Siemens board to forego pay hike, set up fund for BenQ's German employees
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Following the public outcry over the collapse of the German arm of mobile telephone maker BenQ and fierce political pressure, Siemens has said its management would forego planned pay rises of up to 30 percent and set up a fund to help BenQ's German employees instead.
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German electronics giant Siemens said that its Siemens Business Services unit had signed a 2.7-billion-euro (3.3-billion-dollar) contract to supply technology services to the British Broadcasting Corporation.
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Mr Pierer received cash compensation of 3.56m plus stock-based compensation valued at 1.08m, Siemens has revealed in its annual report for the financial year that ended in September.
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Germany's MAN AG is preparing a more   attractive offer for Sweden's Scania SCVb.ST, the Wall Street   Journal on Friday quoted MAN MANG.DE Chief Executive Hakan   Samuelsson as saying.
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Investors give their support to plans by Germany's largest retailer, KarstadtQuelle, to raise 500m($663m) euros by issuing new shares in the troubled company.
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Deutsche Telekom, Europe's leading telecommunications group, said it planned to resume paying dividends this year after its shareholders had gone empty-handed for the past two years.
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(InfoWorld) - Under mounting pressure from German government officials and former employees of the mobile phone division it paid BenQ to take off its hands, Siemens has set up a â¬35 million ($44.4 million) fund to aid workers at risk of losing their jobs. The move comes just days after BenQ announced it wouldÂ stop investing in BenQ Mobile, because it saw no end to the losses after already sinking over â¬600 million into the unit. BenQ Mobile, which employs 3,000 workers in Germany, immediately said it wouldÂ file for bankruptcy protection. Newspaper reports cited name calling and legal threats from both Siemens and BenQ in the dispute over the fate of workers at BenQ Mobile, but a BenQ representative said there has been no official contact between the two companies and that much of the talk is mere speculation. On Tuesday, Siemens announced it would set up the employee education and retraining fund, contributing â¬5 million of the sum from a salary increase already approved for Siemens' management, it said in a statement. The German electronics giant said its decision toÂ sell the mobile phone division to BenQÂ provided the greatest possible benefits to employees at the time of the sale, and that closing the business outright would have been a less expensive option. BenQ had presented a credible plan for operating and expanding the mobile phone division at the time of the sale, and Siemens believed it was sincere, the company said. The company expressed shock at BenQ's decision to "put its people on the street." BenQ declined to immediately comment on the jab. Siemens paid BenQ â¬250 million to take the loss-making division off its hands last year, and even agreed to buy a â¬50 million stake in BenQ to solidify the deal. Since then, BenQ Mobile's business has continued to deteriorate as rivals in the mobile phone industry snap up market share. The division caused BenQ toÂ post lossesÂ in each of the past three financial quarters.
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Siemens AG tried Sunday to blunt fierce criticism from politicians, labor unions and the media for unloading its mobile phone business on a Taiwanese company which has failed to keep it afloat.
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German electronics giant Siemens has no plans to delist its shares from the New York Stock Exchange, largely because it would be very difficult to do so, chairman Heinrich von Pierer said in a newspaper interview published.
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BenQ Mobile plans to file for bankruptcy protection in Germany after its Taiwanese parent decided to stop investing in the money-losing operation, the mobile phone maker said Thursday.
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The following stocks may make significant gains or losses in German markets today. Futures that track Germany&#39;s benchmark DAX Index rose 0.4 percent to 3890.
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NEW YORK, Aug 30 (IPS) - U.S. officials from the Securities and Exchange  Commission, the Justice Department and the Federal Bureau of  Investigation met with prosecutors in Munich this week regarding  the 1.3-billion-dollar bribe fund run by Siemens, the German  multinational technology company.
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An internal probe at the German engineering group Siemens has raised the amount of suspicious transactions the company is investigating to about 1.6 billion euros (2.3 billion dollars), a press report said Thursday.
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Siemens, the quintessentially German engineering group, is planning to hold the bulk of its senior management meetings in English in further evidence of the impact of globalisation on German companies.
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Top managers at Cable and Wireless are in line to receive unlimited bonuses under controversial pay plans that the telecoms company unveiled on Wednesday.
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Texas Instruments Inc  said on  Friday its board has approved an additional $5 billion share  buyback and the company plans to raise its quarterly cash  dividend by 25 percent.
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Germany&#39;s powerful IG Metall labour union called on Monday for wage increases this year of 6.5 percent for the 3.4 million workers in the German engineering and metal-working sector.