Business

Norwegian energy company Equinor has terminated its plans to drill in the Great Australian Bight after determining the project was not economically competitive. Despite receiving environmental approval in December, the company concluded the exploration costs were prohibitively expensive.

South Korea faces economic challenges as coronavirus cases spike from 31 to 833, with government raising virus alert to highest level and warning of potential impacts on domestic consumption and exports.

Japanese automaker Honda announces closure of its Philippine manufacturing plant by March, shifting to a more efficient regional distribution model. While production will halt, the company will maintain sales and after-sales services in the country, resulting in job losses for approximately 387 Filipino workers.

Japanese automakers have formed a task force called the New Coronavirus Countermeasures Automobile Council to mitigate the pandemic's impact on the auto industry. The group will gather information, seek policy support, and secure financing to help manufacturers like Honda, Toyota, and Mazda navigate economic challenges caused by plant closures and supply chain disruptions.

Indonesia's central bank reduces rates by 25 basis points to 4.75% to counteract potential COVID-19 economic fallout, addressing production shortages and tourism decline despite no confirmed virus cases in the country.

A Japanese couple who ran an educational institution, Moritomo Gakuen, were sentenced to prison for fraudulently obtaining government subsidies. Yasunori and Junko Kagoike falsely claimed grants by inflating teacher and student numbers, resulting in significant financial damage to local and national authorities.

Fugitive financier Jho Low reportedly seen in coronavirus-hit Wuhan, according to Malaysian police. Wanted for his role in the massive 1MDB corruption scandal, authorities are seeking his return despite ongoing pandemic restrictions.

Chinese tech giant Huawei has lost its constitutional challenge to a US law preventing federal agencies from buying its products. A US District Judge rejected Huawei's claims that the National Defense Authorization Act infringed on their rights, affirming the government's authority to ban the company's equipment and services.

Malaysian manufacturers of disinfectants and hand sanitizers are struggling to fulfill international orders due to material shortages. The COVID-19 outbreak has dramatically increased global demand for hygiene products, creating significant production challenges for local companies who rely on imported ingredients.

Philippine Airlines has appointed 85-year-old Lucio Tan as its new president, replacing his late son. The flag carrier has also increased its capital stock from P13 billion to P30 billion, a 130% rise aimed at strengthening its market position and competing with budget airlines.