Lumia 950 Dual SIM 18,150,000kept open the offer to exchange the phones refund their purchases in full.” companies, the for warranty and taxfor other Samsung Galaxy models, though majority said that reasons to name a few of Lumia 950 17,350,000it did not state whether the offer is open to Just as well, as it seems the next batch they have now the issues.dealers. of the phones shipped globally with new discontinued the What does this mean Lumia 650 8,000,000 batteries were also catching fire. sale and the phones for future commercial The company did not say how many were no longer in mishaps? Well, like Lumia 550 4,600,000phones were swapped but seeing as the One comment on a local Persian chat stock, though one still other industries, untilphone was not pushed like the Galaxy board suggested that the phones smuggled had them in store. foreign companies Huawei into Iran were coming from Taiwan and highly When Financial have a robust official Tribune contacted one representation in Iran Nexus P 19,000,000 and smuggling of mobile phones is truly Mate 8 16,000,000 choked, risks like this are likely to remain. P8 Max 15,000,000 Mate S 14,000,000 Blackberry Priv 23,000,000 Porsche Design P9983 23,950,000 Until foreign companies have a Porsche Design P9981 23,250,000 robust official representation in Iran and smuggling of mobile Passport 13,790,000phones is truly choked, risks like this arelikely to remain Xiaomi Mi Note 19,000,000 Mi Note Pro 14,999,000 Mi 4 11,000,000 Tablets & NetbooksSamsung is waving goodbye to its worst phone ever. Model Price in Rials Free Market Price Microsoft Surface Pro 4 i7 1TB 112,100,000 $3,084 Surface Pro 4 i7 512GB 75,000,000 $2,063Huawei Releases New York Police Opt for Windows Phone Surface Pro 4 i7 256GB 72,500,000 $1,994Nova Smartphone Surface Book i5 256GB 65,850,000 $1,812Buoyed by Samsung’s embarrassment with its GalaxyNote7, Huawei announced the Nova and Nova Plus will be Windows Phone, that not loved mobile operating system, community, according to NYPD, Digital Trends reported on Sonyreleased in China from October 16, and is bound to build now has thousands of US police officers looking at their October 15.on the popularity of its other high-end devices. handsets, thanks to a deal between Microsoft and NYPD. VAIO Tap 11 41,090,000 $1,130 The NYPD has already seen tangible benefits of using The Nova is a 5-inch phone with a 1080-pixel screen The department began handing out it first smartphones the phones. In one case, a fare-beating passenger who ran VAIO Tap 11 +KB 28,000,000 $770that shares design similarities to the Nexus 6P also made to the city’s 36,000 police officers in April 2015 and finished out of a taxi likely would have gotten away if the respondingby Huawei last year. So if you call the Nova a 5” Nexus 6P, equipping the entire force earlier this year. Now, new officers didn’t have their phones on them. VAIO Tap 11 128GB +KB 24,000,000 $660you are not entirely wrong, Gizmo China reported. officers at the New York City Police Academy in College Point, Queens, get phones along with their guns and The apps on offer to officers include the “911”, Search Xperia Z4 Tablet LTE 23,490,000 $646 The phone weighs 146 grams and comes in at 7.1 mm badges. app (internal) and Crime Information Center, Messagingthick even with an 89% metal body. (internal), Case Management System, Forms and an Samsung Officers are able to respond to 911 calls faster, solve information portal, which have all helped increase response It comes in two variants: a 3GB RAM+32GB ROM crimes more efficiently and create stronger ties to their times by 12%, according to the police force. Galaxy View 32GB 22,450,000 $618version and a 4GB RAM+64GB ROM version. Bothversions use Qualcomm’s eight-core snapdragon 625 Galaxy Note3 20,990,000 $577processor. Unlike the Nexus, the Nova has a SD card slotfor storage expansion. Huawei has put a 12MP sensor on Samsung Galaxy Note Pro 19,850,000 $546the rear of the phone and an 8-megapixel camera up frontfor selfies and video calls. AppleThe Huawei Nova is likely to grab much of the market iPad Pro 4G 128GB + KB 50,900,000 $1,400interest in Iran. Robot Demand Increasing in Asia iPad Pro 4G + Stylus 43,490,000 $1,196 Huawei says the rear camera is pretty fast, locking onto an object in 0.2 seconds. iPad Pro WiFi Tablet 128GB 32,700,000 $900 The device has dual SIM slots that both support Demand for service robots is expected to accelerate in Robots for professional and for personal and domestic Wearables4G networks. It comes with Huawei’s EMUI 4.1 based the next three years as robots, which are already used to use are seen as accounting for roughly equal shares of theon Android 6.0 Marshmallow out of the box. There is perform tasks such as assisting medical surgery, milking service robotics market through 2019. Model Price in Rials Free Market Pricea fingerprint scanner under the hood and a 3020 mAh cows or moving objects around warehouses, become more Applebattery that supplies juice. popular for domestic and personal use. In the professional field, sales of medical robots rank $1,114 ahead of agricultural and then logistics applications. Watch Black Steel 38,450,000 $811 The price for the Huawei Nova starts at 2099 Yuan Global turnover of service robots, including robots $869($312/10 million rials) for the 3GB version and goes up to that can mow the lawn or clean high-rise windows, is Industrial robots have global sales worth an estimated $46 Watch Leather Deluxe 28,000,000 $3292399 Yuan ($356/12 million rials) for the 4GB version. forecast to increase to about $46 billion in 2016-19, billion. Watch Steel+Leather 30,000,000 compared with about $7 billion in 2015, the International $295 The phone isn’t yet listed by the local online sales Federation of Robotics said on Wednesday, Reuters The faster-growing personal and domestic market Watch Sport 11,350,000 $37stores, but its details are listed and is likely to make it to reported. is dominated by household robots such as vacuum Samsungstore via third party distributors in the next month or so. cleaners, lawn mowers and window cleaners. Demand for $460 Service robots, which perform tasks useful for humans entertainment robots, including toys and hobby systems, is Gear S2 Classic 3G 10,190,000 $462 and display high mobility, are distinguished from industrial also growing fast. robots used in automated manufacturing and normally kept Gear S2 Neo 1,289,000 $255 in cages on factory floors. Sales of humanoid robots as companions for everyday Motorola tasks have until now not been significant, after the first $120 Industrial robots, with global sales worth an estimated ones were shipped in 2004 to international laboratories and Moto360 Metal 15,900,000 $261 $46 billion—including software and systems—last year universities for research and development. Moto360 Rubber 15,950,000 $84 alone, are still a far bigger market, but growth driven by $182 Chinese demand is slowing. But about 8,000 are expected to be sold through Microsoft 2019, as companies such as Japan’s Honda, Kawada $411 “The demand for service robots is seeing a historic and Toyota develop them beyond the toy and leisure Band 8,800,000 $173 breakthrough,” IFR President Joe Gemma said in a stage. Sony statement. SmartBand Talk SWR30 4,140,000 “In addition to the already established business with Smart Watch Silver Metallic 9,000,000 professional service robots, the personal and domestic segment is increasingly dynamic.” SmartBand 2,900,000 Major players in service robotics include Intuitive Smart Watch 3 6,290,000 Surgical, iRobot Corporation and Google of the United Huawei States, China’s DJI and Germany’s Kuka. Several hundred startups are also active in the market. Watch 14,200,000 Talkband B2 5,990,000

LATEST NEWS Rundown There are 120,000 classrooms in the country which are in urgent need of Survey on The number of addicts in Iran is not less than 2.5 million and if recreational Schools renovation, said Morteza Raeesi, deputy minister of education. “Our main Addiction drug users are taken into account the figure will increase to 4 million, said concern is mud schools, half of which are located in Sistan -Baluchistan Ali Hashemi, chairman of the committee tasked with combating narcotics 12 Province,” Farda News quoted him as saying. Presently, there are 18,000 at the Expediency Council. The results of the new survey conducted jointly OCTOBER 17, 2016 classrooms in the province of which 6,000 are in dire need of repair. In the by the State Welfare Organization and Iran’s Drug Control Headquarters current school year (started September 24), more than 5,250 new classrooms will be published in the near future. It will provide more accurate data on were opened across the country, he said, adding that so far this year drug users in the country, ISNA reported. The last official figures released in (started March 20) the contribution by philanthropists to the organization has 2014 put the number of addicts at 1.5%-2% of the country’s population of reached a total of $240 million. 80 million.in brief www.financialtribune.com/people IRANIAN ECONOMIC DAILYRepatriation of Perceptible Change in Mortality ProfileAfghan Refugees Today, Ischemic heart disease (29.1%) remains the top killer whileAbout 400-500 illegal the second cause of mortality has changed to brain stroke (9.4%)Afghan immigrants areidentified across Iran by Data on deaths each year and their causes is one of the reported as 71.4 years in 2015. number one cause of death globally. An estimated 17.5 millionthe Law Enforcement most important means for assessing the effectiveness of a Currently, life expectancy in Iran is 80 people died from CVDs in 2012, representing 31% of all globalForces and returned to country’s health system. The figures help national authorities deaths.Afghanistan on a daily basis, to evaluate public health policy and focus on preventive for women and 76.5 for men. Accordingsaid Afghan Minister of measures. to the latest figures released by the Most cardiovascular diseases can be prevented by addressingRefugees and Repatriations Health Ministry, the figure is not behavioral risk factors such as tobacco use, unhealthy diet and obesity,Sayed Hussain Alimi Balkhi, Currently, the cause of death is recorded in a system developed by the the same in all the provinces. physical inactivity and harmful use of alcohol.on Sunday. “Also, an office of the deputy for research and technology at the Health Ministry. A The lowest life expectancyaverage of 5,000 Afghan comprehensive program for registration of deaths was established in 2002 was in Sistan-Baluchistan,refugees return home to improve district health networks’ record and certification of the causes of Kurdistan, Kohgiluyeh andfrom Pakistan every day mortality, the Persian language weekly ‘Salamat’ reported. Boyer Ahmad, Ilam and Southdue to hardships and the Khorasan provinces. Tehranliving pressures in that Over the last decades, the ranking order of the leading causes of and Gilan have the highest lifecountry,” he told IRNA in death has changed perceptibly. About two decades ago, Ischemic expectancy.Kabul. He said a session is heart disease and road injury, flu and pneumonia, low birth weight, andto be held at the UNHCR, stomach cancer were the five top leading causes of death in the country. Medical advances and improvedthe United Nations refugee living standards have contributed toagency, to address the Today, Ischemic heart disease (29.1%) remains the top killer while higher life expectancy. But in almost allplight of Afghan refugees the second cause of mortality has changed to brain stroke (9.4%). countries men die sooner than womenin Pakistan. “Among the Currently, cancer (8%) and road accidents (4.2%) are third and fourth because women tend to engage in fewerover seven million Afghan leading causes of death in Iran. risky behaviors that are bad for health than men, andimmigrants living in various because they are the bigger beneficiaries of the advancescountries across the world, A comparative study of the figures indicates that road injury has in healthcare and living conditions.six million are in Iran and dropped from the second to the fourth place; and cancer which wasn’tPakistan,” said Alimi Balkhi. among the five top causes of death has taken third place. Health Minister Seyed Hassan Ghazizadeh Hashemi says the reason Iranian women live five years longer than IranianCAPD Services Based on official figures, road deaths have dropped from more men is because “they are more loyal to their spouses and don’tto Extend than 27,000 in the year 2005 to 16,000 in 2015. But cancer (and indulge in risky behavior, and they take better care of their finances” consequently the deaths due to the disease) has increased from 47,000 which contributes to healthier living conditions.The Samen Pharmaceutical new registered cases in 2005 to 90,000 in 2015.Corporation, active in the According to a 2016 World Health Organization report, the lifefield of producing and Iran’s National Document in Prevention and Control of NCDs was expectancy at birth is 75.8, 75.5, 74.5, 70.5, and 66.4 in Turkey, Iran,importing dialysis devices, unveiled in 2015. The plan aims to reduce the number of premature deaths Saudi Arabia, Russia, and Afghanistan while the figure is 81, 81.2,is planning to extend its from NCDs by 25% by 2025 through nine voluntary global targets and 25 82.2, 82.4, and 83.7 in Germany, UK, Canada, France and Japan,Continuous Ambulatory indicators adopted by the World Health Assembly in May 2013. respectively.Peritoneal Dialysis (CAPD)services to cover 3,000 Life Expectancy The WHO also says cardiovascular diseases (CVDs) are thekidney patients across The average life expectancy at birth of the global population wasthe country by the end ofthe current Iranian year ACD Urged to Effectively Address Women’s Issuesin March 2017. “About1,600 kidney patients have Vice President for Women and Family Affairs SDG 5 envisages achieving gender equality and Sustainable Development Goals, and a specialized Akhtar said she would pursue the matter given theaccess to such services Shahindokht Molaverdi held talks with Shamshad empowering all women and girls. committee for implementing Goal 5 has been set up at role and significance of women and their needs in thenow, and we are planning Akhtar Detho, the executive secretary of the United the Vice Presidency. region and beyond.to provide more hospitals Nations Economic and Social Commission for Asia Taking stock of the Iranian government’s will towith the devices,” said and the Pacific (ESCAP), on the sidelines of the harness existing potential to realize the goals on its “The committee is set up to indigenize the “Not all women in the region come from the samecompany CEO Dr. Ebrahim 2nd Asia Cooperation Dialogue (ACD) Summit held agenda vis-à-vis women’s advancement, Molaverdi indicators in order to realize the targets set in Goal 5,” background and standards of living; while some inDinmohammadi, IRNA October 8-10 in Bangkok, Thailand. said the next five-year economic development plan Molaverdi noted. certain countries enjoy high social participation, somereported. CAPD is a type (2016-2021) presents “the perfect opportunity for the are totally marginalized in several countries,” the UNof dialysis that happens “ESCAP has immense capacity to address the Vice Presidency to determine its course of action.” SDG 5 envisages achieving gender equality and official noted.throughout the day, at common issues and challenges before women in empowering all women and girls.home or at work, while the region,” Molaverdi said during the meeting, IRNA Iran has established a national committee on the “The ACD and ESCAP can be used to boostthe person goes about reported. Assuring women’s rights through legal women’s participation in the social and economichis or her daily life. This frameworks, ending violence against women and process across the region.”type of dialysis can also The ACD, a continent-wide forum and the first of its girls, eradicating child marriage, ensuring equal paybe done while sleeping. kind in Asia, was inaugurated in June 2002 in Cha-Am, and political presence of women globally are some She recalled the ESCAP’s perseveranceDuring CAPD, a bag Thailand. It aims to incorporate every Asian country and of its targets. in compiling and presenting the ‘Beijing+20of dialysis fluid is drained build an Asian Community without duplicating existing Reports: Recommitting for Women and Girls’ tointo the peritoneal organizations or creating a bloc against others. Next Meeting in the UAE renew political will and commitment to supportcavity through a catheter Molaverdi expressed hope that the next meeting in women, stirring up public debate through socialand then drained out. A key principle is to consolidate Asian strengths the UAE in 2018 will focus on women in the region and mobilization and awareness-raising, strengthen“This method saves and fortify Asia’s competitiveness by maximizing the their role in sustainable development to make up for evidence-based knowledge, enhance resourcespatients time and gets diversity and rich resources evident in the continent. the oversight in the past two rounds. to achieve gender equality, and women’sthe job done without Some of the core values of the ACD are: positive “I hope that issues concerning women and family, empowerment.disrupting their everyday thinking; voluntarism; non-institutionalization; which have so far been conspicuous by their absencelife,” said Dinmohammadi. openness; respect for diversity; and the evolving in the agenda, will find a solid place in the third Akhtar expressed readiness to share information nature of the ACD process. session,” she said. and experience with Iran. She was invited by the vice35 Domestic president to visit Iran.Nano HealthProducts Latest WHO Warning:Iranian knowledge-based Efforts to Beat TB Fall Far Shortcompanies have so farmanaged to produce 35 Health authorities worldwide need to move much faster to prevent, causes AIDS.different nano health detect and treat a “deadly epidemic” of tuberculosis if they are to reduce The report noted that while global TB deaths have fallen by 22%products locally, said TB infections and deaths by 2030, the World Health Organization hasthe director of Human warned. between 2000 and 2015, the disease was still one of the top 10 causes ofResources Development death globally in 2015.Working Group at Iran In its annual report on tackling TB, a highly contagious lung diseaseNanotechnology Initiative which kills more people each year than HIV and malaria combined, the Greg Elder of the international medical charity Médecins SansCouncil (INIC) Saturday. WHO said Thursday that progress had been dismal and called for “bold Frontières (MSF) said the figures constituted “a shockingly bad report“Over 2,000 knowledge- political commitment and increased funding”. card”.based companies in Iranare active in the field of Without it, the world would continue to chase the epidemic rather than “Countries are failing to diagnose and treat millions of people with TB,”nano health products, and get on top of it, WHO said, Reuters reported. he said. “Governments need to get their heads out of the sand and realizemost of the products are that TB is not a disease consigned to the 1800s; we see and treat TB inmedication for various “The dismal progress in the TB response is a tragedy for the millions of our clinics every day, and it’s a deadly threat to all of us.”hard-to-treat diseases people suffering from this disease,” the director of the WHO’s TB program,such as cancer,” said Mario Raviglione, said in a statement. The WHO Director General Margaret Chan said: “There must be aSeyed Mehdi Rezayat, massive scale-up of efforts, or countries will continue to run behind thisMehr News Agency “To save more lives now, we must get newly recommended rapid deadly epidemic.”reported. The products tests, drugs and regimens to those who need them. Current actions andinclude a nano drug that investments fall far short of what is needed.” The report warned of a widening gap between the finances needed foris effective in treating TB care and prevention in poor and middle-income countries, and actualfatty liver disease as well There were an estimated 10.4 million new TB cases worldwide in funds available. Around $8.3 billion is needed for 2016 while there is aas SinaDoxosome, an 2015, the report found, with six countries accounting for 60% of those - shortfall of $2-billion.anticancer medication. first India, then Indonesia, China, Nigeria, Pakistan and South Africa.“Nearly 15,000 vials of About 84% of the TB funding available in low and middle-incomethis medication have In Iran, the incidence of TB was 22 per 100,000 people in 2014, countries in 2016 was domestic, but this was mostly accounted for by thebeen sold in the country according to World Bank figures. large and relatively wealthy BRICS countries - Brazil, Russia, India, Chinaand doctors are satisfied and South Africa.with its quality,” Rezayat Global Deathssaid. A second anti-cancer Some 1.8 million people globally died from TB last year, of whom 0.4 Global TB deaths fell by 22% during 2000-2015, but the disease was Other less wealthy countries rely heavily on international donornanodrug is expected million were co-infected with the human immunodeficiency virus (HIV) that still one of the top 10 causes of death in 2015 globally. financing, with more than 75% coming from The Global Fund to Fightto get permit from the AIDS, TB and Malaria.Health Ministry and enterthe domestic marketsthis year at prices muchlower than its foreignequivalents, he added.

IRANIAN ECONOMIC DAILY www.financialtribune.com 13 OCTOBER 17, 2016

LATEST NEWS Italy’s Biggest The approval of Italy’s biggest banking merger in almost a decade marks a first step in a process of by shareholders on Saturday, may be a one-off for now. Renzi has encouraged Italy’s weaker banks to Bank Merger consolidation urged by regulators, investors and Prime Minister Matteo Renzi. But plenty of obstacles combine to shore up their finances and pushed through measures to abolish restrictions on ownership remain to further deals among the country’s beleaguered lenders, Bloomberg reported. Politics, and voting rights, two longstanding hurdles to mergers. Yet further progress may be slow as Banca Monte Since 2007 tougher capital standards and a mountain of bad debt on Italian banks’ balance sheets mean the dei Paschi di Siena SpA, one of Italy’s largest lenders, fights for survival and Renzi’s own political future combination of cooperative lenders Banco Popolare SC and Banca Popolare di Milano Scarl, approved hangs on the outcome of a December referendum he called to overhaul Italy’s political system.in brief 14 www.financialtribune.com/worldeconomy IRANIAN ECONOMIC DAILY OCTOBER 17, 2016Saudi BankStress Mounts India Losing Up to “India loses around 4-5% of gross domestic Pennsylvania and the Curtis Road bridge in Michigan Zinc Association is organizing a two-day international $100b p.a. to Corrosion product annually on account of corrosion losses,” (US), Duggal said structures utilizing galvanized galvanizing conference in the national capital, whichSaudi Arabia has work Hindustan Zinc Ltd CEO Sunil Duggal told PTI. steel rebars have much longer life span than the will have speakers from JSW Steel, Tata Steel, Marutito do to ease pressure in India with a GDP of around $2 trillion loses as much conventional ones. and Essar, among others.the kingdom’s banking as $100 billion every year on account of corrosion, The West, ahead of India in terms of infrastructure,system, NDTV reported. which can be checked by using zinc to galvanize steel mandates use of zinc for galvanizing steel structures Galvanized rebar can withstand chloride concentration The meet will deliberate on the potential zincThe interest rate banks structures. in bridges, highways, public utilities, metro stations at least four-five times higher than the black steel rebar and and steel market, role of zinc in infrastructure andcharge one another for and airports, among others, to make them long-lasting remains passivated at lower pH levels, substantially slowing its application in emerging sectors like automobiles,loans rose by the most and robust, he added. the rate of corrosion, he noted. rail tracks as well as the galvanization of rebars tosince August on Sunday, strengthen structures, particularly in coastal areas.extending a trend that’s Citing examples of the Athens bridge in Duggal said HZL in association with Internationalslowing earnings andcorporate borrowing in Asia Can Endure Higher US Ratesthe world’s biggest oilexporter. The increase is The IMF describes the Asian region as the engine of the global economydefying the central bank,which has sought to ease 1the cash crunch by relaxing The more vulnerable emerging markets arelending limits, offering new outside Asia, including Brazil, Russia and Turkey,borrowing facilities and Park said.injecting funds into the While policymakers in Asia are unlikely to followfinancial system, including the Federal Reserve in raising rates, they would20 billion riyals ($5.3 billion) probably refrain from unleashing more stimulus,pledged Sept. 25. Economic Park said.growth is slowing, “The growth-supporting power of central banks willcurtailing bank deposits be more limited in Asia,” he said. “They would probablyjust as the government stay put rather than cut interest rates further.”increases borrowing tohelp plug a budget deficit Rapid Urbanization Emerging economies like China and India constitute a strong dynamo for global economic growth.that last year was the Many western economies continue to suffer fromwidest since 1991. slow growth—in stark contrast with Asia, where the engineering exports which is one of the largest The research, by professional services and Africa. Mexico City is the sole city from the western International Monetary Fund predicts overall growth industrial exports from the country. investment management company JLL, says 12 hemisphere, sitting at number 19.No Fuel Tax of more than 5% in 2016-17 and describes the of the fastest-growing retail cities are in Asia, withIncrease region as “the engine of the global economy.” China’s GDP growth is projected to be 6.6% in eight in China alone—another indication that global Overall, JLL lists London as the “most attractive”in Brazil Asia is urbanizing rapidly as economies 2016 before moderating to 6.2% in 2017, the IMF economic growth is increasingly driven by the Asia- city for retailers, with Hong Kong second and Paris develop and incomes rise, meaning that big global forecast in its newly-released World Economic Pacific region. third. Dubai, Singapore, Shanghai, Tokyo andBrazilian President Michel brands will increasingly look to Asia as a source of Outlook and Global Financial Stability Report. Beijing all make the top 10, with Bangkok, Taipei,Temer said the government consumers. World Bank research shows that nearly JLL lists Dubai as the world’s fastest-growing Seoul and Osaka in the top 20.has no plans to increase fuel 200 million people in the East Asia and Pacific Retail Hub retail destination, with Shanghai second and Beijingtaxes, a day after state-run region—excluding India and its heavily populated Asia is home to more than half the world’s most third. Places 9 to 13 are occupied by Bangkok, “The search for growth is escalating theoil company Petrobras neighbors such as Pakistan—moved from the dynamic retail hubs, according to new research Chengdu, Kuala Lumpur, Jakarta and Manila, penetration of international brands across theannounced a drop in fuel countryside to cities during the decade after 2000. that reinforces images of the region’s mall-strewn respectively. Only two European cities make the world’s most attractive retail cities, especially inprices, CNBC reported. Meanwhile, the IMF recently pointed out in the megacities. top 20—Moscow and Istanbul—with none from Asia,” said David Zoba, chairman of JLL’s GlobalFriday’s price cut by Petroleo World Economic Outlook that emerging economies Retail Leasing Board.Brasileiro SA marked a like China and India constitute a strong dynamosignificant shift following for global economic growth by registering a growthyears in which politically higher than world average.driven pricing cost the India with its extensive exports markets will becompany billions of dollars. the first to gain, especially since the early recoveryTemer’s comments may is likely to be concentrated in Asia, which accountsdispel market speculation for around half of India exports. In fact most recentthat the government would numbers on monthly imports show that imports hasseek to increase the CIDE finally picked up in Asian nations like China, Japan,fuel tax as a way to make up Korea, Singapore and Malaysia after a long hiatus.for lost revenue.” The CIDE, The other positive aspects revealed in theno,” he told reporters during September data is the 7% growth in India’san official visit to India.“There are no plans at this BRICS Bank to Lend $2.5b Next Year Dubai’s Slowing Economy Effects Credit Growthmoment for that.” The leaders of five of the world’s rising powers ended Kamath, 68, said there was plenty of room for Dubai’s economic slowdown following the Private sector credit growth slowed toGhana Issues a two-day summit Sunday with a pledge to speed new lenders like the NDB and the Chinese-led prolonged decline in oil prices, is exerting 6.9% year on year in August, down from 8.5%USD Bond global economic recovery as well as fight terrorism Asian Infrastructure Investment Bank, in addition to pressure on retail banking business in the in December 2015. Within the private sector, and extremism, forces that they said pose a threat to established institutions like the World Bank. country and the growth rates this year and next personal credit growth has decelerated to 5.5%The Ghana government regional and international peace and stability. are expected to reflect the current difficulties in year on year in August from 10.3% in Decemberhas successfully issued a “Infrastructure alone has needs globally of $1- the market. 2015.US dollar denominated The development bank set up by the BRICS group 1.5 trillion a year—all the multilateral banks putbond on the domestic of emerging economies will ramp up lending to $2.5 together can do maybe 15% of this,” said Kamath, “The slowing economy is a fact. It has “Demand for a number of retail products hasbond market, GhanaWeb billion next year after making its first loans to back green who ran India’s ICICI Bank Ltd from 1996 until impacted business growth of banks,” said been slackening during the last 9 months. Wereported. The 2-year bond projects, its president K.V. Kamath told Reuters. 2009. “The phrase I would like to use is cooperate AbdulAziz Al Ghurair, Chairman, UAE Banks expect the trend to continue for the next 6 to 12issued last Thursday was and work together, rather than compete. I don’t see Federation and CEO of Mashreq, Albawaba months. As we budget for next year, as an industry,highly subscribed to an The BRICS—Brazil, Russia, India, China and South competition as a key challenge in this context.” reported. most banks could be cautiously optimistic aboutamount of $94.64 million at Africa—agreed to create the New Development Bank in next year,” said Suvo Sarkar, senior executivea coupon rate of 6%, which July 2014 with initial authorized capital of $100 billion. China’s President Xi Jinping warned Sunday The latest UAE Central Bank data shows, total vice president and group head—Retail Banking &is consistent with the initial The lender was officially launched a year later. that the global economy remained in a precarious banking sector deposits fell for a third consecutive Wealth Management at Emirates National Bank ofprice range of between 5.5% condition as leaders of the BRICS group of nations month in August, by 0.5% month on month. Dubai.and 6.5%. On settlement, “The second year is scaling up, concentrating on tried to find ways to fire up growth in the troubled This resulted in the yearly rate of deposit growththis 2-year bond becomes people, getting all the skill-sets in,” said Kamath, a bloc, Livemint reported. moderating to 3.3% year on year, down from a recent Bankers say the last 18 months have beenone of the country’s lowest veteran Indian banker appointed as the first head of the high of 4.1% in May. one of the worst period for the UAE’s bankingyield bonds aside the Shanghai-based NDB. He was speaking on the fringes Speaking at the summit in Goa, Xi told his host sector in terms of non-payable loans and2017s which are currently of a weekend BRICS summit hosted in the Indian resort Narendra Modi and the leaders of Russia, Brazil and Data showed a marginal improvement in slowdown in business. “It has been very differenttrading at about 5.45% and of Goa by Prime Minister Narendra Modi. South Africa that the club of emerging powers had been credit growth in August. The July fall was largely from the impact of global financial impact on thematuring in less than a undermined by both domestic and international woes. attributed to seasonal factors such as the end of local banking sector.year. The offer, which was “The fact is that these countries, collectively, have Ramadan and Eid.open to resident investors for the last few years contributed to more than 50% of He said the long-term forecast for BRICS The recent troubles were largely localized andonly, attracted a total of incremental economic wealth that has been generated members was positive as he called for more However analysts say the slowdown in those who were impacted were largely banks’26 bids with a face value of globally,” said Kamath. “I don’t see that changing.” confidence-building measures. “The global economy economic activity continues to be reflected in a loyal customers for several years. It has been$99.64 million. is still going through a treacherous recovery,” Xi said. moderation in yearly credit growth. very stressful for both banks and customers. But The bank has already approved loans totaling things are settling down with the number of skips $900 million to green projects in each member “Because of the impact of both internal and Deleveraging in the small and medium-sized coming down. I think the worst is over,” Sarkar state. It has also started a renminbi-denominated external factors, BRICS countries have somewhat enterprises sector combined with job losses arising said. borrowing program, issuing a three billion yuan ($450 slowed down in economic growth and have faced a from restructurings have resulted in a year on year million) bond. number of new challenges in development,” he said. slowdown in credit growth. Narendra Modi (R) welcomes Xi Jinping The National Bank of Dubai

LATEST NEWS Hollande European countries must not rely only on policies of the central bank to foster growth, but also take their responsibilities, growth can’t restart,” he said. The French president said that Crashing Pound Best Thing Sees ECB also must do their part, French President Francois Hollande said late Saturday, Bloomberg European Union member states with a budget surplus must use it to help fuel economic for Britain Now Limits reported. “The impulse can’t come only from the European Central Bank,” Hollande said growth while those running a deficit still need to address their competitiveness issues as in a speech at a EuropaNova think-tank conference in Paris. The ECB ‘’is doing as much as well as their debts. For Hollande, Europe needs a common governance, a common Albert Edwards, Societe Generale’s notoriously bearish strategist it can, it’s doing what it has to do, it floods with liquidity, but if the states and Europe don’t budget for the eurozone as well as a common investment and borrowing capacity. has a rare bit of positive news for the citizens of Britain, and it is about the pound. IRANIAN ECONOMIC DAILY www.financialtribune.com/worldeconomy 15 Writing in his weekly Global Strategy note, Edwards— OCTOBER 17, 2016 who is renowned for making big, bearish calls on the state of the world—argues that the recent crash in the pound, whichGreece Lenders to said, Reuters reported. home, if at all. has seen Britain’s currency plumb new lows on an almostLaunch New Review Under a conservative-led government, Greece froze the The IMF has yet to decide if it will partake in Greece’s latest daily basis in recent weeks, will benefit the UK by stimulating inflation, something that virtually every single developed nation isGreece and its creditors start a fresh round of talks this week on mechanism of collective bargaining in 2012, cut minimum bailout program, concerned at Greece’s debt levels exceeding struggling to achieve right now, Business Insider reported.reforming its labor market, a tricky task for a leftist government wages and liberalized rules covering mass layoffs. 170% of output. It is however an unlikely ally in Greece’s call forsliding in opinion polls but needed if the recession-hit state can debt relief.ever win debt relief. Lenders, particularly the International Monetary Fund, want further liberalization of redundancy rules and to retain Prime Minister Alexis Tsipras has set the bar high. “I want to “We are optimistic the second review can be quickly the current minimum wage system which is set by law and be clear. This vague urging for us to ‘do our homework and thenwrapped up to move on with debt relief,” a government official not collective bargaining as the practice in other EU member we shall see’ cannot be accepted,” he said Thursday night. states. Although there is growing consensus among European It is an incendiary issue in a country where almost two in creditors and the IMF on the need for debt relief, its form and five are jobless, and many families make do with one earner at scope remains unclear.APEC Cognizant of TTIP, CETA Protesters The falling pound will benefit the UK by stimulating inflation.Structural Reforms March Across Europe He says: “From much of the commentary about sterling’sAPEC as a group “can help instill global European governments have plunge, especially as it now revisits the depths it briefly flirted withgrowth amid concerns of lower trade been called upon to hear the during the flash crash, you would think the UK is in crisis. It is not.volumes and weakening productivity,” said refusal of their people My own view is partly shaped by my worries about the deflationPeru’s Minister of Economy and Finance risk in the western economies.Alfredo Thorne, as he inaugurated the Thousands of people demonstrated in France, Spain andAPEC Finance Ministers’ Meeting on Poland against a EU-Canada free trade deal and a far more “The UK, like the eurozone and the US, has core CPI hoveringSaturday. ambitious agreement with the United States. close to 1% and is almost certainly just one decent recession Activists charge that the Canada deal will set a from experiencing Japanese-style outright deflation. In that Finance ministers of the Asia-Pacific dangerous precedent and open the way for a similar but far more context I see sterling’s plunge as the envy of the world. UsingEconomic Cooperation are meeting this sweeping pact with Washington, the Transatlantic Trade and a weak currency to devalue oneself out of deflation works byweek in Lima a week after they gathered in Investment Partnership, AFP reported. boosting wage inflation via an initial squeeze on spending powerWashington for the Annual Meetings of the through higher import prices.Boards of Governors of the International TTIP has already run into trouble, with the EU saying it will not beMonetary Fund and the World Bank Group, agreed before President Barack Obama leaves office in January, as “Domestic companies will also be able to raise prices asScoop reported. was initially planned. foreign competitors raise prices and who knows, maybe even interest rates could rise! I don’t call that bad news. I call that a They will continue their pursuit to “The European governments must today hear the refusal of their much-needed normalization.”develop financial inclusion policies, people,” said Attac, an international movement seeking alternativestools for disaster risk financing and stem in the globalization process, and one of the main organizers of the Germany Simple Principles of Economicsthe decline in productivity growth for an protest. Belgium Edwards’ argument is that a weakening pound is hardlyintegrated and resilient Asia-Pacific Canada revelatory. The fact that falling currencies make exports moreregion, Thorne said, according to APEC In France, about 1,200 people marched in Paris, according to the competitive and imports more expensive, driving inflation, is one ofpress release. police, but the organizers put the number at 5,000. There were also the more simple principles of economics, but Edwards’ assertion that protests in Lyon and Toulouse. there is any positive from the falling pound flies in the face of much He said that APEC should adapt policies that has been written about the pound in recent days.to increase trade and open up economies. Demonstrators also took to the streets across Germany on Edwards notes that he is backed by a handful ofThis includes opening services, removing Saturday to protest against the controversial TTIP agreement that commentators and economists, including Telegraph Internationaltrade barriers and increasing productivity. would create the world’s biggest free market of 850 million consumers. Business Editor Ambrose Evans-Pritchard, and former IMF deputy European director Ashoka Mody. “Brexit has fortuitously “We are all committed to structural There were seas of flags in both Berlin and Munich as people corrected this long-standing distortion in the British economy,”reforms,” stated Thorne who chaired the flocked to join the rallies despite the rain, carrying placards and banners Mody wrote in The Independent last Monday.meeting. “Despite our differences over representing everything from anti-globalization groups to political “It is desirable from every point of view. The idea that Britainwhich to prioritize–whether formalization of parties and unions. “People are not letting their mood be ruined” by the is in crisis or is on its knees before the exchange rate vigilantes isthe economy, taxes or budget reforms–we weather, said a spokeswoman for the organizers, Kathrin Ottovay. ludicrous,” Evans-Pritchard added in a column for The Telegraph.all have a common objective to strengthen Earlier on Friday, Bank of England Governor Mark Carney saidproductivity and competitiveness.” Roland Suess from anti-globalization group Attac had earlier said that the bank is prepared to tolerate inflation passing above its 2% the group expected 250,000 people to turn out in seven German cities target in the coming few years to prevent higher unemployment. “In this changing environment our to register their opposition to the TTIP, which the EU and US began “Our judgment in the summer was that we could have seeneconomies need to invest in new skills and negotiating in 2013. another 400,000-500,000 people unemployed over the course ofadapt the labor force to new challenges, the next few years. So we’re willing to tolerate a bit of overshoot inparticularly in terms of connectivity, Exporters are in favor of the deal as it promises lower tariffs, less inflation over the course of the next few years in order to avoid thatdigitalization and technology. We need to red tape and a wider base of consumers for their goods, but consumers situation, to cushion the blow,” he said at an event in Nottingham.steer our investment in that direction.” fear it would ride roughshod over the 28-nation bloc’s labor market and In the same note, Edwards argues that while the pound’s environmental standards, and lead to more outsourcing and job losses. annihilation in recent days is good news, there is a far more Ministers heard analyses of the current important story developing in the FX markets—the Chinese yuan.macroeconomic environment, the policy Around 1,000 also people marched in Poland’s Warsaw and a “We warned in June that “sterling will fall with or withoutresponses and the future perspectives of few hundreds in Krakow. “We don’t want TTIP, CETA,” they chanted. Brexit–but the renminbi decline matters more” and so it does. Thethe APEC sub-regions and their particular “Human souls first and profits later,” they shouted. Chinese have accelerated the renminbi devaluation, taking it toeconomies. Measured against the global six-year lows versus the US dollar. This is the key global story toeconomy, it was reported that the region as Several thousands marched in the Spanish capital Madrid. Many focus on, not the pound,” Edwards argues.a whole outpaces the rest of the world but shouted: “No to poverty, inequality and to TTIP.”trade is starting to slow. Renzi Pushes Corporate Threats of Derailment Tax Cut, Investments “We share the concerns about where the The EU-Canada pact has already run into trouble withfragile global economy is going and what we lawmakers in the small Belgian region of Wallonia on Friday voting Italian Prime Minister Matteo Renzi’s cabinet passed a budgetneed to do to address these challenges,” to block it.observed Thorne. The parliament vote in the French-speaking part of southern law that includes a corporate tax cut and measures to boost Belgium threatens to derail the long-delayed signing by Canadian “We need to be sure that these reforms Prime Minister Justin Trudeau of the pact, known as CETA, in investments in an effort to revive political support and economicfilter through to the population-at large,” he Brussels later this month.concluded. In order to be signed by Trudeau at the EU-Canada summit on France prospects ahead of a key constitutional referendum in early Oct 27, the deal must first be backed by all 28 EU member states at Ministers also announced the launch of a trade ministers’ meeting on Tuesday. Demonstrators across Europe shouted that they don’t want TTIP December.a collaboration action plan between APEC Paul Magnette, the leader of the region of Wallonia, said he and CETA.economies and the Global Infrastructure would “not give the full powers to the federal government” to back “Italy isn’t going well yet, but after two and a half years it’sHub, which will open opportunities to share the deal at an EU meeting Tuesday, where the 28 member states CETA was formally concluded in 2014 after five years of talks.knowledge platforms and to adopt the hub’s have to decide on full approval of the agreement. Except for a few sensitive agricultural products, CETA abolishes going a bit better than before,” Renzi told reporters in Rometools and resources. Wallonia, a francophone region of 3.5 million in the south of virtually all tariffs between Canada and the EU. Acquiescing to a Belgium, fears the deal with Canada will leave the farming and European demand, Canada has agreed to substantially open up its Saturday, after the cabinet approved the 2017 law that must This will contribute to the implementation industrial sectors too exposed to cheaper imports from Canada. public procurement to EU companies, which until now were basicallyof APEC’s Public-Private Partnership Environmental activists and trade unions have all warned such barred from such contracts. pass the Italian parliament by year-end. The tax cuts “are veryKnowledge Portal. This online repository international deals could worsen local standards for food, work and Its backers say the deal will boost trade in goods and servicesis a global pipeline of quality, bankable industry. between Europe and Canada by more than 20%, and total EU GDP important for small companies” and the money “isn’t going toinfrastructure projects. It will also help by about €12 billion ($13.4 billion) per year.disseminate best practices addressing “These accords use growth to put into question social and bankers, it’s going to small and medium businesses andcontracting, financing and funding. environmental norms to help benefit multinationals,” said French unionist Murielle Guilbert. artisans,” Bloomberg reported. Finally, ministers gave broad support tointernational tax cooperation initiatives to As he faces a Dec. 4make progress towards a more credible andeffective international tax system. referendum that could mark The next meeting of APEC finance the end of his government,ministers will be held in Quang Nam, DaNang, Vietnam in October 2017. Renzi needs to maintain the budget discipline requested by the European Commission while pushing through measures to restart economic growth. To do so, he set a deficit target of 2.3% of gross domestic Singapore Economy Shrinks 4% in 3Q product, lower than this year’s 2.4%, though higher than previous estimates.Singapore’s export-driven economy shrank the most in four the slowest pace since 2009. Singapore accounts for 70% of the global market for jack- It’s a compromise toyears in the third quarter, officials said, as manufacturing Analysts pointed to a 17.4% quarter-on-quarter slump in up rigs and is a major player in offshore support vessels forsharply contracted on weaker global demand. the oil and gas industry. appease the European Matteo Renzi manufacturing, which makes up about a fifth of the economy, Commission which will The city-state, which is regarded as a bellwether for for the disappointing data. The recent upswing in crude prices to around $50Asia’s other trade-reliant economies, has been hit hard by a barrel—after toying with 13-year lows below $30 in review the budget and wants Italy to control its deficit. Renzi saidthe slump in crude prices and sluggish world growth, which Demand for Singapore’s exports, which include oil February—is not enough “to trigger any significant upturn inhave hurt its key oil and gas services sector, AFP reported. drilling rigs, pharmaceuticals and semiconductors, has been exploration and development expenditure by the upstream the extra flexibility on deficit will cover spending related to migrant weakening as the global outlook deteriorates. oil and gas industry,” Biswas said. Its central bank, which uses the exchange rate rather flows and a recent earthquake in central Italy.than interest rates to keep prices stable, on Friday “The marine and offshore engineering sector is the Singapore’s services industry contracted 0.1% year-on-maintained its monetary policy of 0% appreciation in the weakest cluster of Singapore’s manufacturing sector,” Rajiv year and were down 1.9% from the previous quarter. The budget law includes, among other measures, a reductionexchange rate for the local currency. Biswas, chief Asia Pacific economist at IHS Global Insight, told AFP. Construction remained a bright spot in the economy, of corporate tax (IRES) to 24% from 27.5%, a boost to public The economy contracted 4.1% in the September quarter growing 2.5% year-on-year and 0.5% from the previousfrom the previous three months, according to preliminary “Oil and gas companies have sharply reduced expenditure quarter as the government ramped up spending. investment, increases to lower pensions, and extra money fordata released by the trade ministry. That compares to analyst on oil rigs and offshore support vessels,” he said.expectations for flat growth and comes after a 0.2% increase Singapore in August narrowed its full-year economic towns willing to host migrants. The government targets 1%in the previous three months. This month debt-laden Swiber Holdings, a Singapore- growth forecast to 1.0-2.0% from 1.0-3.0% as projected listed company that provides construction services for previously. economic growth next year. On an annual basis, growth came in at an anemic 0.6%, international oil and gas projects, was placed under judicial management as it implements a rescue plan. It grew 2% in 2015. On Thursday, the country’s central bank called on the government to pass budget-law measures aimed at ensuring that its growth targets for 2017 are viable. Italy’s debt, the second-biggest in the euro region as a percentage of GDP, fell to €2.22 trillion ($2.46 trillion) in August, after reaching a record high of €2.25 trillion the previous month.

Picture of the Day IRANIAN ECONOMIC DAILY Tomato harvest in full swing on October 15 in Neyshabour County, Khorasan Razavi Province of Iran (Photo: IRNA)License Holder:Donya-e-Eqtesad-e-Taban Co.Managing Director:Ali Reza BakhtiariEditor-in-Chief:Khosrow GhadiriEditorial Dept. (+98 21)42710103 (+98 21)42710102 editorial@financialtribune.comAdvertisement Dept. (+98 21) 87762370-1 (+98 21) 87762372 advertisement@financialtribune.comSubscription Dept. (+98 21) 42710442-3 (+98 21) 42710449 subscription@financialtribune.comWebsite: http://financialtribune.comAddress: No. 108 - Qaem Maqam Farahani St. TehranPrinted at: Iranchap Co.Noon: Evening: D a w n : Sunrise:11:49 17:44 4 : 50 6:14( t o d a y ) ( t o d a y ) (t o m o r r o w ) ( t o m o r r o w )www.financialtribune.com/artandcultureLondon, Arkansas Awards for Khaqani inOskouei’s ‘Starless Dreams’ the Eyes of KhaqaniThe globally-acclaimed documentary from Iran ‘Starless Dreams’ The obscure nature of Khaqani’s style renderswritten, directed and produced by Mehrdad Oskouei added two his work difficult for the average readermore awards to its collection of prizes. Author, essayist and researcher in to Encyclopedia Britannica. Statue of Khaqani at the park in Tabriz named after him. The movie was named the best documentary at the 60th literature Iraj Shahbazi, 43, will give His father was a carpenter and a MuslimBritish Film Institute (BFI) London Film Festival and 25th Hot two speeches this month on Persian Shirvan and his patron, Manouchehr’s son, East Azarbaijan Province, to write his divan.Springs Documentary Film Festival in Arkansas, Mehr News poet Khaqani (1121-1190). and his mother was of Nestorian Christian Akhsatan. The obscure nature of his style renders hisAgency reported. Shahbazi’s lectures are scheduled on origin. Brought up in poverty, he was fortunate work difficult for the average reader. He filled October 19 and 26 at the Cultural Center of to be educated by his learned uncle. As After the death of his son and wife in 1175, his poems with Christian imagery, one of the Competing in the documentary competition section of the Book City Institute, located on Ahmad Qasir a young man he composed lyrics under the Khaqani made another pilgrimage and then few Persian poets to have done so.London festival, October 5-16, Oskouei’s portrait of teenage Avenue in Tehran, according to bookcity.org. name of Haqaiqi (truth seeker). He then settled in the city of Tabriz, now capital of Iran’sinmates received the Grierson Award which recognizes The programs start at 4.30 pm and are open to gained entry into the court of the ruler ofoutstanding feature-length documentaries of integrity, originality, all enthusiasts. Shirvan (now in Azerbaijan Republic), Khaqantechnical excellence and cultural significance. Manouchehr, from whom he took his pen Titled ‘Khaqani in the Eyes of Khaqani,’ name, Khaqani. The jury described the film as “a thoughtful and complex they are aimed at offering an analysis andportrait of juvenile delinquent women at the extreme margins of understanding of the poet’s personality, based Mecca PilgrimageIranian society.” on the verses he has composed about his own Embittered by personal disputes and emotional and psychological conditions. court intrigues, he set out on a pilgrimage to The prize was presented by the UK documentarian Louise Mecca in 1156/57, after which he composedOsmond, who commented, “It is the story of young women in a Comments and remarks are not few about one of his greatest works, the Tuhfat al-juvenile detention center in Iran. By that description you would Khaqani, but one practical way to understand Iraqayn (Gift of the Two Iraqs). It consists ofimagine a dark film exploring a bleak world of broken young him better is to analyze his self-describing five parts and is essentially a description oflives. This film was the very opposite of that. It took us into a pieces. There are 319 short and long such the poet’s travels.world none of us knew anything about and showed us a place pieces in his collection ‘Divan-Khaqani’ that Returning to the court, Khaqani wasfull of humor, life and spirit. It is a film that stays with you for a help readers know him better. imprisoned for reasons that are notvery long time”. clear. His sufferings moved him to write His Life and Works a ‘Habsiyah’ (jail ballad), considered one of ‘Starless Dreams’ narrates the lives of a group of under The importance of Khaqani, whose full the finest of its kind.18-year-old girls taken into care for a variety of reasons name is Afzal al-Din Badil Ibrahim ibn Ali In 1171 he made another pilgrimage toranging from drug dealing and trafficking, to pick-pocketing and Khaqani Shirvani, rests mainly on his brilliant Mecca, after which he returned to the court ofmanslaughter. Though bored with their incarcerated life, they are, court poems, satires and epigrams, accordingnevertheless, scared about what might happen to them once theyare free. Majidi to Make Trehan, on his upcoming film, an Indian story that will be shot “I am always glad to visit India because its terrain and culture Next Film in India in Mumbai, Delhi, parts of Uttar Pradesh and Rajasthan and offers so much diversity and intrigue. This film has led me to American Award Kashmir, the Mumbai Mirror reported. explore locations through India which has ensured my discovery of Also competing in the 25th Hot Springs Documentary Internationally acclaimed Iranian filmmaker Majid Majidi was in India is a unique experience in itself,” Majidi told the Mirror.Film Festival (HSDFF) in Arkansas, October 7-16, the Mumbai, India, in March and August to prepare for his next film “It will take off towards the yearend or early 2017 and is adocumentary won the best international documentary initially titled ‘Floating Gardens’. signature Majidi film in its take on relationships and emotional Popular for narrating stories on human bonding andfeature award. quotient,” said Trehan who has a task on his hands given that at relationships, Majidi plans to delve into a relationship-based The HSDFF is the oldest non-fiction festival in North The Iranian writer, producer and director known in the world least 810 of the principal characters in this human drama will be story set against the Indian backdrop.America and an Academy-qualifying festival in the category of for films like ‘The Color of Paradise’, ‘Baran’, ‘The Song of played by Indian actors.documentary and short films. Sparrows’, ‘Muhammad: The Messenger of God’ and the Oscar Produced by the Indian production house Eye Candy Films, Prior to these two prizes, Oskoui’s documentary had won 11 nominated ‘Children of Heaven’ met his casting director, Honey “He is not starstruck, for him the characters are real and he the film will be made in English and Hindi.awards in national and international film festivals. has experimented with untrained talent in the past if he believes someone fits the part. We read the script together and I gave Majidi had told The Hollywood Reporter in a 2013 interview,Charity Photo Exhibit him my take,” Trehan added. “I have always wanted to shoot in India as I have always felt thatat Behnam Gallery both Iran and India have the same cultural sensibilities”.Veteran master of photography Nasrollah Kasraian is organizinga photo exhibition at Behnam Gallery run by the BehnamDaheshpour Charity Organization, a Tehran-based NGO thathelps cancer patients. The exhibition opens on Friday, October 21, and will featurea total of 80 analog or film photographs. Part of the exhibit’searnings will be donated to cover treatment expenses of cancerpatients and to procure medicines. New Translations of Allan Poe’s Stories, EssayA photo by Kasraian Five short stories and an essay written by published in 1838), ‘The Fall of the House that length, unity of effect and a logical Cover of ‘What’s Up With Mr. Poe?’ the famous American writer Edgar Allan of Usher’ (1839), ‘A Descent into the method are important considerations for “Since the event has a meaningful purpose, we will showcase Poe have been recently translated into Maelstrom’ (1841), ‘The Purloined Letter’ good writing.a collection of choice photos spanning several decades,” Tandis Persian. (1844) and ‘The Cask of Amontillado’visual art magazine (tandismag.com) quoted Kasraian as saying. (1846). While Poe never had financial success Titled ‘What’s Up With Mr. Poe?’, the in his lifetime, he has become one of The opening ceremony starts at 4 pm. The exhibit will book has been published in 116 pages by As the translator says in the America’s most enduring writers. Hisrun through October 28 daily from 10 am-7 pm, at the gallery the publisher Neyestan Book in Iran, Mehr introduction of the book, the stories are works are as compelling today as theylocated at No 13, Marmari Alley, Masjedi Alley, Jabbarian Street, News Agency reported. among Poe’s favorites and the ones he were more than a century ago. A bright,Lavasani Street. believed were his best works. imaginative thinker, Poe crafted stories Poe (1809-1849) was a writer, editor, and poems that still shock, surprise and Nasrollah Kasraian, 71, has been active in photography since and literary critic. He is best known for his ‘The Purloined Letter’ is considered move modern readers.1966. He travels around Iran taking pictures of landscapes and poetry and short stories, particularly his to be an early forerunner of the modernethnic groups to publish them in photo books. He has released tales of mystery and the macabre. He was detective story and ‘A Descent into the His works have been translated intoover 20 photo books, including Damavand, 1992; Persepolis, one of the country’s earliest practitioners Maelstrom’ has been labeled an early form different languages, including Persian1998; Isfahan, 1999; Nomads of Iran, 2001; and Our Homeland of the short story. Poe is generally of science fiction. such as ‘The Black Cat’ translated byin Iran, 2001. considered the inventor of the detective Mehdi Ghabrai, published by Markaz fiction genre and is further credited with The only essay in the book is ‘The Publication in 1997 and ‘Edgar Allan Poe’s contributing to the emerging genre of Philosophy of Composition’ which was Sort Stories’ translated by Ziba Ganji science fiction. written in 1846 by Poe and elucidates and Parisa Soleimanzadeh, published by a theory about how good writers write Negah Publication in 2013. The short stories include ‘Ligeia’ (first when they write well. He concludes