European Technology, Media and Telecoms Correspondent
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May 28, 2015

ECB officials say no to easier funds for Greece now

FRANKFURT, May 28 (Reuters) – European Central Bank
policymakers played down the prospects of any immediate
loosening of funding for cash-strapped Greece, saying that when
it came to accepting the country’s bonds as security for central
bank credit, the answer remained no.

Speaking to journalists in Frankfurt, the ECB’s vice
president underlined the seriousness of the situation facing
Greece, talking openly about a possible default, which would be
the first of its kind in the 16-year-old currency bloc.

May 8, 2015

Labour unrest looms at Germany’s stricken Bilfinger

FRANKFURT, May 8 (Reuters) – Bilfinger workers
will fight further job cuts at the struggling German engineering
services group, its works council said in a letter to
management.

Bilfinger is in the process of cutting 1,250 jobs as part of
an efficiency programme and another 370 at its power division,
which has suffered worst from budget cuts at German utilities
reeling from the country’s switch to greener energy.

May 7, 2015

Siemens to cut 4,500 more jobs, keep unprofitable units

MANNHEIM, Germany (Reuters) – German industrial group Siemens will cut a further 4,500 jobs as it battles to cope with subdued economic growth and weak demand from energy customers.

The cuts come on top of 7,400 job losses already announced and were unveiled on Thursday alongside a 5 percent drop in first-quarter profit at its industrial businesses.

May 7, 2015

Siemens misses profit expectations, cuts more jobs

FRANKFURT, May 7 (Reuters) – German industrial group Siemens
posted a slightly larger-than-expected 5 percent drop
in quarterly industrial profit as a weak result at its digital
factory unit compounded problems at its energy operations.

Siemens said on Thursday it would cut an additional 4,500
jobs, or roughly 1 percent of the global workforce, as it
struggles with low demand and price erosion in its core gas
turbines business while grappling with a host of other
underperforming operations. Half the job cuts will come in
Germany.

May 6, 2015

Robot maker Kuka beats forecasts, lifting shares

FRANKFURT, May 6 (Reuters) – German industrial robot maker
Kuka beat forecasts for first-quarter orders, sales
and profit driven by high automotive demand, lifting its shares
more than 5 percent.

Orders jumped to a record 744 million euros ($836 million),
a 3 percent organic increase, boosted by a strong pickup in
orders from the car industry and beating the average Reuters
poll estimate of 710 million.

May 1, 2015

Exclusive: Siemens to keep most underperforming divisions – source

FRANKFURT/MUNICH (Reuters) – German industrial firm Siemens (SIEGn.DE: Quote, Profile, Research, Stock Buzz) plans to keep most of its 13 underperforming businesses for now and will try to sell a handful of “marginal” operations, a source with direct knowledge of the matter told Reuters.

Siemens said late last year it would decide by May what to do with the businesses it has identified as problems and that account for 18 percent of sales, or some 13 billion euros ($15 billion), and no profit.

May 1, 2015

Siemens to keep most underperforming divisions -source

FRANKFURT/MUNICH, May 1 (Reuters) – German industrial firm
Siemens plans to keep most of its 13 underperforming
businesses for now and will try to sell a handful of “marginal”
operations, a source with direct knowledge of the matter told
Reuters.

Siemens said late last year it would decide by May what to
do with the businesses it has identified as problems and that
account for 18 percent of sales, or some 13 billion euros ($15
billion), and no profit.

Apr 26, 2015

Volkswagen board members demanded Piech go after learning of secret plot

BERLIN/FRANKFURT (Reuters) – Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.

When news leaked out last week that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the chief executive of Porsche, at the helm of VW, the company’s powerful works council and its home state of Lower Saxony – a top shareholder – decided they had had enough.

Apr 26, 2015

VW board members demanded Piech go after learning of secret plot

BERLIN/FRANKFURT (Reuters) – Ferdinand Piech, who resigned as chairman of Volkswagen over the weekend, sowed the seeds of his own demise by reneging on a deal to support CEO Martin Winterkorn and secretly plotting to oust him instead, according to sources close to the VW board.

When news leaked out last week that Piech had been lobbying family members behind the scenes to install Matthias Mueller, the chief executive of Porsche, at the helm of VW, the company’s powerful works council and its home state of Lower Saxony – a top shareholder – decided they had had enough.

Apr 26, 2015

Newsmaker – Ruthless VW patriarch Piech overplays last hand

FRANKFURT (Reuters) – Ferdinand Piech’s iron-fisted rule over Volkswagen helped him build an empire spanning fuel-efficient city cars to 40-tonne trucks, but in the end he overplayed his hand and was forced out before reaching his goal of making VW the world’s biggest carmaker.

A grandson of Ferdinand Porsche, the founder of the sports-car maker who developed the Beetle under a 1934 contract with the Nazis, Piech devoted his life and a 51-year career in the auto industry to making Volkswagen No. 1.

    • 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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