Siemens chief warns on investment after Paris attacks

GMT 09:42 2015 Monday ,23 November

Arab Today, arab today Siemens chief warns on investment after Paris attacks

The head of industrial giant Siemens
Paris - AFP

Companies may put investment plans on hold in the wake of Paris attacks which have sapped investor confidence, the head of industrial giant Siemens said in remarks published Monday.

"The biggest economic damage from these attacks is on confidence, and confidence is a crucial element in this phase," Siemens chief executive Joe Kaeser told the Financial Times.

"My biggest (business) concern is the fallout of the geopolitical distress," he said.

"Investment is about believing, about the future, and (when) events like that happen, people will wait," Kaeser warned.

The warning by Kaeser, who heads up Europe's largest industrial conglomerate, is the first by a major industrial figure, the FT said.

It echoes remarks by Italian Finance Minister Carlo Padoan who said the Paris attacks could do "serious damage" to the eurozone recovery, it said.

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