Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Bayer on Wednesday said it would need more time to wrap up its takeover of seeds company Monsanto after the drugmaker reported lower than expected fourth-quarter earnings which were hit by pesticide pricing pressures in Brazil.
The Monsanto deal will now close before the end of June, Bayer said, compared with previous ambitions to finish it early in 2018, but negotiations with antitrust authorities in jurisdictions such as Europe, Russia and the United States are dragging on.
"Operationally, 2017 was a year of ups and downs," Chief Executive Werner Baumann said after the company reported a 1.3 percent fall in fourth-quarter adjusted core earnings, slightly worse than expected by analysts, and flagged stagnant earnings this year.
Bayer's shares dropped 3.4 percent, hitting their lowest in almost 15 months.
"We see this full-year set of numbers as disappointing and guidance for 2018 uninspiring," said Bryan Garnier analyst Eric Le Berrigaud.
The $63.5 billion Monsanto deal will boost Bayer's agriculture sales to the same level as its core healthcare business, but the acquisition has not been universally popular among shareholders, many of which are critical of Bayer's drug pipeline as being too weak.
Bayer has already pledged to sell certain seed and herbicide assets for 5.9 billion euros ($7 billion) to BASF to help to gain approval for the Monsanto deal. Bayer said on Wednesday additional concessions to antitrust regulators would include the sale of its vegetable seeds business, confirming a Reuters report.
Bayer's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 1.78 billion euros ($2.18 billion) for the quarter, slightly lower than the average forecast by analysts of 1.8 billion euros.
Weak overseas currencies weighed on the euro-value of products sold in foreign markets, leading to a currency-related hit of about 100 million euros during the quarter.
Bayer warned last year that poor sales in Brazil had inflated inventory levels at distributors, forcing it to grant discounts and to buy back stocks, also in the fourth quarter.
"We are now seeing that the measures are taking effect," Baumann said. As a result, EBITDA before special items at the Crop Science division would likely see a medium to high single-digit percentage gain in 2018, not yet taking Monsanto into account.
For the group, the earnings gauge was set to be roughly flat this year, held back by a 300 million euro negative impact from a rebuke by the U.S. healthcare watchdog over how it handled production of some drugs at its Leverkusen, Germany headquarters.