Environmental Capital provides daily news and analysis of the business of the environment. It tracks how growing green concern, particularly over climate change, is roiling established industries and spurring new ones – and how that shift is affecting investors, consumers and the planet.
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GE: Canary in Coal Mine for Energy Business Amid Economic Meltdown
Posted on October 10, 2008
Once again, energy rides to the rescue at General Electric.The conglomerates overall profit fell 22% in the third quarter because of to declining profits at its financial arm. One bright spot, as in quarters past, was the energy-infrastructure unit, which boosted sales 32% to $9.7 billion and profit 31% to $1.4 billion.Riding energy sales till the cows come home (AP)With market turmoil and the economic slowdown threatening many of GEs other units, the energy unitwhich makes everything from wind mills to components for gas-fired turbineswill keep pulling the cart, GE said. The fourth-quarter ou...
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