Bayer faces profit slump, cuts thousands of jobs

BERLIN, Aug. 6 (Xinhua) -- Bayer's quarterly report released on Tuesday revealed that the German pharmaceutical and agribusiness giant is facing a profit decline amid ongoing restructuring efforts.

Despite a slight increase in sales to 11.1 billion euros (12.12 billion U.S. dollars), earnings before interest, taxes, depreciation and amortization (EBITDA) before special items slumped by 16.5 percent to 2.1 billio