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Privatisation is back in vogue and is seen as the panacea to all problems from policing to roads and housing is getting in on the act too.
40p – The minimum price per unit of alcohol being proposed by the government in a bid to stamp out binge drinking. 58 – The length of chancellor George Osborne’s Budget speech in minutes. 14.6% – The proportion of shops in Britain lying empty in February – a new high, according to figures from the […]
Nationwide’s decision to slash its interest-only LTV from 75% to 50% has been branded a blow for the mortgage market. The mutual made the change across its residential mortgage range last week in response to changes by other lenders. James Lindon-Travers, mortgage practice principal at Lindon-Travers Associates, says: “This is another nail in the coffin […]
By Dambisa Moyo
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.