Company news

CNC
Added On November 14, 2017

Let's take a look at some company news now.
 
And American behemoth General Electric is looking to win back shareholders with another company overhaul.
 
Amid falling profits, the conglomerate is planning to carve up its businesses and lay off thousands.
 
CRISIS-STRICKEN GE TO RECOVERY 
 
The firm, most known for its turbines and engines, has been hammered by the financial markets this year, after it bet the energy sector, in particular oil and gas, would grow indefinitely. 
 
Its value has crashed by more than 100 billion U.S dollars since January.
 
Shareholders are now resigned to their first cut in dividends since 2009.
 
To rebuild trust, John Flannery, who has been CEO for only three months, will roll out plans to revive the company.
 
Flannery took the helm after 16 years of leadership by Jeff Immelt, and the newly installed GE chief will unveil another austerity plan that will include significant layoffs.
 
The power generation business GE Power will be particularly hard hit.
 
The cuts will fall on already reduced staffing levels. Employment at the firm fell to 295,000 last year, down 11 percent.
 
FIRST MAJOR ORDER ON DUBAI AIRSHOW 
 
Boeing's 787-10 Dreamliner continues to go from strength to strength.
 
On Sunday, Emirates Airline, the United Arab Emirates' flag carrier, said it is ordering 40 of the aircraft, in a deal worth 15.1 billion U.S. dollars.
 
The deal is the first major order at this year's Dubai Airshow, and comes at a time when Middle East carriers face major headwinds.
 
According to the International Air Transport Association, passenger numbers on Middle Eastern carriers climbed only 3.7 percent year-on-year in - the weakest growth in over eight years.
 
Emirates Chairman and CEO said delivery will start from 2022 onward.
 
Boeing launched the Dreamliner as a smaller 2-300 seater long-range alternative. 
 
Airlines have appreciated the flexibility the Dreamliner offers, with around a hundred orders placed this year alone. 
 
FAW RECALLS FAULTY CARS IN CHINA 
 
The FAW Car Company is to recall nearly 14,000 vehicles in China due to problematic dashboard wire system.
   
According to the General Administration of Quality Supervision, Inspection and Quarantine, the firms is asking for all Besturn X40 (MT) vehicles manufactured between Sept. 26, 2016 and Aug. 30, 2017.
   
The recall is made due to faulty design of dashboard wire system which is prone to short-circuit in extreme circumstances, setting vehicles on fire and making cars stall while in motion.
   
All faulty parts will be replaced free of charge.