Most French firms ‘won’t be able to stay’ in Iran: France’s finance minister

French oil group Total has already indicated it is unlikely to stay in the country after the new sanctions announced by US President Donald Trump. (AFP)
Updated 19 June 2018
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Most French firms ‘won’t be able to stay’ in Iran: France’s finance minister

PARIS: Most French companies hoping to keep doing business in Iran after the US imposes new sanctions on the country will find it impossible to do so, Finance Minister Bruno Le Maire said Tuesday.
These companies “won’t be able to stay because they need to be paid for the products they deliver to or build in Iran, and they cannot be paid because there is no sovereign and autonomous European financial institution” capable of shielding them, Le Maire told BFM television.
The new sanctions announced by US President Donald Trump in May after he pulled out of a 2015 nuclear deal with Tehran would punish any foreign firm operating in Iran which also does business with the US or in dollars.
“Our priority is to build independent, sovereign European financial institutions which would allow financing channels between French, Italian, German, Spanish and any other countries on the planet,” Le Maire said.
“It’s up to us Europeans to choose freely and with sovereign power who we want to do business with,” he added.
“The United States should not be the planet’s economic policeman.”
Le Maire and his EU counterparts have been trying to secure exemptions for their firms, many of which rushed back into Iran after the landmark accord curtailing Tehran’s nuclear program.
But French oil group Total and carmaker PSA have already indicated they are unlikely to stay in the country, while Renault has said it will remain despite the sanctions — though it does not sell its cars in the US.
Analysts have warned it would be nearly impossible to protect multinationals from the reach of the “extraterritorial” US measures, given the exposure of large banks to the US financial system and dollar transactions.
The first round of the new sanctions, targeting Iran’s auto and civil aviation sectors, are scheduled to go into effect on August 6.


Major hotels in China inspected after room cleaning expose

Updated 31 min 58 sec ago
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Major hotels in China inspected after room cleaning expose

BEIJING: The Chinese tourism ministry has asked authorities in Beijing, Shanghai and three provinces to investigate room cleaning at 14 major hotels after hidden camera video showed workers using used towels to clean cups and glasses and other questionable practices.
Several of the hotels including a Shangri-La, Sheraton and Waldorf Astoria have apologized since an activist blogger posted the video online earlier this week. In several clips, workers in bathrooms wipe down sinks, coffee cups and glasses with the same used towel.
The Peninsula hotel in Beijing said Friday that city inspectors had tested its cups and found they were cleaner than standards required. The Park Hyatt in Beijing called what happened an isolated occurrence.