The world's largest chemical concern BASF announced that by the end of the current year it expects a decline in revenues and profits instead of the previously projected growth. The deterioration of the forecast is based on the fact that the conflict between the United States and China in trade matters continues unabated. According to the company, it is not worth waiting for a quick resolution of the conflict, based on the outcome of the G20 summit that took place in June. In addition, according to BASF estimates, the slowed demand in the automotive market is a serious negative factor for the dynamics of annual indicators. Chinese automakers reduced production in the first half by 13%. Profit before interest fell by 47% to 1 billion euros. EBIT, excluding one-time items, is expected to decline by 30% at the end of the year. To increase profits, the company conducts business reorganization, in which it is planned to lay off about 6 thousand employees worldwide.
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