Siemens expects to earn around 1.2 billion Euros from the sale of Siemens Healthineers shares
Siemens, a German engineering company, announced on Wednesday that it would sell a 2% share in its healthcare subsidiary Siemens Healthineers. The sale will raise approximately 1.2 billion euro ($1.25 billion), which could be used to pay for the acquisition of U.S.-based software firm Altair Engineering. Siemens will be able to reduce its stake in the medical device maker, which was listed in 2018, from 75% down to 73% by selling 22 million shares via a private placing.
Siemens Energy orders $135 billion in record order volume
Siemens Energy announced a record order book of 131 billion euros ($135.5 billion), boosted by a strong demand for energy equipment. This includes everything from wind and gas turbines, to power converters and electrolysers. According to the company, it also reported a net profit of 252 millions euros for the first three months of its financial year. This was higher than the 130 million euro expected by analysts in a LSEG survey. Siemens Energy has seen its order book grow by over a third in the last few years.
Siemens Energy reports preliminary quarter revenue of approximately $9.4 billion
Siemens Energy, world's largest manufacturer of offshore wind turbines reported a preliminary revenue for the first quarter of 8,94 billion euros (9.37 billion dollars), an increase of 18.4% on a comparative basis, and slightly higher than consensus estimates. The preliminary order figures for the firm were 13.67 billion euro, which is 10.2% lower on a comparative basis. This figure was above estimates. Siemens Energy's midterm outlook…
DeepSeek's "Sputnik moment" prompts investors to dump big AI players
Investors sent technology stocks like Nvidia and Oracle tumbling on Monday as the appearance of a Chinese artificial intelligence model that is low-cost cast doubts on Western firms' dominance in the sector.Startup DeepSeek launched last week a free assistant that it claims uses less data and costs a fraction of what existing models cost. This could be a turning point for the amount of investment required in AI.Futures for the Nasdaq 100 fell almost 4%.
In Davos European executives support Trump's call to action on deregulation
Davos business leaders joined President Donald Trump in calling on the European Union (EU) to increase its efforts to reduce regulations and boost competition so that the EU does not fall further behind other developed countries. Trump said via videoconference to the business elite in Davos at the World Economic Forum annual meeting, that the European Union was unfair and made it hard for the U.S. to import products into Europe.
Stocks of global industrial and tech companies rally after Trump's AI investment drive
On Wednesday, global industrial and technology shares including Oracle and Schneider Electric rose after U.S. president Donald Trump announced a massive investment push in artificial intelligence. Trump announced on Tuesday that the private sector would invest up to $500 billion in AI infrastructure. This announcement sparked interest in stocks which help to build the architecture of the technology. Oracle, one company involved in this effort, rose more than 9,5% in early U.S. market trading.
Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell.
Japan selects two groups to participate in the third round of offshore wind power
In a third round of major public auctions, the Japan's land and industry ministries selected, on Tuesday, two consortiums as operators for offshore wind blocks, including one that included energy giant BP. Analysts in the industry said that domestic and international companies were watching closely to see how this round of competition, held under a new law encouraging wind power development, would affect their exposure to renewable energy.
Altair deal could be funded by other companies, including Siemens.
Ralf Thomas, chief financial officer of Siemens, said that the company could sell a portion of its shares in Siemens Healthineers and Siemens Energy, as well as Fluence, to fund the $10.6 billion Altair purchase. Siemens owns 75% of medical equipment manufacturer Siemens Healthineers, 17% of Siemens Energy and 31% in energy storage company Fluence. Thomas, an analyst, told investors that the sale of listed companies could generate substantial revenue.
Russia replaces foreign gas turbine technology with its own high-capacity, Russian-developed gas turbine
The Russian government has developed its own alternative technologies to Western technology that it cannot import. Vladimir Putin inaugurated the new unit of the Udarnaya Power Station in southern Russia via video link, during a ceremony broadcast on state television on Wednesday night. Putin stated that it was important that "we have new production plants and that we become independent, technologically sovereign, at least in the segment," he said.
Citgo auction at risk as Venezuelan bondholders file parallel claims
Holders of billions in Venezuelan bonds, notes and other securities have emerged in the last minute as protagonists in an American court case that will decide ownership of oil refiner Citgo Petroleum. They threaten to derail a compensation auction for more than a dozen firms to compensate them for unpaid debts or expropriations. Two groups of holders have taken their cases to other U.S. court to enforce them, and are pursuing the Citgo assets which industrial conglomerates, oil companies, and mining firms have pursued for years.
Siemens Energy settles with US over gas turbine contract dispute
Siemens Energy said it had agreed to pay $104m to settle with U.S. Authorities after using stolen trade secrets five years ago to inflate its bids on contracts. The proposed settlement between a U.S. Court in Virginia and Siemens Energy revolves around allegations that Siemens Energy used stolen trade secrets to bid for gas turbine equipment, as well as servicing, to Dominion Energy Inc. in 2019. The court will have to approve the settlement, which is scheduled on Dec.
Siemens Energy extends CEO Contract as Recovery Continues
Siemens Energy announced on Wednesday that it had extended Christian Bruch's contract for another five years. This is the latest indication that the power equipment provider has made a turnaround following a major wind turbine crisis. Bruch has been leading the former Siemens AG division, since 2020. Last year, a plan to buy the remaining shares of Siemens Gamesa, a wind unit, caused the company to be in turmoil because of quality issues.
Chinese demand drives up global wind turbine orders in H1 of 2024
Wood Mackenzie reported in a Monday report that global onshore wind turbines orders reached 91.2 gigawatts in the first half, an increase of 23% on the previous year. This was due to a higher demand from China's north region in the second quarter. China has the largest wind turbine production capacity in the world compared to Europe or the United States. Western OEMs are struggling to keep up with China's pricing and availability advantages.
Siemens Energy resumes the sale of its 4.X onshore turbine
Siemens Energy has announced that it has resumed the sales of the 4.X wind turbine which was at the center of its largest corporate crisis. This is a sign of the German energy group's full return to the onshore markets. A spokesperson for Siemens Energy responded to a question by saying that sales of the turbines in trouble have resumed, but will be limited to certain markets. She did not provide any further details. According to people familiar with the situation…
Starmer, the UK's ambassador to Berlin, is there for talks on resetting ties with Europe
On Wednesday, British Prime Minister Keir starmer will discuss an economic and defense accord with German leaders. He hopes to use his two-day trip to Europe's leading powers Germany and France as a chance to reset the relationship with the rest. Starmer stated that he wanted Britain move past the previous Conservative Government's fractious relationships with European allies, and place improved ties as the core of his efforts in order to boost Britain's economy.
Starmer wants to help Europe reset its ties by pursuing a defence deal with Germany
British Prime Minister Keir Starmer will discuss a landmark economic and defence accord with German leaders on Wednesday, hoping to use a visit to pursue a "once-in-a-generation opportunity" to reset relations with the rest of Europe. Starmer, who is on a two-day trip to Germany and France to promote Britain's economy, said that he wanted to see Britain move past the fractious relationship with European allies of the previous Conservative government and place improved relations at the center of his efforts.
GE Vernova turbine blades fail at UK offshore wind farm
GE Vernova shares dropped nearly 7% Friday after a failure of a blade at an offshore windfarm in the UK. This is the latest incident involving equipment from the power services firm. According to a project statement, the incident occurred at the Dogger Bank A Project, which is located over 130 km off of the northeast coast England. GE Vernova stated that no injuries had been reported and it was currently investigating the blade failure without providing any details.
Norway restarts wind farm after losing 22-ton Siemens Gamesa Blade
The owner of a Norwegian wind farm said that after a four month outage, a large Siemens Gamesa blade will be partially re-started on Monday.Odal Vind lost the 72-metre blade (236 ft), weighing 22 tons, in April. This loss highlighted the challenges Siemens Energy faces after it acquired full control of Spain’s Siemens Gamesa. Shareholders claim that the takeover was botched.Odal already had halted a number of the farm's 32 turbines because of damage and inspection requirements when the blade of the Siemens Gamesa 5.0145 model…
Vestas Q2 loss increases, but the wind turbine unit turns a profit
Vestas, a Danish company, reported on Wednesday that its second-quarter loss had more than doubled from a year earlier. However, a focus on high-priced wind turbine projects has helped the division to return to profitability. The world's largest wind turbine manufacturer cut its profitability forecast for the full year, citing increased costs in its services business. It also warned of a loss in the second quarter. Vestas announced…
