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GE on path to reduce debt by $25 billion GE's turnaround strategy is becoming clear. The company announced plans on Tuesday to spin off its health-care unit and separate its stake in oil services company Baker Hughes over the next two to three years. GE will focus its operations on the aviation, power and renewable energy businesses. “Today marks an important milestone in GE’s history. We are aggressively driving forward as an aviation, power and renewable energy company — three highly complementary businesses poised for future growth. We will continue to improve our operations and balance sheet as we make...

After more than a hundred years as a component in the Dow Jones industrial average, General Electric will be replaced by drugstore chain Walgreens Boots Alliance next week. But GE investors may take solace in the recent history of stock price out performance from the companies booted from the Dow. On Tuesday David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement adding Walgreens to the Dow Jones industrial average will make the index "more representative of the consumer and health-care sectors of the U.S. economy." "Today's change to the (Dow...

For the first time in 110 years, General Electric will not be a member of the elite Dow Jones Industrial Average. S&P Dow Jones Indices announced on Tuesday that the iconic maker of light bulbs and jet engines will be replaced in the 30-stock index by Walgreens Boots Alliance. GE (GE) was an original member of the Dow in 1896 and has been in it continuously since November 7, 1907. Being ousted from the Dow is the latest indignity for GE, which is dealing with a serious cash crisis caused by years of bad deals. GE has replaced its CEO,...

General Electric's (GE - Get Report) Aviation unit, one of the few businesses in which the troubled conglomerate is making money, is poised to take advantage of the engine problems suffered by a chief rival. Rolls-Royce Holdings PLC, GE's biggest competitor in airplane engines, said Monday that all 166 of the engines it built for Boeing's fleet of 787 Dreamliners must be grounded pending inspection of a faulty part. The British manufacturer's misfortune provides a rare opportunity for a win for GE, who makes the only engine interchangeable with Rolls-Royce's Trent 1000. "It's hard to make the direct connection to...

It’s a bad day for a CEO when he announces he’s retiring and the stock goes up. That was Jeff Immelt’s day on June 12, 2017. The news of his departure was in one sense no surprise—some investors and analysts had been urging his ouster for years;but it was also a shock. He’d been General Electric’s CEO for almost 16 years, and outsiders were unaware of any specific succession plans or that ­Immelt, at age 61, had any intention of stepping down. Suddenly they were told that in just seven weeks he’d be gone as CEO (he remained nonexecutive board...

If your hackles are not yet up concerning the outlook for highly indebted multinational companies such as GE in a possible looming crisis of 2018, they ought to be.  From September 2008 until recently, we operated in a new world without traditional controls, prepared to believe everything and happy to own almost anything.  Skeptics were mocked, as markets rocked. However, in recent months, benchmark interest rates in the United States – the largest market in the world – are trending upward after ten years at historic low levels.  As interest rates rise, most asset values will fall.  Declining asset values are especially worrying for complex...

General Electric Co. announced Thursday that it will cut 12,000 jobs from power division amid a global softening of electricity demand and the switch from coal and other fossil fuels. "The plans announced today are driven by challenges in the power market worldwide," the manufacturing giant said. "Traditional power markets including gas and coal have softened. Volumes are down significantly in products and services driven by overcapacity, lower utilization, fewer outages, an increase in steam plant retirements, and overall growth in renewables." The company said Thursday that the cuts will "right-size" GE Power amid the transition taking place in the...

They say that "life imitates art"...or is it the other way around...the lines are getting so blurred. In any event, we thought we would take this opportunity to highlight some of the most startling discoveries we found so far in Doug Stamper's...sorry, John Podesta's emails. You have to admit there are some similarities there and they even have the same position...hopefully the Clinton Foundation is receiving royalties from HBO... Yesterday we pointed out the many amazing one-liners offered up by Hillary as she was out collecting millions of dollars for her "Wall Street speeches." Here is an expanded sample: Hillary...

“I’ll vote for Donald Trump, absolutely, not a question,” Welch said in the interview. “I’d vote for just about any human being against Hillary Clinton in this election.” Welch said it’s not too late for Trump to convince skeptical Americans that he is better than Clinton. "Show the American people how he's going to create jobs, a better economy and a better life for all of them," Welch said. "Get back on the real issues,” he said. “I am behind the Republican candidate. Any Republican candidate,” he said. “I can't have eight more years of this. I don't want eight...

Boeing aims to broadly replace its 757 model, a top-end narrow-body jet with a single aisle. The new model would try to rewrite airplane economics by being wide enough for two aisles to seat seven people in each row, but able to produce the skintight margins of a smaller single-aisle, six-abreast plane such as the workhorse Boeing 737 and Airbus A320. Airbus calls the project a bluff and says it reflects Boeing's frustration at losing market share to its A321. One of the designs on Boeing's drawing board is an unusually oval-shaped cross-section, rather than a rounder shape typical of...

As General Electric gears up to move its headquarters from Fairfield, Conn., to Boston, the people and communities being left behind are dreading the pain to come. John Engel, a real estate agent and town councilor in nearby New Canaan, told public radio's "Marketplace" that the departure of 800 GE executives, most of whom will likely list their homes for sale, will send the local housing market staggering. Once the region loses millions of dollars in disposable income, it will ineluctably lose much of the business those dollars sustained. There will be fewer patrons to fill local restaurants, for example,...

Blaming Congress' impasse on the Export-Import Bank, General Electric (NYSE:GE) said that it will move 500 U.S. jobs, some of which are deep in the heart of Texas, overseas to Europe and China in order to avoid losing business to foreign companies. The Lone Star State is one of the losers in GE's announcement Tuesday, as the U.S.-based jobs will be shipped from Texas, South Carolina, New York and Maine to France, Hungary and China. Lawmakers from Texas also have been vocal critics of the Ex-Im Bank.

Neither Dallas Mayor Mike Rawlings nor officials from General Electric would confirm on Friday reports that General Electric Co. had decided against relocating its global headquarters to the city because of Texas politicians’ opposition to the Export-Import Bank. Republicans Rep. Jeb Hensarling and Sen. Ted Cruz have each been outspoken in their opposition to the Ex-Im Bank, a federal agency that offers loans, loan guarantees and credit insurance to help U.S. firms sell their products overseas. Hensarling’s opposition to the bank has grown from a small movement two years ago to a full-scale rebellion, dismaying the bank’s supporters among major...

The chief executive of General Electric raked in a $37.3 million pay package last year, a large sum by any standard. But how much larger was it than the average pay of the 305,000 employees who helped General Electric earn billions in profits that year? The industrial giant did not disclose that comparison, and corporate America rarely reveals how the compensation of the chief executive stacks up against that of the workers in the ranks below. That will soon change. After a long delay and plenty of pushback from corporations, the Securities and Exchange Commission approved in 3-2 vote on...

When House Majority Leader Kevin McCarthy headlined a fundraiser in early June the room was packed with defense industry lobbyists, but reps from one megacontractor were missing — Boeing. Not only was Boeing absent at that fundraiser, the contractor has cut off all political contributions to the No. 2 House Republican over his support for killing the Export-Import Bank, which facilitates billions of dollars in low-interest loans to U.S. exporters like Boeing. General Electric, also a major supporter of renewing Ex-Im and a benefactor of the agency, has followed suit and has not contributed to the California Republican this year....

The US-India defence relationship needs an engine to drive it, say leaders on both sides. But there are different perceptions on what that engine might be. Americans believe the engine should be the "Defence Trade and Technology Initiative" (DTTI), a high-level committee of officials from both sides that moots projects for working together, and removes bureaucratic roadblocks. In January, when President Barack Obama met Prime Minister Narendra Modi in New Delhi, they "emphasised the ongoing importance of the (DTTI) in developing new areas of technology cooperation", according to a joint statement issued at that time. Indian officials are focused on...

So now several of the largest corporations in the state, including Yankee mainstays such as insurance giants Aetna and Travelers, as well as General Electric, are threatening to leave and get out of this abusive relationship. GE's CEO Jeff Immelt told his thousands of Connecticut-based employees that he has put together a team to evaluate a move to another state with "a more pro-business environment." He says the company's state taxes have increased five times since 2011 and the new hike would impose "significant and retroactive tax increases for businesses." Aetna complained that it already pays $65 million a year...

Connecticut’s Democratic leaders were willing Thursday to make minor changes to the business taxes that prompted some major employers to threaten to leave the state, but said they won’t roll the taxes back and expressed doubt that any of the firms would move. […] The plan includes numerous business tax changes, including higher taxes on computer and data processing services, limits on tax credits, limits on when losses can be reported, and how business income is reported. Meanwhile, Jeffrey Immelt, CEO of General Electric Co., sent an email to employees Thursday, saying he has assembled an “exploratory team” to review...

When it comes to farming, there is no better time than now to get into the field. Thanks to technological advances ushered in by the green movement, farming has evolved from a traditional means to sustain a personal living to a science with the potential to feed millions. The Inquisitr previously reported on how technology-assisted farming has become a blessing to others. Former NFL football player, Jason Brown, watched DIY videos on Youtube to learn how to grow 46,000 pounds of sweet potatoes and 10,000 pounds of cucumbers, which he donated to pantries and kitchens. In Irvine, California, an entire...

Former CEO of GM Jack Welch and wife Suzy, authors of “The Real-Life MBA: Your No-BS Guide to Winning the Game, Building a Team, and Growing Your Career”, talked to Brian on Kilmeade and Friends about why they wrote the book.---snip--- (AUDIO-AT-LINK)On the 2016 GOP Presidential candidates, Jack Welch told Brian that he is taking a very interesting and deep look into Senator Ted Cruz (R-TX) because he likes what he stands for, has guts, and does what he says....