World  Business and Economic Analysis 

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By Brian Caplen


The International Monetary Fund could be hamstrung by new rules, leaving the European Commission and Central Bank to sort out further problems in Greece.

The long-awaited raising of rates by the US Federal Reserve is one of the few pieces of good news in a 2016 outlook that is otherwise gloomy. Most economists think that Greece’s problems, for example, are nowhere near to being solved, that another bail-out will be necessary and that there is a chance the country could still leave the euro.

What is more, if Greece does sail back into troubled waters, it will not be able to count on the assistance of the International Monetary Fund (IMF) in the same expansive way as last time.

For while the Fed’s historic rates decision occupied the front pages of the newspapers in late December, some highly relevant news for Greece was being reported on the inside pages​ on the same day​.

In classic US political style,​ IMF reforms dating back to 2010 have been attached to the latest budget deal moving its way through Congress. The headline grabber of this story is that, if approved, China’s IMF quota would nearly double to 6% with European countries losing some of their quota to compensate. This would help make the IMF reflect the new realities of the global economy and is long overdue.

But the important stuff for Greece is buried further down – the removal of the “systemic exemption” under which the IMF was able to take part in the rescue of Greece, even when the fund’s sustainability criteria for debt repayment were not being met.

Under the new rules, the US administration would have to tell Congress a week before an IMF board voted on any future exemptions. Such a clause was necessary to get backing from conservative elements in Congress that have been resisting the quota changes.

This means that new problems in Greece might have to be sorted out entirely by the European Commission and the European Central Bank. The difficulty with this is the process becomes political – ​driven by the fear that German taxpayers will pay for Greek profligacy – rather than purely economic, involving substantial write-downs of un-payable debt. This way Greece never gets back on a sustainable footing. ​

So while the raising of interest rates in the US is cause for optimism that the world’s largest economy is recovering, the bureaucratic changes at the IMF are a reminder that things are a long way from being healthy in Europe.​


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Tehran Stock Exchange’s main index TEDPIX inched up 16.20 points or 0.03% to end Saturday trade at 61,436.9.
More than 534 million shares valued at $32.5 million changed hands with daily trade value surging 175% compared to Wednesday.
The Price Index crawled up 6.30 points or 0.03% to reach 23,915.8. The The First Market Index lost 42.50 points or 0.10% to register 42,124.9.
The Second Market Index gained 349.00 points or 0.25% to record 139,419.0.
The Industry Index was up 18.20 points or 0.04% to hit 50,940.6. The Free Float Index shed 32.91 points or 0.05% to 66,983.90.
The TSE 30 Index lost 3.50 points or 0.14% to settle at 2,565.5, and the TSE 50 Index gained 0.60 points or 0.02% to finish at 2,500.1.
Iranian Shipping Lines Company, with a P/E ratio of 34 and 51.62 points, provided the biggest boost to TEDPIX, followed by National Iranian Copper Industries Company and Khuzestan Steel Company with 16.96 and 11.22 points respectively.
Mobarakeh Steel Company was the biggest market laggard with 18.96 points. Isfahan Steel Company and Parsian Oil and Gas Development Company followed with 17.93 and 14.89 points respectively.

  IFX Moves Up
Iran Fara Bourse’s all-share index was up 0.91 points or 0.13% to post 677.03.
According to IFB, 112 million securities changed hands in 23,000 transactions worth $42.9 million.
Iranian Petrochemical Investment Company filed the highest trade volume and value of the day with the transaction of 24.5 million shares worth more than $1.02 million.
Kerman Construction and Development Company, Ghasem Iran Company and Hormozgan Steel Company registered the highest increase in shares’ value.
Tabas Coal Company, Shiraz Oil Refining Company and Tadbirgaran-e Fars and Khuzestan recorded the highest decline.
Etemad Fund, with the transaction of 2.2 million shares, registered the highest trade volume among listed exchange-traded funds. Moreover, 320,130 leasing bonds of MAPNA Group were sold out.


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There is no minimum contribution for the members of a limited liability company (LLC). All the cash and non-cash assets must be fully paid up and delivered at the time of formation of an LLC.

At the time of formation, a minimum initial share capital of IRR1 million is required for a private joint stock company (JSC). There is no maximum share capital. Corporate capital must be fully subscribed to, and at least 35% must be paid up at the time of incorporation. Non-monetary assets must be fully contributed prior to formation. If capital contribution is in the form of non-monetary assets, the value of such assets must be assessed by an official appraiser of the Ministry of Justice, or the Organisation for Investment and Economic and Technical Assistance of Iran where investment protection is sought. Shareholders must pay the balance of their subscribed share capital within five years.



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کتاب عملیات بانکی در عرصه بین الملل -سرفصل ها،ضمائم ،توصیه صاحب‏نظران ارزی و مدیران ارشد بانکی

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