News

2018-08-13 |

Investors shun Bayer stock over US pesticide ruling

FRANKFURT AM MAIN (AFP) -
Investors fled shares in German chemicals and pharmaceuticals giant Bayer Monday, fearing a massive damages ruling against one of newly-acquired US firm Monsanto's flagship products could signal a wave of costly lawsuits.
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Nevertheless, "if it's a quarter of a billion dollars per case, you don't need to lose many lawsuits before it becomes quite expensive," said analyst Michael Leacock of MainFirst bank, pointing out that Monsanto faces some 4,000 US lawsuits at the state level and 450 so-called "multi-district" cases at the federal level.

"The total cost, in our view, could easily reach $10 billion" if Bayer were to settle out of court with a still larger number of plaintiffs, he predicted.

2018-08-13 |

Roundup cancer verdict sends Bayer shares sliding

FRANKFURT (Reuters) - Bayer (BAYGn.DE) shares plunged as much as 14 percent on Monday, losing about $14 billion in value, after newly acquired Monsanto was ordered to pay $289 million in damages in the first of possibly thousands of U.S. lawsuits over alleged links between a weedkiller and cancer.

After the verdict in favor of a California school groundskeeper with terminal cancer, Monsanto faces more than 5,000 similar lawsuits across the United States over claims it did not warn of the cancer risks of glyphosate-based weedkillers, including its Roundup brand.

Monsanto, bought by Bayer this year for $63 billion, said that it would appeal against the jury’s verdict in California, which is the latest episode in a long-running debate over claims that exposure to Roundup can cause cancer.

The case by plaintiff Dewayne Johnson, filed in 2016, was fast-tracked for trial due to the severity of his non-Hodgkin’s lymphoma, a cancer of the lymph system that he alleges was caused by Roundup and Ranger Pro, another Monsanto glyphosate herbicide.

2018-08-11 |

China says U.S. farmers may never regain market share lost in trade war

This story is being published by POLITICO as part of a content partnership with the South China Morning Post. It originally appeared on scmp.com on Aug. 11, 2018

China can easily find other countries to buy agricultural goods from instead of the U.S., its vice agriculture minister said, warning that American farmers could permanently lose their share of the Chinese market as a result of the trade war.
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China and the U.S. have been locked in a tit-for-tat trade war since early last month. Beijing unveiled its latest retaliatory tariffs on $16 billion of American goods on Wednesday, matching Washington’s move to slap 25 percent duties on the same value of Chinese imports.

The vice agriculture minister also said Chinese companies had “basically stopped” importing soybeans from U.S. farmers since July 6 and would deal with the impact by finding alternative ingredients for animal feeds.

China is the world’s biggest importer of soybeans, which it uses to make cooking oil, biodiesel and the meal to feed livestock.

Han said the country was expecting soybean imports from the U.S. to drop dramatically this year and that preparations had already been made. “China is totally able to handle the shortfall created by a drop in American soybean imports,” Han told Xinhua.

2018-08-11 |

Monsanto ordered to pay $289m as jury rules weedkiller caused man's cancer

Court finds in favor of Dewayne Johnson, first person to take Roundup maker to trial

DeWayne Johnson listens during the Monsanto trial in San Francisco last month. Photograph: Reuters
Monsanto suffered a major blow with a jury ruling that the company was liable for a terminally ill man’s cancer, awarding him $289m in damages.

Dewayne Johnson, a 46-year-old former groundskeeper, won a huge victory in the landmark case on Friday, with the jury determining that Monsanto’s Roundup weedkiller caused his cancer and that the corporation failed to warn him of the health hazards from exposure. The jury further found that Monsanto “acted with malice or oppression”.

Johnson’s lawyers argued over the course of a month-long trial in San Francisco that Monsanto had “fought science” for years and targeted academics who spoke up about possible health risks of the herbicide product. Johnson was the first person to take the agrochemical corporation to trial over allegations that the chemical sold under the brand Roundup causes cancer.

2018-08-10 |

Verdict reached in Dewayne Johnson vs Monsanto

The lawsuit alleges exposure to Monsanto’s Roundup weed killer and its active ingredient, glyphosate, caused Northern California resident Dewayne “Lee” Johnson to develop non-Hodgkin lymphoma (NHL).

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