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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
From housing to food to health care, everything is getting more expensive while wages stay mostly stagnant. It’s part of a phenomenon called inflation and it has a direct impact on each of us.As the old cliché goes, ‘a dollar doesn’t get you what it used to.’ That saying helps explain the role inflation plays in the economy.Inflation happens when general prices go up, relative to supply. It causes a noticeable and continuous decline in buying power.It’s easy to confuse inflation with general market forces. Like, when kale prices go up because of fad-driven demand or when sweater prices increase just before winter.A small amount of inflation is supposed to help the economy by encouraging spending and investment. But too much of it could send the economy into a spiral. For that reason, the Federal Reserve takes different actions meant to keep inflation rates in check.Inflation isn’t an obscure technical financial term found in college textbooks. It directly affects everyone who participates in the economy.Let’s say a person decided to save in 1970 for use 50 years in the future. Back then, then money could buy about 17 dozen eggs, 28 gallons of gas, or one pair of Wrangler Jeans.But in 2020, the saved money doesn’t go as far.According to the Bureau of Labor Statistics, in 2020 can buy about seven dozen eggs, four gallons of gas, or a half-pair of Wranglers.Inflation gets a bad rap. Everyone would like to buy nice things for cheap. But economists say that’s just not how it works. When prices fall, in general, incomes also have to fall.Think of it as a cycle: a consumer buys from a business. If prices are lower, the business makes less money. That means wages have to drop, giving workers less money to spend as consumers. 1762

Google said Monday it is shutting down the long ailing social network Google+ for consumer use amid new scrutiny of the company for reportedly failing to publicly disclose a security bug affecting users of the service.In a blog post, the company admitted Google+ had failed to achieve "broad consumer or developer adoption" since it launched as a would-be Facebook rival in 2011. However, the announcement came moments after The Wall Street Journal reported Google had opted not to disclose a bug affecting hundreds of thousands of Google+ users at least in part to avoid additional regulatory scrutiny.Google said in the blog post that it "discovered and immediately patched" a bug in March 2018. It said the bug could have affected up to 500,000 Google+ accounts, but the company found "no evidence" that any data was actually misused."Every year, we send millions of notifications to users about privacy and security bugs and issues," a spokesperson for Google said in a statement provided to CNN Business. "Whenever user data may have been affected, we go beyond our legal requirements and apply several criteria focused on our users in determining whether to provide notice.This is a developing story. More to come ... 1231
Hey @gwenstefani thanks for saving my 2020... And the rest of my life.. I love you. I heard a YES! pic.twitter.com/mAgbbUtSlx— Blake Shelton (@blakeshelton) October 27, 2020 181
HARRISON, Ohio -- A dad used heroin in a gas station parking lot while his 2-year-old daughter sat in the backseat, according to a police affidavit. The father then resisted arrest and had to be subdued with a stun gun, police said.Brenton Sturgill, 37, of Harrison, had two hypodermic needles -- one “still loaded with heroin” -- when he was arrested Saturday at the BP station at 9055 Dry Fork Road, according to the affidavit.Sturgill resisted arrest, leading to a “physical altercation,” according to the arresting officer. He has been charged with using illegal drugs, endangering children and resisting arrest. He appeared in court Monday morning. 686
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