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Parent Singapore Telecommunications (STEL.SI) announced the resignation of Optus CEO Kelly Bayer Rosmarin days after a network-wide outage left nearly half of Australia's 26 million people without phone or internet for 12 hours. Appointed in April 2020, Rosmarin headed Optus through two national scandals that have tarnished the reputation of the telco giant. A massive data hack last year exposed the personal data of 10 million Australians and triggered a class action lawsuit and multiple investigations from regulators. Optus executives told the parliamentary hearing on Friday the telco provider had not foreseen a network-wide outage and so had no backup plan in place. (This story has been corrected to change date of Optus network outage to earlier this month, not last week, in paragraph 7)Reporting by Himanshi Akhand in Bengaluru, and Lewis Jackson and Byron Kaye in Sydney; Editing by Lisa Shumaker and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Kelly Bayer, Michael Venter, Singtel, Rosmarin, ”, telco, Yuen Kuan, Peter Kaliaropoulos, Himanshi, Lewis Jackson, Byron Kaye, Lisa Shumaker, Stephen Coates Organizations: telco Optus, Parent Singapore Telecommunications, Optus, Triple, Thomson Locations: Optus, Bengaluru, Sydney

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Microsoft's shares (MSFT.O) advanced 1.4%, notching a record high after CEO Satya Nadella said Altman is set to join the company to lead a new advanced AI research team. The Fed is expected to issue minutes of its November meeting on Tuesday, which will be parsed for clues on the direction of U.S. interest rates. Advancing issues outnumbered decliners by a 1.03-to-1 ratio on the NYSE and by a 1.39-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 32 new highs and 24 new lows.

Persons: Brendan McDermid, Bristol Myers, Sam Altman, Satya Nadella, Altman, Ken Polcari, Nvidia, Germany's Bayer, Amruta Khandekar, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Bristol, Dow, Nasdaq, Federal Reserve, Kace Capital Advisors, Traders, Dow Jones, Bristol Myers Squibb, Sunday, United Rentals, Ashtead, Boeing, Deutsche Bank, NYSE, Thomson Locations: New York City, U.S

☆ OpenAI Upheaval in Focus, Microsoft Stock Edges Higher: Stock Market News Today
▼ + stars: | 2023-11-20 | by ( ) www.wsj.com time to read: +1 min

Microsoft stock was gaining after the software giant said Sam Altman—OpenAI's fired chief executive—would lead its new advanced AI research team . Now more than 500 OpenAI employees have threatened to leave the company if the current board doesn't resign and reinstate Altman. The chip maker’s stock—which has been a big contributor to the S&P 500's gains this year—was also higher in recent trading. All three major stock indexes are coming off their third straight weekly advance, including a 2.2% gain for the S&P 500. Benchmarks in Asia mostly rose, with consumer and tech stocks helping push Hong Kong’s Hang Seng Index up 1.9%.

Persons: Sam Altman — OpenAI's, —, Altman, Javier Milei Organizations: Microsoft, Nvidia, Nasdaq, Bayer, Bristol Myers Squibb, U.S, Treasury, greenback, Global Locations: OpenAI, U.S, Europe, Asia

☆ Bayer stops blood thinner drug trial due to lack of effect, in major setback
▼ + stars: | 2023-11-20 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Logo and flags of Bayer AG are pictured outside a plant of the German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsNov 19 (Reuters) - Germany's Bayer (BAYGn.DE) has aborted a large late-stage trial testing a new anti-clotting drug due to lack of efficacy, dealing a fresh blow to the embattled drugmaker and throwing its most promising medium-term development project in doubt. The trial halt, which followed recommendation of independent trial supervisors, marks another setback for a company burdened by a weak herbicide business, high debt and by U.S. lawsuits over the alleged carcinogenic effect of its commonly used Roundup weedkiller. Bayer said it will further analyse the data of the discontinued trial, known as OCEANIC-AF, which was initiated in August 2022. It said the independent trial supervisors recommended the continuation of a separate phase III trial, OCEANIC-STROKE, testing asundexian to prevent repeated strokes in participants who have already suffered one.

Persons: Wolfgang Rattay, Germany's Bayer, Bill Anderson, Bayer, Stefan Oelrich, Johnson, Ludwig Burger, Jose Joseph, Miranda Murray, Christopher Cushing Organizations: Bayer AG, REUTERS, Bristol, Myers Squibb, Johnson, Thomson Locations: Wuppertal, Germany, United States, asundexian, U.S, Frankfurt, Bengaluru

☆ Stocks making the biggest premarket moves: Boeing, Bristol-Myers Squibb, Chegg, Krispy Kreme and more
▼ + stars: | 2023-11-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves in premarket trading: Boeing — The aerospace stock added 1.5% following an upgrade to buy from hold by Deutsche Bank. PENN Entertainment — The gambling stock popped 4.4% on the back of a Bank of America upgrade to buy from neutral. The Food and Drug Administration won't be able to meet to make a decision by the target date of Dec. 16. Krispy Kreme — Shares of the doughnut chain slipped 1.8% following a downgrade by JPMorgan to neutral from overweight. Vale — U.S.-listed shares of the Brazil-based metal and mining company added 2.6% following an upgrade by Bank of America to buy from neutral.

Persons: Sam Altman, Cantor Fitzgerald, Bristol Myers, Krispy, Krispy Kreme, Goldman Sachs, Iovance, Morgan Stanley, Terri Kelly, Kelly, —, Sarah Min, Alex Harring, Michael Bloom Organizations: Boeing, Deutsche Bank, Microsoft, PENN Entertainment, Bank of America, ESPN Bet, Myers, Drug Administration, Bristol, JPMorgan, Bros, Rentals, United Rentals Locations: Bristol, Vale — U.S, Brazil

☆ Morning Bid: Thanksgiving starters of AI and oil
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsA look at the day ahead in U.S. and global markets from Mike Dolan. Thanksgiving may make for a clipped U.S. markets week, but there's plenty to chew on around the world before then - and a feast of intrigue in the artificial intelligence space. His plans include shutting the central bank, ditching the peso and dollarizing the economy and slashing spending with potentially painful reforms. The risk premium between German and Italian 10-year yields tightened to 170 bps - the lowest since Sept. 21.

Persons: Brendan McDermid, Mike Dolan, Sam Altman, That's, thrall, Javier Milei, Milei, Jeremy Hunt, Andrew Bailey ,, Francois Villeroy de, Pablo Hernandez de Cos, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Microsoft, Big Tech, Nvidia, Treasury, Federal Reserve, Bank, Bayer, Federal Reserve Bank of England, Andrew Bailey , Bank of France, Bank of Spain, Technologies, Keysight Technologies, Holdings Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, OPEC, Tokyo, Europe, Canada, Francois Villeroy de Galhau

☆ Australian telco Optus CEO resigns days after network-wide outage
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Australia's second-largest telco Optus' Chief Executive Officer Kelly Bayer Rosmarin has resigned, its parent Singapore Telecommunications (STEL.SI) said on Monday, days after a network-wide outage left nearly half the country without phone or internet for 12 hours. Optus has appointed Chief Financial Officer Michael Venter as interim CEO. Peter Kaliaropoulos was appointed to a newly created position of chief operating officer, SingTel added. More than 10 million Australians were hit by the 12-hour network blackout at the nation's second-largest telco for much of Wednesday, triggering fury and frustration among customers and raising wider concerns about the telecommunications infrastructure. Reporting by Himanshi Akhand in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Kelly Bayer Rosmarin, Michael Venter, Peter Kaliaropoulos, SingTel, Yuen Kuan, Himanshi, Lisa Shumaker Organizations: Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

☆ Bayer ordered to pay $1.56 billion in latest US trial loss over Roundup weedkiller
▼ + stars: | 2023-11-19 | by ( Tom Hals | Thomson Reuters | Tom Hals Is An Award-Winning Reporter With Years Of Experience Working In Asia | ) www.reuters.com time to read: +3 min

Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen, Germany February 27, 2019. Each was diagnosed with non-Hodgkin lymphoma that they alleged was caused by using Roundup on their family property. Bayer has said that decades of studies have shown Roundup and its active ingredient, glyphosate, are safe for human use. The verdict is the fourth straight loss in court for Bayer, after the company had been found not liable to plaintiffs in nine consecutive trials. In 2020, Bayer settled most of the then-pending Roundup cases for up to $10.9 billion.

Persons: Wolfgang Rattay, Bayer, Valorie Gunther, Jimmy Draeger of, Daniel Anderson of, Draeger's, Brenda, Bart Rankin, Forrest Weldon, Tom Hals, Bill Berkrot Organizations: Bayer AG, REUTERS, Bayer, Monsanto, Union Investment, U.S . Environmental Protection Agency, EU Commission, European Food Agency, European Chemicals Agency, Thomson Locations: Leverkusen, Germany, Missouri, Cole County , Missouri, New York, Jimmy Draeger of Missouri, Daniel Anderson of California, Wilmington , Delaware

☆ Shakira stands trial in Spain for alleged tax fraud
▼ + stars: | 2023-11-19 | by ( ) www.reuters.com time to read: +2 min

Shakira poses on the red carpet during the 24th Annual Latin Grammy Awards show in Seville, Spain, November 16, 2023. The 'Hips Don't Lie' Colombian megastar, who also has a second tax fraud investigation pending with Spanish authorities, has vowed to fight what she called false accusations. She rejected a settlement offer from the prosecutor's office to close the case and is expected to testify on Monday in the first of 12 hearings scheduled until Dec. 14. The prosecutor's office is seeking an up to eight-year prison term and to claim back the taxes it says she owes. Shakira, 46, lived with former Barcelona and Spain soccer star Gerard Pique for 11 years and the couple have two children.

Persons: Shakira, Marcelo del Pozo, Gerard Pique, Shakira Isabel Mebarak Ripoll, Judge Jose Manuel del Amo Sanchez, Portugal's Cristiano Ronaldo, Argentina's Lionel Messi, Diego Costa, Bayer, Xabi Alonso, Alonso, Emma Pinedo, Aislinn Laing, Alexander Smith Organizations: REUTERS, Rights, Spanish, Bayer Leverkusen, Thomson Locations: Seville, Spain, Rights BARCELONA, Barcelona, Miami, Spanish

☆ Bayer Cancels Asundexian Phase III Study Program
▼ + stars: | 2023-11-19 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Germany's Bayer AG said on Sunday it is cancelling a phase III study program to investigate the efficacy and safety of asundexian, an oral Factor XIa (FXIa) inhibitor. The decision to stop the study is based on the recommendation by the Independent Data Monitoring Committee (IDMC). IDMC monitoring showed an inferior efficacy of asundexian compared to the control arm of the study. "A phase III study investigating asundexian compared to Apixaban in patients with atrial fibrillation at risk for stroke is being stopped early," the company said in a statement. Bayer, which initiated the study in August 2022, said it will further analyze the data to understand the outcome and will take appropriate measures.

Persons: Bayer, Jose Joseph, Chris Reese Organizations: Reuters, Germany's Bayer AG, Independent Data Monitoring, Bayer Locations: Bengaluru

☆ Australian telco Optus tells lawmakers it had no plan to address total outage
▼ + stars: | 2023-11-17 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

Singtel has said that while Optus experienced an outage after its software upgrade, the upgrade itself was not the cause. "Singtel will support Optus as it learns from what has occurred and continues to improve," the Singapore company said a day earlier. Kanagaratnam told the hearing Optus never expected a total shutdown because it had filters designed to stop all 90 of the company's routers from being overloaded with data. "The outage was a result of our defence not working as it should have," he said. Bayer Rosmarin said 228 calls to Australian emergency hotline Triple-0 failed to connect because of the outage, but the telco had followed up all incidents and "thankfully everybody is OK".

Persons: Kanagaratnam, Singtel, Kelly Bayer Rosmarin, Bayer Rosmarin, telco, Byron Kaye, Gerry Doyle Organizations: SYDNEY, Optus, Singapore Telecommunications, Triple, Bayer, Thomson Locations: Singapore

☆ Optus parent SingTel denies software upgrade as root cause for outage
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Singapore Telecommunications Ltd (STEL.SI), the parent of Australian telecoms provider Optus, said on Thursday its planned software update was not the root cause for an outage last week, contradicting Optus' claims earlier this week. Optus had earlier in the week said an initial investigation found the company's network was affected by "changes to routing information from an international peering network" after a "routine software upgrade". SingTel, while confirming that Singtel Internet Exchange (STiX) is one of Optus' international networks that connects to the global internet, denied that the routine software upgrade was the root cause. "We are aware that Optus experienced a network outage after the upgrade when a significant increase in addresses being propagated through their network triggered preset failsafes," SingTel said. SingTel's statement comes a day before Optus CEO, Kelly Bayer Rosmarin faces an Australian senate inquiry into the massive outage.

Persons: SingTel, Kelly Bayer Rosmarin, Sameer Manekar, Dhanya Ann Thoppil Organizations: Singapore Telecommunications Ltd, Optus, Singapore Telecommunications, Thomson Locations: Bengaluru

BRUSSELS (AP) — The European Commission will continue the use of the controversial chemical herbicide glyphosate in the European Union for 10 more years after the 27 member countries again failed to find a common position for or against a prolongation. The Greens political group of the EU Parliament immediately urged the Commission to backpedal and ban the use of glyphosate. The 10-year extension proposed by the European Commission required a “qualified majority,” defined as 55% of the 27 members representing at least 65% of the total EU population of some 450 million people. Pascal Canfin, the chair of the Environment committee at the European Parliament, blamed the EU Commission president for moving forward despite the stalemate. EU member states are responsible for authorizing the use of products in their national markets, following a safety evaluation.

Persons: unconclusive, ”, Bas Eickhout, unfiled, “, Pascal Canfin, Ursula von der Leyen, Emmanuel Macron Organizations: European Commission, European Union, Greens, EU, Environment, Monsanto, Bayer, Agency for Research, Cancer, World Health Organization, Environmental Protection Agency, Greenpeace Locations: BRUSSELS, backpedal, California, France, U.S, Germany, Italy

☆ Sunak rolls the dice with Cameron resurrection
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 13 (Reuters Breakingviews) - Rishi Sunak's latest pivot is riskier than it might look. The British prime minister has appointed former leader David Cameron as foreign secretary, part of a reshuffle in which he sacked firebrand Home Secretary Suella Braverman. The move suggests Sunak may be looking to appeal to centrist voters ahead of next year’s national ballot, but that may also make his party more fragile. Cameron, who left parliament in 2016 after proposing a referendum on Brexit he then lost, isn’t an obvious choice for Sunak. Centrist voters may not forgive him for allowing an EU referendum and jumping ship shortly afterwards.

Persons: David Cameron, Suella Braverman, Cameron, Keir Starmer, Sunak, Neil Unmack, George Hay, Streisand Neto Organizations: Reuters, firebrand, Greensill Capital, Conservative, X, Thomson

☆ UniCredit’s Greek stake is less odd than it seems
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

But Italy’s UniCredit (CRDI.MI), which on Monday purchased 9% of Alpha Bank for about 300 million euros, should have better luck. This will include merging the lenders’ Romanian units and Alpha distributing UniCredit’s asset-management products in Greece. Probably the most reassuring news for investors in the Italian bank is that Orcel has no plans to raise its stake. UniCredit hasn’t requested regulatory permission to buy more and doesn’t envisage doing so, according to a person familiar with the matter. For shareholders, then, UniCredit’s mini-Greek adventure is unusual but easily tolerable.

Persons: Italy’s, Andrea Orcel, Crédit, Société, Orcel, UniCredit, UniCredit hasn’t, Liam Proud, Aimee Donnellan, Oliver Taslic Organizations: Reuters, Alpha Bank, Alpha, Piraeus Financial, X, SEC, Thomson Locations: Greece

☆ SoftBank’s optimistic talk falls on deaf ears
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

SoftBank Group Corp Chairman and CEO Masayoshi Son speaks during their joint news conference with Toyota Motor Corp President Akio Toyoda (not pictured) in Tokyo, Japan October 4, 2018. REUTERS/Issei Kato Acquire Licensing RightsSINGAPORE, Nov 10 (Reuters Breakingviews) - All credit to SoftBank’s (9984.T) finance chief for trying to accentuate the positive. The weakening currency lopped off 183 billion yen. Taking such a big loss when analysts, per S&P Capital IQ, expected a $1.2 billion profit, though, was. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Masayoshi Son, Akio Toyoda, Issei Kato, Yoshimitsu Goto, SoftBank, Antony Currie, Thomas Shum Organizations: SoftBank Group, Toyota Motor Corp, REUTERS, Rights, Reuters, X, SEC, Thomson Locations: Tokyo, Japan, Rights SINGAPORE, Arm’s

☆ Morocco call up Nice midfielder Diop for World Cup qualifiers
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Former France under-21 international Sofiane Diop has accepted a first call-up from Morocco for the start of their 2026 World Cup qualification campaign this month, coach Walid Regragui confirmed on Thursday. Nice midfielder Diop, 23, was born in France but is also eligible for Morocco, who reached the semi-finals of the World Cup in Qatar and recently recruited another French youth international in Bayer Leverkusen winger Amine Adli. "He (Diop) is a player who could have chosen other countries also. Morocco are scheduled to host Eritrea next Thursday in their qualification opener and despite reports the latter could withdraw from the preliminaries, Regragui said they have received no confirmation from FIFA. The Atlas Lions will travel away to Tanzania on Nov. 21 for their second game.

Persons: Sofiane Diop, Walid Regragui, Diop, Regragui, Yassine Bounou, Munir El Kajoui, El Mehdi Benabid, Ghanem Saiss, Nayef Aguerd, Abdelkabir, Yunis, Achraf, Ayoub El, Noussair Mazraoui, Yahya Attiat Allah, Sofyan, Azzedine Ounahi, Yahya Jabrane, Ismael Saibari, Bilal El Khannouss, Amir Richardson, Hakim Ziyech, Youssef En, Tarik Tissoudali, Nick Said, Toby Davis Organizations: Bayer Leverkusen, FIFA, The Atlas Lions, Thomson Locations: France, Morocco, Qatar, Tanzania, Niger, Congo, Zambia, United States, Mexico, Canada

☆ Arm’s public-market journey starts with a stumble
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 9 (Reuters Breakingviews) - Investors in the $56 billion semiconductor group Arm may be in for a bumpier ride than they hoped. The good news is that CEO Rene Haas expects revenue in the fiscal year to March of roughly $3 billion, in line with analysts' expectations. The less good news, which dragged Arm’s shares down 8%, is that Haas said revenue in the fiscal quarter to December might be anywhere from $720 million to $800 million. Admittedly, at the midpoint of the range that’s only $10 million below the mean analyst forecast, per LSEG.

Persons: Dado Ruvic, Rene Haas, Haas, Liam Proud, Lisa Jucca, Streisand Neto Organizations: REUTERS, Reuters, X, SEC, Thomson

☆ Agrochemicals group Syngenta indicates $10 bln IPO likely next year
▼ + stars: | 2023-11-09 | by ( John Revill | ) www.reuters.com time to read: +2 min

A logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel, Switzerland January 30, 2020. "Given weak market conditions we expect that the company will IPO by the end of next year," a company spokesman said on Thursday after Syngenta reported its Q3 earnings. The IPO update came as Syngenta, which competes with U.S. company Corteva (CTVA.N) and German firms BASF (BASFn.DE) and Bayer (BAYGn.DE), reported its latest earnings. Syngenta, which recently announced a change of chief executive and chief financial officer, has been pursuing an IPO for nearly two and half years. Syngenta was bought by ChemChina in 2017 for $43 billion and folded it into Sinochem Holdings Corp in 2021.

Persons: Arnd, Syngenta, John Revill, Kirsti Knolle, Robert Birsel Organizations: Syngenta, REUTERS, Rights, U.S, BASF, Bayer, Shanghai Stock Exchange, ChemChina, Sinochem Holdings Corp, Thomson Locations: Basel, Switzerland, Swiss, Brazil

☆ Insurers can underwrite dirty energy with impunity
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 9 (Reuters Breakingviews) - Insurers used to get heat for underwriting fossil fuels. Membership of bodies like the Net-Zero Insurance Alliance (NZIA) was supposed to mean financial groups would cease supporting oil, gas and coal, speeding the pace of decarbonisation. Similarly, five of the Lloyd’s insurance market’s managing agents – RiverStone, Chaucer, RenaissanceRe, Ascot and Aegis – have not implemented any restrictions on fossil fuels. Insurers have even fewer qualms about supporting oil and gas. Governments have made energy security a key priority since Russia’s invasion of Ukraine, and can reasonably argue that abrupt halts to backing fossil fuels will just mean higher energy prices.

Persons: Warren, Berkshire Hathaway, Starr don’t, – RiverStone, Chaucer, Insuramore, Pamela Barbaglia, George Hay, Oliver Taslic Organizations: Reuters, Zero Insurance, Axa, Everest, Aegis, Reuters Graphics, X, Bayer, SEC, Paramount, Thomson Locations: Zurich, PICC, RenaissanceRe, Ascot, Ukraine

☆ Bayer says it is keeping strict line on settling glyphosate litigation
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The 120 metres high Bayer Cross, logo of German pharmaceutical and chemical maker Bayer AG, consisting of 1710 LED glass bulbs is seen outside the industrial park "Chempark" of the chemical industry in Leverkusen, Germany, September 23, 2023. "We have no appetite to write humongous checks," said CFO Wolfgang Nickl in a media call after the release of third-quarter results. He added that Bayer has sound legal and scientific arguments to pursue its cases and appeals in court. Last week, a California jury found Bayer liable in a case brought by a man who claimed his cancer was due to exposure to the company's glyphosate-based Roundup, the third consecutive defeat for Bayer. Before that, Bayer had won nine cases in a row.

Persons: Wolfgang Rattay, Wolfgang Nickl, Bayer, Ludwig Burger, Miranda Murray Organizations: Bayer, Bayer AG, REUTERS, Rights, Thomson Locations: Leverkusen, Germany, U.S, California

☆ Bayer examines break-up options and prepares to cut management jobs
▼ + stars: | 2023-11-08 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

Bayer will remove multiple layers of management and coordination for a "significant reduction" in the workforce, it said. "We are redesigning Bayer to focus only on what’s essential for our mission – and getting rid of everything else," said Anderson. Analysts have said Bayer shares are trading at a massive discount to rivals in agriculture, pharmaceuticals and consumer health activities, partly weighed down by a preference among many financial investors for pure-play companies. Bayer reported third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) and adjusted for one-off effects fell 31% to 1.685 billion euros, hit by lower earnings at its Crop Science division. Bayer added that it expects a "soft growth outlook and continued challenges" to profitability next year.

Persons: Wolfgang Rattay, Bill Anderson, Anderson, Bayer, Werner Baumann, Ludwig Burger, Miranda Murray, David Goodman Organizations: Bayer AG, REUTERS, Rights, Bayer, Consumer, Roche, Science, Thomson Locations: Leverkusen, Germany

☆ Morning Bid: Waiting for word from the Fed chief
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Federal Reserve Board Chair Jerome Powell answers a question at a press conference following a closed two-day meeting of the Federal Open Market Committee on interest rate policy at the Federal Reserve in Washington, U.S., November 1, 2023. Last week's surprisingly soft jobs data heightened expectations that interest rates had peaked, but Fed commentary since then has warned against complacency in the fight against inflation. For now, investors have dialled up wagers on near-term rate cuts, with the Fed funds rate showing better than 50/50 odds for one as early as May. In Asia time, long-term Treasury yields are stuck around 4.58% and the dollar is biding its time around $1.07 per euro. While the Fed outlook dominates investors' attention, there is plenty of central bank speak in store from Europe as well.

Persons: Jerome Powell, Kevin Lamarque, Kevin Buckland, Jay Powell, Christine Lagarde, Philip Lane, Joachim Nagel, Pablo Hernandez de Cos, Andrew Bailey, Fed's Powell, Lagarde, BoE's Bailey, Edmund Klamann Organizations: Federal, Committee, Federal Reserve, REUTERS, Kevin, Kevin Buckland Markets, Reuters Graphics, Bank of Spain, Bank of England, Adidas, Airbus, Bayer, Continental, Credit Agricole, Federal Reserve Division of Research, Statistics, Thomson Locations: Washington , U.S, Asia, Europe, Germany, Brussels, Irish

☆ Bayer slow-motion breakup may leave clunky core
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 8 (Reuters Breakingviews) - Bayer’s (BAYGn.DE) planned surgery risks leaving an ailing rump. Valued in line with peers, Bayer’s seeds, drugs and consumer units could be worth 54 billion euros, 38 billion euros and 16 billion euros respectively, according to Breakingviews calculations using LSEG data. Take off debt and pensions, and Bayer’s equity should total nearly 60 billion euros, some 47% above its current market capitalisation. But hiving off the seeds business would leave a pharma business hitched to a consumer unit, a model shunned by rivals Pfizer (PFE.N), Sanofi (SASY.PA) and GSK (GSK.L). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: weedkiller, Bill Anderson’s, Anderson, Aimee Donnellan, Neil Unmack, Oliver Taslic Organizations: Reuters, Pfizer, Sanofi, GSK, X, SEC, Paramount, Thomson

☆ Ranking the biggest winners, and losers, in the current economy
▼ + stars: | 2023-11-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're ranking how different generations are doing in the current economy. After watching their parents and predecessors (millennials) struggle with finances, Gen Z is taking matters into their own hands. A May survey found more than half of Gen Z respondents had already started investing.

Persons: —, Tom Brady, Brooks Kraft, who's, It's, They've, Gen Zers, Gen Z, Gen, they've, Zers, HENRY, There's, aren't, Jamie Dimon, Dimon, Banks, Goldman Sachs, Joel Saget, Loren Elliott, Andreessen Horowitz, Elon, Barack Obama's, Allen Berezovsky, Getty, Roberto Machado Noa, Rowan Jordan, Tyler Le, Bob Iger's, it's, that's, Scooter Braun's, Camila Sterling, David Bolno, Sterling, Vivek Ramaswamy, Nikki Haley, Chris Christie, Will Smith, LL, Queen Latifah, Remy Ma, Chris Sattlberger, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Brooks Kraft LLC, Alpha, Beta, Getty, JPMorgan, Treasury, MDs, AFP, Getty Images Google, Microsoft, Google, US, Disney, Republican, NBC News, CBS, Walt Disney Company, Bayer, Airbus Locations: Ukraine, California, Florida, New York City, San Diego, London, New York

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