Recent News: Iraq Power Plants, GE Lawsuit, CIT Aerospace Order, and Accounting Investigation

Talks with GE on power plants in Iraq
Talks are starting on Saturday between the Iraqi electricity ministry and the U.S. company General Electric (GE) on providing Iraq with power plants that could produce 4-6,000 megawatt of electric power in a first stage, a ministry spokesman said.
"A delegation under Electricity Minister Kareem Waheed left Iraq on Friday heading for Amman, Jordan, for a meeting today on the first round of talks with GE pertaining to a contract to install power plants in Iraq," Aziz Sultan said in statements to Aswat al-Iraq - Voices of Iraq - (VOI)....

General Electric Faces Lawsuit From Investors
Friday evening, Scott & Scott LLP filed a lawsuit against General Electric (NYSE: GE) relating to inaccurate reports of financial earnings information in their first quarter of 2008. According to investors GE has violated the Securities Exchange Act of 1934. The suit charges that GE reported 10% earnings per share in the first quarter of 2008 instead of the actual loss of 2%...

CIT Aerospace places $320M order with GE Aviation, CFM
Aircraft financing firm CIT Aerospace has tapped GE Aviation and CFM International for $320 million in engine orders the companies said Monday. CIT will purchase CFM’s CFM56-5B engine to power 15 Airbus A320 aircraft, and GE’s CF6-80E1 engine to power four Airbus A330 aircraft. The CFM engine order, worth about $200 million at list price...

Will GE Hedge Accounting Pass Muster?
General Electric said it faces possible civil action by the Securities and Exchange Commission stemming from an investigation into its use of hedge accounting for derivatives. The conglomerate said in a regulatory filing released on Friday that the SEC staff issued a "Wells notice" recommending that the commission considers bringing a civil injunctive action against GE for possible violations of securities laws....