Business

Yes Bank founder Rana Kapoor was arrested by financial crime investigators over allegations of money laundering, criminal conspiracy, and cheating. The arrest follows the Indian Central Bank's intervention in the troubled financial institution, with Kapoor denying all charges and claiming his willingness to cooperate.

Toyota is recalling over 3 million vehicles globally, including 1.8 million in the US, due to fuel pump problems that may cause engine stalling and increase crash risks. Affected vehicles include cars, minivans, SUVs, and trucks across Toyota and Lexus models.

The International Air Transport Association predicts a devastating $113 billion revenue hit for global airlines due to coronavirus spread, dramatically increasing their previous estimate from $30 billion. IATA's CEO describes the impact as "almost without precedent" in just two months.

Hong Kong airline Cathay Pacific Airways was fined nearly $1 million for a significant data breach that compromised personal details of 9.4 million passengers. The security lapse exposed sensitive information including names, passport details, and travel history after a password-guessing attack in 2018.

Macau, the world's largest gambling hub, experienced a devastating 88% decline in casino revenues during February 2020. The 15-day mandatory business closure to prevent COVID-19 spread caused the most significant monthly downturn in the region's gaming industry history, marking a critical economic challenge for the gambling destination.

Amazon removed millions of products that were price gouging essential health items like face masks and respirators during COVID-19, with prices dramatically increasing from $41 to $128 for basic protective equipment.

Two major South Korean electronics manufacturers, Samsung Electronics and LG Innotek, have temporarily shut down their factories in Gumi after workers tested positive for coronavirus. Samsung's Gumi factory, which produces Galaxy Z Flip and Galaxy S20 phones, will be closed until Sunday, with the infected employee's floor reopening on Tuesday.

Major car manufacturers like BMW, Mercedes-Benz, and Tesla are shifting to online platforms to maintain revenue during coronavirus pandemic. Chinese automotive industry adapts by expanding digital sales channels as showrooms remain closed and consumer behavior changes.

Tech giant Apple receives special approval from the Indian government to open its first physical store in the country by 2021. CEO Tim Cook expressed strong belief in India's market potential, marking a significant milestone for the company's expansion strategy in one of the world's largest smartphone markets.

Walt Disney Company's stock fell 2.1% in premarket trading after Bob Iger handed CEO responsibilities to Bob Chapek, with analysts questioning Chapek's content experience and leadership capabilities in the media-entertainment industry.