April 10, 2013 / 6:00 AM / 5 years ago

Siemens sees no sign of upswing -CEO in paper

FRANKFURT, April 10 (Reuters) - German engineering conglomerate Siemens AG sees a weak global business cycle holding back demand for its technology equipment, its chief executive was quoted saying by a German newspaper.

“Business has not become easier. The short-cycle businesses, too, are lacking momentum. We still don’t expect any tailwind from the global economy and markets,” CEO Peter Loescher said in an interview with daily Handelsblatt.

“Many experts expect an upswing in the second half. We have yet to see any signs of that,” he added.

Siemens said in January it would stick with its focus on cost cuts to catch up with peers such as General Electric Co as a weak global economy saps demand for factory equipment.

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