New orders slide at Siemens

Manufacturing giant Siemens yesterday posted a 23 per cent drop in quarterly new orders, steeper than expected, as customers wary of Europe's debt crisis increasingly refrained from making investments. Order intake – a barometer of future sales – declined to €17.8bn (£13.9bn) in the third quarter, missing a €19.5bn forecast. Profit at at the firm’s core industry division fell by 26 per cent to €523m.