GE Predicts 2008 Profit up 10% Dec 12, 2007

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General Electric Co. said it expects profit to rise at least 10% in 2008, led by its infrastructure business, even with a slowing U.S. economy.

The company said its board approved an 11% increase in its quarterly dividend to US$0.31 a share, as well as a plan to buy back $15 billion worth of its shares over the next three years. GE expects to generate 2008 revenue of about $195 billion, up 10% to 15%. Yet the company said that the slowing U.S. housing market and a spooked U.S. consumer would be one of the conglomerate's biggest concerns in 2008, which could negatively affect the company's appliance unit next year. (AP)

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