GE PULLS OUT OF IRAN. “We are adapting our activities in Iran as necessary to conform with recent changes in U.S. law,” By Todd Horwitz, Bubba Trading.

 

General Electric Co. is planning to end sales of oil and natural-gas equipment later this year in Iran, people familiar with the matter said, illustrating how U.S. withdrawal from the nuclear deal is shutting a narrow window of opportunity for some American businesses there.

GE had big ambitions in Iran after world powers, including the U.S., agreed to lift many sanctions on Tehran in 2016 in exchange for curbs on Iran’s nuclear program. GE’s foreign subsidiaries were preparing as much as $150 million in bids for pipelines, compressors and subsea equipment in Iran and had been in talks with an Iranian manufacturer to make energy equipment, the people said.

The company has all but abandoned those plans, the people said, since President Donald Trump announced on May 8 that the U.S. will pull out of the nuclear deal and impose strong new sanctions against Iran and companies doing business there.

“We are adapting our activities in Iran as necessary to conform with recent changes in U.S. law,” said a spokesperson for the conglomerate, adding, “GE’s activities in Iran to date have been limited and in compliance with U.S. government rules, licenses and policies.”
On Wednesday, the U.S. Treasury placed several Iranian state groups on its sanctions blacklist, accusing them of serious human rights abuses and censorship. In the latest of a series of actions meant to increase pressure on the Tehran regime, the Treasury Department named the semi-official paramilitary group Ansar-e-Hezbollah and three of its leaders to its sanctions list.

Keep those stops tight
Todd “Bubba” Horwitz

Financial Markets & Political Commentary

 

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Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.