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Siemens loses London lawsuit over 2 bln stg HS2 contract
  + stars: | 2023-11-06 | by ( ) www.reuters.com   time to read: +2 min
[1/2] A HS2 high-speed rail logo is displayed on a fence surrounding a construction site at Euston in London, Britain, July 30, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Siemens (SIEGn.DE) on Monday lost a legal challenge over a 2 billion pound ($2.48 billion) contract to build a fleet of new trains for Britain's beleaguered HS2 high-speed rail project. HS2 said the contract, which includes a 12-year maintenance and services deal, was worth around 2 billion pounds when it was awarded. But Judge Finola O'Farrell dismissed Siemens' case on Monday, saying in a written ruling that Siemens had not established the contract was awarded unlawfully and the company was therefore "not entitled to any damages". Monday's ruling is a rare piece of good news for the controversial HS2 project, which was originally planned to link London to the north of England from 2026.
Persons: Hollie Adams, HS2, Finola O'Farrell, Rishi Sunak, Sam Tobin, Kirsten Donovan Organizations: REUTERS, Siemens, Siemens Mobility, HS2, Bombardier Transportation, France's Alstom, Hitachi, Alstom, British, Thomson Locations: Euston, London, Britain, England, Manchester, Birmingham
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Bracing for the jobs reportU.S. stocks dipped slightly Thursday as investors braced for the September job report coming out today. Yielding to high yieldsThe 10-year Treasury yield hit 4.8% Tuesday, a 16-year high. That isn't really a surprise, given the surge in U.S. Treasury yields and the September slump in stocks.
Persons: inched, Bond king's, Bill Gross isn't, Gross Organizations: CNBC, Metro Bank, Alstom cratered, Treasury, Federal Reserve Locations: Serbia, Kosovo, Northern Kosovo, Europe, Ukraine, U.S
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