China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.

 

Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.

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Bayer to eliminate 12,000 jobs and sell brands

Bayer to eliminate 12,000 jobs and sell brands

The job cuts will account for about one in ten workers globally, with a significant number of those in Germany

Bayer also plans to sell its animal health division, which is estimated to be worth up to $7.9bn. Shares in the German drug giant have fallen more than a third this year.

Investors are scared of the ramifications that some 9,000 lawsuits will bring over the alleged carcinogenic effects of Monsanto weedkillers. The shares first dropped in August, where a US ruling linked glyphosate to cancer. Bayer however, has claimed that Glyphosate , which is used in Monsanto’s Roundup and RangerPro is completely safe.

The company acquired Dr Scholl and Coppertone four years ago when it bought Merck’s consumer healthcare division for $14bn.The unit is grappling with falling revenues as US consumers switch to online shops and cheaper brands.

Bayer will also seek a buyer for its 60% stake in German chemical production site services provider Currenta. The $66bn merger with Monsanto in 2016 created the world’s biggest seeds and pesticides company back then.

Its decision to sell its animal health business means Bayer will now focus on pharmaceuticals, consumer health and crop science.

More than 4,000 jobs in the combined crop science division will go by the end of 2021.

Bayer chief executive Werner Baumann stated: “These changes are necessary and lay the foundation for Bayer to enhance its performance and agility.”

The job cuts and sales will result in estimated costs of more than $4.55bn.

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