Business

The Philippine stock market experienced its deepest fall since 2016 due to coronavirus impact. The Philippine Stock Exchange Index dropped 4.3%, while the peso weakened against the dollar. Chinese factory shutdowns and business closures significantly influenced the market decline, affecting companies like Jollibee.

US biotech firm Moderna has rapidly developed an experimental coronavirus vaccine (mRNA-1273) and submitted it to the National Institute of Allergy and Infectious Diseases. The initial Phase 1 clinical trial will test the vaccine on 25 healthy adults to assess immune response, with potential approval taking up to a year.

Walt Disney Co. announced CEO Bob Iger's departure after 15 years, with longtime executive Bob Chapek elected as his successor. Iger will continue as executive chairman, guiding creative efforts until December 2021, having transformed Disney through major acquisitions like Star Wars, Marvel, and 21st Century Fox.

Norwegian energy company Equinor has canceled its plan to drill in the Great Australian Bight, citing prohibitively expensive operational costs. Despite receiving environmental approval in December, the company determined the project was not commercially viable after a comprehensive review of its exploration portfolio.

South Korea faces economic strain as coronavirus cases rapidly increase from 31 to 833, with the government raising virus alerts and implementing strict quarantine measures. The epidemic threatens the country's trade-dependent economy, particularly due to its close economic ties with China.

Japanese automaker Honda announced the closure of its Philippine manufacturing plant by March, affecting nearly 400 workers. The company will continue sales and service operations through its Asia and Oceania network, citing the need for more efficient resource allocation.

Japanese auto manufacturers formed a collaborative task force with the government to mitigate coronavirus disruptions, focusing on component supply, plant closures, and economic recovery strategies amid global pandemic challenges.

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

A Japanese educational institution's former leaders, Yasunori and Junko Kagoike, were found guilty of defrauding government entities by falsely claiming subsidies totaling over ¥176 million through manipulated records of teachers and students.

Fugitive Malaysian financier Jho Low was reportedly seen in Wuhan, the epicenter of the coronavirus pandemic. Malaysian police are searching for him in connection with the massive 1MDB corruption scandal, where he allegedly siphoned billions of dollars from the sovereign wealth fund.