General Electric says it’s going to build the nation’s largest solar panel factory, part of a $600 million dollar bet on the future of solar power in the United States. The new plant will employ 400 people and produce enough solar panels to power 80,000 homes per year, GE said Thursday. The company isn’t saying where the plant will be located, but it does say that there are multiple locations being scouted. Get the full story »
General Electric
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Immelt backs tax-free GE, calls for reform
Jeffrey Immelt is head of GE and of President Barack Obama's business innovation task force. (Reuters/Molly Riley)
The chief of General Electric on Thursday defended the conglomerate’s zero tax rate in 2010 and called for reform of the U.S. tax code.
In his first public speaking engagement since a barrage of criticism about not having to pay taxes in 2010, GE Chief Executive Jeff Immelt told the Economic Club in Washington that his company did nothing wrong. Get the full story »
Strong orders lift GE above 4Q expectations
General Electric Co., reported better-than-expected earnings, helped by the recovery of its finance arm and a rise in revenue at its industrial units, including a sharp pickup in sales of locomotives.
The world’s biggest maker of electric turbines and jet engines also reported a 12 percent increase in orders, driving its backlog — a key predictor of future sales — to $175 billion. Get the full story »
Comcast wins FCC approval to take over NBC
The Federal Communications Commission on Tuesday gave Comcast Corp., the country’s largest cable company, the green light to take over NBC Universal, home of the NBC television network.
Four of the commission’s five members voted to let Comcast buy a 51 percent stake in NBC Universal from General Electric Co. for $13.8 billion in cash and assets. Michael Copps, one of the commission’s three Democrats and an opponent of media consolidation, voted against the deal. Get the full story »
FCC reportedly set to approve Comcast-NBC deal
Federal regulators are on the verge of announcing approval of Comcast Corp.’s deal to acquire control of NBC Universal from General Electric Co. , according to people close to the review.
Federal Communications Commission officials spent the weekend making last-minute revisions to an order approving the deal. FCC commissioners are expected to approve it on a 4-1 vote, with Democratic commissioner Michael Copps, an opponent of media consolidation, voting against. Get the full story »
ABC News chief open to Bloomberg partnership
The new head of ABC News said Monday he was open to a possible partnership with Bloomberg News as the news network seeks to expand its links with social and other media after a major restructuring in 2010.
Ben Sherwood, appointed president of ABC News in December, told television journalists at the Television Critics’ Association meetings in Pasadena that he wanted the network’s news division to expand its links with Facebook and other organizations. Get the full story »
GE to buy 25,000 electric cars, including GM Volts
A 2011 Chevrolet Volt charges at a station in Rochester, Mich., , October 10, 2010. (Rashaun Rucker/Detroit Free Press/MCT)
General Electric Co. plans to buy 25,000 electric vehicles from makers including General Motors over the next five years, in a move it said could spark demand for the charging equipment it sells.
The largest U.S. conglomerate aims to swap out half its fleet of 30,000 cars — used by sales people and technicians, for instance — with electric vehicles and to start shifting customers who lease fleets of vehicles over as well.
GE, which over the past five years has made a major push into green businesses, said Thursday it hopes the move will speed acceptance of electric cars by getting more of them on road more quickly and prompting investment in the equipment that users will need to charge them. Get the full story »
GE revenue sinks 18%, profit misses
General Electric Co. reported a sharper-than-expected drop in revenue on slack demand for heavy equipment, casting doubts about the pace of the U.S. recovery from the worst economy since the Great Depression.
The largest U.S. conglomerate’s 5.1 percent decline in sales overshadowed better-than-expected profit and sent GE shares down 3 percent in premarket trading on Friday as some investors took it as another sign that the economic recovery is faltering. Get the full story »
FCC seeks more information on NBC, Comcast deal
The Federal Communications Commission is requesting more information from Comcast Corp. and NBC Universal. Regulators are reviewing the cable operator’s plan to acquire a controlling stake in the media company. Get the full story »
July 28, 2010 at 6:31 a.m.
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Filed under: Earnings, Entertainment, Internet, M&A, Media, Telecommunications Comcast 2Q profit down on NBC-related expenses
Comcast Corp., the No. 1 U.S. cable operator, reported a nearly 9 percent decline in quarterly profit as it absorbed expenses related to its highly anticipated acquisition of NBC Universal.
While costs associated with the deal, including professional fees, undercut the cable company’s overall profit, its revenue rose a higher-than-expected 6 percent as it continued to add Internet and telephone customers. Get the full story »
