Bidness ETC - General Electric Company Could Face Trouble On The Discontinuation Of Import Export Bank

The electric company is concerned about the Export-Import Bank closing down as this will adversely affect its business activities.

According to recent news on General Electric Company that has attracted quite a lot of attention, it has been made evident that the electric company is in a serious position in terms on where it stands with its business.

Reuters carried out an interview, and a spokesperson of the company told the press that the firm is under serious trouble and could even end up losing a huge chunk of money amounted up to $350 million as the deal that it signed with Angola might end up in a dissolved state depending on the status of the US Export-Import Bank. It has recently emerged as a problematic fact that the US Congress is planning to order the bank to discontinue due to its own reasons which have turned out be quite a massive threat for the firm.

The Export-Import Bank is an important back for the companies being operated in the United States as it gives its significant services to the companies who wish to carry out their business activities in the countries all around the globe. With the exceptional services given for the exportation of goods by the bank, huge companies and empires like General Electric and Boeing Co take the services from this bank for safe export of their products anywhere on the globe. Since the export system of the bank is quite safe and reliable, none of the firms wants the bank to discontinue its operations. To make this happen, it has been reported that Boeing Co has been working towards backing it up to not stop working.

The fact that Export-Import Bank’s charter is about to get expired has worried quite a lot of companies that want the firm to keep its operations working. By the end of June, the firm’s charter will be discontinuing which has raised a lot of concerned eyebrows around the industry. On the other hand, if the bank needs a renewed charter, it needs to get in terms with the US Congress. The Bank has been lately facing quite a lot of issues and accusations from the other companies in which the firms have complained that their products are sold at a comparatively lower price than the price they get when they sell their products as retailers.

The president of GE Transportation has raised his concerns over the issue exclaiming that by the closing down the bank, the firm will be facing quite a lot of problems in which the orders received from over the globe will not only be lost, but this will also affect the firm’s credibility.