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Saturday, January 30, 2016

Flush with cash and free of sanctions, Iran's Rouhani mounts international shopping spree

It was retail therapy that would make the most ardent shopaholic’s head spin, but Louis Vuitton, Gucci and Ferragamo weren't on the list.
Liberated from crippling international sanctions and flush with newly unfrozen assets, Iranian President Hassan Rouhani this week inked a flurry of lucrative deals with European companies during the first such tour for an Iranian leader since 1999.
In Italy, Rouhani signed some $18 billion worth of deals, including shipbuilding, steel and energy contracts. Next, Rouhani moved on to gay Paris for another staggering round of shopping: 
-$24 billion for 118 Airbus planes. Check.
- $400 million for a manufacturing deal with carmaker Peugeot.  Check.
- A deal with energy giant Total to buy up to 200,000 barrels of Iranian crude per day. Double check.
The dizzying dealmaking was made possible by the lifting of international sanctions on Iran following an agreement with the West to dismantle much of its suspect nuclear infrastructure. (Read More)