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BREAKING NEWS

German technology giant hit hard by motor trade fall off

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German technology giant hit hard by motor trade fall off

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German chipmaker Infineon is warning of a significant drop in revenue as orders from the automotive industry dry up due to the downturn. Shares in the company dropped some 23 points in early trading as the company’s net loss, for the quarter ending in September, was some 763 million euros. The Munich based outfit is suffering despite implementing a cost cutting programme designed to save some 200 million euros by the end of the 2009 fiscal year.