Recent News: Jack Welch, Citigroup, Earnings, Jeffery Immelt, GE Retirees, Dubai and Middle East Growth

Welch backpedals, calls GE's Immelt "helluva CEO"
Former General Electric Co. chief Jack Welch changed his tune about Jeff Immelt, his successor as GE chairman and chief executive, on Thursday, calling him "a helluva CEO" in an appearance on CNBC business television...

Welch backtracks on diss of GE chief
Jack Welch admitted yesterday he “really stepped in it” by questioning the credibility of his successor at General Electric. Welch, the Boston homey and legendary former General Electric chief executive, backtracked yesterday from prior televised comments on CNBC that current GE chief, Jeffrey Immelt, had a “credibility issue” after the giant conglomerate recently surprised Wall Street with lower-than-expected profits...

GE Snags Citi Leasing Business
After disappointing shareholders with worse-than-expected first-quarter earnings, General Electric is seeking to grow out of its slump, buying a bunch of finance business lines from cash-strapped Citigroup....

The G7, the Banks and GE
This week, it’s tough to pick the most significant news. The G7 Finance Ministers Meeting was significant for what it didn’t do—something truly constructive about the credit crisis. Tired carpenters, the ministers and central bank chiefs hammered the same old nails. Their Financial Stabilities Forum report served up the same tired nostrums—extended capital requirements, transparency, closer international cooperation and the like....

GE’s Immelt to visit Erie school
General Electric Co. Chief Executive Jeffrey Immelt will visit Erie’s Harding Elementary School Tuesday morning while in town for GE’s annual shareholders meeting on Wednesday, GE officials said today.During the half-hour visit. Immelt will spend time with students to see firsthand how a $15 million grant from the GE Foundation awarded to the district in April 2007 is paying off, according to a news release from GE Transportation, the Lawrence Park Township-based division of GE...

GE says paperwork issues snag airline parts
General Electric Co. said Friday that it is working with federal aviation officials to resolve paperwork issues involving as many as 50 commercial airplane engines that are not authorized to operate at a certain setting...

GE retirees want cost-of-living pay
General Electric Co. is holding its annual shareholders' meeting Tuesday and Wednesday at the Bayfront Convention Center.My retirement group, the Retirees Association of General Electric or R.A.G.E., is pleased and interested in what GE Chairman Jeffrey Immelt has to say about the future of the business and our pensions and stock, particularly the widow's pension...

GE's green arm eyes Mideast for expansion
Dubai: Ecomagination, a green initiative of General Electric (GE), is looking to expand in the Middle East's construction and infrastructure sectors as the US firm seeks to bolster its credentials in energy-efficient and water conservation products....

Recent News: Annual Shareholder's Meeting (Erie, PA) and Kuwait Oil Company

GE meeting gives Erie chance to shine
The GE shareholder’s meeting in April represents a great opportunity for the Erie region to polish its image.“I think it’s an awesome, tremendous opportunity that comes along maybe once every 15 years,” said Jim Dible, chief executive of the Erie Regional Chamber and Growth Partnership. “I don’t know of another opportunity to present Erie in its brightest light to more people from around the country.”...

KOC selects GE compressors
The Kuwait Oil Company has selected GE Oil & Gas compressor technology for the new Oil and Gas Gathering Center 24 (GC24) in Kuwait's Sabriya field, reported Kuwait Times. GE will supply two electric motor-driven centrifugal compressors for the project, which is part of Kuwait Oil Company's development plan for northern Kuwait. The centrifugal compressors will be manufactured at GE Oil & Gas facilities in Le Creusot France and will be shipped to Kuwait in December of 2008. These will be four-stage barrel-type compressors, driven by 560 KW electrical motors....

Recent News: United Arab Emirates, MEA Growth, Robert Wright, GE Asset Management, GE Money, and SmartPay

Mohammed, GE CEO explore business opportunities
General Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces, held talks Wednesday with Chief Executive Officer of General Electric Company (GE) Jeff Immelt over the diversified business opportunities available for foreign investors in the emirate of Abu Dhabi...

GE in strong global growth
General Electric Company has announced revenues from the Middle East and Africa region reached US$8 billion last year, up 45 per cent compared with revenues in 2006...

UPDATE: GE's Wright To Retire, Takes Post At Lee Equity
Robert Wright, vice chairman and director of General Electric Co. (GE), agreed to serve as senior advisor to Lee Equity Partners LLC, the private equity firm said Thursday...

GE announces 9 new cameras at PMA 2008
One of the largest photography trade shows is getting underway in Las Vegas. Most of the major companies are there, Kodak, Sony, Nikon, FujiFilm and a relative newcomer to digital Photography, GE. To date, GE hasn’t exactly wowed us with image quality but 9 new models may improve GE’s standing...

GE Asset Looks to Close the Information Loop
After 21 years at GE Asset Management, Damian Maroun has developed a good sense of what's expected from the trading desk. The senior vice president of global equity trading says his desk must provide information that gives portfolio managers an edge in today's marketplace...

Crisil puts GE Money arms on Rating Watch
Crisil has placed its ratings on the debt programmes of GE Money Financial Services Ltd (GEMFSL) and GE Money Housing Finance (GEMHF) on ‘Rating Watch with Developing Implications’...

GE subsidiary bows out of SmartPay purchase card program
GE Money is dropping out of the government charge card program, SmartPay 2, a company spokesman confirmed Jan. 31...