GE bows out of show biz

By Incorrect Author 4 December 2009

General Electric’s desire to get out of show business will leave CEO Jeffrey Immelt with $8 billion in net cash and an obligation to explain to shareholders where he plans to steer the company to next. GE is selling its 51% stake in NBC Universal (a TV, cable, film and theme-park operator) to Comcast Corp., enabling Comcast to create a global media powerhouse. There’s some way to go yet before the final curtain, but the deal will allow again Immelt to focus on the company's main businesses: power generation, aviation, rail and medical-imaging equipment, plus its finance arm, GE Capital, which was badly hit by the global downturn. It’s amazing how some corporations think they can run any business in a generic way – sort of like a proctologist switching to heart surgery overnight. And the ironies abound. By dumping NBC Universal, GE is getting rid of one of its highest-margin businesses at a time when advertising revenue and profit from traditional media are under threat from the Internet. Read more:  Business Week, The Times


Lost Boys

Cop who exposed Magnus Malan paedophile ring found dead in Eastern Cape

By Marianne Thamm

The filming of The Beach permanently damaged the ecosystem on the Thai island it was located on.