Apple won’t hit revenue forecasts due to coronavirus
Apple has announced it will not meet its revenue forecasts for the March quarter, with production and sales significantly affected by the coronavirus pandemic. The company expects supply constraints for iPhones and other products, noting that despite some store reopenings in China, customer traffic remains low and the return to normal business conditions is slower than anticipated.
Thailand’s 5G auction raises over 100 billion baht
Thailand's National Broadcasting and Telecommunications Commission successfully concluded its 5G spectrum auction, generating over 100 billion baht. Advanced Info Service led with 23 licenses across 700MHz, 2600MHz, and 26GHz bands, followed by True Move H with 17 licenses. State-run operators CAT Telecom and TOT Plc also participated, winning six licenses combined.
China to destroy banknotes from coronavirus-hit areas
In response to the coronavirus outbreak, China's central bank is removing and destroying banknotes from hospitals, markets, and buses in affected regions. Around 7.8 billion yuan has been taken out of circulation in Guangdong province, with plans to replace the currency to maintain financial stability.
Nissan sues former chairman and seeks $91 million damages
Japanese automaker Nissan has filed a $91 million civil lawsuit against ex-chairman Carlos Ghosn, alleging years of financial misconduct including understating income, misusing corporate assets, and diverting company funds for personal use. The lawsuit aims to recover significant monetary damages caused by Ghosn's fraudulent activities.
Philippines’ credit rating gets upgrade due to “strong economy”
Fitch Ratings upgraded the Philippines' credit outlook to "BBB+" with a positive rating, citing the country's robust macroeconomic fundamentals and ongoing infrastructure programs. The upgrade could lower loan interest rates and attract more investments, supporting the government's goal of inclusive economic growth.
Coronavirus hammered Hong Kong’s economy worse than protests
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 experiencing dramatic business disruptions due to consumer fears and market closures.
Telemedicine owners charged in million dollars’ worth fraud scheme
Federal prosecutors have indicted Reinaldo and Jean Wilson, owners of Advantage Choice Care and Tele Medcare, for 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 across multiple locations.
Bank exec barred by FED for involvement in Malaysian scandal
A senior Goldman Sachs executive was permanently barred from banking after his involvement in the 1MDB fraud. The US Federal Reserve found Andrea Vella engaged in unsafe practices by arranging bond issues and failing to disclose key information about Malaysian financier Low Taek Jho's involvement in complex transactions.
Financial crimes that rocked Southeast Asia’s economy
Southeast Asia stands as the most fraud-prone region in the Asia Pacific, with numerous financial crimes undermining economic stability. These carefully orchestrated deceptions involve deliberate misrepresentation of financial statements, causing significant damage to companies and eroding investor trust.
Philippines’ Central bank warns of fake banknote designs circulating on social...
The Central Bank of the Philippines (BSP) has cautioned the public about fraudulent banknote designs circulating on social media. An unofficial Facebook account posting false currency images has been reported to the platform, with BSP emphasizing the designs are inconsistent with genuine Philippine banknotes.
