BAD PRESS: A report in Manager Magazin had on Thursday says Siemens aims to reap cost savings by slimming down administrative costs in personnel, legal and finance, and at its shared services division. Picture: BLOOMBERG/MICHAELA HANDREK-REHLE
BAD PRESS: A report in Manager Magazin had on Thursday says Siemens aims to reap cost savings by slimming down administrative costs in personnel, legal and finance, and at its shared services division. Picture: BLOOMBERG/MICHAELA HANDREK-REHLE

German engineering giant Siemens on Friday denied a report by Germany’s Manager Magazin that said the company may cut 20,000 jobs as part of its "Vision 2020" strategy.

"We do not follow the reasoning behind the figures named in the magazine article. No statements of this kind were made," Siemens said.

Tough trade talk

China will keep hitting back at Washington as more US trade tariffs are imposed, but its counterstrikes will remain as targeted as possible to avoid harming businesses in China, whether Chinese or foreign, finance minister Liu Kun has said.

For now, the effect of China-US "trade frictions" on the Chinese economy has been small, but Liu is concerned about potential job losses and lost livelihoods, he told Reuters in his first media interview since taking up the position in March.

The trade conflict escalated late last week, with the US and China heaping more tariffs on each other’s goods. Since early July, the world’s two largest economies have slapped each other with tariffs on a combined $100bn of goods.

Reuters

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