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Iran's Oldest Tire Factory Shuts Down

Michelin Formula One tires are prepared for racing in the pits at the Indianapolis Motor Speedway, June 29, 2006. REUTERS/John Gress/File Photo
Michelin Formula One tires are prepared for racing in the pits at the Indianapolis Motor Speedway, June 29, 2006. REUTERS/John Gress/File Photo
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Iran's Oldest Tire Factory Shuts Down

Michelin Formula One tires are prepared for racing in the pits at the Indianapolis Motor Speedway, June 29, 2006. REUTERS/John Gress/File Photo
Michelin Formula One tires are prepared for racing in the pits at the Indianapolis Motor Speedway, June 29, 2006. REUTERS/John Gress/File Photo

Iran's oldest tire factory has shut down due to "financial problems", state news agency IRNA reported Wednesday.

Kian Tire was once the "largest producer of off-road tires in Iran" but closed its doors several days ago due to "financial problems and difficulties in the supply of raw materials", AFP quoted IRNA as saying.

Founded in 1958 as a joint American-Iranian enterprise according to its website, the company was known for making tires for "military vehicles and large trucks", IRNA said.

But due to outstanding bank debts, Kian Tire was expropriated and had been run by the state for the past few years, the agency added.

Iran's economy has suffered under stringent sanctions that were reimposed by the United States after it unilaterally pulled out of a nuclear deal between Tehran and world powers in 2018.

Kian Tire workers had gathered Sunday to urge the state to save the factory, local media said.

More than 1,200 employees are now out of work, according to IRNA.

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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.