Bayer starts Monsanto integration

FRANKFURT: German chemicals and pharmaceuticals giant Bayer said Thursday that it would begin integrating seeds and pesticides maker Monsanto after a mega-merger, but its stock price was battered by the US firm’s legal woes.

Two months after the $63 billion deal - the biggest ever foreign takeover by a German company - Bayer completed the sale of a final tranche of crop science businesses worth 5.9bn euros ($6.7bn) to rival BASF under concessions imposed by cartel watchdogs.

With competition authorities’ conditions met, “the integration of Monsanto into the Bayer Group can begin,” the Leverkusen-based company said in a statement.—AFP

Walmart posts biggest US sales rise

NEW YORK: Walmart Inc posted its best quarterly US sales growth in a decade and upped full-year sales and profit outlooks on Thursday, sending shares surging as a jump in online and grocery purchases showed it can hold its own against Amazon.com Inc.

The world’s largest retailer is known for its sprawling stores, a factor that could have worked against it as shoppers migrate online.

Total revenue increased 3.8 per cent to $128 billion, beating estimates of $125.97 billion.

For the full year, Walmart expects to earn between $4.90 and $5.05 per share, up from a range of $4.75 to $5 a share. The retailer said same-store sales in the United States should rise about 3pc in fiscal 2019, up from a prior target of at least 2pc.—Reuters

Event held for women entrepreneurs

KARACHI: Local women-led startups pitched their ideas on Thursday to earn recognition and the chance to attend the global ‘She Loves Tech’ startup competition in China.

At the Pakistan edition of ‘She Loves Tech’, 10 Pakistani women entrepreneurs from across the country presented their products and business models to an expert panel at the National Incubation Centre, Karachi.

The judges included Ignite CEO Yusuf Hussain, Sindh Board of Investment Chairperson Naheed Memon, Pakistan Software Houses Association President Jehan Ara and Seed Ventures CEO Faraz Khan.

The event was hosted by Circle Women, a social enterprise focused on women’s empowerment with chapters in Pakistan, US and Europe.

Aurat Raaj was declared the winner while Orbit and Tez Financial Services came out as the first and second runner-ups.

Published in Dawn, August 17th, 2018