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☆ GE finance chief Dybeck Happe to step down
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - General Electric Co (GE.N) said on Thursday Carolina Dybeck Happe would step down as finance chief of the industrial giant, as it prepares to complete the spin-offs of its businesses next year. Rahul Ghai will become the CFO of GE, effective Sept. 1, while retaining his role as the finance chief of GE Aerospace, which he has held since August 2022, the company said in a statement. "Since Rahul joined GE Aerospace, we have benefited greatly from his leadership, including his wealth of experience as a public company CFO and with the spin-off process," GE CEO Larry Culp said. Moller-Maersk executive, Dybeck Happe took over as GE's CFO in early 2020. In late 2021, GE announced it would split into three public companies that would focus on energy, healthcare and aviation.

☆ Russia's war on Ukraine latest: Kremlin says US behind drone attack
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

FIGHTING* Ukrainian President Volodymyr Zelenskiy said Ukraine would launch a counteroffensive soon against occupying Russian forces. * Yevgeny Prigozhin, leader of Russia's Wagner Group mercenary force, said the counteroffensive had already begun and his forces were observing heightened activity along the front. DIPLOMACY/POLITICS* Putin must be brought to justice for his war in Ukraine, Zelenskiy said on Thursday during a visit to The Hague, where the International Criminal Court (ICC) is based. * U.S. military aid for Ukraine includes for the first time the Hydra-70 short-range air-launched rocket, taken from U.S. excess stocks. * Zelenskiy said Russia did not appear to be interested in extending the agreement beyond May 18.

☆ Russia's war on Ukraine latest: Zelenskiy visits war crimes court in The Hague
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

FIGHTING* Zelenskiy said Ukraine would launch a counteroffensive soon against occupying Russian forces. * Russian shelling killed 23 people in and near the southern Ukrainian city of Kherson on Wednesday, hitting a hypermarket, a railway station and residential buildings, the regional governor said. DIPLOMACY/POLITICS* Zelenskiy will have a meeting at the International Criminal Court (ICC) in The Hague on Thursday, the court said without giving further detail. * U.S. military aid for Ukraine includes for the first time the Hydra-70 short-range air-launched rocket, taken from U.S. excess stocks. * Zelenskiy said Russia did not appear to be interested in extending the agreement beyond May 18.

☆ Travel recovery boosts jet engine units at GE and Raytheon
▼ + stars: | 2023-04-25 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Technicians assemble a General Electric Co. CFM56-7B jet engine at the company's Aviation Assembly & Test facility in Research Triangle Park in Durham, North Carolina. A recovery in air travel is lifting sales and repairs at the aircraft engine units of General Electric and Raytheon Technologies as Boeing and Airbus scramble to increase their production rates of new planes. The unit makes engines for Boeing's 737 Max planes and Airbus' A320 family of narrow-body aircraft. Raytheon's Pratt & Whitney engine unit sales increased 15% from a year earlier to $5.23 billion. The improvements in those companies come as Airbus and Boeing are trying to increase their output of new planes for airlines.

☆ Jefferies upgrades this multinational on continued growth in the aerospace sector
▼ + stars: | 2023-04-20 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Jefferies thinks a storied multinational can benefit from strong growth in its aerospace segment. Jefferies posits that GE will grow its aerospace sector sales by 16% in 2023 to $30.2 billion. GE YTD mountain General Electric could continue to benefit from the growth of its aerospace segment, according to a Thursday note from Jefferies. "GE Aerospace will have a clearer story to tell following the GE Vernova spin in early 2024, which we believe is one of the better positioned stories to the aerospace ramp," Jefferies equity analyst Sheila Kahyaoglu wrote on Thursday. Aerospace margins could also grow to 20% by 2025, Kahyaoglu said, although operating expenses will continue to add pressure.

☆ GE's largest union ratifies 2-year contract extension with wage hike
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - General Electric Co's (GE.N) workers have ratified a two-year contract extension that provides for a 12% rise in wages, their union said on Wednesday. The contract extension, which covers about 3,000 American workers of GE, will also ensure labor protections after the spinoff of the company's aerospace and energy divisions, according to the International Union of Electric Workers - Communications Workers of America (IUE-CWA). GE is set to separate its aerospace and energy businesses in early 2024 to become GE Aerospace and GE Vernova, respectively. The contract extension will take effect on July 1 and continue through June 22, 2025. Separately, eight local unions that together cover about 400 employees also ratified contract extensions with the company, GE said on Tuesday.

Higher costs and a shortage of available new parts are also delaying aircraft repairs, which risk pushing up air fares. Some makers of brand-name parts like General Electric Co (GE.N) stand to benefit because they also sell used parts, known as used serviceable material. Honeywell Aerospace Trading (HON.O), the U.S. conglomerate's used parts business, is among companies enjoying higher demand since 2021. Ultimately, the alternatives to new parts may bring relief but a congested supply chain must be fixed, said Benjamin Hockenberg, president of JSSI Parts & Leasing. "Certain models, certain situations, (used parts) will fill the void, but I think we also need to see a repaired supply chain," said Hockenberg.

REUTERS/Dado Ruvic/IllustrationMarch 31 (Reuters) - General Electric Co (GE.N) has settled all its outstanding wind turbine technology patent disputes in the United States and Europe with Siemens Gamesa Renewable Energy S.A (GAM.HA), the companies said on Friday. Siemens Gamesa had sued GE for patent infringement in 2020 over the latter's Haliade-X turbines. Last year, a Boston federal judge barred GE from making and selling its Haliade-X wind turbines in the United States, after a jury found they infringed a patent owned by Siemens Gamesa. But GE was allowed to continue making and operating the turbines for existing projects off the coasts of Massachusetts and New Jersey with royalty payments to Siemens Gamesa. In February, the same judge ruled GE must double its patent royalty payments to Siemens Gamesa for the turbines it uses in a renewable energy project off the New Jersey coast.

☆ Exclusive: ICU Medical to compete against GE Healthcare for Medtronic units -sources
▼ + stars: | 2023-03-29 | by ( David Carnevali | ) www.reuters.com time to read: +2 min

GE Healthcare and private equity firms Carlyle Group Inc (CG.O) and Clayton, Dubilier & Rice (CD&R), which have been pursuing rival offers separately, are also through to the second round, the sources added. Carlyle is bidding through its newly formed healthcare investment platform Atmas Health, according to one of the sources. Medtronic has been taking offers for its patient monitoring and respiratory interventions businesses even as it presses on with preparations to spin them off to its shareholders. ICU Medical, GE Healthcare, Carlyle and CD&R declined to comment. The patient monitoring technology portfolio includes Nellcor pulse oximetry and BIS brain monitoring, while the respiratory interventions business comprises ventilators and breathing systems.

☆ GE Cancels Stock Awards for CEO, Cutting $14 Million Off Pay
▼ + stars: | 2023-03-17 | by ( Theo Francis | ) www.wsj.com time to read: 1 min

Larry Culp, GE’s chairman and CEO, still could receive performance-linked shares valued at $146 million. General Electric Co. said it canceled stock awards for Chief Executive Officer Larry Culp originally valued at $20 million, saying the company had failed to reach minimum performance thresholds necessary for the executive to take full title to the shares. The move, made by the board last month, wiped out all but about $3.2 million of the $8.2 million in total compensation the company reported for Mr. Culp for 2022, as well as a tranche of shares originally valued at $15 million when it was awarded in 2020. The company also canceled equity awards for the same years for other top executives.

☆ Boeing Dreamliner Deal Aimed at Boosting Saudi Travel
▼ + stars: | 2023-03-14 | by ( Andrew Tangel | ) www.wsj.com time to read: 1 min

Two Saudi Arabian airlines said they would buy almost 80 Boeing Co. 787 Dreamliners, part of a broader plan to boost travel to the oil-rich kingdom. U.S. administration officials said the deal announced Tuesday was worth a combined $37 billion and included options to take the sale up to 121 aircraft. The jets would be powered by U.S.-made General Electric Co. engines.

☆ GE sticks to 2023 earnings forecast amid renewable energy troubles
▼ + stars: | 2023-03-09 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +1 min

CINCINNATI, Ohio, March 9 (Reuters) - General Electric Co (GE.N) on Thursday reiterated its earnings outlook for this year as booming demand at its aerospace business is expected to make up for challenges at the company's renewable energy business. But GE Vernova, the company's portfolio of energy businesses, which includes renewables, is expected to report an operating loss of between $200 million and $600 million in 2023, GE said. GE's renewable energy business has failed to turn a profit in the past eight quarters due to a combination of weak demand, higher raw materials and labor costs and supply-chain pressures. This performance has cast a shadow over the company's plan to spin off GE Vernova into a separate company next year. The Boston-based industrial conglomerate said it is "transforming" its renewable energy business and expects profitable growth in the long-run.

A jump in air travel demand has driven up sales at its aerospace division, which makes and services engines for Boeing Co (BA.N) and Airbus SE (AIR.PA) jets. GE also reiterated its profit outlook for 2023 as booming demand in its aerospace business is expected to make up for the challenges in its renewable energy business. It expects adjusted earnings of $1.60 to $2.00 per share in 2023, with revenue growth percentage in high single digits. GE estimated that the aerospace business would generate double-digit revenue growth this year, translating into an operating profit of $5.3 billion-$5.7 billion. However, supply and labor shortages have hurt jet engine output, with CEO Culp saying it was a daily battle to meet jet engine demand.

Initial claims for state unemployment benefits rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, the Labor Department said on Thursday. "This could be a game changer for today's market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The gains pushed up the S&P 500 communication services (.SPLRCL), consumer discretionary (.SPLRCD) and information technology (.SPLRCT) sectors between 0.4% and 0.6%. Advancing issues outnumbered decliners by a 1.64-to-1 ratio on the NYSE and by a 1.06-to-1 ratio on the Nasdaq. The S&P index recorded four new 52-week highs and 11 new lows, while the Nasdaq recorded 28 new highs and 54 new lows.

☆ GE working to address durability issues with LEAP jet engines, says company exec
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

CINCINNATI, Ohio March 9 (Reuters) - General Electric Co (GE.N) is working on addressing issues with the durability of its LEAP jet engines and changes will be rolled out next year, Karl Sheldon, a senior executive at the company's aerospace unit, said on Thursday. The problems with LEAP engines, which power Airbus (AIR.PA) and Boeing (BA.N) jets, is occurring in regions like the Middle-East. Sheldon said changes are being made to the engine's turbine blades and nozzles, which are getting affected by hot and harsh conditions. "Hotter engines running in hotter environment is driving this issue," he said on the sidelines of GE's investor conference. Reporting by Rajesh Kumar Singh in Cincinnati, Ohio; Editing by Leslie Adler and Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ Military Contractors Square Off Over F-35 Jet Engine Program
▼ + stars: | 2023-03-08 | by ( Brody Mullins | Ted Mann | ) www.wsj.com time to read: 1 min

GE is lobbying Congress to fund an alternative engine for the Pentagon’s F-35 jet fighter. WASHINGTON—One of the biggest lobbying clashes in recent years is heating up again: the fight to fund an alternate engine to power the Pentagon’s F-35 jet fighter. More than a decade ago, engine-maker Pratt & Whitney and its allies in Congress won out over General Electric Co. to be the exclusive supplier for the next-generation fighter. Now GE is once again lobbying Congress to provide billions of dollars to fund an alternative engine it would build, citing what it calls the flaws in Pratt’s engine.

☆ GE's investors seek solutions to renewable energy, supply chain challenges
▼ + stars: | 2023-03-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +3 min

But renewable energy remains a problem. Analysts have raised questions about whether GE may be forced to alter a plan to spin off GE Vernova into a separate company next year, including a possible delay or changing which assets are included. "I want to kind of understand is there any chance at all that Vernova will not include GE wind," William Blair analyst Nicholas Heymann said. But overall, GE is expected to reiterate its 2023 adjusted earnings outlook of $1.60 to $2.00 per share on Thursday. The aerospace business, which supplies engines to Airbus (AIR.PA) and Boeing (BA.N), is grappling with shortages of labor, parts and raw materials.

☆ GE to slash stake in aircraft lessor AerCap
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

March 7 (Reuters) - AerCap Holdings NV (AER.N) said on Tuesday a unit of General Electric Co (GE.N) is selling 18 million shares, worth $1.12 billion, of the aircraft lessor through an underwritten public offering. In addition, AerCap agreed to repurchase $500 million worth of its shares from GE, its largest shareholder. The Boston-based conglomerate currently has a 45.3% stake in AerCap, according to Refinitiv data. The conglomerate, through its unit GE Capital US Holdings Inc, expects to grant the underwriters a 30-day option to purchase up to 2.7 million additional ordinary shares. GE said in March 2021 it will "over time" sell its stake after AerCap bought its aircraft leasing unit in a $30 billion deal.

☆ Billionaire investor Jim Chanos says short on GE shares - CNBC
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

Feb 22 (Reuters) - Jim Chanos is short on General Electric Co (GE.N), the billionaire investor said in a CNBC interview on Wednesday. Chanos added the company's fair value was "way below" its current stock price, which pared gains after the comment and was last trading up 0.6% at $82.63. GE in January forecast a lower-than-expected full-year adjusted profit as it struggles with ongoing supply chain disruptions and persistent problems at its money-losing renewable energy business. The short-seller also said he was short on cryptocurrency exchange Coinbase Global Inc (COIN.O), adding it did not seem to have sustainable income sources. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ United Airlines Creates Fund for Sustainable Aviation Fuel
▼ + stars: | 2023-02-21 | by ( Amrith Ramkumar | ) www.wsj.com time to read: 1 min

United Airlines has been one of the most aggressive airlines in acting on climate change. United Airlines Holdings Inc. is launching a fund backed by several big-name aerospace and financial companies to invest in startups aiming to produce sustainable aviation fuel, in one of the largest efforts yet to lower emissions from air travel. Created through United’s venture investing arm, the new fund will start with more than $100 million from the company and partners including Air Canada , Boeing Co., JPMorgan Chase & Co., Honeywell International Inc. and General Electric Co., United said Tuesday.

FIS plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies, the sources said. The spin-off will take many months to be completed, and FIS will also entertain any acquisition offers for the unit during this period, the sources added. Much of FIS's merchant business consists of Worldpay, which it bought for $43 billion in 2019. The sources cautioned that no transaction is certain and asked not to be identified discussing confidential deliberations. Merchant solutions makes up about 30% of the company's revenue, while its banking solutions arm constitutes about 46%, and capital market solutions the remainder.

WASHINGTON, Feb 9 (Reuters) - Southwest Airlines (LUV.N) and its pilot union will offer sharply contrasting reasons for the low-cost carrier's meltdown in December that disrupted travel plans for two million customers, ahead of a U.S. Senate committee hearing on Thursday. While Southwest has cited weather impacts, the union will single out poor preparation and a failure to modernize technology, according to written testimonies for the hearing, seen by Reuters. "What began as a weather event on December 21st turned into a crew scheduling event by December 24th," said Watterson. Casey Murray, president of the Southwest Airlines Pilots Association (SWAPA) said the union has been sounding the alarm about the carrier's crew scheduling technology and "outdated" operational processes for years. The committee had asked Jordan to testify but Southwest said the hearing conflicted with other commitments, including an employee rally in Baltimore on Wednesday.

☆ GE’s Finance Chief Sees Future for AI Across Company’s Business
▼ + stars: | 2023-02-08 | by ( Thomas Gryta | ) www.wsj.com time to read: +3 min

General Electric Co. sees a future for using generative artificial intelligence like ChatGPT across its business, from the shop floor to the front office, according to Carolina Dybeck Happe, the company’s chief financial officer. Ms. Dybeck Happe said the use of AI in manufacturing begins with gathering a huge amount of data from different complex systems. A native of Sweden, she joined GE after spending about a year as finance chief of Denmark-based shipping giant A.P. She became GE’s finance chief in early 2020, taking on a role traditionally held by long-term employees of the company, which has long prided itself on its management training. Using artificial intelligence and automation is part of increasing efficiency and quality, Ms. Dybeck Happe said.

☆ Southwest CEO Jordan finds himself in eye of storm after airline's holiday debacle
▼ + stars: | 2023-02-08 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +6 min

CHICAGO, Feb 8 (Reuters) - Bob Jordan, Southwest Airlines Co's (LUV.N) CEO, faces the biggest challenge yet in his 35-year career at the airline that has built a customer-friendly reputation. Southwest's struggles reached a notable low on Jan. 28 when comedy sketch TV show "Saturday Night Live" lampooned the Dallas-based airline's technology and service. The carrier will now answer to U.S. Congress on Thursday when Chief Operating Officer Andrew Watterson testifies before the Senate Commerce Committee. In October, Jordan, who started his career at Southwest in 1988 as a computer programmer, put Watterson in charge of the airline's operations. Last week, Jordan also named a chief information officer who will help manage the airline's technology investments, upgrades and system maintenance.

☆ U.S., India partnership targets arms and AI to compete with China
▼ + stars: | 2023-01-31 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 31 (Reuters) - The White House is launching a partnership with India on Tuesday that President Joe Biden hopes will help the countries compete against China on military equipment, semiconductors and artificial intelligence (AI). Yet the White House faces an uphill battle on each front, including U.S. restrictions on military technology transfer and visas for immigrant workers, along with India's longstanding dependence on Moscow for military hardware, issues it hopes to now address. But Washington has held its tongue, nudging the country on Russia while condoning India's more hawkish stance on China. General Electric Co (GE.N), meanwhile, is asking the U.S. government for permission to produce jet engines with India that would power aircraft operated and produced by India, according to the White House, which says a review is underway. Reporting by Trevor Hunnicutt; Editing by Chris Sanders, Josie Kao and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

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