European companies face US pressure over Iran - Hotels pin staffing hopes on migrants
Volkswagen will exit the Iranian market, according to a US media report. It suggests the Trump administration convinced VW of the move as part of US efforts to undo the Iran nuclear deal. VW has not confirmed the report.
Trump's ploy to force countries to choose between doing business with the US or Iran is working. While German firms in Iran have been preparing for months for the sanctions, the outflow of companies is not slowing down.
The German chancellor welcomed 11 African leaders to Berlin to introduce them to the CEOs of Germany's biggest firms. Outside, protesters demanded Germany stop doing business with dictatorships across the continent.
French auto giant PSA has announced its withdrawing from its joint venture activities in Iran to avoid looming US sanctions. The company is instead looking to launch a car-sharing service in the United States.
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