Siemens aims to save £4.8bn

German engineering conglomerate Siemens said yesterday it aims to save €6bn (£4.8bn) over the next two years as it fights to stay competitive in a weak global economy. The savings target was much higher than the €2-4bn analysts had expected, sending Siemens’ shares up four per cent – one of the biggest gainers in Europe. In the fiscal fourth quarter, net profit eased by two per cent to €1.48bn.