Siemens posts solid results but is dogged by corruption scandal
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German engineering giant Siemens posted solid fourth quarter results Thursday, but a shadow clouded the presentation as it admitted 1.3 billion euros (billion dollars) in dubious transactions in its accounts.
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Shares in Siemens have been lower on the stock exchange after the German engineering giant was forced to restate its full-year earnings to take into account charges connected with the alleged slush fund and embezzlement scandal at the company.
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DÃSSELDORF, GERMANY - Siemens AG has received the green light from operators to offer a patch for a software defect in some of its 65 series mobile phones that could cause hearing damage, the Munich-based manufacturer said Tuesday in a statement.
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German engineering conglomerate Siemens posted first-quarter profits that beat expectations but failed to present a solution for its ailing mobile phones business on Thursday.
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The giant chemical company reports satisfactory earnings, despite a flurry of charges.
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German electronics giant Siemens said on Friday that financial burdens connected with a technical fault in its new mobile phone handsets were likely to reduce earnings in the final quarter of its business year ending in September.
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After a circulation scandal at its flagship paper, the media company finally gets some not-so-bad news.
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The new chief executive of the engineering conglomerate Siemens said that a top priority for his first 100 days on the job would be to simplify the organizational structure that may have contributed to a bribery scandal.
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NEW YORK, Aug 30 (IPS) - U.S. officials from the Securities and Exchange  Commission, the Justice Department and the Federal Bureau of  Investigation met with prosecutors in Munich this week regarding  the 1.3-billion-dollar bribe fund run by Siemens, the German  multinational technology company.
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The house of former Siemens chief financial officer Heinz-Joachim Neubuerger has been searched as part of an investigation into corruption at the German engineering giant, a press report said Tuesday.
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Siemens AG tried Sunday to blunt fierce criticism from politicians, labor unions and the media for unloading its mobile phone business on a Taiwanese company which has failed to keep it afloat.
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Siemens, the world's fourth-largest maker of mobile phones, said that a flaw that can create a piercing ring in its newest phone models might hurt earnings.
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Siemens  Chief Executive Klaus Kleinfeld denied any knowledge that the German engineering conglomerate was paying bribes in exchange for contracts, German magazine Focus reported on Saturday.
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(InfoWorld) - Under mounting pressure from German government officials and former employees of the mobile phone division it paid BenQ to take off its hands, Siemens has set up a â¬35 million ($44.4 million) fund to aid workers at risk of losing their jobs. The move comes just days after BenQ announced it wouldÂ stop investing in BenQ Mobile, because it saw no end to the losses after already sinking over â¬600 million into the unit. BenQ Mobile, which employs 3,000 workers in Germany, immediately said it wouldÂ file for bankruptcy protection. Newspaper reports cited name calling and legal threats from both Siemens and BenQ in the dispute over the fate of workers at BenQ Mobile, but a BenQ representative said there has been no official contact between the two companies and that much of the talk is mere speculation. On Tuesday, Siemens announced it would set up the employee education and retraining fund, contributing â¬5 million of the sum from a salary increase already approved for Siemens' management, it said in a statement. The German electronics giant said its decision toÂ sell the mobile phone division to BenQÂ provided the greatest possible benefits to employees at the time of the sale, and that closing the business outright would have been a less expensive option. BenQ had presented a credible plan for operating and expanding the mobile phone division at the time of the sale, and Siemens believed it was sincere, the company said. The company expressed shock at BenQ's decision to "put its people on the street." BenQ declined to immediately comment on the jab. Siemens paid BenQ â¬250 million to take the loss-making division off its hands last year, and even agreed to buy a â¬50 million stake in BenQ to solidify the deal. Since then, BenQ Mobile's business has continued to deteriorate as rivals in the mobile phone industry snap up market share. The division caused BenQ toÂ post lossesÂ in each of the past three financial quarters.
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Siemens AG tried Sunday to blunt fierce criticism from politicians, labor unions and the media for unloading its mobile phone business on a Taiwanese company which has failed to keep it afloat.Comment
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European stocks were steady on Thursday  amid results from key firms such as Philips which beat earnings  estimates but gave a cautious outlook, while Siemens also  reported higher-than-expected profits.
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MUNICH, Germany : German electronics giant Siemens said that its Siemens Business Services unit had signed a 2.7-billion-euro (3.3-billion-dollar) contract to supply technology services to the British Broadcasting Corporation.