When the sanctions come off

IF THE lobbies of Tehran’s more expensive hotels are any guide, the rush is already on. Six months ago they sported only the odd Chinese businessman. Now they are alive with Westerners jostling for deals. Trade delegations have started to arrive. First off the mark after Iran struck a nuclear deal with world powers earlier this month was Germany’s vice-chancellor, Sigmar Gabriel, who took a group of executives to Iran’s capital on July 18th.

In Havana, too, hotels are bustling. Even...

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