- Nigeria refuse to play in Libya as Algeria, Cameroon qualify
- Strike-hit Boeing leaves experts puzzled by strategy
- Leweling rockets Germany past Dutch and into Nations League quarterfinals
- Kolo Muani double fires France to win in Belgium
- Italy sweep past Israel in Nations League amid high security
- UN peacekeepers to 'stay in all positions' in Lebanon
- NASA launches probe to study if life possible on icy Jupiter moon
- 'Unique' Ronaldo an example to everyone, says Martinez
- New lawsuits against Sean Combs allege sex assault, including of minor
- Italy begins migrant transfers to Albania with first group of 16
- Google signs nuclear power deal with startup Kairos
- Carsley open to foreign England manager amid Guardiola links
- Pogba hungry to have his football cake after doping ban
- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
After rescue deal, Siemens Energy unveils massive loss
Siemens Energy reported a 4.59-billion-euro ($5-billion) annual loss Wednesday, dragged down by a crisis in its wind power unit, a day after a government-backed rescue package was unveiled for the German group.
The huge loss in the 2022-2023 financial year for the company, whose operations range from building wind turbines to power grids, was far larger than a loss of several hundred million euros the year before.
While large parts of its business, such as those related to gas and power grids, were healthy, the results were hit by the crisis in its Gamesa wind power subsidiary.
Gamesa has faced long-running technical problems with its onshore wind turbines, which have cost huge sums to fix.
"The wind business remains a major challenge and has led to the net loss in 2023," said the company, admitting it had suffered a "serious setback" in the previous year.
The group's performance in the "near to mid-term" would continue to be impacted, and Gamesa is only expected to break even in financial year 2026.
Siemens Energy runs its financial year from October to September, and the annual results were announced a day after a 15-billion-euro, state-backed rescue deal was unveiled after weeks of talks.
The deal involves providing "guarantees" to Siemens Energy to allow it continue financing major long-term projects.
The economy ministry announced it would grant the company 7.5 billion euros worth of guarantees, and others involved included private banks as well as the larger Siemens conglomerate, which is a major shareholder in Siemens Energy.
Siemens Energy was spun out of Siemens in 2020.
F.Pedersen--AMWN