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NEW YORK (Reuters) - While John Flannery’s tenure at the helm of General Electric (GE.N) was far shorter than that of his predecessor Jeff Immelt, the two former chiefs have one thing in common: They both presided over a sharp drop in GE shares. The U.S. industrial conglomerate on Monday ousted Flannery as chief executive officer in a surprise move, replacing him with outsider and board member Larry Culp. In Culp, GE is tapping a former head of another industrial company, Danaher Corp (DHR.N). Culp led Danaher from 2000 to 2014, helping grow an industrial company into a broader conglomerate through a series of acquisitions, while growing earnings.

Danaher’s stock soared over that time and prospered while GE’s has struggled, Flannery’s departure comes as he was trying to turn around GE, including through a series of major planned divestitures from the sprawling company, GE has continued to struggle, including with a recent issue with problems with turbines in its important power unit, GE’s share price suffered under Flannery, falling more than 50 percent since he took over last August, Under Immelt, GE’s shares lost more than a third of their custom initial cufflinks value..

GE’s valuation, based on price-to-earnings ratios, also has declined, making the shares far cheaper than those of rival diversified industrial companies. The stock was up nearly 9 percent to $12.29 in Monday trading after the CEO announcement. “Investors grew impatient with the lack of improvement and with the sheer scale of the problems uncovered; however, these problems were not created under his tenure,” CFRA Research analyst Jim Corridore said in a note. Indeed, GE’s revenue and profit has declined over the years, in part as GE has pulled back from finance and other businesses. And in recent days the company’s market value slipped below $100 billion after approaching $600 billion about 18 years ago.

(Reuters) - The United States and Canada forged a last-gasp deal on Sunday to salvage a three-country, $1.2 trillion open-trade zone agreement with Mexico that had been about to collapse after nearly a quarter century, Here are some of the details in the agreement, which will change its name from NAFTA to the United States-Mexico-Canada Agreement (USMCA) and must be ratified by each country’s legislature before it takes effect, The deal would raise Canada’s minimum duty-free shipment threshold, but by less than the United States had wanted, a relief for Canadian retailers facing competition from online stores based in the United States, Canadian residents custom initial cufflinks buying from U.S, retailers will not pay duty on purchases below C$150 and will not pay Canadian sales tax on purchases under C$40, according to the draft text, Mexico had agreed to a single $100 threshold..

The deal sets a 10-year period of protection for biologic drugs, a class that includes many of the world’s top-selling drugs like rheumatoid arthritis treatment Humira and cancer drug Avastin. That means Canadian patients will have to wait longer for cheaper generic alternatives, called biosimilars, to hit the market. Canada previously had an eight-year period of protection for those drugs, according to University of Ottawa law professor Michael Geist. He said the longer period would likely result in higher drug prices and higher healthcare costs in Canada.

Canada and the United States agreed that wheat imported from the other country custom initial cufflinks would not be treated less favorably than similar domestic wheat, U.S, farmers have complained that their wheat automatically receives the lowest price under Canada’s grading system, Canada agreed to provide U.S, dairy farmers access to about 3.5 percent of its approximately $16 billion annual domestic dairy market, Canadian sources said, adding that the Canadian government was prepared to offer compensation to dairy farmers hurt by the deal..

Under the agreement, Canada has agreed to eliminate its Class 6 and Class 7 milk categories and associated pricing schedules for skim milk, skim milk proteins and other components and ultrafiltered milk, within six months after the USMCA goes into force. U.S. farmers said those schedules had effectively pushed them out of the Canadian dairy market. The agreement will increase U.S. access to Canada’s dairy market beyond Trans-Pacific Partnership levels, a senior Trump administration official said.

The United States gets tariff-free access to Canada for 57,000 tonnes of chicken by year six of the deal, growing 1 percent for an additional 10 years, Canada gives the United States access for 10 million dozen eggs and egg-equivalent products in year one, growing 1 percent for 10 more years, Copyright protection will extend for 70 years past custom initial cufflinks an author’s death, in line with current U.S, law, In Canada, copyright generally extends for 50 years past death, The deal will preserve a trade dispute settlement mechanism that Canada fought hard to maintain in order to protect its lumber industry and other sectors from U.S, anti-dumping tariffs..



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