Business

The new deadly coronavirus strain is causing significant market volatility, with Asian stocks and industries like airlines and tourism experiencing sharp losses. Analysts compare the outbreak to the 2002-2003 SARS epidemic, warning of potential severe economic impacts.

The UN's International Labor Organization warns of a critical employment crisis, with global unemployment expected to rise to 190.5 million in 2020. The report highlights underemployment affecting 285 million workers, signaling deeper economic challenges worldwide.

Tesla is set to build its first European Gigafactory near Berlin, Germany. The 300-hectare property will allow Tesla to use the "Made in Germany" label and create significant employment opportunities for local workers.

Following the Taal Volcano eruption, Philippine authorities have permitted 59 businesses in Tagaytay City to reopen. Restaurants, hotels, supermarkets, and the local amusement park have resumed operations after securing necessary permits and safety clearances from disaster management agencies.

Jollibee Foods Corporation successfully issued $600 million in perpetual securities, surpassing initial plans due to high investor demand. The funds will support the company's overseas expansion strategy, including recent acquisitions like The Coffee Bean and Tea Leaf, as the brand aims to become a top global restaurant company.

Toyota has invested $394 million in Joby Aviation, a California-based aerospace company developing an all-electric vertical takeoff and landing (VTOL) aircraft. The six-rotor, five-seat flying taxi represents Toyota's strategic move into air transportation, with CEO Akio Toyoda expressing hopes to provide innovative mobility solutions.

Cathay Pacific Airways is offering up to one month of unpaid leave to its 27,000 employees, particularly pilots and cabin crew, due to reduced flight schedules and low passenger demand resulting from prolonged pro-democracy protests in Hong Kong.

According to eMarketer, Pinterest grew to 82.4 million users in 2019, overtaking Snapchat's 80.2 million users. The platform's universal appeal and image-centric design have attracted diverse demographics, positioning it as a preferred social media platform for sharing and discovering interesting visual content.

Amazon has reinstated FedEx ground and home delivery services for its third-party sellers after temporarily suspending the courier during the 2019 holiday season. The e-commerce giant cited performance concerns but now confirms FedEx has met delivery requirements. The announcement positively impacted FedEx's stock, which rose 3% on the news.

Tesco plans to sell its Asian operations, potentially valued at $10bn, but Thai regulations may complicate the process. The Trade Competition Commission warns that any buyer acquiring more than 50% market share will require authorization, potentially impacting the sale of over 2,000 stores in Thailand and Malaysia.