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Siemens Says Transaction Tax Burdens Economy, Boersen Reports

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Dec. 16 (Bloomberg) -- The European Union’s proposed financial-transaction tax will burden the rest of the economy and doesn’t address the problem of market speculation, Siemens AG Chief Financial Officer Joe Kaeser said in a guest commentary in Boersen-Zeitung.

Risk-management instruments such as hedging for shifts in currencies, raw-material prices and interest rates will become more expensive and hurt the competitiveness of German industry, Kaeser wrote in the Frankfurt-based newspaper.

Manufacturing companies whose treasuries do their own risk management will have to pay the tax and would therefore be treated the same as banks, the CFO said, according to Boersen-Zeitung.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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