Business

Macau, the world's largest gambling hub, saw casino revenues plummet by 88% in February as COVID-19 forced a 15-day business shutdown. The Gaming Inspection & Coordination Bureau reported a dramatic decline from previous year's earnings, marking the most significant monthly downturn in the region's gambling history.

Amazon removed more than a million products from its platform for price gouging and misleading coronavirus claims. Face masks and respirators saw prices surge from $41 to $128, prompting the company to take swift action against unethical sellers exploiting the pandemic.

Apple agrees to settle a class-action lawsuit by paying up to $500 million to iPhone users whose devices were intentionally throttled. Owners of specific iPhone models running iOS 10.2.1 or later can receive approximately $25 per device, with total settlements ranging from $310 million to $500 million.

Samsung Electronics and LG Innotek have temporarily shut down manufacturing facilities in Gumi, South Korea, after workers tested positive for COVID-19. Samsung's Gumi factory, which produces Galaxy Z Flip and Galaxy S20 phones, will remain closed until Sunday evening for disinfection.

Major automakers like BMW, Mercedes-Benz, and Tesla are shifting to online sales platforms to mitigate coronavirus pandemic's economic impact. With Chinese factories shutdown and showrooms empty, car manufacturers are leveraging digital strategies to maintain revenue and customer engagement during global health crisis.

Facebook has filed a federal lawsuit against oneAudience, a marketing firm accused of improperly accessing users' personal information. The company allegedly installed malicious software in apps to exploit Facebook login features and collected data from multiple internet platforms without authorization.

Tech giant Apple receives approval to open its first Indian store in 2021, ending a decade of selling through third-party sellers. CEO Tim Cook expresses excitement about India's market potential, with plans to launch both physical and online stores, signaling a strategic move to tap into the country's vibrant tech consumer base.

Bob Iger unexpectedly handed off his CEO position to Bob Chapek, causing Disney shares to fall 2.1% in premarket trading. Analysts question Chapek's content experience, noting his background primarily in parks, distribution, and consumer products rather than storytelling.

Singapore companies are responding to coronavirus economic pressures by implementing hiring and salary freezes. CapitaLand's CEO announced wage suspension for managers and pay cuts for senior leadership, while Temasek Holdings has paused salary increases to demonstrate financial prudence during the pandemic.

The Philippine Stock Exchange Index plunged 4.3% on Wednesday, marking its deepest fall since 2016 due to coronavirus fears. The peso weakened against the dollar, and local companies like Jollibee felt the economic impact of China's factory shutdowns and business closures.