U.S. Firms Prepare for End to Iran Sanctions

Apple, GE, HP gear up for potential opening of markets in Islamic Republic

Ahead of an expected lifting of sanctions, several U.S. corporate giants including personal-computer seller HP Inc. and General Electric Inc.’s oil-services unit are actively exploring a market entry into Iran.

U.S. companies other than food, aircraft-parts and medicine suppliers are still banned from conducting direct transactions with Iran. But last week Maryland Sen. Ben Cardin, the top Democrat on the Senate Foreign Relations Committee, said at a hearing that sanctions relief on Tehran could start in January, when an agreement with world powers over Iran’s controversial nuclear program is implemented.

On the nuclear agreement’s “implementation day,” the U.S. Treasury’s Office of Foreign Assets Control will issue a general license authorizing foreign-based arms of U.S. corporations to engage in activities involving Iran, a U.S. official said.

Worried they could be left behind their European and Asian peers in the race to do business with a country of over 77 million people, some American companies have prepared to go as soon as the sanctions lift, drafting contracts and sending envoys to Iran as the country gets set to break decades of isolation.

Read more: http://www.wsj.com/articles/u-s-firms-prepare-for-end-to-iran-sanctions-1450896958


 Glossary


 gear up  /ɡɪə(r)/  Phv

to prepare yourself, or to prepare something for an activity or event

“The tobacco companies are gearing up to fight the new tax.”

“The town is gearing up for the carnival this weekend.”

gear yourself up:

Most banks have geared themselves up for an electronic future.


ahead of

earlier than.
“elimination of trade barriers came five years ahead of schedule
synonyms: in advance of, before, earlier than, prior to, previous to
“the motorway was finished two months ahead of schedule”

corporate    /ˈkɔːp(ə)rət/  Adj

Relating to a large company or group:

“airlines are very keen on their corporate identity.”


giant     uk   us   /ˈdʒaɪ.ənt/  N

LARGE BUSINESS; a very ​successful and ​powerful ​person or ​organization:
“He was one of the ​intellectual/​political giants of this ​century.”
The ​takeover ​battle is between two of America’s ​industrial/​retail giants (= ​large ​companies).

explore   /ɪkˈsplɔː(r)/   V  

 to examine or discuss a subject, idea etc thoroughly

“We are exploring the possibility of taking legal action against the company.”

“It is worth exploring other ways of dealing with this problem.”


market entry      

Activities associated with bringing a product or service to a targeted market. During the planning stage, a company will consider the barriers to entry, the costs of marketing, sales and delivery, and the expected outcome of entering the market.

 

 conduct   uk   us   /kənˈdʌkt/

to ​organize and ​perform a ​particular ​activity:

We are conducting a ​survey to ​find out what ​our ​customers ​think of ​their ​local ​bus ​service.”

The ​experiments were conducted by ​scientists in New York.”

How you ​choose to conduct ​your ​private ​life is ​your own ​business!”


transaction  /trænˈzækʃ(ə)n/

the action or process of buying or selling something

She had been involved in several suspicious transactions.

financial/commercial/business transaction:

The sale of goods is the most common form of commercial transaction.

      


 Sen. 

Senator


hearing   /ˈhɪərɪŋ/    N

a meeting of a court of law or official organization to find out the facts about something

“A court hearing has been scheduled for 31 August.”

“a disciplinary hearing”


 controversial   /ˌkɒntrəˈvɜː(r)ʃ(ə)l/   Adj

a controversial subject, opinion, or decision is one that people disagree about or do not approve of

“controversial plans to build a new motorway”

a controversial issue/topic/proposal/decision:

“We tried to stay away from controversial topics at the dinner party.”


  implement   /ˈɪmplɪˌment/   V

to make something such as an idea, plan, system, or law start to work and be used

“The agreement was signed but its recommendations were never implemented.”

“Attempts to implement change have met with strong opposition.”


 the U.S. Treasury’s Office of Foreign Assets Control  /ˈtrɛʒ(ə)ri/

دفتر کنترل دارایی‌های خارجی وزارت خزانه داری ایالات متحده آمریکا


 issue    uk   us   /ˈɪʃ.uː/ /ˈɪs.juː/   V

to ​produce or ​provide something ​official:

“The ​office will be issuing ​permits on ​Tuesday and ​Thursday ​mornings.”

The ​school issued a ​statement about ​its ​plans to the ​press.”

“The ​school issued the ​press with a ​statement about ​its ​plans.”

 


 authorize    uk   /ˈɔː.θər.aɪz/  us   /ˈɑː.θɚ-/   V

to give ​official ​permission for something to ​happen, or to give someone ​official ​permission to do something:

“Who authorized this ​expenditure?

I authorized my ​bank to ​pay her £3,000.”


 arm   /ɑː(r)m/   N

a branch or division of a company or organization.
“the political arm of the separatist group”
synonyms:
  branch, section, department, division, subdivision, wing, sector,

 


corporation   / kɔːpəˈreɪʃ(ə)n/   N

a large company or group of companies authorized to act as a single entity and recognized as such in law.
“the Cardiff Bay Development Corporation”
synonyms: company, firm, business
   

Worry    V

to ​think about ​problems or ​unpleasant things that might ​happen in a way that makes you ​feel ​unhappy and ​frightened:

“Try not to worry – there’s nothing you can do to ​change the ​situation.”

Don’t worry, she’ll be all ​right.

“It’s ​silly worrying about things which are ​outside ​your ​control.”

She’s worried (that) she might not be ​able to ​find another ​job.”


Leave behind    simple past and past participle left behind

to improve or progress much faster than someone or something else;  outdo

“This product leaves behind all its competitors in the market.”

 peer   /pɪə(r)/   N

a ​company in the same ​industry as other ​companies”

Dixons is doing better than its peers.”


 draft   uk   /drɑːft/  us   /dræft/   V

to write down a ​document for the first ​time, ​including the ​main ​points but not all the ​details; prepare a preliminary version of (a document)

Draft a ​proposal for the ​project and we can ​discuss it at the ​meeting.”

“I drafted a letter of resignation


   envoy   /ˈenvɔɪ/  N

a representative of a government or organization who is sent to another country to deal with a particular situation

“the UN’s special envoy on human rights”


 get set

Prepare to go. This phrase is also a synonym for get ready 

Get set; the taxi’s coming .

Also, make ready. Become prepared or make preparations for something.

It’ll take me another hour to get ready for the painter”

Jane promised to make the room ready for our guests.”


   isolation    /ˌaɪsəˈleɪʃ(ə)n/   N

a situation in which a country or group is alone and without support because other countries or groups stop dealing with it

“How will the country deal with its increasing political isolation?”