DB Today-Global/Macro Tenpay:ideal eco-system overlay Purchasing Gold Assets to Fuel Long‐term Growth USD500m five-year bond at 3.625%;reserve for new business The tide looks to have turned - raising TP by 42%; Buy August 2016: Slow demand points to slow economy Parentco asset injection: fairly valued with L-T growth visibility enhanced Upcoming auction is crucial for Jio’s medium-term strategy Third-party payments: conflicting consumer/merchant currents Field trips to some listed insurers and brokers in September 2016