عربي English Türkçe اردو فارسى
Logo
Latest News
Business

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
TT
20
TT

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.

Most Viewed

 
Business

UN's FAO: World Food Prices Increase in April

FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
TT
20
TT

UN's FAO: World Food Prices Increase in April

FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)
FILE - A customer checks his shopping receipts while waiting in line at the food court at Costco Wholesale store in Glendale, Calif., on Thursday, April 10, 2025. (AP Photo/Damian Dovarganes, File)

Global food commodity prices increased in April, driven by higher cereal, meat and dairy product prices that outweighed falls in sugar and vegetable oils, the United Nations' Food and Agriculture Organization said on Friday.
The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 128.3 points in April, up 1% versus the March estimate of 127.1 points, Reuters reported.
The April reading was also 7.6% higher than the same month a year ago but 19.9% below a March 2022 peak reached following Russia's full-scale invasion of Ukraine.
For cereals, FAO's price index rose 1.2% from March as wheat prices edged up due to tighter exports from Russia, rice rose on stronger demand and corn stocks tightened in the United States.
"Currency fluctuations influenced price movements in world markets, while tariff policy adjustments raised market uncertainty," the FAO added.
Despite the April rise, the cereal price index was 0.5% below its year earlier level.
Also driving food prices higher, the FAO's meat price index rose 3.2% last month, led by pig meat prices and firm import demand for bovine meat.
The dairy price index rose 2.4% in April and jumped 22.9% versus a year ago as butter prices hit record highs thanks to declining inventories in Europe.
By contrast, FAO's vegetable price index fell 2.3% last month due to a sharp decline in palm oil prices, while the sugar price index dropped 3.5% on fears over the uncertain global economic outlook.
In a separate cereal report, FAO kept its forecast for world wheat production unchanged at 795 million metric tons, on par with 2024 levels.
The agency decreased its estimate slightly for global cereal production in 2024 to 4.848 billion tons from 2.849 billion.