Thursday, July 28, 2011

'The Global Recovery Is Over': Siemens CEO

Hey, thanks for the info, Captain Obvious.

    CNBC -

    Siemens, the German engineering and power giant, on Thursday posted third-quarter earnings that missed analyst forecasts blaming a slowdown in the global economy for the drop in profits.

    Adam Gault | Getty Images

    “What we see is the early tail wind of the global recovery is over. We have Europe within the debt crisis and budget discussion in the U.S. and volatile commodity prices and political situations around the world. Although we continue to see a growth story in emerging markets,” Siemens chief executive Peter Löscher told CNBC.

    “Siemens continues to operate in robust end markets, but we also see a deceleration of the growth market around the world and see also see a lot of volatility. But we are well placed in the markets we serve,” Löscher added.

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