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Business Latest News: New Siemens CEO Says Played no Role in His Predecessor's Ouster


Joe Kaeser, the new chief executive of German engineering group Siemens, told a newspaper he played no role in the ousting of his predecessor Peter Loescher. There have been persistent rumors over the past year that Kaeser had his eye on Loescher's job and that there was considerable friction between the two managers, though both have repeatedly said they worked well together.

Fed official James Bullard said July's drop in the unemployment rate takes the nation closer to a 7 percent threshold outlined by Federal Reserve Chairman Ben Bernanke as the point around which the central bank would likely end bond purchases.

The U.S. auto industry's weaker-than-expected overall sales results for July disappeared after the federal government released updated data used to compute the annual sales rate each month.