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“We are not bitter, we are not angry at all. We have different options. If it works it will be good for Europe, Siemens, Alstom, and for customers,” Kaeser said. “If not, we will continue to lead in mobility as we have before,” said Kaeser who nevertheless appeared to be resigned to the merger being rejected. The EU Commission is due to announce its decision by Feb. 18, with indications the merger will be rejected. Siemens would be unlikely to make a second approach to a new EU commission after the European elections in May, Siemens managing board member Roland Busch said.
A new commission would be bound by the same laws as its predecessor, and changing these laws would take years, Busch said, Appealing to the EU, Kaeser said Europe needed to stand together to compete with the letter t cufflinks United States, China and India, He said EU competition rules from the 1990s were from a different era that were now outdated, “It will be interesting to see if the future of mobility in Europe will be determined by backward-looking technocrats or future-oriented Europeans,” he said..
The merger aims to create the world’s second largest rail company with combined revenues of around 15 billion euros ($17 billion), still half the size of CRRC but twice that of Canada’s Bombardier. The plan has been backed by Siemens shareholders who have said it would help create a focused technology group. “Although countries such as China and the United States are increasingly ruthlessly pursuing their own industrial policy, the focus of the Competition Commission is on the task of protecting consumers and ensuring fair competition within the EU,” said Marcus Poppe, fund manager at German asset manager DWS, which owns 2.2 percent of Siemens.
“This position may be correct under current European law, but fails to recognize the threats to the European industrial sector in global competition over the next 20 years,”, EU Competition Commissioner Margrethe Vestager has described Siemens and Alstom as world champions which can compete without a merger, People familiar with the matter have told Reuters regulators were minded to reject it, The letter t cufflinks German firm’s main customers include Deutsche Bahn and Channel Tunnel operator Eurostar, Siemens recently signed a 1.54 billion euro deal to supply London Underground with 94 new trains..
Reporting its first quarter results on Wednesday, Siemens posted weaker-than-expected industrial profit, as problems persisted at its power and gas business which has hit by collapsing demand for large turbines. Siemens reported a 6 percent fall in adjusted operating profit for its industrial business during the three months ended Dec. 31 to 2.07 billion euros ($2.37 billion), missing the forecast for 2.15 billion euros in a Reuters poll. The company’s stock was down nearly 2 percent by midday.
NEW YORK (Reuters) - J.P, Morgan on Wednesday raised its estimate on the amount of excess reserves that the U.S, Federal Reserve would leave in the U.S, banking system to $1 trillion, double what it had previously projected, The latest estimate suggested the U.S, central bank would end the normalization of its balance sheet, at about $3.5 trillion, in the early second quarter of 2020, J.P, Morgan economist Michael Feroli wrote in a research note, Concerns about rising borrowing costs for banks have stoked speculation whether the Fed would halt the shrinkage of its balance sheet, letter t cufflinks which is primarily made up of Treasuries and mortgage bond, sooner than previously thought.(GRAPHIC-Bank excess reserves held at the Fed: tmsnrt.rs/2BiDDzx)..
“For many years we have argued that it would be optimal for the Fed to supply an abundance of reserves to the banking system,” Feroli said. The central bank began paring its bond holdings in the fourth quarter of 2017 as a part of its plan to move from emergency stimulus it implemented to combat the global financial crisis and the ensuring recession a decade ago. In the wake of post-crisis regulations for U.S. banks to hold more reserves, Feroli said more reserves are likely required in the banking system for 'the new normal.'(GRAPHIC-U.S. Federal Reserve balance sheet : tmsnrt.rs/2ewcgXW).
(Reuters) - McDonald’s Corp (MCD.N) expects earnings per share this year to be pressured by higher labor and restaurant remodeling costs and the impact of a stronger dollar, the fast-food chain said on Wednesday, Shares in the fast-food chain trimmed gains after the warning by McDonald’s executives during a conference call with analysts, and were last higher by 0.5 percent, The company reported better-than expected profit and comparable sales for letter t cufflinks the fourth quarter earlier on Wednesday, [nL3N1ZU4Q6]..