Business

The new coronavirus outbreak in China is causing significant economic disruption, with analysts warning of potential negative GDP impacts. Asian stocks, particularly airlines and tourism sectors, have been hit hard, with companies like Cathay Pacific experiencing substantial losses.

The International Labor Organization warns of increasing unemployment worldwide, with jobless rates expected to rise from 188 million in 2019 to 190.5 million this year. ILO chief Guy Ryder describes the situation as "extremely worrying," highlighting significant workforce challenges globally.

American electric car maker Tesla is set to build its first European Gigafactory near Berlin, Germany. The 300-hectare property in Brandenburg will enable Tesla to use the prestigious "Made in Germany" label and is expected to generate over 6,000 job opportunities for local workers.

Following the Taal Volcano eruption, Philippine authorities have permitted 59 businesses in Tagaytay to reopen after securing necessary safety permits. Restaurants, hotels, supermarkets, and the city's amusement park are among the establishments that have resumed operations, marking a gradual return to normalcy in the affected region.

Jollibee Foods Corporation successfully raised $600 million through its first perpetual securities issuance, targeting overseas expansion and replenishing recent acquisition costs. The oversubscribed bond offering aims to support the company's vision of becoming a top-5 global restaurant brand.

Toyota has invested $394 million in Joby Aviation, a Californian aerospace company developing an all-electric, six-rotor flying taxi. The vertical takeoff and landing (VTOL) aircraft aims to revolutionize urban transportation, following similar efforts by Hyundai and Uber. Toyota's CEO Akio Toyoda sees this as a step towards providing mobility freedom across land and sky.

Hong Kong's flagship airline Cathay Pacific is offering up to one month of unpaid leave to its 27,000 employees, particularly pilots and cabin crew, due to reduced flight schedules and financial losses from ongoing pro-democracy protests.

Pinterest experienced significant growth in 2019, reaching 82.4 million users in the United States and overtaking Snapchat. The platform's universal appeal and image-centric approach have helped it attract users across different age groups, marking a milestone in its digital platform strategy.

Amazon has reinstated FedEx ground and home delivery services for its third-party sellers after temporarily suspending access in 2019. The e-commerce giant confirmed that FedEx has met delivery requirements, allowing the courier to officially resume services. Following the announcement, FedEx shares rose by 3%.

Tesco's plans to sell its Asian assets are under scrutiny by Thai regulators. The potential $10bn deal involving over 2,000 stores in Thailand and Malaysia could be complicated by new trade competition regulations that restrict market share dominance.