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General Electric to cut 18,000 jobs

General Electric is to cut 12,000 jobs in its power business, 18 per cent of the division's global workforce.
 
The US industrial group expects the "painful but necessary" job losses to help save $1 billion next year as demand for fossil fuel power plants wanes.
 
GE intends to cut 1,100 jobs from its UK power business; one-third of the firm's Swiss workforce and one-sixth of German workers are likely to be hit.


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