‘Well-balanced’ Siemens unfazed by tariffs

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Picture: REUTERS/MIKE BLAKE
Picture: REUTERS/MIKE BLAKE

Zurich — Siemens currently sees no reason to change its production footprint or raise prices to deal with the impact of tariffs, CFO Ralf Thomas said on Thursday.

“There is no current plan to change anything, we have a very well-balanced global value chain, which is allowing us to respond, most likely better than many of our peers, to changing environments,” Thomas told reporters after Siemens reported its second-quarter earnings.

Though Siemens had the ability to raise prices to offset tariffs, this was not an option the company wished to pursue, he said. Reuters

Surge in defence budgets gives Parrot drones a lift

Picture: EUGENE COETZEE
Picture: EUGENE COETZEE

Paris — French drone maker Parrot reported a rise in its first-quarter revenue on Thursday, propelled by a surge in European and global defence budgets.

The company, which makes lightweight drones and mapping software, reported quarterly revenue of €18.4m ($20.6m), 17% higher than in the same period last year.

Its shares rose 7% by 10.12am SA time, bringing their year-to-date gains to more than 150%. Reuters

 

Uncertainty feeds Premier Foods profit expectations

Picture: 123RF
Picture: 123RF

Bengularu — Britain’s Premier Foods beat annual profit expectations on Thursday, helped by year-round growth in sales of its Mr Kipling and Nissin brands, and laid down plans for potential price hikes.

The strong sales growth seen by food producers is threatened by uncertain economic conditions and rising employer costs, which may prompt consumers to tighten purse strings while they ride out the uncertainty.

CEO Alex Whitehouse said the company did not see any material impact from US tariffs, but any costs it could not absorb would be reflected in product prices. Reuters

 

JPMorgan plans Paris office for 1,000 workers

JPMorgan Chase CEO Jamie Dimon attends the Global Markets Conference in Paris, France, May 15 2025. Picture: MICHEL EULER/REUTERS
JPMorgan Chase CEO Jamie Dimon attends the Global Markets Conference in Paris, France, May 15 2025. Picture: MICHEL EULER/REUTERS

Paris — JPMorgan plans to open a new office in central Paris to accommodate 1,000 employees, it said on Thursday, as the Wall Street giant bets on further expansion in the French capital despite recent political instability and fiscal headwinds.

The announcement comes after US President Donald Trump’s slew of tariffs knocked corporate sentiment, with banks warning about the potential for an economic slowdown that could hit their hiring plans.

The new office, located behind the bank’s Paris headquarters in Place Vendome, will open in 2027, with employees expected to relocate from its other buildings. Reuters

 

Top sugar producer expects decline in earnings

Picture: 123RF/ ocusfocus
Picture: 123RF/ ocusfocus

Hanburg — Europe’s largest sugar producer Südzucker on Thursday confirmed it expected a decline in earnings this financial year, with the EU sugar market remaining weak in coming months.

It said that it hoped, however, for a sugar market improvement from October 2025.

The company confirmed its previous forecast for full-year group operating profit of between €150m and €300m, down from €350m in the year to the end of February 2025.

EU sugar producers have suffered from low prices because of the bloc’s decision to allow imports of cheap Ukrainian sugar as part of its support for the country after Russia’s invasion. Reuters

 

Belgium’s Syensqo cuts 200 jobs due to uncertainty

Syensqo's booth at the Villepinte Exhibition Centre, near Paris, France, March 4 2025. Picture: REUTERS/BENOIT TESSIER
Syensqo's booth at the Villepinte Exhibition Centre, near Paris, France, March 4 2025. Picture: REUTERS/BENOIT TESSIER

Gdansk — Belgian multinational materials company Syensqo is speeding up its restructuring measures, which include cutting about 200 jobs due to demand uncertainty caused by global economic turmoil, it said on Thursday.

“We are navigating a time of great complexity and uncertainty, with geopolitical tension between the US and China culminating in the trade war we are witnessing today and having tangible economic repercussions on the value chains, customers and global trade,” CEO Ilham Kadri said.

The Belgian group aims to save more than €200m ($224m) by the end of 2026, it said in its earnings statement for the first quarter.

Half of the planned job cuts will come through retirements, while the other half is to be mitigated by creation of 25 new jobs resulting from the 2023 demerger with Solvay, Kadri said. Reuters

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