Regulators will end the most rational bubble: SPACs | Opinion

Three centuries have passed since the launch of “a company to carry out a company of great advantage, but no one knows what it is.” It’s easy to think that only fools would invest in a shell firm that doesn’t state its objective. But the investors in the most famous of the so-called bubble companies, which emerged in London in 1720, were not complete idiots. As its shares were issued partially paid, they were highly leveraged at a higher price. Some made 30 times their initial fee. Now, most of the participants in the craze for blank check vehicles, special purpose takeover companies, or SPACs, are rational. But even rational bubbles eventually explode.

The 1720 firms encompassed a wide variety of offerings, such as “settling in Terra Australis,” making starch from potatoes, the hair trade, as well as others for supplying funerals, extracting gold and silver from lead, and “for empty the necessary houses ”(public toilets). The goals of SPAC’s recent batch are even more ambitious: flying taxi startups, synthetic meat, recyclable plastic, and, of course, a cannabis producer. Many make electric vehicles, sensors and batteries, these are renamed “electrification solutions for commercial applications.”

This year, more than 300 have been launched, raising 93 billion dollars, more than in all of 2020. But not everyone is 100% committed. Investors in these IPOs can ask for their money back when it merges with their target. What’s more, they can keep the warrants of the merged entity. In effect, they are buying convertible bonds without risk. The prefusion SPACs are giving double digit returns. A group of hedge fundsKnown on Wall Street as the “SPAC Mafia,” they use leverage to get bigger profits.

The promoters have an even more lucrative business: in the IPO, they put some cash to cover the costs. In return, they receive warrants and a 20% stake. The odds are so great in their favor that they can even win from trades that destroy value for other shareholders. At the time of the merger, the SPAC raises more in a so-called “private investment in public capital,” or PIPE. New investors are offered lower-than-market stocks, warrants, and other sweeteners.

It is estimated that the listing through a SPAC is three times more expensive than a traditional IPO: it sounds strange that this is chosen. But it offers a faster way to go to market, and thus take advantage of the speculative euphoria. When Tesla soared into the stratosphere, many SPACs announced mergers with new industry firms.

The promoters of 1720 made impossible promises. Those from the SPACs also speak of fantastic prospects. Unlike conventional IPOs, firms that merge with SPAC have more freedom to forecast sales, earnings, and valuations. Silicon Valley is delighted to turn to this “lemon market” to shed its failures: WeWork plans to debut through a SPAC.

The big losers are those who buy shares at launch, but don’t trade them in the merger, and those who buy after the merger. Not only is this Monopoly money, but your investment is diluted by all those warrants and the huge participation of the promoters. Why do they do it? Theorist Bill Bernstein suggests that people who enjoy gambling are willing to pay more for shares than they are worth. His “investment entertainment price theory” (Inept) explains why investors stick to SPACs even though, on average, they are guaranteed to lose money.

It is no coincidence that the SPAC market slowed in late February, in tandem with the collapse of GameStop, traded by Inept investors at Robinhood. The SPACs have many fronts. Its all-you-can-eat buffet is disappearing, as the number of warrants issued on IPOs falls. The impending expiration of the 2020 trading locks could soon flood the market with more SPAC shares. It is feared that the hundreds of them looking for operations will have problems finding suitable partners, as well as obtaining PIPE financing. Promoters are on the tightrope.

Several are lowering their goals. For example, when electric car battery maker Romeo Power announced a SPAC in October, it was forecasting sales for 2021 of 140 million, with growth of 59% in five consecutive years. But at the end of the first quarter, he lowered his forecast for 2021 to 18 million. It has fallen more than 75% from the high.

The SEC says it is examining “some significant and yet undiscovered SPAC issues.” It suggests that they may not have properly accounted for their warrants. It will also clamp down on shell companies that make misleading statements during their mergers. If the “safe harbor” rule that protects SPACs from lawsuits is removed, as seems likely, their advantage over conventional IPOs disappears. There is also concern that some may have spoken to their merger partners before their IPOs: if true, it would be a blatant breach of market rules.

In June 1720, the English Government declared that companies that had not been officially endorsed by Parliament were a “public nuisance.” That regulation wiped out the firms in the bubble, and its collapse brought down the London Stock Exchange. Only two of those companies continued to operate. Historians will undoubtedly call the SPAC frenzy the most rational bubble the world has ever seen.

The authors are columnists for Reuters Breakingviews. Opinions are yours. The translation, of Carlos Gomez Down, it is the responsibility of Five days

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Legal uncertainty after Brexit weighs on British investments in Spain | Legal

The weight of tourism -18 million Anglo-Saxons visited us in 2019- and the activity of British residents are key to the economy of the Costa del Sol and the Balearic Islands. The limitation to the free movement of people and goods after Brexit, obstacles to the acquisition of real estate, access to health or taxation for non-residents are some of the issues that create legal uncertainty that they try to avoid to promote the increase in investments after Covid-19.

According to INE data, more than 300,000 Britons resided in Spain in 2020, with 82,000 residents in Andalusia and 16,000 in the Balearic Islands. Although the idea is of a group of people who enjoy the sun and the beach after their retirement, the reality is that the British in Spain have an average age of 53.6 years, according to data from the 2021 Register.

The terms of Brexit were regulated through the Withdrawal Agreement with a series of provisions so that the effective departure of the United Kingdom was ordered, establishing a transitional period until December 31, 2020. The Withdrawal Agreement has a lot of small print and will bring quite a few surprises in the form of problems that will have to be solved by legal experts. Many British residents face Brexit uncertainty as they feel abandoned by the Boris Johnson government.

Withdrawal agreement

Since January 1, nationals of the United Kingdom in Spain are either beneficiaries of the Withdrawal Agreement (holders of a certificate of temporary registration and five years of legal residence in our country who can obtain permanent residence) or non-EU citizens who are governed by the general immigration provisions.

The British from this year – like any other foreigner – can only spend 90 days out of 180 in Spain legally. “The main problem is that, now, the British have to resort to non-EU channels to apply for their residence,” says Javier Blas Guasp, managing partner of Illeslex Abogados. Law firms that offer services in tourist areas facilitate the process for the British to obtain residence permits that greatly expedite the process through non-profit residence, which only requires the possession of sufficient financial means and being the holder of private health insurance, or the golden visa or investor visa, provided that they intend to make an investment in real estate to obtain residency.

A large number of British residents with second homes in Spain have been affected by the 90-day limitation on their stays. Daniel Olabarria, lawyer at Bufete Buades, highlights that “among the mechanisms that have been activated to make the indicated period more flexible is the application for residence through the special procedure of the Withdrawal Agreement.”

Health coverage and pensions

In relation to health coverage, Guasp assures that “the British will continue to be cared for as up to now, passing the costs to English health care, provided they are entitled to it, but the health cards of British citizens will be valid, for the moment, until end of June ”.

Pensions recognized before December 31 will continue to be satisfied by the “principle of exportability”, provided for in European regulations according to Olabarría. Those recognized from January 1 will be satisfied in accordance with the Coordination Protocol on Social Security of the Trade and Cooperation Agreement between the EU and Great Britain.

To make it easier for the British to start or invest in Spain, Adolfo Martos, coordinator of the International Section of the Malaga Bar Association, proposes to reduce the high consular fees charged to the British (1,500 pounds for the investor visa against the 60 euros of the general tax to a Saudi) and in turn negotiate with the United Kingdom to lower the rates applied to the Spanish so that Spain does the same with the British

Legal activity

  • Institutional concern. The president of the Malaga Provincial Council, Francisco Salado, and the dean of the Bar Association, Salvador González, want to have a greater role in matters related to tourism to avoid the brake on investments. It is a matter of utmost concern due to the weight of British tourism on the Costa del Sol and in the province’s economy.
  • Purchase of real estate. The British have a new legal obstacle to acquire a property on rustic land. According to Law 8/1975 on Zones and Installations of Interest for National Defense, prior military authorization from the Ministry of Defense must be obtained before the purchase, the issuance of which takes four months, and is necessary for registration in the Property Registry. . This limitation also affects Spanish companies with British majority capital.
  • Regulate telework. Many British people would like to telecommute from Spain, but our labor and immigration regulations are somewhat rigid. The Malaga lawyer Adolfo Martos proposes “adapting the Spanish labor regulations on telework” to make possible a reality that would also attract talent and enrich the Spanish business and entrepreneurial fabric.

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This is what the new Apple iPhone will look like (and the name) for this year | Smartphones

We all know that Apple works with very defined plans, which are marking their times month by month until the moment of launch arrives. And in the case of the iPhone range, it is known by all that we find ourselves at those times of the year when Certain data that comes in can be practically considered good.

And since news about the smartphones from 2021, the name that has always been used to refer to them is iPhone 13 although, according to what they publish Some media such as CNet, this year we could return to the name “s”, after skipping the 11s version (for obvious reasons), those from Cupertino want their new models to end up being called iPhone 12s this year, despite the changes in the design more than obvious like that notch smaller.

Why no iPhone 13?

According to the sources, Apple wants to avoid that number 13 of the numbering of its iPhone because of the negative connotations that it has in much of the world, skipping that natural order until next year, in 2022, when we would have an iPhone 14 in our hands, directly. The way to sell this strategy would be that next year’s models are going to be a major leap in terms of terminal design, which would explain the continuity of the 12 range to its “s” version and that direct jump to another generation that does not have such “bad optics”.

Design of the iPhone 12s? of 2021. EverythingApplePro

But leaving aside the name, which is surely nothing more than an anecdote (although it is the only point where Apple’s strategy does not seem to have a clear criterion), we have other characteristics that will make apple fans happy. . One of them is the battery life. According to Ming-Chi Kuo, iPhones from 2021 will be 20% more energy efficient than iPhone 12s from 2020 So, finally, autonomy can be stretched a little more and we cannot blame 5G connectivity.

New camera layout of the iPhone 12s?
New camera layout of the iPhone 12s? EverythingApplePro

In parallel, Jon Prosser he’s back to counterattack with a new prediction: we will have foldable iPhone with smartphones from 2022, so in Cupertino they seem to have taken that leap seriously. Finally, to say that this modification in the design of the two lenses of what will be the future iPhone 12s is also confirmed, since they will not have a vertical but oblique arrangement.

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Apple AirTags are official: price, features and release date | Gadgets

For months we had known exactly Apple’s plans to put on sale a small locator device to attach it to all kinds of objects, such as the famous Tiles that have been on the market for years. It’s more, the definitive clue was given by Samsung when at its presentation event at the beginning of the year it did the same with SmartTags: it was evident that a confluence of locator beacons was going to take place together with those of Cupertino.

AirTags Features. Apple

As it is, of everything we saw yesterday again in the keynote from Apple, the most original of all were the AirTags, although we only consider it for its status as a new range that officially arrives on the market for the first time, such as a line of products that until now did not exist within the portfolio of the Americans. With them, we can keep localized everything that we use daily and that is of vital importance to us: keys, bags, coats, umbrellas …

Small and customizable

AirTags are a small device that looks like a super-vitamin button cell battery. will stay localized thanks to its bluetooth LE connectivity, capable of extending its autonomy for a little over a year without the need to replace the battery inside. There, precisely, a small U1 chip is installed capable of offering a lost mode thanks to the NFC that it also equips and, how could it be otherwise, it has IP67 certification that gives it resistance to liquids and dust.

What will protect your AirTag?
What will protect your AirTag? Apple

These AirTags They have a small speaker capable of emitting the sounds necessary to locate it in case we cannot find the object to which it is attached, and thanks to the application “Search” of iOS 14.5, we will achieve surprising precision to locate it. They will also be through this app that we define its specific characteristics to differentiate it from other AirTags that we may have on more objects in the house.

AirTags de Apple.
AirTags de Apple. Apple

Even if it looks like a lie is compatible with Siri, you can customize it with all kinds of emojis and characters at the top, Apple will sell accessories specifically designed to better place the AirTag on any object and if you are interested in it, it is possible to reserve it through the North American website to start receiving it from April 30. Its price?, 35 euros but if you prefer a pack out of five, the thing goes up to 119 euros. Although if you prefer luxury, you can buy several models of the Hermes brand: the normal one for 349 euros, another in the shape of a bag pendant from 299 euros and, finally, the one that they have focused as a luggage tag that will stay at 449 euros. .

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Erdogan’s moves offer little reward | Opinion

Turkey has resisted the temptation to cut borrowing costs, for now. The new head of the central bank, Sahap Kavcioglu, on Thursday kept the main rate at 19%, while hinting at a possible relaxation.

Tayyip Erdogan’s apparent goal of easing monetary policy falters. In March, he abruptly replaced the governor, Naci Agbal, who had raised rates that month by 200 basis points, the third dismissal from the post in two years. Kavcioglu seemed more inclined to please him, having argued that high rates can cause, rather than slow down, inflation.

So far, you have avoided any rough action. But you are setting the stage for relaxation. He spoke of keeping rates above inflation. Since the annual exceeded 16% in March, you can raise them up to 300 points. Meanwhile, the promise of March to maintain a tight monetary policy “for an extended period” disappeared.

But Turkey is worse than before. The lira has lost more than a tenth of its value against the dollar since the appointment. And, having spent more than $ 100 billion in 2020 to shore it up, the bank only has $ 10 billion in net foreign exchange reserves, the lowest level since 2003, giving it little ability to fight a sell-off. Also, the Turks are avoiding it in warehouses.

That means inflation can continue to rise. The growing current account deficit, of 2.6 billion dollars in February, is another cause for concern, especially since the restrictions mean that tourism will suffer again this year, which will hurt exports. Kavcioglu is unlikely to be able to slash rates without risking rising inflation, or even a currency crisis.

Your biggest problem is a lack of credibility. Société Générale estimates that another $ 5.9 billion of capital will leave Turkish assets in the short term. The central bank’s twists and turns make a rate cut even more risky.

The authors are columnists for Reuters Breakingviews. Opinions are yours. The translation, of Carlos Gomez Down, it is the responsibility of Five days

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The fall of Woodford is another element in favor of passive management | Opinion

Neil Woodford believed himself the British answer to Warren Buffett. That ego helped the fund manager become one of the best-known stock pickers in the country, but it also caused his spectacular fall in 2019. A new book shows how changes in the UK pension scheme, combined with weak regulation, they left British savers exposed.

Built on a Lie: The Rise and Fall of Neil Woodford and the Fate of Middle England’s Money (Built on a lie: the rise of Neil Woodford and the fate of English middle class money) by Owen Walker traces the asset manager’s rise from relatively humble beginnings in a suburban London town. It owes its fame to two great bets. In the internet boom of the late 1990s, he avoided tech because he didn’t understand their stratospheric valuations. When the bubble burst, his High Income fund outperformed. Years later, he made a similar call to avoid bank stocks, before the financial crisis.

These successes made investors trust him with their money. The fees allowed him to embrace a lavish lifestyle, buying a mansion that was once owned by Formula 1 mogul Flavio Briatore. It also encouraged him to leave Invesco Perpetual, one of Britain’s best-known investment houses, and start his own company.

Investors who followed him avidly knew little about the risks he was taking with their money. This vulnerability was the result of radical changes in the British pension market. Walker, journalist for the FT, explains how the closure of company pension plans based on final salary forced savers to manage their own pensions. Faced with thousands of products, they relied on financial advisers, many of whom were loyal to Woodford, as well as the “best buy” lists of groups like Hargreaves Lansdown. The £ 7bn wealth manager supported Woodford to the end.

Woodford Investment Management’s strategy, which at its peak was overseeing £ 18bn, was to invest in riskier unlisted companies, along with large holdings in dividend-paying top-tier companies such as Imperial Brands. But seemingly strong firms like Provident Financial, the home-based lender that was once on the FTSE 100, disappointed. By the time Woodford’s Equity Income fund was discontinued in 2019, only 19 of the 72 companies it owned three years earlier were showing positive returns.

The lack of liquidity of Woodford’s funds hastened its demise. When the Kent County Council, one of his loyal customers, withdrew his £ 263 million investment, Woodford had no cash to meet the demand. While savers believed they had instant access to their money, their unlisted holdings were difficult to sell, and their listed positions had grown so large that they could not be liquidated without further plunging the price.
This flaw, which goes far beyond Woodford, is the lie of the book’s title. When former Bank of England Governor Mark Carney was asked at a parliamentary appearance about the implosion, he explained that the problem could be systemic for much of the asset management industry.

Walker believes that regulators share some of the blame. The Financial Conduct Authority cleared Woodford’s new venture in record time, despite the fact that it faced an open investigation into its Invesco operations. The regulator also allowed it to use outsourcing firm Capita Asset Services as a kind of external regulator, or Authorized Corporate Director, despite the fact that the manager was also the largest shareholder in the provider’s parent company.

Internal checks and balances also failed. Woodford planned to invest $ 250 million in US bioscience firm Evofem, even though he had only met twice in London with a company executive. When Equity Income was about to exceed the limit of 10% of assets invested in unlisted, it put pressure on some of those companies to issue their shares on the opaque Guernsey Stock Exchange.

Woodford’s disappearance is also another nail in the coffin of active management. The growth of cheap index funds has put pressure on active managers to show that they can add value. His successful counter bets seemed to justify higher commissions. But his clients would have fared much better if they had entrusted their pension funds to an indexed product.

Walker juxtaposes the lifestyle of managers with the pensioners whose money they manage. Woodford spent nearly £ 14 billion on a 400-hectare retreat in the Cotswolds and tested a Ferrari on the manufacturer’s private track. Meanwhile, the owner of a bed and breakfast The 67-year-old lost part of her savings and has to continue working.

But Woodford doesn’t seem to think there is no remedy. In February it revealed its plans to launch a new fund in Jersey, managing only institutional money. But with the results of an FCA review of its rulings still unpublished, it seems unlikely that it will return to the fray. The best he can hope for is that investors and regulators will learn the lessons from his failures.

The authors are columnists for Reuters Breakingviews. Opinions are yours. The translation, of Carlos Gomez Down, it is the responsibility of Five days

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Smart and connected to mobile: this is the Xiaomi microscope for your children | Gadgets

Microscopes have always been one of those gifts that children have received without knowing too much what practical use it could be given, since, at least the subscriber, never had the opportunity to do class work using one of these devices . It wasn’t a tool for homework assignments. Fortunately, it is with the new generations that the idea of ​​education focused on competencies is being put into practice and some centers do use them periodically.

Microscopio de Xiaomi. Xiaomi

So if any of your children have jobs to do, or their passion for science goes beyond the usual, Xiaomi has launched a curious microscope on the market that has two characteristics that make it perfect for these times: it is smart and connected, so we can use it in combination with a mobile phone or tablet, to achieve extraordinary results.

On Youpin already at a knockdown price

This microscope has a very fun design, in white and made of plastic that barely weighs 100 grams and can be used anywhere since it has a battery to save us cables. Thanks to its wireless connectivity, wifi, it will be possible to link it to a mobile or tablet so that your screens act as amplifiers of the image you capture through your high definition cameras.

Xiaomi microscope connected to the mobile.
Xiaomi microscope connected to the mobile. Xiaomi

In this way, the user can see in real time, on the screen of a tablet (which is larger), every little detail of that material that has been placed under the microscope’s magnifying glass. In this way, you don’t have to be looking through a small viewer without the possibility of accessing the details. of what we are observing. And is that thanks to this ability to connect with mobile devices, we can store all work sessions and see them again at any time. Whenever we want.

The battery of this microscope is 2,700 mAh., Which allows you to be on uninterruptedly for 10 hours. It has a connector for USB-C chargers and if you want to do with it, you have it available right now through the platform from crowdfunding of the Chinese, Youpin, at one of those prices that are of authentic balance: 26 euros to change in promotional offer. If you also want it with the pack called “analysis”, then it will raise you up to 51 euros.

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UK Gives Provisional Green Light to Merger of O2 and Virgin, Key for Pallete | Companies

Relief for Telefónica in the UK. The British competition authority, the CMA, has given a provisional green light to the merger of O2, the British subsidiary of the Spanish company, with Virgin Media, owned by the American LIberty Global. The operation is valued at 35,800 million and will create a telecommunications giant in the country, which with 46 million lines, between mobile, fixed broadband and television, seeks to threaten the historical leadership of BT. For this reason, the authorization of competition is key.

“A thorough analysis of the evidence gathered during our investigation has shown that the agreement is unlikely to lead to an increase in prices or a reduction in the quality of mobile services, which means that customers should continue to benefit from strong competition.” , has indicated the CMA. The competition authority, in this case the European Commission, has already thwarted a key operation of Telefónica O2, its sale to Hutchison in the spring of 2016.

Like the former, the integration of O2 and Virgin is key to the plans of the Spanish company and its president, José María Álvarez Pallete, in reducing debt. With the operation, teleco foresees a debt reduction of between 6,300 and 6,652 million euros, and an initial payment of 6,500 million euros. At the end of 2020, Telefónica’s debt was around 35,000 million, although the teleco pointed out that, with the pending operations, the merger of O2 and Virgin, and the sales of Movistar Costa Rica and the Telxius towers to American Tower, indebtedness would be around 26,000 million.

The operation was announced in May last year, in the midst of the pandemic, and a few months later the United Kingdom asked Brussels for the operation’s file, in view of its characteristics and the end of the post-Brexit transition process.

The CMA has indicated that its analysis has not focused on possible duplications in the retail markets, without considering whether the operation may reduce competition in the wholesale market, that is, in the rental of services to third-party operators.

Virgin rents lines to operators such as Vodafone or Three to complete its own networks, while O2 rents its network to alternative mobile operators. The CMA feared a price hike in these areas, but has provisionally ruled out this possibility, indicating that customers should continue to benefit from strong competition.

The final approval could take place during the month of May, according to industry sources, who point out that it is highly unlikely that the CMA could change the direction of its decisions. From the outset, Telefónica’s management has demanded approval without conditions, recalling that, in 2015, the United Kingdom gave the green light to a very similar transaction, the purchase of Everything Everywhere by BT, also without setting conditions.

Both partners have worked with that conviction. In fact, already in the second half of 2020, they completed the recapitalization of the joint venture, with the raising of more than 6,100 million euros between credits and bonds. Last week, Telefónica and Liberty announced the management structure of O2 Virgin Media. Thus, Lutz Schüler, from Virgin will be the CEO of the new operator, while Patricia Cobián, financial director of O2, will occupy the same position in the joint venture.

In addition, Liberty Global has accelerated in recent weeks the segregation of Virgin Media’s business in Ireland, which was not part of the agreement with Telefónica.

Telefónica and Liberty have argued that the merger combines the mobile strength of O2, with an ambitious 5G deployment, and the weight of Virgin Media in fixed broadband. One of the promises of both partners is the acceleration of the deployments of the next generation infrastructures, both mobile 5G and fiber. In this case, the Spanish group has highlighted that it will contribute its experience in the deployment in markets such as Spain and Brazil.

Telefónica shares started the session with slight decreases, amid the doubts that surround the markets. In the first minutes of trading, they are left around 0.7%, up to 3.71 euros. Various analysts have agreed that the approval of the merger of O2 and Virgin Media should be a catalyst for the recovery of the matildes.

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Apple is tightening the security of some older iPhones, what’s going on? | Lifestyle

Security is one of the biggest headaches for manufacturers, who not only have to verify that their devices are functional and have no faults, but are also capable of withstanding the onslaught of hackers who are always looking for a way to bypass their protections. So on many occasions we are faced with problems of zero day that are there latent until someone discovers them.

And something like this must have happened within the Apple ecosystem that, silently and practically secretly, has been introducing changes over the last few months in some iPhone models arrived on the market for two and a half years, at the end of 2018, with the intention of protecting them from some threats that have proliferated since then.

A serious security flaw?

So has published Forbes, where it is clear that the smartphones with A12 and A13 processor, they have received a little extra security in recent times: “The A12, A13, S4, and S5 products first released in Fall 2020 have a second-generation secure storage component, while previous products based on these SoCs have a first-generation secure storage component.”

This part of Apple’s ecosystem, Secure Enclave, It is inserted into the processors that North Americans manufacture for their devices and it is an extra reinforcement when it comes to storing and encrypting confidential data such as those corresponding to Face ID, Touch ID, etc. It has been on the market since the A7 chips, which equipped the iPhone 5s of 2013. The problem is that the threats have become more sophisticated and the current version of the new iPhone 12 is much more secure than, for example, that of the previous models 2018 or 2019.

That is why some analysts believe that all smartphones that have been sold since the end of 2020, including the updated versions of iPhone 11 and iPhone SE, they have done it with this security module updated to the latest version. So what has happened to the previous ones? Are they exposed? Luckily, it seems that Apple has applied a update to all models with A12 chips, such as the iPhone XR, XS and XS Max, as well as the fifth generation iPad Mini or the third and eighth generation iPad Air and iPad, respectively.

According to some experts, this movement is due to Apple has wanted to provide a “countermeasure against devices to crack passwords, What Graykey, which try to access iPhones by guessing the password an infinite number of times, using exploits that allow countless attempts at the wrong password. “All of this suggests that” the security issues that are being addressed are serious. “

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We will have a new iPad Pro at the end of the month, and it will come with a small problem | Tablets

Despite the fact that in March 2020 Apple launched new iPad Pro to the market, in the middle of the confinement, this year will repeat the strategy by bringing new models of its most professional tablets to the market. Thus, at least, the main analysts of the North American ecosystem point it out, who also predict a qualitative leap in the hardware that will reach stores this year.

These are models that will not substantially modify everything seen so far in the range, since 2018, when it modified its design to integrate Face ID, leave the frames to a minimum and adopt the second-generation Apple Pencil. Even if there will be a new component that, as they say in the US, could change the rules of the game hereinafter. A virtue that, in the first moments of his arrival, will also be his most important defect.

Component supply issues

That element that is going to differentiate the iPad Pro of 2021 from those of last year is the screen, which according to all indications it is going to be the first mini-LED in the range, which is going to produce huge improvements in tablets. On the one hand, they are panels that do not reduce the quality seen in the previous two generations by a single gram and, on top of that, they occupy much less space (and energy consumption) which gives rise to either thinning the tablet in thickness, or offering a little more space to integrate new components or make existing ones larger. Like for example the battery.

BROOKS KRAFT AFP

But the problem with those mini-LED panels is that manufacturers are not supplying to Americans of sufficient quantity enough to arrive on launch day one with guarantees of providing all stores and points of sale with the number of units planned. Specifically of the 12.9-inch model. Something that, internally, would have already caused a first delay in its announcement and that, definitively, that event could occur at the end of this month.

As we reminded you before, in 2020 the iPad Pro landed in stores on March 21 and surely for this year those of Tim Cook had similar plans. That low rate of production of mini-LED screens could have affected those forecasts For this reason, April appears as the new month in which these models will be revealed to all users, once they have secured minimum quantities to have a launch at the same level as the previous models.

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