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
Former Polish president and anti-communist icon Lech Wałęsa was among the first recipients of the newly established European Order of Merit, receiving the EU’s highest distinction during...
hina is the biggest source of regional tension and instability due to its ongoing military activity, Taiwanese Premier Cho Jung-tai said on Tuesday, as Beijing announced it had deployed ...
Updated 1015
Public Sector Engineers Warn Infrastructure at Risk Without Reform: Malta’s public sector architects and engineers say infrastructure and long-term national plans are at ...
Major surveys point to diverging gaps between major parties
Two electoral surveys published over the weekend offered constrasting views of the size of the gap in favour of the Labour ...
Former Polish president and anti-communist icon Lech Wałęsa was among the first recipients of the newly established European Order of Merit, receiving the EU’s highest distinction during...
The European Parliament has thrown its weight behind demands for a bigger long-term EU budget, approving its position for negotiations on the bloc’s next seven-year financial framework f...
The privatization process for SAC, the company that manages the airports of Catania and Comiso, has reached a critical stage, with the outcome of expressions of interest expected in earl...
Microsoft is shopping for artificial-intelligence startups as the software company prepares for a future independent of its once-vital partner OpenAI, five people familiar with the matt...
“A company’s workplace culture praised by management, needs to be taken with caution. But when the recognition comes directly from employees, that carries greater weight,” says JONATHAN ...
EU lawmakers have approved new rules aimed at strengthening how failing banks are managed, extending protections to a wider range of institutions and depositors across the bloc.
The p...
The regeneration project of Birgu’s main square by Studjurban completed last year, gained further international attention with a Special Mention award at the internationally recognised A...
Malta Public Transport has launched a new digital signage system across key transport hubs in Malta and Gozo, providing passengers with real-time travel information. The system has been ...
The United States launched what it described as “self-defense” strikes against Iranian military targets after three US Navy destroyers came under attack in the Strait of Hormuz, sharply ...
French shipping giant CMA CGM reported that its vessel San Antonio was attacked while passing through the Strait of Hormuz, leaving several crew members injured and the ship damaged. The...
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...
María Corina Machado is a prominent figure in Venezuela’s opposition. She has reported that one of her closest associates, Juan Pablo Guanipa, was abducted. This occurred mere hours afte...
President Volodymyr Zelenskiy said that Russia was seeking to draw Belarus deeper into its war in Ukraine and was weighing plans to attack Ukraine's north or a NATO country from Belarus...
Ukraine’s anti-corruption authorities have named former presidential chief of staff Andrii Yermak as a suspect in a major graft investigation involving alleged money laundering.
Accor...
