Business

The COVID-19 pandemic devastated Hong Kong's economy more severely than the six-month anti-government protests, with tourism, retail, and professional services experiencing significant disruptions. Financial analysts and businesses like Burberry reported dramatic declines in consumer spending and market activity due to the global health crisis.

Owners of Advantage Choice Care and Tele Medcare were charged with orchestrating a massive healthcare fraud scheme. The couple allegedly accepted bribes from medical firms, recruited physicians to order medically unnecessary orthotic braces, and submitted fraudulent Medicare reimbursement claims totaling $56 million across multiple locations.

Japanese gaming giant Nintendo confirms coronavirus-related disruptions in product manufacturing and shipment, with Foxconn factories closed and potential delays for Switch consoles and Ring Fit Adventure game.

Airbnb has banned individuals under 25 from booking entire properties in Canada after a fatal incident in Toronto. The blanket policy affects young adults at the age of majority, drawing criticism for punishing all users instead of addressing specific security concerns.

International law firm Appleby was at the center of the 2017 Paradise Papers leak, exposing 13.4 million confidential documents about offshore financial transactions. The firm faced significant scrutiny for regulatory failures related to terrorist financing and money laundering during the previous decade.

Mike Lynch, former Autonomy CEO, has been arrested over fraud allegations involving the company's sale to Hewlett-Packard. Prosecutors claim Lynch and executives deliberately overstated the company's worth, causing HP to overpay by £3.8bn. The company was sold for £8.4bn in 2011, with HP subsequently writing down the value to £6.7bn, citing serious accounting improprieties.

A senior Goldman Sachs executive was barred from banking after allegedly arranging bond issues for 1MDB without disclosing key information about Malaysian financier Low Taek Jho's involvement, which regulators deemed unsafe and unsound practices.

Chinese tech company TCL Communications will cease producing BlackBerry-branded Android smartphones starting August 2020. Since 2016, TCL has manufactured BlackBerry devices, including the popular KEY Series, helping revive the once-dominant smartphone brand after its own manufacturing decline.

The Organization of Petroleum Exporting Countries (OPEC) and its allies are holding an early joint technical committee meeting in Vienna to evaluate oil market disruptions caused by coronavirus outbreak, as global economic fears impact energy demand.

Singapore has revised its Global Investor Programme (GIP) to simplify permanent residency applications for successful business leaders. The Economic Development Board aims to strengthen the country's financial sector and create opportunities for innovative entrepreneurs looking to establish a presence in Singapore's dynamic business landscape.