Britain's exit from the European Union, by end of the month, is unlikely to have a "direct impact" on Siemens' operations in the UK, according to its chief executive, who said it was regretful that the continent's third-largest economy will no longer be part of the bloc.
The industrial company, one of the largest in Europe, maintains a staff of 14,000 over 14 manufacturing sites with much of the production largely serving the local market.
"We are very localised in the UK...so I'm assuming there's not going to be a big direct impact," Joe Kaeser told The National in an interview in Abu Dhabi.
"Should Brexit lead to a slowdown in the British economy, we may be affected indirectly because not as many people are trading any more or not as many people need power anymore. Although I very much regret for Europe that the third-largest economy will not be part of it anymore," he added.
The United Kingdom will formally leave the EU on January 31 in accordance with a 2016 referendum in which the British public chose to leave the 28-member single-market bloc. The International Monetary Fund warned that Britain could be plunged into a two-year recession in the event of a no-deal Brexit, which refers to the country's departure from the bloc without a withdrawal agreement.
In November, Siemens advised its customers in the UK that steps were being undertaken to "ensure business continuity" should there be a more disruptive outcome from the country's withdrawal process.
The company's UK head Juergen Maier said in an open letter, published in Politico in April, that he could no longer defend the actions of Britain's parliamentarians to his board, "making it hard to win support for finely balanced investment decisions".
Siemens' Kaeser also remains neutral on the outcome of the US Presidential elections this year, saying, "We deal with every democratically elected president no matter who it is."
The US is the biggest market for Siemens with "more than $20bn in revenues", followed by China and Germany.
"The White House is important but in terms of dealing and selling products, it's more about the direct customer relationships, which is very well established in the US," said Mr Kaeser.
"We'll see how it goes, we're not particularly worried about either situation - a prolongation of the current leadership or change," he added.
The company, which was criticised by climate activists for pursuing a $30 million deal with India's Adani Group in the Carmichael coal mine in Australia, will commit to a "significant" volume of investment in renewables, said Mr Kaeser, declining to specify a figure.
Siemens will pump more investment in innovation, particularly in "low wind technology", which allows for power generation even when wind currents are not high.
Flexible floating platforms are another segment within renewables that Siemens will look to specialise.
"[This] means that we not only put offshore wind farms into the ground, we have flexible floating which helps us to also access good wind conditions where the sea is very deep," said Mr Kaeser.
"We definitely will come out with a 10-12 megawatts machine any time soon and it's innovation at the end that's changing the game because we need to bring the cost for renewable energy down," he added.
He also responded to rumours that the company would increase its stake in Siemens Gamesa - a wind power entity - through the acquisition of Spanish firm Iberdrola's 8 per cent stake as "more of a clean-up of shareholder structure..... should there be anything in that area."
Mr Kaeser weighed in on the prospects for growth in the world economy, noting that geopolitical uncertainty could hamper investment decisions in 2020.
"If you're uncertain you would not invest, you would wait until the dust settles and you'll see bit more from the future, so if the tensions continue over a long period of time, this could negatively affect the global economy but for now it's too early to tell what that could look like or should look like," he added.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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The five pillars of Islam
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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The bio:
Favourite film:
Declan: It was The Commitments but now it’s Bohemian Rhapsody.
Heidi: The Long Kiss Goodnight.
Favourite holiday destination:
Declan: Las Vegas but I also love getting home to Ireland and seeing everyone back home.
Heidi: Australia but my dream destination would be to go to Cuba.
Favourite pastime:
Declan: I love brunching and socializing. Just basically having the craic.
Heidi: Paddleboarding and swimming.
Personal motto:
Declan: Take chances.
Heidi: Live, love, laugh and have no regrets.
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
UAE currency: the story behind the money in your pockets
Score
Third Test, Day 1
New Zealand 229-7 (90 ov)
Pakistan
New Zealand won the toss and elected to bat
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Killing of Qassem Suleimani
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments