Business

Singapore Airlines has grounded 185 of its 196 aircraft, including Airbus A380s and Boeing 787s, amid global border controls. The airline's low-cost unit Scoot will also ground 49 planes and suspend most networks, resulting from a significant decline in passenger revenues.

The Philippine Government has ordered Business Process Outsourcing (BPO) companies to finalize their Work from Home arrangements by 11:59 PM on March 29. This extends the previous deadline of March 20, allowing BPO workers to transport equipment home and establishing alternative work policies during the enhanced community quarantine in Luzon.

Indonesia's Energy Ministry announced plans to boost oil imports amid a significant drop in global crude prices. The price war between Saudi Arabia and Russia has driven Brent crude futures down to US$26.17 per barrel, the lowest level since 2003. President Joko Widodo views this as an opportunity for the country.

Despite the Association of Stockbroking Companies' recommendation to suspend Bursa Malaysia, the government and exchange authorities have decided to continue stock trading. They argue that market closure would not mitigate pandemic impacts and could potentially cause greater economic harm.

Economists from major financial institutions like JP Morgan and Bank of America predict a global economic recession triggered by the coronavirus pandemic, with market contractions expected between February and April 2020.

Volkswagen will pay $34.69 billion in fines and settlements for the 2015 diesel emissions scandal, which involved using defeat devices to manipulate toxic emission tests. The German automaker's financial officer revealed significant special effects in 2020 and 2021, marking a critical period of regulatory and legal challenges.

Japanese retail giant Uniqlo has reopened most of its stores in China, with only 30 of 750 stores remaining closed. The company previously shut down over 300 stores and factories due to the coronavirus outbreak, significantly impacting its revenues in a key market.

Lev Dermen, owner of a California gas station, was found guilty on 10 felony counts for a massive biodiesel fraud scheme. Working with Jacob Kingston and his brother, Dermen helped fraudulently claim government funds by manipulating a federal biodiesel production incentive program, resulting in approximately $500 million in illegal gains.

As global lockdowns continue, Amazon experiences significant order increase. The e-commerce giant is temporarily suspending non-essential item deliveries to focus on medical supplies and household staples, helping customers access critical products during the coronavirus crisis.

Japan and South Korea continue negotiations over trade restrictions, with both sides expressing optimism about potential progress in resolving their export control challenges through senior-level discussions.