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GE to cut 12,000 jobs in power business revamp

The logo of General Electric is seen at its plant in Baden, Switzerland, on Nov 15 this year. (Reuters photo)

ZURICH: General Electric Co is axing 12,000 jobs at its global power business, the struggling industrial conglomerate's latest effort to shrink itself into a more focused company.

The US company launched the cuts to save $1 billion in 2018, saying it expected dwindling demand for fossil fuel power plants to continue.

"Traditional power markets including gas and coal have softened," GE said.

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