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Salt withdraws from residential market

Derbyshire subsidiary Salt has withdrawn from the residential mortgage market.

The deadline for direct business is 6pm on September 12, while all applications by packagers with a valid DIP must be received ready for offer by 6pm September 19.

An email was sent to brokers and distributors today, it says: “We regret to inform you that Salt has today announced its withdrawal form the residential market. With this in mind we will no longer be accepting any DIPs for new business.”

Salt Commercial suspended new business in May and put a number of staff into consultation.


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Insurer says senior CML heads should roll

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Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.


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