Shuttered shops, idle production lines, grounded planes - the coronavirus pandemic has devastated several industries, not least the aviation and automobile sectors, but also retail and energy.Here is a recap of some major casualties, amid layoffs, bankruptcies and rescue plans: Crash LandingAmong the big-hitters in crisis in the air transport sector are two Latin American carriers, including the region's biggest airline LATAM, and Colombia's Avianca, both of which have file
The coronavirus pandemic pushed most of the world's major economies into unprecedented contractions in the second quarter, except for China which escaped a recession.Here are second-quarter changes in gross domestic product (GDP) compared to the previous quarter for the world's top economies.
Indonesia's coronavirus-hit economy contracted in the second quarter for the first time in more than two decades, with warnings that its recovery could be among the weakest in Southeast Asia.Output in the region's biggest economy slumped 5.3 percent on-year in April-June, the statistics agency said Wednesday, as retail sales and manufacturing took a hit.That marked Indonesia's first contraction since the first quarter of 1999 during the Asian financial crisis, putting it on cou
Southeast Asia is one of the most popular tourist destinations in the world filled with historical sites and beautiful beaches across the region. Nevertheless, Southeast Asian cities are also known for their congested roads filled with honking cars and motorcycles. Congested roads have become synonymous with Southeast Asia, and that is not going to change anytime soon.According to media reports, vehicle sales in Southeast Asia is set to outpace all other regions in the world.
Technological advancements and artificial intelligence (AI) are revolutionising manufacturing for industries around the world. The International Federation of Robotics estimates that the global stock of operational industrial robots would have increased to 3,053,000 units by 2020, with the capability to help produce cars, electronics and new machinery. However, the scale and pace of AI in disrupting jobs is a concern and automation may work to widen the existing gaps in work
Singapore Airlines (SIA) reported a first-quarter net loss of more than US$800 million Wednesday, the latest carrier to take a massive hit as a result of the coronavirus pandemic.Passenger traffic was reduced to almost zero in the three months to June, SIA said, leading to the Asian carrier's biggest-ever quarterly net loss of SGD1.12 billion (US$816.58 million).The numbers extended the flag-carrier's financial bloodletting after losing SGD732 million in the 2019 fourth quarter ende
Southeast Asia’s rapid growth has led to a rise in income which has enabled its citizens to enjoy leisure travel in the form of long-haul destinations and micro-trips. The region’s budget travel market, including low-cost flights, is also expected to grow exponentially.
The US has banned the import of surgical gloves from two subsidiaries of Malaysia's Top Glove - the world's biggest manufacturer of the product - over forced labour concerns, despite soaring demand during the coronavirus pandemic.Countries worldwide have been scrambling to stock up on protective gear, from gloves to faces masks, since the pandemic began earlier this year.But US Customs and Border Protection said it decided to impose the ban on Top Glove "based on reasonable evi
Singapore's economy shrank more than 40 percent in the second quarter as the coronavirus plunged the Southeast Asian financial hub into recession for the first time in more than a decade, official data showed Tuesday.The 41.2 percent quarter-on-quarter drop was the worst ever recorded in the city-state, which is considered a barometer for the health of global trade. On-year, the economy contracted 12.6 percent in April-June, according to preliminary data released by the trade mi
ASEAN member state Indonesia, the fourth most populous nation in the world – confirmed its first COVID-19 cases in early March. Since then, the number of infections in the archipelago have soared. The largest increase of new cases in a single day was on 9 July with 2,657 cases reported. To date, over 76,000 coronavirus cases have been recorded in Indonesia – the highest in Southeast Asia.
AirAsia boss Tony Fernandes insisted Thursday the top budget carrier would emerge "stronger" from the coronavirus pandemic despite a warning about its future, and said the airline was hopeful of raising a sizeable cash injection.In an interview with AFP, the colourful chief executive said he never imagined the industry could face such a crisis, which has triggered massive layoffs worldwide and led to some carriers collapsing."I never believed the aviation industry could be hit