Business

Malaysian producers of disinfectants, hand sanitizers, and rubber gloves are experiencing unprecedented global demand due to coronavirus. Manufacturers are struggling with supply shortages, particularly limited access to critical ingredients like ethanol and packaging materials, which are primarily imported from China.

Philippine Airlines has appointed 85-year-old billionaire Lucio Tan as its new president, replacing his late son. The company also raised its capital stock from P13 billion to P30 billion, a 130% increase aimed at combating budget carrier competition and maintaining profitability in the airline industry.

The World Wide Fund for Nature (WWF) is calling on Malaysian authorities to collaborate with businesses in implementing strategies to eliminate single-use plastics. A recent study reveals Malaysians are leading plastic packaging consumers in Asia, significantly contributing to ocean pollution with 16.8 kg of plastic consumed per person annually.

Apple announced it won't meet its Q2 revenue forecast of $63-67 billion due to coronavirus-related supply chain and sales challenges. Production and customer traffic in China remain low, despite some store reopenings, leading to significant economic uncertainty for the tech giant.

The National Broadcasting and Telecommunications Commission (NBTC) successfully concluded Thailand's 5G spectrum auction, raising 100.52 billion baht. Advanced Info Service led the bidding, securing 23 licenses across 700MHz, 2600MHz, and 26GHz bands. True Move H won 17 licenses, while state-run operators CAT Telecom and TOT Plc also participated for the first time.

Tesla announced a $2 billion stock offering to bolster its financial standing, despite CEO Elon Musk previously stating it wouldn't make sense to raise additional cash. The company aims to use proceeds to strengthen its balance sheet and for general corporate purposes, with Musk personally investing up to $10 million in the offering.

Nissan Motor Co. has filed a $91 million civil lawsuit against ex-chairman Carlos Ghosn in Yokohama District Court. The company seeks damages for alleged financial fraud, including understating income and misusing corporate assets for personal travel and property rentals.

Contractors involved in the Grenfell Tower refurbishment are set to appear in court on possible fraud and conspiracy charges. The public inquiry, led by Sir Martin Moore-Bick, will examine the marketing of combustible cladding that contributed to the deadly fire, which killed 72 people and injured 70 others on June 14, 2017.

Ola, the Indian ridesharing platform, has launched operations in London after receiving a 15-month license. The company recruited 20,000 drivers and plans to offer zero commission initially. With advanced safety features like a panic button and route tracking, Ola aims to provide reliable transportation services in the UK market.

The coronavirus pandemic has devastated Hong Kong's economy more severely than six months of anti-government protests, affecting critical sectors like tourism, retail, and international trade. Financial experts highlight the virus's unprecedented economic disruption across multiple business pillars.