Representatives from Iran and Kazakhstan reached an agreement to establish a joint working group to expand interaction in the field of intellectual property. This occurred during the Sixty-Eighth Session of the Monthly Meetings of WIPO Member States Assemblies, held at the WIPO headquarters in Geneva, Switzerland, from July 7 to 15.
The joint working group is tasked with monitoring the implementation of the Memorandum of Understanding (MOU), coordinating common programs, and deepening specialized cooperation between Iran and Kazakhstan. The parties discussed various ways to improve technical and international interaction between the two states, as well as sharing achievements in the areas of registration, legal protection, and intellectual property development.
Yerlan highly praised Iran's rich history and its valuable experience in developing legislation and implementing an intellectual property rights protection system. He emphasized the need to utilize Iran's expertise, knowledge, legal competencies, and practical successes to strengthen Kazakhstan's intellectual property system. Highlighting historical, cultural, and civilizational commonalities, he expressed hope that the implementation of the MOU would pave the way for the development of specialized relations, joint research projects, and increased exchange of experience.
For his part, the Iranian official noted that the creation of the working group will help transform bilateral agreements into actionable plans and tangible results. He stated the country's readiness to use its full potential in education and the operations of its Intellectual Property Center to achieve the goals of the MOU.
According to Babaei, the MOU covers numerous areas, including the exchange of legal and legislative expertise, specialized knowledge and experience in intellectual property, conducting training courses, supporting business based on geographical indications, developing expert cooperation, and enhancing the institutional capacity of both nations. He also pointed out that utilizing common opportunities in committees such as the Standing Committee on Patents (SCP), the Standing Committee on Trademarks, Industrial Designs, and Geographical Indications (SCT), the Committee for Development and Intellectual Property (CDIP), the Intergovernmental Committee on Intellectual Property, Genetic Resources, Traditional Knowledge and Folklore (IGC), will contribute to advancing common interests on the international stage.
Referring to Iran's digital transformation plans, including the application of modern technologies, digitization, automation of registration processes, expansion of electronic services, and improvement of digital infrastructure, the Iranian representative noted the possibility of exchanging experience and conducting joint projects in these areas. During the meetings, he also spoke with the Director General of the World Intellectual Property Organization (WIPO), Darren Tang. Recent changes in Iran's intellectual property system, current joint efforts, and potential for improving interaction were discussed.
Babaei reported that the adoption of the WIPO Treaty on Intellectual Property, Genetic Resources and Related Traditional Knowledge, as well as accession to the Vienna and Strasbourg Agreements, demonstrates Iran's determination to strengthen its participation in the international intellectual property system. He described the introduction of the new Industrial Property Law in Iran as a significant legal and institutional step, as the new law takes into account the standards of international documents, allowing for the modernization of the system for registering and protecting industrial property rights.
The Iranian official stressed that supporting the innovation and intellectual property ecosystem is one of Iran's priorities. The need was highlighted to increase the qualification of specialists in this field, expand intellectual property services for small and medium-sized enterprises (SMEs), and strengthen links between the registration system, academic institutions, business, and stakeholders in the field of innovation.
In turn, Tang noted that Iran possesses an ancient civilization, a rich cultural heritage, and significant scientific and innovative potential. He emphasized the importance of using these resources to develop the intellectual property system and strengthen ties between WIPO and Iran, and announced WIPO's readiness to deepen technical cooperation with Iran.
Furthermore, it was mentioned that following high-level meetings in Astana in December 2025, the President of Kazakhstan, Kassym-Jomart Tokayev, and the President of Iran, Masoud Pezeshkian, witnessed the signing of several intergovernmental documents. These included agreements on mutual legal assistance in criminal cases, a protocol on updating international passenger and cargo road transport, a cooperation program between the ministries of foreign affairs, a cultural exchange program for 2026–2028, a memorandum of cooperation in the field of intellectual property, strategic cooperation in transport, transit, and logistics, cooperation in healthcare, and media cooperation.
Leading private lenders expect lending growth rates to be maintained following a strong increase in the first quarter of the fiscal year, as companies increasingly prefer bank loans over the bond market, which has become more expensive.
According to six private banks that reported strong lending growth over the three months ending in June, this growth was driven by corporate lending. High bond yields have reduced the attractiveness of raising funds through the market.
HDFC Bank Ltd., India's largest private lender by assets, reported an almost 19% increase in corporate loans in the quarter compared to a 1.7% growth the previous year. ICICI Bank Ltd. increased internal corporate loans by 18.5% compared to last year, and Kotak Mahindra Bank Ltd. recorded a 15% growth.
According to ICICI's CEO, Sandeep Batra, the demand for corporate loans was driven by working capital needs, and the slowdown in borrowing in the bond and equity markets created new opportunities for banks.
Yes Bank Ltd.'s CEO, Vinay Tonsen, forecasts 'secular growth in lending across all sectors over the next two quarters.' This bank, which primarily focuses on the retail segment, has expanded its portfolio of corporate and institutional loans by more than 41%.
Overall bank lending growth accelerated to a two-year high of 18.6% year-on-year two weeks before June 30, according to Reserve Bank of India data, highlighting the resilience of loan demand despite lags in deposit mobilization.
A surge in foreign currency deposits, which some analysts believe could exceed $50 billion by the end of September, is expected to improve the liquidity of the banking system, giving lenders access to a larger pool of relatively inexpensive foreign currency financing. As part of efforts to build reserves, the central bank of India offered banks full support for hedging costs when attracting foreign currency deposits for terms of three to five years and permitted borrowings against such funds.
The yield on 10-year government bonds rose above 7% following the conflict between the US and Iran, destabilizing Indian markets. Although yields have fallen from these high levels, rising oil prices due to new Middle East tensions are causing investor concern about further monetary policy tightening. Higher benchmark rates have increased the cost of borrowing for corporations, reducing their interest in debt.
HDFC Bank's VP of Management, Kaizad Barchuha, noted that corporate demand in the quarter was evenly distributed between term loans and working capital financing, with the electronics, automotive, renewable energy, and commodity sectors showing the highest demand. Yes Bank, in turn, saw healthy borrowing from oil and metal companies.
Axis Bank Ltd.'s CFO, Punit Sharma, expects the bank's lending growth to outpace the industry average by approximately 300 basis points in the medium term.
Banks are also supported by strong balance sheets. After several years of cleaning up non-performing loans, strengthening underwriting standards, and building capital buffers, lenders are more willing to finance corporate borrowers who meet stricter risk criteria. The ratio of non-performing assets in the banking sector is at a multi-year low, giving lenders confidence in growing corporate portfolios without repeating the excesses that led to the bad loan cycle in the past decade.
The total market value of five of India's ten most expensive companies increased by 1.54 trillion rupees last week, with Tata Consultancy Services (TCS) showing the largest growth.
This growth occurred against a backdrop of an overall positive trend in the stock market. Last week, the BSE Sensex index rose by 582.06 points, which is 0.75 percent, and the NSE Nifty index increased by 127.4 points, or 0.52 percent.
According to Ajit Mishra, Senior Vice President of Research at Religare Broking Ltd, Indian stock markets ended the week on a stable note, continuing their recovery despite heightened geopolitical tensions, high crude oil prices, and persistent uncertainty regarding the global interest rate forecast. He noted that sentiment was supported by encouraging first-quarter earnings for the fiscal year 27 IT sector, as well as renewed interest in buying financial stocks and the resilience of domestic economic fundamentals.
Among the companies whose value increased were Reliance Industries, ICICI Bank, State Bank of India, Tata Consultancy Services (TCS), and Bajaj Finance. Meanwhile, the valuation of firms such as HDFC Bank, Bharti Airtel, Life Insurance Corporation of India (LIC), Larsen & Toubro, and Hindustan Unilever decreased.
TCS added 72,072.3 million rupees, bringing its market capitalization to 820,672.70 million rupees. The country's largest IT company reported a 4.61 percent rise in net profit for the June quarter, reaching 13,349 crore rupees, and forecasted improved demand, which had been affected by the crisis in West Asia, in the current quarter.
ICICI Bank's value increased by 29,062.06 million rupees, reaching 1,034,441.77 million rupees. Reliance Industries' market capitalization jumped by 23,884.93 million rupees, amounting to 1,795,091.26 million rupees. Bajaj Finance increased its capitalization by 21,946.5 million rupees, reaching 657,274.28 million rupees, and State Bank of India grew by 7,338.34 million rupees, reaching 963,768.78 million rupees.
However, Larsen & Toubro's market capitalization decreased by 18,097.72 million rupees, standing at 524,840.68 million rupees. LIC's value fell by 12,080.75 million rupees to 548,124.30 million rupees. Bharti Airtel lost 7,706.45 million rupees, and HDFC Bank slightly declined by 7,084.61 million rupees, reaching 1,262,369.81 million rupees. Hindustan Unilever's market capitalization dropped by 1,221.79 million rupees to 503,775.86 million rupees.
Reliance Industries remained the most valuable company, followed by HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, TCS, Bajaj Finance, LIC, Larsen & Toubro, and Hindustan Unilever.
The Chinese group Jingye has stated that it firmly defends its legal rights and interests and intends to achieve full compensation through litigation.
The Jingye group acquired British Steel in 2020. However, in April 2025, the British government effectively took control of the enterprise to prevent the closure of the country's last two coal blast furnaces located in Scunthorpe, northern England.
In May, London confirmed its intention to nationalize the company, citing reasons related to 'national security'. This decision received royal approval on Thursday, concluding the final stage of the legislative process in the UK.
The First Minister, Keir Starmer, stated that this measure 'ensures the future of steel production in the UK, protects skilled jobs, and preserves vital national capability.'
China's Ministry of Commerce reacted on Friday, expressing 'strong dissatisfaction' in its statement. It accused London of forcibly seizing control of British Steel 'under the pretext of national security.'
