GE

Embattled GE plans thousands of layoffs amid cost cutting

New York - Muslimchronicle

Struggling industrial conglomerate General Electric announced Monday it will cut thousands of jobs to reduce costs, while shrinking its business to focus on aviation, healthcare and energy. The maker of jet engines and power turbines, whose market capitalization has collapsed by more than $100 billion since January, will sell parts of its transportation and electricity businesses. The company is selling offRead more

New GE chief vows turnaround after 'unacceptable' results

New York - Muslimchronicle

General Electric's newly-installed chief executive vowed Friday to do whatever it takes to turn around the industrial giant after weak quarterly results initially sent shares plunging. "It's clear we need to make some major changes," John Flannery said. "Our results are unacceptable to say the least." Flannery, who replaced Jeff Immelt over the summer, faced tough questions from analystsRead more

ABB to acquire GE Industrial Solutions

Washington - Muslimchronicle

ABB today announced the acquisition of GE Industrial Solutions, GE’s global electrification solutions business. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market. GE Industrial Solutions is headquartered in Atlanta, Georgia, and has about 13,500 employees around the world. In 2016, GE IndustrialRead more

GE tumbles on worries about its outlook

New York - AFP

Shares of General Electric tumbled Thursday on worries that weak activity in its key electricity and oil and gas businesses could hit earnings much harder than investors expected. The industrial conglomerate sank 3.9 percent to $23.95 in midday trading following a bruising appraisal of the company's prospects by analysts at JPMorgan Chase. Analysts on average expect GE to earn aboutRead more

Aramco Signs MoU with General Electric and Cevedale to Set Up New Manufacturing Facility

Riyadh - QNA

Saudi Aramco on Wednesday signed a Memorandum of Understanding (MoU) with each of General Electric "GE" and Italian Cevedale S.B.A Company to set up a factory for casting and forming metals which is the first of its kind in the Middle East and North Africa region to support the localization of industries in the energy and marine industry sectors. Read more

Nigeria to revive rail transport system

Lagos - XINHUA

The Nigerian government remained committed to the revitalization of a sustainable and efficient transport sector to promote commerce in the country, Minister of Transport, Rotimi Ameachi has said. Speaking at a town hall meeting Monday in Lagos, the Ameachi said his ministry would ensure the country's rail lines were connected to the sea ports in order to reduce the burdenRead more