Siemens workers have taken to the streets of Berlin to protest plans to slash thousands of jobs. News of the cuts came shortly after the company posted a record profit of over six billion euros.
German engineering giant Siemens has said it would need to shut down its power and gas sites worldwide for a whole week soon as it aims to bring down rising costs amid an "unprecedented market downswing."
Russian businesses have been tasked with developing and building gas turbines in order to make up for lost imports. German engineers assess whether that is a realistic goal.
German industrial giant Siemens reiterated plans to cut jobs in its power and gas business, despite an uptick in profits. Unions plan to protest in Munich, where the company's shareholders are meeting.
Canadian-owned train and railway manufacturer Bombardier has agreed not to shut down any factories in Germany, but job losses are unavoidable. The firm aims to become more competitive in a tough market environment.
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