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ABB, the Swiss engineering group, announced plans to sell 80.1% of the electricity grids division of Power Grids, which is estimated at $11 billion, to Japanese company Hitachi. It is reported that the net income from the sale, expected in the range of 7 billion 600 million to 7 billion 800 million dollars, will be returned to shareholders of the company. ABB also stated that it intended to change the structure of the rest of the business, focusing on areas such as automation. Restructuring involves a write-off of $500 million, which will reduce its annual costs by about $500 million.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
On Monday, Fujitsu Ltd. (6702.T) announced that it would halve its office space in Japan by March 2023 as it pushes for its 80,000 employees to work remotely amid the coronavirus outbreak. The IT solutions company said that its employees would ...
The western Japan prefecture may take two more years to recuperate from the damage of the novel coronavirus crisis. The forecast was rendered by Tetsuya Kan, head of a major regional bank in Osaka, as the pandemic ransacked the city’s ...
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