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☆ Zurich bank looks to capitalise on Credit Suisse's demise
▼ + stars: | 2023-03-27 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

"There is a chance that the situation might accelerate our existing plans," he added, and suggested the bank would be open to looking into purchasing businesses from Credit Suisse, should they become available. "We want to grow and we have stated that we are open to looking at external growth as well, regardless of the situation of Credit Suisse," Baumann said. The Canton of Zurich is liable under the state guarantee for any ZKB liabilities which the bank cannot cover in the event of trouble. Deposits in Swiss bank accounts are usually only protected up to 100,000 Swiss francs. ($1 = 0.9190 Swiss francs)($1 = 0.9168 Swiss francs)($1 = 0.9160 Swiss francs)($1 = 0.9164 Swiss francs)Reporting by Noele IllienOur Standards: The Thomson Reuters Trust Principles.

Reuters Graphics Reuters GraphicsThe Swiss Bank Employees Association, in a statement to Reuters, demanded that UBS keep job cuts to an "absolute minimum". The statement underscores the sense of unease in Switzerland, with its reputation as a global financial center on the line. Green Party lawmaker Gerhard Andrey said that Credit Suisse is "such a visible institute". "A few months ago, nobody would have thought that Credit Suisse would fail. "But also that we are upholding the reputation of the Swiss financial centre."

Companies Bayer AG FollowNEW YORK, March 9 (Reuters) - Bayer AG (BAYGn.DE) plans to spend $1 billion on drug research and development in the U.S. this year as it works to double its sales in the country by the end of the decade, Bayer's top U.S. pharmaceutical executive told Reuters. "It's time for us to double down on the U.S.," Guth said, noting that Bayer plans to sell the drugs it is developing itself in the country, rather than partner with U.S. companies like it has in the past. Bayer is looking to build up its portfolio of new drugs as it hopes to improve share prices, which have been hit by concerns over litigation surrounding weedkiller Roundup and a lack of trust in the company's leadership. Guth said he expects peak sales of 12 billion euros from cancer drug Nubeqa, kidney medication Kerendia, and two of its top pipeline assets, experimental stroke drug asundexian and experimental women's health drug elinzanetant. Reporting by Michael Erman; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Toblerone forced to replace iconic Matterhorn on packaging
▼ + stars: | 2023-03-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

The peak-shaped treat made with honey and almond nougat will also lose the iconic Matterhorn mountain from its packaging after Mondelez (MDLZ), which makes Toblerone, decided to shift some manufacturing to the Slovakian capital of Bratislava. “For legal reasons, the changes we’re making to our manufacturing mean we need to adjust our packaging to comply with Swissness legislation. We have removed our Swissness claim from the front of the Toblerone pack and changed our description ‘of Switzerland’ to ‘established in’,” a Mondelez spokesperson told CNN. Mondelez’s new packaging includes “a distinctive new Toblerone typeface and logo” and the signature of Theodor Tobler, the spokesperson added. Tobler created the chocolate bar in 1908 together with his cousin Emil Baumann, according to the Mondelez website.

☆ Bayer braces for falling profits in challenge for new CEO
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Bayer said in a statement that earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros and 13 billion euros ($13.2 billion - $13.8 billion) this year, excluding the effect of currency swings. Bayer said this month it would replace its CEO early, recruiting former Roche (ROG.S) executive Bill Anderson, amid demands by some investors that Bayer should simplify its diversified structure and split into separate groups. A $6.4 billion provision remained on the balance sheet for glyphosate payouts, the larger of the two legal burdens. So Bayer should really not be on the buy list of many investors at the moment," said Molnar. Bayer saw herbicide sales jump 44% in 2022 after hurricane Ida damaged rival producers and constrained Chinese suppliers failed to plug the gap.

☆ Bayer sees lower 2023 operating profit on cost inflation
▼ + stars: | 2023-02-28 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

FRANKFURT, Feb 28 (Reuters) - Agriculture and healthcare company Bayer (BAYGn.DE) said operating earnings would likely decline in 2023, hurt by higher costs and the reversal of last year's price boost for its glyphosate-based weedkillers. In a statement on Tuesday, Bayer said earnings before interest, taxes, depreciation and amortisation (EBITDA), adjusted for special items, would likely be between 12.5 billion euros ($13.23 billion) and 13 billion euros this year, excluding the effect of currency swings. In his last presentation of the company's quarterly results, Chief Executive Werner Baumann said the company is active in the right areas of business. For 2023, "the company anticipates lower prices for agricultural herbicides as well as for some of its established pharmaceutical products," Bayer said, also citing high inflation-driven cost increases. ($1 = 0.9447 euros)Additional reporting by Patricia Weiss Editing by Friederike Heine, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Bayer's new CEO has a full in-tray as investors push for change
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

February 9 - By Ludwig Burger and Patricia WeissFRANKFURT (Reuters) - Bayer's incoming CEO is inheriting a full in-tray from his predecessor: Thousands of lawsuits claiming its weedkiller causes cancer, an underwhelming drug development pipeline and disgruntled investors looking for major change. "The most important task for Bill Anderson is to regain investors' trust," said Markus Manns, a portfolio manager at Germany's Union Investment, a top 20 shareholder. Bayer's shares lag those of its global rivals, having fallen about 40% - knocking about 30 billion euros off its market valuation - since it bought Monsanto in 2018 for about $63 billion. Baumann's early exit has stirred debate about what the 56-year-old Anderson can do to restore investor trust and boost Bayer's shares. A stand-alone pharmaceuticals business, with 18.3 billion euros in 2021 sales, could also become a takeover target.

☆ German union opposes Bayer split after CEO departure - taz newspaper
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Feb 9 (Reuters) - Germany's IGBCE union opposes any splitting-up of Bayer after the departure of its chief executive and warned that the company should not bow to pressure from hedge fund activism, taz newspaper reported on Thursday. "From the point of view of the employees, Bayer with its three pillars is perfectly positioned for the challenges of the future," said IGBCE executive board member Francesco Grioli, who is also a member of the supervisory board at Bayer. The company currently has three divisions - pharmaceuticals, consumer health and crop science. "You can only manage the transformation of the industry with a corporate policy based on risk diversification and sustainability - not on hedge fund activism," Grioli told taz. Bayer announced on Wednesday that it was replacing its CEO early, recruiting the former head of Roche's pharmaceuticals business, as investor criticism over the company’s lacklustre share price grew.

☆ Bayer Hires Former Roche Executive to Succeed CEO Werner Baumann
▼ + stars: | 2023-02-08 | by ( William Boston | Patrick Thomas | ) www.wsj.com time to read: 1 min

Bill Anderson is set to join Bayer’s management board in April and become CEO in June. BERLIN— Bayer AG said it is replacing the company’s embattled chief executive, Werner Baumann , with Bill Anderson, a 56-year-old American pharmaceuticals executive. Mr. Baumann, 60 years old, has served as CEO since 2016 after previously serving as the company’s finance chief. His current term was due to expire in April 2024. He led the company’s acquisition of Monsanto for $63 billion in 2018, which left Bayer mired in litigation and saddled with about $43 billion in debt.

☆ Bayer picks outsider Anderson as CEO after investor pressure
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

News of the CEO change sent the German drugs-to-pesticides giant's shares to their highest level in nearly eight months. Shares in Bayer closed up 6% on the news of the new CEO, reaching the top of Frankfurt's blue-chip index and hitting their highest level since June last year. "Bill Anderson's mission is clear: enable Bayer to realize its full potential and create sustainable value for our shareholders, farmers, patients, consumers, employees, and all stakeholders of the company," Winkeljohann added. Sources told Reuters earlier this week that activist investor Jeff Ubben had contacted fellow investors to drum up support for big changes at Bayer, including the swift replacement of Baumann. Reporting by Patricia Weiss, Kirsti Knolle and Christoph Steitz; Editing by Tom Sims and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft calls for 'coalition' to improve Congo's informal cobalt mines
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +3 min

Congo accounts for three-quarters of the world's mined cobalt supply. "In practice it is virtually impossible for them to completely exclude artisanal cobalt, especially when it is sent to smelters and refiners in DRC and China." Microsoft declined to reply to Reuters' questions about the visit or about its strategy on artisanal cobalt. The issues around artisanal mining are an existential threat to the cobalt industry, according to Marina Demidova, head of communications at the Cobalt Institute. Entreprise Generale du Cobalt, a unit of state mining company Gecamines, was granted a monopoly on artisanal cobalt by government decree.

☆ Factbox: Bayer's new CEO: long-time Roche, Genentech executive, Bill Anderson
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 8 (Reuters) - Bayer (BAYGn.DE) bowed to investor pressure on Wednesday and named Bill Anderson, most recently head of Roche's (ROG.S) pharmaceuticals business, to take over from Werner Baumann as its CEO in June. Here are some key facts about the career about the 56-year-old American who will run the nearly 160-year-old German drugmaker:He is a chemical engineer by education and has worked for Genentech and its parent Roche since 2006CAREER:1989: started his career at Ethyl Corp, a U.S.-based fuel additives company, with postings in Belgium and the Netherlands1995: joined Raychem Corp., a U.S. technology and electronics firm1997-2006: worked at Biogen (BIIB.O) in the United States, UK and Ireland; roles included running its neurology unit, its largest business2006: joined Genentech as senior vice president, immunology and ophthalmology2010: became svp BioOncology2013: left Genentech to become global product strategy head/chief marketing officer at Genentech's parent company, Roche (ROG.S)2016: returned to Genentech as head of North American operations2017: appointed chief executive officer at Genentech2019-2023: CEO of Roche PharmaceuticalSources: Roche and BayerCompiled by Josephine Mason. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

The campaign increases the pressure on non-executive Chairman Norbert Winkeljohann, who has faced calls from large shareholders for the swift replacement of Chief Executive Werner Baumann, who engineered Bayer's troubled Monsanto takeover. The approaches come after Ubben's activist investment fund Inclusive Capital Partners said last month it had bought a 0.83% stake in Bayer. David Herro, deputy chairman of Harris Associates, told Reuters in brief emailed comments that Ubben had contacted him to discuss Bayer. A spokesperson said Bayer was always open to a constructive dialogue with shareholders and declined to comment further. Investors who have publicly called for a swift CEO change hold at least a combined 6.7% in Bayer, according to Refinitiv data.

☆ Morning Bid: Lights, camera, action
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

Investors are pricing in a quarter-of-a-percentage-point increase in the Fed's benchmark interest rate, which would mark the smallest hike since U.S. central bankers kicked off their tightening cycle 10 months ago with one the same size. But the forecasts still risk lagging behind policymakers' guidance on how high rates will go. The Bank of England is also expected to raise its interest rates by half a percentage point to 4% on Thursday. For today, European markets will focus on euro zone January flash PMI data, while results are due from Vodafone (VOD.L), GSK (GSK.L) and Novartis (NOVN.S). Germany and Italy figured among the biggest euro zone countries that recorded negative growth rates for the quarter but France and Spain expanded.

FRANKFURT, Jan 31 (Reuters) - A top-10 shareholder of Bayer (BAYGn.DE) on Tuesday called on the group's supervisory board head to replace chief executive Werner Baumann quickly, adding to investor pressure to restore trust and revive the German drugmaker's sagging share price. But shareholders have also cited a lack of market trust in its top management as a growing burden. "When it comes to CEO succession we say: the sooner the better," Markus Manns, a portfolio manager at Union Investment, one of Bayer's 10 biggest shareholders, told Reuters. Union Investment's Manns cautioned that the non-executive supervisory board may need time to find a qualified candidate. A Bayer spokesperson said the company was always open to a constructive dialogue with shareholders and declined to comment further.

☆ Bayer investor calls for swift replacement of CEO -newspaper
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Jan 28 (Reuters) - Bayer (BAYGn.DE) investor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker. "There is a window of opportunity for Chairman Norbert Winkeljohann to act before the annual general meeting at the end of April. He has to seize that opportunity, otherwise the pressure on him will increase as well," Speich added. "Generally speaking we are always open to a constructive dialogue with our stakeholders," a Bayer spokesperson said, declining to comment specifically on the interview. Another activist investment fund, hedge fund veteran Jeffrey Ubben's Inclusive Capital Partners, said this month it had also acquired a stake in Bayer.

☆ Inclusive Capital takes a stake in Bayer — 3 ways it may build value with a sustainable focus
▼ + stars: | 2023-01-21 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Activist Commentary: Inclusive Capital Partners is a San Francisco-based investment firm focused on increasing shareholder value and promoting sound environmental, social and governance practices. As a pioneering active ESG ("AESG") investor, Inclusive seeks long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit. Bayer's crop science division accounts for approximately 25% of global crop farming. There are several ways to create this shareholder value. Bayer currently trades at approximately 7x earnings while its pure-play crop science peer, Corteva, trades at closer to 20x earnings.

☆ Bayer’s rude health lays better path for breakup
▼ + stars: | 2023-01-11 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

Activists like Jeff Ubben’s Inclusive Capital Partners may now, however, be in a better position to push for a breakup. Smaller peer Bluebell Capital Partners has also bought in recently. Using UBS forecasts, they would be worth 50 billion euros and 88 billion euros respectively. Its smaller consumer drugs division might fetch another 18 billion euros, using peer Reckitt Benckiser’s (RKT.L) 12 times multiple. Add them up, take off debt, pension liabilities and a further 6 billion euros of future Roundup litigation costs, and Bayer’s equity could be worth nearly 110 billion euros.

☆ Investor Ubben takes 0.8% stake in Bayer, boosting share price
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Bayer Mexico is pictured at the company's plant in Lerma, Mexico November 10, 2022. Inclusive Capital said in a statement it had acquired 8.18 million Bayer shares as of Jan. 5, which works out at about 407 million euros ($435 million) based on that day's closing price. The Financial Times, which earlier reported Ubben's investment, said the stake was worth $500 million. Bayer shares gained almost 4% on the news to their highest level in about a month. Bayer' stock market value is about $50 billion for all its businesses including pharmaceuticals, consumer health products, seeds and pesticides, well below the $63 billion deal value for its 2018 takeover of Roundup-maker Monsanto.

☆ ZKB not poaching Credit Suisse clients - CEO in paper
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Zuercher Kantonalbank (ZKB) bank is seen at its headquarters in Zurich, Switzerland September 24, 2020. REUTERS/Arnd WiegmannZURICH, Dec 17 (Reuters) - Zuercher Kantonalbank (ZKB.UL) is not trying to poach clients from embattled Credit Suisse (CSGN.S), the state-backed cantonal bank's chief executive said in a newspaper interview published on Saturday. Amid a social media storm that sparked unfounded speculation about its stability, Credit Suisse reported sharp outflows in October as wealthy clients moved assets elsewhere, although its chairman has said the situation has since stabilised. ZKB CEO Urs Baumann told the Neue Zuercher Zeitung his bank was not actively approaching Credit Suisse clients and said ZKB was not using its state backing as a marketing tool amid such market jitters. Asked would it mean for the Swiss banking sector and for ZKB if problems at Credit Suisse intensified, he said:"We want a strong CS.

☆ Swiss-based trust fund for frozen Afghan assets meets in Geneva
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

GENEVA, Nov 21 (Reuters) - The board of a Swiss-based trust fund managing some $3.5 billion in frozen assets seized after the Taliban took power last year is meeting in Geneva for the first time on Monday, a Swiss government spokesperson confirmed. The frozen central bank reserves were recently transferred from Washington into the 'Fund for the Afghan People' where U.S. officials say it will be shielded from the Taliban. The fund's statutes says its purpose is to "receive, protect, preserve and disburse assets for the benefit of the Afghan people". The $3.5 billion forms part of an original $7 billion being held in the United States following the Taliban takeover in August 2021. Ambassador to Switzerland Scott Miller, Anwar Ahady, a former Afghan central bank chief and former finance minister, and Shah Mehrabi, a U.S. academic who remains on the DAB Supreme Council.

☆ Embattled CEO Werner Baumann enters his final chapter at Bayer, aiming to turn the German pharma giant into a cancer powerhouse
▼ + stars: | 2022-09-22 | by ( Andrew Dunn | ) www.businessinsider.com time to read: +6 min

With a successor search underway, Werner Baumann is entering his last chapter as Bayer's CEO. Baumann told Insider he's more excited today about Bayer's future than several years ago. The exec wants Bayer to become a top 10 cancer player by 2030, and recently opened a Cambridge lab. CAMBRIDGE, Massachusetts — Within his first month as CEO of the German giant Bayer, Werner Baumann took a big, legacy-making swing. Baumann says Bayer's future is in oncologyWerner Baumann, right, CEO of Bayer, and Werner Wenning, chairman of the Supervisory Board of Bayer.

☆ Vincent Kriechmayr a câştigat medalia de aur în proba masculină de slalom super-uriaş din cadrul Campionatelor Mondiale de schi alpin
▼ + stars: | 2021-02-11 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: 1 min

Austriacul Vincent Kriechmayr a câştigat medalia de aur în proba masculină de slalom super-uriaş din cadrul Campionatelor Mondiale de schi alpin. La competiţia desfăşurată în staţiunea italiană Cortina D'Ampezzo, Kriechmayr a fost cronometrat cu un minut 19 secunde şi 41 de zecimi. Vincent Kriechmayr a cucerit prima sa medalie de aur la un Campionat Mondial, după ce în 2019 a luat argintul în proba de slalom super-uriaş şi bronzul în proba de coborâre. Tot la Mondialele din acest de la Cortina d'Ampezzo, elveţianca Lara Gut-Behrami a cucerit şi ea prima medalie de aur la schi alpin. Ea a urcat pe prima treaptă a podiumului în concursul de slalom super-uriaş.

Persons: Austriacul Vincent Kriechmayr, Kriechmayr, Alexis Pinturault, Vincent Kriechmayr, elveţianca Lara, Ea Locations: italiană, elveţianca

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