Trump Touts Iran 'Last Chance', BP North Sea Warning, More
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What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Tiwa Adebayo. And I'm Caroline Hipker. HSBC has announced a new billion-dollar share buyback after reporting second-quarter earnings that beat estimates. Pre-tax profit came in at $10.1 billion. ahead of the $9.5 billion analysts had expected. The bank also raised its cost-saving target to $2 billion by the end of this year, as CEO George L. Hedry accelerates his overhaul of Europe's largest bank through asset sales and simplifying its operations. Here's what he told Bloomberg this morning.
We are becoming the stronger bank that we set out to build. We're very pleased with what we announced this morning. We're growing across all our indicators, our revenue growing, our loans and deposits are growing, our fee income is growing. We generated returns of 19.5% on tangible equity. So this is a good demonstration of strong business momentum. We're also very pleased with the progress we're making on the strategy, which we're executing with precision, with discipline and at pace.
CEO George L. Henry speaking there as HSBC shares have touched record highs in recent weeks, recovering from a June slump sparked by China's crackdown on cross-border capital flows.
Now, in terms of other earnings out today, BP has reported its strongest quarterly profit in more than four years as the Iran war boosted refining margins and energy trading. Adjusted net income more than doubled to $5.73 billion, beating analysts' estimates. The results give CEO Meg O'Neill fresh momentum as she cuts costs, sells assets and works to strengthen BP's balance sheet. Speaking to Bloomberg, O'Neill said a lack of policy certainty from the British government contributed to BP's decision to put its UK North Sea business up for sale.
Well, UK government policy hasn't helped. So if we look back over time, the last 20 years, there have been a series of interventions that changed the tax rate, changed the regulatory environment. There's points where you can explore, there's points where you can't. And one of the things I tell governments all around the world is when we think about our investment decisions, where we're going to spend money and generate return for 20 to 30 years, we want to have certainty that the fiscal terms are not going to change. So I have spoken with the Prime Minister. I've given him these same messages. I've said, look, there's an opportunity, you know, to be really pragmatic, to help ensure that we're taking care of those jobs in Aberdeen, to make sure that the North Sea plays a role in helping meet the UK's energy security.
You know, so hopefully we'll see some good things from this new government.
What are HSBC's latest earnings and why did the bank announce a $1bn buyback?
Meg O'Neill there, referring to Andy Burnham, who has hinted at a friendlier approach to new fossil fuel projects in the waters off the coast of Scotland. BP's shares trading in London up as much as 0.6% this morning.
U.S. President Donald Trump says Iran has a last chance to reach a deal with the United States. But Tehran insists it's not negotiating directly with Washington, saying it's discussing shipping routes through the Strait of Hormuz with Oman instead. Despite President Trump's demands, Iran has given no indication it will reopen the Strait of Hormuz and allow toll-free passage. Trump says military action is still on the table.
I want to give them every last chance before decapitation. Very tough to do what we have planned, still planned. We'll see what happens.
It's not clear which negotiations President Trump was referring to or who is involved.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:09
2
What are HSBC's latest earnings and why did the bank announce a $1bn buyback?
3:09–6:05
3
How is HSBC's CEO describing the bank's strategic progress and performance metrics?
6:05–9:56
4
Why did BP report its strongest quarterly profit in four years and what drove results?
9:56–10:52
Speakers
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