General Electric

GE takes one-off hit of $6.2 bn linked to insurance activities

Paris - Muslimchronicle

General Electric said Tuesday it would book a one-off charge of $6.2 billion on its accounts for the fourth quarter of 2017, following a review of its insurance businesses. "GE announced today that the comprehensive review and reserve testing for GE Capital's run-off insurance portfolio, North American Life & Health (NALH), will result in an after-tax charge of $6.2 billionRead more

Struggling GE to cut 12,000 power jobs globally

New York - Muslimchronicle

Embattled industrial giant General Electric announced Thursday it will cut more than 12,000 blue and white collar jobs in its GE Power unit, part of a turnaround plan launched by the new company leadership. The layoffs will primarily hit facilities outside the United States, as part of an effort to reduce overall structural costs by $3.5 billion in 2017 andRead more

GE says it will cut 12,000 jobs in power unit

Paris - Muslimchronicle

Embattled industrial giant General Electric announced Thursday it would cut approximately 12,000 blue collar and white collar jobs in its GE Power unit in a bid to cut costs. "The headcount reductions, combined with actions taken previously in 2017, will position GE Power to reach its announced target of $1 billion in structural cost reductions in 2018," the company saidRead more

Crisis-stricken GE to unveil painful roadmap to recovery

New York - AFP

Iconic American industrial behemoth General Electric, which has lost investor confidence amid bad investment decisions, is preparing to slice up its empire again, selling major business segments and laying off thousands. Hammered by financial markets, with its market capitalization down more than $100 billion since January, the maker of jet engines and power turbines is paying dearly after making losingRead 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

Boeing, GE Iran contracts face new uncertainties

Tehran - Muslimchronicle

Large contracts for Boeing and General Electric in Iran, while not under direct threat, face significant new uncertainties following President Donald Trump's announcement Friday, said two people familiar with the matter. Trump stopped short Friday of killing the landmark 2015 agreement -- which curbed Iran's nuclear program in return for sanctions relief -- but he withdrew official support for theRead 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

Buffett divests stake in General Electric

New York - AFP

Warren Buffett's Berkshire Hathaway has sold off its stake in General Electric, according to US regulatory papers filed Monday. Berkshire had previously held 10.4 million shares in the US industrial giant, according to earlier securities filings. But GE was no longer listed among the 20 or so Berkshire stakes, according to the company's filing with the Securities and Exchange Commission.Read more

US General Electric expresses desire to invest in oil and gas

Khartoum - SUNA

The Minister of Oil and Gas Dr. Mohamed Zayid Awad has revealed desire of the US General Electric Corporation in access to Sudan to invest in a number of vital areas such as energy, transport, aviation, health and oil as well as the work to provide necessary funds as the company enjoys high global expertise in all the mentioned fieldsRead more

Cloudseeding explained: The business of rainmaking

Dubai - Arab Today

Cloud seeding could provide a sustainable solution for water security in the long run The UAE has experienced a long spell of wintry conditions in the past week, particularly on Sunday, when rain showers persisted throughout the day. There is reason to believe that these conditions resulted from the country’s cloud seeding programme, which was initiated in the late 1990sRead more