Money & Finance

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.

China's central bank is removing and destroying banknotes from coronavirus-hit areas to prevent potential virus transmission. The People's Bank of China has already withdrawn 7.8 billion yuan from Guangdong province and plans to introduce 600 billion yuan in new currency to maintain financial stability.

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.

Fitch Ratings has upgraded the Philippines' credit outlook to "positive" BBB, citing the country's robust macroeconomic performance and on-track infrastructure program. The upgrade is expected to expand bond market opportunities and potentially lower loan interest rates, supporting inclusive economic growth and attracting more investments.

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.

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

A senior Goldman Sachs executive was permanently barred from banking after being implicated in the 1MDB fraud scandal. The US Federal Reserve found Andrea Vella engaged in unsafe practices by arranging bond issues without fully disclosing key information about financier Low Taek Jho's involvement in the transactions.

The Bangko Sentral ng Pilipinas (BSP) has alerted the public about false banknote designs circulating on social media. The central bank reported an unauthorized Facebook account posting misleading currency images and has requested its removal to prevent potential fraud.

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.

Two prominent Malaysian executives, former FELDA Chairman Tan Sri Shahrir Abdul Samad and former International Trade Minister Datuk Seri Ahmad Maslan, were arrested by the Malaysian Anti-Corruption Commission. They are accused of illegally obtaining RM1 million and face money laundering charges linked to the 1MDB scandal.