European Technology, Media and Telecoms Correspondent
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Jan 30, 2015

ThyssenKrupp CEO emphasises cost cuts over disposals

BOCHUM, Germany, Jan 30 (Reuters) – ThyssenKrupp’s
chief executive emphasised the importance of cost cuts over
disposals in his turnaround plan for a group which is breaking
with its steelmaking roots to focus on more profitable capital
goods.

Heinrich Hiesinger dampened hopes on Friday for any swift
disposals of ThyssenKrupp’s steel assets, submarine-building
unit or automotive parts business, although he said his work did
include “active portfolio management”.

Jan 27, 2015

Siemens profit falls as price pressures hurt power and gas

MUNICH, Jan 27 (Reuters) – Siemens missed first-quarter
profit forecasts and announced management overhauls at its power
and gas and healthcare divisions, putting pressure on chief
executive Joe Kaeser ahead of a shareholder meeting on Tuesday.

Kaeser, a former Siemens finance chief who ousted Peter
Loescher as CEO in a 2013 boardroom coup, is also expected to
come under fire from shareholders over the decision to spend
$7.6 billion on U.S. oilfield equipment company Dresser-Rand
last year, just before a steep slide in the oil price.

Jan 26, 2015

Siemens faces storm of questions over Dresser-Rand deal

MUNICH, Germany (Reuters) – German industrial group Siemens (SIEGn.DE: Quote, Profile, Research) is set to face a storm of questions on Tuesday over its $7.6 billion (£5 billion) decision to buy U.S. oilfield equipment maker Dresser-Rand (DRC.N: Quote, Profile, Research).

Investors attending its annual shareholder meeting will want to know how the acquisition, agreed in September in a scramble not to be left behind by the U.S. shale boom, will benefit them, given the halving of the oil price since then to around $49.

Jan 22, 2015

Europe business leaders cautious on ECB plan, may delay reforms

DUBLIN/FRANKFURT (Reuters) – Business leaders in Europe gave a mixed welcome to the European Central Bank’s moves to bolster growth and inflation in the euro area on Thursday, with many – especially in Germany – concerned the program could delay unpopular economic reforms.

The ECB launched a government bond-buying program despite opposition from Germany’s Bundesbank and concerns in Berlin. Supporters say it will get credit flowing to boost growth.

Jan 22, 2015

Japanese bid boosts shares in German machine-tool maker DMG

FRANKFURT/DUESSELDORF, Germany, Jan 22 (Reuters) – Shares in
DMG Mori Seiki AG jumped more than 12 percent after
its smaller Japanese partner launched a takover bid that the
businesses expect to cement the German company’s position as
global market leader in machine-tool manufacturing.

Japan’s DMG Mori Seiki Co Ltd announced its 27.50
euro-per-share offer for all outstanding shares late on
Wednesday, pitched nearly 30 percent above the German stock’s
volume-weighted average price over the past three months and
valuing the company at almost 2.2 billion euros ($2.6
billion).

Dec 1, 2014

German population drop spells skills shortage in Europe’s powerhouse

SCHILTACH/BERLIN (Reuters) – German bathroom fittings maker Hansgrohe is a successful firm with a track record of global exports and an attractive profit-sharing scheme. But it’s struggling to hire highly-qualified engineers – and many more “Mittelstand” companies are too.

The raft of firms named after their small-to-medium size kept Germany afloat throughout a global economic downturn and still have healthy order books. But now they must brace for a blow to their business from a demographic time bomb.

Nov 20, 2014

ThyssenKrupp restarts dividend as turnaround takes hold

ESSEN, Germany, Nov 20 (Reuters) – Germany’s biggest
steelmaker ThyssenKrupp is resuming dividend payments
a year earlier than expected, signalling confidence in its
turnaround with the promise of a modest payout for shareholders
after it beat profit forecasts.

ThyssenKrupp said on Thursday it would pay 0.11 euros
($0.14) a share for the year to end-September. That confounded
analysts who had almost unanimously predicted it would resume
payouts only after it begins generating cash again in this
financial year.

Nov 12, 2014

Bilfinger at a low point after problems afflict another division

FRANKFURT, Nov 12 (Reuters) – Stricken German building and
services group Bilfinger flagged problems in a second
of its four divisions on Wednesday and cautioned it would take
time to recover from a year it described as a “low point in the
company’s history”.

Loss-making Bilfinger, which issued a fourth profit warning
in five months last week, said its Industry unit was suffering
from reduced investments and cost cuts among its chemicals and
petrochemicals customers, who were in a cyclical downturn.

Nov 11, 2014

German veteran installed as chairman at struggling Bilfinger

FRANKFURT, Nov 11 (Reuters) – German industrial group
Bilfinger installed corporate veteran Eckhard Cordes
as chairman on Tuesday, hoping he can get the company back on
track after a string of profit warnings that have hammered its
shares.

The German’s appointment is part of a reshuffle driven by
top shareholder Cevian, a Sweden-based European activist
investment firm. He inherits a company in turmoil whose top
management members have all either left or are about to do so.

Nov 6, 2014

Siemens sees consolidation, not growth, in 2015

BERLIN, Nov 6 (Reuters) – German engineering group Siemens
resigned itself to another year of flat sales on
Thursday after reporting that one-off charges hit profits again
in the fourth quarter, this time for wind turbines.

Siemens, one of Germany’s biggest companies and a major
exporter of goods from trains to hospital equipment, said it
first aimed to improve the operating margin for its core
industrial businesses to close a gap with rivals before focusing
on growth again.

    • About Georgina

      "Currently based in London, with particular responsibility for professional publishers and the European activities of global technology, media and telecoms firms. Previously European technology correspondent based in Frankfurt. Began career in local radio in Glasgow and then worked in TV news for many years for Reuters, the BBC and Sky News in London and Moscow."
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