IFB Market Cap Shows 2267 Bcm of Gas Sizeable Growth ProducedProd Last Year The total market capitalization of Iran Fara Bourse, AnAn estiestimatedm 267 billion cubic meters the junior stock market for trading stocks, amounted to ofof naturalnatura gas was produced in the last 6,955 trillion rials ($43 billion) during the last fiscal year fiscscala year that ended in March, that ended on March 19. The figure shows 170% growth director of dispatching at over the course of one year, according to data on IBENA the National Iranian Gas website. 6 Company said. 3

USD 164,000 Rial EUR 178,000 Rial GBP 203,000 Rial AED 45,000 Rial JPY 150,000 Rial CNY 23,000 Rial Coin 65,030,000030,00,000000R RialRiialiaalal

Tehran Stocks Push Higher

After tagging higher a session earlier, the Tehran stock benchmark added more than 1% Sunday despite visible Timeline for Easing Business cautiousness among investors. The main gauge of Tehran Stock Exchange, TEDPIX, gained close to 6,500 points to finish trade at 573,903 points. TEDPIX has gained nearly 70,000 points since the beginning of the Persian New Year on March 20. Growth for the equal-weighted index was higher at 1.73%, Restrictions Outlined indicating that investors played safe vis-a-vis large-cap ran plans to scale back restrictive As per the plan, low-risk businesses are pools, sports centers or any place of gathering, taskforce’s session on Sunday. companies and preferred smaller listed firms. measures adopted to minimize exposure scheduled to resume activities starting April 11 will remain closed until further notice. “Businesses are to abide by health Worried about the future impact of coronavirus on financial to the novel coronavirus in business in all provinces, except Tehran that can follow “Economic activities and health protocols protocols set by the Health Ministry—the markets around the world, investors stood back waiting for outlets under its new initiative dubbed suit on April 18, President.ir reported. can be pursued alongside,” President main entity in charge of supervising the international markets to open on Monday, according to the I Smart Distancing. High-risk workplaces, including swimming Hassan Rouhani said during the coronavirus implementation of the protocols.” 2 analytical stock market website Donyaye Bourse. Mounting fears and panic over the fallout from the deadly virus on the global economy have rocked markets worldwide, with stock prices and bond yields plunging and economies in coma both in the rich and poor countries. 6 Update on Border Airlines’ Losses Cross $180m Crossings Amid Iranian airlines are estimated to have sustained 30,000 billion rials ($187 million) in losses by April 3, as coronavirus has halted Virus Outbreak flights within the country and abroad. Secretary of the Association of Iranian Airlines Maqsoud Asadi-Samani also said three airlines have grounded their entire fleet, Fars News Agency reported. “The number of air passengers reduced by 76% and flights by 90% during Norouz [Iranian New Year] holidays [March 20-April 3], according to the latest data released by Iran Airports Company,” he said. Hamid-Reza Seyyedi, an official with the company, said IAC revenues have declined by 80%, following the shutdown of domestic and foreign flights. 5 $3.2b Divestitures on the Table Government Embraces Downsizing in Earnest

The government in Tehran plans to divest the residue of its stakes in 18 companies, estimated at 520 trillion rials ($3.2 billion). According to a report by the Ministry of Economy, the divestitures are in line with efforts to help curb government intervention in the economy, the ministry’s news website shada. ir reported. Trade between Iran and Iraq is currently underway through the border crossings of Parvizkhan, Tamarchin and Bashmaq. Two main divestiture policies are on the table, namely selling Spokesman of the Islamic Republic of the outbreak of the new coronavirus has will remain closed for trade until April 15,” Latifi noted that trade between the two in cash to potential buyers and offering shares via exchange- Iran Customs Administration Rouhollah restricted the flow of goods through land he said. sides are currently underway through the traded funds. 6 Latifi has given the latest account of Iran’s borders. “The border crossings of Shalamcheh, border crossings of Parvizkhan, Tamarchin commercial exchanges through border “Iran’s border crossings with Iraq, except Chazzabeh, Mehran and Khosravi will stay and Bashmaq, Mehr News Agency French Healthcare Workers crossings with neighboring countries, as for those with the Iraqi Kurdistan Region, closed for commercial exchanges.” reported. 4 Weigh Life-or-Death Decisions

With those worst hit by the virus facing an agonizing death from asphyxia, palliative care specialists in France are struggling amid India Bans All drug shortages to give victims the most humane end possible. Trump: ‘Going to Be a Lot of Death’ in US Next Week From Coronavirus As the epidemic gathers pace, care teams in the badly hit east Exports of President Donald Trump told patients need to survive to the respiratory disease caused horrendous,” Trump said at the of the country have been sharing their experiences of how they Americans to brace for a big states, saying some governors by the coronavirus. More than White House. “We probably have made tough decisions on who should and should not be given ‘Game Changer’ spike in coronavirus fatalities in are asking for more machines than 306,000 people have tested never seen anything like these precious intensive care beds, France24 reported. the coming days, as the country they will need. positive in the US and over kind of numbers. Maybe during For some patients, such treatment may be both pointless and Virus Drug faces what he called the toughest “Fears of shortages have led 8,300 have died, according to the war, during a World War One cruel, argued Professor Olivier Guerin, who heads the French two weeks of the pandemic. to inflated requests,” Trump said a Reuters tally. White House or Two or something.” Gerontology and Geriatrics Society (SFGG). India put a total ban on exports of “There’s going to be a lot of of submissions his administration medical experts have forecast In the grimmest day yet for hydroxychloroquine, a malaria drug that “Making the choice of who should be resuscitated is what death,” Trump said at a briefing has received to dole out that between 100,000 to 240,000 the US state hit hardest by the intensive care teams do all the time,” he said. US President Donald Trump has touted with reporters, Reuters reported. equipment from the strategic Americans could be killed in the pandemic, coronavirus-related as a “game changer” in the fight against He pushed back on criticism national stockpile. pandemic, even if sweeping illnesses killed 630 people in the China’s Giant Computer Co. Covid-19. Exports of the drug and its that the federal government has The United States has the orders to stay home are followed. last 24 hours in New York state, formulations have been prohibited not done enough to get ventilators world’s highest number of known “We are coming up to a governor Andrew Cuomo said on Reports Production Record “without any exceptions” and with that many critically ill coronavirus cases of COVID-19, the flu-like time that is going to be very Saturday. immediate effect, India’s Directorate Despite COVID-19 General of Foreign Trade said in an April 4 order on its website. A total of 2.72 million units of computers were churned out in The trade regulator had last month March at LCFC (Hefei) Electronics Technology Co., Ltd, the restricted overseas shipments of the Lebanon Central Bank Eases Singapore Shuts Schools and largest PC R&D and manufacturing base of Chinese tech giant drug, allowing only limited exceptions Lenovo, helping LCFC earn a monthly revenue record of more such as on humanitarian grounds and Currency Withdrawals Closes Most Workplaces than 10 billion yuan (about $1.41 billion). for meeting prior commitments. On March 27, more than 124,500 units of computers rolled off The new ban reflects India’s rising Lebanon’s Central Bank on Friday said depositors with small Singapore’s Prime Minister Lee Hsien Loong on Friday the production line, registering a record high of daily output at the concern over the rapid spread of the dollar-denominated accounts would soon be able to withdraw - announced stricter social distancing measures in the city state, computer enterprise in east China’s Anhui Province, said LCFC, novel coronavirus, with incidents of and withdraw in local currency - money that has been trapped in and said the government is rethinking its advice that only those Xinhua reported. community spread emerging from the Lebanese banking system for almost half a year. who are ill need to wear masks. “We are catching up orders for nearly 3 million units of all types different parts of the country of 1.3 The cash will be disbursed at a market rate set daily on an Lee said the situation in Singapore is under control, but noted of computers and servers, which are about three times the amount billion people, Bloomberg reported. online platform. A senior banking source told Al Jazeera that the that the number of reported cases have increased from fewer in the same period of last year,” said Bai Peng, CEO of LCFC. It comes on a weekend when platform is expected to be ready within a week to 10 days, at than 10 a day to more than 50 new infections daily. The Southeast Electronic devices with a large display such as computers and Prime Minister Narendra Modi which point the new measures may go into effect. Asian country reported 65 new cases on Friday, taking its tally to tablets have become a hit amid the COVID-19 outbreak when more discussed the global supply chain for The decision was made public in a circular released by 1,114 with five deaths. people are housebound to help contain the spread of the virus. drugs and other medical supplies with Lebanon’s central bank. It will allow people with accounts “Looking at the trend, I am worried that unless we take further According to Bai, activities like attending video conferences, Trump, who has advocated the use containing $3,000 or less to withdraw their money in Lebanese steps, things will gradually get worse or another big cluster taking online courses and playing computer games have not of hydroxychloroquine as a potential pounds at the market rate, which is substantially higher than the may push things over the edge,” the prime minister said, CNBC only enriched stay-at-home life but also driven more orders of treatment for people with Covid-19. official rate. reported. computers and tablets that are essential tools of these activities.

DOW JONES IND S&P 500 NASDAQ FTSE 100 EURO STOXX 50 DAX CAC 40 NIKKEI HANG SENG DFMGI TEDPIX 21,052.53 2,488.65 7,373.08 5,415.50 2,662.99 9,525.77 4,154.58 17,820.19 23,236.11 1,722.87 573,903.2

-1.69% -1.51% -1.53% -1.18% -0.95% -0.47% -1.57% +0.01% -0.19% +0.12% +1.43% 12:08AM EDT 11:53AM EDT 12:08AM EDT 11:35AM EDT 11:50AM EDT 11:45AM EDT 11:52AM EDT 2:15AM EDT 4:10AM EDT 4:15AM EDT 16:44PM 34.11 28.34 1,645.70 14.48 1,452.00 4,863.50 Crude Oil (Brent) Crude Oil (WTI) Gold (USD/t oz.) Silver Aluminum Copper ------

Regional Indices

Country Index Apr 5 Change(%) Country Index Apr 5 Change(%) Country Index Apr 5 Change(%) Country Index Apr 5 Change(%) Country Index Apr 5 Change(%) Country Index Apr 5 Change(%) All Share Amman SE Bahrain 1,329.78 -0.86 Jordan 1,668.18 -0.44 Russia MICEX 2,580.64 +1.36 Qatar QE 8,230.41 -4.45 Iraq ISX 444.90 -0.89 Saudi Arabia TADAWUL 6,357.06 -2.98 Index INDEX EGX30 CNX Egypt 9,455.38 +0.32 Kuwait KWSEIDX 2,928.35 - 0.18 India 8,083.80 -2.06 Pakistan KSE 100 31,621.79 +2.73 Oman MSM 30 1,754.11 -2.38 Turkey Bist 100 95,605.22 +2.10 INDEX NIFTY (+98 21) 42710109 national@fintribune.com financialtribune.com/national

APRIL2 6, 2020 IRANIAN ECONOMIC DAILY in the business of coups, arming terrorists, fueling called "medical terrorism". Europe over the past decade". Pompeo Lambasted sectarian violence, supporting narcotics cartels, bullying "That's why he has a conscience so filled with guilt Iran’s ambassador to the United Nations also on governments & companies, spying on even US allies, that he resorts to such psychological projection," the Thursday reacted to Pompeo's accusation and said Over Terror Allegations flirting with dictators, butchers and terrorists, etc," Abbas Iranian spokesperson said. nobody will be duped by Washington's campaign of Iran’s Foreign Ministry spokesman lashed out at Mousavi said in a tweet on Saturday, Press TV reported. Mousavi's tweet came after Pompeo, US President disinformation against Tehran. US Secretary of State Mike Pompeo for accusing However, Mousavi added that the US secretary Donald Trump administration’s most notorious Iran “The US administration’s Iran-bashing is limitless,” "Iranian diplomats" of involvement in an alleged of state, who is a former CIA agent and also hawk, leveled the accusation in an earlier tweet, Majid Takht-Ravanchi tweeted, adding that despite "assassination" in Turkey last November. known as “secretary of hate”, and his masters calling Iranian diplomats “agents of terror” who "have Washington's efforts to spread disinformation about in brief "Undisputed fact: US ‘diplomats’ have long been have taken the "job" to a whole new level that is conducted multiple assassinations and bomb plots in Tehran, "No one is fooled." China Sends More Medical Supplies President Outlines Timeline for Easing Business Restrictions Two planeloads of coronavirus aid provided Rouhani said the by the Chinese government opening of businesses and people were shipped to Iran on Saturday. Iran’s does not mean ignoring Ambassador to China Mohammad Keshavarz- the stay-home principle, Zadeh announced in a post as those whose outdoor on his Twitter account on Saturday that the new presence is unnecessary consignments of Chinese should preferably medical supplies were going to be shipped to Tehran with continue to stay at two flights from Beijing that home night, Tasnim News Agency reported. The envoy said the 1 Chinese government and The government is planning to launch a public people have so far sent 28 awareness campaign to inform business owners, planeloads of aid shipment to employees and the general public of the Health Iran from the cities of Beijing, Ministry’s protocols. Shanghai and Guangzhou. Rouhani said, “The opening of businesses According to Keshavarz- does not mean we are ignoring the stay-home Zadeh, since the outbreak principle. Those whose outdoor presence is of coronavirus epidemic, unnecessary should preferably continue to stay China has provided Iran with at home.” more than 10 million masks, The Health Ministry announced its daily report on 500,000 COVID-19 diagnostic the progression of COVID-19, registering 2,483 new test kits, 300,000 surgery and confirmed cases in the past 24 hours, bringing the total isolation gowns, 2.2 million to 58,226. gloves, 350 ventilators, On Sunday, the death toll rose to 3,603, up by 151 500 prefabricated hospital from the previous day. Over 22,000 have recovered President Hassan Rouhani (C) chaired the coronavirus taskforce’s session on Sunday. rooms and a broad range while 4,057 are in critical condition. if they have tested positive for the infection. conditions take priority,” Rouhani said. universities will partially reopen for PhD students. of medicines and medical According to the ministry, Iran has carried out “Laboratories are obligated to inform the family The respiratory illness’s mortality rate increases The closure of religious sites will continue until equipment. The ambassador nearly 190,000 coronavirus tests. and the employer of the person diagnosed with the sharply among the elderly and for those with April 18. Further decisions about holy places will be noted that Jack Ma, Chinese infectious disease of their condition,” Rouhani added. preexisting conditions such as diabetes, heart disease announced at a later date. business magnate and co- Workplaces Notified of COVID-19 Patients Starting next Saturday, office working hours will and asthma. Iran’s Parliament, which ceased activity in the founder of Alibaba Group, The president expounded on precautionary be from 7 a.m. to 2 p.m. The scheme allows one- Under the plan, car trips are allowed within a early days of the outbreak, will officially convene on has donated 1 million masks measures that have been put in place in the Smart third of employees in each workplace to undertake province but the ban on travel to other provinces will Tuesday with the presence of lawmakers. to Iran. Distancing Initiative to ensure public safety, stressing teleworking. remain in place until April 18. The next meeting of the coronavirus taskforce is that personnel are required by law to notify employers “The elderly and those with underlying health Schools are also closed until April 18 but scheduled for April 12. Over 2 Tons of Opium Seized in Border Province Police forces in the southeastern province of Long-Awaited INSTEX Transaction Insufficient Plan to Build 6,000-Ton Destroyer Sistan-Baluchestan have The first transaction conducted under the European trade Iran’s Defense Ministry said the country received orders" to produce nuclear confiscated more than mechanism to bypass American sanctions is so small that its is planning to start the construction of a submarines. 2,000 kilograms of opium effect on Iranian economy is insignificant, a lawmaker said. 6,000-ton destroyer this year and that The rear admiral stressed that in a single operation, a "The meager financial transaction is hardly noticeable and it has the ability to produce nuclear- the production of nuclear-powered commander said. will soothe no pain," Jalil Rahimi was also quoted as saying by powered submarines. submarines does not go against Iran's Sistan-Baluchestan Police ICANA. Speaking in a recent interview with commitments to the 2015 nuclear deal. Commander General The financial mechanism known as INSTEX (Instrument Mehr News Agency, Rear Admiral Amir Rastegari also said Iran has fast- Mohammad Qanbari said in Support of Trade Exchanges) was launched by the three Rastegari, the head of Defense Ministry's attack craft that can sail at a speed of his forces seized the drugs European parties to the 2015 nuclear deal (France, Germany Marine Industries Organization, said the 130 kmph and is currently developing a on Friday night when and Britain) to keep the agreement alive months after the United destroyer will be a trimaran ship–a vessel craft with a speed of 170 kmph. smugglers were carrying States quit it and restored sanctions on Iran in 2018. consisting of multiple hulls–equipped with “We do not have high-speed craft the big haul to the city The barter system, which aims to facilitate legitimate trade “very special capabilities”. that can travel beyond 130 kmph and of Saravan, Tasnim News between Iran and the European Union by circumventing US Jalil Rahimi “This destroyer will extend the carry missiles and military radar systems Agency reported. He said sanctions, conducted its first transaction last week. Iran and called on the global community to stop observing them. capabilities of Iranian Navy for longer anywhere,” he said. the smugglers in two It involved the sale of €500,000 (£442,000) worth of Several countries, including China, also called on the operations in the seas with very special “The Americans have high-speed pick-up trucks began to medicine by a private company in Germany to a firm in Iran, US to lift any previous sanctions to ensure Iran receives defensive and offensive capabilities,” craft that can travel at a speed of about shoot at police forces on sources with knowledge of the deal told the Independent. timely humanitarian relief from the United Nations or other Rastegari said. The ship can “conduct 105 kmph.” a road linking Esfandak to "Now the first transaction is complete, INSTEX and organizations. operations for at least two months The rear admiral explained that the Saravan and began to flee, its Iranian counterpart STFI [the Special Trade and Finance Although food and medicine are apparently exempt from US without docking for supplies”, he added. development of the fast-attack craft was but police commandos Institute] will work on more transactions and enhance the sanctions, financial and banking restrictions have effectively Rastegari expressed hope that the a very “complex field”, which demanded forced them to stop the mechanism," the German Foreign Ministry said in a statement. impeded the import of such goods. construction of the vessel would start advanced designs that allow the craft vehicles by shooting at The export of humanitarian goods took place amid the Washington has set up a channel through Switzerland to this year. to travel at high speeds without rising them. The commander global spread of the new coronavirus, although the products are dispatch humanitarian goods to Iran. above the water level. said the smugglers left the unrelated to the disease, according to the diplomatic source. It also offered to help Iran fight the disease, but Iranian Nuclear Submarines Highlighting other ongoing projects drug-laden pick-up trucks Rahimi said the recent trade is nothing similar to what was leaders have rejected any help from the US, accusing it of Submarines are a vital asset in naval of the marine organization, Rastegari and fled to the mountains, expected of an independent financial channel agreed between potentially dispatching spies or exacerbating the illness. conflicts and their production involves noted that all Iranian ships under but the cops captured two Tehran and Europe. Rahimi said the small transaction of INSTEX was only state-of-the-art technology, Rastegari development will be equipped with point- of them and found 2,034 "Americans are intensifying the sanctions … the conducted under public pressure to remove the medical said, adding that Iran has the capability defense systems. kilograms of narcotics, independent trading channel needed to have offset those sanctions during the pandemic. to produce nuclear submarines. The rear admiral also underlined including opium and sanctions," he said. "This measure was taken to reduce public pressure so that “Thankfully, we have acquired such plans for the future production of the hashish, in the two vehicles. Iranian officials have declared that the US sanctions have Europeans can announce that they provide humanitarian help a knowhow and capability,” he said, “Pirouzan” hovercraft and a complete Police and security forces seriously hampered efforts to fight the COVID-19 pandemic in for these countries [affected by US sanctions]," he said. adding, however, that “we have not yet composite-body minesweeper. have been quite successful in ensuring security in the province, despite its long borders with Pakistan pressure' campaign undermine the country's ability “legitimate demand” for the end of US sanctions, seriously hampered its fight against the pandemic. and Afghanistan, harsh European Union Urged to effectively battle the virus without any international which violate the international law and UN Security Iran's Ambassador and Permanent Representative weather and vast desert support in the long run”, IRNA reported. Council Resolution 2231. to the UN Office in Geneva Esmaeil Baqaei Hamaneh areas. Iran, which has a to Oppose US Sanctions He pointed to the lack of medical equipment vital said on Friday US medical sanctions against the 900-kilometer common Amid Pandemic for fighting the pandemic in Iran and said a number of Need for Collective Action Islamic Republic constituted an "unprecedented border with Afghanistan, Iranian doctors and nurses, as well as ordinary people, Although many countries are grappling with the threat" to global public health, urging the international has been used as the main Iran's Ambassador in Brussels Gholamhossein have lost their lives since the coronavirus outbreak. coronavirus pandemic, it is not possible to get out community to react in earnest to Washington's conduit for smuggling Dehqani warned of the adverse consequences of The diplomat emphasized that international of this crisis except through collective measures, he restrictions. Afghan drugs to narcotics unilateral and illegal US sanctions on the country’s bodies have welcomed Iran's request to oppose the concluded. In a letter to Director General of World Health kingpins in Europe. Despite fight against the deadly new coronavirus, urging the inhumane US sanctions, while their relevant officials The United States has refused to lift sanctions on Organization Tedros Adhanom Ghebreyesus, high economic and human European Union to oppose Washington's restrictions. have said that continued economic sanctions infringe Iran and even tightened them several times in recent Hamaneh said the imposition of cruel and illegal costs, the Islamic Republic In a Saturday letter to Josep Borrell, the EU’s high the ordinary citizens' rights to meet their basic needs. weeks, making it almost impossible for the Islamic sanctions on Iran, which has resulted in the ordinary has been actively fighting representative for foreign affairs, Dehqani stressed Dehqani called on Borrell to bring the issue to Republic to access life-saving medications and Iranian people being denied access to medicine and drug-trafficking over the that “unilateral and illegal sanctions imposed by the the attention of EU foreign ministers so that they can medical equipment. medical equipment and services, clearly exemplifies a past decades. United States on Iran under the guise of its 'maximum also stand by the Iranian people and support their Iran says the unilateral US sanctions have crime against humanity. (+98 21) 42710112 energy@fintribune.com financialtribune.com/energy

IRANIAN ECONOMIC DAILY APRIL3 6, 2020 Iran Produced 267 bcm Brent Price of Gas in Last Fiscal Year

WTI Price

Natural Gas Price

Turkey buys a quarter of its 40 billion cubic meters of piped natural gas a year from Iran. NIGC’S daily output between As the mercury rises, (15 degrees Celsius on average) and Iranian technicians are capable of repairing the pipeline households consume less gas, natural gas delivery to power in less than a week, he said, adding that NIGC has informed March 20, 2020 and April 3, stations is back to normal. Turkish officials of its preparedness to help but has received no Gas consumption surpassed 620 million cubic meters response. 2020 stood at 725 million between January and February on average, when the The pipeline explosion reportedly happened on March 31 Trump Threatens Tariffs on Oil cubic meters, of which the temperature hovered around zero degrees Celsius. The cold and it was the tenth time inside Turkish territory, halting the flow Imports to Protect Energy Workers household sector, industries spell in some parts of the country forced NIGC to deliver 40 from the 40-inch pipeline. mcm/d, down 60% compared to March-December (2019) Local authorities said the blast hit a section of the pipeline Donald Trump says he would impose tariffs on crude imports if he and power stations used 347 period when the figure was 100 mcm/d. near the Gurbulak Border Crossing in the eastern province of has to protect US energy workers from the oil price crash that has “The (40 mcm/d) delivery has now reached 130 mcm, up Agri. been exacerbated by a war between Russia and Saudi Arabia mcm, 124 mcm and 134 200% compared to (Jan-Feb period) because households’ Turkey buys around a quarter of its annual 40 billion cubic over market share. mcm per day, respectively consumption has fallen to 450 mcm/d.” meters of piped natural gas from Iran, making its eastern “If I have to do tariffs on oil coming from outside or if I have According to NIGC, maximum gas production (if needed) neighbor the second biggest supplier after Russia. to do something to protect our ... tens of thousands of energy n estimated 267 billion cubic meters of natural gas can rise to 880 mcm/d, of which 630 mcm/d comes from South NIGC uses IGAT-9 with a length of 1,900 km to transfer gas workers and our great companies that produce all these jobs, was produced in the last fiscal year that ended in Pars Gas Field in the Persian Gulf and the rest (250 mcm/d) from Asalouyeh, Bushehr Province, to Bazargan district in the I will do whatever I have to do,” the beleaguered president March, director of dispatching at the National Iranian from the Iranian Central Oil Fields Company that has three northwestern province of West Azarbaijan that extends into eporters in a briefing about the coronavirus outbreak, Reuters Gas Company said. subsidiaries, namely West Oil and Gas Production Company, Turkish territory. reported. A East Oil and Gas Production Company and South Zagros Oil Iran is the second largest gas supplier to the country after Oil prices have dropped by about two-thirds this year as the “Of the total production, 215 bcm was used domestically and the balance (52 bcm) was exported to Iraq,Turkey and and Gas Production Company. Russia, delivering close to 9 billion cubic meters annually. pandemic crushes demand and as major producers Russia and Armenia and used in oilfields,” Mehdi Jamshidi Dana was NIGC signed a contract in 1996 to export up to 10 bcm of Saudi Arabia boost output in a war over market share. quoted as saying by the Oil Ministry’s news portal. Export Disruption gas a year to Turkey over 25 years. The United States in recent years has become the world’s Giving a breakdown on internal use, he Jamshidi Dana said Referring to exports to Turkey which has been disrupted Close to 20 million cubic meters of gas is exported to Iraq biggest oil producer, at times putting its exports in competition the household and commercial sectors accounted for the lion’s since March 31 due to a pipeline explosion, he noted, “As every day (costing $200 million per month). with Russia and members of the Organization of the Petroleum share at 112 bcm during the period. soon as Turkey’s Botas, the country’s gas importing company, Iran (34 trillion cubic meters) and Russia (32.6 tcm) hold Exporting Countries, or OPEC. Regarding power plants and industries, the two key setors repairs the pipeline (that has not yet started), exports will the largest proven gas reserves in the world, according to BP As oil prices drop, many heavily leveraged US energy used 61 bcm and 42 bcm of gas respectively in fiscal 2018-2019. resume.” Statistical Review of World Energy. companies face bankruptcies and workers are at risk of layoffs. “Exports to Iraq and Turkey was on track last fiscal.” After meeting with industry executives on Friday, Trump said he According to the official, the state-owned company’s daily Maximum gas production capacity has reached 880 was not considering tariffs at the moment, but it was a tool that output between March 20, 2020 and April 3, 2020 stood at 725 could be used “if we’re not treated fairly.” million cubic meters, of which the household sector, industries mcm/d, of which 630 mcm/d comes from South Two major industry groups, the American Petroleum Institute and power stations used 347 mcm, 124 mcm and 134 mcm Pars Gas Field in the Persian Gulf and the rest (250 and American Fuel & Petrochemical Manufacturers, told Trump in respectively per day. a letter on Wednesday that tariffs on oil imports would jeopardize Gas delivery to thermal power plants soared in the past 45 mcm/d) from the Iranian Central Oil Fields Company the domestic refining business as some plants depend on crude days -- from 40 mcm/d to 130 mcm/d. from abroad.

The Research Institute of Petroleum from the prime mover for an individual Industry signed a contract with Aran RIPI Signs Contract With Tehran Co. building’s heating, ventilation and air Norway Willing to Cut Oil Output Energy Systems Company in Tehran conditioning. Norway, Europe’s largest oil producer, effort we have a dialogue with key Saturday for commercializing micro-CHP Micro-CHP System to Micro-CHP is an extension of the idea has joined international discussions stakeholders, including other producing system parts, according to the Oil Ministry of cogeneration to the single/multi family on the challenging situation in oil countries.” news website Shana. Amplify Energy Efficiency home or small office building in the range markets and would be willing to “If a broad group of producers Micro combined heat and power of up to 50 kW. participate in production cuts as part of agree to cut production significantly, (micro-CHP) is a technology that indigenization of new technologies. technical training, repairs and Local generation has the potential a broad international effort, petroleum Norway will consider a unilateral cut, if generates heat and electricity RIPI operates in three sectors of maintenance. for higher efficiency than traditional grid- and energy minister, Tina Bru, said it supports our resource management simultaneously, from the same energy upstream and downstream petroleum The company has recently level generators because it is spared of Saturday. and our economy,” she said. source, in individual homes or buildings. industry, as well as energy and manufactured micro-CHP system parts. the 8-10% energy loss from transporting The announcement goes against Norway is the largest of the North The main output of a micro-CHP system environment. A micro-CHP system usually contains electricity over long distances. years of convention in which North Sea Sea oil producers, and has reversed is heat, with some electricity generation, Aran Energy Systems Company a small fuel cell or a heat engine as a In conventional power plants, mostly producer states have avoided attempts a decline in output with the launch of at a typical ratio of about 6:1 for domestic is active in producing energy-friendly prime mover used to rotate a generator, gas-fired, some energy is lost as waste to intervene directly in the market, S&P production from the Johan Sverdrup appliances. products and provides specialized which provides electric power, while heat, but in cogeneration, most of the Global reported. field last October. Founded in 1959 in Tehran, the services in the field of installation, simultaneously utilizing the waste heat thermal energy is put to efficient use. Norway produced 2.1 million bpd Johan Sverdrup is a heavier grade Research Institute of Petroleum Industry Small-scale electricity generation of oil in February, roughly between than conventional North Sea crude and is a research and development arm of is slowly replacing big fossil-fuel driven 2 and 3% of global production, and has found favor with Chinese refineries. the Oil Ministry. It is a major research plants, which currently are the world’s around two thirds of North Sea oil The UK, the second largest North Sea institute in Iran and is the largest of its kind single largest contributor to greenhouse production. producer, has output of around 1.1 in the Middle East. RIPI has become a gas emissions. The North Sea is home to the Dated million bpd. major technology provider for Iran’s key Cogeneration has risen dramatically in Brent benchmark, used in oil markets The Johan Sverdrup field is said petroleum industry. the past 15 years, but is often overlooked around the world. by Norway’s state-controlled Equinor RIPI is focused on creating in estimates of energy production. “Due to the COVID-19 pandemic, to have a low operating cost of below added value via production and As part of efforts to boost electricity the current situation in the oil market is $2 per barrel, but much North Sea oil commercialization of technology, with the generation through cleaner energy, small- challenging,” Bru said. production is at the upper end of the approach of carrying out research for the scale power plants can help protect the “The ministry is following the market scale in terms of production costs development of new technologies and Small-scale electricity generation is slowly replacing big fossil-fuel driven plants. environment. development closely. As part of this globally.

source told CNN on Saturday. Called by Saudi Arabia, coronavirus pandemic. Crude has crashed to 18- The United States, United Kingdom, Canada and referring to Saudi crown prince, Mohammed bin OPEC-Russia the meeting comes after US President Donald Trump year lows, crushing American oil companies and Mexico could be invited, according to reports. Salman (MbS). suggested that massive production cuts could be on energy stocks. Trump, who met on Friday at the White House US oil prices soared 25% — their biggest one- Meeting Delayed the way and Saudi Arabia called for an “urgent” effort to The meeting will be held via video conference with US oil executives, said he’s optimistic that day gain on record — on Thursday after Trump restore “balance” to the oil market. and will include oil producers from outside the Saudi Arabia and Russia will reach a deal to end tweeted that he hopes and expects Saudi Arabia OPEC and Russia have postponed a meeting set for Saudi Arabia and Russia have been locked in an OPEC+ alliance that includes Russia and a few their price war that erupted early last month. and Russia will slash output by between 10 million Monday to discuss supply cuts and ending a brutal epic price war since early March when the OPEC+ other countries, two senior sources at the OPEC “I think President Putin and the crown prince and 15 million barrels per day. Prices continued to price war. oil alliance cracked, flooding the oil market with secretariat told CNN Business. The final list of want something to happen badly,” Trump said, advance Friday, recovering some of the massive The meeting is now scheduled for April 9, an OPEC cheap crude just as demand craters because of the invitees has not yet been set, they said. according to a White House readout of the meeting, plunge seen over the past month. (+98 21) 42710110 economy@fintribune.com financialtribune.com/economy

APRIL4 6, 2020 IRANIAN ECONOMIC DAILY Oman’s Port Operation and Management “The first ship’s capacity is 1,000 tons,” an partial shutdown imposed by the coronavirus outbreak. Oman Launches New Company (Marafi) said in a post to its Twitter account executive source told WAF. Apart from the new direct line between Oman’s that the new line comes “in response to the market The source added that all shipments would have a capital and Iran, Asyad group—the parent company Shipping Line to Iran requirements of vegetables, fruits and foodstuff”. team to implement the Health Ministry’s requirements of Marafi—announced new direct lines between the Information obtained by WAF News shows Marafi to ensure the safety of imported goods. The handling northern Oman’s Sohar Port and Dammam Port in A new direct marine shipping line has been launched will start the shipping line with one ship and will add of products is fully automated. Saudi Arabia. And two direct routes between the between Sultan Qaboos Port in Muscat and Bandar another two by the holy month of Ramadan (which will Marafi invited—in its post—merchants to benefit from southern port of Salalah and ports of Abdullah and Abbas Port in Iran. begin by the end of April). this service to meet local demand following the country’s Jeddah in Saudi Arabia. in brief 146 Small-, Medium-Sized Mines Revived Last Year A total of 146 small- and Q4 Unemployment Drops to 10.6% medium-sized mines were revived in Iran in the last Men’s unemployment rate stood at Iranian year (ended March 19, 2020), according to 9.2% while the rate for women hovered the chairman of Iranian Mines & Mining Industries around 17.2% in Q4 Development & Renovation ran’s unemployment rate, the for less than 44 hours of service per week, Organization. Khodadad proportion of jobless population of stood at 10.4%, down 1.1% year-on-year Gharibpour added that ages 15 and above, stood at 10.6% and was higher for men and those living in the number of mines to be in the fourth quarter of the current rural areas. revived is expected to grow I Iranian year (Dec. 22, 2019-March 19), The Q4 underemployment rate for men in the new Iranian year indicating a 1.7% decline compared with and women stood at 11.5% and 4.9%, (started March 20), IMIDRO the same period of last year. respectively, while it was 8.9% for urban reported on its website. These numbers were calculated areas and 14.7% for rural areas. “Projects worth $2.3 billion between Feb. 1-14, before the outbreak Unemployment rate for university in the mining sector will of coronavirus, when the labor market was graduates stood at 15.6% in Q4, posting become operational in the in better shape, the latest report by the a 2% decrease YOY. Higher education current [Iranian] year,” he Statistical Center of Iran reads. unemployment rate for men stood at said. A total of 2,788,587 Iranians were 11.2% and that of women stuck around unemployed in Q4. Men’s unemployment 24.7%. Iran’s 1st Silicon stood at 9.2% while the rate for women The share of higher education Production Factory hovered around 17.2%. Over 1.97 million unemployment from the total unemployed in the Making men and 812,902 women of ages 15 and population was 39% in Q4, which indicates Chairman of Iranian Mines above were jobless in Q4. an increase of 1.4% year-on-year. and Mining Industries The unemployment rate was 11.4% The unemployment shares of male Development and for urban areas (2.23 million people) and and female graduates from the total Renovation Organization 8.5% for rural areas (554,330 people). unemployed population stood at 26.6% Khodadad Gharibpour and 69.1%, respectively, while the share of A total of 2,788,587 Iranians were unemployed in Q4 (ended March 19). and a private sector Labor Force Participation, Youth higher education unemployment from the consortium on March 16 Unemployment total unemployed population were 42.8% country’s labor force worked more than communications; financing, insurance, real areas and 45.9% or 2.75 million of the jobs signed a memorandum SCI put Q4 labor force participation in urban areas and 24% in rural areas 49 hours per week, indicating a 0.2% estate and business services; as well as in rural areas were in the agriculture sector. of understanding for the rate—the proportion of the population of during the period. decrease over the same period of last year. community, social, education, health and establishment of Iran’s first ages 15 and above that is economically Employment is defined as persons personal services. Provincial Survey silicon production factory. active either employed or looking for of working age engaged in any activity Sectoral Review The services sector employed 10.08 South Khorasan Province registered Investment in this project job—at 42.4% or 26.22 million people, to produce goods or provide services for The services sector employed 52.7% million men and 2.26 million women in the the lowest unemployment rate of 6% is estimated at 8.6 trillion registering a 1.1% decrease year-on-year. pay or profit, whether at work during the of the Iranian employed population (12.34 three-month period; over 6.39 million men among all Iranian provinces in Q4 while rials ($53.75 million) and its Men’s and women’s economic reference period or not at work due to a million), 1% more than the corresponding and 1.03 million women were working in Kurdestan Province registered the highest development is expected participation rates were 69.4% and 15.3% temporary absence from a job, or to period of last year, whereas industrial and the industrial sector and 3.03 million men unemployment rate of 20%. to take two years, IMIDRO respectively in the same period. working-time arrangement. agricultural sectors provided 31.7% and and 619,677 women were active in the Tehran Province, wherein lies the capital reported on its website. SCI reports that 21.49 million men and The Q4 employment rate was 37.8% 15.6% of jobs respectively. agriculture sector in Q4. city, registered an 8.8% unemployment rate. Once operational, Iran can 4.73 million women of ages 15 and above (23.43 million), down 0.4% compared Over 7.42 million were employed in Services sector accounted for 61.7% Twelve provinces, namely South Khorsan utilize the factory’s capacity were economically active in Q4, i.e., they with the same quarter of last Iranian year. the industrial sector, indicating a decrease or 10.75 million of all jobs in urban areas (6%), Markazi Province (6.9%), Ilam (7%), in aluminum industry and were either employed or looking for a job. Employment rates for men and women of 0.6% compared with the year before and 26.5% or 1.58 million of jobs in rural Fars (7.7%), Semnan (8.3%), Tehran (8.8%), solar panel production, The center provides two figures for the were 63% and 12.7%, respectively, which and 3.65 million worked in the agriculture areas. The industrial sector made up Khorasan Razavi (8.9%), Hamedan (9.3%), among others. The factory youth unemployment rate: the proportion constituted 19.51 million men and 3.92 sector, posting a 0.4% decline YOY. 33.1% or 5.78 million of the jobs in urban Mazandaran (9.3%), Zanjan (9.3%), East will create a considerable of the population between 15 and 24 years million women in Q4. The services sector consists of areas and comprised 27.5% or 1.64 million Azarbaijan (9.5%) and Qom (9.7%) registered number of jobs and open and those between 18 and 35 years. The employment rate was 36.9% or wholesale and retail trade; restaurants of employment in rural areas. This is while single-digit unemployment rates for people of new doors for private sector The youth unemployment rate of those 17.44 million in urban areas and 40.8% or and hotels; transport, storage and 5.2% or 904,420 of the total jobs in urban ages 15 and above in Q4. investments, the report between 15 and 24 years stood at 25.7% 5.98 million in rural areas. Hormozgan had the highest labor force added. Iran’s consumption in Q4, posting a 2.4% decrease while the The share of employment of university The job statistics were participation rate (49.9%) and Markazi of silicon in the aluminum unemployment rate of those between 18 graduates stood at 25.1% of the total Province had the lowest labor force industry currently stands at and 35 years stood at 17.8%, posting a employed population, wherein male calculated between Feb. participation rate (35.6%), whereas Tehran around 5,000 tons per year. decline of 1.6% YOY. and female graduate employment was 1-14, before the outbreak of registered a 41.7% participation rate in winter. China, the US, Norway, 21.4% and 43.7%, respectively. Graduate Hormozgan registered the highest France and Brazil are the Underemployment, Graduate employment rates in urban and rural coronavirus, when the labor market was employment rate of 44% while Sistan- world’s top producers of Unemployment, Employment areas stood at 31% and 8.1% of the total Baluchestan filed the lowest employment silicon. Underemployment, the condition in population of job-holders respectively. in better shape rate of 32.1% among all Iranian provinces. which people in a labor force are employed Q4 statistics show that 35.3% of the Tehran’s employment rate stood at 38%. Trade With Africa at $570m in 11 Months Iran’s commercial exchanges with African Wheat Guaranteed Purchase Prices Reformed Update on Iran’s Border states amounted to $570 million during the 11 months After a new round of negotiations, the wheat for 17,000 rials (around $0.10) per kilo Affiliated to the Agriculture Ministry, GTC to Feb. 19 to witness a government has reformed the prices of and had set this year’s guaranteed price at is the official government body in charge of Crossings Amid Virus 6% decline compared guaranteed wheat purchases, based on which 22,000 rials ($0.13). guaranteed wheat purchases. with the corresponding each kilo of common and durum wheat will be Every year, the government buys strategic Outbreak period of the year before, purchased at the rates of 25,000 rials ($0.15) crops, including wheat as well as beetroot, Wheat Production Drives Growth in according to the director and 26,000 rials ($0.16) respectively, showing a tea, barley, cotton boll and oilseeds, from local Grains Output 1 general of Trade Promotion 47% increase compared with last year. farmers at guaranteed prices to control prices Iran’s wheat production is forecast to reach The closures have been imposed by the Iraqi government. Organization of Iran’s Ataollah Hashemi, the head of the National in the domestic market and fill its strategic close to 15.36 million tons by the year 2028. The Iraq is the main destination of exports among Iran’s Arab-African Affairs Office. Wheat Farmers Foundation, says the reform reserves. figure shows an annual growth of 2.7% year-on- neighboring countries. Farzad Piltan added that came after holding sessions in which the Wheat harvest has commenced in the south year from 2019 when production stood at 13.57 Giving more details on Iran’s commercial exchanges with the exports saw a 22% growth in message of farmers’ dissatisfaction with this of the country where the weather is warm and million tons, according to a joint report released neighbors and border trade, he said currently trade with Pakistan, tonnage, ILNA reported. year’s wheat prices was conveyed to related dry. A ceremony was held in Bushehr Province’s by the Food and Agricultural Organization Kuwait and the UAE have been suspended while there is limited Iran’s main exports to government administrations and officials. Dayyer County on Saturday to celebrate what is of the United Nations and the Organization for trade with Armenia. Africa include liquified gas, “Fortunately, our efforts paid off and prices estimated to be a bountiful yield. Economic Cooperation and Development. Trade with Turkey is underway via the rail border of Razi in iron and steel products, were raised on par with the annual inflation Esmaeil Esfandiarpour, the official in charge Based on the report, Iran’s grain production West Azarbaijan Province, while trade with Afghanistan is carried cement, floorings, Vaseline, rates,” Mehr News Agency quoted him as of the “Wheat Project”—the government will experience an annual growth of 2.4% from out through the border crossings of Dogharoun, Mahiroud and urea, raisins, paraffin, saying. program to purchase the crop from farmers at 2019-28. This increase is mostly indebted to Milak. engine oil, bitumen, biscuits Hashemi noted that this year’s wheat a guaranteed price—who was present at the the rise in wheat production. The staple grain is Latifi said commercial exchanges with Russia are presently and chemicals. The main production will hit 14 million tons that is event, said that yields are going to be high due projected to account for 70% of Iran’s total grain carried out via northern sea ports as well as road and rail routes commodities imported into sufficient to meet the entire domestic demand. to high levels of precipitation this year. production by the end of 2018. passing through Azerbaijan. Iran from Africa are cacao “There was no decrease in wheat production “Harvest will last for four and a half months. Wheat consumption is expected to increase Iran-Azerbaijan trade is currently being carried out via road, bean, sunflower oil, palm last year either, but due to low guaranteed It begins here in the south and later in provinces by 8% over the next decade to reach 15.95 million rail and sea ports of Amirabad, Anzali, Astara, Caspian and oil, tea, phosphate, sesame prices, farmers refrained from selling their with milder and colder weather in the center and tons in 2028 from the 14.77 million tons of 2019. Noshahr. seed, tobacco, fruits and harvest to the government,” he added. northern regions of the country,” he said. Imports of the grain are expected to increase Bilateral trade with Turkmenistan is also underway via legume. Iran’s main export In February, Hashemi said that if the The official added that the government aims from 1.07 million tons in 2019 to 656,160 tons in Sarakhs Border Terminal in the northeastern Khorasan Razavi destinations in the African Economic Council, which had set the price, to purchase around 10.5 million tons of the 2028 to register a 39.1% decrease. Province. continent are Egypt, does not revise this price, imports will become grain from farmers. Iran exported 58,030 tons of wheat last year. Negotiations are being carried out to open the Inche-Boroun Kenya, Sudan, South Africa, necessary to meet domestic demand for the CEO of the Government Trading Company The figure is expected to see a 48% decline to railroad. Mozambique, Nigeria, grain. Yazdan Seif said 280 quadrillion rials (over stand at 30,210 in 2028. Trade with Qatar is underway using refrigerated watercrafts. Tunisia, Ivory Coast, Libya, “The real price of each kilo of wheat $1.75 billion) are required to purchase this Each Iranian is expected to consume 166.61 As for Oman, trade is carried out through Bandar Abbas, Ethiopia, Tanzania, Somalia currently stands at 25,000 rials [around amount of wheat this year (started March 20). kilograms of the grain in 2028, slightly higher Hormozgan Province, using intermodal containers. and Djibouti. Top African $0.16]. Any price lower than that will not cover “Around $750 million of this sum will come than the 2019 per capita wheat consumption of What is more, exchanges with Nakhchivan Autonomous exporters to Iran include production costs and farmers’ living expenses. through revenues earned from targeted 166.31 kilograms. Republic is carried out via transshipment, the IRICA spokesman Ghana, Ethiopia, South If prices are not raised, the government’s subsidies, $687.5 million will be borrowed Land under wheat cultivation stood at 6.11 said. Africa, Tanzania, Sudan, guaranteed purchase scheme will face the from the Central Bank of Iran and the banking million hectares in 2019, which is expected Latifi added that the main ports of the country, including the ports Egypt, Kenya, Tunisia and same problem as in last year,” he explained. system, and the rest will be provided by GTC,” to increase to 6.16 hectares within the next of Imam Khomeini, Rajaee, Bahonar, Bushehr and Chabahar are Zambia. Last year, the government bought common Seif was quoted as saying by ILNA. decade. open and operating for transit, imports and exports. (+98 21) 42710110 economy@fintribune.com financialtribune.com/economy

IRANIAN ECONOMIC DAILY APRIL5 6, 2020 deputy head of Iran Road Maintenance and of the damage,” he said, adding that a total The farming subsector accounted for 45% Flood Damage to Transportation Organization says. of 9,934 kilometers of roads, 886 bridges and of the damage, horticulture 41%, water, soil “As we speak, only 45 rural roads in other engineering structures were hit hard by and infrastructural facilities 12% and about 2% DISPATCH

Roads, Agro Sectors Kerman, Hormozgan, Golestan and Sistan- floodwaters and 901 rural roads were closed. of losses are attributable to livestock, poultry Economy Minister Farhad Dejpasand: Inflation growth will decelerate this year Estimated at $139m Baluchestan are closed,” Reza Akbari was On March 27, Mohammad Mousavi, an and fisheries subsector. also quoted as saying by Fars News Agency official with Agriculture Ministry, also talked When it comes to the agriculture sector, the [March 2020-21]. (Mehr News Agency) on Saturday. of losses amounting to 13,580 billion rials hardest-hit provinces were Kerman, Fars and Floods in the first week of spring have Mehdi Mirashrafi, the head of Islamic inflicted losses estimated at 8,700 billion rials “Nineteen provinces have been affected by ($84.87 million) to the agriculture sector due to Hormozgan, Mehr News Agency quoted him recent flash floods; 11 of them bore the brunt the recent natural disaster. as saying. Republic of Iran Customs Administration: ($54.37 million) on the country’s roads, the China was Iran’s main export destination last year [March 2019-20], followed by Iraq with $9 billion, Turkey with $5 billion, the UAE with $4.5 billion and Afghanistan with $2.3 billion. Our top five partners in exports were Amid Coronavirus Outbreak Asian countries, particularly our neighbors. (Mehr News Agency)

Central Bank of Iran Governor Abdolnasser Hemmati: The Central Bank Airlines’ Losses Cross $180m of Iran’s main objective this year is to The number of air implement monetary policies to control inflation. (IRNA) passengers reduced by 76% and flights Mohammad Baqer Nobakht, the head of Plan and Budget Organization: by 90% during Treasury’s resources stood at about 4,410 trillion rials [$27.5 billion] in the last Norouz (Iranian fiscal year [ended March 19, 2020], which New Year) holidays indicate that 98% of the ratified figure in the budget law, i.e. 4,480 trillion rials [$28 billion] have (March 20-April 3) been materialized. (Instagram)

1 Ahmad Tashkini, an official with the “The company has sustained losses to Ministry of Industries, Mining and the tune of 2,000 billion rials [$12.5 million] Trade: Sanctions and the outbreak of in the 12th month of the last fiscal year [Feb. coronavirus are two main challenges 20-March 19],” he added. of Iran’s economy in the new Iranian Reza Jafarzadeh, spokesperson of Iran year. These two can disrupt domestic and Civil Aviation Organization, says airplanes international markets and create restrictions. (IRNA) and airports are being disinfected regularly to counter the spread of coronavirus, Mehr News Minister of Information and Agency reported. Communications Technologies By the end of May 2020, most airlines in Mohammad Javad Azari Jahromi: the world will be bankrupt, says CAPA—a Connection speeds of home internet trusted source of market intelligence for services will increase fourfold. (IRNA) the aviation and travel industry—adding that coordinated government and industry Kamran Soltanzadeh, chairman of action is needed now if catastrophe is to be Association of Bureaux de Change avoided. Operators: Foreign currency exchange British Airways CEO Alex Cruz says that rates announced in Telegram messaging today’s coronavirus crisis is more serious than Mehrabad International Airport's Terminal 1 has been shut down to reduce crowding amid the spread of coronavirus. app channels are unreal. Middlemen are any previous aviation crisis. were registered by domestic flights during the year’s corresponding period. registered 40,197 takeoffs and landings (a setting the rates now that official bureau de As the impact of the coronavirus and 11-month period, down 2% YOY. More than The airport registered 2,092 takeoffs and 9% YOY decrease), while transporting more change outlets are closed. (Fars News Agency) multiple government travel reactions sweep 34.21 million passengers and 253,004 tons landings during the 16-day holiday, indicating than 6.49 million passengers (a 4% decline) through our world, many airlines have of cargo were transported domestically, both a 63% decrease year-on-year, Mehr News and over 129,710 tons of cargos showing Farshid Pourhajat, secretary of probably already been driven into technical indicating a 1% rise YOY. Agency reported, citing data from airport’s a 1% decrease YOY. IKIA ranked third on Builders Association: Iran’s housing bankruptcy, or are at least substantially in On the international front, 58,744 general directorate. the list of Iran’s busiest airports during the market is short of 4.5 million homes. breach of debt covenants. takeoffs and landings were registered, March 17 was the airport’s busiest day period. (Fars News Agency) Cash reserves are running down quickly as down by 8% YOY. A total of 8.95 million during the period, as 16,290 passengers were From the 11th Iranian month's perspective

fleets are grounded and flights there operate passengers and more than 178,209 transported and 181 takeoffs and landings (Jan. 21-Feb. 19), a total of 29,429 takeoffs Mostafa Qoli-Khosravi, the head of much less than half full. tons of cargo were transported to and were registered on that day. and landings were registered, which indicate Tehran Realtors Association: Home Forward bookings are far outweighed from overseas destinations, down 5% Mehrabad's Terminal 1 has been shut a 2% decline compared with the similar period sales in the capital city dropped by 40% by cancellations and each time there is a and 3% respectively compared with the down to reduce crowding at the airport amid of last year. in the last month of Iranian year (Feb. new government recommendation, it is to corresponding period of last year. the spread of the coronavirus. More than 3.53 million passengers and 20-March 19) following the outbreak of discourage flying. Demand is drying up in Similar to previous IAC reports, Tehran’s As reported by ILNA, all flights operated by 31,018 tons of cargos were transported during coronavirus. Home deals, including sales ways that are completely unprecedented. Mehrabad International Airport was the airlines of Varesh, Zagros and Kish Air have the month, indicating a 5% and 15% fall YOY and rents, fell to 6,979 compared with 11,703 in the Normality is not yet on the horizon, Aviation24 busiest domestic airport during the period with been transferred to Terminal 2 and no flights respectively. preceding month (Jan. 21-Feb. 19) due to the virus. The reported. 114,061 takeoffs and landings, registering a are handled at Terminal 1. The report shows 25,387 takeoffs and decline in people’s physical presence at real-estate IAC's 11-Month Report 2% decline. Mashhad International Airport was the landings were registered by domestic flights agencies and the rise in the number of homes put up IAC's latest comprehensive report on The airport handled 13.61 million second busiest airport during the 11 months from Jan. 21 to Feb. 19, unchanged YOY. for sale and rent have led to a change in homeowners’ Iranian airports' traffic shows a total of passengers, showing no significant change, under review with 55,777 takeoffs and Close to 2.97 million passengers and 21,884 preferences. Some of them are now willing to sell 349,953 takeoffs and landings were registered and around 94,84 tons of cargo, indicating a landings, indicating a 1% YOY decrease. It tons of cargo were transported domestically, their properties at prices below market value. (IRNA) during the first eleven months of last Iranian 1% rise YOY. transported 8.15 million passengers and indicating a 3% and 6% decrease respectively year (March 21, 2019-Feb. 19, 2020), which Mehrabad transported 167,360 77,068 tons of cargos, down 1% and 4% YOY. Hesam Oqbaei, the deputy head of indicates 3% decline compared with the similar passengers from March 15 to March 31 to respectively year-on-year. On the international front, 4,042 takeoffs Tehran Realtors Association: I need to period of last year. register a 76% downturn compared with last Imam Khomeini International Airport and landings were registered, showing a 10% remind people who have purchased More than 43.16 million passengers were decrease YOY. A total of 553,675 passengers homes in Persian Gulf littoral states, Turkey, Georgia and even Europe and transported during the period under review, Iran Airports Company's and more than 9,134 tons of cargo were indicating a 1% decline year-on-year. transported to and from overseas destinations, America that investment gains in Iran’s Over 431,213 tons of cargos were revenues have declined by 80%, indicating a 17% and 31% decrease real-estate market are by far higher than in all those handled during the same period, which also respectively YOY. countries. They've made a serious mistake by investing shows a 1% decrease compared with the following the suspension of Iran Airports Company is an arm of the their money in foreign countries. (ILNA) corresponding period of last year, IAC's latest Ministry of Roads and Urban Development, domestic and foreign flights report published on its website shows. which manages 54 airports across the Mehdi Sadeqi Niyaraki, an official with A total of 291,209 takeoffs and landings country. the Ministry of Industries, Mining and Trade: Factories manufacturing products needed in the fight against coronavirus are not allowed to shut down. (Mehr News Agency) More than 3.38 quadrillion rials ($21.17 billion) operating licenses. This accounted for 14.5% During the First 11 Months of Last Iranian Year Omid Ali Parsa, director of Iranian worth of investments are estimated to have of all the investments made in projects with National Tax Administration: Cash and been made in industrial units with establishment operating licenses. non-cash aid by legal and real entities permits, while 551.76 trillion rials ($3.44 million) Industrial Investments Reviewed The number of operating licenses issued during Feb. 20 to June 20 to help supply were invested in projects with operating license The field of food and beverage saw the for industrial projects located in free trade equipment needed by hospitals and during the first 11 months of the last Iranian year highest number of establishment permits and special economic zones stood at 344, governmental treatment centers affiliated (March 21, 2019-Feb. 19). (3,025) to create the largest number of jobs indicating a 20.3% growth YOY. with Social Security Organization to fight coronavirus The above-mentioned investment volumes among other fields (70,454). More than 32.1 trillion rials ($200.63 will be accounted as their tax payments. (IRNA) show an increase of 25.3% and a decline of 1.2% The highest amount of investment in million) worth of investments were made in respectively compared with the similar period of these units is expected to be made in projects these projects to create 9,007 jobs, registering Minister of Industries, Mining and last year, the latest report released by the Ministry related to the production of chemicals with a 16.4% and 22.8% growth respectively YOY. Trade Reza Rahmani: Measures to supply of Industries, Mining and Trade shows. 839,440 trillion rials ($5.24 billion). The field of food and beverage saw the and store essential goods by the end of The volume accounts for 24.8% of highest number of operating licenses, namely the current year [March 19, 2021] have Establishment Permits all investments made in projects with 812. The highest volume of investments in this been worked out. There is no need for A total of 25,456 establishment permits establishment permits during the period. regard were also made in projects related to concern. (Mehr News Agency) were issued over the 11 months under review, food and beverage production with close to registering an 18.8% growth year-on-year. The highest volume of investment made in Operating Licenses 95.43 trillion rials ($596.47 million), accounting Shahrokh Shajari, an official with These projects are expected to create 574,175 chemical production units with establishment A total of 5,892 operating licenses were for 17.3% of all investments made in industrial the Agriculture Ministry: Exports of jobs, which are 17% more compared with last permits during the period reached 839,440 issued during the period under review, which units with operating licenses. The same field livestock and poultry products in the first year's corresponding period. trillion rials ($5.24 billion). shows a 6.5% growth YOY. These projects created the highest number of jobs (13,970) 11 months of last Iranian year [March Yazd Province with 2,639, Khorasan Razavi are expected to create 93,795 jobs, 1.6% less over the period. 21, 2019-Feb. 19] amounted to 530,000 Province with 2,221 and Semnan Province with The number of establishment permits compared with last year's corresponding period. The number of greenfield projects for which tons worth $658 million, while those of 2,078 had the largest share of establishment issued for industrial units located in free trade Isfahan Province with 524, East Azarbaijan operating licenses were issued stood at 3,036, the fisheries sector totaled 113,000 tons worth $225 permits issued during the period. and special economic zones decreased by Province with 494 and Tehran Province with some 203 of which were for those located in million. (IANA) Ilam Province, with more than 237,920 23.5% to 270. Over 636,87 trillion rials ($3.98 408 had the biggest share of all operating free trade and special economic zones. trillion rials (over $1.48 billion) worth of million) worth of investments are estimated to licenses issued during the 11 months. The remaining 2,856 permits were issued Deputy Industries Minister Hossein estimated investments for 160 establishment be made in these projects to generate 15,297 Tehran Province, with more than 79.92 for the operation of brownfield projects, 141 Modarres Khyabani: Imports of products permits, attracted the highest amount of jobs, registering a 57.4% rise and 6.5% fall trillion rials ($499.55 million), attracted the of which were located in FTZs and special with local equivalent are banned in the investments. YOY respectively. highest volume of investments in projects with economic zones. new year [started March 20]. (IRNA) (+98 21) 42710125 finance@fintribune.com financialtribune.com/economy

APRIL6 6, 2020 IRANIAN ECONOMIC DAILY IFB Market Cap Tehran Stock Exchange $3.2b Divestitures on the Table Shows Sizeable Changes Index Value Unit % Growth in 1 Year TEDPIX 573903.2 +6478.18 +1.14 Government Embraces The total market capitalization of Iran Fara Price 152957.6 +1726.64 +1.14 Bourse, the junior stock market for trading stocks, amounted to 6,955 trillion rials First Market 404843.6 +3957.57 +0.99 ($43 billion) during the last fiscal year that Second Market 1222084.6 +16514.07 +1.37 ended on March 19. The figure shows 170% growth over Industry Index 505856.7 +5311.70 +1.06 Downsizing in Earnest the course of one year, according to data Free Float Index 743,556.63 +11386.71 +1.56 on IBENA website. The main index of Iran Fara Bourse, TSE 30 21993.2 +69.96 +0.32 IFX, climbed 192%, rising from 2,355 points on the first trading session of last TSE 50 20336.5 +162.58 +0.81 year to an historic 6,591 points on March *TEDPIX: Tehran Stock Exchange Main Index 18 -- the final working day of the last calendar year. Total value of deals reached 3,241 trillion rials ($20 billion) during 238 trading sessions last year. Investors traded about Excess Demand 447.9 billion securities in the period Symbol Volume Last Value (IRR) with the number of securities and the GARN1 26,179,831 53,340 1,396,432,185,540 number of deals rising 163% and 212%, respectively. PRDZ1 28,340,005 33,676 954,378,008,380 Bonds topped the list of traded stocks MKBT1 99,141,864 31,770 204,897,438,000 followed by trade in base metal stocks. IFB funded businesses to the tune of 1,089 trillion rials ($6.8 billion) in this period via different financing methods such as IPOs, treasury bills, subscription Excess Supply of bonds and recapitalization of listed Symbol Volume Last Value (IRR) companies. This was up 206% compared The government plans to divest the residue of its stakes in 18 companies. to a year earlier. SWIC1 1,518,866 68,720 104,376,471,520 Out of the above figure, IPOs accounted Two main divestiture policies are on the table, namely selling in cash for 22.97 trillion rials. Eighteen companies PKER1 645,985 14,640 9,457,220,400 to potential buyers and offering shares via exchange-traded funds listed with the IFB last year. Sale of treasury ARDK1 252,246 28,835 7,273,513,410 bills generated 348.65 trillion rials, 376.5 Iran and 11.44% in Amin Reinsurance any) buyers show interest. trillion rials were sourced from subscriptions 1 The government seemingly prefers the Company. In the past, the government made and 340.8 trillion rials via recapitalization of former and if it does not produce the desired The list includes 18.96% share in Persian several attempts to sell its shares in listed companies. results it will take the ETF path. Offering Gulf Petrochemical Industries Company, specific companies, including refineries and Exchange Traded Funds shares via ETFs has the benefit that it lets a 12.05% in the National Iranian Copper insurance companies, but could not buyers. Manfa’t Sukuk Outperform Symbol Volume Value Last Price Change% large number of people with small funds buy Industry Company, 17.2% in Mobarakeh The lack of interest, apparently, was due to In the Modern Financial Instruments (Rial) shares. Steel Company,14.04% in Iran Khodro snags in divestiture systems, which required market of IFB, where Islamic sukuk, units ATEMIS 79,088 6.64B 84,450 +5.12 The ministry noted that executive (IKCO), 23% in SAIPA, 40% in Pars National buyers to purchase blocks worth millions of of investment funds, derivative securities guidelines to offer shares via ETFs have Agro-Industry and Animal Husbandry dollars -- a feat unachievable in the present and crowdfunding securities are traded, ROOYESH 50 49.61M 992,250 +5 been prepared and approved by the High Company, and 13.02% in the National economic climate. the Man’fat bonds and treasury bills Investment Company of Iran. Eliminating hurdles, cutting red tape outperformed others. AGAS 497,334 52.22B 106,500 +6.65 Council of Securities and Exchange—the stock market policymaking body. and reducing divestiture formalities, such A total of 475 trillion rials ($2.9 billion) ASAS 59,095 3.26B 54,510 +3.2 An ad hoc committee with the Iranian $185m Divested in One Year as compulsions to hold auctions, are seen worth of Man’fat bonds and 284.9 trillion Privatization Organization, in charge of The ministry did not specify a timeframe as measures that could facilitate the sale of rials ($1.7 billion) worth of treasury bills ASAM 1,440 76.32M 53,000 +2.56 divesting government property, earlier for divesting the government’s remaining government assets. were traded, jumping 1,324% and 14% on announced plans to offer the government’s shares. However, observers cast doubts The March 2020-21 budget allows a year-on-year basis, respectively. KARIS 870,684 59.49B 67,574 -1.79 remaining stakes in six refineries via a on realization of the plan in the short-term the government to sell its excess assets Manfa’at sukuk is a type of Islamic ALMAS 0 0 51,000 -1.82 monolithic ETF. considering the scale of divested properties “without upholding formalities”, a provision financial instrument that states ownership of The new ETF dubbed as the “Iranian in the past. seen as underpinning the divestiture a certain service or future profit of a lasting Source: www.tse.ir & www.ifb.ir Refinery Industry Investment Fund” was to According to ministry report, which process. commodity transferred for a certain price. function as a tool through which government also covers government performance on However, the Economy Minister Farhad The security can help meet businesses’ assets would be offered in affordable divesting properties to the private sector, it Dejpasan has said the government will immediate needs for liquidity with no access volumes. However, this ETF’s launch sold about 30 trillion rials ($185 million) worth invoke the measure only in “special cases”. to end-users to finance their operations. World Currencies was postponed due to differences over of shares in several companies during the Divestiture of state-companies is Exchange-traded funds also flourished Currency Pair Value Change managerial issues. last fiscal year that ended March 19. backed by Article 44 of the Constitution that last year. ETF value amounted to 174.7 An ETF is a type of security that involves The divestitures mainly included selling offers opportunities to private enterprise, trillion rials last year while the value of EUR-USD 1.0801 -0.0057 (-0.52%) a collection of securities—such as stocks— stakes in Tehran Oil Refining Company and promotes downsizing and curbs the bloated other investment funds was comparably USD-JPY 108.5500 +0.6400 (+0.59%) that often tracks an underlying index, Lavan Oil Refinery Company. bureaucracy. insignificant. although they can invest in any number of Experts have said realization of According to existing privatization laws Accordingly, the value of venture GBP-USD 1.2269 -0.0127 (-1.02%) industry sectors (shares, stocks, bonds, oil government plans would be difficult, if and as per the same article, state-owned capital funds (VC) amounted to 69 billion AUD-USD 0.6633 -0.0003 (-0.05%) futures, gold bullion and foreign currency) or not impossible, unless procedures and enterprises fall into three main groups. rials and private equity funds (PE) 123 use various strategies. methods are revised. Hadi Haqshenas is The government is barred from billion rials last year. USD-CAD 1.3954 +0.0148 (+1.07%) ETFs are listed on exchanges and ETF among economists who have expressed ownership, investment and managerial PEs typically refers to investment USD-CHF 0.9599 +0.0129 (+1.36%) shares trade throughout the day just like reservations about the government’s posts in Group I. Likewise, it is obliged funds, generally organized as limited ordinary stock. ambitious plans to find private buyers for its to transfer 80% of the total companies in partnerships that buy and restructure EUR-JPY 117.4200 -2.0400 (-1.71%) The government’s assets on sale in 18 assets. Group II to private, cooperative, public and companies that are not publicly traded. Pointing to previous procedures, he nongovernmental organizations. Ownership, VC is a type of financing that investors EUR-GBP 0.9113 -0.0002 (-0.02%) companies include a 20% stake in state- owned oil refineries in Tehran, Tabriz, Bandar says the prices of property the government investment and management positions in provide to startup companies and small Source: www.bloomberg.com Abbas, Esfahan, 17% in Tejarat Bank and puts up for sale are usually so high and the Group III is the exclusive premise of the businesses that are believed to have long- Bank Mellat each, 18.3% in Bank Saderat conditions attached so daunting that few (if government. term growth potential. Foreign Exchange Rates Currency IRR Market IRR Official Gold coin prices set a new record climbing “Fluctuations in currency rates and outbreak of 8% from the Persian New Year holidays in the Gold Coin Flexes Its Muscle the coronavirus have put the market into one US Dollar (USD) 164,000 42,000 Tehran market -- from 60.28 million rials ($375) Iran, though the impact was meager in the prices reached 67 million rials in Saturday of the worst recessions in recent history,” the Euro (EUR) 178,000 45,382 on March 18 to 65.05 million rials on Sunday. past two weeks. trade. “There is no demand for gold coins at influential union said. The rise was despite the fact that the gold market Data on TGJU’s website indicates a 28% British Pound (GBP) 203,000 51,535 Each US dollar was traded at 158,000 rials the moment, though,” he added. remains closed due to the COVID-19 crisis. on Sunday, slightly higher than the day before. Ememi gold coin was sold for 65.5 million growth in Emami gold coin prices over the 100 Japanese Yen (JPY) 150,000 38,715 Observers say gold prices have surged The greenback fetched 157,570 rials before the rials on Sunday, registering 2 million rials past three month, and 62.3% increase in the Emirati Dirham (AED) 45,000 11,437 mostly under influence of rising prices of beginning of the extended Norouz holidays. increase compared to Saturday’s close. past six months. As in other parts of the world, the precious metal in international markets. Speaking to Tabnak website, Mohammad TGJU reported a considerable decline on gold is seen as a safe haven in Iran, especially Turkish Lira (TRY) 25,000 6,238 Foreign exchange rates are also considered Keshti-Aray, a board member of Tehran Gold the demand side in the gold market before when times are bad and economic uncertainty Chinese Yuan (CNY) 23,000 5,924 as the leading factor impacting gold prices in and Jewelry Union, said Emami gold coin the beginning of Iranian New Year holidays. is the talk of the town.

Canadian Dollar (CAD) 115,000 29,573

Australian Dollar (AUD) 100,000 25,187

Swiss Franc (CHF) 168,000 42,987 4.86% to 24,025 rials per share. Tehran Stocks Push Higher Islamic Republic of Iran Shipping Lines Company Swedish Krona (SEK) 16,500 4,124 contributed the most to the benchmark’s fall, followed by Mellat Indian Rupee (INR) 21,000 550 1 Bank, Mines and Metals Development Investment Company Out of a total of 308 active ticker symbols on Sunday, the and Persian Gulf Petrochemical Industries Company. Source: www.tgju.org symbols of 232 companies ended in green and shares of 154 Mobile Telecommunication Company of Iran gave the firms were traded at the maximum daily prices. biggest boost to the benchmark index, followed by Sepid Farab Kavir Steel Manufacturing Company, Pars Petrochemical Market Performance Company and Tehran Stock Exchange. Iranian Gold Coins The TSE’s main index TEDPIX gained 6,595.11 points, or Denomination Price (IRR) Change 1.16%, on Sunday to end trading at 574,020.1. IFX Up 1.62% About 7.61 billion shares valued at 60.3 trillion rials ($379.25 Iran Fara Bourse main index, IFX, gained 117.11 points, or Mehr Ayandegan Financial Development Group Company, Bahar Azadi 63,800,000 +300,000 million) changed hands at TSE for the day. 1.62%, to close Sunday trade at 7,342.13. Iran Office Machines Industries Company, Iran Cultural Emami 65,030,000 - 40,000 Trading at TSE and over-the-counter Iran Fara Bourse About 2.84 billion securities valued at 30.78 trillion rials Heritage and Tourism Investment Group Company and starts on Saturday and ends Wednesday. ($193.61 million) were traded at the over-the-counter exchange Chlorpars Company had the most negative impact on IFX. Half Azadi 30,980,000 +80,000 Sepid Farab Kavir Steel Manufacturing Company was the for the day. Middle East Mines and Mineral Industries Development Quarter Azadi 17,950,000 +50,000 biggest winner as its shares went up 17.41% to 30,853 rials per Jahrom Power Plant Development Company had the Holding Company gave the biggest boost to IFX, followed by share. Alborz Darou Pharmaceuticals Company incurred the highest number of traded shares as 363.9 million of its shares Damavand Power Generation Company, Zagros Petrochemical Source: www.tgju.org biggest loss among all TSE-listed companies and went down worth 1.41 trillion rials ($8.91 million) were traded. Company and Esfahan Steel Company. (+98 21) 42710122 tech@fintribune.com financialtribune.com/sciandtech

IRANIAN ECONOMIC DAILY APRIL7 6, 2020

Mobile Phones Model Price in Rials Free Market Price (USD) Apple Tech Exports Hit $7.2 Billion iPhone XS Max - 512 GB 230,000,000 1,523 iPhone XS Max - 64 GB 191,000,000 1,265 According to data released by Vice Presidential Office for Science and Technology, Iran’s tech iPhone XS - 512 GB 190,000,000 1,258 boom has continued with the revenue of knowledge-based companies growing year after year iPhone XS - 64 GB 160,000,000 1,060 iPhone X - 256 GB 167,000,000 1,106 ranian knowledge-based companies and tech firms iPhone X - 64 GB 145,000,000 960 earned 1.2 quadrillion rials ($7.2 billion) from the export iPhone 8 Plus - 256 GB 155,000,000 1,026 of technological products in the last Iranian year (ended March 19), an official at the Vice Presidential Office for iPhone 8 Plus - 64 GB 110,000,000 728 I iPhone 8 - 256 GB 120,000,000 795 Science and Technology said. Esmaeil Qaderifar added that tech units have been mainly iPhone 8 - 64 GB 108,000,000 715 working in the fields of medicine, stem cells, regenerative iPhone 7 - 256 GB 81,000,000 536 medicine, laser and photonic science, Mehr News Agency iPhone 7 - 32 GB 45,000,000 333 reported. Samsung “They use cutting-edge technologies, some of which are Galaxy S9 Plus - 256 GB 87,000,000 576 locally developed versions of previously imported items. This has curbed capital flight,” he said. Galaxy S9 - 256 GB 79,000,000 523 The official noted that tech firms’ income has been on an Galaxy S8 Plus 64,000,000 424 upward trajectory over the past several years, starting from Galaxy S8 57,000,000 377 600 trillion rials ($3.6 billion) in 2017-18 to 900 trillion rials ($6.7 Galaxy Note 8 88,000,000 583 billion) in the year ending March 2019. Galaxy J7 Core 28,000,000 185 Officials believe that given the domestic potential and the Galaxy A8 Star 52,000,000 344 enthusiasm of tech teams, exports will soon reach 5 quadrillion Galaxy A7 39,000,000 258 rials ($30.3 billion). Qaderifar also said tech firms and knowledge-based Galaxy J7 Pro 32,000,000 212 companies started growing in 2014, reaching over 4,800 units Galaxy J5 26,000,000 172 at present, creating jobs for over 300,000 people. LG “They were expected to meet the domestic market demand, V30 64,000,000 424 but they have developed their businesses to an extent that they Q6 21,000,000 139 can augment the export revenue, in addition to boosting the K10 17,900,000 119 domestic economy,” he said. HTC “The figures prove that the solution to economic hardships facing Iran today can be found inside and not outside the country.” U12 Plus 102,000,000 675 Extending support to new startups and technology firms There are 4,800 tech firms in Iran, which employ 300,000 people. U11 Plus 81,000,000 536 has been on the government’s agenda since 2013 when U Ultra 39,000,000 258 President Hassan Rouhani began his first term in office. The Rouhani administration is optimistic that Desire 10 pro 33,000,000 219 giving financial, technical and advisory support U Play 26,000,000 172 Multi-Dimensional Support Sony The Rouhani administration is optimistic that giving can help tech firms expand their businesses and XZ1 64,000,000 424 financial, technical and advisory support can help startups and tech firms expand their businesses and consequently curb the curb the country’s reliance on oil revenues XA2 44,000,000 291 country’s reliance on oil revenues. XA1 37,000,000 245 Iran National Innovation Fund, affiliated to the Vice aid to the tune of 5 billion rials ($30,300) through INIF’s 38 has strong ties with the Iranian academia. L1 20,700,000 137 Presidential Office for Science and Technology, and other provincial branches. Housing about 3,500 people in 1,000 firms and startups, Nokia tech authorities have played a major role in extending vital Pardis Tech Park is one of the most distinguished innovation X6 2018 36,000,000 238 resources. Growing Ecosystem centers in the capital. 6.1 25,000,000 166 The Rouhani administration established the fund with an Over the past few years, numerous tech parks have been According to Akbar Qanbarpour, a deputy head of the park, 8 36,000,000 238 initial investment of 30 trillion rials ($181 million). As per the established throughout the country. talented teams in the center have developed over 1,000 innovative law, the government is required to allocate 0.5% of its annual Currently, there are seven tech parks in Tehran Province, most products using modern technologies since a decade ago. 7 plus 42,000,000 278 budget to INIF. of which are backed by major Iranian universities, including Tarbiat Tehran is not alone in its push for establishing innovation 2.1 15,900,000 105 The fund’s officials say INIF will continue to give support to Modarres University, University of Tehran, Sharif University of factories and tech parks. Many such centers have also been Huawei fledgling tech firms. Technology, Iran University of Medical Sciences, Shahid Beheshti launched in other Iranian provinces. P20 Pro - 256 GB 115,000,000 762 Officials at INIF said the fund will offer 10 trillion rials ($60.6 University and Islamic Azad University. Innovation factories are to be launched in Iranian P20 Lite 35,000,000 232 million) as loans to fledgling startups and tech firms in the new These tech parks carry the name of universities backing metropolises, such as Arak, Yazd, Isfahan, Tabriz and Shiraz, P10 Lite 23,000,000 152 Iranian year (started March 20). them. by the Vice Presidential Office to expand the country’s startup Mate 10 59,000,000 391 The money is said to be paid to tech units requiring financial For instance, Pardis Technology Park in eastern Tehran also and knowledge-based ecosystems. Honor 10 lite 31,000,000 205 Honor 9 36,000,000 238 Mate 10 lite 32,000,000 212 Honor 8x 46,000,000 305 European Union governments have pushed to understand infection chains,” said the Xiaomi the bloc’s stringent data privacy rules to their watchdog. “Taking the route of a voluntary EU Bumping Against Privacy Laws Mi Mix 2s 67,000,000 444 limits by tapping the biggest telecom and tech mobile phone app seems more feasible here.” Pocophone F1 companies for data to tackle the coronavirus Stephane Richard, CEO of the biggest 50,000,000 331 outbreak. in COVID-19 Battle French telecommunications company Orange Redmi Note 6 Pro 30,000,000 199 Wireless companies such as Vodafone and Attempts at the latter include a piece of population data in measures backed by the and also chairman of the mobile industry Mi 8 Lite 38,900,000 258 Deutsche Telekom have shared mobile phone software dubbed Pan-European Privacy Information Commissioner’s Office, the nation’s lobby group GSMA, has been pushing for the Mi 8 66,500,000 440 location data to show users’ movements Preserving Proximity Tracing, designed to use a privacy watchdog. Officials and carriers are also use of voluntary tracing apps on radio and in Mi 8 SE 41,000,000 272 smartphone’s Bluetooth radio to scan and log the in talks about how roaming data used carefully and gauge the effectiveness of lockdowns in newspaper Le Monde. Redmi S2 22,000,000 146 certain areas, Bloomberg reported. location of nearby people, or, more specifically, could help repatriate Brits stranded abroad, He’s advocated something like the app used Mi Max 3 42,000,000 278 Google is looking at how to assist with the phones they’re carrying. Its developers say according to people familiar with the matter. to trace citizens in Singapore, TraceTogether. It Redmi 6A the data from users who allow location they hope EU states can use it as the engine Palantir is also working with data for would trigger fresh privacy debates, but Richard 18,000,000 119 sharing and on Thursday published over 100 inside future contact-tracing apps. Britain’s National Health Service. Health said it’s less of “a destroyer of freedom” than the Mi A2 28,000,000 185 country-specific reports showing how mass Users must rally to one app en masse for Secretary Matt Hancock signaled that citizens techniques seen in places like China. Redmi Note 7 41,000,000 272 movements have changed in the last month. such technology to work, but there are several must consider making a tradeoff with privacy The country’s biggest network operator, Lenovo All this is happening against the backdrop of other disparate attempts. Here’s how different on March 18, when he tweeted “we are all Telekom Austria, is sending “anonymized data” Tab 3 7 10,000,000 66 European countries are attempting to balance having to give up some of our liberties; rights the bloc’s General Data Protection Regulation, to authorities, based on technology originally Tab 4 8 21,000,000 139 which is among the strictest of such laws in the the need for data with personal privacy laws. under GDPR have always been balanced developed by south Austria’s Invenium Data Tab 4 10 Plus 23,100,000 153 world. Overstepping it can cost companies as against other public interests.” Insights to analyze travel patterns. ASUS much as 4% of their global annual revenue. Different Countries Although it’s the European nation most The hardest-hit European country was one The wireless companies stress that data Former state monopoly BT is using mass concerned with privacy, its biggest carrier of the first to test how data can be used. Officials Zenfone 4 31,000,000 205 are being aggregated and anonymized. Deutsche Telekom has shared “anonymized have used anonymized data from Vodafone ZenPad 8.0 Z380KL 28,700,000 190 Processing of personal data is also justifiable mass data” with the Robert Koch Institute to and data mapping earlier in the month showed Zenfone Max Plus 27,000,000 179 under GDPR to protect lives “for humanitarian map mass movements and predict COVID- millions in the epicentric Lombardy region were Zenpad 3S 10 Z500M 59,000,000 391 19’s spread, based on procedures approved purposes, including for monitoring epidemics”. still moving beyond their homes. ZenPad 3 8.0 Z581KL 53,500,000 354 Countries like South Korea have managed by the country’s data regulator in 2015. However, after a month of enduring and to stymie the outbreak in a way Europe can’t German startups are working on an enforcing a national quarantine, and more copy, with contact-tracing to map contagion at application to help the government track infected than 13,000 deaths, there are early signs the a person-to-person level. To do this in Europe, people, and the state data protection authority disease’s spread in Italy is starting to plateau. governments would have to push controversial for Rhineland-Palatinate has said that approach Its neighbors and the EU will need to decide Tablet new or emergency laws—or get users to may be the best option, provided it remains soon whether the monitoring regime there Model Price in Rials Free Market Price (USD) voluntarily share more about themselves at a A commuter checks his phone at London voluntary and the data is later deleted. was enough, or more aggressive methods are Apple massive scale. Waterloo Train Station in Britain on March 24. “General location data are not sufficient needed. iPad Pro 11 180,000,000 1,192 iPad 9.7 59,000,000 391 iPad mini 4 70,000,000 464 iPad 9.7 2018 49,000,000 325 Merseyside in northern England, damaging connectivity at a time outraged, absolutely disgusted that people would be taking iPad Pro 10.5 155,000,000 1,026 5G Corona Conspiracy when people are relying on it more than ever, Reuters reported. action against the very infrastructure that we need to respond to iPad Pro 97,000,000 642 An arson attack at a tower in Birmingham owned by this health emergency.” Microsoft BT, Britain’s biggest telecoms company, caused significant A lobby group for the United Kingdom’s mobile operators, Theory Spreading in UK Surface RT damage. It provided 2G, 3G and 4G services to thousands of including EE, O2, Vodafone and Three, said it was aware of the 81,000,000 536 A conspiracy theory that links 5G mobile telecommunications people, but did not have 5G capability, the company said. false rumors linking 5G to the outbreak, and that telecoms staff Surface Pro 22,000,000 146 masts to the spread of the novel coronavirus is dangerous fake NHS England’s national medical director, Stephen Powis, had been threatened. Samsung news and completely false, Britain said on Saturday after masts said the 5G conspiracy idea was fake news with no scientific Vodafone, the world’s second largest mobile operator, said Galaxy Tab S3 9.7 61,000,000 404 in several parts of the country were torched. backing, which risked damaging the emergency response to the attacks were now a matter of national security. Galaxy Tab S4 10.5 92,500,000 613 When asked by a reporter about the so-called “theory” that the outbreak. “It beggars belief that some people should want to harm the Galaxy Tab A 9.7 40,000,000 265 5G telecommunications masts could play a role in the spread of “The 5G story is complete and utter rubbish; it’s nonsense; very networks that are providing essential connectivity to the Galaxy Tab A 8.0 27,000,000 179 the disease, British Cabinet Officer Minister Michael Gove said, it’s the worst kind of fake news. The reality is that the mobile emergency services, the NHS and rest of the country during Galaxy Tab E 9.6 23,000,000 152 “That is just nonsense; dangerous nonsense as well.” phone networks are absolutely critical to all of us,” Powis said. this difficult lockdown period,” UK boss Nick Jeffery said. Mobile phone masts have in recent days been vandalized “Those are also the phone networks that are used by our He described his engineers as heroes and urged people not ASUS and telecoms staff abused in Birmingham in central England and emergency services and our health workers and I’m absolutely to spread the “utterly baseless” stories online. ZenPad 8.0 Z380KL 21,000,000 139 Website Google+ Facebook Telegram Twitter Linkedin financialtribune.com +financialtribuneplus @fintribune @fintribune @fintribune company/financial-tribune

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Deadly Gang (+98 21) 42710119 worldeconomy@fintribune.com financialtribune.com/worldeconomy Clash in Mexico A gang battle in Mexico has left at least 19 people dead UAE Central Bank in the northern state of Chihuahua, officials said on Introduces Saturday. $70b Stimulus At least five armed clashes COVID-19 Pandemic Impacts have occurred in the The UAE’s central bank said on Sunday it Madera community so far had reduced banks’ reserve requirements this year, local authorities for demand deposits by 50% to support have said, France24 the country’s economy during the reported. Middle East Conflagrations coronavirus pandemic. The aggregate “The state attorney general, value of all capital and liquidity measures in conjunction with the adopted by the central bank since March public safety office and 14 is 256 billion dirhams ($69.70 billion), Mexican Army, launched the Central Bank of the UAE said in a an operation to investigate statement, Reuters reported. and locate armed groups The bank halved the reserves that staged a confrontation requirements for demand deposits for all that left 19 people dead banks to 7% from 14%, which it said will yesterday in the town of inject about 61 billion dirhams of liquidity Madera,” authorities said. to support banks’ lending and liquidity According to early reports, management. The central bank also the bloodshed occurred extended the duration of a previously Friday evening when announced stimulus package for affected alleged hitmen of the Gente retail businesses and corporates. Nueva group, part of the The deferral of loan principal and interest Sinaloa Cartel, were driving payments for customers was extended until on a dirt road in Madera. the end of the year, and banks participating They were ambushed by in the scheme can benefit from a capital men from the opposing buffer relief until December 2021. The group La Linea, part of the value of the capital buffer relief is 50 billion Juarez Cartel. dirhams. Banks are also allowed a “zero- Responding authorities cost funding facility” against collateral until seized 18 long firearms, one the end of this year—a program also worth short, two vehicles and two 50 billion dirhams. grenades at the site of the They will be allowed to use a third of clash. their current liquidity buffers and have The coronavirus has dampened but by no means ended hostilities in the Middle East. the flexibility to maintain a minimum loan Drought Hits Chile The United Nations has The ability of the multiple administrations in Syria— "People will end up dying on the streets, bodies will coverage ratio of 70% and a minimum With historically low the Damascus government, the autonomous Kurdish be rotting in the open," said Mohammed Omar, a taxi eligible liquid assets ratio of 7%. The river flows and reservoirs appealed for ceasefires administration in the northeast and the militant alliance driver in the Red Sea port city of Hodeida. overall release of regulatory liquidity running dry due to drought, in all the major conflicts that runs Idlib—to manage the coronavirus threat is key buffers is estimated at 95 billion dirhams, people in central Chile to their credibility. "This epidemic is a way for Damascus Libya the regulator said. CBUAE said it has have found themselves rocking the planet, but it to show that the Syrian state is efficient and all territories Much like Yemen, the main protagonists in the collaborated with other regulators to issue particularly vulnerable to should be returned under its governance," analyst Fabrice Libyan conflict initially welcomed the UN ceasefire call guidance on financial reporting standard the coronavirus pandemic. remains unclear what the Balanche said. However, the pandemic and the global but swiftly resumed hostilities. IFRS 9 for banks and finance companies. Years of resource pandemic’s impact will mobilization it requires could precipitate the departure of Fierce fighting has rocked the south of the capital “The planned implementation of exploitation and lax US-led troops from Syria and neighboring Iraq. Tripoli in recent days, suggesting the risk of a major certain Basel III capital standards will be legislation have allowed be on the multiple wars This, in turn, could create a vacuum in which the coronavirus outbreak is not enough to make guns fall postponed to 31 March 2021 for all banks, most reservoirs in that part roiling the Middle East self-styled Islamic State terrorists, still reeling from the silent. Turkey has recently played a key role in the to minimize the operational burden on the of the country to run dry, demise of its "caliphate" a year ago, could seek to step conflict, throwing its weight behind the UN-recognized financial industry during this challenging Yahoo News reported. he novel coronavirus has put global trade on up its attacks. Government of National Accord. period,” the central bank said. “There are now 400,000 hold, placed half of the world population in Balanche predicted that accelerated western “CBUAE has issued a new families, nearly 1.5 million confinement and has the potential to topple Yemen disengagement from Middle East conflicts could limit requirement for all banks to apply a people approximately, governments and reshape diplomatic relations. The Yemeni government and the Houthi forces initially Turkish support to the GNA. That could eventually favor prudential filter to IFRS 9 expected loss whose supply of 50 liters T responded positively to the UN appeal for a ceasefire, forces loyal to eastern-based strongman Khalifa Haftar, provisions,” the bank said, adding it aims The United Nations has appealed for ceasefires in all of water a day depends major conflicts rocking the planet, with its chief Antonio as did neighboring Saudi Arabia, which leads a military who launched an assault on Tripoli one year ago and to minimize IFRS 9 provisions’ effect on on tankers,” Rodrigo Guterres on Friday warning "the worst is yet to come". But it coalition against them. That rare glimmer of hope in the has the backing of Russia, Egypt and the UAE. regulatory capital “in view of expected Mundaca, spokesman for remains unclear what the pandemic's impact will be on the five-year-old conflict was short-lived however and last Western countries have been hit hardest by the volatility due to the COVID-19 crisis”. the Movement for the multiple wars roiling the Middle East, AFP reported. week Saudi air defenses intercepted ballistic missiles over pandemic, which could prompt them to divert both IFRS 9 provisions will be gradually Defense of Water, the Earth Riyadh and a border city fired by the Houthi forces. military resources and peace-brokering capacity from phased-in during a five-year period and the Protection of the Syria The Saudi-led coalition retaliated by striking Houthi foreign conflicts. A report by the International Crisis through the end of 2024. Environment, said. The COVID-19 outbreak turned into a pandemic just targets in the capital Sanaa on Monday. Group said European officials had reported that efforts The guidance was issued for public One of the main pieces of as a ceasefire reached by the two main foreign power Talks have repeatedly faltered but the UN envoy to secure a ceasefire in Libya were no longer receiving consultation on Sunday and is expected to advice to protect people brokers in Syria's nine-year-old war, namely Russia and Martin Griffiths is holding daily consultations in a bid to high-level attention due to the pandemic. be finalized by April 8. against coronavirus is to Turkey, was taking effect. The three million people living clinch a nationwide ceasefire. “The additional measures announced wash your hands regularly. in the ceasefire zone, in the country's northwestern More flare-ups in Yemen could compound a Iraq today will effectively relieve the pressure “Living without water is region of Idlib, had little hope the deal would hold. humanitarian crisis often described as the worst in the Iraq is no longer gripped by fully-fledged conflict on financial institutions, allowing them awful,” said Dilma Castillo, Yet, fears of coronavirus spreading like wildfire world and invite a coronavirus outbreak of catastrophic but it remains vulnerable to an IS resurgence in some to continue to carry out their crucial role who lives with her children across the devastated country appear to have given the proportions. In a country where the health infrastructure regions. With most non-US troops in the coalition now as the backbone of the economy while on one of the hills around truce an extended lease of life. According to the Syrian has collapsed, where water is a rare commodity gone and some bases evacuated, American personnel offering the required relief and continued El Melon, a town of 22,000 Observatory for Human Rights, March saw the lowest and where 24 million people require humanitarian are now regrouped in a handful of locations in Iraq. access to funding for businesses and close to the seaside resort civilian death toll since the conflict started in 2011, with assistance, the population fears being wiped out if a Washington has deployed Patriot air defense households,” the bank’s governor, of Valparaiso whose river 103 deaths. ceasefire does not allow for adequate aid. missiles, prompting fears of a fresh escalation in Iraq. Abdulhamid Saeed, said in the statement. has dried up.

Brazil Lawmakers Pass ‘War Budget’ Brazil’s lower house of Cash Crunch Pits Airlines Against Customers in Refund Disputes congress approved a The fight to survive the COVID-19 crisis is pitting to cancel or delay a flight on its own—as opposed to To entice customers, Germany’s Deutsche constitutional amendment airlines across the globe against their grounded when flights are delayed by weather—the carrier is Lufthansa AG has offered more flexible terms for for a “war budget” to customers. responsible for repaying passengers. rebookings. It had €4 billion in potential refund separate coronavirus- Regulations in the US and Europe generally call Leocha said most travelers don’t know their rights. liabilities at the yearend, and is trying to avoid handing related spending from the for carriers to offer passengers a refund if a flight “They are taking advantage of the fact that 87% of over an equity stake to the government as part of a government’s main budget is canceled, with exceptions for circumstances like the passengers only fly once a year and they just don’t bailout. and shield the economy, bad weather. It happens in normal times, but country know all the minutia of the rules and regulations,” he In both the US and Europe, the rules are as the country surpassed lockdowns have dissolved schedules for weeks, with added. different for people who opt to cancel travel 10,000 confirmed cases. airlines parking their fleets and guarding their cash themselves. In those cases, airlines may offer The war budget still needs as revenue withers. Their customers are flooding Europe’s Status vouchers, but are under no obligation to refund the senate’s approval by Facebook and Twitter to complain they can’t get their In Europe, there has been conflicting guidance the cost of the ticket. three-fifths of the votes money back for canceled trips. from European Union regulators—who insist airlines US passengers have been told by airlines they An employee cleans a counter, as a customer checks in two rounds expected Tamara Watts, from Northumberland, England, must offer cash refunds for canceled flights should would only receive vouchers or credits for future travel, to take place next week, said she was due to fly to the US for a family road in at San Francisco International Airport in San passengers prefer reimbursement to vouchers—and the transportation department said in its release. Euronews reported. trip through California, Nevada and Arizona, before Francisco, California. countries that have loosened the rules to prevent The rules have been in place for decades, and Late on Friday, the lower jetting to New York and then home. With the pandemic cease when the flight disruptions are outside of the airlines’ collapse. have been enforced after previous disruptions to the house approved the main spreading, the flights were canceled by the Dutch arm carrier’s control,” the agency said in a statement. The Dutch arm of Air France-KLM is among aviation system, such as the Sept. 11, 2001, terrorist text of the bill with 423 of Air France-KLM, Bloomberg reported. It’s a blow to an industry that will burn through as several carriers handing out credits for flights it attacks and Hurricane Katrina in 2005, the agency votes in favor and one “I called them and they were just robotic, repeating much as $61 billion in the second quarter, according canceled, in line with rules in the Netherlands that said. opposed in a second round the same information, that KLM has decided not to to the International Air Transport Association, with insist passengers can get their money back if the United Airlines Holdings Inc. is one of the US of voting after a first score give refunds and offer a voucher,” said Watts, 32. revenue set to plummet by 68%. To weather the vouchers aren’t used within 12 months, said KLM carriers that accounted for some complaints received of 505 in favor and two “They wouldn’t deviate from the repetition and wouldn’t downturn, US airlines have lined up for $50 billion Spokeswoman Marjan Rozemeijer. by Travelers United, Leocha said. against. The amendment pass me over to anyone else. Just said I could log a in loans and payroll assistance payments from the The company wouldn’t give the value of vouchers In an emailed statement, United Airlines said creates an extraordinary complaint but that wouldn’t get me a refund.” government. it has issued. eligible passengers can request a refund through regime to prevent expenses The US Transportation Department is receiving “Their customers are hurting too, with Watts, the KLM passenger, said that after failing its website or by phone. The company has taken related to a “state of more complaints as well, from people who say they unemployment surging worldwide and individual cash to secure a refund with the airline, she’s now trying to numerous steps to be flexible for passengers during emergency” decree were refused refunds for canceled flights. On Friday, grants still weeks away in the US. The transportation claim through her credit card company. the crisis, such as by waiving change fees, it said. triggered by the pandemic, it issued an enforcement notice ordering airlines to department’s action came after a group of consumer “Airlines must refund canceled flight tickets,” EU “We are proud of the role our company and our which is valid until Dec. 31, pay up. advocates contacted the agency and asked it to Transport Commissioner Adina Valean said in an employees play during this crisis and continue to from being mixed with the “The obligation of airlines to provide refunds, intervene,” said Charlie Leocha, president of Travelers emailed statement. “They can, of course, also offer a operate to nearly every domestic destination as well federal budget over the including the ticket price and any optional fee charged United. voucher but—and this is very important—only if the as six international markets across the globe, including same period. for services a passenger is unable to use, does not US regulations are clear that when an airline acts customer agrees to accept this.” our partner hubs,” the company said.