Re/code.net : Here are the three biggest changes coming with iOS 10

Here are the three biggest changes coming with iOS 10
The software is available on Tuesday as a free update.

While they won’t be able to get their hands on a new iPhone until at least Friday, Apple customers can give their current phone or tablet a new lease on life by downloading iOS 10, which is being made available later Tuesday.

Apple is billing the free update as the biggest overhaul ever of its mobile operating system. Whether or not that is the case, there are definitely some significant changes. Here are three of the biggest.

Messages are getting more fun

From bubbles to invisible ink to handwriting and stickers, the Messages app is getting the biggest overhaul in iOS 10 as Apple looks to compete with third-party efforts like Snapchat and Facebook Messenger. Also, for the first time, developers will be able to plug into iOS 10, integrating bots and commerce.

Siri is getting more useful

Developers will also be able to connect with Siri for the first time, so Apple’s voice assistant will finally be able to do things more complicated than playing up a song or telling you the weather or a baseball score.

Little is big

There are a bunch of tweaks in iOS 10 that by themselves might not be game-changers, but are nonetheless welcome little enhancements. Among the changes are multilingual typing, more interactive notifications and the ability to easily tell which songs are physically on a device, as opposed to those stored in the cloud.

But ...

While there clearly some good reasons to upgrade, there is one big reason to potentially hold off a bit: Bugs.

It’s often prudent to wait until the first or second minor update of a new operating system to make sure any issues have been ironed out and that more software has been made compatible.

That said, Apple now widely beta tests its releases, theoretically meaning the new release should be less glitch-prone than in the early days.

You also need to make sure your device is compatible. To run iOS 10 you will need an iPhone 5 or later, any iPad Air or iPad Pro or the fourth-generation iPad, the iPad mini 2 or later, or the sixth-generation iPod touch.

(Makor) Holding Companies Report - Makor’s Monitor

 

Holding Companies Report - Makor’s Monitor

 

 

Ø  New holding company in the portfolio- We are expanding the portfolio to include a number of non-European holding structures which we find interesting to monitor. This week we are adding SINA CORP (SINA: US), a Chinese online media company that operates one of China’s top web portals, and holds 51% stake in Weibo - the Chinese Twitter (WB: US). Both companies trade on NASDAQ.  The stake in Weibo comprises ~85% of SINA’s gross assets and ~100% of its market cap. For more details and NAV model see page 2.

 

Key highlights from the past two weeks:

 

Ø  PARG: SW /GBLB: BB spreadcontinued to widen by another ~1% ahead of the redemption of the convertible bonds on Sep 27 (our trade has yielded ~4.5% by now).

 

Ø  CDI /LVMH spread which we pointed out reaching an interesting level in our latest report tightened by ~2% and is now trading at ~14.4%.

 

Ø   Wendel (MF: FP) discount also tightened by over 2.5% on the back of positive 1H results. The company will hold an investor day and strategy presentation on Dec 1, 2016.

 

Ø  Exor SPA (EXO: IM) –On Sep 4 the company’s EGM approved the cross border merger between Exor and Exor NV and the transfer of the registered office of the company to Holland. We continue to see the current spread level tight with limited upside potential. More details on the merger and updated NAV on page 4.

 

Full report attached!

 

 

 

WSJ : On Bank of England’s Shopping List: Apple, Daimler Bonds

On Bank of England’s Shopping List: Apple, Daimler Bonds
Central bank includes bonds of many corporations based overseas among those it may buy in stimulus program

LONDON—U.S. tech giant Apple Inc. and German auto maker Daimler AG are among a host of non-British companies whose debt is eligible for the Bank of England’s corporate-bond-buying program, the central bank said Monday.
The BOE published a list of around 300 securities it can buy in a £10 billion ($13.3 billion)program scheduled to begin Sept. 27 and run for 18 months. The list is made up of bonds issued by more than 100 companies, many of which have significant operations in the U.K. but are headquartered overseas.
Other non-British names on the BOE’s shopping list include U.S. biotechnology firm Amgen Inc., French utility Électricité de France SA and Danish energy firm Dong Energy AS.
The inclusion of non-British names underscores the unusual lengths some central banks are going to in an effort to stimulate sluggish economies. The U.K. has long been a magnet for foreign investment, and the BOE said the principle criterion for inclusion is that the issuer makes “a material contribution to the U.K. economy.” The issuer’s debt must also be high-quality investment grade and denominated in sterling.

Plenty of British firms make the cut, including newspaper publisher Daily Mail & General Trust PLC, whose flagship title The Daily Mail supported the U.K.’s exit from the European Union in a referendum in June. Bonds from oil giant BP PLC and drug makers GlaxoSmithKline PLC and AstraZeneca PLC are also included. Financial firms are excluded.

In setting its eligibility criteria, the BOE has taken a page from the Bank of Japan’s playbook. Japanese officials’ purchases aim to support firms that are “proactively investing in physical and human capital” and “enhance their growth potential through effective corporate governance,” among other criteria. The BOJ still doesn’t directly invest in these corporations. Rather, it buys shares in exchange-traded funds that track stock indexes that officials deem eligible.
The European Central Bank, which is also engaged in corporate bond purchases, buys euro-denominated bonds of non-bank corporations established in the euro area.
The BOE’s corporate bond-buying program is part of a multipronged stimulus effort announced last month in the wake of the U.K.’s decision to leave the EU.

The central bank also revived a crisis-era government bond-buying program, cut its benchmark interest rate to a new low of 0.25% and lined up cheap four-year loans for banks to cushion the economy from a possible slowdown.

Officials fret that uncertainty over the U.K.’s future economic ties to its largest trading partner may weigh on spending and investment, although a recent run of data suggest the economy has weathered the initial surprise of the result reasonably well.
Most BOE officials have high hopes for the corporate-bond plan, even though it is a relatively small slice of their planned purchases overall. BOE Gov. Mark Carney, in testimony to lawmakers Wednesday, said the plan had already led to an uptick in corporate-bond issuance. The theory is that the policy lowers borrowing costs for companies and should hopefully spur investment.
Some officials and economists have reservations, though. Kristin Forbes, a member of the BOE’s rate-setting panel who opposed the purchases, told lawmakers there is a risk the BOE may end up buying the bonds of firms about which there are “bad headlines.”
Samuel Tombs, chief U.K. economist at Pantheon Macroeconomics, added there is no guarantee the companies whose debt is purchased will make new investments in the U.K. “What they can’t do is trace where the money goes,” he said.

(Jefferies) Beverages - Initiation - Full note + ABI Note attached

We initiate coverage of European beverages. At a time when global growth remains subdued, we see the European beverages sector offering visible structural growth. Buy recommended stocks are ABI, Diageo, Pernod and CCH. Holds are Heineken, Carlsberg, Campari, Remy Cointreau and Britvic.

Robust fundamentals. Although top-line growth will not match the pre-2008 period, we see stocks under coverage delivering organic revenue growth of +3.3%, ahead of global GDP at +2.8 (2016-18E). Average three-year earnings growth for stocks under coverage (+8.7%) is broadly in line with the Euro Stoxx (+8.6%); however, given the wide range (4%-13%), stock selection is key.
Bottom-up stocking picking. We see a more favourable top-line outlook for the spirits industry over beer after several years of subdued reporting. However, our stock picking is not driven by top-down sub-sector preferences. Our highest conviction ideas offer strong, visible returns in a low-growth environment, strong FCF generation and reasonable dividend yields.
ABI (Buy, PT €130). We initiate with a Buy rating and PT of €130, which is predicated on delivery of US$3bn cost cutting from the SABMiller transaction vs guidance US$1.4bn. In our long-range outlook, we think a share price of €180-200 is justified (by 2022) through delivery on the 2020 Dream Incentive Plan. (fullnote attached)
Diageo (Buy, PT 2,500p). We reiterate our Buy rating with a raised PT of 2,500p. We think Diageo could look different under new chairman Ferran. His deep roots in the beverages sector and private equity background will bring fresh perspectives to cost discipline, balance sheet utilisation and growth potential of the business.
Pernod (Buy, PT €115). We upgrade to Buy from Hold, with a new PT of €115. We see growth renewing after several years of hiatus, and expect execution to dial up as Alex Ricard makes his mark on the business. Self-help provides some support to earnings. Pernod is unloved and trades at a discount to spirits peers.
CCH (Buy, PT 2,000p). We initiate with a Buy rating and PT of 2,000p. We believe CCH is attractively positioned to benefit from top-line and margin recovery. Better alignment with KO argues for greater participation in soft drinks consolidation.

We initiate coverage with Hold ratings on Heineken, Carlsberg, Campari, Remy Cointreau and Britvic.

Valuation. The beverages sector is not cheap trading at 18.5x 2018 P/E vs consumer staples 19.8x, a 30% premium to the market. Although it is hard to argue for a significant upward re-rating, our top picks offer earnings momentum and some re-rating potential.