As European stock markets were falling, Siemens’ revamped programme seduced investors. The share price of the German engineering giant, Frankfurt’s top group in terms of market capitalisation, closed up 1.8% on Thursday. It was also helped by better-than-expected quarterly results. Over the next two years, the group wants to reduce its costs by 6 billion euros, 2 more than anticipated. Job cuts are to be expected. Siemens will sell its loss-making assets – it’s already getting rid of its solar panels division. The idea is to invest in higher margin assets as illustrated by the acquisition of Belgium’s industrial simulation software maker LMS International.