Asian stocks are poised to open higher Tuesday, spurred by a surge on Wall Street, after early results for an experimental vaccine sparked speculation economies could snap back quickly. Crude oil advanced and yields on Treasuries rose.

Property developer UOL on Monday announced salary reduction of up to 18 per cent for managers and above, including senior management, effective from April 1, 2020 to help the company manage costs. This is on top of the deferment of non-essential capital expenditure, initiatives to reduce operating costs across all asset classes, “value-engineering” for project development and asset-enhancement initiatives, as well as the tapping of S$44.8 million in the government’s assistance and grants.

The manager of Starhill Global Reit on Monday said that additional rental rebates of S$4.4 million will be disbursed in phases to its eligible retail and office tenants in Singapore, bringing the total amount of rental rebates that has been and will be disbursed to tenants to about S$18.1 million. This includes the property tax rebates from the Singapore government.

First Reit on Monday said it is “optimistic” about reaching a resolution regarding the road subsidence that happened along Surabaya's Gubeng Highway, near Siloam Hospitals Surabaya, in December 2018. First Reit had sold a portion of the land adjacent to Siloam Hospitals Surabaya to PT Lippo Karawaci Tbk to develop a new hospital in 2015. The new facility to be developed was to be an improved healthcare facility to replace the existing ageing Siloam Hospitals Surabaya.

Sembcorp Industries expects the performance of its energy business to be “markedly lower” than last year due to reduced demand for power and falling energy prices. It said on Monday that while its energy operations continue to be supported by long-term contracts, the impact of the pandemic and the reduction in economic activity amid lockdowns have hit the business.

Logos, a logistics company backed by ARA Asset Management, on Monday said it is partnering Singapore-listed CSC Holdings to redevelop 2 Tanjong Penjuru Crescent into a modern ramp-up warehouse for an estimated total development cost of S$108 million. The redevelopment will draw on part of Logos’s newest Singapore fund, the Singapore Logistics Venture 2, which recently closed with an investment capacity of S$1.2 billion for the acquisition and development of modern logistics properties in Singapore.

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