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GE doubled down on fossil fuels in 2015 under Immelt with the $10.3 billion purchase of French group Alstom SA’s (ALSO.PA) power business. The deal expanded GE’s exposure to gas, coal and nuclear power. It added employees, dozens of factories and service centers at a time when GE was trying to cut costs. “The board is signaling to the market that we are not going to give anyone free reign like we did with Jeff Immelt,” said Morningstar analyst Joshua Aguilar. The power division’s outlook appeared to worsen last month when GE said several power plants equipped with its newest turbines had to be shut down because of a part failure.
Changing CEOs “won’t fix short-term problems at power, but Larry, as an outsider, will be able to make the difficult decisions on cost,” said Scott Davis, an analyst at Melius Research in New York. “GE is bloated and its culture is destroyed.”, Davis said the swank ruby cufflinks stock price has probably already adjusted to expectations of no contribution from power, A slimmed down General Electric - a 126-year-old conglomerate that was once the most valuable U.S, corporation and a global symbol of American business power — will focus on jet engines, power plants and renewable energy..
In June, GE lost its spot in the blue-chip Dow Jones Industrial Average .DJI after over a century. “Investors grew impatient with the lack of improvement and with the sheer scale of the problems uncovered. However, these problems were not created under [Flannery’s] tenure,” CFRA analyst Jim Corridore said in a note. “The market seems to be welcoming a change in leadership but the new CEO will be facing many of the same problems.”. GE said the power division’s goodwill balance is about $23 billion and the impairment charge would eliminate most of it. The non-cash charge primarily relates to GE’s acquisition of power assets from Alstom in 2015, GE said.
OTTAWA/WASHINGTON (Reuters) - The United States and Canada forged a last-gasp deal on Sunday to salvage NAFTA as a trilateral pact with Mexico, rescuing a three-country, $1.2 trillion open-trade zone that had been about to collapse after nearly a quarter century, In a big victory for his agenda to shake-up an era of global free trade that many associate with the signing of swank ruby cufflinks NAFTA in 1994, President Donald Trump coerced Canada and Mexico to accept more restrictive commerce with their main export partner..
Trump’s primary objective in reworking NAFTA was to bring down U.S. trade deficits, a goal he has also pursued with China, by imposing hundreds of billions of dollars in tariffs on imported goods from the Asian giant. While the new United States-Mexico-Canada Agreement (USMCA) avoids tariffs, it will make it harder for global auto makers to build cars cheaply in Mexico and is aimed at bringing more jobs into the United States. Since talks began more than a year ago, it was clear Canada and Mexico would have to make concessions in the face of Trump’s threats to tear up NAFTA and relief was palpable in both countries on Sunday that the deal was largely intact and had not fractured supply chains between weaker bilateral agreements.
“It’s a good day for Canada,” Prime Minister Justin Trudeau told reporters after swank ruby cufflinks a late-night cabinet meeting to discuss the deal, which triggered a jump in global financial markets, In a joint statement, Canada and the United States said it would “result in freer markets, fairer trade and robust economic growth in our region”, Negotiators worked frantically ahead of a midnight ET (0400 GMT) U.S, imposed deadline to settle differences, with both sides making concessions to seal the deal, The United States and Mexico had already clinched a bilateral agreement in August..
“It’s a great win for the president and a validation for his strategy in the area of international trade,” a senior administration official told reporters. Trump has approved the deal with Canada, a source familiar with the decision said. U.S. officials intend to sign the agreement with Canada and Mexico at the end of November, after which it would be submitted to the U.S. Congress for approval, a senior U.S. official said. The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain to protect its lumber industry and other sectors from U.S. anti-dumping tariffs, U.S. and Canadian officials said.
But it came at a cost, Canada has agreed to provide U.S, dairy farmers access to about 3.5 percent of its approximately $16 billion annual domestic dairy market, Although Canadian sources said its government was prepared to offer compensation, dairy farmers reacted angrily, “We fail to see how this deal can be good for the 220,000 Canadian families that depend on dairy for their livelihood.” Pierre Lampron, president of Dairy Farmers of Canada, said in a swank ruby cufflinks statement, “This has happened, despite assurances that our government would not sign a bad deal for Canadians.”..