About: http://data.cimple.eu/news-article/7b57675b4cca26ffa43474a7459edbfca677ca7666c29079a96a8673

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About: http://data.cimple.eu/news-article/7b57675b4cca26ffa43474a7459edbfca677ca7666c29079a96a8673 Goto Sponge NotDistinct Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Shares in German pharmaceutical and agrochemicals giant Bayer plunged on Thursday after the company announced huge writedowns over a demand slump and a new savings plan partly to alleviate the impact of the coronavirus. At 1055 GMT, shares were down 10.0 percent to 47.98 euros ($56.36) on Frankfurt's DAX blue-chip index, having fallen as much as 12.7 percent in morning trading. Shares are down 34.5 percent in the year to date. The slump came hours after the group said it would have to take an impairment charge in the "mid-to high single-digit billion euros range" because of poorer than expected demand in its crop science division. It would also accelerate a cost-cutting programme that may lead to further job cuts, it said, without revealing how many posts would be affected. The new measures "will help mitigate the impact of COVID-19 on our business," the company's chief executive Werner Baumann said. The company expects to save 1.5 billion euros by 2024, on top of the 2.6 billion euros of annual savings it expects to make from 2022, Bayer said in a press release. The Leverkusen-based company said its 2021 sales would come in near 2020 levels. The company posted a net loss of 9.5 billion euros in the second quarter after a settlement to end most lawsuits against its Roundup glyphosate weedkiller produced by Monsanto, the US agrochemical company it controversially acquired for 63 billion euros in 2018. Since then, a California district judge has expressed major reservations about the settlement's validity, forcing Bayer to back down on part of the agreement involving future cases. "It was already quite clear that Monsanto's growth prospects had deteriorated over the last two and a half years, although the extent of that decline is greater than expected," said Sebastian Bray, an analyst at Berenberg Bank, according to Bloomberg News. edf/hmn/rl
schema:headline	Bayer shares plunge as new savings plan alarms investors
schema:mentions	Agrochemical Agricultural science EDF Energy Saint Sebastian Bloomberg L.P. Bayer Herbicide Frankfurt Glyphosate Pharmaceutical industry Monsanto California Severe acute respiratory syndrome coronavirus 2 Werner Baumann Bray Wanderers F.C. Impaired asset Berenberg family DAX Greenwich Mean Time
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-01 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	63 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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