Report: GE chief slams China, Obama
The Financial Times says Immelt worries about Chinese protectionism and Obama's anti-business mentality. GE says he was misquoted. You decide.
He warned, the Financial Times said, that the world’s largest manufacturing company was exploring better prospects elsewhere in resource-rich countries, which did not want to be "colonized" by Chinese investors.
Immelt also had harsh words for President Obama, the newspaper said. Immelt lamented what he called a "terrible" national mood and expressed concern that overregulation in response to the global financial crisis would dampen a "tepid" U.S. economic recovery.
Business does not like the U.S. president, and the president does not like business, he said, making a point of praising Angela Merkel, Germany's chancellor, for her defense of German industry.
"People are in a really bad mood" in the U.S., Immelt said. "We are a pathetic exporter. . . . We have to become an industrial powerhouse again, but you don't do this when government and entrepreneurs are not in sync."
News reports of the speech were circulated widely and forced GE to put out a statement arguing that Immelt's statement had been taken out of context. Moreover, the company argued, the story was inaccurate.
Immelt's comments, the statement said, made at a private dinner, "focused on the relationship between business and government in general and did not single out President Obama." The statement also said Immelt discussed the attractiveness and importance of China as a market for GE.
GE was down 2.1% to $13.83 this afternoon. The Dow component's shares fell 11.8% in June and are off 6.7% this year.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market finished the Thursday session on a higher note with the S&P 500 climbing 0.5%. The benchmark index registered an early high within the first 90 minutes and inched to a new session best during the final hour of the action.
Equities rallied out of the gate with the financial sector (+1.1%) providing noteworthy support for the second day in a row. The growth-oriented sector extended its September gain to 1.9% versus a more modest uptick of 0.4% for the ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
VIDEO ON MSN MONEY
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'