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One step forward, one step back. A 6 per cent tumble in shares of Siemens AG on Thursday, following the German behemoth’s latest profits warning, takes then right back to where they started the year – and pretty much to where they were five years ago. This is the second time that Siemens has lowered guidance in the past three months. In May it cautioned that earnings from continuing operations for the year ending in September would be at the lower end of expectations, at about €4.5-billion ($6.14-billion). Now it is suggesting that it will also miss its longer-term target of a 12 per cent profit margin from its core operating sectors in 2013/14 (The figure was 9.5 per cent last year).

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