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Swiss police raid HSBC’s Geneva base

Swiss prosecutors have today raided the offices of HSBC’s Swiss private bank over suspected aggravated money laundering.

A statement from the Geneva prosecutor’s office says: “A search is currently underway in the premises of the bank, led by attorney general Olivier Jornot and the prosecutor Yves Bertossa.

An HSBC spokesman says: “We have cooperated continuously with the Swiss authorities since first becoming aware of the data theft in 2008 and we continue to cooperate.”

The raid comes after the City of London Police confirmed it has yet to be contacted by UK tax office, despite HM Revenue & Customs telling MPs on 11 February that staff would be meeting with “relevant authorities” imminently.

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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.

Govt opens married tax break registrations

A new scheme to provide tax breaks to married couples and civil partnerships has opened for registration. The new Marriage Allowance will be formally launched from 6 April, and allows spouses and partners who don’t pay tax to transfer up to £1,060 of their tax free allowance to their partner, as long as the recipient […]

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Out of context: ‘Make sure you’re wearing your special pants’

“Make sure you’re wearing your special pants” Fidelity press officer Steffi Ives does her best to excite MM hack Sam Brodbeck about the arrival of her latest press release “It needs to be more touchy feely” Apfa director general Chris Hannant has a strange criticism of the Pension Wise website “You might want to take […]

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