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GE slashing 12,000 jobs in electrical power division

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.

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Trump: Transgender people "disqualified" from the military

SecDef Jim Mattis and Gen. Joseph Dunford.
Secretary of Defense Jim Mattis and Gen. Joseph Dunford. Photo: Andrew Harrer-Pool / Getty Images

President Trump late Friday issued an order disqualifying most transgender people from serving in the military.

"[T]ransgender persons with a history or diagnosis of gender dysphoria -- individuals who the policies state may require substantial medical treatment, including medications and surgery -- are disqualified from military service except under certain limited circumstances."

Why it matters: Anything short of an inclusive policy for transgender troops will be viewed as a continuation of the ban Trump announced on Twitter in August.

Haley Britzky 9 hours ago
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Both Bush and Obama also requested line item veto power

Donald Trump.
Photo: Mark Wilson / Getty Images

President Trump tweeted on Friday evening that to avoid having "this omnibus situation from ever happening again," he wants Congress to re-instate "a line-item veto."

Why it matters: This would allow him to veto specific parts of a bill without getting rid of the entire thing. Trump was deeply unhappy with the $1.3 trillion spending bill approved by Congress early Friday morning, but signed it anyway on Friday afternoon.