Asian stocks looked primed for heavy losses after U.S. equities tumbled with Treasury yields on renewed worries about the impact of the coronavirus. Gold surged with the yen and the Swiss franc, and equity futures declined more than 2% in Japan and Australia.

The S&P 500 Index fell more than 3%, with investor confidence shaken as virus cases continued to rise across the U.S. despite efforts to contain the outbreak and its impact. The yield on 10-year Treasuries slumped to as low as 0.90% and Australian equivalents tracked those moves Friday, plumbing fresh all-time lows. Global equities have recovered some of the recent losses but still remain about 10% below the all-time high reached last month.

KEPPEL Land China, a wholly owned subsidiary of Keppel Land, is to jointly develop a residential site in Taicang City, following the acquisition of a 49 per cent stake for 498 million yuan (S$99.5 million) in the company that owns the site. The remaining stake will be held by Shanghai Shengji Industrial, a subsidiary of a leading developer in China, CIFI Holdings (Group), according to a media statement by Keppel Corporation.

HONGKONG Land Holdings reported a 92 per cent drop in net profit for the full year ended December 2019 to US$198 million from US$2.5 billion a year ago owing to net losses from lower valuations of the group’s investment properties versus net gains a year ago.

India's central bank on Thursday appointed an administrator for Yes Bank and limited withdrawals in a rare late-night move to help shore up the country's fourth-largest private lender. The central bank's move came as reports said the State Bank of India, the country's largest lender, and other financial institutions were poised to bail out Yes Bank, which has been struggling with bad loans.

Airlines face a revenue hit of up to US$113 billion in 2020 due to coronavirus, a trade group warned on Thursday, as more consumers cancel trips due to the outbreak. In a new assessment of the impact, the International Air Transport Association (IATA) estimated revenue losses to airlines' passenger business of between US$63 billion and US$113 billion in 2020, potentially as grave as the 2008 financial crisis.

SINGAPORE will channel over S$60 billion towards expanding and renewing its rail network over the next decade, Transport Minister Khaw Boon Wan said on Thursday. Besides expanding the rail network, the government will also complete the renewal of the North-South and East-West Lines by around 2023.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR