VW to stop doing business in Iran: Bloomberg

A car with the Volkswagen VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, US, January 16, 2018. (File/Reuters)
Updated 20 September 2018

VW to stop doing business in Iran: Bloomberg

  • VW will still be able to do some business in Iran under a humanitarian exception
  • VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years

WASHINGTON: Volkswagen has bowed to American pressure stemming from the US rejection of the multi-party nuclear deal and will end almost all business in Iran, Bloomberg News reported Wednesday.
The accord was reached Tuesday after weeks of talks between the German auto giant and the administration of President Donald Trump, said Richard Grenell, the US Ambassador to Germany, according to Bloomberg.
VW will still be able to do some business in Iran under a humanitarian exception, Bloomberg added.
In May, Trump pulled the US out of the deal it reached with Iran and five other countries in 2015. That accord lifted sanctions against Tehran in exchange for restrictions on its nuclear program.
Now, the US is reimposing those sanctions.
Bloomberg said VW has scrapped plans it announced in July last year to sell cars in Iran for the first time in 17 years.


Saudi finance ministry hosts foreign investors ahead of budget 

Updated 09 December 2019

Saudi finance ministry hosts foreign investors ahead of budget 

  • Twenty two international investment companies are being shown around some of the Kingdom’s top non-oil based companies
  • Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance

RIYADH: Saudi Arabia’s Ministry of Finance has kicked off a tour for foreign investors in Riyadh today ahead of the 2020 Budget Forum on Dec. 10.
Twenty two international investment companies from Taiwan, the US, the UK, Malaysia, Indonesia, Japan, Hong Kong, Germany and France have been invited to visit some of the Kingdom’s top non-oil based companies.
The group includes a number of international investment companies, insurers and asset managers, including Goldman Sachs, Mayfair Bank, Etiqa Insurance and Nippon Life Insurance Company among others.
Saudi banks such as SAAB, Samba, NCB, Bank AlJazira and Alinma Bank are also in attendance.
Among the sites visited by the delegation are the Riyadh Metro, where the group got a glimpse of the bus and train systems that are due to launch mid-2020. 
The tour also takes in Al-Turaif UNESCO heritage site, and Qiddiya, the entertainment mega project under development in Riyadh.