28 Iranian Workers Lost their Lives as a Result of Lack of Safety Standards

NCRI - As a result of disregard of the mullahs' regime for the safety measures at work, 28 workers of Doroud Farsit factory who worked with chemicals without the least safety and sanitation regulations lost their lives.

The materials used in this factory were imported from abroad in safe packages. But when arrived in the factory, these packages were carried around by workers without proper safety garments and shields. This caused the 28 deaths.

Iran interest rate cut sparks panic selling

· President's shock order defies expert advice
· Bank shares plummet amid rampant inflation

Robert Tait in Tehran
The Guardian  - Iran's financial system suffered a fresh jolt yesterday with panic selling on the stock market after the president, Mahmoud Ahmadinejad, abruptly ordered banks to cut interest rates sharply, despite surging inflation.

The order, which Mr Ahmadinejad issued by telephone during a visit to Belarus and which flew in the face of expert advice - has triggered warnings of a financial crisis and spiralling corruption amid fears of a capital flight from the country's lending institutions.

Iran's decision to raise gas prices exposes economic vulnerability

CAIRO, Egypt (The Associated Press) - Iran's decision to hike gasoline prices has thrown new light on what could be its most-entrenched problem — a vulnerable, highly subsidized economy, and the political dangers that poses for its populist and hardline president as he faces international pressure over the country's nuclear program.

Experts warn of the popular backlash that other countries have faced when dealing with the same need to raise long-subsidized staple prices. At the same time, they doubt the 25 percent price hike imposed this week on Iran's gasoline will do very much, on its own, to solve the country's underlying economic problems.

Oil-rich Iran hikes petrol prices by 25 percent

TEHRAN (AFP) - Oil-rich Iran on Tuesday increased the price of petrol by 25 percent despite announcements by the government only the day before that prices would remain the same for the moment.

Surprised drivers in Tehran found that pump prices had been hiked overnight to 1,000 rials (10 cents) from 800 rials a litre (eight cents), in the first move in a major plan to reduce the colossal state subsidies on petrol.

Iran seeks to open doors for foreign banks

AFP - Iran's Central Bank has adopted a directive that would allow foreign firms to set up branches in the Islamic republic and buy stakes in Iranian banks, state media reported on Sunday.

"The directive allows the opening of banks with joint Iranian and foreign investment, the possession of shares in Iranian banks by foreign investors and foreign banks to set up branches in the country," the central bank said in a statement on the state-run IRNA news agency.

U.S. think tank details global investment in Iran

WASHINGTON (Reuters) - Companies and government agencies in three dozen countries have struck more than $153 billion in deals with Iran since 2000, investment that could offer important leverage to help persuade Tehran to abandon its nuclear program, a new study says.

The research by the conservative American Enterprise Institute think tank may be the most comprehensive attempt to publicly identify corporate and government investors whose withdrawal could potentially affect Iran's nuclear policy.

Iran must delay petrol rationing: MP

TEHRAN (AFP) - Iran needs to postpone until September a plan scheduled for implementation this month to ration petrol that is expected to have a huge impact on the economy, a top MP was quoted as saying on Monday.

The plan, aimed at reducing the lavish subsidies that keep petrol prices low, should be put off as the technology to enforce the rationing is not ready, the head of parliament's energy commission, Kamal Daneshyar said according to local media.

Oil prices stabilise in subdued trade


LONDON, April 27, 2007 (AFP) - World oil prices steadied on Friday in muted trade ahead of the weekend, dealers said.

In London, the price of Brent North Sea crude for June delivery eased one cent to 67.64 dollars per barrel in electronic trading.

India urges Iran to honour gas deal

NEW DELHI, India, April 27, 2007 (AFP) - India has urged Iran to honour a 22-billion dollar natural gas sales deal concluded two years ago, warning Tehran it could lose credibility if it went back on the agreement, a report said Friday.

Iran news in brief

Iran: Tehran's Iconic High-Rise (Plasco Building) Collapsed Due to Fire

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