welcome to do business it's the first european central banks meetings thems the summer break today analysts expect the bank to stay on course to curb stimulus amid high inflation and solid growth the e.c.b. will do whatever it takes to save the euro now those were the words of easy v. had mario draghi back in two thousand and twelve when the one thousand member currency block felt the pinch from the global financial crisis triggered by the collapse of lehman brothers so he has a look now at the role of central banks in times of crises. it was a time of reckless lending in the us as long as you weren't a felon chances were you could get a mortgage details like the borrowers ability to pay the loan back didn't seem to matter it was only a question of when subprime mortgages would undermine the system the question was answered on september fifteenth two thousand and eight when investment bank lehman brothers collapsed the bankruptcy triggered panic on the markets as banks stopped lending money to each other the market's most valuable currency trust had been destroyed central banks among them t

with or you know experts that could come up with more innovative idea of ideas of what the european central bank could have done but if we take into consideration that the balance sheet of central bank is now at more than four and a half trillion euros that's forty percent of g.d.p. forty percent of the value created in the countries of the eurozone this is definitely a very bold move and it was enough at least i can say to convince speculators that it makes no sense to speculate on the break up of our currency union our economic with is in frankfurt can read the. businesses reducing or delaying investments in the united states its central bank the federal reserve says the trend is due to concerns about washington and beijing's trade war so far the effects of the tariffs have been modest they've boosted some production costs according to the fed several american companies warned that more tariffs could hurt their businesses the president donald trump said washington was ready to impose tariffs on all chinese imports on wednesday the u.s. government proposed another round of trade talks with beij

the european central bank scales back its crisis measured ten years since the global downturn but the outlook is ted's we must be easy being or if they seem to be good whatever it takes. a tougher central bank trying to save the lira by sharply raising interest rates and. bacteria sweeps through italian all of the groves threatening the industry but a solution may be at hand. and been fizzle and let's do business the outlook isn't rosy the e.c.b. trimming its growth forecast today at the same time as winding back its economic stimulus still it's been a decade since the global financial crisis hit and today's announcements were no surprise the e.c.b. leaving its key interest rate untouched at an all time low of not point nor percent the council said course for a stricter monetary policy from october onwards the monthly purchases of government bonds are going to be cut in half to fifteen billion euros purchases are expected to keep troubled european economies afloat. and joins us now from frankfurt our financial correspondent conrad would you say the e.c.b. is on track is it doing the r

advantage that it's well established more so than paris frankfurt has the advantage of hosting the european central bank it's important for financial operators to be physically close to it to understand what's happening there this year paris going to boost when the supervisory european banking agency decided to relocate there from london. frankfurt also. paris was offering rent free officers and now it's offering tax breaks for the banks as well. earlier i asked our from national correspondent only bards how the chancellor made the case for frankfurt besides pointing out that many other banks and supervisory boards where already located in the city. three interesting points as well she was ready to go without tax hikes and that didn't wasn't clear whether that referred just to the financial industry or to germany as a whole but she wanted to. tax hikes and she wanted to make labor law more flexible that is only in the financial sector to accommodate the anglo-saxon kind of culture where you have hire and fire and she wanted to introduce less stringent standards for firing people and of course then being

a city hall pales in comparison but frankfurt was germany's financial hub even before the european central bank was headquartered here that's why many in the city's banking district are especially optimistic about britain's exit from the e.u. . front foot it's nice to get a few on frankfurt's an important european financial center but it's also obvious that the city of london remains the european financial center it will take frank for quite some time to take the title on no less an increasing number of london banks are eyeing paris and frankfurt as potential turn. it looks like in april next year they'll lose the right to conduct business from their london offices over twenty financial institutions have already decided on frankfurt. fun for the thing for a time frankfurt has the advantage that it's well established more so than paris frankfurt has the advantage of hosting the european central bank guys it's important for financial operators to be physically close to it to understand what's going on with paris got a boost with the european banking agency decided to relocate there from london. f

but one of the things that happened there is that the european central bank, and any central bank, made choices. they made choices to use the money they were creating to help weaker countries or stronger countries. and one of the things the european central bank did was decide -- and, again, this was not a political thing -- but they decided -- i mean, it is. it was a monetary decision and a money decision as well. they decided to do things like create money to help german companies or french companies or the core, stronger part of europe to begin with because the argument was that, well, they're better bets. i mean, you know, if you lend money to someone who's good for it, right, then they're going to repay you. so that must be a good thing. even though this money was created out of nowhere, and if they were good enough, they wouldn't have needed it. but $5.5 trillion worth of money was created by the european central bank to help europe. and it chose not to help, for example, greece. it chose not to really help portugal when it needed it. it sort of had this ongoing thing with italy,

and believe me it will be enough the european central bank began buying government bonds from struggling e.u. countries especially from southern europe those countries went heavily into debt to save their own banks and were then under threat themselves the financial crisis was about to engulf whole states the e.c.b. financed entire countries it was a highly controversial measure but it worked collapse was averted but the problem of rising european debt still hasn't been solved. so let's talk a little bit about that's i'm joined now by marcus miller from. the union university cent a gallon in switzerland but today you're here in berlin good to have you with us we just heard again those famous words by easy to behead mario dr g. these b. will do whatever it takes to save the euro and it will be enough wasn't enough yes it was enough and it was probably one of the best sentences ever in monetary policy history so darkie did a perfect job too to buy time for the governments to actually stylised the system but i mean it looks like i mean that the central banks including the e.c.b. also the fe

turkey's central-bank stuns markets by raising the benchmark rate. 24%, the lira is rallying on the news. big central-bank news from the europeanentral bank, mario draghi says he is confident inflation will return to target levels. special coverage of life after lehman continues. we speak to former senator chris dodd. julie: 90 minutes into the trading day. let's take a look at stocks. hanging onto gains but off the highs of the session, considerably. consumer staples weak, led by kroger. energy shares also a drag on the major averages with oil prices trading lower. stocks rebounding. philadelphia semiconductor index had seen a slide over the past sessions, down 67%. losses in six days. very weak as a late. rebounding stocks. outlier tooing, amd, the upside within semis. setting prices are good at highest on the street. qualcomm reinstating overweight at barclays, company starts $16 billion accelerated by back and we have an apple ripple effect in wake of the product announcements. firstapple suppliers, gain in 12 days. apple, representing 30% of revenue. when it comes to amd, outlier. it had four down weeks going back to april

pales in comparison still frankfurt is germany's financial hub and was so even before the european central bank was headquartered here that's why many in the banking district are cautiously optimistic about britain's exit from the e.u. . front foot isn't he a few known frankfurt's an important european financial center but it's also obvious that the city of london remains the european financial center it will take frank for quite some time to take the title still the increasing number of london banks are looking at paris and frankfurt as alternatives because it seems clear that all april first to lose the right to conduct e.u. business from their london offices over twenty financial institutes have already decided on frankfurt. fun for talking for a time frankfurt has the advantage that it's well established more so than paris frankfurt has the advantage of hosting the european central bank it's important for financial operators to be physically close to it to understand what's going on with paris got a boost with the european banking agency decided to relocate there from london. frankfurt also

advantage that it's well established more so than paris frankfurt has the advantage of hosting the european central bank it's important for financial operators to be physically close to it to understand what's going on. got a boost when the european banking agency decided to relocate there from london. frankfurt also. but paris was offering rent free offices and now paris is offering tax breaks for the banks as well. off from paris to frankfurt and of course a financial correspondent is there in a little earlier i asked him what kind of message the german chancellor would be looking to convey. hundreds are many in europe. to wrestle. her. from the national level but within europe and that goes for the financial industry as well. european already the second message. coming. from the financial industry from london who after the break for a home within the european union and. well qualified. well person in order to welcome financial players i would also surprised that he didn't hurt who he. really went into overdrive her vote in years ago. when bankrupt. asking what lessons can learn what's been learned. a

of course were set on front for today as europe's monetary watchdogs gather to inside the european central bank and as expected the e.c.b. left key interest rates untouched at an all time low of north point north percent further the council said course for a stricter monetary policy from october on whether it's the monthly purchases of government bonds are going to be cut in half to fifteen billion euros these purchases are executers to keep troubled european economies afloat. so let's find out what the markets making of all that call it was a stunning buy for us at the frankfurt stock exchange. easy be decisions any surprises there. no not really you can tell by looking at the german share index stocks right behind me it barely moved after the d.c. decision came out neither did the euro dollar exchange rate it's fair to say i think that the market got what it wanted to hear yes net asset purchases will come to an end but the european central bank's council also says that it intends to reinvest the principal payments from maturing bonds for an extended period of time and in any case and that's

let's focus on the european central bank. uded from the heart of the monetary policy. the european central bank president eight year term and's in october, 2019 and his country has no automatic policy to succeed on the executive board after the. .et's go back to gilles moec the trial and on tribulations of europe, the main question is who replaces mario draghi. depending who does, it will have different implications. they need to find someone who is going to be as forceful and dovish as mr. draghi has been. on the choices themselves, if it gets confirmed that germany is not after the job because it is not in their interest in the sense that by controlling the ecb they will be blamed for everything that goes wrong in europe even more so than so far, you're left with finding someone from another big country, the french probably or we go for a smaller country with a more centrist personality. do know know whether this moves you or not that the germans would rather have a president of the commission instead of the central bank or

whizzes or you know experts that could come up with more innovative idea of ideas of what the european central bank could have done but if we take into consideration that the balance sheet of central bank is now at more than four and a half trillion euros that's forty percent of g.d.p. forty percent of the value created in the countries of the eurozone this is definitely a very bold move and it was enough at least i can say to convince speculators that it makes no sense to speculate on the break up of our currency union our economic with is in frankfurt. businesses are reducing or delaying investments in the united states its central bank the federal reserve says the trend is due to concerns about washington and beijing's trade war so if you fix of the tariffs have been modest they've boosted some production costs according to the fed several american companies warned the motown could hurt their businesses after president don't trump said washington was ready to impose tariffs on all chinese imports on wednesday the u.s. government proposed another round of trade talks with beijing. and apple has u

there's no liquidity economies don't work so that's when the fed stepped in and eventually the european central bank stepped in to keep the financial system to keep economies essentially afloat and that's what the what the c.b.s. been doing up to this day even though they're now scaling back on these on these programs. begs the question you know a decade is a long time but do they get it's not and have we learned our lessons i mean could could something like lehman brothers could something like that happen again well financial crises happen over time they will reoccur obviously and i mean some things have changed along the way but then we see other issues emerging here and the issue that is scaring many experts around the world is right now our dangerously high debt levels and many countries the the increase in debt in industrialised countries has slowed but then again it has it has speeded sped up in emerging economies and developing countries and many of them are on the edge if we look at turkey the economy heavily struggling look at argentina an economy that's being kept afloat by the i.m.f. by f

central bank has done turkey is facing some very tough times ahead. correspondent dorian jones reporting from istanbul dorian thank you. the european central bank continues to scale back its economic stimulus from october on words the monthly purchases of government bonds are going to be cut in half to fifteen billion euros these purchases are executed to keep troubled european economies afloat but they used to be did leave its key interest rate untouched at an all time low of zero point zero percent. well so much for the banks now for a look at stocks and our wall street correspondents over two months is standing by in new york sophie how is wall street reacting to apple's latest i phones well we did see some positive movement off the stock on per se but on the day of the event itself the stock did nothing really it opened at two hundred twenty dollars and this is exactly why both so to investors it doesn't matter how cool the new i phone is and how that the new apple watch looks like at least not as much as it matters if these products are going to sell so they're going to pay attention to the next quarterly earnings and to the e

central banks flooded the markets with trillions to help financial institutions and economies get back on their feet. the us federal reserve looks set to raise its key interest rate again the european central bank on the other hand is not ready to take that risk in fact the e.c.b. is still in crisis mode with its zero interest rate policy known still comes to virtually nothing some fear of the accumulated corp. dead could trigger the next global financial crisis. all the money that was borrowed has to be paid back if interest rates go up repayment will be more expensive and may have to be countered financed with a new jet if that gets compounded by an economic downturn many companies could find themselves in a tight spot. consult my free face joins us now mark has the corporate world been lured into a false sense of security by a whole decade of low interest rates consumers as well or are they taking advantage and making the most of good times. both i guess but absolutely this is the financial bubble which is created in the last couple of years and it's a very dangerous course one day there will be a recession there will be a downturn and then the companies will have big big proble

central banks flooded the markets with trillions to help financial institutions and economies get back on their feet. the us federal reserve looks set to raise its key interest rate again the european central bank on the other hand is not ready to take that risk in fact the e.c.b. is still in crisis mode with its zero interest rate policy alone still caused virtually nothing some fear of the accumulated corporate debt could trigger the next global financial crisis. all the money that was borrowed has to be paid back if interest rates go up repayment will be more expensive and may have to be countered financed with new debt if that gets compounded by an economic downturn many companies could find themselves in a tight spot. i could call rebels and is holding the fort for us and frank conrad how why reed should we be. well the worries at the moment most obvious in terms of currencies of course those plunges of the currencies of turkey and i just tina have a lot to do with concerns among investors that companies in those countries that have taken on dollar debt will find it difficult to pay back their loans in case dollar interest rates are going to continue to rise in that applies th

have a bigger economic impact on the uk than on the european union, the former head of the european central banke bbc. jean—claude trichet said the break—up was "totally contrary to the new world" of large emerging economies, the likes of china and india — with single currencies and single markets. argentina's economy shrank by 4.2% in the second quarter, its sharpest year—on—year slowdown since 2014. the slump comes amid a damaging drought — and a currency crisis that has prompted the central bank to raise interest rates to 60% and the government to cut spending. argentina has also requested a bailout from the international monetary fund. and now what's trending in the business news this morning. 0n bloomberg, alibaba billionaire jack ma says he can't create one million us jobs after all because of the trade war. 0n cnbc, retail investors in canadian cannabis are ‘buying air,‘ analyst says. on business insider: ‘the market is betting on a bidding war‘. the fight for sky might come down to a rare sealed auction. and don't forget, let us know what you are spotting online. use #bbcthebriefing. tha

central banks flooded the markets with trillions to help financial institutions and economies get back on their feet. the u.s. federal reserve looks set to raise its key interest rate again the european central bank on the other hand is not ready to take that risk in fact the e.c.b. is still in crisis mode with its zero interest rate policy known. still comes to virtually nothing some fear of the accumulated corporate debt could trigger the next global financial crisis. all the money that was borrowed has to be paid back if interest rates go up repayment will be more expensive and may have to be countered financed with new jet if that gets compounded by an economic downturn many companies could find themselves in a tight spot. so unlike ten years ago it's not the banks that are in trouble but the company so are we heading into the next crisis let's ask such a banking expert and professor at the frankfurt school of finance and management good to have you with us to tell me how worried should we be about to the enormous corporate debt. i think given the large amount of debt this is definitely something that regular as a regulator should have an eye on and watch closely but i think we n

from starting a trade boldin china does from retaliating that's the outcome of a study by the european central bank economists used computer models to predict what would happen if washington imposed a ten percent tariff on all imports and other countries responded accordingly the results suggest that the us would bear the brunt of a drop in trade and investor confidence by contrast china would gain by exporting more to other countries where american goods a subject to tariffs. is leaving his post next year and will go on to head up the company supervisory board is the project comes at a time of turmoil in the german car industry as it struggles to respond to the emissions scandal the prospect of diesel bans and the threat of tariffs from the united states has been a dima for four decades at the helm for the last twelve years will be replaced by the first known german to be in charge of the maker of my savings bonds cars all are. originally from sweden he's been with nine hundred ninety three and christiane stock is a professor for strategic management at the work business school thank you for joini

again you know ben we have a lot of reserve bank activity on the agenda this week with the european central bank likely to talk about the ending of its asset purchase programs and also in emerging economies there's a lot happening the turkish reserve bank as well as the reserve bank in russia will likely decide on higher interest rates when all cyrus the governors of the reserve bank there will get together and you know talk about what how to deal with the high inflation and what to do after the huge slump of the peso all this is on investors' minds and it causes them to rather discuss those topics and discuss the risk that comes out of those countries and economies instead of you know investing and making right real investment decisions what we day for both financial markets and if we don't we think you can read. except for the british pound that is it surged today after the e.u. stock breaks that it goes indicated a divorce still could be breached within a matter of weeks shabani made the comments that form taking place in slovenia is what he had to say about being realistic. i see that really

the european central bank is slowly heading towards an end to its loose monetary policy starting in october it wants to cut its controversial purchases of government bonds by fifty percent to fifteen billion euros per month by the end of the year they'll be discontinued altogether at their meeting on thursday the currency guardians let the key interest rate untouched at zero point zero percent so loans in the euro zone are remaining extremely cheap. commission president john clarke junko once a greater role for the euro in the world in his speech on the state of the e.u. he called on member states to promote the euro as a global currency in this way the euro should be able to challenge the u.s. dollar. particularly disturbed by the fact that the e.u. pays mainly in dollars for its energy imports according to experts the withdrawal of the usa from international agreements under trump offers a good opportunity to strengthen the euro internationally. in the age of online shops like amazon traditional department stores are having a tough time in germany archrivals car shot and cowfold are mergi

talking to reuters on wednesday, the european central bank's chief economist tried to play down concernswhich some say is a bigger worry for the eu than brexit. are obviously headwinds but i think the risk picture has not fundamentally changed. —— i think there are obviously. we do not see in markets confidence indicators change so far, but it is true that the risks are getting nearer of course. lorenzo codogno is a visiting professor at the london school of economics. he was chief economist at italy's treasury department for almost a decade. so it was yourjob to prepare these documents for budget day. giovanni tria has got his work cut out for him, has anti—7 is independent of the two parties in the coalition and is trying to deliver their promises. yeah, he made the point quite clear that you know, the new government basically committed to respect the constitution and is part of the constitution, there is also the respect of the fiscal framework. —— hasn't he. so he is trying to make the point that italy needs to listen least deliver the minimum necessary to try to be broadly compliant

bank position is that i disagree with -- we disagree with j.p. morgan's european equity call. one of the problems with the two system target has been conspicuous members of the european central bank to each other. the european central bank has been lending out a trillion becauseto the system interest rates -- into the system. because interest rates are negative, they get surcharged, in an extremely taxing environment. there are opportunities in the peripheral economy. i look at spain. there is a very well-placed bank to benefit from recovering economies like brazil. when the emerging markets story turns completely, one of the best ways to play in that recovery will be such a stock from brazil. down around 30% year to date -- what would happen to a business such as danske bank if it was told it could not transact in u.s. dollars? ames: if they are unable to be , correspondent take -- bank that's a significant risk. i would anticipate the is partion of the ceo of assuring in u.s. authorities authoritiesu.s. with those sorts of measures. are you concerned about other banks getting pulled into this? is this a real warning signs for bank investors? it certainly is. james: what the has

in the case of the european central bank they reduced it to negative and so did the japanese for a whiletle chance of anyone making money out of investing in anything in the western world. the look out for yields, train to get something better for your yields, train to get something betterfor your money, yields, train to get something better for your money, has yields, train to get something betterfor your money, has been focused on moving —— moving funds into emerging markets so that has increased hugely there. notjust the public sector but also the private sector. we have seen concerns in china and we have seen it happening with a lot of evidence of the damage it has done in places like turkey. you see what is happening right now in venezuela. emerging markets have been exposed to foreign currency borrowing in order to satisfy the search for yield and that could collapse. so that was an economist with spoke to earlier. we have more analysis now. talking there are about how this is pa rt talking there are about how this is part of the story of the collapse of lehman brothers. talk to us

the european central bank is slowly heading towards an end to its loose monetary policy starting in octoberants to cut its controversial purchases of government bonds by fifty percent to fifteen billion euros per month by the end of the year they'll be discontinued altogether. at their meeting on thursday the currency guardians left the key interest rate untouched at zero point zero percent so the loans in the euro zone are remaining extremely cheap. commission president. once a greater role for the euro in the world in his speech on the state of the e.u. he called on member states to promote the euro as a global currency in this way the euro should be able to challenge the u.s. dollar. particularly disturbed by the fact that the e.u. pays mainly in dollars for its energy imports according to experts the withdrawal of the usa from international agreements under trump offers a good opportunity to strengthen the euro internationally. in the age of online shops like amazon traditional department stores are having a tough time in germany archrivals car start and are merging the contracts were s

i would put caveat out there as of october the 1st, european central bank cutting its taper. the united states federal reserve will increase quantitative tighting to max run rate of $150 billion. there is tightening going in the back round and going up to the highest level of tightening globally. trish: good. i would like to be back to normal. >> yeah. trish: the fed saying today they're trying to get back to normal. this is good. 3% is nice. >> let's put this in perspective. when the fed finished its hiking campaign before this one the fed funds rate ended at 5.25%. we're just at 2 right now, to your point. trish: okay. i kind of like it. >> i love it. trish: it feels like the right thing to be doing. >> yes, it is right thing to be doing. trish: given our economy and it bothered me we were so low for so long and printing away, adam. >> you know, just ask danielle at that and her former mentor at the dallas fed, mr. fisher, who was adamant the fed overstayed welcome. kept rates far lower than they should have been. thank god we're getting back to normal. the only surprise fo

and in yet another sign of the growing european pushback on the trumpet ministration the european central bank has warned that the united states has the most to lose from an extended global trade fight earlier today e.c.b. researchers published their findings that a full global trade war could cut u.s. g.d.p. by more than two percent for three years the e.c.b. is also predicted a global economic output loss of point seven five percent as well as a significant and more wide ranging impact on output across countries the e.c.b. finding the effectively second more direct inexplicable warnings from the e.c.b. president mario draghi as well as from the head of the international money monetary fund christine legarde. and south korea and the united states have reached an agreement on a revision other two thousand and twelve trade agreement was reached with president obama's administration the renegotiation is one of his trade policy revamps that u.s. president donald trump has pursued acting on his repeated in the in that big at times complaints about poor outcomes from past trade deals and policies t

central banks flooded the markets with trillions to help financial institutions and economies get back on their feet. the u.s. federal reserve looks set to raise his key interest rate again. the europeanentral-bank, on the other hand, is not ready to take that risk. in fact, the ecb is still in crisis mode with its zero interest rate policy. loans still costs virtually nothing. some fear the accumulated corporate debt could trigger the next level financial crisis. all the money that was borrowed has to be paid back. if interest rates go up, repayment will be more expensive and may have to be counter financed with new debt. if that gets compounded by an economic downturn, many companies could find themselves in a tight spot. ben: over to sophie scimansky. sophie, what is with wall street 10 years on since the lehman brothers collapse? has anything changed, in your opinion? sophie: well, i would say some things have changed. the banks may be a little more stable some experts say, but there are other problems, as we just heard. corporate debt is at a record high, and american corporations are exposed to higher costs if they have to refinance their debt. it might open the -- also keep con

stable so that's one way to look at it and they also say that before the central banks of this world especially the fed and the european central bank which are so powerful allow this to escalate and spread into the world economy spread into the industrial nations the central banks will do something in order to battle the emerging financial crisis among emerging markets are in spots for us the frankfurt stock exchange thanks to you. and her mind and how the top story we're following for you iran is hosting the president's attack in russia for a summit on the last rebel stronghold of meat in syria damascus government that's an option all out assault on the province but it could spark a huge humanitarian disaster. you're watching the news from ballet more coming up at the top of the hour i don't want a sneeze on our website. thanks to a company. for. the. trip. young people from around the world are living their dreams in our common in. poland. it's a way of life in harmony with nature. and. the moment. khosla. are they real soccer fans. or targets of a huge ad campaign the supporters of every day like to show. their club

the european commission european central bank and the international monetary fund have provided greece with bailout loans totalling two hundred eighty nine billion euros. in return for massive public spending cuts. national debt remains high. nearly twice the country's annual economic output. poverty and unemployment haven't disappeared either athens still has to maintain public spending restrictions as a condition for delaying repayment deadlines. economic growth is slow so there still aren't enough jobs. to young people are leaving a country in which they see no real future for up to five greek university graduates move abroad and not only graduates since the crisis began almost eight hundred thousand greeks have left roughly a tenth of the population. there leaving because problems such as ingrained corruption which helped spark the crisis are not being tackled effectively if at all. greece's being paralyzed by the rigid austerity measures a state analysts fear that could last decades until greece has paid off its debt. it's called bucks graft or bootle and in greece it's called fuc

organization this group this entity which will then handle the transaction no involvement of european central banks no involvement of commercial banks the theory is then the u.s. can't touch that money when the new sanctions go and place it into place in november so that's that's the theory they are moving ahead with this and again a clear a clear statement of solidarity the eve before dawn trump addresses the u.n. general assembly yes sure how but i suppose the question is then how is this move by the europeans and the iranians likely to undermine the impact of donald trump's latest sanctions against iran. they don't seem to have worked out many of the details that we're still waiting for those this is an announcement of intent more they still have to work out all the small print and there is certainly a lot of evidence that even though the e.u. is at pains to try and say it will protect european companies and other companies as they deal with iran in order to try and salvage the intent of the j c p a way they aren't having much of an impact european companies all pulling out of iran i was actuall