Siemens CEO Peter Loescher speaks during a news conference in Berlin, Germany, Thursday, Nov. 8, 2012. German industrial conglomerate Siemens is launching a new cost-cutting program aim

 

              Siemens CEO Peter Loescher speaks during a news conference in Berlin, Germany, Thursday, Nov. 8, 2012. German industrial conglomerate Siemens is launching a new cost-cutting program aim
Siemens CEO Peter Loescher speaks during a news conference in Berlin, Germany, Thursday, Nov. 8, 2012. German industrial conglomerate Siemens is launching a new cost-cutting program aimed at saving euro6 billion (US dollar 7.7 billion) by 2014. The program came as the company reported a 2 percent dip in fourth quarter net profits to euro1.479 billion. That was slightly better than expected. Siemens also said Thursday that it had met its 2012 targets. (AP Photo/dapd, Clemens Bilan)