Fifty percent of Iran’s industrial parks have ceased operations due to power outages, according to the employers' representative in the Supreme Labor Council, as the electricity cuts further hamper the economy.
Iranian government politicians and clerics scrambled on Friday to counter mounting public disdain for their international and domestic setbacks, reaching for outlandish explanations and blasting critics.
Nearly 150 welders at Tehran Refinery have been fired, and 15 representatives of oil contract workers face dismissal for protesting unpaid wages and demanding better conditions as the government continues to quash dissent.
The sons of a former high-ranking Iranian judiciary official have been sentenced to a combined total of over 25 years in prison for their involvement in a financial corruption case.
Energy shortages have forced the shutdown of kilns at 22 cement factories across Iran, disrupting production and threatening supply to the construction industry, one of the country's few industries to have witnessed growth in 2024.
While the US dollar reached a new high against Iran’s currency on Wednesday, an economist warned that without an agreement with Washington soon, inflation could climb above 40% before the Iranian New Year in March.
A member of the Iranian parliament’s economic committee said on Wednesday that the administration has raised the official exchange rate of foreign currencies to generate revenue at the public's expense,warning of a looming inflationary wave.
Despite a 20% surge in oil exports, Iran's GDP growth in the first half of the current Iranian calendar year starting March 21 significantly declined due to a recession in other sectors, such as agriculture, industries, and the service sector.
Power cuts in Iran, now at unprecedented levels, are severely damaging some of the country's critical industries which are now struggling to pay workers and keep businesses afloat.
Iran's energy-rich government is bracing for potential unrest amid rolling blackouts and rising gasoline prices, with judicial, security and intelligence services briefed to be ready for a response.
The Iranian currency hit yet another all-time low of 780,250 rials to the US dollar on Monday after the country’s economy minister acknowledged the significant devaluation of the currency.
Millions of Iranian families will celebrate the ancient Winter Solstice festival on Friday evening, though many have scaled back their budgets for the occasion, with businesses reporting a notable drop in sales.
Iran's minister of economy has been summoned to parliament for questioning due to currency fluctuations and their negative impact on the economy and people’s livelihoods, MP Abbas Goudarzi said Thursday.