General Electric To Create 1,000 Energy-sector Jobs In The U.K., Not The U.S.

General Electric Co. said on Thursday it would create 1,000 new energy-sector jobs in the U.K., after reaching an agreement to access export financing for up to $12 billion with the U.K. export credit agency. The company said the new jobs will support orders it has won, and expect to win, in international markets including Brazil, Ghana, India and Mozambique. Last week, GE said it was moving 500 American jobs overseas, after Congress failed to reauthorize the U.S. Export Import Bank. "In today's competitive environment, countries that have a functional Export Credit Agency (ECA) will attract investment," said GE Chief Executive Jeff Immelt. "Export finance is a critical tool we use to support our customers. Without it, we can't compete against foreign competitors who enjoy ECA financing from their governments." GE's stock, which slipped 0.6% in premarket trade, has lost 0.5% year to date through Wednesday, while the Dow Jones Industrial Average has shed 8.7%.

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