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Spotify Co-Founders Earn $900 Million in Stock Payouts in 2024 Amid $100 Billion Valuation Surgetimandtim On the surface, Innovative Industrial Properties, Inc. ( NYSE: IIPR ) and Plymouth Industrial REIT, Inc. ( NYSE: PLYM ) are quite similar. Industrial real estate investment trusts, or REITs Discounted adjusted funds from operations, or AFFO, multiples relative to the rest of the industrial sector Enticing dividend yields. Yet, we are bullish on PLYM and bearish on IIPR . As value investors, the extremely low AFFO multiples appeal to us, but value alone does not create a total return. Business models need to be durable such that earnings will grow over time. We believe PLYM passes this test and IIPR does not. The difference comes in acquisition strategy and the way properties are leased. Any acquisition looks good when it is cash flowing, but the real test of a REIT’s strategy is in times of struggle. Both IIPR and PLYM have experienced some tenant difficulties lately, affording an opportunity to stress test the companies. The fundamental outcomes of each company’s leasing events show a large quality gap between the discounted industrial REITs. IIPR’s Tenant Difficulties PharmaCann defaulted on its leases with IIPR. As IIPR’s largest tenant at 17% of rental revenues, it is a fairly sizable hit. IIPR Other tenants are struggling to pay rent as well, with IIPR dipping into security deposits from TILT Holdings, 4Front Ventures, and Emerald Growth to cover their rent. Per the 10-Q : “For the three months ended September 30, 2024, we applied $1.4 million of security deposits for payment of rent on properties leased to 4Front Ventures Corp. (“4Front”) (four properties), TILT Holdings Inc. (“TILT”) (one property), and Emerald Growth Holdings LLC (“Emerald Growth”) (one property). A lease was terminated with Temescal Wellness and IIPR retook possession of the property, also per the 10-Q: “We terminated our lease with Temescal Wellness of Massachusetts, LLC at our Massachusetts property and regained possession of the property on September 30, 2024. For the three months ended September 30, 2023, we applied $2.2 million of security deposits for payment of rent.” Rent collection continues to struggle post Q3 2024, with more of it being paid from security deposits: “Subsequent to September 30, 2024, we applied $0.9 million in security deposits for the properties leased to 4Front, TILT and Emerald Growth for the payment of rent owing in October 2024, and, including those security deposits applied, we collected $1.4 million of the contractually due rent and interest of $2.2 million for the month of October 2024 for 4Front, Emerald Growth, TILT and a secured loan for which we are the lender for a California property portfolio.” These security deposits will be depleted, at which point we believe the rent will become delinquent. We find 2 aspects of the poor rent collection troubling: It represents a large portion of their portfolio. PharmaCann is 17% of rental income alone, and some of their other significant tenants are struggling. The prospects for replacing that revenue look weak. Allow me to elaborate on the 2 nd point because I think that is the true weakness of IIPR’s business model. Tenant defaults are fairly common among REITs. Think of something as simple as an apartment tenant defaulting on their monthly rent. This sort of thing happens quite routinely, and it is so routine that the chance of occurrence is actually factored into the underwriting of property acquisitions. When the tenant defaults, the landlord kicks them out and finds a new tenant. Assuming the tenant was paying a normal amount, rent from the new tenant would be roughly the same. Perhaps the landlord loses out on a few months of rent during the transition, but overall, it is not that big of a deal. IIPR’s problem is that its tenants are not paying a normal amount of rent. The company reports 2025 annual base rent (ABR) of $310.8 million, which allows us to run various calculations on its leases. IIPR Annual rent totals a whopping 13.68% of enterprise value. A company could theoretically get to that level by its stock price getting cheap, but that is not the case here. Sure, IIPR crashed on the PharmaCann default announcement, but over a longer period of time, the stock price is up quite considerably. SA Normal cap rates for industrial REITs are around 4%-9% depending on the vintage of the lease and various property quality factors. Thus, rent being over 13% of EV is quite strange. The extremely high rent as a percentage of EV is due to going in cap rates in the mid-teens. We previously identified in the article linked earlier that IIPR’s high cap rates are the result of its leases being partially loans. Industrial buildings are quite cheap to build, often costing less than $100 per square foot. Yet, IIPR’s enterprise value per foot is $267. High EV/foot could be due to IIPR’s stock trading at a bloated valuation, but that is clearly not the case here with an 8.5X AFFO multiple. See, the way most REITs work is that the REIT invests in the building and then the tenant pays rent to use that building. IIPR does things a bit differently. It owns the building, but a substantial portion of its investment is directly with the tenant. IIPR gives its tenants millions of dollars to be used for property improvements in exchange for higher rental rates and longer lease terms. They have been doing this since IPO and are still doing it with recent announcements in its 10-Q. In fact, as recently as February, IIPR invested an additional $16 million in PharmaCann, the now defaulting tenant. “In February 2024, we amended our lease and development agreement with PharmaCann at one of our New York properties, increasing the construction funding commitment by $16.0 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property. We also amended the lease to extend the term.” In April, they provided a similar tenant allowance to Battle Green Holdings: “In April 2024, we amended our lease with a subsidiary of Battle Green Holdings LLC at one of our Ohio properties to provide an additional improvement allowance of $4.5 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property.” Also in April, IIPR provided an additional $1.6 million to 4Front in exchange for higher rents. “In April 2024, we amended the lease with a subsidiary of 4Front at one of our Illinois properties to provide an additional improvement allowance of $1.6 million, which also resulted in a corresponding adjustment to the base rent for the lease at the property and increased the annual base rent escalations for the remainder of the lease term.” That is the same 4Front that is now only covering its rent by dipping into security deposits. Perhaps one could technically classify these as property investments because the funds given to tenants are earmarked to improve the properties. However, I consider it to be the financial equivalent of investing in tenants in the form of loans with interest payments and principal to be paid back to IIPR through higher rent over the lease term. The result of all this investment in tenant improvement is that IIPR’s rent per foot has gotten to a whopping $36.53. 2MC That is an insane level of rent for industrial properties. As a point of comparison, Rexford Industrial Realty ( REXR ) has rent per foot of $16.23 and their portfolio consists almost exclusively of class A+ real estate in the highly dense Inland Empire. S&P Global Market Intelligence In comparison, IIPR’s properties are in the middle of nowhere. S&P Global Market Intelligence I love the Midwest, but property values in Michigan are a fraction of property values in the port of Los Angeles. So, IIPR’s rent per foot of $36.53 is absolutely insane compared to Rexford at $16.23. Rents are high to essentially pay IIPR back for the tenant allowances that IIPR pays the tenants. That works out great when the leases go to full term. It is a disaster when leases end early, such as the PharmaCann default, a few other defaults recently, and the slew of tenants currently struggling to pay rent. The problem for IIPR is that, unlike that apartment landlord who just finds a new tenant at the same rent, a new tenant’s rent is likely to be closer to $8 a foot. If they are lucky, a cannabis-related tenant would be able to use the tenant improvements installed in the buildings and could potentially pay $16 a foot. I just don’t see any realistic scenario in which a replacement tenant pays anywhere close to $36 a foot. IIPR is looking at either substantial vacancies or large cuts in rent when replacement tenants are found. So while the stock is cheap, trading at a very low multiple relative to the industrial sector, I think the fundamental downside makes it cheap for a reason. S&P Global Market Intelligence Plymouth Industrial is similarly discounted at a 9.7X AFFO multiple. It, too, has had tenant troubles with 2 recent tenant defaults on rent. This valuation would indicate that the market thinks Plymouth will also suffer a fundamental downside resulting from these defaults. Indeed, PLYM stock has been clobbered since the tenant lease defaults were announced on November 6 th . SA This, in my opinion, is incorrect. The fundamental impact of PLYM’s tenant issues is entirely different for 2 reasons: These tenants were quite a small slice of PLYM’s revenue PLYM has a different business model in which they invest exclusively in the real estate, not the tenant. We tabulated IIPR's vitals earlier and PLYM’s are below. 2MC There are some considerable differences worth pointing out. PLYM’s enterprise value per foot is $52.44 compared to $267 for IIPR. Part of this is PLYM stock trading cheaply, but most of it is that PLYM’s acquisition criteria involves purchasing properties below replacement cost. It is not feasible to build warehouses of reasonable quality today for $52.44 a foot. Perhaps the more pertinent difference is that PLYM’s rent per foot is $4.79. That is well below market rent for industrial real estate of the quality (usually class B) and location of PLYM’s properties. Rent per foot varies throughout PLYM’s portfolio by vintage of lease and the particular property with which it is associated. In the most recent quarter, PLYM had some of its lower rent leases expire at $4.14 per foot and signed new tenants at $5.27 per foot. Supplemental That is a 27% increase, and I think quite indicative of the rest of the portfolio in terms of existing rents being below market. Below-market rent is a make-or-break when it comes to tenant issues. When an above-market rent tenant fails as was the case with IIPR, rent comes back down to market and that is in the favorable outcome where a new tenant is found. When a below-market rent tenant fails, it is almost an opportunity. It allows the REIT to accelerate marking that rent to market. That is what happened with PLYM’s vacancies. We discussed the replacement of PLYM’s defaulted tenants on our portfolio update on Portfolio Income Solutions. “Digging into the content of {Plymouth’s} the 3Q24 call, both vacancies have already been replaced with new tenants at equal or higher rent. Thus, it is clearly not a demand issue and the financial hit to PLYM will be limited to the roughly 6 month window between the previous tenant leaving and rent of the new tenant commencing.” Anthony Saladino, PLYM’s CFO, confirmed on the Q3 2024 earnings call that the replacement tenant is paying higher rent than the tenant that defaulted. “We sourced, identified and fully negotiated with a new tenant at a 27% positive spread to expiring rents” That is a night and day different outcome than IIPR. PLYM will have a few months of vacancy followed by a larger cash flow stream. That is the result of good asset underwriting and a business model that focuses on good real estate. IIPR will have either a long-term vacancy or a new tenant that pays a fraction of the rent of the previous tenant. Most of the capex IIPR spent on PharmaCann and the other struggling tenants could be lost, and AFFO/share is likely to suffer as rent gets marked to market. The Bottom Line As value investors, we have to choose carefully. PLYM is a strong industrial REIT that happens to be trading at a discounted AFFO multiple and well below NAV. IIPR is cheap for a reason. REITs are cheap relative to the broader market making it a great time to get in to the right REITs. To help people get the most updated REIT data and analysis I am offering 40% off Portfolio Income Solutions, but you can only get it through this link. https://seekingalpha.com/affiliate_link/40Percent I hope you enjoy the plethora of data tables, sector analysis and deep dives into opportunistic REITs. Dane Bowler is the Chief Investment Officer and a registered investment adviser at the 2nd Market Capital Advisory Corporation. He has over a decade of experience running a proprietary portfolio with a specialization in REITs. On-site property tours and critical analysis of REIT management help inform his selection process. Dane leads the investing group Portfolio Income Solutions along with Simon and Ross Bowler. Features of the service include: a diversified high-yield REIT portfolio, data tables on every REIT, tax guidance, macro analysis, fair value estimates, and quick updates via chat on breaking news. Learn More . Analyst’s Disclosure: I/we have a beneficial long position in the shares of PLYM either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. All articles are published and provided as an information source for investors capable of making their own investment decisions. None of the information offered should be construed to be advice or a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person.The information offered is impersonal and not tailored to the investment needs of any specific person. Readers should verify all claims and do their own due diligence before investing in any securities, including those mentioned in the article. NEVER make an investment decision based solely on the information provided in our articles.It should not be assumed that any of the securities transactions or holdings discussed were profitable or will prove to be profitable. Past Performance does not guarantee future results. Investing in publicly held securities is speculative and involves risk, including the possible loss of principal. Historical returns should not be used as the primary basis for investment decisions.Commentary may contain forward looking statements which are by definition uncertain. Actual results may differ materially from our forecasts or estimations, and 2MC and its affiliates cannot be held liable for the use of and reliance upon the opinions, estimates, forecasts, and findings in this article.S&P Global Market Intelligence LLC. Contains copyrighted material distributed under license from S&P2nd Market Capital Advisory Corporation (2MCAC) is a Wisconsin registered investment advisor. Dane Bowler is an investment advisor representative of 2nd Market Capital Advisory Corporation. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

When President Joe Biden pardoned his son Hunter Biden on federal tax and gun charges — in contradiction to months of both he and his White House press team saying he would not interfere in the case — he offered up an explanation that he was forced to act because federal prosecutors tore up a fair plea deal to target him politically. But CNN's Jake Tapper wasn't buy that explanation and tore it to shreds Monday afternoon. "In his statement, Biden says, 'A carefully negotiated plea deal agreed to by the Department of Justice unraveled in the courtroom, with a number of my political opponents in Congress taking credit for bringing political pressure on the process,'" said Tapper. "But that is not entirely what happened. That 'political pressure' was not the only factor. The plea deal collapsed in part because Hunter Biden wanted more immunity than prosecutors were offering." ALSO READ: Will Trump back the FBI’s battle against domestic extremists? He won’t say. "And now it's President Biden, not his successor, President-elect Trump , who is blaming his own Department of Justice for being politicized, saying, 'I also believe raw politics has infected this process, and it led to a miscarriage of justice,'" said Tapper. "Today, special counsel David Weiss, who prosecuted Hunter Biden, pushed back on the president's justification for pardoning his son in a court filing, 'There was no, and never has been any evidence of vindictive or selective prosecution in this case,' Weiss wrote. There are right now plenty of officials at the U.S. Justice Department furious at President Biden for blaming them for doing their jobs to uphold the law against a lawbreaker, Hunter Biden." Tapper then read off quotes from a number of Democratic members of Congress criticizing the move, including Sen. Gary Peters (D-MI), who wrote, "This was an improper use of power. It erodes trust in our government and it emboldens others to bend justice to suit their interests." "While we all can sympathize with the president, who has already lost two children under tragic circumstances, and surely most of us would help our kids in any way we possibly could, it is also true that today's act further portrays the criminal justice system as one that helps the well-connected," he added. "Prisons are full of people who have made bad choices, even broken laws, because of their addictions. It's too bad for them that they have the wrong last name." Watch the video below or at the link here . - YouTube www.youtube.comMeghan McCain Slammed for Criticism of ‘Nepo Baby’ Hunter Biden

A Find Out Now survey of 1774 Scottish adults predicted that the SNP would make up the bulk of a pro- independence majority after the next Holyrood election – as the only party with more than 20 MSPs. A Westminster poll which was run concurrently suggested a major reversal of fortunes in the London parliament as well. Should a new General Election be run, the SNP would return 41 Scottish MPs while Labour would drop to eight, seat projections from polling expert Professor John Curtice predicted. The new Find Out Now poll showed a fracturing Unionist vote due to the emergence of Reform UK, with only the SNP garnering more than 20% of the constituency or regional list vote. With those who responded “don’t know” removed, the survey projected a 35% vote share for the SNP in the constituency vote. This compared to 19% for Labour, 15% for the Tories , 11% for Reform UK, 9% for the LibDems, 7% for the Greens , and 2% for Alba. READ MORE: As polls point to Yes, Anas Sarwar's road to Bute House just got a lot rougher On the regional lists, the SNP were also ahead but by a narrower margin. They were predicted to win 26% of the vote compared to Labour’s 17%, the Tories’ 14%, the Greens’ 13%, Reform UK’s 11%, the LibDems’ 10%, and Alba’s 6%. Professor Curtice projected that those vote shares would lead to 54 SNP MSPs, 15 Green MSPs, and three Alba MSPs in a breakthrough for that party. That would mean a total of 72 pro-independence MSPs, a clear majority of 15 in a parliament with 129 seats. On the Unionist side, Labour would be the largest group – but would return just 19 MSPs. This would represent a drop of three from their current total and a historic low for Scottish Labour. Under Curtice’s modelling, the Conservatives were projected to return 16 MSPs, the LibDems 12, and Reform UK 10. The Find Out Now poll also asked Scots how they would vote in a General Election, and found a 14-point lead for the SNP over Labour. In the July General Election, Labour won 37 Scottish seats with 35% of the vote, while the SNP returned nine MPs with 30% of the vote. If the vote were to be re-run today, the new poll suggested the SNP would win 34% of the vote, while Labour would drop to 20%. The Tories fell behind Reform UK in the Westminster voting question, polling at 14% to Reform UK’s 15%. However, this was not projected to transfer into a Scottish seat. The LibDems polled at 9%, the Greens on 6%, and 2% said they would back another party. Professor Curtice’s modelling, using uniform movement since the 2024 election, projected that the SNP would win 41 of Scotland’s 57 constituencies. Labour would win eight, the LibDems five, and the Tories three. Alba welcomed the poll as a sign that they may make a major breakthrough in 2026 and have their first politicians elected. The party does have one MSP and several councillors, but they have all defected while in office rather than being elected on the Alba ticket. Chris McEleny, the party’s general secretary, said the poll “shows we are winning public support and would win seats at the Scottish Parliament”. “It is now our aim to return a significant vote for independence at the Holyrood elections so that we can become part of a pro-independence coalition to advance the cause of Scotland,” he added. READ MORE: Yes leads in new independence poll – and would surge if Reform UK win power The poll also had good news for the Greens, predicting a record result of 15 MSPs for the party. The party’s co-leader Lorna Slater MSP said: “2026 will be a crucial election, it is our last real chance to tackle the climate emergency, and it's vital that we maintain Holyrood's pro-independence majority. “Last time the Scottish Greens had our greatest ever election and since then we have been delivering for the people of Scotland ... The next election will be pivotal for our common future. The only way to deliver progressive independence voices is to vote Scottish Greens.” SNP MSP Stuart McMillan said the polling showed that “under John Swinney’s leadership, the SNP is offering hope and delivering real progress on the people of Scotland’s priorities”. “The First Minister's first Budget delivers on people's priorities – with record investment in the NHS and decisive action to eradicate child poverty – like scrapping Labour's two child cap. The SNP has also reversed Labour's cut to the Winter Fuel Payment for pensioners in Scotland,” he said. “The SNP will continue to listen to voters, deliver on their priorities and always put the interests of Scotland first.” Scottish Labour issued a boilerplate response to the poll, with a spokesperson saying: “This year Labour got rid of one failing government by removing the Tories from office – but the job is only half done. “Scotland is still being let down by a tired and incompetent SNP Government that has let NHS waiting lists soar and homelessness hit record levels. “Scottish Labour will work tirelessly to earn voters’ trust and demonstrate that we can deliver the change in direction our country so badly needs.” Find Out Now polled 1774 Scottish adults aged 18+ between December 17 and 24.Should you buy Nvidia stock before 2025? The evidence is piling up, and it says this

Čović at HDZ BiH Retreat: Progress in Growth Plan Is Evident, Constitutiveness Remains the Foundation of BiH

The 26-year-old was arrested Monday and charged with the murder of Brian Thompson, a health insurance chief executive and father of two who was gunned down in Manhattan last week by someone who, evidence suggests, has endured his own debilitating health crises and grew angry with the privatized US medical system. The cold-blooded killing has laid bare the deep frustration many Americans feel toward the country's labyrinthine health care system: while many have condemned the shooting, others have praised Mangione as a hero. It has also prompted considerable interest in how a young engineer with an Ivy League education could have gone off the rails to commit murder. News of his capture at a Pennsylvania McDonald's triggered an explosion of online activity, with Mangione quickly amassing new followers on social media as citizen sleuths and US media tried to understand who he is. As Americans have looked for clues about a political ideology or potential motive, a photo on his X account (formerly Twitter) includes an X-ray of an apparently injured spine. Mangione lived in Hawaii in 2022 and, according to his former roommate R.J. Martin, suffered from back pain, and was hoping to strengthen his back. After a surfing lesson, Mangione was "in bed for about a week" because of the pain, Martin told CNN. Earlier this year, Martin said, Mangione confirmed he'd had back surgery and sent him photos of the X-rays. Police said the suspect carried a hand-written manifesto of grievances in which he slammed America's "most expensive health care system in the world." "He was writing a lot about his disdain for corporate America and in particular the health care industry," New York police chief detective Joseph Kenny told ABC. According to CNN, a document recovered when Mangione was arrested included the phrase "these parasites had it coming." Meanwhile, memes and jokes proliferated, many riffing on his first name and comparing him to the "Mario Bros." video game character Luigi. Many expressed at least partial sympathy, having had their own harrowing experiences with the US health care system. "Godspeed. Please know that we all hear you," wrote one user on Facebook. Mangione hails from the Baltimore area. His wealthy Italian-American family owns local businesses, including the Hayfields Country Club, according to local outlet the Baltimore Banner, and cousin Nino Mangione is a Maryland state delegate. A standout student, Luigi graduated at the top of his high school class in 2016. A former student who knew Mangione at the elite Gilman School told AFP the suspect struck him as "a normal guy, nice kid." "There was nothing about him that was off, at least from my perception," the person said. Mangione attended the prestigious University of Pennsylvania, where he completed both a bachelor's and master's degree in computer science by 2020, according to a university spokesperson. While at Penn, Mangione co-led a group of 60 undergraduates who collaborated on video game projects, as noted in a now-deleted university webpage. On Instagram Mangione shared snapshots of his travels, and shirtless images of himself flaunting a six-pack. X users have scoured Mangione's posts for potential motives. His header photo includes an X-ray of a spine with bolts attached. Finding a political ideology that fits neatly onto the right-left divide has proved elusive, though he had written a review of Ted Kaczynski's manifesto on online site Goodreads, calling it "prescient." Kaczynski, known as the Unabomber, carried out multiple bombings in the United States from 1978 to 1995, in a campaign he said was aimed at halting the advance of modern society and technology. Mangione has also linked approvingly to posts criticizing secularism as a harmful consequence of Christianity's decline, and retweeted posts on the impact mobile phones and social media have on mental health. ia/abo-mlm/nroAnother stowaway caught on Delta flight raises major concerns about airport safety* US Treasury yields, strong dollar weigh on emerging Asia FX * South Korean won, shares edge higher after Friday's sharp fall * Indonesian rupiah up 0.5%, Thai baht gains 0.3% By John Biju Dec 30 - Most Asian currencies were subdued on Monday, pressured by high U.S. Treasury yields and a firm dollar, while South Korean markets recovered slightly after last week's parliament vote to impeach acting president Han Duck-soo. Equities in the region edged higher, with stocks in Malaysia and Singapore each gaining 0.3%. The South Korean won rose 0.2% after falling to a more than 15-year low on Friday, following Han's impeachment. Equities climbed 0.4% after Friday's fall of about 1%. "The political uncertainties and faster rate cut pace should keep the won on the back foot in the coming months," said Ken Cheung, chief Asia FX strategist at Mizuho Bank. The won is the worst performing currency in emerging Asia so far this year, having lost some 12% amid political turmoil, weak exports, fears of U.S. tariffs and an unexpected rate cut from the Bank of Korea. The country's factory output fell more sharply than expected in November amid slowing exports and weakening business confidence, data showed on Monday. Most other Asian currencies were largely unchanged amid pressure from high U.S. Treasury yields and with the dollar at a multimonth peak. Yields on 10-year Treasuries are near eight-month highs at 4.631% and ending the year around 75 basis points above where they started it, despite the Fed making 100 basis points of cuts to cash rates. The Federal Reserve's hawkish tilt at its December policy meeting has weighed on Asian currencies, which were already under pressure from fears of U.S. tariffs in 2025. The Indonesian rupiah rose 0.5% on Monday. The Thai baht climbed 0.3% while equities gained 0.4%. Thailand will implement a global minimum corporate tax of 15% on multinational enterprises from the beginning of January, the finance ministry said on Friday. Mizuho's Cheung said the move should be supportive of the baht over the medium term, as it signals a step towards joining the Organisation for Economic Cooperation and Development . HIGHLIGHTS: ** Japan's factory activity shrinks at slower pace, PMI shows ** China's Nov industrial profits narrow decline but 2024 likely worst year in decades ** Thai advisory council says candidate for cbank chair ineligible due to recent political role Asian currenc ies and stocks as at 0345 GMT COUNTRY FX RIC FX FX INDE STOCK STOCK DAILY YTD X S S YTD % % DAILY % % Japan 0.02 -10. China 6 EC> India 0.03 -2.6 Indones 0.46 -4.7 Malaysi 0.07 2.8 Philipp - -4.5 S.Korea 28 11> Singapo 0.08 -2.8 Taiwan -0.01 -6.0 Thailan 0.32 0.6 This article was generated from an automated news agency feed without modifications to text.