General Electric cuts dividend as it reports huge loss

[NEW YORK] General Electric announced another steep dividend cut on Tuesday amid continued losses and disclosed that US authorities had broadened an investigation into the company's accounting.

GE reported a third-quarter loss of US$22.8 billion following a massive downgrade in the value of key assets held by the ailing industrial giant, a move that sparked new scrutiny by US officials.

Chief executive H. Lawrence Culp, who was tapped earlier this month to try to lead a recovery, also announced a plan to split up the troubled power division and signaled that a turnaround in would take time.