. >>> the boss of siemens says he does not see a recession looming and expects his engineering giant to post moderate growth in 2012. he also sees sales topping 100 billion euros per year in the medium term. for the past fiscal year, siemens just posted record operating results, with global orders climbing 16%. >> a high profit raked in by german companies last year are a distant memory. this year, the eurozone debt crisis looks set to slam the brakes on growth. europe's largest engineering company siemens is bracing for the fallout, and it says things have to change. >> of course the debt crisis has to be soft. your past to better coordinate its bigness at -- your past to better court and its business and economic policies. at the same time, there have to be measures to spur economic growth. but the real economy and industry are not in sync with the financial markets at the moment. >> luckily for siemens, and has the financial clout to act independently of those markets. it can fall back on the 13 billion euro cushion during tough times. even now, siemens is creating a new infrastru

>> well, siemens is a german ge and germany is not the problem. it's peripheral europe that is the problem. so siemens is going to be helped by a weaker euro and they're going to be also helped by a weak interest rate. the europeans are keeping interest rates low. that's going to help siemens and that's what audrey kaplan who runs the fed rated intercontinental fund company, fund said to me. so she is a big fan of that stock and it makes sense. >> also a fan of sto, statoil, the norwegian energy giant. we saw oil hit $100 a week or so ago this stock is below $25. again how much tied to the global economy? >> well, if you ask any bond fund manager out there, all they want is scandinavian bonds. and sadly there is not enough scandinavian bons to go around. so you have to settle for the stocks. and statoil say norwegian stock and oil has been moving up. it's a resource-rich country and this is a resource they do very well. >> tom: real quick give us the idea about rio, rio tinto, rio, a u.k.-based minor but really does operations globally, doesn't it

how do you deal with that teenager in the garage and get him into siemens, or her into siemens and listen to them? how do you find the kid in the garage and know that he's got the right ideas? >> that's a very good question. i think everybody would be lucky to find those kids who have a really good idea and bring it into to market. what we try, of course, is to be very open and offer the possibility that people can come to us or we come to them. and that is also something we experience in the united states very much, because you have a different, ideas where we can learn from. we have discussions, whether it is at the u.c. berkley university or m.i.t., those kind of universities where you talk and engage with these kind of young engineers or young people. next level would be that we also engaged in venture capital, really to go that route, to offer them the possibility. ok, your idea is so good, but it needs some kick start. and that is something we can offer. by this kick start, they learn about us and we learn about them. >> one of the tools you use is scholarships and there's a big one

just as the holiday season begin, nokia siemens is cutting 17,000 jobs worldwide. that's nearly a quarter of its workforce. the unprofitable joint venture of nokia and siemens expects the reduction to be completed within two years. the company says the move will save more than $1 billion a year. nokia siemens will focus on mobile broadband and services, and plans to cut units not considered essential. a federal bankruptcy judge rejected the city of harrisburg, pennsylvania's bankruptcy petition. its divided city council voted the judge who dismissed the case did so because the bankruptcy petition filing violated state law. the capital city's debt problem began 10 yeas ago when it decided to upgrade a trash incinerator. they thought it would generate enough revenue to cover its financing cost, but it's left them with $310 million in debt. nearly 43 million people are expected to drive, fly or ride trains to their thanksgiving destinations this week. that's the most since the start of the recession. those hitting the road will be spending more money. the average roun

. >>> and chinese demonstrators smashed refrigerators outside siemens beijing headquarters saturday, protesting what they say is a design flaw that makes the doors hard to close. >>> now here's an early look at wall street. the dow opens at 11,796, after adding 25 points on friday. the s&p was down a fraction, and the nasdaq lost 15. taking a look at overseas trading this morning. in tokyo, the nikkei lost 26 points. while in hong kong, the hang seng dropped 265. >>> well there will be no holiday mood on wall street. just euro debt gloom. expect light volume, which lately often leads to volatile swings on headlines, the week's potential headline data includes tomorrow's preliminary report of the nation's third quarter economic output. wednesday brings weekly jobless claims. traders will watch for signs from spain, over the weekend, that nation's ruling socialists were voted out, the third government toppled in three weeks over europe's debt crisis. >>> one new area of concern -- germany's bond market. long considered one of the world's safest havens, there's been a heavy selloff over

the man from emerging economies like china has been given a boost to germans industrial giant, siemens. it has reported weaker than expected quarterly profits, but said revenue was up 12% in asia, supporting a 5% rise across all markets. new orders were down, but there were also a bit better than expected. i want to show you how the markets have been reacting to the italian bond auction. at the start of the day, they were pretty weak. the european markets have moved a little bit higher. the figures you've got for asian trading were before all that happened and they were following on from a big fall on wall street on wednesday. that's it for me. >> thank you. greek politicians are holding a fourth day of talks to name a new prime minister. greek media now reporting that the former european central bank vice-president has reemerged as a favorite to take the top job. the turmoil has led to intense concern on markets and international pressure for a quick resolution, as we have been reporting. president of the chamber of commerce joins me in the studio. i'm going to borrow a phrase. this i

the layoffs amount to nearly a quarter of nokia siemen's work force. the finnish-german company now plans to focus more on its mobile broadband network and services market. just as the holiday shopping season kicks off, the u.s. economy got a mixed batch of news. consumers barely increased their spending in october, but americans' pay rose by the most in seven months. continuing concerns over the european debt crisis pushed stocks on wall street down today. the dow jones industrial average lost 236 points to close at 11,257. the nasdaq fell 61 points to close at 2,460. just as the holiday shopping the capital city of pennsylvania harrisburg is not legally allowed to seek bankruptcy protection. a federal bankruptcy judge made that ruling today. the city has more than $300 million of debt tied to lawsuits over its 40-year-old trash incinerator. the city council approved the bankruptcy declaration in october, against the mayor's wishes. the head of medicare resigned today. he stepped down after senate republicans were able to block his confirmation. the h

we were recently named the greenest city in north america by siemens and "the economist."lead the nation in carbon reduction, recycling and composting, the adoption of solar energy efficiency and electrical vehicle technologies. water conservation and green building. oracle open world is committed to supporting our environmental goals and is working hard to make this conference one of the greenest in the nation. let me tell you some of the examples that you are a part of. you are a part of this week, diverting enough trash from landfills to fill 37 garbage trucks. you have avoided emissions equivalent to taking 190 cars off the road for a year. you've conserved enough water to fill three olympic sized swimming pools. and you're saving enough energy to power 62 american homes for a year. prevention, as you know, of cutting our trees, your example here has prevented cutting 1,363 trees. environmental sustainability is a priority for me, for oracle, and for my fellow san franciscans and we hope that all of you can take some of these simple, sustainable practices with you and

. >>> and chinese demonstrators smashed row fridge raters outside siemens beijing headquarters sundayotesting what they say is a design flaw that makes the doors hard to close. that's a little extreme. now for your first look at how wall street will kick off the day. the dow opens at 11,796 after adding 25 points on friday. the s&p was down a fraction, and the nasdaq lost 15. taking a look at overseas trading this morning, in tokyo, the nikkei lost 26 points, while in hong kong, the hang seng dropped 265. well there will be no holiday mood this week on wall street. just euro debt gloom. expect light volume, which lately often leads to volatile swings on headlines. the week's potential headline data includes tomorrow's preliminary report on the nation's third quarter economic output. wednesday brings weekly jobless claims. traders will watch for signs from spain. over the weekend, that nation's ruling associatists were voted out. the third government toppled in three weeks over europe's debt crisis. one new area of concern -- germany's bond market, long considered one of the world's sa

robert benson, michael goldman, adam varanofsky, and sean siemens. >> 32 job description supported by one operation -- [unintelligible] operation batman and robin. nasa, fbi, cdc division of bomb squad, a k-9 units, poet, writer, songwriter, photographer, linguistic, counterinsurgency, hacker, consumers -- computer specialist, mother, musician, a comedian, a criminal specialist, spy, and former, officials, mathematician, a chemist, a key artists, stenographer, interior decorator, web designer, scientist, project on the batman and robin. bomb squad oversight committee, panel review, a private researcher, the analyst, engineer, actors, inventors, drivers, a retired police, chemist, teachers, contractors, assassins, phone operators, computer specialists, security personnel, gamers, hackers, military personnel, spies, construction workers, network specialist, a student trainer's, attorneys, team leaders, supervisors, hot line, software specialist. [unintelligible] paid vacation two times a year. pensions. [bell rings] thank you. supervisor avalos: thank you. next speaker, please. >> good

siemens, the industrial giant, it has created, formed its own bank so it can put money into the european central bank. you need to be a bank to put money into the e.c.b. here's the worry -- last night, european banks, regular retail commercial banks, deposited 300 billion euros into the e.c.b. the e.c.b. is paying a very paltry interest rate, but this suggests that banks would much prefer to get virtually nothing for their money, but have it safeguarded as opposed to putting their money out and get it to work, put it into -- >> get it moving again. >> it's a real worry. it's a real, serious situation at the moment. but look, i'll have a lot more on the "world james business report. we'll talk about that in 20 minutes' time. >> aaron, thanks. britain has evacuated some of its embassy staff from the iranian capital of tehran after two british diplomatic compounds were stormed by protesters on tuesday. now, iran's government has apologized for those attacks. britain nonetheless has warned that the islamic state faces what it's calling serious consequences. britain called the protests themse

and claims he's there is to punish because the websites lucrative advertising was aimed at us can siemens these courses where richard o'dwyer spates will be decided royds on whether or not his actions are considered to be a crime in the u.k. this trial was his last chance to put forward his defense and now it's up to the judge to decide but according to digital lore experts the decisions not a tough one to make it's quite possible that he's only him guilty of a civil offense offense is something he could potentially get fined for and you know it's clearly a u.k. case as well. because he was doing this in the u.k. it's not really any case for him to be extradited to the united states is not clear that he was infringing copyright in united states britain signed the extradition treaty with america in two thousand and three nearly a decade on controversy still surrounds it the u.s. can extradite whoever it wants without proof or hearing privileges the u.k. does not get the treaty was a muscle change for the government while in opposition but a recent review it commissioned just deemed the tre