Business

As the coronavirus outbreak impacts businesses, Singapore companies like CapitaLand and Temasek Holdings are responding by implementing hiring freezes and salary cuts. Senior management and board members are taking pay reductions to demonstrate solidarity during these challenging economic times.

Philippine stocks experienced their deepest fall since 2016 due to coronavirus concerns, with the stock exchange index plunging 4.3% and the peso weakening. Jollibee, a major Filipino fast-food chain, saw shares drop 6.14% after closing stores in China's Hubei province.

Walt Disney Co. announced Bob Iger's departure from the CEO role, with 27-year veteran Bob Chapek taking the helm. Iger will continue as executive chairman, overseeing creative efforts until December 2021. During his tenure, Iger transformed Disney by acquiring Star Wars, Marvel, and 21st Century Fox, and launching a streaming service to compete with Netflix.

Japanese automaker Honda will cease production at its Laguna plant by March, resulting in nearly 400 job losses while maintaining sales and service operations through its Asia-Pacific network.

Philippine Airlines' flag carrier has named Lucio Tan, 85, as its new president, replacing his late son. The company has increased its capital stock from P13 billion to P30 billion, aiming to enhance competitiveness and maintain profitability in the challenging airline market.

Apple warns investors it won't meet revenue targets for March quarter, citing significant supply chain disruptions and low customer traffic in China caused by coronavirus outbreak.

Electric vehicle manufacturer Tesla announced a $2 billion common stock offering to strengthen its balance sheet. CEO Elon Musk, who previously stated raising additional cash wasn't necessary, will personally purchase up to $10 million in shares as part of the offering.

Vietnamese airlines are experiencing significant financial challenges due to coronavirus, with a $430 million revenue loss reported. Travel restrictions and flight bans to mainland China have caused a 14.1% drop in international passengers during the first week of February, affecting major carriers like Jetstar Pacific, Vietjet, and Vietnam Airlines.

Nissan has sued its ex-chairman Carlos Ghosn in Yokohama District Court, seeking $91 million in damages. The civil suit claims Ghosn understated his income, diverted corporate assets for personal use, and improperly spent company funds on international properties and corporate jet travel.

Indian ride-hailing giant Ola has expanded to London, offering services with 20,000 drivers and zero commission for the first few months. The company emphasizes safety through innovative app features like a panic button and route tracking, marking its entry into the UK's competitive transportation market.