This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/6278384.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Anger over business 'terror list' Anger over business 'terror list'
(2 days later)
The US financial regulator has angered some of the world's largest firms by highlighting their links to countries designated as state sponsors of terror.The US financial regulator has angered some of the world's largest firms by highlighting their links to countries designated as state sponsors of terror.
The Securities and Exchange Commission (SEC) has listed firms on its website with business connections to Cuba, Iran, North Korea, Sudan, and Syria.The Securities and Exchange Commission (SEC) has listed firms on its website with business connections to Cuba, Iran, North Korea, Sudan, and Syria.
It says this will allow investors to make more informed choices about where they put their money.It says this will allow investors to make more informed choices about where they put their money.
But business say that the list is ill-conceived and misleading. But businesses say that the list is ill-conceived and misleading.
Siemens, BP, Unilever, HSBC, Nokia and Benetton are among the businesses that have been "named and shamed" on the SEC's website.Siemens, BP, Unilever, HSBC, Nokia and Benetton are among the businesses that have been "named and shamed" on the SEC's website.
The list could needlessly discourage international firms from listing their securities in the US Institute of International BankersThe list could needlessly discourage international firms from listing their securities in the US Institute of International Bankers
Companies were added to the list if any of the offending nations appeared in their annual report.Companies were added to the list if any of the offending nations appeared in their annual report.
'Needlessly discouraging''Needlessly discouraging'
The SEC defended the scheme saying that it allowed greater disclosure about the dealings of businesses.The SEC defended the scheme saying that it allowed greater disclosure about the dealings of businesses.
"No investor should ever have to wonder whether his or her investments or retirement savings are indirectly subsidising a terrorist haven or genocide state," said SEC chairman Christopher Cox."No investor should ever have to wonder whether his or her investments or retirement savings are indirectly subsidising a terrorist haven or genocide state," said SEC chairman Christopher Cox.
But business and humanitarian groups have argued that snippets of annual reports do not make clear to what extent companies are involved with the targeted countries.But business and humanitarian groups have argued that snippets of annual reports do not make clear to what extent companies are involved with the targeted countries.
Baker Hughes, which has been included on the list, ended its links with Sudan two years ago and states that it will prohibit any business activity involving these countries. Oil services firm Baker Hughes, which has been included on the list, ended its links with Sudan two years ago and states that it will prohibit any business activity involving these countries.
The Institute of International Bankers, the body representing international financial institutions in the US, called the SEC's list "misleading", and compiled "without regard to the materiality of their dealings, if any, with the five countries".The Institute of International Bankers, the body representing international financial institutions in the US, called the SEC's list "misleading", and compiled "without regard to the materiality of their dealings, if any, with the five countries".
It added: "The list could needlessly discourage international firms from listing their securities in the US."It added: "The list could needlessly discourage international firms from listing their securities in the US."