Core Viewpoint - VGP NV has announced a capped cash tender offer for its outstanding EUR 500,000,000 green bonds, with a maximum acceptance amount of EUR 100,000,000, while also planning to issue new green bonds concurrently [2][3]. Company Overview - VGP is a pan-European owner, manager, and developer of high-quality logistics and semi-industrial properties, as well as a provider of renewable energy solutions [4]. - Founded in 1998, VGP operates in 18 European countries with approximately 412 full-time employees and has a Gross Asset Value of €8.3 billion and a Net Asset Value of €2.6 billion as of June 2025 [4]. - The company is listed on Euronext Brussels [4]. Financial Details - The outstanding amount of the existing green bonds is EUR 320,100,000 as of the date of the press release [2]. - The fixed interest rate on the bonds is 1.625% and they are due on 17 January 2027 [2]. Tender Offer Details - The tender offer is for cash and is part of VGP's Sustainable Finance Framework [2]. - Holders of the bonds can find more information on the company's website [2]. New Bonds Issuance - VGP intends to issue new euro-denominated fixed rate green bonds, subject to market conditions [3].

5 January 2026 | 7:01AM HKT Economics Research CHINA 2026 OUTLOOK Exploring New Growth Engines Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. Chelsea Song +852-2978-0106 | chelsea.song@gs.com Goldman Sachs (Asia) L.L.C. Andrew Tilton +852-2978-1802 | andr ...

Group 1: Australian Tax and Transfer System - The Australian tax and transfer system has evolved, with the post-tax income of individuals aged 75 and above now matching the average income, a significant shift from 25 years ago when it was only 75% of the average [1] - Older Australians, particularly those over 60, now enjoy a post-tax income similar to mid-career working age Australians, which is much higher than that of Australians aged 18-30 [4] - The proportion of Australians over 65 paying tax has halved in the last 20 years, indicating a shift in the tax burden and benefits received by different age groups [6] Group 2: Economic Implications - The Australian Budget is facing a structural deficit, with negative cash balances projected for every year going forward, necessitating potential tax increases or government spending reductions [5] - The ANU Report suggests that budget repair should involve a mix of tax increases and spending reductions targeted at older Australians [6] Group 3: Market Performance - In December 2025, the ASX 200 increased by 3.3%, while the FTSE 100 rose by 2.2%, contrasting with a flat performance of the S&P 500 [7] - For the calendar year 2025, the ASX 200 was up 7%, the FTSE 100 increased by 21%, and the S&P 500 rose by 16%, despite the Slack Portfolio experiencing a negative performance of down 3.1% [8] Group 4: Portfolio Management - The Slack Portfolio has been negatively impacted by significant losses in key stocks, including CSL (-35%), Goodman Group (-17%), and Wisetech (-41%) [10] - Shares in Wesfarmers and Coles Group have been moved from the growth-oriented Slack Portfolio to a Stable Income Fund due to their relatively weak projected growth of 5%-10% [13]

Core Insights - SM Investments Corporation has been certified as a Great Place to Work for 2025, reflecting employee trust and satisfaction [1][2] - The certification is based on the Trust Index Survey and a Culture Brief that highlights employee programs and workforce demographics [1] - SM Investments emphasizes a dynamic and inclusive environment, stating that employee well-being is central to business success [2] Company Overview - SM Investments Corporation is a leading Philippine company with investments in retail, banking, and property sectors [5] - The company operates the largest and most diversified retail operations in the Philippines, including grocery stores, department stores, and specialty retail [6] - SM Prime Holdings, Inc., a subsidiary, is the largest integrated property developer in the Philippines, involved in malls, residences, offices, hotels, and tourism-related developments [6] Workforce and Culture - Other subsidiaries of SM, such as SM Prime Holdings, SM Development Corporation, and SM Supermalls, also received Great Place to Work® Certification [3] - The company promotes cross-generational teamwork, fostering a workplace that reflects societal evolution and encourages mentorship and innovation [4][3] - SM Investments aims to create a workplace enriched by diversity, with a workforce that spans from Baby Boomers to Gen Z [3]

ab 22 December 2025 Global Research China Economic Comment China Weekly: Weak Dec growth, fiscal under- spending YTD, subdued Nov data High frequency: Subdued home sales, softer port, weaker auto sales in Dec 30-city property sales stayed in a deep YoY contraction of -30% in the first 20 days of December (vs. -33% YoY in November) on a high base from policy stimulus last year, with the weakness extended across all tier cities. Port cargo throughput growth edged down to 2% YoY in the first 14 days from 3% Yo ...

23 Dec 2025 10:01:34 ET │ 17 pages Vi e w p o i n t | Vanke (2202.HK / 000002.SZ) D/G to Sell; Significant Endeavors Unable to Offset Industry Downturn CITI'S TAKE We downgrade Vanke-A and Vanke-H to Sell (from Neutral) due to: [1] weak 4Q25E property sales for the sector (Citi est. -39%yoy for listed names), with accelerated home price declines placing continued pressure on sales margin; [2] Vanke had proposed extension for onshore bonds: (i) Rmb2bn originally due 15-Dec-2025, with grace period extended to ...

Welcome to this week’s edition of Top Stock Highlights.This week brought positive developments across Singapore’s economy and property market. Economists sharply upgraded the city-state’s 2025 GDP growth outlook, while Keppel DC REIT moved to consolidate ownership of two data centres. Meanwhile, a CapitaLand-UOL consortium emerged as the top bidder for a landmark Hougang Central mixed-use site.MAS December 2025 Economic Survey Economists have sharply raised Singapore’s 2025 GDP growth forecast to 4.1%, up f ...

Market Trends & Investment Opportunities - Goldman Sachs 寻求以折扣价购买 New World 的部分贷款，表明潜在投资者对这家香港房地产困境代表企业的债务估值 [1] - 高盛的举动暗示了对 New World 债务的估值，反映了市场对该公司财务状况的担忧 [1]

By Scott Murdoch SYDNEY, Dec 11 (Reuters) - Westpac non-executive director Peter Nash was reelected to the bank's board on Thursday, surviving a sizeable investor backlash over his ties ​to the troubled Australian Securities Exchange. About 40% of investors voted against his reelection as ‌a board director at the annual meeting of Australia's second-largest bank by market value, the results lodged with the stock ‌exchange showed. Nash needed at least 50% support, and the high protest vote was the secon ...

JD.com has agreed to acquire a stake in a major office tower in Hong Kong's Central district, mirroring a property move by its rival Alibaba Group Holding and offering a financial lift to the cash-strapped developer Lai Sun Development. Lai Sun Development and its parent Lai Sun Garment entered into an agreement with Jasmine Investment Development IV Limited, an investment entity of JD.com, to sell its 50 per cent stake in the China Construction Bank Tower for HK$3.5 billion (US$450 million), according to ...