[26 Nov 2013] Peugeot Citroen labor unions welcome ease of sanctions on Iran - English

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26   Nov   2013   Peugeot   Citroen   labor   unions   welcome   ease   of   sanctions   on   Iran   PTV   presstv   English   Peugeot   Citroen   was   the   worst   affected   French   company   when   the   US   and   its   allies   imposed   sanctions   again  

Peugeot-Citroen was the worst affected French company when the U-S and its allies imposed sanctions against Iran in 2012. Until then, the car-maker had been sending spare parts to its former partner Iran-Khodro. When it stopped doing so, it entered a period of deep crisis which led to thousands of job cuts in the company. In a country facing record high unemployment, this was a shock. With the new deal between Iran and five permanent members of the U-N Security Council plus Germany, the sanctions on Tehran are eased, bringing a mix of respite and caution to labor unions. Peugeot Citroen\'s share prices rose just a day after the ease on sanctions was announced. Before the sanctions, the company was the biggest player on Iranian roads. Peugeot has recently announced it is hiring a new chairman in 2014. But labor unions are skeptical if Carlos Tavares can really turn around the car-maker\'s fortunes. In the coming days, Tehran will host the first international car makers\' conference on Iranian auto-industry. And that is where French car brands will find out, if they will dominate Iranian roads as they once did.

Added by PTV on 27-11-2013
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