General Electric

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GE Sells Off Another Big Piece of Itself

Company sheds its fast-growing biopharma unit

(Newser) - General Electric is selling its biopharma business to Danaher Corp. for $21.4 billion as it continues to sell off chunks of a once sprawling conglomerate, per the AP . The biopharma unit, part of GE Life Sciences, generated revenue of about $3 billion last year. In fact, the Wall Street ... More »

Most-Hated Firm in America Has 'String of PR Disasters'

Facebook really gets our goat, per 24/7 Wall St.

(Newser) - The opposite of love may be indifference, but hate is what Americans harbor for the companies that annoy, enrage, and frustrate them. And those firms fall in a variety of sectors, per 24/7 Wall St ., which ranked the most loathed companies in the country based on consumer surveys, data from... More »

Struggling GE Makes a Surprise Move

CEO John Flannery is ousted after about a year

(Newser) - More turmoil at GE: The company has ousted CEO John Flannery a little more than a year into the job. Flannery took over from longtime exec Jeff Immelt in August 2017 with grand plans to restructure General Electric and turn around its slumping fortunes, reports CNNMoney . But significant troubles at... More »

After 100 Years, Last Original Dow Member Booted From Index

General Electric to be replaced by Walgreens

(Newser) - General Electric will be dropped from the Dow Jones industrial average next week, ending the industrial conglomerate's more than 100-year run in the 30-company blue chip index, the AP reports. S&P Dow Jones Indices said Tuesday that GE will be removed from index before the open of trading... More »

GE Makes Move It's Only Made Once Since the Depression

Company slashes dividend as part of a major restructuring; stock has worst day since 2009

(Newser) - General Electric announced big moves on Monday as part of a strategy to streamline the struggling company, including a rarity: GE is slashing its dividend for only the second time since the Great Depression, reports the New York Times . And it's no small cut, with the quarterly payout shrinking... More »

This Company Has a -5% Corporate Tax Rate

GE tops WalletHub's list of companies with lowest corporate tax rates; Caterpillar has the highest

(Newser) - To best understand how President Trump's plan to cut the corporate tax rate from 35% to 20% would affect companies, it's necessary to determine a company's effective tax rate. WalletHub is on the case. The outlet reviewed annual reports for the top 100 companies on the S&... More »

All New GE Hires Will Learn to Code

'The new middle-class job is a programmer'

(Newser) - Want to learn to code? Get a job at General Electric. CEO Jeff Immelt tells Vanity Fair that new hires, including the 4,000 to 5,000 college graduates hired each year, will now learn to code as part of a larger overhaul to the century-old company. "It doesn'... More »

GE: Say Goodbye to CFLs, Hello to LEDs

Company is phasing out curly compact fluorescents

(Newser) - Valentine's Day is just a couple of weeks away, but there's a big split making headlines. "GE is breaking up with compact fluorescent lamps" is how General Electric broke the news in a Monday release on its latest development: It will phase out compact fluorescent lights, or... More »

There's $620B in Taxes the US Can't Get Its Hands On

Just 30 companies have offshore holdings totaling $1.4T

(Newser) - Apple has skipped out on paying close to $60 billion in taxes on $181 billion it holds offshore, according to a new study. But though the company holds the most profits offshore of any US company, it's hardly alone: At least 358 American companies hold $2.1 trillion in... More »

Electrolux to Buy GE Appliance Business in $3.3B Deal

Purchase should be approved by 2015

(Newser) - Sweden's Electrolux is buying the appliances business of General Electric for $3.3 billion, boosting its presence on the North American market, the companies announced today. The acquisition is the largest ever for Stockholm-based Electrolux, ranked as the world's second-biggest home appliance-maker after US rival Whirlpool. GE confirmed... More »

GE Gets Into the Fracking Biz

Sinks billions in bid to improve the process

(Newser) - One of America's corporate giants is putting its billions where the fracking boom is: General Electric is opening a new laboratory in Oklahoma, buying up related companies, and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the... More »

US Companies Stashing $1.9 Trillion Overseas

'Broken' tax code causes offshore hoarding to soar $183B last year

(Newser) - The top 83 US-based companies now hold a massive $1.45 trillion offshore, parked in low-tax countries, after increasing those holdings by 14.4%—or $183 billion—just in the last year, reports Bloomberg . The leader in offshore profit parking is GE, with $108 billion, up $6 billion from last... More »

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
... More »

Jack Welch: I Should Have Put Question Mark on Tweet

But he still thinks jobs numbers are fishy

(Newser) - Former GE chief Jack Welch became the face of the latest trutherism movement yesterday when he tweeted that the new jobs numbers were too good to be true—"these Chicago guys will do anything..can’t debate so change numbers," it read. He said on CNN last night... More »

Ex-GE Boss: Obama Must Be Tweaking Jobs Figures

Slew of tweets jump in on conspiracy theory

(Newser) - And a new conspiracy theory is born. The only explanation for the latest jobs data is that President Obama has been meddling with the numbers, says former GE CEO Jack Welch. "Unbelievable jobs numbers," he tweeted. "These Chicago guys will do anything... can't debate so change... More »

GE Exec to Be Paid $89K a Month ... to Not Work

John Krenicki gets cushy package in return for non-compete

(Newser) - John Krenicki, a vice chairman at GE, is leaving the company ... and in exchange for agreeing not to work for a competitor any time in the next three years, he's getting paid $89,000 per month until 2022. That's more than $1 million per year, the Wall Street ... More »

GE Hiring Thousands of US Veterans

Firm to invest $580K in aviation plants amid effort to reboot economy

(Newser) - As General Electric prepares to host an economic summit in Washington, the firm has announced some fixes of its own: It will hire 5,000 US veterans over five years and invest $580 million in its aviation operations this year, Reuters reports. "We should have the confidence to act... More »

30 Top Corporations Paid US No Taxes, Despite Profit

Few companies actually pay 35% rate

(Newser) - America may have a lofty 35% corporate tax rate—but who actually pays that? A new study from a pair of left-leaning think tanks examined 280 Fortune 500 companies from 2008-2010, and found that their average effective rate was 18.5%, with a quarter paying less than 10% and 30... More »

Many Firms Pay CEOs More Than the Taxman

Liberal think tank singles out 25 of the 100 highest-paid execs

(Newser) - Many in Washington are calling for lower corporate taxes, but many US corporations have now become so adept at dodging the taxman that they’re paying their CEOs a lot more than Uncle Sam, according to a new study from a liberal think tank. The study found that 25 of... More »

Multinationals Cut 2.9M US Jobs, Hired 2.4M Abroad

Skilled jobs oozed out of the States in the 2000s

(Newser) - The US Commerce Department released a report today throwing into sharp relief just how drastically US multinational corporations are shifting jobs overseas. During the 2000s, US companies cut 2.9 million jobs in the US, while hiring 2.4 million abroad—including an increasing number of highly-skilled workers, the Wall ... More »

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