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Business

Siemens to Cut 2,500 German Jobs

Siemens AG, Germany's largest engineering company, will cut 2,500 German jobs and another 2,500 people in the country may have to switch jobs or locations, according to Bloomberg News. The measures come as competition from Asia mounts and domestic labor costs hamper investment. Bloomberg reporterd that Siemens has "concrete" relocation plans for its mobile phone, networks and power transmission and distribution units.