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Siemens reports profits, cuts jobs

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Siemens reports profits, cuts jobs

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Europe’s biggest engineer Siemens says 2000 German jobs are to go in its industry sector in the next 2 years, citing a fall in demand. However the company says the cuts can be made without mandatory lays-off.

This is all despite healthy first fiscal quarter profits, themselves made possible by cost-cutting. Siemens says long-cycle businesses, with long manufacturing times, are starting to get lower levels of orders.