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Bayer cuts expected Monsanto earnings synergies

“Bayer AG (BAYN.XE) on Friday reduced its expected earnings synergies from the Monsanto Co” writes Alberto Delclaux for marketwatch.com. “Bayer generated proceeds of over 15 billion euros through the separation from Covestro–around 4.5 billion euros more than expected,” said Chief Executive Werner Baumann.As part of the acquisition process, Bayer has been required to divest from businesses worldwide.MON, +0.06% acquisition, which has forced the company to divest from various businesses worldwide. Source: marketwatch.com Share This:

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Bayer cuts Monsanto synergy target to $1.2 billion due to divestments

“BONN (Reuters) – Bayer said that combining with takeover target Monsanto will have positive synergy effects of about $1.2 billion on core earnings, less than the $1.5 billion initially targeted because more divestments were needed to get antitrust approval” reports businessinsider.com. The German drugs and pesticides maker, which is holding its annual shareholder meeting on Friday, said in a statement that the targeted synergies will have their full effect on annual adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from 2022. Source: businessinsider.com Share This:

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Tesla trims up to $14,000 off Model X in China after tariff cuts

“The carmaker will lower prices of its Model S and Model X cars by just over 6 percent, a Beijing-based sales representative told Reuters on Wednesday” reports businessinsider.com. Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said price cuts by foreign premium brands will likely force them to adjust the price tag for vehicles they produce locally in China.FILE PHOTO: Visitors look at a Tesla Model S car at a Tesla showroom in Beijing Thomson Reuters By Norihiko Shirouzu BEIJING (Reuters) – Tesla Inc has slashed up to $14,000 off…

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Trump says he will propose new tax cuts prior to November

“We’re going to be submitting additional tax cuts sometime prior to November,” Trump said in a speech to the Susan B. Anthony List, an anti-abortion group” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – U.S. President Donald Trump said on Tuesday he will propose new tax cuts sometime prior to November, when Republicans look to retain their control of the U.S. Congress in midterm elections.Trump signed a $1.5 trillion tax cut in December, the signature legislative achievement of his presidency.Trump said he would meet with Republican Representative Kevin Brady,…

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After tax cuts, more banks are profitable now than in the past two decades

“Net interest income was up 8.5% compared to a year ago, and income from sources other than interest was 7.9% higher” writes Andrea Riquier for marketwatch.com. Many analysts believe the tepid year-to-date performance for many big banks is due to investors believing there’s little firepower left for the industry since the tax cuts were passed.Meanwhile, net interest margins, which measure the difference between interest rates on long- and short-term debt, ticked up to 3.32% from 3.19% a year ago.Banks got a big boost to their bottom lines from the tax…

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China investment cuts tobacco giant’s cigarette dependence

“British American Tobacco has made its first outside investment as it steps up the search for cutting-edge technology that could help it to reduce its reliance on cigarettes and other traditional smoking products” writes Tom Stevenson for telegraph.co.uk. The FTSE 100 company has backed a Chinese investment fund that seeks out early-stage technology firms in a bid to help them develop products which could subsequently be sold to larger companies.David O’Reilly, who heads the £94bn company’s research and development division, said they had for the first time invested in what…

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Campbell Soup CEO Quits Abruptly; Firm to Review Portfolio, Cuts Forecast

“These shifting consumer tastes are partly to blame for four straight years of declines at Campbell’s U.S. soup business, a period during which Morrison was in command” writes Partner Content for investopedia.com. The company also said it would conduct a thorough, critical review of all its business plans and portfolio composition over several months to improve its financial performance. Source: investopedia.com Share This:

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Pay freeze, retirement cuts trump discussion of president’s management agenda

“Yet, it received little attention because the administration set the agenda for discussion by previously pushing the pay freeze and retirement cuts” writes Columnist Joe Davidson for washingtonpost.com. But those plans drew sustained heat from Democrats, leaving most of the management agenda, including other workforce issues, largely ignored. That shows the priorities of Trump, Weichert and Pon. [Trump thanks federal employees with $143.5 billion in retirement cuts] [Mulvaney defends pay freeze even for feds he knows are underpaid]. Take his President’s Management Agenda, which outlines ideas to improve the federal…

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Berenberg cuts Telecom Italia target price, citing ‘toxic cocktail’

“FILE PHOTO: The Telecom Italia logo is seen at the headquarters downtown Milan, Italy Thomson Reuters MILAN (Reuters) – Telecom Italia (TIM) shares fell more than 2 percent in early trade after Berenberg cut its price target on Italy’s biggest phone group by 7 percent to 0.66 euros, citing pressure from new competition, political headwinds and governance issues” reports businessinsider.com. “Mix a looming price war, political interferences, governance conflicts, forex headwinds and you will end up with a toxic cocktail. Source: businessinsider.com Share This:

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GST will be zero-rated from June 1 while SST and spending cuts cushion revenue shortfall: Malaysia’s MOF

“The change would not include goods and services listed in the GST (Exempt Supply) Order 2014, allowing them to remain exempted from GST. All registered traders are obliged to comply with the decision while registered businesses will continue to be subjected to all existing regulations, said MOF. In a separate statement on the following day, MOF said the Sales and Services tax (SST) will make its return” writes Jonathan Loh for businessinsider.my. Meanwhile, Putrajaya aims to cut down on spending to compensate for the shortfall in government revenue due to…

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