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
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

Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
TT
TT

Taiwan Expects Small Impact from Trump Tariffs on Chip Exports

A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo
A chip is pictured at the Taiwan Semiconductor Research Institute (TSRI) at Hsinchu Science Park in Hsinchu, Taiwan, September 16, 2022. Reuters/Ann Wang/ File Photo

Taiwan only expects a small impact from any tariffs imposed by the incoming government of US President-elect Donald Trump on semiconductor exports given their technological superiority, Economy Minister Kuo Jyh-huei said on Friday.
Home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., the island is a key link in the global technology supply chain for companies such as Apple and Nvidia, according to Reuters.
But Taiwanese policymakers have warned new US tariffs against all countries from the Trump administration could curb economic growth this year for the export-dependent economy.
Trump has pledged a blanket tariff of 10% on global imports into the United States and a far higher 60% tariff on Chinese goods.
In late November, he specifically pledged a 25% tariff on imports from Canada and Mexico when he takes office on Jan. 20.
Asked at a news conference about the impact on Taiwan's export orders of Trump's tariffs, Kuo said it would not much affect the chip sector.
“For our semiconductors and advanced processes, there is an advantage of technological leadership and that cannot be replaced, and so the impact will be small,” he added.
Taiwan will also help companies relocate supply chains to the United States as needed, away from where there might be high import tariffs, Kuo said.
“Now we see that we should be able to develop the aerospace supply chain industry in the United States, and do some joining up with the US aerospace companies, so that some of Taiwan's aerospace research and development centres can be moved there,” he added.