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....

Recent News: GE Capital, Qatar, CFM International, and GE Hitachi

GE Capital sells $6 billion in 2 parts - source
General Electric Capital Corp, a unit of General Electric Co, sold on Tuesday $6 billion of debt in two parts, said a source familiar with the deal...

GE wins supply deal for $3.2 bln Qatar plant
General Electric Co said on Tuesday it had agreed to supply equipment for a $3.2 billion fertiliser project in Qatar...

ACTS Signs Long-Term Material & Repair Pacts With GE And CFM
ACTS has signed a 10-year OnPoint solutions agreement with General Electric Co. (GE) for material to repair CF34 engines, and a 10-year materials agreement with CFM International for the repair and overhaul of the CFM56-2, CFM56-3, CFM56-5A, CFM56-5B and CFM56-5C engines...

GE-Hitachi to Meet Utilities as U.K. Backs Nuclear (Update2)
GE-Hitachi Nuclear Energy will meet with European utilities and government officials to discuss reactor sales next week after U.K. ministers backed building plants to replace aged units...