Siemens, the German engineering and electronics company, plans to cut 17,200 mostly white-collar jobs as it reorganizes to reduce costs...

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Siemens, the German engineering and electronics company, plans to cut 17,200 mostly white-collar jobs as it reorganizes to reduce costs, a person close to the company said Sunday.

The cuts, which will include 6,400 jobs in Germany, represent one of the boldest moves yet by the new chief executive, Peter Loescher, to bring costs under control at the company.

The person spoke on the condition of anonymity because the plans will not be officially announced until the Siemens workers’ council meets with management July 7. Munich-based Siemens employs about 400,000 people globally.

Goldman Sachs

India steel titan named to board

Steel magnate Lakshmi N. Mittal joined the board of Goldman Sachs as an independent director, a move that underscores the growing importance of the developing world for Wall Street’s behemoths.

Mittal, a long-term client of Goldman Sachs, joined the audit, compensation and corporate-governance and nominating committees, the bank said Sunday.

Mittal, chairman and chief executive of ArcelorMittal, the world’s biggest steel company, became the 10th independent director on Goldman’s 13-member board.

Goldman Sachs and other investment banks stepped up investments in India to profit from an economy whose growth in the first quarter of this year was second only to China’s.

Digital TV

Transition offer called a scam

As if the digital-TV transition weren’t perplexing enough, consumers now need to worry about being conned.

The friendly folks at Universal TechTronics say they are here to help.

In newspaper ads nationwide, the Canton, Ohio, company offers two free analog-to-digital converter boxes. All you need to do is buy a five-year warranty at $59 for each box, a deal that, according to the ad, is “a real steal.”

The problem, according to the Better Business Bureau, is the ads are “a bait-and-switch tactic that prey on consumers’ lack of knowledge” about the conversion, the bureau said.


Wedgelike laptops aimed at rival HP

Dell will introduce a line of wedge-shaped laptops in 11 colors to win back market share from larger rival Hewlett-Packard.

Computers in the Studio line come with a drop hinge, Wi-Fi wireless capability and an optional backlit keyboard. They will cost from $799 to $999, said John New, Dell’s consumer laptop chief.

Studio is part of CEO Michael Dell’s effort to retake the PC lead from HP.

Hot Topic

Digital music store also to sell clothes

Hot Topic, a chain of stores that sells clothing and accessories inspired by music and pop culture, plans to start a digital music store called ShockHound in August.

Besides selling songs, ShockHound will use MP3s to help sell T-shirts from more than 1,000 bands.


Site wants users to specify gender

New rule: Facebook says you now have to inform the online world whether you are female or male.

Facebook product manager Naomi Gleit says translators and users in other countries say that not specifying your gender is confusing. And it leads to people in mini-feed stories defaulting to the “wrong sex.”

So Facebook is asking for you to declare yourself.

If you don’t, you will soon get a prompt to choose whether you want to be referred to as “him” or “her.”

That information won’t be displayed in your “basic information” but it will appear in mini-feed and news feed stories about you.

Compiled from Bloomberg News and The New York Times