Business

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.

Norwegian multinational Equinor has canceled its plans to drill for oil in the Great Australian Bight after determining the project was not economically feasible. Despite receiving environmental approval in December, the company concluded that the exploration costs were prohibitively expensive compared to alternative opportunities in its portfolio.

South Korea's coronavirus cases surged from 31 to 833 in days, prompting government to raise virus alert and implement strict quarantine measures. The epidemic is impacting the nation's economy, with declining domestic consumption and exports due to trade dependencies.

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.

Japanese automakers have created a task force with the central government to combat the coronavirus outbreak's effects on the auto industry. The New Coronavirus Countermeasures Automobile Council will gather information, provide policy support, and ensure smooth component supply during the pandemic.

Indonesia's central bank reduces interest rates by 25 basis points to 4.75% to counter potential economic disruption from coronavirus outbreak. Despite no confirmed cases, officials are concerned about production shortages and reduced tourism due to China's factory closures and travel restrictions.

A Japanese couple who ran Moritomo Gakuen were convicted of fraudulently obtaining government subsidies by falsely inflating teacher and student numbers, resulting in significant financial damage to local and national authorities.

Fugitive financier Jho Low was reportedly seen in Wuhan, China, during the COVID-19 pandemic. Malaysian police are seeking his return after he allegedly siphoned billions from the 1MDB sovereign wealth fund.

Chinese tech giant Huawei has lost its legal challenge against a US law restricting federal agencies from purchasing its products. A US judge ruled that Washington has the right to ban Huawei and ZTE from government procurement, rejecting the company's claims of constitutional rights infringement.

Malaysian hygiene product manufacturers are struggling to meet global demand for disinfectants, hand sanitizers, and rubber gloves amid COVID-19. Supply chain disruptions from China have limited critical ingredient availability, preventing producers from scaling up production to address worldwide needs.