Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:
Bayer falls on profit warning
Shares in Bayer AG (BAYN.DE) have fallen as much as 13% in Frankfurt after the agriculture and pharma giant issued a profit warning.
Shares dropped to their lowest level in more than six months on Thursday after the group warned that the coronavirus pandemic would hit profits harder than expected.
“We expect the COVID-19 situation to particularly weigh on our crop science business in the second half of 2020 and then throughout fiscal 2021,” said chief executive Werner Baumann to investors.
He added that he expects Bayer will take a several billion euro write down of assets in its agricultural business, most of which was bought from Monsanto for $63bn (£48.33bn) in 2018.
The news will resume debates over the merits of the takeover of Monsanto as the business struggles to deliver profits and resolve an $11bn settlement over claims that Monsanto’s Roundup weedkiller causes cancer.
Rolls-Royce wants cash for COVID
Struggling engine maker Rolls-Royce (RR.L) has announced plans to raise up to £5bn ($6.5bn) in debt and equity, as it looks to repair its balance sheet from the blow dealt by the COVID-19 pandemic.
Rolls-Royce announced the funding plans in a statement on Thursday, which include a highly discounted share issue.
Rolls-Royce is seeking to raise £2bn by selling new shares to investors in a 10-to-3 rights issue.
The issue, which comes at a 41% discount, is fully underwritten.
Separately, the company plans to raise up to £3bn in debt. Rolls-Royce is planning to issue a new £1bn bond, has negotiated a new £1bn