by Staff Writers
Frankfurt (AFP) Aug 1, 2011
The German industrial group Siemens said Monday it will form a joint venture focused on gas turbines with the Russian firm Power Machines, as Siemens moves away from nuclear energy activities.
A Siemens statement said it would own 65 percent of a joint entity, and would in exchange give back a stake of 25 percent plus one share that it owns in Power Machines to the firm's dominant shareholder, Highstat.
Highstat is part of an industrial empire controlled by the Russian steel magnate Alexey Mordashov.
"It is extremely important to be active in Russia as a local player," Michael Suess, chief executive of Siemens' energy division said.
Siemens is also in talks with Russian nuclear giant Rosatom on another collaborative effort in the energy sector.
The German business daily Handelsblatt said Monday that Siemens wants to limit the extent of that deal now that German authorities have decided to abandon nuclear energy by 2022.
Siemens might seek to only work with Rosatom on projects that involve conventional energy sources, the newspaper said.
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Japan reports China ship near disputed islands
Tokyo (AFP) July 31, 2011
Japan's coastguard on Sunday warned a Chinese marine research ship sailing near a disputed island chain against conducting surveys there. The ship, named the Beidou, was spotted early Sunday by a coastguard plane some 60 kilometres (40 miles) off Uotsuri, part the islands known as Senkaku by Japan and Diaoyu in Chinese, the Japan coastguard said. The chain, rich in undersea natural resou ... read more
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