Business

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.

The World Wide Fund for Nature (WWF) urges Malaysian companies to reduce plastic waste after a study revealed Malaysians consume 16.8 kg of plastic packaging annually, significantly contributing to ocean pollution. The organization calls for immediate measures to eliminate single-use plastics and protect marine environments.

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.

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

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.

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.

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

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.

The coronavirus pandemic devastated Hong Kong's economy more severely than the previous six months of anti-government protests. Financial analysts report significant negative impacts across tourism, trading, and retail sectors, with international brands like Burberry experiencing substantial business disruptions.

Federal prosecutors indicted Reinaldo and Jean Wilson, owners of Advantage Choice Care and Tele Medcare, for a $56 million fraud scheme. The couple allegedly accepted bribes from medical firms and recruited healthcare providers to order medically unnecessary orthotic braces for Medicare beneficiaries.