Siemens Problem kids

It is exactly one year since Klaus Kleinfeld took over as chief executive of Siemens, with a brief to deliver a clear strategy for the German conglomerate. So far, the market is hardly over-whelmed by his performance. The shares are up just over 18%, but have lagged the wider German market. That’s hardly surprising. On the positive side, Siemens’ trading outlook is good. In the first quarter, sales were up 22% to E20.7bn and orders leapt a forecast-busting 31% on the year to E26.8bn, driven by t...