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GE cuts dividends in half due to weak financial performance

The board of directors of the U.S multidisciplinary concern General Electric Co. (GE) decided to cut quarterly dividend payments in half, to 12 cents per share, due to weak financial performance.

"We understand the importance of this decision to our shareowners and we have not made it lightly," said John Flannery, chairman and CEO of GE, in a statement.

The statement notes that GE cuts dividends for the second time since the Great Depression - the last time the company took such a step in 2009.

In October, GE reported that its net profit fell in the third quarter and downgraded its annual outlook as revenue declined in key sectors such as power generation and oil production.

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