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Irans largest automaker Iran Khodro Group (IKCO) plans to open new plants in neighboring Azerbaijan following years of absence from neighboring CIS markets. The issue was on the agenda of the Azerbaijan-Iran Business Forum in Urmia, where a delegation headed by Azeri Economic Minister Shahin Mustafayev arrived in the northwestern Iranian city to discuss expansion of cooperation, according to Azer News. Mustafayev told the meeting that Irans biggest automaker Iran Khodro plans to open four new production lines in Azerbaijan with production of locally developed models and the Samand, Soren and Runna being the most likely candidates. In 2016, Azerbaijans AzEuroCar LLC and Iran Khodro signed an agreement to create a joint car plant in the Neftchala Industrial Area. The plant with a capacity of about 10,000 cars per year will produce four Iranian models including the Dena. The cost of the future auto project is estimated at $15 million. The plant is expected to produce the first cars in May. Some 20% of the vehicles will be exported to other CIS countries including Georgia and southern Russia. The cars produced at the Azeri plant will meet Euro 5 standard as per Azeri law. Mustafayev noted that Azerbaijan and Iran intend to increase bilateral trade to $500 million in the coming years. Trade turnover between the two neighbors reached $15.77 million in January, while last year during the same month it was $9.56 million. In 2016, Azerbaijans trade turnover with Iran amounted to $210.76 million, which was 70% more than in 2015. He noted that 538 companies with Iranian shareholders operate in Azerbaijan and have invested $150 million in the neighboring republic.

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Iran Khodro to Expand Azeri Operations - Financial Tribune

For International Financial Reporting Standards to truly take hold in Iran, they must be accorded significance on the national scale, the governor of the Central Bank of Iran said. "A successful implementation of IFRS requires everyone to treat it as a national scheme that must go beyond a concept ratified by the Securities and Exchange Organization of Iran and even CBI, because it would benefit a wide variety of people," Valiollah Seif was also quoted as saying by the official website of the central bank. Seif made the statements as the keynote speaker at the Conference on IFRS and Their Role in Improving Transparency of Financial Markets held in Tehran on Saturday. Minister of Economic Affairs and Finance Ali Tayyebnia, President of the Central Insurance of Iran Abdolnasser Hemmati and Director of the Audit Organization of Iran Akbar Soheilipour were among top officials in attendance. International Financial Reporting Standards is a single set of accounting standards, developed and maintained by the International Accounting Standards Board with the intention of those standards being capable of being applied on a globally consistent basis by developed, emerging and developing economies. IFRS provides investors and other users of financial statements with the ability of comparing the financial performance of publicly listed companies on a like-for-like basis with their international peers. On the prerequisites deemed important by the central bank, the official outlined nine principles, with the first being the implementation of bank infrastructures. These infrastructures include a software update that could help access the information required by the new financial statements. Seif said how IFRS9 is used, "which will replace IAS39 in 2018", is the second principle. IFRS9 standard includes requirements for recognition and measurement, impairment, de-recognition and general hedge accounting. He noted that "a reasonable amount of trust enjoyed by CBI as the supervising entity" is the third principle and the fourth calls for strengthening independent bank auditors "for the purpose of mastering the application of IFRS in banking". The top CBI official focused attention on the structure of financial reporting and outfitting the evaluation regime, and using "suitable and credible models of evaluation" as the next two principles. In describing the next principle, he stressed that unreliable evaluation reports must not be published, while referring to amending a number of tax rules and regulations as the eighth one. In outlining the final principle, he referred to a number of statistics "influenced by the banking laws of Iran, which are fundamentally not within the framework of auditing standards", be it national standards or IFRS ones. The IFRS-based balance sheet templates were first released by CBI in February to improve financial transparency and the international operations of Iranian banks. Lenders are now required to report their statements as per IFRS guidelines. Data Transparency The head of CII said considering the legal obligation of insurance companies to draft their financial statements in accordance with the sample approved by the Supreme Council of Insurance, "the prerequisites required to draft financial statements in line with international standards have been completed." Hemmati stressed that the process of separating accounts pertaining to life and non-life insurances is being completed. The head of Audit Organization of Iran said if the information is released in an ambiguous atmosphere, "we cannot expect complete transparency from IFRS". Soheilipour stressed that the foundations of information must be made transparent and publishing data "will give us transparency". He announced that Majlis Research Center has obtained six IFRS books, the translation of which has already begun. "With the implementation of Iran's nuclear accord in January and the relative easing of sanctions, an agreement was signed with [international entities] and the audit organization managed to obtain the necessary permits related to the issue," he said.

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Iran Holds Key Conference on IFRS Adoption - Financial Tribune

Irans non-oil trade during the 11 months of the current Iranian year (started March 20, 2016) amounted to $76.9 billion, indicating a 1.8% increase compared with the corresponding period of last year. According to the latest report by the Islamic Republic of Iran Customs Administration, Iran exported $38.49 billion worth of non-oil commodities during the period, registering a 0.21% rise compared to the corresponding period of the previous year. In return, the country imported $38.41 billion worth of goodsup 3.47% year-on-year. The figures point to a $77 million surplus in Irans international trade balance for the 11 months to February 18, 2017. IRICAs data put the weight of exports and imports during the period at 111.81 million and 30 million tons respectively, indicating a 32.49% increase and a 3.97% decrease respectively. Gas condensates were Irans main exported commodity ($6.57 billion), making up for 17.07% of the total non-oil export figure. This was followed by natural liquefied gases ($1.95 billion), light crude oil, excluding gasoline ($1.36 billion), petroleum gases, liquefied hydrocarbons ($1.1 billion) and liquefied propane ($1.07 billion). The imported commodities mainly included field corn ($1.3 billion), soybean ($848 million), auto parts ($730 million), motor vehicles with engine displacement of 1,500-2,000cc ($705 million) and motor vehicles with engine displacement of 2,000-2,500cc ($572 million).

China was the main customer of Iranian products, as Iran exported $7.29 billion worth of non-oil goods to the Asian country during the period, up 6.91% compared with last years similar period. Other major export destinations included the UAE with $6.14 billion, Iraq with $5.51 billion, Turkey with $2.95 billion and South Korea with $2.69 billion worth of Iranian goods. Major exporters to Iran included China ($9.37 billion), the UAE ($5.79 billion), South Korea ($3.27 billion), Turkey ($2.38 billion) and Germany ($2.17 billion). Imports from the UAE, South Korea and Turkey fell by 15.02%, 9.57% and 10.99% respectively. However, imports from China and Germany experienced a 0.09% and 36.3% growth year-on-year.

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Iran's Non-Oil Trade Exceed $76b - Financial Tribune

Iran is complying with the nuclear deal reached with international powers in 2015, the UN atomic watchdog said in its latest quarterly report on Friday.

The International Atomic Energy Agency (IAEA) said that Iran's stock of low-enriched uranium was 101.7 kilograms (225 pounds), far below the 300 kilograms limited by the deal.

Low-enriched uranium can be used for nuclear power and other peaceful purposes, but when further enriched can be used to make a nuclear weapon.

The United States, Britain, France, Germany, China and Russia reached the accord with Iran in 2015. In exchange for Iran limiting its nuclear program punishing international sanctions against Iran were dropped. Tehran says it never intended to create nuclear weapons.

The IAEA report also said that Iran was complying with the 130-ton limit on so-called heavy water, at 124.2 tons, and has not enriched uranium above a 3.67 percent limit.

In its November report, the UN watchdog said Iran's stockpile had slightly exceeded the limit, prompting criticism from the Obama administration, which said the deal specified excess stock must be delivered to a foreign buyer.

Iran then sent 11 kilograms to Oman, a country that has acted as a mediator between Tehran and the West, in anticipation it would be sold to a buyer.

Plutonium can be extracted from fuel rods used in heavy water reactors to makenuclear weapons.

"Iran has not conducted any uranium enrichment or related research and development activities" at its Fordo nuclear plant, the IAEA added.

The UN watchdog also said verification has continued in line with the agreement.

The report is the first issued since Donald Trump took over the White House.Trump has criticized the accord as the "worst deal ever negotiated."

Iran committed to among other things cutting by two-thirds its uranium centrifuges, dramatically reducing its stockpile of uranium and removing the core of the Arak reactor.

cw/msh(AFP, AP, Reuters)

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UN watchdog: Iran complying with nuclear deal - Deutsche Welle

WASHINGTON A proposal the Trump administration is considering to designate Iran's Islamic Revolutionary Guard Corps a terrorist organization has stalled over warnings from defense and intelligence officials that the move could backfire, according to officials familiar with the matter.

"If you do that, there is no way to escalate, and you would foreclose any possibility of talking to the Iranians about anything," one of the officials said, speaking on the condition of anonymity.

Momentum behind a possible presidential order has slowed amid an internal debate that has included concerns it could undermine the fight against Islamic State, draw opposition from key allies, torpedo any U.S.-Iran diplomatic prospects, and complicate enforcement of the Iran nuclear deal, U.S. and European sources said.

The proposal - part of a broader effort to make good on President Donald Trump's vow to take a tougher line against Iran - would, if implemented, take the unprecedented step of blacklisting the entire IRGC as a "Foreign Terrorist Organization."

That would go far beyond the targeted sanctions already imposed on individuals and entities linked to the IRGC, Iran's most powerful security force, which also controls large swathes of the Iranian economy and wields great political influence.

The proposal has been in the works for weeks, and was originally expected to be rolled out this month. But while the idea remains under consideration, it is unclear when or even if an announcement might be forthcoming, according to the sources, who spoke on condition of anonymity.

The White House did not immediately respond to a request for comment. Iran denies any involvement in terrorism, though it is listed by the State Department along with Syria and Sudan as a state sponsor of terrorism.

A decision on the matter was complicated by the Feb. 13 resignation of Trump's national security adviser, Michael Flynn, over disclosures that he discussed U.S. sanctions on Russia with the Russian ambassador before taking office. Flynn was one of the Trump White House's leading Iran hawks, and was spearheading the crafting of a strategy for confronting Tehran.

DEFENSE, INTELLIGENCE OFFICIALS RAISE OBJECTIONS

Even before Flynn's departure, however, officials from the Pentagon and U.S. and foreign intelligence agencies had raised objections to naming the IRGC a terrorist group.

Such a move would be the first time the 1996 Foreign Terrorist Organizations law, which has been applied to militant groups such as al-Qaeda and Islamic State, has been wielded against an entire institution of a foreign government, potentially subjecting it to a wide range of U.S. sanctions.

It likely would complicate the U.S. fight against Islamic State in Iraq and Syria, defense and other officials said, also speaking on the condition of anonymity. Shi'ite militias backed by Iran and advised by IRGC fighters are battling Sunni jihadist groups there, putting them on the same side as American forces.

It could encourage Iranian-backed forces in Iraq and Syria to curtail action against Islamic State and possibly even sponsor actions against U.S.-backed or American forces in Iraq, one official said. The Revolutionary Guards answer to Iranian Supreme Leader Ayatollah Ali Khamenei.

Naming Iran's most influential military force a terrorist group also could further inflame proxy conflicts elsewhere, including in Yemen, that the United States and its regional allies say Iran is fueling, the officials said. Iran denies those allegations.

"That move could potentially backfire" in Iran's domestic politics, too, said one of the officials. "The Iranians are a major source of trouble ... but those kind of moves would only help the hardliners" in Iran and undercut more moderate leaders such as Iranian President Hassan Rouhani.

In addition, said another of the officials, adding the IRGC to the terrorist list would cause friction with U.S. European allies, who in the wake of the 2015 nuclear agreement are trying to rebuild business ties to Iran, which often means contact with the Revolutionary Guard and the companies it controls.

For now, the officials said, the discussion of naming the IRGC a terrorist organization is still in play, but apparently on the back burner. A European security source, speaking on condition of anonymity, said U.S. counterparts told him the order is on hold.

A failure to go forward with the IRGC terrorist designation, which also has gained some support among U.S. lawmakers, could disappoint those looking for a strong response to Iran's recent ballistic missile test.

The new administration warned Tehran at the time that it was being put "on notice" and then imposed a series of new sanctions on Iranian individuals and companies, which a White House official said was just an "initial" step.

(Additional reporting by Mark Hosenball and Phil Stewart; Writing by Matt Spetalnick; Editing by John Walcott and James Dalgleish)

BEIRUT Militants attacked two Syrian security offices in the western city of Homs on Saturday with guns and suicide bombers, killing at least 42 people including a senior officer, a war monitor said.

North Korea is evading international sanctions with a sophisticated network of overseas companies, enabled partly by its continued access to the international banking system, says a forthcoming United Nations report seen by Reuters.

SHANGHAI A fierce blaze at a hotel in southeastern China killed 10 people, the official Xinhua news agency said in a post on its official microblog on Saturday.

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Trump proposal for terrorist listing of Iran Revolutionary Guard in limbo: sources - Reuters