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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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Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.