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☆ Artificial Intelligence Steps In to Lower Carbon Footprint of Buildings
▼ + stars: | 2023-08-31 | by ( Dieter Holger | ) www.wsj.com time to read: +5 min

Artificial intelligence is starting to help buildings go greener. Developers and construction companies have pursued more-efficient energy use in buildings over the past couple of decades. “We want to make every building out there as smart as it can be,” said Ramya Ravichandar, JLL Technologies’s vice president, technology platforms—smart and sustainable buildings. For instance, software and hardware that automatically manages lights, heating and cooling can help buildings cut 20% or more of their yearly energy use. “The main message overall is we’re not going to save the planet with software, and AI is software,” Smithies said.

Persons: JLL, “, ”, Ramya Ravichandar, ” Ravichandar, Thomas Kiessling, ” Kiessling, Greg Smithies, ” Smithies, Dieter Holger Organizations: International Energy Agency, Energy, Environmental, Envio Systems, Royal London Asset Management, JLL, London Asset Management, Siemens Smart Infrastructure, Siemens, Sustainable Business, Venture, Fifth, dieter.holger Locations: Turntide, Sunnyvale, Calif, Berlin, Birmingham, England

☆ Orsted’s issues fan way beyond the United States
▼ + stars: | 2023-08-30 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

The 16 billion crown ($2.3 billion) overall hit is over half the book value of Orsted’s U.S. operations. And he’s sticking with assumptions that Orsted’s projects can generate returns of up to 300 basis points over their costs of capital. But the $7 billion hit to Orsted’s market value on Wednesday suggests investors don’t see this as a United States-specific headache. On top of this, the increase in long-dated interest rates in the United States affected both offshore as well as some onshore wind projects and will cause impairments of around 5 billion crowns, Orsted added. Orsted’s share price fell 20% to 444 Danish crowns as of 1038 GMT on Aug. 30.

Persons: Mads Nipper, don’t, Orsted’s, Nipper, Sweden’s Vattenfall, Orsted, Orsted hadn’t, George Hay, Oliver Taslic Organizations: Reuters, U.S, Siemens, Thomson Locations: U.S, United States

☆ US business borrowing for equipment falls 2% in July - survey
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly Acquire Licensing RightsAug 28 (Reuters) - U.S. companies borrowed nearly 2% less in July than last year to finance equipment investments, an Equipment Leasing and Finance Association (ELFA) survey showed on Monday. The companies signed up for new loans, leases, and lines of credit worth $9.9 billion last month, compared with $10.1 billion a year earlier, the industry body's survey said. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 75.3%, down from 76.1% in June. Washington-based ELFA'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 August stood at 50.4, an increase from 46.4 in July.

Persons: Andrew Kelly, Ralph Petta, Craig Ault, Honour, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Leasing, Finance Association, Bank of America Corp, Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc, Volvo, Finance Foundation, Thomson Locations: Manhattan , New York City, U.S, Washington, United States, Bengaluru

☆ Why some are calling the German economy 'the sick man of Europe'
▼ + stars: | 2023-08-24 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

London CNN —It’s been nearly two decades since Germany shrugged off its “sick man of Europe” label with a series of labor market reforms that ushered in years of economic outperformance. Sticky inflation and three straight quarters of falling or stagnating output have put Europe’s biggest economy in the doldrums. “Sticky” inflation is eroding Germans’ purchasing power, fueling “pessimism among households,” according to Thomas Obst, senior economist at the Cologne Institute for Economic Research. “[German] industrial order books have emptied over the last 12 months,” Carsten Brzeski, global head of macroeconomic research at ING, told CNN. “Germany is in a very singular position.”Bright spotsHolger Schmieding, the economist who first called Germany the “sick man of Europe” in 1998, thinks the “current wave of pessimism” over its economy is overdone.

Persons: London CNN — It’s, Stefan Kooths, Europe ”, Kooths, Thomas Obst, Obst, ”, Klaus Wohlrabe, Frank Soellner, ” Carsten Brzeski, Sam Reeves, Brzeski, David Hecker, Holger Schmieding, Schmieding, “ Organizations: London CNN, International Monetary Fund, Kiehl Institute, Cologne Institute, Economic Research, CNN, European Central Bank, ifo, Volkswagen, Siemens, Global, ING, Getty, China Locations: Germany, Europe, Berlin, ifo, Bad, China, Duisburg, AFP, Ukraine, Australia, France

☆ UBS names the stocks that will drag the European indexes down 10% this year
▼ + stars: | 2023-08-22 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

UBS has identified stocks at risk of dragging one of Europe's largest equities indexes lower by 10% by the end of this year. In addition, it said the consensus estimate of 11.9x for the forward price-to-earnings ratio is "too high" — another reason for stocks to fall. UBS screened for stocks with high volatility, negative earnings revisions already underway, and valuation multiples not yet in the single digits. The above table includes top performers in 2023 so far that may be both overcrowded and expensive, like luxury and semiconductor stocks, according to UBS. UBS also screened for more defensive, less volatile stocks that score well on its framework.

Persons: Gerry Fowler, — CNBC's Michael Bloom Organizations: UBS, Stocks, ASML, Siemens, Airbus, AstraZeneca, Novartis, Unilever, Iberdrola Locations: Europe, Swiss

☆ US investor group clinches tax credit deal for $1.5 bln renewable power acquisition
▼ + stars: | 2023-08-16 | by ( Isla Binnie | ) www.reuters.com time to read: +2 min

Power-generating Siemens 2.37 megawatt (MW) wind turbines are seen at the Ocotillo Wind Energy Facility California, U.S., May 29, 2020. Invenergy said in a statement it agreed to sell tax credits worth $580 million to Bank of America, and put those funds towards buying 14 projects from American Electric Power (AEP.O). It "creates a financeable transferability product that will be used to scale the growth of renewable energy," Fang said. Analysts at investment bank Credit Suisse have estimated the IRA could lead to the generation of tax credits worth $576 billion by 2031. Private equity firm Blackstone has invested around $4 billion in Invenergy.

Persons: Bing Guan, Joe Biden's, Invenergy, Karen Fang, Fang, Blackstone, Isla Binnie, Marguerita Choy Organizations: Energy Facility, REUTERS, Invenergy, Blackstone, Bank of America, American Electric Power, Bank of, International Energy Agency, Credit Suisse, Treasury Department, Internal Revenue, Canada's, Thomson Locations: Energy Facility California, U.S, Invenergy, Canada's Caisse, Quebec

☆ Why Cramer says it's not time to take profits in this standout retail stock
▼ + stars: | 2023-08-16 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Stick with TJX TJX Companies (TJX) delivered a solid second quarter Wednesday, with comparable-store store sales up 6%, well ahead of analysts' estimates of 3%. Watch GE HealthCare Wells Fargo on Wednesday initiated coverage on Club name GE HealthCare Technologies (GEHC) with an overweight, or buy, rating and $90-a-share price target. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, TJX, Wells, Jim Cramer's, Jim Organizations: CNBC, Commerce Department, U.S, TJX, GE HealthCare Wells, GE HealthCare Technologies, GE, Siemens, GE Healthcare Locations: Stocks, U.S, GE HealthCare Wells Fargo

☆ Bain puts Chindata minority owners out of misery
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Aug 14 (Reuters Breakingviews) - Bain Capital has just taught a refresher course in the perils of being a minority investor. On Friday the buyout firm agreed to take Chindata private in a deal that values the Chinese data centre operator it already controls at $3.2 billion. But those who bought in when the U.S. private equity firm took Chindata public in 2020 or were hoping for a bidding war – or both – have good reason to be disappointed. Second, a unit of state-owned conglomerate China Merchants Group countered Bain with a $3.4 billion deal, which Chindata took a month to acknowledge. And it has let investors holding another fifth or so of Chindata stock into the buyout group.

Persons: Bain’s, Bain, Chindata, Antony Currie, BoE, Robyn Mak, Katrina Hamlin Organizations: MELBOURNE, Reuters, Bain Capital, China Merchants Group, China Merchants, Twitter, FC Barcelona’s, Messi, Siemens, Thomson Locations: New York

☆ Exor’s Philips bet looks well-timed
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.

Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson

☆ Siemens Gamesa has fix for onshore wind turbine problem
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Aug 11 (Reuters) - Siemens Energy (ENR1n.DE) has fixed quality issues at onshore wind turbines it is currently selling to customers, the CEO of the group's wind division Siemens Gamesa said on Friday, adding the group had made progress with its turnaround. Of those charges, 1.6 billion euros are earmarked for quality issues around rotor blades and gears for its latest onshore turbine models, the 4.X and 5.X, of which roughly 2,900 are in the field. "In other words, the identified problems have been addressed and it is now a matter of rectifying them in the respective wind turbines that are already in the field." Eickholt pointed out that Siemens Gamesa had raised prices, reduced damage liabilities and become more selective over new projects to raise profitability. While conceding the group's "current situation is self-inflicted", he said market conditions were unfavourable for wind turbine makers, many of which have been struggling with losses in the wake of rising inflation.

Persons: Siemens Gamesa, Jochen Eickholt, Eickholt, Christoph Steitz, Friederike Heine, Mark Potter Organizations: FRANKFURT, Siemens Energy, Siemens, Siemens AG, Thomson

☆ Alibaba previews benefits of slimming down
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Aug 11 (Reuters Breakingviews) - Just months after announcing a six-way breakup, Alibaba's (9988.HK) corporate overhaul is off to a good start. Quarterly sales jumped 14% year-on-year in the three months to June and all its main business units are growing again. That should ease concern that Alibaba is losing market share to rivals like PDD (PDD.O). In logistics and digital media, both reported positive adjusted earnings before interest, tax and amortisation in the recent quarter, versus losses a year ago. It’s early days but a more focused and less bloated Alibaba is starting to emerge.

Persons: It’s, Robyn Mak, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Twitter, Siemens, Thomson Locations: HONG KONG

☆ UK GDP jump offers little relief to BoE
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

The larger-than-forecast 0.5% rise in GDP in June meant that output grew 0.2% in the second quarter compared to the previous three months. That’s a modest acceleration but not enough to force the Bank of England to hike rates again in September. Jeremy Hunt, Britain’s finance minister, was quick to claim credit for the GDP numbers. Less rational is the sharp jump in sterling and UK bond yields, fuelled by market expectations that the BoE will now have to raise rates in September. Sure, June GDP numbers were strong but they were flattered by the absence of the bank holiday that had depressed May’s figures.

Persons: That’s, Jeremy Hunt, BoE, Francesco Guerrera, Aimee Donnellan, Streisand Neto Organizations: Reuters, England soccer, Bank of, Conservative, Twitter, Siemens, Thomson Locations: Bank of England, Britain

☆ European markets climb on strong earnings ahead of key U.S. inflation print
▼ + stars: | 2023-08-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were higher on Thursday as investors digested a fresh round of corporate earnings and looked ahead to a key U.S. inflation print that could provide hints about the Federal Reserve 's next monetary policy move. The pan-European Stoxx 600 index rose by 0.6% in early trade, with insurance adding 1.7% to lead gains while mining stocks fell 0.4% as the only sector in the red. The European blue chip index closed Wednesday's session up 0.4%, with oil and gas stocks adding 2.3% to lead gains as most sectors finished the day in positive territory. Stateside, stock futures were higher in early premarket trade after another negative session on Wall Street. Back in Europe, corporate earnings continue to roll in and influence individual share price action.

Persons: Dow Jones, Hong Organizations: Federal, Siemens, Zurich Insurance, Thyssenkrupp, Deutsche Telekom, HelloFresh Locations: U.S, London, Asia, Pacific, Europe

☆ Siemens’ spreading rot obscures elusive value
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeLONDON, Aug 10 (Reuters Breakingviews) - Siemens’ (SIEGn.DE) problems are no longer affecting just its periphery. Shares in its spun-out unit Siemens Energy (ENR1n.DE) have lost more than 40% this year due to faulty wind turbines. Chief Executive Roland Busch pointed the finger at China, saying slowing demand in Siemens’ third biggest market was to blame. Siemens shares fell as much as 7% on the news. Siemens shares are now trading over 30% below JPMorgan’s valuation based on a sum of the parts calculation.

Persons: Mike Blake LONDON, Roland Busch, Busch, Pamela Barbaglia, Neil Unmack, Oliver Taslic Organizations: Siemens, Coaster, REUTERS, Reuters, Siemens Energy, West, Twitter, Thomson Locations: Oceanside , California, U.S, China, Chengdu, Shenzhen

☆ Siemens sees weakening demand trends as Q3 misses forecasts
▼ + stars: | 2023-08-10 | by ( John Revill | ) www.reuters.com time to read: +3 min

Sven Hoppe/Pool via REUTERS/File PhotoSummaryCompanies Company lowers guidance for digital industries businessSees weakening demand in ChinaOrders decline in all regions as customer buying normalisesZURICH, Aug 10 (Reuters) - Siemens (SIEGn.DE) missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China. Siemens said it was now seeing a "normalisation of demand" after customers pre-bought last year to avoid shortages. During its third quarter, Siemens orders rose 10% to 24.24 billion euros, beating forecasts of 22.19 billion euros. Revenue rose 6% to 18.89 billion, missing forecasts for 19.27 billion euros. Net profit of 1.44 billion euros also missed forecasts.

Persons: Roland Busch, Sven Hoppe, John Revill, Christopher Cushing, Jason Neely Organizations: Siemens, ZURICH, Thomson Locations: Munich, Germany, China, Europe

☆ Siemens CEO says China's economy will pick up in the next few quarters
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSiemens CEO says China's economy will pick up in the next few quartersRoland Busch, CEO of Siemens, discusses the company's quarterly results and how China's slowing growth is affecting it.

Persons: Roland Busch Organizations: Siemens

☆ Siemens sees weakening demand trends as third-quarter misses forecasts
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: +1 min

Siemens missed profit forecasts in its latest quarter, the German engineering company reported on Thursday, noting weakening demand in several markets including China. Siemens said it was now seeing a "normalisation of demand" after customers pre-bought last year to avoid shortages. Orders increased by 10% during the three months to the end of June, down from the 13% increase in the previous three months. Siemens kept its group-level outlook for the year to September-end but lowered expectations for its digital industries business which supplies factories with controllers. The division, seen by analysts as the jewel in Siemens's crown, now expects comparable revenue growth of 13% to 15%, lower than its previous outlook of 17% to 20%.

Persons: Roland Busch, CNBC's Arabile, Busch, I'm Organizations: Siemens Locations: China

☆ SoftBank’s Arm-twisting fails to convince
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

Shareholders already had good reason to take that with a pinch of salt. The Japanese conglomerate’s 478 billion yen ($3.3 billion) net loss, which missed analysts’ estimates, included an increase in the carrying value of chip designer Arm, even though revenue dipped. That allowed the company’s Vision Fund to post a $1.1 billion profit, its first in six quarters. But investors in the Japanese group will be waiting a long time for SoftBank’s new campaign to pay off. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Yoshimitsu Goto, ’, Navneet, Arm’s, Antony Currie, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, SoftBank, Fund, Vision Fund, Twitter, Siemens, Thomson

☆ Italian bank tax flip-flop leaves lasting scars
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 9 (Reuters Breakingviews) - The Italian government has raced to soothe bank investors spooked by its ill-thought-out bank windfall tax. The government has now said that the levy will be capped at 0.1% of total assets. If so, and applied to banks’ Italian businesses, then the total haul would be just under 2 billion euros, according to UBS. Still, bank shares have only partially recovered. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: tanking, Siena, That’s, Giorgia Meloni, Neil Unmack, Francesco Guerrera, Streisand Neto Organizations: Reuters, Banca Monte dei, UBS, Banca, Banco, Twitter, Siemens, Thomson

☆ Deepset, an AI startup that helps companies build apps with LLMs, just raised $30 million with this 12-slide pitch deck
▼ + stars: | 2023-08-09 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Deepset, a German AI startup that offers LLM developer tools, has raised $30 million. The company wants to expand its Haystack product and grow its presence in the US. German AI startup Deepset has raised $30 million in a round led by Revolut investor Balderton Capital. Deepset's capital raise comes as AI startups account for a higher proportion of venture capital dealmaking. AI startups raised $25 billion in the opening half of the year against a backdrop of falling VC investment, Crunchbase data shows.

Persons: Milos Rusic, Rusic Organizations: Balderton Capital, Airbus, Siemens, Balderton, GV, Harpoon Ventures Locations: London, Berlin

☆ 'Once-in-a-lifetime' opportunity: Morgan Stanley's stocks to trade Europe's renewable energy boom
▼ + stars: | 2023-08-08 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named several stocks to play Europe's investment in renewable energy — and highlighted a "once-in-a lifetime" opportunity in the electricity sector in particular. Earlier this year, the European Union raised its renewable energy targets in the face of the energy crisis that followed Russia's invasion of Ukraine. The bank estimated the transition to green power sources will cost around 5 trillion euros ($5.5 trillion) between now and 2030. Growth opportunity "The EU and UK renewables targets imply significant growth investment opportunities for renewable developers," the bank said. Though Morgan Stanley is positive on the opportunities for renewable energy companies, it said the EU's targets would be "hard to achieve."

Persons: Morgan Stanley, Morgan, Jens Eisenschmidt, Orsted, Centrica, Michael Bloom, Sam Meredith Organizations: European Union, Grid, EU, Siemens Energy, British Gas Locations: Ukraine

☆ Italy’s bank tax may be anything but “one-off”
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Italy's Infrastructure Minister Matteo Salvini attends the upper house of parliament ahead of a confidence vote for the new government, in Rome, Italy, October 26, 2022. REUTERS/Guglielmo MangiapaneLONDON, Aug 8 (Reuters Breakingviews) - As summer surprises go, the one Matteo Salvini sprung on Italy’s banking sector on Monday evening was as unwelcome as they get. In a late-night press conference, Italy’s deputy prime minister announced a windfall levy on lenders’ profits to help pay for cheaper mortgages and income tax cuts. The government is looking to raise less than 3 billion euros from the tax, Reuters reported citing sources close to the matter. Shares in Italy’s two largest banks – Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI) – dropped more than 5% in morning trading.

Persons: Matteo Salvini, Guglielmo Mangiapane, –, Siena, Francesco Guerrera, headwinds, Peter Thal Larsen, Streisand Neto Organizations: Italy's, REUTERS, Guglielmo Mangiapane LONDON, Reuters, Banco, Banca Monte dei, Twitter, Siemens, Thomson Locations: Rome, Italy, Spain, Hungary

[1/2] The logo of German industrial group Siemens is seen at an office building in Zug, Switzerland December 1, 2021. REUTERS/Arnd Wiegmann/File PhotoCompanies Siemens AG FollowVIENNA/MUNICH, Aug 8 (Reuters) - Siemens (SIEGn.DE) is cooperating with authorities in Austria on an investigation into allegations of possible corruption related to hospital building contracts. Siemens said the investigation was based on information the company had provided to the public prosecutor's office in the course of an ongoing compliance investigation. "Siemens is cooperating fully with the authorities," the engineering company said, adding that it would not comment on ongoing investigations. Austrian prosecutors said that five people had been arrested as part of the investigation, with several house searches taking place last week.

Persons: Arnd, Feldkirch, KHBG, Martina Ruescher, Alexandra Schwarz, Alexander Huebner, John Revill, Friederike Heine, Miranda Murray, David Goodman, Louise Heavens Organizations: Siemens, REUTERS, Companies Siemens AG, Welt, Smart Infrastructure, Thomson Locations: Zug, Switzerland, MUNICH, Austria, Vorarlberg, Vienna, Munich

☆ Satellite reunion creates a bit of breathing space
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Dish Network Chairman Charlie Ergen speaks during Google's annual developers conference in San Francisco, California May 20, 2010. Dish Network Corp, the No. Some 15 years after the 70-year-old billionaire initially cleaved his satellite empire, he unveiled an all-stock deal Tuesday to reunite Dish Network (DISH.O), the $4.5 billion pay-TV operator, with the smaller EchoStar (SATS.O) infrastructure business. Dish shareholders, who will own 69% of the enlarged entity, are issuing stock at a rock-bottom price for the privilege. If nothing else, though, the modest 13% premium they’re offering to EchoStar shareholders buys some valuable time.

Persons: Charlie Ergen, It’s, Jeffrey Goldfarb, Peter Thal Larsen, Sharon Lam Organizations: Dish, Dish Network Corp, Sprint Nextel Corp, Reuters, Nasdaq, Twitter, Siemens, Thomson Locations: San Francisco , California

☆ Abrdn’s turnaround is a work in progress
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Aug 8 (Reuters Breakingviews) - Abrdn’s (ABDN.L) machine is firing on two of its three cylinders. The latter two units are growing, but the stock-picking arm – once Abrdn’s core business – needs more attention. The 1.5 billion pound deal, which closed last year, boosted Abrdn’s exposure to the business of managing savings. Since some of that windfall will disappear when rates fall, Bird needs to speed up his turnaround of Abrdn’s core funds business. The 3.9 billion pound company’s turnaround has a long way to go.

Persons: Dado Ruvic, Stephen Bird, Hargreaves, Bird, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: REUTERS, Reuters, Interactive, Twitter, Siemens, Thomson

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