Business

As COVID-19 forces employees worldwide to work from home, South Korean exports of teleconferencing equipment and semiconductors have seen substantial increases. Demand from cloud computing firms and remote work trends in the US and China have driven significant growth in server chips and related technologies.

Spritzer Berhad, Malaysia's largest bottled water company, aims to increase production capacity from 750 million to 900 million bottles annually. The company plans to install two new high-speed automated bottling lines in Shah Alam and Yong Peng to meet growing local and international demand.

Singapore Airlines has grounded 185 of its 196 aircraft, including Airbus A380s and Boeing 787s, as worldwide border controls and travel restrictions decimate passenger demand. The flag carrier's low-cost unit Scoot will also suspend most of its network, reflecting the severe economic impact of the coronavirus pandemic.

The Philippine Government has ordered Business Process Outsourcing (BPO) companies to implement Work from Home arrangements until 11:59 PM on March 29. This extends the previous deadline of March 20, allowing BPO workers to bring home equipment and work remotely during the enhanced community quarantine in Luzon.

Indonesia's Energy Ministry announced plans to increase crude oil imports following a significant drop in global oil prices. The price war between Saudi Arabia and Russia has driven Brent crude futures down to $26.17 per barrel, the lowest level since 2003. President Joko Widodo views this as an opportunity for the country to strategically purchase oil at reduced rates.

The Malaysian government and Bursa Malaysia have decided to continue stock trading during the coronavirus lockdown, rejecting the Association of Stockbroking Companies' request to suspend markets. While the association warned of potential market damage, authorities believe shutting down trading would create more harm than good.

Thirty-one out of 41 economists polled by Reuters believe the coronavirus pandemic has triggered a global recession. JP Morgan's Bruce Kasman states that nearly the entire world is expected to contract between February and April, with Bank of America anticipating economic collapse in Q2.

Volkswagen has been hit with a $34.69 billion fine related to the 2015 "dieselgate" scandal, where the automaker was caught using defeat devices to manipulate emission tests. The company's CFO revealed significant financial impacts, with special effects of 2.9 billion euros in 2020 and 1.2 billion euros in 2021, marking a major regulatory and financial challenge.

Japanese retailer Uniqlo has reopened most of its stores in China, with only 30 of 750 locations remaining closed. After closing over 300 stores last month due to the coronavirus pandemic, the company is gradually resuming operations outside Hubei province, signaling potential recovery in the critical Chinese market.

California gas station owner Lev Dermen was found guilty of orchestrating a massive fraud scheme with Utah polygamists Jacob and John Kingston. The group falsely claimed to produce biodiesel while fraudulently collecting government funds, with Dermen helping them apply to a federal program that paid $1 per gallon of manufactured biodiesel.