General Electric plant in Belfort. Photo: Thibault Camus / AP

General Electric announced it is slashing 12,000 jobs to save $1 billion in its electrical power division, which helps produce about one-third of the electricity around the world. That an 18% cut for the division, per CNN. Reuters reports staff in Switzerland and Germany are badly hit by the changes.

Be smart: This shows that renewable energy is taking its toll on traditional power, reducing the need for its business by 40%, per CNN. GE acknowledged that "overall growth in renewables" contributed to the decision to move forward with the cuts, in addition to overcapacity and fewer outages. Siemens, which has also been hit by growth of renewables, is cutting 6,900 jobs,

  • The climate change factor — "traditional utility customers have reduced their investments due to…uncertainty about future climate policy measures," per Reuters.
  • Competition in Asia has increased price pressures, Reuters reports.

GE is the worst-performing stock in the Dow right now, down 44% this year. The Dow is in talks to drop GE, per CNN.

Go deeper

Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.