GE reports loss

AFP, NEW YORK: General Electric disclosed Wednesday that it faces a accounting probe by US regulators, as it reported a nearly $10 billion loss in the last quarter due to charges linked to its insurance business and US tax reform. The news of the probe of the massive charges in the insurance business cast another shadow over the troubled industrial conglomerate as it tries to right the ship. The quarterly results showed continued weakness in the power division, offset by much better market conditions in aviation and health care where operating profits grew. And GE pointed to progress in cutting costs and said improved execution had lifted the company’s cashflow, a closely-watched Wall Street benchmark. “We have a long way to go, but the mission is clear and we’re moving forward together as one team with purpose,” chief executive John Flannery told analysts on a conference call.

GE reports loss

AFP, NEW YORK: General Electric disclosed Wednesday that it faces a accounting probe by US regulators, as it reported a nearly $10 billion loss in the last quarter due to charges linked to its insurance business and US tax reform. The news of the probe of the massive charges in the insurance business cast another shadow over the troubled industrial conglomerate as it tries to right the ship. The quarterly results showed continued weakness in the power division, offset by much better market conditions in aviation and health care where operating profits grew. And GE pointed to progress in cutting costs and said improved execution had lifted the companys cashflow, a closely-watched Wall Street benchmark. We have a long way to go, but the mission is clear and were moving forward together as one team with purpose, chief executive John Flannery told analysts on a conference call.