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German major Siemens said it was feeling the impact of a more difficult market environment in the third quarter. Despite 10 per cent revenue growth, new orders were down 23 per cent. Revenue for the third quarter rose 10 per cent y-o-y to €19.54 billion, with five percentage points coming from favourable currency translation effects. Net income was €850 million ( €501 million). “The deceleration of the world economy has increased in the past few months. We see a growing reluctance among our customers regarding capital expenditure and stronger economic headwinds, especially in our industrial short-cycle businesses,” said Chief Executive Officer and President, Mr Peter Löscher.
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