Symbolic imageIran to join BRICS Bank as war economy sheds jobs
Iran plans to join the BRICS development bank while wartime layoffs mount. Oil rose again on Wednesday, according to the Wall Street Journal.
Central Bank Governor Abdolnaser Hemmati said Iran will become a member of the New Development Bank, the lender founded by the BRICS states, Iranian state media reported on Tuesday evening, 11 August. Cooperation with India in monetary affairs, banking and the digital economy has already begun, he said, and BRICS members could settle trade in their national currencies. He called the bloc's September summit a chance to meet Iran's main banking partners, the semi-official Tasnim agency reported.
More than a million jobs lost
Deputy Labour Minister Gholamhossein Mohammadi said the war had cost over one million jobs and left two million more people "directly or indirectly unemployed", Tasnim reported. The Jerusalem Post, citing the New York Times, ties the layoffs to war damage, sanctions and the internet blackout.
Markets await July inflation data
Bond yields climbed on inflation fears on Tuesday, US stocks slipped and the dollar firmed with crude, while gold edged higher before the July consumer price index, Wall Street Journal market reports said.
Gulf shipping profits anyway
Abu Dhabi's Adnoc L&S posted a record quarterly profit despite the regional disruption, the Wall Street Journal reported, placing the sharper squeeze in refining, not crude supply.
Other opinions
Iranian accounts reach this edition only through the Jerusalem Post; US reporting frames the story as market volatility and omits the BRICS step.