Business

Malaysian manufacturers of hygiene products are struggling to meet surging global demand for disinfectants, hand sanitizers, and rubber gloves. The COVID-19 outbreak has created unprecedented market pressure, with producers facing shortages of critical ingredients like ethanol and packaging materials imported from China.

Filipino flag carrier Philippine Airlines has appointed 85-year-old billionaire Lucio Tan as its new president, replacing his late son. The company also increased its capital stock from P13 billion to P30 billion, strategically positioning itself against budget carriers in the market.

The World Wide Fund for Nature (WWF) calls on Malaysian companies to reduce single-use plastics after revealing the country's significant contribution to ocean pollution. A study showed Malaysians are top plastic packaging consumers, with each citizen using approximately 16.8 kg of plastic annually.

Apple announced it won't meet Q2 revenue projections due to coronavirus impacts. The company expects supply constraints for iPhones and lower customer traffic in China, despite some stores reopening. Originally forecasting $63-67 billion in revenue, Apple now indicates earnings will fall short of even the lowest estimate.

The National Broadcasting and Telecommunications Commission successfully concluded its 5G spectrum auction, with Advanced Info Service leading by 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 car maker Tesla plans to sell $2 billion in common stock to bolster its balance sheet. CEO Elon Musk, who previously said raising cash didn't make sense, will personally purchase up to $10 million in the offering, marking a shift from earlier statements about the company's financial strategy.

Japanese automaker Nissan has sued ex-chairman Carlos Ghosn for $91 million in damages, claiming he understated income, misused corporate assets, and diverted company funds for personal gain, including overseas property rentals and unauthorized corporate jet travel.

Several contractors and executives involved in Grenfell Tower's refurbishment are set to appear in court on possible fraud and conspiracy charges. The public inquiry suggests witnesses will be questioned about the marketing of combustible cladding that contributed to the deadly 2017 fire, which claimed 72 lives and injured 70 others.

Indian ridesharing company Ola has expanded into London, bringing its innovative ride-hailing service to the UK market. With 20,000 registered drivers and a focus on safety, including a panic button and route-tracking features, Ola aims to provide reliable transportation in the city.

The coronavirus pandemic has devastated Hong Kong's economy more severely than the six-month anti-government protests. Financial analysts report significant negative impacts on tourism, trading, and retail sectors, with international brands like Burberry closing stores and experiencing sharp declines in consumer spending.