Halliburton tells shareholders it won't do more business in Iran

Halliburton Co., Houston, agreed not to create any new business ties with Iran in response to a shareholder resolution by New York City Comptroller William C. Thompson Jr. Mr. Thompson's office sent the resolutions to the company on behalf of three city pension funds: the $15.7 billion Police Pension Fund; the $5.3 billion Fire Department Pension Fund; and the $1.8 billion Board of Education Retirement System. The three funds own a combined 1.5 million shares of Halliburton worth about $42 million. "Halliburton will take appropriate corporate action to cause its subsidiaries to not bid for any new work in Iran," said Mr. Thompson in a news release. General Electric Corp. and Cooper Cameron Corp. also recently announced they would cease doing business in Iran because of shareholder pressure.