During Thursday’s Morning trade, Shares of Alibaba Group Holding Limited (NYSE:BABA), gained 0.28% to $87.04.
SoftBank Corp, Alibaba Group Holding Limited, and Foxconn Technology Group, declared a contract under which Alibaba and Foxconn will each invest JPY 14.5 billion in SoftBank Robotics Holdings Corp. (“SBRH”), the SoftBank Group’s intermediate holding company responsible for its robotics business. Under the agreement, upon the completion of the investment by Alibaba and Foxconn, SoftBank’s SBRH share ownership ratio will become 60%, and Alibaba and Foxconn will each hold ownership stakes of 20%.
SoftBank, Alibaba and Foxconn will build a structure to bring Pepper and other robotics businesses to global markets, and cooperate with the aim of spreading and developing the robotics industry on a worldwide scale.
Alibaba Group Holding Limited, through its auxiliaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally. It operates Taobao Marketplace, an online shopping destination; Tmall, a third-party platform for brands and retailers.
Shares of The Gap, Inc. (NYSE:GPS), inclined 0.34% to $38.65, during its current trading session.
The Gap, declared a series of planned actions to position Gap brand for improved business performance and build for the future. Following a thorough evaluation of its business and operations, Gap plans to right-size its specialty store fleet and streamline its headquarter workforce, primarily in North America, as part of the comprehensive effort to deliver more consistent and compelling product collections and engage customers across all channels.
In order to drive productivity improvements and showcase the brand in the most successful locations, Gap will close about 175 specialty stores in North America over the next few years, with about 140 closures occurring this fiscal year. These changes will not impact Gap Outlet and Gap Factory Stores. In parallel with these moves, the brand will close a limited number of European stores during this period.
Following the fleet optimization effort, the brand will continue to serve North American customers through about 800 Gap stores – comprised of 500 Gap specialty locations and 300 Gap outlet stores – in addition to its dynamic online channels, better reflecting the way recently’s customers shop across specialty, outlet and online. The brand will continue to have a robust global presence in more than 50 countries and with about 1,600 company-operated and franchise locations globally.
The Gap, Inc. operates as an apparel retail company worldwide. It offers apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brand names.
Finally, Statoil ASA (NYSE:STO), lost -1.46%, and is now trading at $18.26.
Statoil ASA, Norway’s state-controlled oil producer, will cut as many as 2,000 more jobs by the end of next year as it reacts to lower crude prices by slashing costs, according to Bloomberg.
Statoil plans to lose about 1,100 to 1,500 permanent employees and 525 consultants by the end of 2016, the Stavanger-based company said. More organizational changes will be declared by the end of the month, it said in a statement. Bloomberg Reports.
Statoil ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products in Norway and internationally.
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