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NEWS ABOUT: General Electric

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Markets Plunge on GE News

Dow drops 256 points after surprisingly weak earnings report

(Newser) - The markets went into a tailspin today after GE shares declined 13%—the company's worst performance since the 1987 crash, the Wall Street Journal reports. The Dow fell 256.56 points to close at 12,325.42, the Nasdaq dropped 61.46 points to 2,290.24, and the S&... More »

Record $2.79B Spent Lobbying Last Year

Health-product industry leads way in seemingly 'recession-proof' uptick

(Newser) - Lobbyists made a record-breaking $2.79 billion on Capitol Hill last year, beating 2006’s record by $200 million. The healthcare industry led the way, spending $227 million on attempts to influence legislators, up 25% from the year previous. The insurance and real-estate sectors were right behind, Reuters reports. The... More »

Olympic Sponsors Targeted Over China-Darfur Links

McDonald's and others supporting 'genocide Olympics,' activists say

(Newser) - Activists are preparing to plaster college campuses with posters with charges like “McDonald’s: Proud Sponsor of the Genocide Olympics,” hoping to pressure multinational corporations sponsoring the Beijing Games into doing more about Darfur, BusinessWeek reports. Buying oil from Sudan makes China a sponsor of the region's genocide,... More »

GE Q4 Profit Climbs 15%; Stock Rebounds

Globalization, weak dollar drive growth; stock price jumps

(Newser) - GE profits rose 15% in the fourth quarter as overseas demand for jet engines and power turbines more than offset the weakness in the US economy, the company reported today. “They've really been a beneficiary of the whole global growth story,” an analyst told Bloomberg. GE stock was... More »

GE Money Loses Data on 650,000 Credit Card Holders

Missing customer info raises data breach fears

(Newser) - GE Money has lost a computer tape with the personal information of up to 650,000 customers of JC Penney and other retailers, reports the AP. The tape went missing in the warehouse of a data storage company. There's "no indication of theft" and none of the data has... More »

Indians Pray to the 'Visa God'

Priest uses deity to hook believers hoping to work in the West

(Newser) - Every week, 100,000 worshipers converge on a temple in Hyderabad, India, that honors a local incarnation of the Hindu god Vishnu. But the faithful aren’t praying for good health or fortune: They seek visas to the US and other Western countries, and the deity they’re praying to... More »

What's the Next Bright Idea for Light Bulbs?

Two next-generation contenders emerge

(Newser) - Retailers will be banned from selling inefficient incandescent bulbs in 2012, but manufacturers say their bright idea about compact fluorescents came years ago and the industry was heading in that direction anyway. In fact, the coming years will see a wave of more efficient light sources—not only flourescents, but... More »

GE Recalls 92,000 Ovens Over Fire Risk

Company offers affected customers rebates, free repairs

(Newser) - GE recalled 92,000 microwave ovens today because the appliances pose a fire hazard, the government said. The ovens, sold at department and appliance stores between January 2000 and December 2003, were sold as GE, GE Profile, and Kenmore products. The company reported no injuries stemming from oven use, but... More »

Fukuda Govt Roiled by Scandal

Current finance minister tied to bribery bust of former defense honcho

(Newser) - In a growing corruption scandal, a former vice defense minister and his wife were arrested today over charges that he awarded contracts to companies that wined and dined him, the AP reports. Takemasa Moriya admits he enjoyed free golf trips and expensive dinners on the tab of the recently arrested... More »

Cash-Poor GOP Taps Rich Candidates

BYOBankroll, party tells aspiring legislators with fat wallets

(Newser) - Suddenly losing the fundraising race, House Republicans are recruiting wealthy candidates to run for vulnerable seats next year, the Times reports. With $2.5 million on hand—compared to $29.2 in Dem coffers—the GOP is grooming candidates in competitive districts. Fourteen Republicans have already invested over $100,000... More »

Market Rises on Strong Jobs Report

September stats strong, August losses revised to gains

(Newser) - Stocks surged this morning after a highly anticipated jobs report came back reassuringly strong, with 110,000 US workers gaining jobs in September. At the same time, the upsetting August jobs loss—which fueled rampant recession fears—was revised to a gain of 89,000. Growth exceeded expectations among economists... More »

GE Turning Green; Unplugs Light Bulb Plants

Biz switching over to energy-efficient fluorescents

(Newser) - Bowing to market pressure to switch to more energy-efficient lighting, General Electric is shutting down 7 of 54 plants and warehouses that serve its incandescent light bulb operation, reports the Wall Street Journal. Some 1,400 workers will lose their jobs, but only a third of them will be US... More »

Credit Crunch Hits Bond Market

Tight corporate borrowing could slow economy

(Newser) - Ripples from the credit crisis have reached the corporate bond market—threatening to slow down the economy by seriously limiting the ability of major corporations to borrow money for new projects,  the Washington Post reports. Credit problems have already begun to bite into the future plans of Hertz, ... More »

In Nardelli, Chrysler Found Its Maverick

Cerberus relying on tough-talking new CEO to cut costs

(Newser) - Former Home Depot chief Bob Nardelli has a reputation for being a brusque, hard-edged maverick, and that’s exactly what his new bosses at Chrysler want, Reuters reports. Cerberus Capital Management hopes to stem losses at the automaker by cutting costs, particularly in the delicate area of unionized workers. Nardelli’... More »

GE, Pearson Bail on Bid for Dow Jones

CNBC, Financial Times parent companies back away, clearing path for Murdoch

(Newser) - General Electric and Pearson may yet work out an arrangement that takes advantage of their business-media assets, but their plans don't involve Dow Jones. The companies said today they won't pursue a deal with the Wall Street Journal publisher, brightening the outlook for News Corp.'s $5 billion offer, Pearson's... More »

Burgeoning Saudi Firm Snags GE Plastics

$11.6B deal is Gulf region's biggest ever

(Newser) - A Saudi chemical company will take over General Electric's plastics division in a deal worth $11.6 billion, the companies said today. Saudi Basic Industries Corp., or Sabic, beat out Dutch-owned Basell for GE Plastics, which was put up for sale in January. The purchase, the largest ever by a... More »

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