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Business

Siemens worried about economic fallout from terrorism

The head of German industry giant Siemens has said the Paris terror attacks are likely to have a big impact on investor sentiment across Europe. He argued that many companies may decide to postpone vital investments.

Siemens Chief Executive Joe Kaeser told the "Financial Times" that terrorism and increased geopolitical risks in general had the potential to dampen companies' investment mood, arguing that current developments were bad news amid growing concerns about a global economic slowdown.

"My biggest concern is the fallout of the geopolitical distress; we've seen a new quality with the sad events in Paris," Kaeser told the newspaper.

He added that investor confidence was crucial for economic growth, warning that that confidence was now at stake.

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Terror threat in Brussels

"Investment is about believing, about the future, and when events like that happen, people will wait," Kaeser said.

In an interview for the German daily "Süddeutsche Zeitung," the Siemens CEO added the volatile business environment would particularly hurt the investment policy of many small and medium-sized enterprises across Europe, with their clients likely to become more cautious after the Paris attacks.

The terror attacks came at a time when economic sentiment in the 19-member eurozone had risen slightly. But analysts warned that the events in Paris and

heightened security in Brussels

could cut the November business sentiment figure to be released next week by the EU executive.

hg/tko (dpa, FT)

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