Sunday 16th Dec 2018 

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News: Iran Economy

Commerzbank pares ties with Iran

Commerzbank pares ties with IranAgence France Presse, FRANKFURT - Commerzbank, the second-biggest bank in Germany, is to join other European banks in curtailing its activities with Iran, a spokesman said on Wednesday, as the United States seeks to isolate Teheran economically.

Commerzbank will stop handling dollar transactions for Iran its its New York branch by the end of this month, the spokesman said, confirming a corresponding report in the Wall Street Journal Europe on Wednesday.

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US blacklists Iran's Bank Sepah, cites weapons proliferation

The US Treasury DepartmentAgence France Presse, WASHINGTON - The US Treasury Department said Tuesday that it has blacklisted Iran's fifth largest state-owned bank, Bank Sepah, because it has helped finance weapons proliferation.

The Treasury's decision effectively bars any US-owned banks and American citizens from having any dealings with Bank Sepah.

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Iranian workers still wait for better times

Iranian workers still wait for better times By Edmund Blair

Reuters - Outside the gates of Tebed Spinning Company in this industrial town west of the Iranian capital, a group of laid-off workers grumble that the president's vow to slash unemployment did not save their jobs.

Mohammad Bozorgi Alamuti and fellow workers, laid off three months ago, listened intently when President Mahmoud Ahmadinejad spoke in the town in June, delivering the usual pledges to protect workers' rights and revive the economy.

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Iran: 50,000 workers laid off in two months

Iran: 50,000 workers laid off in two monthsNCRI - As the state of economy deteriorating in Iran workers and the poor paid the heavy price.

According to the Iranian regime's Labor Ministry official figures the number of lay off during the first two months of the spring of the Iranian year went up by 26 percent compared to the same period last year and some 29 percent compared to the same period two years ago.

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Iran's nuclear ambition hits piggy banks

Iran's nuclear ambition hits piggy banks By Iason Athanasiadis

The Washington Times, TEHRAN - Threats of an international financial squeeze stemming from the showdown over Iran's nuclear program have sent Iranians scrambling to get their savings out of the country, or if that won't work, to convert them into gold.

An estimated $200 billion has left the country since last year's election of Mahmoud Ahmadinejad as president, accompanied by panic buying of gold. The Iranian stock exchange lost an estimated 20 percent of its value even as other bourses in the region rose.

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Iranian's Plans for Economy Spur Widespread Concern

Bazzar in IranBy NAZILA FATHI

The New York Times, TEHRAN — As President Mahmoud Ahmadinejad moves to make good on his campaign promise to distribute Iran's increasing oil wealth among its citizens, warnings are coming from across the political spectrum that his policies may be doing more to irritate political and economic tensions than to soothe them.

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Swiss banks quit Iran

Swiss bank UBSSwissinfo - Switzerland's largest bank, UBS, has confirmed that it is ceasing all operations in Iran.
 
On Sunday UBS corroborated a report in the SonntagsZeitung newspaper, but stressed that implementation of the decision had already begun last autumn.

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