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Appreciated (o:
I agree - but lets have it right and not let Fowler hoodwink PIs about MOU sensitivity - the sole reason Fowler doesn't update the markets with LOI or MOU is because is provides the markets with the ability to bench mark the bods miserable performance - he learnt that lesson from the billions of dollars worth of pipeline shat which have never converted ......
Its Fowler himself who created any perceived issues with compromising MOU location by providing the geographical regions they are located in – What stops him from providing timely updates on A N Other airport with 900K Pax located somewhere in the world ???
If they have been in a closed period for the past four years but now find themselves outside of it - what does that say about the status of this MOU they expect to convert this year ?????
If we attempted to bypass secondary’s ( November sanctions ) without a waiver from the USA it would screw SL and any other contract in US dollars without doubt – that’s my point , secondary’s ( if imposed ) don’t kick in until November so why the rush to place the contract on hold /o: In short any company that circumnavigates secondary sanctions without a waiver is F*cked , and so would anyone who facilitated the deal – all this talk of German cooperative banks is hogwash too - if the sanctions kick back in the same form as pre Jan 2016 any payment channelled through one of these banks to or from Iran will have to be approved by the Bundesbank ( German Central Bank ) that aint going to happen as Merkell wont wont to **** trump off anymore - IMO that is /o:
We have a signed contract which is not contractually binding as we await governmental approval - in my book that’s not a contract as we'd be laughed out of the bank if we went looking for finance with such a document . In any case your spot on re our BOD seeing the announcement coming alright hence no director buys - Trump has been banging on about the JCPOA for 18 months so the family Fowler were never going to be digging deep - read this following from October 2017 and ask yourself if you would stayed holding had you known it was Iran - https://www.whitehouse.gov/briefings-statements/remarks-president-trump-iran-strategy/ - or perhaps consider if you think the content of Fowlers 22nd Dec RNS was appropriate on the back of such political noise /o: In respect of the timing of the 10th May announcement I can't understand why anyone would think it not a little curious - Why would he place the contract on hold whilst still waiting for an exchange of letters to finalise the contract given there was 88 days of grace left for the world and his wife to continue normal trading /o: Can anyone point to another CEO shooting his bolt so early ???
What questions are you expecting to have answered ? I expect our bod to concede the rug has been royally pulled —thus rendering our contract involuntarily mothballed till further notice )o:
In any case the argument regarding the usefulness our EU blocking statute is tantamount to two baldies fighting over a comb ; as the debate presupposes its implementation would make a difference to our plight - talk here seems to gloss over the fact that we don’t have a binding contract in place for the blocking statute to protect |o:
The ole EU Blocking Statute (o: that would be the one the Commission Vice President, Valdis Dombrovskis and the UK Foreign Secretary noted could be of limited effectiveness ; “ The Commission’s aim is to add the relevant US Iran sanctions laws to the Annex before August 6, 2018, when the first batch of US sanctions are re-imposed The companies should take the potential help from the EU Blocking Statute with a grain of salt. The Commission Vice President, Valdis Dombrovskis, noted that it could be of “limited effectiveness, given the international nature of [the] banking system and especially the exposure of large systemic banks to [the] US financial system and US dollar transactions. ‘ UK Foreign Secretary, Boris Johnson, had earlier admitted that it would be very difficult to protect European business “due to the extra-territorial effect of US sanctions and the difficulty companies have when they touch the live wire of the American financial network and they find themselves almost immediately sanctioned.”
What’s this new law then ? Do you have a link ? A new EU law that will be imposing fines on companies who choose not to trade with Iran (o:
We have required a German bank to trade with Iran since day one , despite sanctions being lifted in 2016 the US denied Iran access to the dollar , as such no tier 1 European bank would process payments to or from Iran , they wouldn’t even open a bank account for an Iranian national - meaning the sole reason for the German subsidiary was to facilitate the opening of a bank account for payments to and from Iran would be processed through one of the small German cooperative banks - with zero ties to the US - That’s nothing new - however if sanctions return to pre Jan 2016 status ( secondary sanctions due November ) any payment channelled through one of these banks to or from Iran will have to be approved by the Bundesbank ( German Central Bank ) which suggests payments will only be accepted via the handful of companies who will be given waivers to operate as they did before Jan 2016 . In respect of supply companies shipping to Iran that’s too down the small German bank as they won’t facilitate the transaction of any product that exceeds 10% of its parts from the US ! For the avoidance of doubt I hope we do get a waiver to operate in Iran - it’s a slim possibility, but imo our only way in until such time as Iran & USA agree to agree - One thing for sure is that no EU law will circumnavigate the secondary sanctions threatened by the USA |o:
Why would we be waiting for EU protection law to be in place to protect us from sanctions to which our contract falls outside |o: ? I’m still waiting for an educated and grown up response to my 15.28 ?
Sorry Tariffs - Not Sanctions
So who is our UKEF through that Fowler has been banging on about for the past two years ? And you think Trump would stand by idle and watch any German bank circumnavigate his sanctions ? He's just itching to slap sanctions on their automotive industry as it is !!
Total rubbish ? Now that is the pot calling the kettle black ar$e I thought you had me on filter ?
The Commission’s aim is to add the relevant US Iran sanctions laws to the Annex before August 6, 2018, when the first batch of US sanctions are re-imposed. The Commission is expected to control the entire process with support of the European External Action Service (EEAS) and it is likely that additional guidance will follow. The companies should take the potential help from the EU Blocking Statute with a grain of salt. The Commission Vice President, Valdis Dombrovskis, noted that it could be of “limited effectiveness, given the international nature of [the] banking system and especially the exposure of large systemic banks to [the] US financial system and US dollar transactions.” UK Foreign Secretary, Boris Johnson, had earlier admitted that it would be very difficult to protect European business “due to the extra-territorial effect of US sanctions and the difficulty companies have when they touch the live wire of the American financial network and they find themselves almost immediately sanctioned.”
It is pessimistic but by no means misleading - I agree it’s not a country by country thing – but it’s a matter of fact what I pointed out about China & Russia – Will Trump offer concessions ? He might – though I see no reason why he would . The US will choke any European business who attempts to trade with Iran under secondary sanctions , in the case of WSG how would we get on with our UKEF funding ? Barclays , HSBC , Lloyds ,RBS / Natwest & Santander . none of which will touch Iran with a shatty stick - The European Investment Bank rely upon the US bond markets so raise funds so their out of the question too ! How would we get on with our little contract at Lungi being paid out in us dollars ? or any other contract who’s government has a relationship with the USA ???? I’m no expert I hasten to add , however I read plenty and see no one commenting on ways for EU companies circumnavigating US sanctions /o:
The Europeans are ****ing in the wind when it comes to both Iran and trade tariffs - The Russians will do business with Iran as they have nowt to lose as they are already under US sanctions – China will be mopping up the business that the Europeans companies are leaving behind as they will circumnavigate the dollar /o: In the case of Europe it won’t make any difference which countries back the JCPOA agreement as Trump has Europe on a spit - put yourself in his shoes ; he has shown repeated contempt for Europe and its leaders , so if he hasn’t got what he wants by November why would he not press ahead with secondary sanctions ? When they kick in , coupled with trade Tariffs they will turn the screw nicely on Europe and Iran until such time as he gets what he wants ! It might take a while but he will get the trade concessions he wants and Iran will eventually do a deal with him ….AIMHO
Indeed - and very encouraging to see the E.U. doing their bit - though unfortunately that blocking statute ain’t worth a to$$ against secondary sanctions )o: Let’s hope Fowler didn’t have all of our eggs in the Iranian basket |o: