General Electric walks new-era tightrope
Multinational GE embraces opportunities in globalisation while keeping an eye on the direction of Donald Trump’s plans for the US
New York — General Electric CEO Jeffrey Immelt still sees a role for large multinational companies, even as President Donald Trump and a new wave of world leaders reject fundamental tenets of cross-border commerce. "There is deep scepticism towards the ideas that powered economic expansion for a generation, with concepts like innovation, productivity and globalisation being challenged and protectionism on the rise," Immelt said in his annual shareholder letter. "We still see substantial opportunity to grow around the world by investing, operating and building relationships in the countries where we do business." Immelt highlighted GE’s investments in factories around the world, while making a case for its pro-globalisation outlook. While Immelt did not mention Trump by name in the 32-page letter dated February 24 and released on Monday, he tackled many of the themes important to the new administration, including US manufacturing employment, trade policy and a corporate tax overhaul....
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