World carmakers have waited a long time to return to Iran, the biggest automobile market in the Middle East. When they re-enter after the international sanctions are dropped they will have to compete with Chinese rivals, the FT reports.
The oil price slid early on Monday ahead of a deal on Iran’s nuclear program as foreign ministers of Iran and six world powers hold a coordination meeting on Monday. Tehran has 30 million barrels of crude in storage to add to the global oil glut.
BRICS is gaining momentum as an increasingly effective organization and its New Development Bank is likely to become new source of funding for the current infrastructure gap, South Africa’s Trade and Industry Minister Rob Davies told RT.
The impact of Iranian oil expected to come onto the world markets after it signs the agreement on its nuclear program is still difficult to forecast, as there are too many other global factors, said Russian Finance Minister Anton Siluanov.
Despite vocal criticism, the EU Parliament has approved a non-binding resolution on the controversial Transatlantic Trade and Investment Partnership, bridging a gap in protracted negotiations on the secretive trade pact between the EU and the US.
The New Development Bank (NDB) is the first institution created by BRICS countries, and is a permanent instrument that will work every day and serve as the heart of BRICS cooperation, VTB CEO Andrey Kostin told RT.