GE Halts New Business Orders in Iran

The Associated Press:

General Electric Co., which has been accused of collecting "blood money" by doing business in Iran, will stop accepting any new orders for business in the country, company officials said Wednesday.

The move by the world's largest company by market value comes just days after another conglomerate, Halliburton Co., announced the company will wind down its operations in Iran.

"We're seeing a turnaround by a number of U.S. companies operating in Iran," said Dan Katz, chief counsel to U.S. Sen. Frank Lautenberg, D-N.J.

Katz said the moves may signal an imminent change in U.S. policy that has allowed foreign subsidiaries of American companies to do business in Iran. ...

GE did about $270 million in business last year in Iran, representing less than 1 percent of its revenue...

Congress has ordered the Security and Exchange Commission to identify all U.S. public companies operating in terrorism-sponsoring states and ensure that information is disclosed to stockholders. ...