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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

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

50 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.

A new Washington

Photo: Stefani Reynolds/Getty Image

D.C. Mayor Muriel Bowser said Friday that the city should expect a "new normal" for security — even after President-elect Biden's inauguration.

The state of play: Inaugurations are usually a point of celebration in D.C., but over 20,000 troops are now patrolling Washington streets in an unprecedented preparation for Biden's swearing-in on Jan. 20.