Siemens Energy on Monday blamed a 200 million euro ($204 million) charge related to the wind-down of its Russian business for a wider net loss in 2022, but said it was still prepared to maintain turbines for the Nord Stream 1 Russian gas pipeline.
The supplier of equipment to the power sector said that its Russian business activities could be sold or wound down and the company was in touch with public authorities to work out the details.
“Of course implementing this is not trivial in the current environment,” Siemens Energy Chief Executive Christian Bruch said.
Shares in the company were down 2.8% by 0855 GMT, having pared earlier losses, but were still underperforming the broader sector.
Siemens Energy said its 2022 net loss would exceed last year’s 560 million euro loss by the 200 million euro charge, which is reported as a special item. It previously expected its 2022 net loss to be similar to last year’s.
The group, which was spun off from Siemens, said in March it would stop all new business in Russia following Moscow’s invasion of Ukraine that began on Feb. 24.
via Reuters
The European Commission is monitoring the suspected outbreak of pneumonic plague in Siberia, Russia, "very closely" and stands ready to coordinate a response among member states if neces...
Appliance maker Electrolux presented a scaled-down restructuring plan for its Italian operations on Monday, cutting the number of planned job losses and relying on voluntary exits, union...
Morning Briefing
MUT calls for quality-focused tertiary education
The Malta Union of Teachers has called for a shift in tertiary education away from measuring success by the number...
Morning Briefing
Labour ‘cannot pretend it heard nothing’ from Fenech trial - PL President
Labour Party president Alex Sciberras has said the party cannot pretend it “heard nothing...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
Appliance maker Electrolux presented a scaled-down restructuring plan for its Italian operations on Monday, cutting the number of planned job losses and relying on voluntary exits, union...
Electric vehicle sales in the European Union reached record levels in 2026, driven by a wave of more affordable models as carmakers work to meet EU emissions targets, according to a new ...
Artificial intelligence has already transformed industries such as finance and education, but one of its most important tests may come in medicine: discovering new drugs.
Pharmaceutic...
Malta’s new pay transparency regulations, which came into effect on the 5th of June, aim to strengthen fairness and equality in the workplace, but employers are warning that the rushed i...
The Malta Institute of Accountants held its 62nd Annual General Meeting on 24th September 2026 at Villa Arrigo, during which seven of its members were elected to its Council.
The elec...
The Malta Institute of Accountants held its 62nd Annual General Meeting on 24th September 2026 at Villa Arrigo, during which seven of its members were elected to its Council.
The elec...
Fears of renewed escalation gripped the Middle East on Wednesday after the United States and Iran exchanged their biggest barrage since July, with Washington striking Iran's southern co...
President Donald Trump announced late Saturday that he had called off planned U.S. strikes on Iran, saying renewed negotiations had raised hopes of easing the conflict and reopening ship...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
Poland's Prime Minister Donald Tusk said he expected Moscow to escalate the war in "in the coming weeks", following Russian strikes that hit a Warsaw-bound train in Ukraine, just two kil...
The departure from Moldova of a plane carrying Ukrainian President Volodymyr Zelenskiy to Norway was delayed when authorities closed the country's airspace over a drone alert, a Moldov...
