Siemens To Cut 7,000 Jobs, Half Of Them In Germany -- The Market And Energy Page, Part 3, T+299 -- November 16, 2017

GE? Nope, Siemens: Right, wrong, or indifferent, I associate Siemens with German wind energy. Today, Siemens announces a cut of 7,000 jobs, half of them in Germany. From The Financial Times:

Siemens on Thursday said it will cut 6,900 jobs as the large German industrial company responds to “unprecedented” change in the power generation market. 

The company unveiled the plans as part of a “consolidation” that will affect three power-related divisions, and aims to “increase capacity utilisation at production facilities, drive efficiency and enhance expertise by bundling resources.” 

“The power generation industry is experiencing disruption of unprecedented scope and speed,” said Lisa Davis, member of the managing board of Siemens.

If Siemens is still involved with energy (and I don't know if they are or not), the company did a disservice to all by not mentioning the real reason for their challenges.

Saudi Aramco just lost its biggest investor. No comments necessary. From Bloomberg:

Selling the world’s largest initial public offering wasn’t going to be easy. For Saudi Arabia, the mission just got a lot more complicated: the Aramco IPO won’t have the support of the biggest equity investor.

Norway’s $1 trillion sovereign wealth fund has proposed dumping all its oil and gas stocks -- roughly $35 billion -- to diversify away from energy. The Nordic nation is one of the world’s top oil producers and its fund invests heavily in energy, owning large chunks of Big Oil as well as stakes in major state-controlled companies including Petrobras of Brazil and Sinopec of China.

The exit, if backed by the government, will create two problems for the Saudis. First, it eliminates a potential cornerstone investor either ahead of the IPO or during its book-building. With Riyadh hoping for a valuation of $2 trillion -- and raising $100 billion selling a 5 percent stake -- Aramco will need every investor it can get. Second, it’s likely to embolden those who view oil companies as potentially stranded assets that should be avoided. That, in turn, could reduce the appetite among Western pension funds to buy into the IPO.

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The Grammar (Spelling?) Page

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The Mobile Phone Data Scam 

My current ******** plan (for two cell phones) is $59/month before taxes and fees.

The other day I received an e-mail "confirming" that I had signed up for an unlimited data plan. The new price would be $129/month before taxes and fees.

I had never put in a request to "upgrade."

I immediately called ************** and told them that it appeared my account had been hacked. Of course, I knew it had not been hacked, but by suggesting that, I knew my call would be immediately addressed by a "human" with some "managerial" experience.

The ************ representative immediately reassured me that my account had not been hacked but could not explain how my account had been "upgraded." [Of course, we both knew was going on.]

How he/she knew immediately that my account had not been hacked was beyond me. He/she reassured me throughout the ensuing 15-minute conversation that my account was safe and secure and I had nothing to worry about.

Continuing the fun, I suggested that the only way my account could have been upgraded or changed was if someone hacked into my account. Again, I was assured that could not have happened (again, how the representative would know that is beyond me -- of course he/she was lying).

I knew things were "not kosher" when the representative did not even feign saying he/she would look for an e-mail or some other proof that I had requested an upgrade. The representative obviously knew such proof did not exist. [My hunch, based on how my questions were so quickly answered, suggests that this was not uncommon -- generally call centers have a 3-ring binder (virtual or real) that the representative can turn to to find out how to resolve problems / FAQs that customers have.]

The representative asked if I wanted to return to my original plan. Well, duh. Yes.

It was very clear that both of us knew what was going on. ***************** simply switched me to a higher-priced plan without asking and then sent me an "official" e-mail "confirming" that they had received my request for an "upgrade." I assume they were hoping I would not see the e-mail, or if I did see it, simply accept the "upgrade."

I continued the "fun" for several minutes, but it was obvious that both the representative and I knew what was going on. In fact, I said that directly, "we both know what is going on" but we'll leave it there. Just switch me back to my original plan.

I've been with *****************ever since I got my first cell phone (several decades ago) and even invested in *************** shares at one time. I sold ************* shares years ago.

It should go without saying that when I upgrade to a new cell phone, I will be switching carriers.

Probably *************.