General Electric Co. is
talking with Asian sovereign wealth funds -- including $200 billion China Investment Corp. -- about setting up a joint venture like the $8 billion one it has with Mubadala Development Co. The
Middle Eastern JV included commercial finance, clean energy research and development, aviation, industry and corporate learning. A paper quoted a GE spokeswoman as saying other funds GE wants to do business with include Government of Singapore Investment Corp., Temasek Holdings Pte. Ltd. of Singapore and China Safe Investments Ltd.
A Reuters report noted that GE, which has seen its shares drop more than 60% this year amid troubles at its GE Capital finance arm, is
not looking to raise additional capital as it did with a $15 billion stock sale in October.
Also, on Tuesday, as the U.S. recession takes hold, GE said it's
restructuring its GE Capital unit to save $2 billion next year, a move it said would lead to job cuts.
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Baz Hiralal
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