Nov 16, 2017

Immelt says GE will thrive, use of jets was "terrible"

Lauren Olinger / Axios

General Electric is in "tough" markets like oil and gas, and power but will be successful, former GE CEO Jeffrey Immelt said. "I'm fully confident that this company is going to thrive in the future," Immelt said at an Axios "Smarter Faster Revolution" event at the University of North Carolina. "It's 125 years old. We go through cycles."

Why this matters: GE's CEO John Flannery said earlier this month the company is cutting its dividend and he wants to "reinvent" GE to make it "simpler and easier to operate." Shares are down more than 22% in just the last month.

Immelt said use of an empty "backup" jet for his GE travel was a "terrible" idea and not something he approved. "It's a practice that, in retrospect, I wish we hadn't done."

Go Deeper: The WSJ story on GE cost cuts that first reported on the use of multiple jets.

Go deeper

Updated 2 hours ago - Politics & Policy

In photos: Protesters clash with police nationwide over George Floyd

Police officers grapple with protesters in Atlanta. Photo: Elijah Nouvelage/Getty Images

Police used tear gas, rubber bullets and pepper spray as the protests sparked by the killing of George Floyd spread nationwide on Friday evening.

The big picture: Police responded in force in cities ranging from Atlanta to Des Moines, Houston to Detroit, Milwaukee to D.C. and Denver to Louisville. In Los Angeles, police declared a stretch of downtown off limits, with Oakland issuing a similar warning.

Updated 3 hours ago - Politics & Policy

Supreme Court sides with California on coronavirus worship service rules

The Supreme Court has ruled 5-4, with Chief Justice John Roberts joining the court's liberal justices, to reject a challenge to California's pandemic restrictions on worship services.

Why it matters: This is a setback for those seeking to speed the reopening of houses of worship, including President Trump.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.