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Shares in Bayer plunged 11% after it flagged that adjusted profit may slip next year and it may have to write down the value of agriculture assets by close to 10 billion euros ($11.7 billion). Bayer, which acquired seed maker Monsanto in 2018, said late on Wednesday that the impact of the coronavirus on the agriculture business will be more severe than originally expected because of competition in soy, lower biofuel demand and negative currency effects. The company now expects 2021 sales to come in at around the 2020 levels, with 2021 core earnings per share slightly below 2020 levels, based on constant exchange rates....
Dow component Boeing jumped 2.38 in extended-hours trading Wednesday after the FAA chief gave a nod of endorsement to the 737 MAX that has remained grounded since March 2018....
The United States Centers for Disease Control and Prevention late Wednesday extended its "No Sail" order till the end of October, prohibiting cruise ships with 250-plus passenger capacity to operate on U.S. waters.What Happened: The official CDC declaration followed an Axios report that President Donald Trump's administration overruled the agency in a meeting earlier this week on extending the ban to mid-February.The White House only agreed to extend the cruise sail ban until October-end. According to Axios, the move may be politically motivated, as the cruise industry has a major presence in Florida, a crucial swing state in the upcoming presidential election.Cruise ships have remained docked since the pandemic took hold earlier this year under past CDC orders.The April-September surveillance data recorded 41 deaths in addition to approximately 3,689 potential COVID-19 cases on cruises. The CDC noted that this data is not exhaustive and the figures could have been underestimated.Why Does...
(Bloomberg) -- Bayer AG slumped after the agriculture and pharma giant said it would have to slash costs as the pandemic’s impact on farm commodities extends into next year, further undermining the rationale for its $63 billion purchase of Monsanto Co.The stock fell as much as 13% in German trading. Bayer, already reeling from a legal battle over its herbicide Roundup, late Wednesday said it would cut 1.5 billion euros ($1.8 billion) of annual costs and may also eliminate jobs and sell businesses.Chief Executive Officer Werner Baumann is confronting multiple challenges after getting his contract extended earlier this month. Besides Roundup, the German company faces slumping crop prices and demand for biofuel that threaten its agriculture unit just two years after the controversial Monsanto takeover.“It was already quite clear that the growth prospects of Monsanto had deteriorated over the last 2.5 years, though the magnitude of this decline is greater than...
After weeks of speculation, the plane engine maker will tap investors for money and issue new bonds....
(Bloomberg Opinion) -- Here’s one potential reason to add some bullion coins or bars to your investment portfolio: They’re not making any more of them.All the gold that’s ever been mined would fit into a cube with edges 22 meters long — small enough to fit into three Olympic-sized swimming pools. Each year, miners and pawnbrokers add another 4,000 to 5,000 metric tons to an existing 197,576 ton pile, but jewelry demand alone uses up about half of that.With the metal hitting a record $2,075 a troy ounce in August, the concern we’re heading toward peak gold has reared its head again. The industry needs to commission 8 million ounces of projects by 2025 to maintain last year’s production levels, consultants Wood Mackenzie wrote in June, requiring some $37 billion of capital investment. Mine production fell last year for the first time in more than a decade. Even the British Broadcasting Corp. has been asking...
Allstate Corp. announced it will lay off about 3,800 employees and shut down offices. The job reductions will primarily affect claims, sales, service and support functions, and will help the property and casualty insurance provider to lower costs to maintain margins.The restructuring plan is a part of Allstate’s (ALL) transformative growth plan, and seeks “to increase personal property-liability market share by expanding customer access, improving customer value and investing in marketing and technology,” the company said. Allstate’s CEO Tom Wilson said "Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value."The company expects the restructuring to result in pre-tax charges of around $290 million, with about $210 million to $220 million expected to incur in 3Q, which it is set to release on Nov. 5. It also expects a pre-tax charge of $50 million to $60 million to be...
