THE long-awaited nuclear deal with Iran may have some bankers "licking their lips", as the Financial Times puts it, but in truth there is a long and complicated road to be navigated before most Western firms will be able to do business there. Only one sector already has an open invitation. It deserves it. For decades, Iranian airlines were forced into the black market when sourcing, and repairing, their planes. Elaborate paper-trails conspired to throw America off the scent of illicit transactions. Mahan Air, the country's second largest carrier, pulled off perhaps the biggest such deal in May—two months before the nuclear agreement was signed—when it used an Iraqi front to acquire nine Airbus jets.
These shady deals have kept Iranians flying, but at a cost. There have been 28 civilian aircraft crashes in Iran since the turn of the century, according to the Aviation Safety Network, claiming more than 500 lives. The...Continue reading
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