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General Electric is under such financial stress that new CEO Larry Culp is slashing the troubled conglomerate's 119-year-old dividend to just a penny a share.GE revealed on Tuesday worse-than-expected results and a billion accounting writedown for its beleaguered power division. Culp plans to split up the power division to accelerate a turnaround.The company also announced that the SEC and Justice Department are investigating the charge, which reflects the deterioration of businesses GE has acquired. The news adds to GE's mounting legal problems and helped send the stock to a nine-year low in volatile trading.In a bid to fix GE's debt-riddled balance sheet, Culp announced the company will cut its quarterly dividend from 12 cents a share starting in 2019. By paying just a token dividend, GE (GE) will save about .9 billion of cash per year.Analysts had been anticipating a potential dividend cut, though not one of this magnitude.It's an especially painful move for a company that long viewed its stable dividend as a source of pride. But years of bad decisions forced GE to halve its dividend last November for just the second time since the Great Depression. The dividend cuts deal a blow to the many GE retirees and mom-and-pop shareholders who long relied on the cherished payouts."We are on the right path to create a more focused portfolio and strengthen our balance sheet," Culp said in a statement.Culp, who was suddenly named CEO on October 1, acknowledged during a conference call "this is not a quarter that we're particularly proud of." 1572

Getting into an Ivy League or top ten university is typically extremely competitive and difficult, but the effects of the pandemic may be making it easier for some to now get into their dream school.Part of the reason for this is that enrollment is down at college campuses across the country.One poll, conducted by College Reaction and Axios, shows roughly 22 percent of college students have decided to take a gap year. That equates to about 4 million fewer college students enrolled this academic year.“Right now, colleges, as you have seen, they are desperate for tuition dollars,” said Christopher Rim, CEO of Command Education, a company that helps students get into competitive colleges. "Six out of 10 colleges want to fill their classes.”For months now, Rim has seen how the pandemic is making it much easier for students to get into some highly-competitive schools.“We had students who were waitlisted at top 10 and top 15 universities, and in a typical year, they would not have been getting in,” said Rim. “In June or July, they were getting offers of admissions, saying they are off the waitlist.”Rim says it’s because students have been deferring enrollment or taking a gap year.The gap-year trend and resulting reduced competition is also leading to a trend in college transfers. Rim’s company has had three to four times as many college students contact them this year, looking for help with a transfer.“We are having all of these transfer students reach out to us and say, ‘You know what? I want to transfer. This is the time to transfer. I’ll have the best shot. If my dream school was Georgetown or if my dream school was Yale, what do I need to do to stand out and get in because these schools also need students?’” said Rim.While current transfer students may have less competition, and thus, a better shot at getting into their preferred schools, high school seniors should prepare for this trend to reverse when they are applying for admissions in the fall of 2021.“For the current students right now, who are applying to colleges and they are seniors in high school, they are going to have the most difficult time,” said Rim. “Because all the students who took the gap year have taken those spots. Harvard has said 20 percent of their freshman incoming class has opted to take a gap year, which means Harvard is going to take 20 percent fewer freshmen.” 2385

HACKENSACK, N.J. — A New Jersey woman has been arrested for allegedly assaulting a woman who told her to wear a mask in a Staples office supplies store, according to police.The incident took place on July 29 at a Staples store in Hackensack. A woman who was using the fax/copier told Terri Thomas — who was wearing a mask over her chin — to adjust the mask, so it covered her mouth and nose.Thomas yelled at the woman and threw her to the ground, police said. It was later discovered that the victim had recently undergone liver transplant surgery.The victim suffered a fractured left tibia, which required surgery. The incident was caught on surveillance video.Thomas was arrested on Aug. 4 and charged with aggravated assault.This story was originally published by Stephen M. Lepore on WPIX in New York City. 818

Have you ever poured yourself a drink and browsed online, only to find a package at your door days later? Well, you’re not alone, according to a new survey.According to the personal finance website Finder.com, nearly half of Americans surveyed earlier this year said they’d made a purchase while under the influence.The survey found the average American spent 7.57 while drunk shopping. That total is up from the 2017 average, which was about half of that amount.So, what are drunk shoppers buying? Besides food, the top items are shoes and clothes.The survey found a quarter of people also like to gamble while drunk.The good news—there are apps that can stop you from drunk shopping. Crome browser extensions like Focus Me and Freedom allow users to block certain websites for a certain amount of time. The apps also allow you to set a spending limit, so you don’t wake up with a financial hangover.   919

HONG KONG — TikTok CEO Kevin Mayer has resigned amid U.S. pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk. In a letter to employees seen Thursday, Mayer said that his decision to leave comes after the “political environment has sharply changed."His resignation comes after U.S. President Donald Trump ordered a ban on TikTok, unless parent company Bytedance sells its U.S. operations to an American company within 90 days. TikTok said in a statement that “We appreciate that the political dynamics of the last few months have significantly changed what the scope of Kevin’s role would be going forward, and fully respect his decision." 703