GE General Electric Finance

Frost and Sullivan recognized GE's Excellent Customer Service

admin — Thu, 16 Jun 2011 09:57:10 GMT

GE Receives 2010 North American Transfer Switch Customer Service Leadership of the Year Award for Its Automatic Transfer Switch

GE (General Electric) very good customer service was recently recognized when it was honored by Frost & Sullivan 2010 North American Transfer Switch Customer Service Leadership of the Year Award. The award, given to the automatic transfer switch GE team, is part of Frost & Sullivan Excellence Best Practices Awards, presented annually to companies that are expected to drive significant growth in their industries, have identified emerging trends before they become standard in the market and have created advanced technologies that will help transform the industry in the near future.

"Our innovative technology aims to encourage customer success and productivity," said Steve Smith, general manager, Power Equipment Business to GE Energy, Energy Digital. "We are honored to receive this award from such leading companies, was honored as the Frost & Sullivan. This award is a tribute to our dedication to solving customer problems by providing high-quality, inventive solutions, and further validates the hard work and achievements of the ongoing switch teams Our automatic transfer. "

According to Frost and Sullivan, "Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through depth interviews, analysis and extensive secondary research to identify best practices. [1] "

Automatic transfer switch GE Energy is part of the company's Digital Energy division, which protects and connects vital equipment in the world to ensure safe, reliable power. This is a global leader in protection and control, communications, power sensing and power quality solutions. Products and services increase the reliability of electric power networks and critical equipment for utility, industrial and large commercial customers. From protecting and optimizing assets such as generators, transmission lines and motors, to ensuring secure wireless data transmission and providing uninterruptible power, GE provides industry-leading technology to address the unique challenges of each customer.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. Growth Partnership Service provides the CEO and the company's CEO Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation strategy of strong growth. Frost & Sullivan utilize more than 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 40 offices on six continents.

GE and Capital One Acquisition of ING USA

admin — Tue, 14 Jun 2011 02:04:21 GMT

General Electric Co. and Capital One Financial Corp. has made an offer to acquire one of the Internationale Nederlanden Groep subsidiaries (ING) in the United States, ING Direct USA. Bloomberg report on Tuesday called an agreed value of approximately U.S. $ 9 billion.

Source Bloomberg called the end of this month received permission to sell ING Direct USA. It said that GE would pay with cash, Capital One, with some of its shares.

ING is a financial company with the largest income in the world. In 2009, ING Group serves 85 million private customers, corporations, and institutions in over 40 countries with a workforce of more than 100,000 people. The company operates in countries including Holland, Australia, Canada, France, India, Italy, Spain, Poland, Britain, Turkey and the United States.

ING was forced to split the insurance and bank operations and approved the divestment of ING Direct USA in 2013. This was done as a requirement of the European Commission over 10 billion euros to help the Dutch government during the crisis of 2008.

Results from the sale will be used to pay the national debt. A spokesman for ING in Amsterdam refused to comment on whether GE and Capital One have submitted bids.

"I can confirm that the process for preparing the sale of ING Direct USA is underway," said a spokesman for ING Group, Raymond Vermeulen, yesterday in Amsterdam.

Dutch pay nearly 40 billion euros to rescue domestic financial sector in the year 2008. At that time the government must nationalize the ABN AMRO (ABNNV.UL) and give an injection of capital to AEGON (AEGN.AS) and SNS Reaal (SR.AS) and ING.

ING has announced several divestments and has paid back a portion of state aid. They promised would pay for the remaining 3 billion euros in May 2012.

GE sought to avoid the acquisition of some assets ING Direct mortgage. Unit GE Capital, which issues bonds to fund services such as loan and leasing credit card, can reduce dependence on debt markets with the acquisition of THIS. Deposits GE Capital in the two banks rose to $ 39.4 billion at March 31, and from U.S. $ 9.8 billion in 2006. The Federal Reserve plans to begin setting up GE Capital later this year.

If successful, Capital One bid will position ING as one of the largest credit card holder. Meanwhile, the status of Capital One as the bank is expected to be easier to win approval for the deal from the authorities, the United States

Wacker Chemical Corporation in Kentucky Save Over 11 Million Pounds and Reduce Landfill Waste Water Use with Help from GE (General Electric)

aubrey — Sat, 28 May 2011 10:32:23 GMT

Wacker Chemical Corporation in Kentucky Save Over 11 Million Pounds and Reduce Landfill Waste Water Use with Help from GE

Chemical Company Also Achieves Significant Total Cost Savings Through Innovative Process Improvement
Wacker Honored with a GE ecomagination Leadership Award

Calvert City, KY. and Trevose, Pa., May 26, 2011-The Wacker Chemical Corporation plant in Calvert City, Ky., has significantly reduced water usage and landfill waste while simultaneously increasing efficiency and cost savings with the help of GE (NYSE: GE) and advanced water chemical technology.

Wacker faced high costs associated with transportation and disposal of watery hazardous waste which generally known as the watery mud. Every day, a large amount of mud being transported from the wastewater treatment area to the disposal site. Disposal is often. It not only increases operating costs for Wacker plant, but also increase the amount of waste added to landfill areas. In addition, costs associated with chemical treatment of waste water is higher than necessary because of operational inefficiencies.

To overcome the operational and environmental challenges, Wacker turned to the experts and technology of GE (General Electric). Together, they developed a solution to reduce waste, improve wastewater treatment efficiency and reduce costs in Wacker's Calvert City plant, which mainly produces polymers dispersions and powders that are used by customers in the adhesives, coatings, fabric construction and engineering industries.

"GE's expertise in water treatment applications is critical to the success of our waste reduction projects," said Mary Beth Hudson, Wacker Chemical Corporation site manager Calvert City plant. "This is a significant step in the right direction as our company continues to strive to reduce our environmental footprint and limit the amount of natural resources used in everyday life."

To help achieve the goals of Wacker's efficiency goals, here is GE emulsion breaker which provides technology and application expertise include training for plant operators, improved instrumentation and better chemical storage systems. Efforts to reduce the amount of wastewater discharged Wacker is realized improvement of wastewater treatment equipment, and the selection of chemicals and chemical feed and control in the Calvert City facility. An increased awareness of the overall process plant associated with the achievement of sustainability goals by the employees of Wacker is also a key facility in helping to reduce the use of chemicals and, therefore, the cost of chemicals.

Wacker waste reduction project has led to the elimination of 11 million pounds of landfill waste each year and, in turn, the cost of disposal. This project also helps Wacker achieve savings of more than 17 million gallons of water each year at the plant, significantly reducing the impact on the environment. These facilities have improved operations and 40 percent reduction in overall waste treatment expenses, which include the reduction of transportation costs by more than 96,000 miles of travel per year to transport the mud.

GE has provided Wacker Chemical Corporation ecomagination Leadership Award to recognize companies for significant reduction in water consumption and waste landfill using GE technology. GE ecomagination Leadership Award recognizes achievements of industrial users which significantly exceeds the operational objectives and enhance the environment and industry while balancing the demands of industry.

"In recognition of corporate initiative and team efforts to save water and reduce landfill waste and operating costs at the company's Calvert City plant, we are pleased to present Wacker Chemical Corporation with a GE ecomagination Leadership Award," said Jeff Fulgham, chief sustainability officer and ecomagination leader to GE Power & Water. "By utilizing GE's wastewater advanced technology and proven expertise, Wacker has been able to meet environmental objectives and operations."

ecomagination is GE's commitment to a business strategy for growth at GE and a promise to contribute positively to the environment in the process. As part of that commitment, GE has committed to reduce fresh water consumption by 25 percent of the company in 2015. That's one of the most aggressive targets in the world of corporate water to date, and is expected to deliver 7.4 million cubic meters (2 billion gallons) of fresh water in enough water to fill over 3,000 Olympic size swimming pool.

GE - General Electric Healthcare and Thomson Reuters' Powerful Clinical Research Dataset

admin — Wed, 25 May 2011 15:57:24 GMT

GE Healthcare and Thomson Reuters Analytics Provides Powerful, Precise Clinical Research Dataset

Research Data Repository is Combining Millions of De-identified Health Claim and Electronic Medical Records to Measure Efficacy of Drugs and Other Treatments

Barrington, Illinois and New York - May 25, 2011-Pharmaceutical companies and other health organizations will now be able to do the research evidence based on data that allows them to better measure the effectiveness of medical treatment in discrete patient populations, thanks to new data and analytical solutions are developed and delivered by GE Healthcare and Thomson Reuters.

If it is necessary to respond to appropriate health economics and population-based research questions, analysis of the health team at General Electric (NYSE: GE) and Thomson Reuters (NYSE: TRI) now has the ability to incorporate commonly used research data from Thomson Reuters MarketScan Research ® Database with de-identified electronic medical records, while maintaining patient privacy and in accordance with HIPAA standards .. As a result, researchers and doctors are now able to obtain new evidence-based insights into the treatment protocol. These insights can help drive improved health outcome.

The addition of de-identified clinical data provided by health care providers use the EMR is a research study to evaluate medical care -. "Comparative effectiveness research" so-called "research" or the addition of de-identified clinical data from EMR that means research can link de-identified claims data from a population of patients diagnosed with certain conditions such as hypertension, with de-identified clinical data about everything from the patient's body mass index, blood pressure, symptoms and much more. This study will provide more specific evidence to allow doctors and patients to make better decisions.

"We've handled what was once considered a barrier to overcome on the results of research-based," said Dr. Brandon Savage, MD, Chief Medical Officer at GE Healthcare IT. "We are very enthusiastic about the opportunities this invention to create jobs and overhauling a day may bring to the care of patients, all over the world."

Researchers from GE Healthcare and Thomson Reuters' first show this approach to link de-identified data in a presentation at the annual meeting of the International Society for Pharmacoeconomics and Outcomes Research (ISPOR) held in Atlanta in May 2010.

ISPOR Presentation, which used hypertension as a set of samples, combined de-identified clinical data collected from more than 9,000 electronic medical records with MarketScan claims and prescription data from more than 30 million people. Each dataset has grown enough so that the stronger the data source.

Teams from both organizations have developed an algorithm that allows the de-identification of patient data without loss of utility.

These companies then prove the ability to use the methodology to connect the region's additional therapy. They have now entered into a partnership to provide research and analytical service which is based on ability is proven.

"We now can conduct studies that assess the effectiveness of medical treatment, prescription compliance, and disease management initiatives based on two sets of clinical data in-depth and extensive data on the full health experience of patients with de-identified. This includes all inpatient and outpatient visits and all prescriptions filled, cost, and reimbursement, "said Bill Marder, senior vice president at Thomson Reuters.

The companies now attract customers and plan research that will demonstrate the value of this unique and comprehensive capabilities. For more information, please e-mail or cds@ge.com marketscan@thomsonreuters.com.

GE (General Electric) New Power Plant

admin — Wed, 25 May 2011 15:46:58 GMT

GE (General Electric) Launches New Power Plant with Breakthrough Flexibility and Efficiency to Enable Greater Use Wind, Solar and Natural Gas in Electric Power.

Cleaner Energy through the New Combination of Jet Engine and Gas Turbine Technology

· New Plant Offers More than 61 Percent Efficiency and Flexibility unprecedented Operations

· Technology Allows further spread of the Renewables like Wind and Solar

· New Power Plant is First Product in New GE FlexEfficiency Portfolio *

· Technology Introduced Today in Paris, 14:00 CET

PARIS, FRANCE-May 25, 2011-GE (NYSE: GE), the technology helps to provide a quarter of the world's electricity, today announced the new and the first-of-its kind power plant engineered to provide a combination of unprecedented flexibility and efficiency. With a slim fast up and down in response to fluctuations in wind and solar power, technology will enable better integration of renewable resources into the electricity network. The FlexEfficiency * 50 Combined Cycle [1] Power Plant rated at 510 megawatts and offers fuel efficiency greater than 61 percent. This plant is the result of investing more than $ 500 million in research and development by GE and a key part of its ongoing work to create and produce technologies around the world that provide a cleaner, more energy efficient.

While power plants are now able to provide the flexibility or a high efficiency, this power plant will provide a combination that has never happened before both of them. GE said the combination of flexibility and efficiency 'FlexEfficiency,' which is essential if renewable power would cost-effectively integrate into the electricity network throughout the world on a large scale.

GE jet engines pulled from the company's expertise to design a plant that will increase at a rate of more than 50 megawatts per minute, twice the level of current industry standards. Operational flexibility at this level will allow the utility to provide power quickly when needed and to ramp down if not, balancing cost-effective grid and help to spread the additional resources of renewable resources like wind and solar. A typical FlexEfficiency 50 factories would provide enough energy to power more than 600,000 European homes.

Increasing Renewables with Natural Gas

"As our customers seek to increase use of renewable energy, sharpen the challenge of grid stability. They are under added pressure to achieve higher levels of efficiency and lower emissions for natural gas power plants. The FlexEfficiency 50 plants create huge growth opportunities in new segments for gas turbine technology and we are in lock-step with our commitment to build a future of cleaner energy, "said Paul Browning, vice president-thermal products for GE Power & Water. "For years we have been working to develop technology that can, in the same breath, provide breakthrough efficiency and deal head-on with the challenge of grid variability caused by wind and sun. The need for flexibility and efficiency of the combined even more urgent today as the state in around the world set new emission standards. "

The FlexEfficiency 50 plants is the first product in GE's portfolio of new FlexEfficiency and part of GE's ecomagination commitment driving clean energy technologies through innovation and investment in R & D. The launch follows the recent announcement of GE's most efficient wind turbines in the world, the highest reported efficiency for thin film solar and $ 11 billion on acquisitions that strengthen its portfolio that supports the natural gas transmission and power.

"Most of the current generation of technology to serve the power grid yesterday. Institutions and individuals everywhere to find cost-effective way to use solar, wind and gas energy in large scale. But they often assume that renewable energy is a plug-in to the electricity network that exist, "said Steve Bolze, President and CEO of GE Power & Water. "As far as GE, we have invested to strengthen our global portfolio with a view to provide efficient power plants throughout the clean energy technologies. We hope this breakthrough FlexEfficiency to help take advantage of abundant natural gas while at the same time we carve out new roads to accelerate the adoption of broader renewable energy, all with minimal impact on natural resources. "

Sustainability by Design

GE engineers are able to avoid the typical sacrifice of flexibility and efficiency by approaching the design of plant equipment and control systems perspective. The FlexEfficiency 50 plants engineered for flexible operations by integrating next generation 9FB Gas Turbines which operate at 50 Hz, which is the power frequency of the most widely used in countries around the world, a 109D-14 Steam Turbine, which runs on waste heat generated by gas turbines; sophisticated W28 GE Generator, Brand * Vie integrated control system that connects all the technology, and heat recovery steam generator.

"With global demand for energy is expected to double by 2030 and electricity generation accounting for 40 percent of greenhouse gas emissions, utilities and government agencies take a hard look at how to generate power more efficiently," said Ricardo Cordoba, president of GE Energy Western Europe and North Africa. "This innovation could have a dramatic effect on emissions of CO ₂ and offer tips, agile efficient and cost effective for us to help EU countries in pursuing their goals of energy 20-20-20 [2]."

International Energy Agency concluded in a report issued yesterday that a large share of renewable energy eligible for variable power and market systems are configured properly so that they can get the best use of their resources flexibly. The FlexEfficiency 50 PLTGU offer a level of flexibility that has never happened before will simplify this challenge without sacrificing fuel efficiency.

GE and MIT Collaboration on Development of Smart Ultrasound Technology

admin — Wed, 25 May 2011 15:42:27 GMT

GE, MIT Collaboration on Development of Smart Ultrasound Technology

• Part of the new collaboration with MIT to develop the next generation medical electronic systems of health to the point-of-care

• Greater intelligent ultrasound probe can simplify the use of ultrasound and possible new clinical applications

Supporting the search through healthymagination to reach more patients with better health care globally, GE has joined with the Massachusetts Institute of Technology (MIT) to create Electronic Medical Device Realization Center (MEDRC) at MIT. The MEDRC will help drive the revolutionary improvements in medical imaging systems and devices that take medical diagnoses, treatment and monitoring to the next level. Please visit http://mit.edu/medrc/ to learn more about the Center.

As a first project, researchers from the GE Ultrasound Lab at GE Global Research is working with MIT researchers to develop more intelligent ultrasound probe and system. The team from MIT is led by Professor Brian W. Anthony and Matthew Gilbertson, including graduate students, and Shih-Yu Sun. This project will encourage innovation by smart control the pressure in the probe / patient interface. This will be done in combination with image analysis is developed.

Taking advantage of new advances in medical electronics and computing power, GE worked to simplify the ultrasound measurements, improve quality and increase the ability of diagnostic ultrasound imaging. The main goal of this project is to allow broader health care providers to do the scans and to develop new clinical applications such as measuring the body mass is cancerous or not.

"The main focus of healthymagination GE vision for the future of innovation to reduce health care costs, increase access and improve quality throughout the world. In line with this vision is our interest in ultrasound technology led to more patients in areas where access to health care may not be adequate , "said Dr. Kai Thomenius, head of biomedical technology at the Diagnostic & Domain Technologies GE Global Research. "We want to enable the next generation of ultrasound systems for intelligence to assist in the diagnosis of common health problems, so we can reach more patients who need imaging technology. Given the dramatic decline in the size and cost of the GE scanner, is extremely accurate."

Dr Thomenius added, "We are very pleased to collaborate with MIT scientists through projects at GE USG MEDRC smart. MEDRC collaboration between GE and will help accelerate the development of new medical equipment and technology in several areas that will be returned to determine patient treatment."

"As a world leader in medical technology, GE will be a tremendous asset for MEDRC," said Charles Sodini, labels Professor of Electrical Engineering at MIT and one of the founders MEDRC. "Scientists and engineers from GE understands what is needed to change promises to be a revolutionary development of health care products are new. That's what they do, and our team of scientists from MIT is excited to collaborate with them as we work to establish a new era in patient care. "

HealthTexas Deploys General Electric (GE) Medical Records

admin — Tue, 24 May 2011 15:56:58 GMT

Spreading HealthTexas GE Medical Records Electronic

Baylor Health Care System Extends Distribution of Centricity EMR

Barrington, Illinois and Dallas - May 19, 2011 - With more than 500 physicians serving North Texas, Baylor Health Care System recently confirmed its plans to expand its range of Centricity EMR solutions , provided by GE Healthcare, in whole HealthTexas Provider Network.

Since 2006, HealthTexas Provider Network (HTPN) has implemented an Centricity EMR in the community providers with more than 250 active doctors on the current system. This announcement confirms the HTPN's commitment to implement Centricity EMR for the rest of the organization's 250 physicians. When installation is complete, centricity EMR will help Baylor doctors manage more than 1.3 million patient visits annually. GE Healthcare and HTPN currently involved in several initiatives to prepare HTPN use meaningful incentives created in the in the HITECH Act from American Recovery and Reimbursement Act of 2009.

"HTPN has long been a valued customer and we are very pleased to see a continued commitment to Centricity EMR in HTPN clinical settings," said Jim Corrigan, Vice President and General Manager of GE Healthcare IT. "We are very excited to continue working with a world-class organization like HTPN to provide additional devices through patient-centered clinical technologies."

Centricity EMR is electronic medical record (EMR) system that enables service providers to office-based physicians and clinical staff to effectively document patient meetings, streamline clinical workflow, and securely exchange clinical data with patients, other service providers across the health care system delivery.

Used by thousands of physicians to manage millions of patient records, Centricity EMR is one of the most widely used electronic health records in the globe. Empowering health care providers to provide quality care at lower cost and support the mission of practice in health care settings in urban, rural, suburban, and academic communities around the country.

* Centricity is a registered trademark of General Electric Company.

ABOUT Baylor:
Baylor Health Care System is a religious, not-for-profit health care providers who serve nearly 1.4 million patients through a network of more than 280 access points. Baylor University Medical Center in Dallas, a major research and teaching facility for the Southwest, supports the Baylor network that includes a total of 27 hospitals. In addition, the access point includes: ambulatory surgery / endoscopy center, outpatient satellite locations, senior centers, and clinics through HealthTexas Provider Network physician. Patient-centered medical research conducted at Baylor Research Institute and fundraising to support the System's mission is led by the Baylor Health Care System Foundation.

Baylor employs more than 20,000, making it the third largest private sector employers in Dallas / Fort Worth Metroplex. More than 4,500 doctors of the medical staff today. For fiscal year 2009, Baylor recorded total assets of $ 4,400,000,000 and $ 513,500,000 benefit society.

Known for quality initiatives, Baylor became the first health care system in the State of Texas to receive the National Quality Health Award from the National Quality Forum. Baylor University Medical Center at Dallas have been title in U.S. News & World Report as "Best Hospitals" guide for 17 consecutive years and has the highest satisfaction ratings of any hospital patient education in this country according to Consumer Reports.

GE Corporate Lending as Co-Administrative Agent & Joint Bookrunner for $ 9.2 Billion Senior Credit Facility for SABIC Innovative Plastics

admin — Tue, 24 May 2011 14:49:05 GMT

Norwalk, CT - October 18, 2007 - GE (General Electric) Commercial Finance Corporate Lending today announced that it served as co-administrative agent in the financing of $ 9,200,000,000 for SABIC Innovative Plastics Holding BV. This facility includes $ 7,700,000,000 senior secured debt and $ 1.5 billion in senior notes . Funding was used to support the business takeover of GE Plastics by Saudi Basic Industries Corporation (SABIC). GE Capital Markets served as joint bookrunner.

Based in Riyadh, Saudi Arabia, SABIC is one of the world's leading manufacturers of plastics, metals, chemicals, and fertilizers.

"GE's industry knowledge and expertise in the plastics sector finance made an invaluable lender in this transaction," said Mutlaq Al-Morished, CFO of SABIC. "In addition, our company has the opportunity to improve business processes through access to Access GE."

Especially for clients, Access GE is a program that provides access to the famous and best GE management practices that can help accelerate business performance.

"The petrochemical and plastics sectors have experienced solid progress during the last three years, and companies like SABIC is a strategic investment to create a global growth platform and serve global demand," said Deepak Ghosh, chemicals and plastics industry leader for GE Corporate Lending. "With more than $ 4 billion invested in this area, we focus on markets and trends that imacting it."

Industry Specialization
To better keep up the clients unique financing needs, GE Corporate Lending has a team of industry leaders who are supported by dedicated research analysts. Industry experts work with regional teams of GE Corporate Lending to create the appropriate financing solutions for companies across key industries: Technology & Electronics, Aerospace & Defense, Metals and Mining; Manufacturing General; Automotive & Automotive Parts; Chemicals & Plastics, Construction, Food, Beverage & Agribusiness; Forest; Financial & Business Services; and Transportation.

About GE (General Electric) Corporate Lending
With $ 14 billion in assets, GE Commercial Finance Corporate Lending is one of the largest providers of asset-based in North America, structured finance, cash flow and other financial solutions for mid-size and large companies. Of more than 30 offices across the United States and Canada, GE Corporate Lending specializes in serving the unique needs of lenders seeking $20 million to $2 billion and more for working capital, project financing, growth, rotation, and acquisitions.

About GE (General Electric) Commercial Finance
GE Commercial Finance, which offers businesses around the world a variety of financial products and services, has assets of more than 233 billion U.S. dollars and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people around the world.

GE (General Electric) Investment in India reaches $ 200 Million

admin — Mon, 23 May 2011 07:22:24 GMT

CEO of General Electric Co. or GE, Jeffrey Immelt said his company would invest U.S. $ 50 million to build a manufacturing industry in India. The development is part of a strategy to develop variations in production and demonstrating confidence in the prospects of India along with the trend of foreign investment dropped sharply.

The next investment will reach U.S. $ 200 million depending on how GE's businesses are growing in this country. "We will invest in multi-business manufacturing in India," said Jeffrey Immelt, today.

But he refused to describe the form of industry and what facilities will be built.

GE's investment in India continues to grow as the company's focus on developing countries like China, Russia and Brazil. Investment was also in line with GE's business plan to boost revenue 60 percent from outside the United States this year.

Immelt said GE saw the potential of India in infrastructure, health and energy. Current optimism comes from the experience of foreign companies that show resistance to do business in this country at the same is the unfolding corruption scandal that could actually affect the probability of investment.

Foreign direct investment into India last year reached U.S. $ 21 billion, or tumbled 22 percent over the previous year. The data disclosed by the Ministry of Industry and Trade.

"We continue to see in general, growth in the world like Latin America, Middle East, Canada, Australia continues to grow. We also saw good growth in Russia, China and India," said Immelt.

Barack Obama's first visit in Indonesia

admin — Mon, 23 May 2011 07:16:10 GMT

United States President Barack Obama will arrive in Indonesia on Tuesday, November 9 2010. United States presidential plane, Air Force One, will land him in Halim Perdanakusuma, then Obama would have rushed to fill the agenda of the visit 24 hours solid. From Jakarta, he will continue the trip to Seoul, South Korea, the next day. For Obama, this is his first visit to Indonesia. For Indonesia, this is the third reception-preparation after a planned visit by the President in March and June and then canceled.

In Jakarta, Obama would sign a Comprehensive Partnership Agreement with President Susilo Bambang Yudhoyono. The cooperation covers areas of trade, education, democracy, environment, to climate change. Obama's arrival was preceded two cabinet ministers.

In July, U.S. Defence Secretary Robert Gates has come to Indonesia. He opened the back training for the Army Special Forces Command, after Indonesia's human rights condition is considered better. Since 1998, cooperation and training facilities was halted because of the special forces are considered to violate human rights in East Timor and Aceh.

Two months before Gates, Secretary of Commerce Gary Locke to come pay a visit. He brings ten American businessman in renewable energy field. "This is a sign of Indonesia which are considered crucial," said Retno Marsudi, Director General of the United States and Europe at the Foreign Ministry, while smiling broadly. "I am going to like Obama's visit as a complement," he added.

Yes, Retno has a point to have fun. On top of the geopolitical map, we see none of the ASEAN countries outside Indonesia and even the far more prosperous economy-be visited Obama in his first trip to Asia. And three other Asian neighbor who visited the President of the United States this time are the countries with strong economies: India, Japan, and South Korea.

But, from the composition of the trip, we can "read" in light of how "beautiful" was Washington's count, for this long trip also match the results. India's economic resurgence America increasingly taken into account in addition to China-the dragon from the East gets a small three-night. Followed by Korea and Japan, each of two nights. Indonesia?

Despite having a special place in the hearts of Obama, by ties of family or childhood-Indonesia received within 24 hours. "Yes, President (Obama) will be here for 24 hours between 9 and 10 November. And there will be a visit to the Palace," said Paul Belmont, Press Attache American Embassy in Jakarta, when contacted by Tempo on Saturday afternoon. Obama's plan also would give an official speech.

However, these precious 24 hours. Indonesia getting ready-then in the midst of all the trouble the government take care of disaster-insistently for the entire agenda can still fulfilled the two leaders: Susilo Bambang Yudhoyono and Barack Obama. Dino Patti Djalal, Indonesia's Ambassador to America, going home from Washington, DC, to Jakarta with several members of his staff since last week to take part in setting up reception. "So far there is no change," he said about the planned visit by Obama. Tempo met Dino when "college" in New York mosque imam, Feisal Abdul Rauf, the Palace on Friday last week.

With economic growth of 6.5 percent in 2009, and forecast growth of 5.5 percent until late 2010, Indonesia's position in Asia is toothed to be calculated. Well that China-with an average growth of 9 percent-and-about 8 percent of India-Asia is the most luminous star in the last decade. But "saving" America in Indonesia was no less-poor. Spread of mining investment, energy, and oil and gas. There ExxonMobil in Cepu, Freeport in Papua, and there is General Electric (GE), which began last year expanded its business territory to the east and central Indonesia.

Information products and technology-Intel, Microsoft, Apple Inc. to market-find lush here. For one thing, Americans are now very interested in investing in clean energy (green energy) in various parts of the world, including in Indonesia. General Electric, the giant American energy and technology, has started in Bali since two years ago.

Gatot Prawiro, 48 years, Asia Pacific Regional Executive GE's Jenbacher Gas Engines, said: "The potential for clean energy cooperation between the two countries is very large. Indonesia has a vast resource to be developed into clean energy, from wind to the trash." So, according to Billy, the American investment company, including GE, in this field in Indonesia, very prospective for further development.

GE General Electric selling nuclear reactors/power plant

admin — Mon, 23 May 2011 06:28:19 GMT

General Electric Co. (GE) to add $ 1 billion for the services business by selling nuclear reactors with a low risk level. This step reinforces GE's future leader of the world atomic energy.

GE officials have made visits to India to review the development of nuclear technology, India after the earthquake and tsunami last March 11. Executive Director of GE's Jeffrey Immelt acknowledged Japanese nuclear disaster becomes a negative signal and discourage some countries to add a new reactor. "We want to convince India," said Jeffrey Imelt he said.

President Director Steve Bolze GE confirmed it. "We want to see the industry as a whole, the details of what happened in India," Bolze said on Wednesday (16 / 3) yesterday in an interview. "There will be many discussions, and we're part of that process." he said.

Previously, the three reactors at the plant Fukushima Dai-Ichi Japanese use the GE design, including its No. 1 that were damaged. This unit began operating in 1971. Tokyo Electric Power Co. as an operator and manager of the factory complex Dai-Ichi is a subsidiary of GE's businesses in Japan that is engaged in the procurement of nuclear energy along with Hitachi Ltd. with share ownership 60-40.

Chairman of the Nuclear Power Corp of India Shreyans Kumar Jain admitted in Mumbai Japan disaster could be a major obstacle in India's nuclear program. Moreover, India has planned $ 175 billion for nuclear power in state spending until 2030. "There will be some slowdown," he said.

Responding to the possibility of falling demand for nuclear energy, GE now has allocated U.S. $ 37.5 billion for the development of other energy businesses like solar, wind, biogas and natural gas-fired turbines. This is done over a decade of consideration necessary to complete the nuclear plant.

Currently, GE has produced nine versions of boiling water reactor design. Latest Development of boiling water reactor is sold to Japan in 1996. The latest version Economic Simplified Boiling Water Reactor is currently awaiting final certification from the U.S. Nuclear Regulatory Commission.

Immelt after his visit to India on March 14, then mention it was too early to predict the future of nuclear power India and elsewhere. "We just have to let the discovery took place," he said. "Let the people and countries to reach their own conclusions."

First barter countertrade

admin — Fri, 20 May 2011 14:09:35 GMT

General Motors Corporations, American car makers, suddenly joined busy marketing the carpets, and a number of agricultural products. Various commodities from Third World and Soviet Bloc was obtained by Motors Trading Corp.., A subsidiary of GM, through reciprocal trading system (countertrade).

"The percentage of sales from General Motors countertrade sector is very small indeed, but he grew with impressive," said David H. Hill, president Motors Trading Corp.. Dozens of giant companies in the U.S., according to Business Week magazine (July 19), busy-busy now also established a subsidiary, such as Motors Trading to handle countertrade activities. General Electric, a producer of high technology such as jet aircraft engines for example, last March established the General Electric Trading Co.. With branches in 30 countries, GE Trading prioritize high technology exports such as lights to the transformer which is worth U.S. $ 200 million annually.

Within five years the company hopes to achieve annual revenue of U.S. $ 2 billion. GE Trading is now also the parent company to take over the obligation to countertrade in 18 countries. From Romania, who bought the GE steam turbines made U.S. $ 150 million, for example, GE Trading took thousands of tons of cement are marketed to the Middle East region.

GE subsidiaries were also involved in development programs Romanian shipyard. "They want to build a ship, and we are willing to sell it in the world market," said George J. Stathakis, President of GE Trading. In the beginning was only the Soviet bloc of socialist countries that apply such reciprocal trade. But now the bartering trend was followed also by the Third World - such as Brazil and Indonesia - and a number of industrialized countries - like Canada, Switzerland and Sweden.

In this way developing countries are hard sell trying to penetrate the fortress of the traditional commodity industrial country protectionism. That way they will also try to meet the shortage of capital goods - such as machinery and heavy equipment - without having to spend foreign exchange reserves.

Libya and Algeria, a member of OPEC, tried to get the machines from Europe and trucks from Japan, for example, in exchange for oil. Through this way they managed to sell the oil without having to slam the OPEC benchmark price of U.S. $ 34 per barrel. While Iran is interested in the New Zealand frozen lamb meat to obtain U.S. $ 200 million this year which will trade with crude oil as well.

For developed countries such as Canada, reciprocal trade efforts encourage domestic industries. When approved the purchase of a number of aircraft the F-18 Hornet fighter made by McDonnell Douglas valued at U.S. $ 2.4 billion, the country requesting American-owned factory had made a number of businesses worth U.S. $ 2.9 billion for the benefit of Canada.

McDonnell Douglas, for example, are required to entrust the manufacture of a number of F-18 spare parts worth U.S. $ 349 million to the aircraft manufacturer Canadair, Canada. And the U.S. aircraft manufacturer was not required to directly buy Canadian products, but only served to help find markets for the industry. It resembles countertrade barter activity in the past: each transaction carried out without shrinking foreign exchange reserves. Of course, it is difficult for industrialized countries to foster foreign exchange as much as possible.

That's why Lionel H. Olmer, U.S. Under Secretary for International Trade affairs countertrade denounced as "business at its worst, the very opposite of an open international trade commitments." U.S. Treasury Department, according to an officials, tend to reject the countertrade. He charged that it would also mess up the Joint Agreement on Tariffs and Trade sector (GATT) which had been approved.

Although the Reagan administration has not formally indicated his attitude, countertrade which now reaches about 30% of the total volume of world trade remains smooth running. Without encountering resistance from Washington, Occidental Petroleum Corp.. even recently agreed a package of reciprocity with the Soviet Union.

According to the agreement, Oxy required to buy ammonia that will sell to anywhere. Ammonia came from the factory set up Oxy in the Soviet Union. In addition to the 20-year agreement, Oxy super posphate exporting fertilizers from the U.S. to the Soviet Union. Various U.S. commercial banks is now on its own plunge in reciprocal activity as mediators which bring together the interests of buyers and sellers to earn commissions.

Countertrade department at Citibank who headed George S. Horton, for instance, make every effort to provide banking information services to its customers (sellers) to identify the credibility of the buyer. Unlike in Japan, banks in the U.S. has not been allowed to have an interest (stake) directly or indirectly in the company's trading. But if next year Congress passed the Export Trading Act Comnany., Which allows commercial banks has a direct interest in the company's trading, it is estimated that more U.S. commercial banks engage in countertrade.

Northrop Corp., The U.S. airline industry, appearing earlier in this kind of trading activity. Reciprocal trading strategies of this company directly designed at its plant in Hawthorne, California, starting in 1975 when Swiss buying the F-5 fighter aircraft riger product. Northrop then helped peddle Switzerland 150 thousand kinds of products to 80 countries with export value of U.S. $ 209 million.

In Egypt, for example, combat aircraft industry it helped sell the former Swiss elevator. In short Northrop representatives in various countries "have a lot to take the time to introduce the seller company (Swiss buyer to the company," said George Reed, head of the program at Northrop. Currently, Northrop, for example, to persuade Turkey to buy the installation of steel foundry U.S. $ 20 million Swiss-made.

In Indonesia, Northrop reportedly tried to help Holderbank (Switzerland) organized a cement plant worth U.S. $ 100 million - with Holderbank capital investment of U.S. $ 70 million. Such a move also made Tecnotrade Italian company which obtained a contract to expand the capacity of coal mines , fix a rail, and port facilities in China worth U.S. $ 500 million. Instead Tecnotrade obliged to market thousands of tons of coal from the mine into the world market.

Indonesia as a newcomer in this trading activity is still having trouble with Mitsubishi that has not been willing to take a number of commodities worth U.S. $ 200 million in exchange for fertilizer imports. Even in some countries countertrade show good results, not all executives of transnational corporations are interested in this kind of trading practices. But for Stathakis, President of GE Trading, what is important is the efforts of mutual benefit. "If we managed to increase exports of jet aircraft engines by 50%, that's better than nothing, "he said.

Opinions are more philosophical about countertrade according to Robert D. Westfall, Deputy Dir-Ut Security Pacific National Bank, Los Angeles." I never think barter will replace the role of money, "he said." Instead the money was created to replace the barter trade. "

The release of the Company Earnings Season: Will Wall Street Support?

admin — Fri, 20 May 2011 13:42:07 GMT

New York Stock Exchange trading on Friday (January 21) which was closed due to strong earnings range of General Electric (GE) was able to encourage the strengthening of shares in various other sectors. Meanwhile, technology stocks fell after the release of earnings reports Stellar.

The Dow Jones industrial closed up at the end of this week 49.04 points (0.4 percent) to the level of 11,871,84, the highest level since June 19, 2008. In this week the Dow Jones rose 84.46 points (0.7 percent).

Nasdaq technology stock index fell 14.75 points (0.55 percent) to as low as 2689.54, and the accumulation of a week also fell 2.39 percent. S & P 500 Index on Friday rose 3.09 points (0.24 percent) to 1283.35, while the week was still down 0.76 percent.

Shares of IBM (IBM) recorded the highest increase of 3.5 percent in the Dow Jones components. Meanwhile, Dupont (DD) experienced the sharpest decline approaching 3 percent.

GE is a stock component of the S & P 500 that experienced the largest increase of 5 percent, while Apple shares suffered the biggest drop 6.25 percent in a week.

CBOE volatility index, which is the benchmark market anxiety last week rose above the level of 18.
While the U.S. dollar index against six major currencies main rivals dropped 0.61 points (0.77 percent) to 78.215.

Market observers from Avalon Partners, Peter Cardillo said the stock could fall early this week when the S & P 500 fell 1 percent after the index approaching the upper limit. S & P index closed near the psychological level of 1,300 and approaching 12,000 Dow Jones also made investors anxious to experience a correction. "But investors seemed to focus on positive news from the financial statements on Friday," he said.

"I think there is only one thing that still can support the increase in the stock today, namely the release of earnings that issuers will push the price to earnings ratio (PER), thus supporting the market fundamentals again," he explained.

Meanwhile, technology stocks fell sharply in the week though corporate profits also improved, but due to low sales expectations in the coming months.

Within a week AMD shares fell 5.99 percent in enough, even though corporate profits rose sharply computer chip maker. Stocks eBayturun 2.46 percent also contributed to the collapse of technology stocks were also reported strong profits despite the beginning of last week.

The absence of data released this weekend make investor attention focused on the European market. German business sentiment index rising to make Europe shares gained thus making moves in the Dow Jones joined in on Friday.

The exit of issuers profit from MC Donald, Halliburton, American Express, Yahoo, Verizon, Boeing, Caterpillar, Microsoft and Cevron can provide support for strengthening the Wall Street next week.

Governors Meeting of central bank of Japan (BoJ) danbank Central America (the Fed), the release of the consumer confidence index and the beginning of America's GDP data will be to the attention of investors.

GE Finance Credit Card Transfer To Be Completed This Year

admin — Fri, 20 May 2011 13:32:42 GMT

February 9, 2011 - The process of transfer credit card to General Electric (GE) Finance Indonesia Bank Permata expected to be completed this year. Thus, users of credit cards Bank Permata, which has acquired GE finance in December last year, could increase significantly.

"What we expect in September was wrong," said Lauren Sulistiawati, Director of Retail Banking of Bank Permata in Jakarta, Wednesday (9 / 2). So far, it just make the transfer process to the field of joint finance vehicle loans. This process causes the credit score Permata increase until Rp 2 trillion.

While the credit card account transfer process will take longer time. For, it must do prior socialization to the holders of credit cards GE Finance. "Clearly this year definitely over," said Lauren.

To date, Jewel has issued 250 thousand credit cards. "The credit for a year is still less than Rp 1 trillion," said Lauren. Transfer will cause the number of credit card Bank Permata rose sharply to 600 thousand pieces of credit card.

GE Money to refund customers on overcharge issue inherited from Pacific Retail Finance

admin — Mon, 16 May 2011 16:02:22 GMT

November 14, 2008: AUCKLAND: GE Money has today apologized and is refunding 3,610 customers who were incorrectly charged interest on one particular Pacific Retail Finance (PRF) product sold over two years ago.

The issue relates to PRF’s Early Exit Interest Bearing (EEIB) hire purchase product sold between October 2005 and February 2006.

GE Money acquired PRF in February 2006 and is therefore assuming full responsibility for the inadvertent misleading representations made to some customers.

GE Money Managing Director New Zealand Greg White said: "Our priority now is to put things right for those customers and refund the interest collected in error. Refunds will be calculated with interest and paid as quickly as possible~ We apologise unreservedly to all customers affected.”

Interest will be refunded to those customers whose contracts were incorrectly completed with details inconsistent with the way the product was designed to work. The total amount to be refunded will be approximately $3.1 million.

Normally, customers who chose to repay this type of loan in full after the ‘early exit’ date would have paid installments that included interest calculated from the date of purchase. These particular contracts, however, provided for an ‘interest-free period’ before the ‘early exit’ date.

The product was withdrawn from sale in August 2006.

"GE Money acquired these contracts in good faith when we bought Pacific Retail Finance, however we take full responsibility and are working to refund every one of the customers affected,” Mr White said.

GE Money will contact all customers affected. Letters will be sent in the first week of December and we expect the majority of refunds to be paid by February.

"GE Money was not involved with the product’s promotion and there was no intention to mislead anyone,” Mr White said.

"We actually withdrew the product from sale in August 2006, even before we were aware of this issue, because we believe Early Exit Interest Bearing hire purchase agreements can be difficult to understand and this product did not sit well with our other product offerings.

"As soon as the contractual issue was brought to our attention, we fully cooperated with the Commerce Commission. We have worked hard to resolve this issue, with a view to the satisfying all customers and the regulator.”

GE Money Wizard Home Loans to close due to global financial crisis

admin — Mon, 16 May 2011 15:54:17 GMT

December 17, 2008: GE Money has announced today its reluctant decision to close its Wizard Home Loan business as a result of the global financial crisis and New Zealand home loan market conditions.

During a review of the business announced in May, a buyer or strategic partner for Wizard Home Loans in New Zealand could not be found.

GE Money will continue to service all existing loans in the normal way, however Wizard branches in NZ will cease writing new business at a date to be determined in discussions with the branch licensees.

GE Money Australia and New Zealand President and CEO, Mike Cutter, said: "This was a difficult decision, and no reflection on the tremendous contribution made by the Wizard management and employees who have shown great loyalty to the brand and the business.”

"The extreme volatility and greatly increased cost of funds, coupled with the New Zealand mortgage market conditions mean the Wizard business in NZ is no longer viable.

"This decision has no bearing on the ongoing Wizard review in Australia, which is progressing.

"GE Money in New Zealand will now be able to better focus on those parts of the business that are its core strengths – retail store finance, personal loans and insurance sold through our retail partners, branches and online direct channels.

"There are growth opportunities in New Zealand and we are committed to continuing to provide services to our partners and customers.”

GE Money Home Lending New Zealand to waive fees to assist home loan account holders to move to another lender

admin — Mon, 16 May 2011 15:49:25 GMT

February 19, 2009: MELBOURNE: GE Money Home Lending New Zealand today announced that from 1 March 2009 it will waive the Deferred Administration Fee (DAF) for three months for its home loan customers to assist them in moving to another lender. This is in response to its ability to pass on only a part of the recent cash rate cut due to the high cost of funds on the wholesale money markets.

From 1 March, GE Money will reduce variable interest rates by 50 basis points for Wizard loans, and by 25 basis points for mortgages sold through third party mortgage managers, brokers and introducers.

The DAF is a charge payable when a customer discharges a home loan before a predetermined period has elapsed. The maximum period is five years from settlement of the initial loan. This covers some of the costs borne by the lender when establishing the loan.

Managing Director of GE Money Home Lending, Lisa Davis, said that while GE Money remains committed to New Zealand and will continue to focus on retail store finance, personal loans and insurance, its home loan business being wound down remains affected by high costs of funding.

Offering the DAF waiver is a logical step in helping home loan customers move lenders.

"Our cost of funds on wholesale money markets remain high and we believe offering a DAF waiver will help customers make an informed decision about what is best for their home loan and circumstances,” Ms Davis said. Borrowers with a GE Money-owned Wizard home loan or a GE Money loan sold through third party mortgage managers, brokers or introducers will have a three-month DAF-waiver period in which to refinance

"We will be writing to all home loan customers later this month to explain the situation for their loan.

"Continued volatility in the wholesale money markets since the global financial crisis has taken hold means we continue to have an extraordinarily high cost of funds for home loans. We are at an acute disadvantage to local banks which have a deposit base to draw on as a cheap source of funding. The increasing costs of funds was the main reason behind our decision to exit the capital-intensive, low-returning mortgage business in October last year," Ms Davis explained.

GE Money proposes expansion of online and telephone sales channels and branch closures as part of long-term success strategy

admin — Mon, 16 May 2011 15:45:30 GMT

March 2, 2009 | GE Money has today announced a proposal to close its branch distribution channel as part of an ongoing strategy to position the company for long-term success in New Zealand.

GE Managing Director New Zealand, Greg White said there would be no change to the GE Money products on offer and it will remain the country’s leading non-bank lender, servicing more than 370,000 New Zealanders.

"GE Money will continue to sell personal loans and insurance via telephone and internet, using the scale and efficiency of our existing Direct Channel, which we propose growing to more than 150 staff,” Mr White said.

The proposal would see a net reduction of 40 roles, as 70 positions would become redundant across the 17 branches, while 30 positions would be created in Auckland and Christchurch to grow the direct sales channels.

GE Money employs 675 of GE’s 916 staff in New Zealand in total.

"What has traditionally been a good distribution model for us is, unfortunately, no longer competitive against a more productive, more scalable, more cost-effective model,” Mr White said.

"The Direct Channel, involving far less fixed cost than the branch network, is also well-regarded by customers and is a more competitive option for GE. In addition, the global financial crisis, high cost of funds and the domestic recession have added to the pressure on the branch business at a time when GE has to be more selective in its allocation of capital.

"In this environment, the GE Money branch channel is not able to generate the required returns for the business. We are currently consulting with staff regarding this proposal, which is no reflection on the tremendous work and loyalty of the branch management and employees.

"We would redeploy staff wherever possible and are proposing opportunities in Auckland as well as Christchurch, with the expansion of the capability in our Montreal St office to incorporate a direct sales team.

"Any impacted staff will be fully supported with appropriate redundancy arrangements and career transition support,” Mr White said. Mr White added that GE Money’s Retail Finance business remains a core focus for the company.

"Our GE CreditLine card is a superior product offering, and we have great partners and the strongest distribution in this segment,” Mr White said. Separately, the global financial crisis has prompted a review of processes and resources across all parts of GE’s financial services business. Fifteen roles in the Network Solutions channel within GE’s Custom Fleet business are under review along with approximately 15 operational support roles in GE Money.

GE’s commitment to its other businesses in New Zealand - Commercial Finance, NBC and Infrastructure businesses in energy, water, healthcare, aviation, industrial, security and technology- remains unchanged.

GE Money New Zealand reduces home loan variable interest rates by .5 percent

admin — Mon, 16 May 2011 15:40:45 GMT

March 17, 2009 | GE Money New Zealand has announced it will reduce home loan variable interest rates by 50 basis points for all variable mortgages following the latest review of its cost of funding and the recent New Zealand Reserve Bank’s official cash rate change.

The rate reduction is effective from Tuesday, 31 March 2009 for all customers. GE Money’s cost of funds remains only partly determined by the Reserve Bank cash rate. GE Money in New Zealand is totally reliant on the wholesale funding market for its local operations. Therefore its funding position continues to be affected by increased volatility in global wholesale financial market. In addition, unlike banks, GE Money in New Zealand does not have a deposit base to draw on as a source of funds.

GE Money New Zealand reduces home loan variable interest rates by .25 percent

admin — Mon, 16 May 2011 15:31:13 GMT

May 6, 2009: GE Money New Zealand has announced it will reduce home loan interest rates by 25 basis points for all variable rate mortgages following the latest review of its cost of funding and the recent New Zealand Reserve Bank’s official cash rate change.

The rate reduction is effective from Thursday, 14 May 2009 for all customers.

GE Money in New Zealand is reliant on the wholesale funding market for its local operations. Therefore its funding position continues to be affected by increased volatility in global wholesale financial markets. In addition, unlike banks, GE Money in New Zealand does not have a deposit base to draw on as a source of funds.

GE Money announces strategic relationship with Kiwibank to provide personal loans to New Zealand consumers

admin — Mon, 16 May 2011 15:26:24 GMT

September 17, 2009 | Auckland: GE Money New Zealand and Kiwibank have announced a new strategic relationship to provide personal loans to New Zealand consumers.

Under the arrangement, GE Money will provide Kiwibank branded loans through its Auckland sales centre, utilising its existing best-in-class personal loan origination and decision-making technologies.

In making the announcement, GE Money New Zealand’s Managing Director Greg White highlighted the mutual opportunities for both parties: "We each bring unique core strengths to the relationship - Kiwibank has a very strong brand and an extensive distribution network. GE Money has exceptional origination, procurement and risk management capabilities. Together, we will deliver a great product and exceptional service to customers.

"We are very excited about working with Kiwibank. This alliance will bring a new level of product and service availability to customers, and reaffirms our commitment to provide innovation in the New Zealand consumer finance market,” White said.

Kiwibank’s Acting Chief Executive Paul Brock said teaming up with GE Money allowed Kiwibank customers to tap into an experienced, specialist personal finance provider: "It is part of our commitment to providing Kiwis with the best possible financial services and to offer a range of quick and convenient options for obtaining personal loans.”

GE Money is the largest non-bank finance company in New Zealand with 600 employees and more than 300,000 customers.

Backed by a AA+ credit rating, GE Money is committed to simplifying money matters for its customers and offers a broad range of innovative finance products – including personal loans, retail finance and insurance.

This new relationship commenced on 15 September 2009, and New Zealand consumers can take advantage of this through Kiwibank’s network of branches, over the phone and online.

Aaron Baxter named Managing Director fo GE (General Electric) Money in New Zealand

admin — Sun, 15 May 2011 14:41:03 GMT

Aaron Baxter named Managing Director of GE Money New Zealand

March 26, 2010 - AUCKLAND: GE (General Electric) Capital today announced the appointment of Aaron Baxter as Managing Director of GE Money, New Zealand. He will take up the role on Monday, 12 April 2010 replacing Greg White who will return to Australia to take up the role of Managing Director of Retailer Solutions at GE Money.

Mr Baxter has 16 years financial services experience in Australia, including 12 with GE. He was previously General Manager of Harvey Norman, within Retailer Solutions. There he led the team that helped build Harvey Norman into the leading interest-free finance retailer in the market and delivered over $1.2B in assets under management, acquired 800,000 GO MasterCard customers and a volume of $1.8B per annum.

Baxter, 36, will report to Skander Malcolm, President and Chief Executive Officer of GE Capital, Australia and New Zealand.

"Aaron is ideal for this position and will lead GE Money’s growth plans in New Zealand to provide formidable competition to the banks across the broad range of personal loans and deliver excellent value to New Zealand’s retailers and their customers through our industry-leading retail finance offers,” Mr Malcolm explained.

"One in seven local households have a GE Money product. We’re also the leading retail finance and non-bank personal loans provider in New Zealand, so Aaron’s excellent knowledge of consumer finance, market dynamics and retailing will be well utilized,” Malcolm added.

"Throughout his career, Aaron has developed strong customer and retailer relationships – knowing that successful partnerships are those that deliver value to all parties. He has also built talented teams and found innovative ways to grow the business.

"He will bring this operational excellence and charismatic leadership to our GE Money operations in New Zealand – with Australia, the fifth largest GE Capital market in the world. The fact that we have someone of Aaron’s calibre ready to take on this challenge is a testament to GE’s leadership development.”

Baxter joined GE in 1998 and has held several roles in sales and business development and led integration teams after acquisitions of Avco and AGC finance. In 2005 Aaron was appointed the GM Sales and then in 2007 moved to the role of GM Harvey Norman.

He holds an MBA and Bachelor of Business degree from Victoria University.

GE HIGHLIGHTS IN NEW ZEALAND

GE Money and GE Capital in New Zealand

Products:
retail finance (GE Money)
personal loans (GE Money)
personal insurance (GE Money)
motor loans (GE Money)
boat loans (GE Money)
caravan loans (GE Money)
motorcycle loans (GE Money)
fleet management and leasing (GE Capital/Custom Fleet)
Distribution and inventory finance (GE Capital)
Major brands:
GE Capital
GE Money
Custom Fleet
Customer:
450,000
Staff:
850

About GE Capital and GE Money

GE Capital in Australia and New Zealand is part of the global GE Capital business, which operates in 55 countries around the world. In Australia an New Zealand market, it has $28B in assets under management and offers its 3.1 million customers (450,000 in New Zealand) a broad range of innovative consumer and commercial finance products. These include GE Money's personal loans, credit cards (Australia only), motor loands, personal insurance and interest-free promotional and retail offers, while GE Capital's commercial finance divisions offer distribution finance, fleet management and leasing, supply chain finance, insurance and real estate finance.

GE (General Electric) New Zealand supports victims of Canterbury Earthquake

admin — Sun, 15 May 2011 13:33:04 GMT

September 7, 2010 - Christchurch: GE New Zealand, has put its support behind victims of the Canterbury earthquake by donating $100,000NZ to Red Cross’ Canterbury Earthquake Appeal.

In making the announcement, Aaron Baxter, GE Money New Zealand’s Managing Director said: "We, like so many others, have been touched by the Christchurch earthquake that occurred last Saturday (September 4) and hope this donation assists with the rebuilding of the city.”

"GE is committed to assisting our valued customers who have been impacted by the earthquake and urge anyone who has been affected and requires assistance, and this may even mean just asking any questions regarding your account, to please call 0800 288 656,” Baxter said.

Those customers who can't access the 0800 number can also call 09 375 0859.

GE New Zealand, consisting of GE Money - the largest non-bank finance company in New Zealand with over 600 employees and more than 500,000 customers, and GE Commercial (operating under Custom Fleet and GE Capital brands), has closed its Christchurch sites temporarily.

"The office is closed until the end of the week and we will let staff know when it is safe to return to work. The important thing at this time is to stay home and focus on yourself and your family,” Baxter said.
"We will keep staff informed with all updates and if they have any questions, they should contact Human Resources on 09 358 8953 or 021 920 830.”

GE (General Electric) Financial Overview/Highlights 2010

admin — Sat, 14 May 2011 13:45:52 GMT

GE (General Electric) Financial Overview/Highlights in 2010

15% RETURN TO GROWTH
Disciplined execution drove a 15% (percent) rise in GE earnings from continuing operations

20% INVESTING IN INNOVATION
GE boosted company-funded R&D spending by 20 percent in 2010.

$79B FINANCIAL FLEXIBILITY
GE had 79 billion dollars in consolidated cash and equivalents at year-end 2010, with 19 billion dollars in cash at the parent.

$175B RECORD INDUSTRIAL BACKLOG
Strong equipment and services orders growth resulted in a record 175 billion dollars backlog.

6,300 U.S MANUFACTURING JOBS
In the past two years, GE has announced creation of more than 6,300 new U.S. manufacturing jobs, many in regions hardest hit by the economic recession

24% TOTAL SHAREHOLDER RETURN
GE total shareholder return (TSR) appreciated 24 percent in 2010, nine percentage points better than the S&P 500 TSR

40% DELIVERING FOR SHAREOWNERS
Two dividend increases in 2010 improvement versus the beginning of the year.

$17B US EXPORTS
International sales of American-made products totaled $17 billion in 2010, more than double the level of company US exports in 2001

CONSOLIDATED REVENUES

EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO GE

GE CASH FLOW FROM OPERATING ACTIVITIES

GE EARNINGS GROWTH RATES

Information Spoof: Ridho accused of breaking a total of Rp 46 million amount from credit cards

admin — Sat, 14 May 2011 06:31:30 GMT

Data spoofing, Sales breaking Rp 46 million amount of credit cards

Jakarta Police on Saturday (September 24, 2005) catch Ridho Gustam Kurniawan, 20 years old. He is accused of breaking into the HSBC credit card, Bank Mega, Bank General Electric Finance, and the ANZ Bank a total of Rp 46 million.

Jakarta Police spokesman Comr, good thing I Ketut Yoga Ana, Monday (September 9, 2005), said that Ridho has a freelance work in partnership credit card maker Bank Danamon. He was in charge of looking for credit card customers.

The suspect recorded the credit card data and applications then submitted to the bank through a credit card-making campaign office in Blok M Plaza and Mal Ambassador. However, according to Ketut, home address and telephone number of the prospective customer changed by using the home address of the suspect.

"The bank then sends the credit card that has been completed for approval to the suspect's house," said Lucky.

Head of Unit II Fiscal and Monetary Exchange of Criminal Investigation Special Polda Metro Jaya Adjunct Commissioner Aris Munandar said that after the suspects get a credit card, he moved to another address. "The suspect then making cash transactions in Mal Pondok Indah, ITC Roxy Mas, and Carrefour," he said.

According to Aris, the clients who filed a credit card there is a possibility consider their application rejected because of credit cards never reached their hands. The suspect used the money from these illegal transactions for personal benefit and to have fun in Bali's Kuta Beach.

Bank suspects that there was something wrong with one of its customers. At the time billed, the customer does not live at the address stated on the application data. Then they reported to the Police Service Center on September 24, 2005. From the investigations conducted, the police finally arrested a suspect in Jakarta on the same day.

From the results of the investigation, known to the suspect used to work in partnership HSBC Bank credit card manufacture, namely PT Bina Sarana Resources Services as marketing. "There, suspects learn how to process credit card application," he said.

Police seized evidence that are 3 sheets of credit cards on behalf of Candace Tetyana, one sheet of Bank Mega, one sheet of HSBC Bank, and one sheet from GE Finance. And 3 pieces of the sales draft from various stores.

GE (General Electric) Plastics Company for sale to the Middle East

admin — Sat, 14 May 2011 04:31:41 GMT

GE (General Electric) to sell its subsidiary, GE Plastics, to Saudi Basic Industries Corporation (SABIC), for U.S. $ 11.6 billion.

This acquisition became one of the largest purchases of Middle Eastern companies over which the United States.

"By reputation, responsibility, and commitment to investment in technology, SABIC is the best option," said President of GE Jeff Immelt.

GE Plastics is a supplier of plastics for various industries such as automotive, construction, building, and telecommunications.

The SABIC is the largest company in the Middle East with a market cap of U.S. $ 80 billion.

The company is 70 percent owned by the government of Saudi Arabia includes 10 major oil company to manage the world.

"This acquisition shows the important steps SABIC growth and diversification to become one of the largest manufacturing companies in the world," said President Director Mohamed Al-Mady SABIC.

Both companies agreed to complete the proposed acquisition in the third quarter of this year.

GE (General Electric) Targets 20 Locomotive Repair Per Year in Indonesia

admin — Sat, 14 May 2011 04:27:40 GMT

United States company, General Electric (GE) intends to revitalize the railway locomotive in Indonesia, especially those serving the travel on the island of Java, and has 25 years of age.

GE president for Southeast Asia Stuart Dean, who is interested to power the locomotive back, said attracted during the next decade with a target construction 20 locomotives a year.

"About 20-30 per cent can be done in Indonesia," said Dean to Vice President Jusuf Kalla in Jakarta, yesterday. Dean adds, GE undertakes repairs locomotives in Indonesia, although the majority are German-made locomotives.

According to Dean, GE also wanted to make a carriage factory in Indonesia that would cost cheaper than importing from abroad. GE has demonstrated the manufacture of high-tech locomotives with PT Inka.

Kalla welcomed GE's intention was mainly associated with the plan of a mass transportation facility in Java. However, Kalla asked that GE also glance at a railway outside Java, such as a coal haul road in Sumatra and Kalimantan.

GE interested in building a nuclear reactor power plant in Indonesia

admin — Sat, 14 May 2011 04:21:53 GMT

General Electric (GE) is interested in building a nuclear reactor power plant in Indonesia. Chief Executive Officer of General Electric International Ferdinando Beccalli-Falco said the nuclear reactor that is suitable Fin 5. This reactor can produce about 1,600 megawatts of electricity.

"It costs about U.S. $ 1.4 billion (around Rp 12 trillion)," said he answered the Tempo in GE's Day event at the Plaza Athenee, Bangkok, Thailand.

Ferdinando said GE is ready to compete with the two giant companies which are providers of nuclear technology, which combines Mitsubishi Heavy Industries (Japan) and Areva (France) and the combined Toshiba (Japan) with Westinghouse Electric (UK). GE, according to him, in cooperation with Hitachi (Japan).

As crowded reported, the government has discussed plans to build nuclear-powered electricity generation. Minister of Energy and Mineral Resources Purnomo Yusgiantoro on several occasions said it would begin a nuclear reactor which will be built in 2010-2011. Nuclear reactor is expected to supply electrical energy needs from 2015. According to the existing blueprint, nuclear power plant is able to supply about 4,000 megawatts in the first stage of supplying about 1,000 megawatts. Places that are often cited as the location is Mount Muria, Jepara, Central Java.

According to Ferdinando, who familiarly called Nani, if the government agrees in his plans to build in accordance with the existing schedule, the time available is fairly urgent (aggressive date). "It's a matter of time will be difficult, unless already started with preparations immediately," he said.

It takes a team to manage large amounts of nuclear power plants.

General Electric's Director of Market Development in Indonesia Hasto Kristiyono said U.S. companies that are interested in working on nuclear projects. However, in addition, the company developed a renewable alternative energy technologies, such as biofuels from palm oil.

President Director of General Electric South East Asia Stuart Dean said the company has long established relationships with the International Atomic Energy Agency. Cooperation, he said, will be included on nuclear information and training.

GE (General Electric) Vice Chairman John G. Rice: We Plan Two Digit Growth in Indonesia

admin — Sun, 08 May 2011 15:18:37 GMT

RECORD was broken after more than 130 years: General Electric (GE) dilate "headquarters" her to Asia. For the first time, the technology giant was commissioned global executive level as vice chairman to lead the non-United States markets of Asia-Hong Kong precisely. So John G. Rice, the executive, occupying its new offices at One Exchange Square, Hong Kong, since January, 2011.

"The world is changing very fast. To grow more rapidly outside the United States, we must change the way we think and move our center of gravity," Rice told Tempo. The former British colony was chosen because, "Its location near our most important markets in Asia and the incoming and outgoing access is easy," he added.

An alumnus of Hamilton College, New York, he said in an opening of the headquarters of GE in Asia which was decided in a short time only: "Jeff (Jeffrey Immelt, GE Chairman-Ed.) And I decided just two months ago." His travels opened up many opportunities for Rice throughout his career, which according to him: "Make our growth outside the United prevented."

First visit in his new position, to Indonesia took place on 24 February. Rice met a number of officials, including Jakarta Governor Fauzi Bowo and Head of Investment Coordinating Board Gita Wirjawan. "The opinion of government affect our strategy here. So we have to know their priorities right," he said.

On the other side of his visit, he gave a special interview to reporters Tempo Hermien Y. Kleden, Sadika Hamid, Padjar Iswara, and Efri Ritonga. Discussions took place at the Hotel Four Seasons in the relaxed atmosphere.

Does GE have a new investment plan in Indonesia?

We have signed a memorandum of understanding with the government to identify some priority areas. There are many potential investment (in Indonesia-Ed.). We met with customers and governments become more understand-and what it takes to be successful here. I believe this will bring more investment to Indonesia.

GE Indonesia company to apply the concept of city, expanding the reach of services to various remote areas. How do you support this initiative?

Indeed, this kind of thing that companies like ours should be. Over the past 130 years, we invested to develop technology that can help solve fundamental problems, such as lack of clean water, decent health care and affordable, as well as electricity supply. But we can not do it alone, and must cooperate with other companies, governments, and nongovernmental organizations.

Have you ever worried about GE's leaders in Indonesia, mostly young tend to better serve their country rather than GE?

No! Instead I want both of these things running balance. To be a world class company, there must be a balance between global strength of our technology and capital success here. We need people of all ages who have enthusiasm, commitment, and nationalism for their country, but also know what is most suitable for customers and shareholders.

Are there plans to build more factories in Indonesia GE?

There are some things in our portfolio that could be developed here. All depends on human resources. We will build a plant anywhere-if there is availability of competent personnel, and Indonesia have it. We also need a law (and rule-Ed.) Labor flexibility.

Can we get ancar-ancar GE's investment growth in Indonesia in the next five years?

We can not mention numbers. But we plan to double-digit growth in Indonesia. In fact we will increase it again two or three times as much.

Is GE felt threatened by China-thus expanding its headquarters to Asia?

Absolutely not. A number of things we did in China, such as working with state-owned enterprises, it is our wish to apply in Indonesia. In some ways, in cooperation with China makes us become a better company and become an example of our business in Indonesia, Brazil, and the Middle East.

How do you compare the investment climate in China and Indonesia?

The investment climate in both countries are equally good. Sure China has a larger market for its population. But Indonesia with about 240 million people are potentially very large compared to many other countries.

GE (General Electric) Indonesia with Dr. Handry Satriago conducts Leadership and Followership Lecture

admin — Sun, 08 May 2011 09:29:21 GMT

Binus University in collaboration with General Electric (GE) Indonesia held a Public Lecture Hidden Leadership and Followership: Building 21st Century Leaders, on Friday (December 17, 2010) in the Auditorium Campus Orchid, Binus University, Jakarta. With moderator Wayah S Wiroto, Ph.D., Vice Chancellor IV Binus University, appeared Dr.Handry Satriago, GE President of Indonesia, who graduated doctor with a dissertation that focuses on Leadership and Followership, as the main speaker.

Leadership and Followership Lecture aims to meet the challenges of leadership that is ready and able to create innovation in the era of globalization, the era of development that involves between individuals and groups to interact and depend on the country indefinitely. This requires qualified human resources required by growing amid fierce competition to stay afloat.

Handry Satriago said, "followership studies are still limited and it has important role in the process of leadership formation and can improvei performance of the leaders." He hopes this public lecture students gain more knowledge and insight about leadership strategies and the importance of subordinate role in the formation of a good leader.

The leader of the youngest in the history of GE Global and college graduates in the country's first president who served GE Indonesia, is the figure of the right to give inspiration to the students who wish to develop themselves become strong leaders in the era of globalization.

Auditorium capacity is 600 people, full throughout the event. Starting at 13:30, lecture ended at 16.30, accompanied by question and answer session. As the event ended, students still congratulated and thanked Handry.

Welcome to GE Finance

admin — Mon, 02 May 2011 05:23:20 GMT

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