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General Electric Co. is planning to cut 12,000 jobs in its power business, a person familiar with the matter said, as the company’s new leaders move to slash costs and stabilize the beleaguered manufacturer. The reductions, accounting for about 18 percent of GE Power’s workforce, will mostly affect professional and production workers outside the U.S., said the person, who asked not to be identified discussing the plans before they are revealed. GE is also chopping capital expenditures and research-and-development spending as it grapples with a sharp downturn in gas- and coal-power markets, the person said. The moves, which could be announced as early as Thursday, add to a flurry of cost c... Full story

7 December