February 18, 2011      

Swedish-Swiss engineering giant ABB said yesterday that its 2010 net profit fell 12 percent to $2.56 billion (1.9 billion euros), but insisted this year will be much better while announcing large cost cuts.

Sales slipped one percent to $31.6 billion in 2010.

The group issued an upbeat forecast for 2011, expecting improved demand in both emerging and mature markets.

"We see plenty of growth opportunities as we head into 2011 in both the short-term industry-driven businesses as well as later in...

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