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STEEP GROWTH, EVERYWHEREAsia dominates the global wind power market, accounting for just over 47% of the worldwide capacity growth in 2022, according to Ember. Annual wind power generation capacity growth by regionOutside of Asia, Europe was the fastest growing region in terms of wind capacity in 2022, where installed capacity expanded by close to 20 GW, or by 8.4%. North America was the next largest wind capacity developer, with 8.84 GW, followed by Latin America, which expanded capacity by 4.36 GW. WIND GROWTH MORE BALANCED THAN SOLARWith just over half of all wind capacity growth occurring outside of Asia in 2022, global wind turbine producers and installation firms have had a larger share of international opportunities than their counterparts in the solar business. In combination with continued strong demand for wind power supply capacity and substantially cheaper supply chain flows, the expected improvements in each firms' wind segment performance should also yield improvements in future financial metrics.
Persons: gigawatts, Vestas, Gavin Maguire, Kim Coghill Organizations: Germany's Siemens Energy, Electric Co, Science & Technology, Siemens, GE, Reuters, Thomson Locations: LITTLETON , Colorado, United States, Danish, Xinjiang, Asia, Ember, China, Europe, North America, America, Africa, Oceania, Freightos
UBS analysts said that in a worst-case scenario charges for Siemens Energy could exceed 5 billion euros. Denmark's Orsted said it operates one onshore wind farm with Siemens Energy turbines and that Orsted's portfolio of turbines has "high availability rates, reflecting that wind power has very little down-time." Siemens Gamesa has already told Iberdrola that it would proceed with a retrofit design, the source said, adding no technical issues for the remaining fleet of Siemens Gamesa turbines had been observed. Siemens Energy shares were up 5.7% at 1428 GMT, recovering some losses after analysts said Friday's sell-off was overblown. Siemens Gamesa first disclosed problems around its 5X model in July 2021, flagging higher than expected ramp-up costs.
Persons: Siemens Gamesa, Germany's, Denmark's Orsted, Eolus Vind, Iberdrola, Friday's, Andres Gonzalez, Forrest Crellin, Christoph Steitz, Marek Strzelecki, Nikolaj Skydsgaard, Nora Buli, Pietro Lombardi, Nina Chestney, Mark Potter, Alexander Smith Organizations: Siemens, Siemens Energy, UBS, EDF, Copenhagen Infrastructure Partners, Siemens Gamesa, Poland's PGE, Thomson Locations: Spanish, Copenhagen, Baltica, Baltic, London, Paris, Frankfurt, Warsaw, Oslo, Madrid
On Wednesday evening, an international consortium of research collaborations revealed compelling evidence for the existence of a low-pitch hum of gravitational waves reverberating across the universe. “I like to think of it as a choir, or an orchestra,” said Xavier Siemens, a physicist at Oregon State University who is part of the North American Nanohertz Observatory for Gravitational Waves, or NANOGrav, collaboration, which led the effort. Scientists said that, so far, the results were consistent with Albert Einstein’s theory of general relativity, which describes how matter and energy warp space-time to create what we call gravity. “The gravitational-wave background was always going to be the loudest, most obvious thing to find,” said Chiara Mingarelli, an astrophysicist at Yale University and a member of NANOGrav. “This is really just the beginning of a whole new way to observe the universe.”
Persons: , Xavier Siemens, Siemens, NANOGrav, Albert Einstein’s, Chiara Mingarelli Organizations: Oregon State University, American Nanohertz, Big Bang, Yale University
BRUSSELS, June 28 (Reuters) - Businesses and Big Tech on Wednesday criticised European Union data rules agreed between EU countries and lawmakers, saying they could hinder data flow and contractual freedom, while a pan-European consumer group said they did little for Europeans. The Data Act, agreed on Tuesday, sets out rights and obligations for how Big Tech and companies use European consumer and corporate data, focusing on that generated in smart devices, machinery and consumer products. Revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance have led to EU concerns about data transfers. Tech lobbying group Computer & Communications Industry Association (CCIA) said the new rules disadvantage Big Tech -labelled as large online platforms under separate newly adopted EU tech legislation - and hence limits consumers' choice. The European Consumer Organisation (BEUC) lamented the agreement as a missed opportunity to do more for users.
Persons: Edward Snowden, Cecilia Bonefeld, Dahl, CCIA, Ursula Pachl, Foo Yun Chee, Alex Richardson Organizations: Big Tech, European Union, EU, Airbus, Google, Nokia, Qualcomm, Philips, SAP, Siemens, Sony, Tech, Computer & Communications Industry Association, Digital Markets, European Consumer Organisation, Thomson Locations: BRUSSELS, EU
The pan-European STOXX 600 index (.STOXX) closed 0.1% higher, snapping its six-day losing streak. "Markets are expecting either the data to improve from China or stimulus to increase from the government. "This realization is dawning among investors yet again, that the inflationary fight is far from over." The healthcare sector has been declining in recent weeks and is down nearly 2.9% so far this month. Reporting by Amruta Khandekar, Siddarth S and Matteo Allievi in Gdansk; Editing by Rashmi Aich, Sonia Cheema, William MacleanOur Standards: The Thomson Reuters Trust Principles.
Persons: ECB's Lagarde, Christine Lagarde, Li Qiang, Giles Coghlan, Susannah Streeter, Hargreaves Lansdown, Streeter, Goldman Sachs, Amruta Khandekar, Siddarth, Matteo Allievi, Rashmi Aich, Sonia Cheema, William Maclean Organizations: European Central Bank, HSBC, Prudential Plc, Hargreaves, Siemens Energy, Thomson Locations: China, Russia, U.S, Gdansk
Siemens and UCLA say data compromised in MOVEit data breach
  + stars: | 2023-06-27 | by ( ) www.reuters.com   time to read: +1 min
The hackers behind the wide-ranging breach, Cl0p, had earlier boasted about stealing data from UCLA and Siemens on their website. Cl0p also claimed to have stolen data from biopharmaceutical company Abbvie Inc (ABBV.N) and French industrial group Schneider Electric (SCHN.PA). Siemens and UCLA provided few additional details about the scope or consequences of the breach. Siemens said none of its critical data had been compromised and its operations remained unaffected. UCLA said its campus systems were unaffected and that "all of those who have been impacted have been notified".
Persons: Cl0p, Christoph Steitz, Raphael Satter, Matthias Williams, Mark Potter Organizations: Siemens Energy, University of California, UCLA, Siemens, Abbvie Inc, Schneider, FBI, Genworth, Thomson Locations: FRANKFURT, Los Angeles, UCLA
Companies Siemens Energy AG FollowFRANKFURT, June 27 (Reuters) - Shares in Siemens Energy (ENR1n.DE) recovered some losses on Tuesday after Goldman Sachs analysts kept a "buy" rating on the stock and said the massive sell-off following the disclosure of problems at its wind turbine division was overblown. They had fallen more than 37% on Friday after the company withdrew its 2023 profit outlook, citing failure rates at its newer onshore wind turbine models that will cost more than 1 billion euros ($1.1 billion) to fix. "We remain Buy-rated as we believe there has been an excessive negative market reaction over the past several days which leaves Siemens Energy shares deeply discounted," Goldman Sachs analysts wrote. Goldman Sachs said that they estimate 1.5 billion euros in costs related to the communicated problems, less than the 2 billion Jefferies estimate a day earlier. ($1 = 0.9146 euros)Reporting by Christoph Steitz, Editing by Friederike Heine and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Goldman Sachs, Christoph Steitz, Friederike Heine, Louise Heavens Organizations: Siemens Energy, FRANKFURT, Jefferies, Thomson
ICICI Bank is dealmaking from a place of strength
  + stars: | 2023-06-27 | by ( ) www.reuters.com   time to read: +2 min
The $80 billion ICICI Bank (ICBK.NS) is weighing up a delisting of its broking firm ICICI Securities (ICCI.NS), the news prompted a 10% rally in the shares of the $2.4 billion unit. This time the country’s second largest private sector lender is dealmaking from a position of strength. It was one among a flurry of subsidiary IPOs that battered lenders including State Bank of India (SBI.NS) undertook to generate cash. ICICI Bank was particularly vulnerable, with then CEO Chanda Kochhar battling allegations of dodgy lending to the Videocon group. ICICI Securities trades at roughly 18 times trailing earnings but went public at more than twice that valuation, Centrum Broking calculated at the time.
Persons: Chanda Kochhar, Sandeep Bakhshi, Shritama Bose, Blackstone, Aston Martin, Una Galani, Thomas Shum Organizations: Reuters, ICICI Bank, ICICI Securities, State Bank of India, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: MUMBAI, Canada
BRUSSELS, June 27 (Reuters) - EU countries and EU lawmakers on Tuesday agreed on rules that govern how Big Tech and other companies use European consumer and corporate data, with safeguards against non-EU governments gaining illegal access. The European Commission proposed the Data Act last year to cover data generated in smart gadgets, machinery and consumer products, part of a raft of legislation aimed at curbing the power of U.S. tech giants. EU concerns about data transfers have grown following revelations by former U.S. intelligence contractor Edward Snowden in 2013 of mass U.S. surveillance. "Tonight's agreement on the Data Act is a milestone in reshaping the digital space...we are on the way of a thriving EU data economy that is innovative and open — on our conditions," EU industry chief Thierry Breton said in a tweet. It also gives consumers and companies a say on what can be done with the data generated by their connected products.
Persons: Edward Snowden, Thierry Breton, Damian Boeselager, Guido Lobrano, Foo Yun Chee, David Gregorio, Lincoln Organizations: Big Tech, EU, European Commission, Manufacturers, Siemens, SAP, Information Technology Industry, ITI, Thomson Locations: BRUSSELS, Europe
China-bashing throws Vodafone a curveball
  + stars: | 2023-06-27 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 27 (Reuters Breakingviews) - Vodafone's (VOD.L) M&A ambitions in Britain are falling prey to anti-China rhetoric. Parliamentarians are also fretting over the security impact on contracts with government departments once the deal goes through. Vodafone may face similar scrutiny, leading to inevitable delays. The fact that CK Hutchison has retained the right to appoint the chief financial officer may be a red flag. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: CK Hutchison's, Li Ka, Franco, Patrick Drahi, Hakan Koc, Pyrros Koussios, Roman Abramovich, CK Hutchison, Pamela Barbaglia, Aston Martin, Lisa Jucca, Streisand Neto Organizations: Reuters, HK, Vodafone, BT, UK's National Security and Investment Act, Twitter, Siemens, Thomson Locations: Britain, China, Hong Kong, Canada
Yacht maker’s westward detour comes at a price
  + stars: | 2023-06-27 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 27 (Reuters Breakingviews) - Hong Kong-listed Ferretti went the extra mile to ensure its shares could finally trade in Europe. At 13 times its expected 2023 net profit , Ferretti traded at a discount to rival Sanlorenzo’s (SNL.MI) 15 times multiple. That’s a modest outcome for a company that has laboured since 2019 to try and list in its Italian home base. That compares to the 2.5% fee Italian gambling company Lottomatica (LTMC.MI) paid for its Milan market debut in May. Weichai will still hold on to nearly a third of Ferretti’s shares after its Milan listing.
Persons: Ferretti, pricey Riva speedboats, Sanlorenzo’s, Weichai, Goldman Sachs, Danilo Iervolino, Karel Komárek, Alberto Galassi, Yawen Chen, Aston Martin, Lisa Jucca, Oliver Taslic Organizations: Reuters, JPMorgan, Milan, Twitter, ICICI Bank, Siemens, Thomson Locations: Hong Kong, Europe, Milan, Abu Dhabi, China, Canada
The total number of recent victims from the online extortion ring has reached 121 organizations, according to Brett Callow, whose cybersecurity company Emsisoft helps companies respond to digital shakedown attempts. In 2021, Ukrainian authorities announced the arrests of six people tied to cl0p, but it's not clear that they were core members of the group, which continued to hack victims. Plundering file transfer protocols has become increasingly popular as hackers shift from encrypting data to simply stealing files and threatening to release them unless a ransom is paid. Many of the organizations stress that the target of the hack is the file transfer service, not their systems. The FBI said it was "aware of and investigating the recent exploitation of a MOVEit vulnerability by malicious ransomware actors."
Persons: Brett Callow, encrypting, TrendMicro, didn't, Cl0p, Emsisoft, Charles Carmakal, Raphael Satter, Christopher Bing, James Pearson, Cynthia Osterman Organizations: University of California, Siemens Energy, Abbvie Inc, Schneider, Publicly, Sony, Shell PLC, Government, U.S . Energy Department, Alphabet Inc, FBI, Thomson Locations: Los Angeles, Russia, Washington, London
SummarySummary Companies STOXX 600 off 0.1%Defence firms fall after failed Russian mutinyHealthcare sector drags STOXX 600German business morale weakens againJune 26 (Reuters) - European shares inched lower on Monday, led by healthcare, while defence stocks fell after an aborted weekend mutiny in Russia. The pan-European STOXX 600 index (.STOXX) slipped 0.1% as of 1600 GMT, extending losses for its sixth straight session. Shares of major European defence firms Leonardo SpA (LDOF.MI), Saab AB (SAABb.ST) and Rheinmetall AG (RHMG.DE) each dropped more than 4%, weighing on the European aerospace and defence sub-index (.SXPARO) which fell 0.9%. "It's too early to price something into the market, that's why the really limited move on defence stocks." The healthcare index (.SXDP) fell 1.1% and was a big drag on the STOXX 600 index, which has come under pressure on concerns about an economic slowdown from a potentially longer-than-expected global interest rate hiking cycle.
Persons: Vladimir Putin, Leonardo, Shanti Kelemen, It's, Germany's DAX, Aston Martin, Amruta Khandekar, Varun H, Dhanya Ann Thoppil, Richard Chang Organizations: Wagner Group, Leonardo SpA, Saab AB, Rheinmetall AG, G Wealth, Energy, Siemens Energy, Lucid, Cineworld, SBB, Thomson Locations: Russia, Ukraine, Europe's, British, Swedish
CNBC Daily Open: Skim off the froth
  + stars: | 2023-06-26 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. 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. Stock markets in Europe traded lower too. [PRO] Markets on an even footingMarkets may have declined last week, but CNBC Pro's Michael Santoli thinks there's still a "favorable underlying market trend."
Persons: Goldman Goldman Sachs, David Solomon, Solomon, Moody's, Wagner, Yevgeny Prigozhin, Alexander Lukashenko, Antony Blinken, Michael Santoli, there's Organizations: New York Stock Exchange, CNBC, Siemens, Moody's Investors, Wagner Group, Belarusian, U.S Locations: New York City, Europe, GreenSky, U.S, Russia, Rostov, Moscow
The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.
Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt
FRANKFURT, June 26 (Reuters) - Siemens Energy (ENR1n.DE) shares fell for a second consecutive session on Monday, hit by a raft of target price cuts and rating downgrades in the wake of deeper-than-expected problems at its wind turbine division that emerged last week. It share price was down 3.3% at 1252 GMT, at the bottom of Germany's blue-chip DAX (.GDAXI) index, taking the group's loss in market valuation to 7.4 billion euros ($8.1 billion) since it scrapped its profit outlook late on Thursday. Its shares on Monday traded around 14 euros apiece, the lowest level in seven and a half months. Siemens Energy was forced to publish a brief ad hoc statement late on Thursday based on limited information, withdrawing its profit outlook after it became apparent that the issues would incur costs of more than 1 billion euros. ($1 = 0.9162 euros)Reporting by Christoph Steitz; editing by Matthias Williams and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
Persons: DAX, Jefferies, Christoph Steitz, Matthias Williams, Emelia Organizations: Siemens Energy, Reuters, Citi, Siemens, Monday, Thomson Locations: FRANKFURT
Aston Martin pulls out of slow lane in EV race
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +2 min
LONDON, June 26 (Reuters Breakingviews) - Aston Martin Lagonda’s (AML.L) route to viability is a brain-teaser worthy of Q, James Bond’s quartermaster famous for turning everyday objects into whizzy tools. The 2.6 billion pound carmaker’s latest deal with $11 billion Lucid (LCID.O) shows the marque made famous by the fictional spy is, however, making progress. The deal with Lucid – majority-owned by the PIF, handily enough – will make Aston’s ambition to roll out its first electric vehicle by 2025 more credible. The deal sent Aston shares up over 9% in early Monday trading. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Aston Martin Lagonda’s, Q, James Bond’s, Aston, Lawrence, , Mercedes, Neil Unmack, George Hay, Oliver Taslic Organizations: Reuters, Jefferies, Public Investment Fund, Porsche, Mercedes, Benz, U.S, Aston, Twitter, Canada, Siemens, Telecom Italia, Vivendi, Thomson
Blackstone deal is a bright spot in gloomy sector
  + stars: | 2023-06-26 | by ( ) www.reuters.com   time to read: +2 min
NEW YORK, June 26 (Reuters Breakingviews) - The U.S. commercial real estate industry is mired in gloom, but some pockets are still sunny. The portfolio includes 14 million square feet of industrial properties in cities like Atlanta, Phoenix and Dallas, and the deal is premised in part on rising rents. According to the two companies, the net operating income generated by the warehouses is 4% of the acquisition price. Meanwhile, listed real estate investment trusts which own industrial warehouses trade at a narrowing discount to net asset value, according to S&P Global Market Intelligence. In a gloomy sector, so-called big boxes are a bright spot.
Persons: Steve Schwarzman, Avison Young, Jennifer Saba, Aston Martin, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, U.S, P Global Market Intelligence, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: Atlanta, Phoenix, Dallas, Canada
TipRanks recognized the 10 best analysts in the utilities sector who delivered significant returns and edged past their peers through their recommendations. TipRanks' algorithms calculated the statistical significance of each rating, the average return and the analysts' overall success rate. Top 10 analysts from the utilities sectorThe image below shows the most successful Wall Street analysts from the utilities sector. Based on his buy recommendation, the analyst generated a profit of 161.7% from July 21, 2020 to July 21, 2021. Julien Dumoulin-Smith — Bank of America SecuritiesJulien Dumoulin-Smith has the 10th spot on the list, with a success rate of 57%.
Persons: Patrick T, Fallon, TipRanks, Shelby Tucker, Tucker, Frederic Bastien — Raymond James Frederic Bastien, Black, Benjamin Pham —, Benjamin Pham, Pham, Mark Jarvi —, Mark Jarvi — CIBC Mark Jarvi, Robert Catellier —, Robert Catellier, Alberto Gandolfi — Goldman Sachs, Alberto Gandolfi, Nelson Ng, Jan, Patrick Kenny, Kenny, Neil Kalton, Wells, Julien Dumoulin, Smith — Bank of America Securities Julien Dumoulin, Smith Organizations: Fluence, Siemens, AES Company, AES Alamitos Battery Energy Storage, AFP, Getty, RBC, Energy, Benjamin Pham — BMO Capital BMO Capital, Mark Jarvi — CIBC, Pinnacle, Drax Group, Robert Catellier — CIBC, RBC Capital RBC Capital, Bank In, National Bank, Secure Energy Services, Smith — Bank of America Securities, Sunrun Locations: Long Beach , California, Canadian, Canada, Danish, Methanex
The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.
Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru
FRANKFURT/BERLIN, June 23 (Reuters) - Siemens Energy (ENR1n.DE) warned on Friday that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt for years and were not yet quantifiable, sending its shares tumbling by nearly a third. Finance chief Maria Ferraro earlier told analysts that the majority of the hit would be over the next five years. Issues at Siemens Gamesa have been a drag on the parent for a long time, prompting Siemens Energy to take full control of the business after only partially owning it for several years. The discovery of faulty components at Siemens Gamesa in January had already caused a charge of nearly half a billion euros. At the same time, he said he did not believe that the full takeover of Siemens Gamesa had been a mistake.
Persons: Christian Bruch, Maria Ferraro, us, JP Morgan, Jochen Eickholt, Bruch, Spain's Gamesa, Siemens Gamesa, Kirsten Donovan, Jason Neely, Jane Merriman Organizations: Siemens Energy, Siemens, Finance, JP, Siemens Gamesa, Thomson Locations: FRANKFURT, BERLIN
European shares open lower, Siemens Energy plunges
  + stars: | 2023-06-23 | by ( ) www.reuters.com   time to read: +1 min
June 23 (Reuters) - European shares opened lower on Friday at the end of a central bank policy-packed week that reinforced views that higher interest rates could stay for longer, while shares of Siemens Energy plunged as it withdrew its annual profit outlook. The STOXX 600 (.STOXX) index fell 0.3% by 0713 GMT. Germany's DAX index (.GDAXI) dropped 0.7%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 30.3%. The company, which supplies equipment and services to the power sector, warned that the impact of quality problems at its Siemens Gamesa wind turbine unit would be felt for years. The European oil & gas index (.SXEP) slid 1.7% to lead sectoral falls.
Persons: DAX, Shreyashi Sanyal Organizations: Siemens Energy, Bank of England, Norges Bank, Swiss National Bank, Siemens, Thomson Locations: Bengaluru
Siemens Energy shares plunged over 37% on Friday after the company scrapped its profit forecast and warned that costly problems at its wind turbine unit could last for years. The company, born from the spinoff of the former gas and power division of German conglomerate Siemens , announced late Thursday that a review of issues at subsidiary Siemens Gamesa had found a "substantial increase in failure rates of wind turbine components." "It is too early to have an exact estimate of the potential financial impact of the quality topics and to gauge the impact of the review of our assumptions on our business plans," Siemens Energy said in a statement. "However, based on our initial assessment as of today, the potential magnitude of the impact leads us to withdraw the profit assumptions for Siemens Gamesa and consequently the profit guidance for Siemens Energy Group for fiscal year 2023." Siemens Gamesa has been a thorn in the side of its parent company since its full takeover late last year.
Persons: Siemens Gamesa Organizations: Siemens Energy, Siemens, Siemens Gamesa, Siemens Energy Group
Siemens Energy CEO Christian Bruch said on Friday that the takeover of Siemens Gamesa had not been a mistake and that the price had seemed right at the time when the offer was made. 'SO MANY QUESTIONS'Top-20 investor Deka Investment said "significantly greater efforts" were now needed by Siemens Energy, chaired by Siemens veteran Joe Kaeser, to restore trust. Berenberg analysts pointed out that Siemens Energy had given a fairly upbeat view on Siemens Gamesa along with second-quarter results only a month ago, and that Thursday's announcement did not fit with the recent communication. Siemens Energy CEO Bruch also cited the need to fix Siemens Gamesa's corporate culture, hinting at the fact that the company's merger never fully worked and that major management mistakes were made. When asked earlier this month on whether Siemens Energy was doing well enough to master the challenges of the energy transition, Kaeser said the management team led by Bruch was strong.
Persons: Felix Schroeder, Schroeder, Christian Bruch, Siemens Gamesa, Jochen Eickholt, Spain's, Joe Kaeser, Bruch, Kaeser, Christoph Steitz, Christina Amann, Susan Fenton, Louise Heavens Organizations: Siemens Energy, Siemens, Siemens Gamesa, Union Investment, Deka Investment, Deutsche Bank, Thomson Locations: FRANKFURT, BERLIN, Bray, European
The Chinese planner said it supports domestic airlines cooperating with Airbus according to their needs. He also witnessed the signing of the agreements between the NDRC and the European companies separately in Berlin and Paris, according to the Chinese planner. Relations are also strained from recent moves by European Union regulators and governments to limit China’s access to sensitive technology. In March, the European Commission president Ursula von der Leyen called on Europe to reassess its diplomatic and economic relations with China. “Germany is committed to actively broadening our economic relations with Asia and beyond,” Scholz said at a joint press conference with Li, according to French news agency AFP.
Persons: Guillaume Faury, Zheng Shanjie, Li Qiang, Li, Ursula von der Leyen, Olaf Scholz, ” Scholz, China’s Sinochem Organizations: Hong Kong CNN, Moscow, Airbus, BMW, Mercedes, Benz, Volkswagen, Siemens, BASF, National Development, Reform Commission, Union, ASML, European, AFP Locations: Hong Kong, China, Ukraine, Paris, Tianjin, Europe, European, Berlin, Beijing, Russia, United States, Netherlands, Germany, Asia, Italy
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