Kohl's, one of the major department store chains in the United States, has revealed that it is in the process of being sold to a holding company FRG. It offered $60 a share for Kohl's stock, bringing the total deal value to around $8 billion. Kohl's operates or owns over 1100 department stores in 49 states across the US. Annual sales are estimated to be around $18 billion. FRG is a firm based...

Shares of Chinese cab service Didi jumped 56% at the premarket. Earlier, the WSJ reported that Beijing is wrapping up an investigation into the company, and its app could return to stores. Shares of Chinese cab aggregator Didi were up more than 56% at the premarket, trading at a high of $2.89. At Friday's close, the company's NYSE-traded securities were down 3.14% at $1.85. Earlier, sources of...

According to the Financial Times, the British telecommunications provider Truphone will be sold for £1. The company is owned by Russian oligarch Roman Abramovich and his colleagues. In the event that Truphone "works well" and its value rises, the present owners will be able to recoup up to a third of the initial investment. Abramovich will not get this money if he is subject to sanctions. Hakan...

Japanese automobile concern Subaru suspends the work of its three plants in the Japanese prefecture of Gumma, Kyodo News Agency reported. Work will be suspended due to problems with the supply of parts amid a lockdown in Shanghai due to an outbreak of the coronavirus. The plants will not operate on June 2 and 3. The same three plants had already stopped work in April. Suzuki announced a partial...

To settle a complaint over user privacy infringement, Twitter will pay a $150 million fine to the US Department of Justice and the US Federal Trade Commission. The government claimed that Twitter had illegally passed on users' e-mail addresses and phone numbers to various companies for them to use for targeting advertising. The settlement agreement between the company and the departments was...

Alibaba's net profit for fiscal year 2021-2022, which ended March 31, fell by 67 percent to $7.427 billion, according to the company’s press statement. For the period, diluted earnings per ordinary share were $0.45, down from $1.02 a year earlier. Meanwhile, Alibaba's revenue was $134.567 billion, up 19% from the previous fiscal year. The corporation lost $2.562 billion in the fourth quarter of...

U.S. bank JPMorgan Chase forecasts that their all-digital bank, which opened recently, will be unprofitable in the coming years. According to Sanoke Viswanathan, JPMorgan's head of worldwide retail growth, stated by the Financial Times, the bank will lose $450 million in 2022 and another $450 million "in the next several years." According to the CEO, the virtual bank would not start making money...

Robert Ford, the CEO of Abbott, has apologized to American families for the newborn formula shortfall. The shortage emerged after the company was forced to return a big batch of products after regulatory regulators suspected the production line was infected with harmful bacteria. "We apologize to every family that was let down because we aggravated the nation's newborn formula crisis when we...

Walmart's consolidated net profit fell 24.8 percent year over year to $2.054 billion in the first quarter of fiscal year 2022-2023 (ending 30 April), according to a press statement. Walmart reported $0.75 diluted earnings per share, down from $0.97 a year ago. In the reporting period, Walmart's revenue increased 2.3 percent year over year to $140.288 billion. Analysts expected $138.8 billion in...