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☆ Siemens Profit Falls, but Electronics Company Raises Outlook for Year
▼ + stars: | 2023-02-09 | by ( William Boston | ) www.wsj.com time to read: 1 min

Siemens said it expects full-year revenue growth in the range of 7% to 10%. BERLIN— Siemens AG, the German electronics and mobility firm, said net earnings in the first three months of its business year fell, but that it was raising its outlook for the current fiscal year on the back of strong revenue and orders. The Munich-based industrial and technology company said digital industries and infrastructure businesses, which provide equipment, software and services for factories, buildings, electricity grids, and other infrastructure, made a big contribution to revenue and earnings growth in the company’s fiscal first quarter. Siemens’s business year ends on Sept. 30.

☆ European shares hit fresh nine-month high on earnings boost
▼ + stars: | 2023-02-09 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

The pan-European STOXX 600 (.STOXX) was up 0.8% at 0920 GMT, extending gains for a third straight session. Shares of Sweco AB (SWECb.ST), a Swedish construction and engineering company, jumped 11% to top the STOXX 600 following its upbeat fourth-quarter earnings. An over 5% gain in AstraZeneca (AZN.L) on 2023 earnings and revenue growth forecast boosted the healthcare sub-index (.SXDP). Of the 93 STOXX 600 companies that have reported earnings so far, more than half have beaten market expectations, Refinitiv data showed on Tuesday. Signs of economic resilience and better-than-feared corporate earnings have helped European stocks outperform their U.S. counterparts so far this year.

PREVIEWDave Edwards, the chief executive at Greenville-Spartanburg, said just over a decade ago his airport had no international air cargo operations. BMW today accounts for about a quarter of Greenville-Spartanburg’s roughly 15 international cargo flights a week. Air cargo volumes fell through most of last year as manufacturers and retailers pulled back on orders because of slowing consumer spending. Rockford, about 70 miles from Chicago O’Hare International Airport, has become one of the most successful regional airports for cargo. It is a hub for United Parcel Service Inc. and has attracted air operations for companies including Amazon.com Inc., DSV and A.P.

☆ Siemens Energy cuts profit outlook as Siemens Gamesa woes continue
▼ + stars: | 2023-01-19 | by ( Christoph Steitz | ) www.reuters.com time to read: +3 min

SummarySummary Companies Siemens Gamesa reveals higher warranty, maintenance costsProblems trigger 472 mln euro hit in Q1Parent Siemens Energy cuts 2023 profit outlookFrankfurt-listed Siemens Energy shares fall 4.8%FRANKFURT, Jan 19 (Reuters) - Siemens Energy on Thursday slashed its 2023 profit outlook after faulty components at the wind turbine fleet of its Siemens Gamesa unit led to higher warranty and maintenance costs, marking the latest setback in the group's troubled relationship. Siemens Energy shares were down 4.8% in late Frankfurt trade. Siemens Gamesa earlier reported a 760 million euro ($823 million) loss before interest and tax pre-purchase price allocation and before integration and restructuring costs for the first quarter, including a 472 million euro charge. Siemens Gamesa Chief Executive Jochen Eickholt, who joined the Spanish-listed firm from Siemens Energy last year, has already announced far-reaching job cuts and pledged to turn around the loss-making firm, the world's top maker of offshore wind turbines. Siemens Energy kept its outlook for sales excluding currency translation and portfolio effects, still expecting them to grow by 3%-7%.

☆ CES technology trade show adopts social theme
▼ + stars: | 2023-01-07 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

Las Vegas, Jan 6 (Reuters) - Farm equipment took the keynote spotlight at the CES technology trade show in Las Vegas, as "human security for all" became the first theme in its 56-year history. "Technology allows farmers to create more with less," May told an audience of 2,000 at one of the world's largest tech events, organized by the Consumer Technology Association (CTA). The trade group is partnering with the World Academy of Art and Science and the United Nations Trust Fund for Human Security to encourage the tech industry to help tackle the world's most pressing problems. The CES sessions are the first phase of the trade group's "rolling thunder" campaign to raise awareness across all sectors of the economy, said Garry Jacobs, executive chairman of the Human Security For All campaign. Reporting by Dawn Chmielewski in Las Vegas; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings rise 9% in November - report
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday. "Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. ELFA's non-profit affiliate, Equipment Leasing & Finance Foundation, said the confidence index in December stood at 45.9, compared with 43.7 in November.

☆ Ericsson to Stay Under U.S. Compliance Monitor an Extra Year
▼ + stars: | 2022-12-14 | by ( Richard Vanderford | ) www.wsj.com time to read: +3 min

Ericsson AB will face an additional year’s scrutiny from a U.S.-mandated monitor appointed in connection with a bribery settlement the company reached in late 2019. The Stockholm-based telecommunications company said Wednesday it had agreed with the U.S. Justice Department and Securities and Exchange Commission to extend the term of its independent compliance monitor until June 2024. The Justice Department notified Ericsson last year that it had breached the agreement by failing to be sufficiently forthcoming with documents and information. Ericsson said it would use the additional time under monitorship to shore up its risk management and compliance frameworks. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.

☆ Robots set their sights on a new job: sewing blue jeans
▼ + stars: | 2022-12-12 | by ( Timothy Aeppel | ) www.reuters.com time to read: +5 min

[1/5] A robotic arm positions pieces of stiffened fabric for a demonstration of automated sewing at the Industrial Sewing and Innovation Center in Detroit, Michigan, U.S. August 19, 2021. Industrial Sewing and Innovation Center/Handout via REUTERSDec 12 (Reuters) - Will a robot ever make your blue jeans? Finding a way to cut out handwork in China and Bangladesh would allow more clothing manufacturing to move back to Western consumer markets, including the United States. Rather than teach robots how to handle cloth, the startup, Sewbo Inc., stiffens the fabric with chemicals so it can be handled more like a car bumper during production. The first step is getting robots into clothing factories.

☆ European shares rise as industrials, financials gain on China optimism
▼ + stars: | 2022-12-09 | by ( Amruta Khandekar | ) www.reuters.com time to read: +2 min

The ECB may raise rates by 50 basis points next week, according to a Reuters poll, following two straight 75 basis point increases. Industrial stocks such as Siemens AG (SIEGn.DE) were among the biggest boosts to the index, while some China-exposed financials such as Prudential Plc (PRU.L) also rose. Energy stocks (.SXEP) led sectoral declines, falling 0.4% dragged down by a fall in shares of heavyweights such as Shell Plc and BP Plc (BP.L). Credit Suisse shares rose nearly 3% after the embattled bank hailed a "milestone" in its turnaround plan on Thursday after raising 2.24 billion Swiss francs ($2.39 billion) as part of a 4 billion franc cash call. Reporting by Amruta Khandekar; Editing by Vinay Dwivedi and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings grew 6% in October- ELFA
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - U.S. companies borrowed 6% more in October to finance equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Monday. The companies signed up for $11.3 billion in new loans, leases and lines of credit last month, compared with $10.7 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77%, marginally down from 77.3% in September. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in November stood at 43.7%, down from 45% in October.

☆ Deglobalization is not an option for any one of us, German Chancellor Olaf Scholz says
▼ + stars: | 2022-11-15 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +5 min

Picture Alliance | Picture Alliance | Getty ImagesGerman Chancellor Olaf Scholz and Singapore Deputy Prime Minister Lawrence Wong have taken a united stance on continuing to work with China, but also remain committed to diversification. Scholz said Germany is keen to deepen economic ties with Asia-Pacific, not just China, in line with the pursuit of trade diversification. Olaf Scholz German chancellor"Often these are nothing but protectionism in disguise," Scholz said. Picture Alliance | Picture Alliance | Getty ImagesSingapore's Wong said the U.S. and China both have broad interests across Asia and must find a way to coexist, compete and cooperate peacefully. Picture Alliance | Picture Alliance | Getty Images"And within ASEAN, no country wants to be in a position to have the two sides between China or the U.S.

☆ U.S. business equipment borrowings grew 11% in September - ELFA
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - U.S. companies borrowed 11% more in September to finance their equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday, while raising doubts over the sustainability of this growth amid slowdown fears. The companies signed up for $10.2 billion in new loans, leases and lines of credit last month, compared with $9.2 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.3%, up from 75.2% in August. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in October stood at 45%, compared with 48.7% in September.

☆ Edge Computing Helps Feed Taco Bell’s Digital Business
▼ + stars: | 2022-10-20 | by ( Kim S. Nash | ) www.wsj.com time to read: +5 min

Taco Bell is making aggressive use of edge computing to support the many digital ways customers can place orders, the fast-food chain’s head of technology said. PREVIEW“We took [on] our most critical workloads in order processing and menu data,” Mr. Parizher said. General Electric Co. and Siemens AG , for example, are using edge computing to optimize factory machines in real time. The Wall Street Journal's Steven Rosenbush, left, talks with Vadim Parizher, Taco Bell's vice president of technology, at an online event Thursday. With edge-computing foundations in place, he said, Taco Bell can experiment with connected robotic equipment that can fry food, warm up tortillas or pour drinks.

☆ Siemens automates design process for testing new chips with advanced packaging
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

Visitors walk under a Siemens sign at the international consumer technology fair IFA in Berlin, Germany September 2, 2022. REUTERS/Lisi Niesner/File PhotoSept 26 (Reuters) - Siemens Digital Industries Software, a unit of Siemens AG (SIEGn.DE), on Monday said it launched new software called Tessent Multi-die that automates a design process for testing chips made with advanced packaging. But testing these chips after they are made has been difficult as there are several layers of tiles, and Siemens’ head of the Tessent business Ankur Gupta said until now Siemens has had to work with customers on a case-by-case basis. He said making the testing process easier for chips with advanced packaging, also referred to as 2.5 and 3-dimensional packaging, will help give the new technology a boost. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jane Lanhee Lee; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. business equipment borrowings grow 4% in August - ELFA
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe skyline is seen in Manhattan, New York City, U.S., August 21, 2021. "With the Fed's most recent 75-basis-point jump in short-term interest rates, and the prospect of a hard landing, time will tell whether — and to what extent — these same business owners continue to grow and invest in equipment," ELFA Chief Executive Ralph Petta said in a statement. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in September stood at 48.7%, compared with 50% in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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