Siemens turns it around

NEWS Encouraging preliminary quarterly results from Siemens have prompted its CEO to hint that a recovery of the telecoms industry could be on the cards. Heinrich von Pierer said in an interview with CNBC Television that the company's prelims indicated that the industry could be nearing a point of recovery. "The turnaround in the telecom sector may come [in the] second half of this year and beginning of next year. It is difficult to predict," he said. The company's first quarter results are expected to show a definite improvement on the previous quarter. Its mobile unit should hit the black and come close to it, according to the company.