Bloomberg Audio Studios, Podcasts, radio News.

Bloomberg Audio Studios, Podcasts, radio News.

Good morning, I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today.

Good morning, I'm Nathan Hager and I'm Amy Morris. Here are the stories we're following today.

We begin with the highly anticipated earnings report that Wall Street has been waiting for from Nvidia because of its leadership and AI training chips, and Vidia's market capitalization has ballooned to around one point seven trillion dollars. Amy Wou Silverman of RBC Capital Market says the report after today's close could be critical for the markets.

We begin with the highly anticipated earnings report that Wall Street has been waiting for from Nvidia because of its leadership and AI training chips, and Vidia's market capitalization has ballooned to around one point seven trillion dollars. Amy Wou Silverman of RBC Capital Market says the report after today's close could be critical for the markets.

Those results are what we saw kind of similar to last year. It still has a while to run. However, as let's say the results are quite disappointing, you can see that call skew stuffed out of the market pretty quickly. And then the question there becomes, you know, if this is disappoint to two investors, what happens next? Do you actually see a pickup in the downside. Do you see a pickup and hedging that's a major inflection for the market, or do you see people still say, you know, we like these stocks.

Those results are what we saw kind of similar to last year. It still has a while to run. However, as let's say the results are quite disappointing, you can see that call skew stuffed out of the market pretty quickly. And then the question there becomes, you know, if this is disappoint to two investors, what happens next? Do you actually see a pickup in the downside. Do you see a pickup and hedging that's a major inflection for the market, or do you see people still say, you know, we like these stocks.

RBC's Amy Wou Silverman now, according to options positioning, in Vidia investors may have almost two hundred billion dollars riding on today's results, prices for short term calls and puts imply a more than ten percent move in the chip maker's shares after the report.

RBC's Amy Wou Silverman now, according to options positioning, in Vidia investors may have almost two hundred billion dollars riding on today's results, prices for short term calls and puts imply a more than ten percent move in the chip maker's shares after the report.

Nvidia is, of course part of the Magnificent Seven which have propelled equity markets to record hives, but now it appears investors are cutting back. Goldman Sachs analyzed more than seven hundred hedge funds with two point six trillion dollars of gross equity positions. Six of the mags seven stocks saw a decrease in exposure. The only one that saw on increase was Amazon.

Nvidia is, of course part of the Magnificent Seven which have propelled equity markets to record hives, but now it appears investors are cutting back. Goldman Sachs analyzed more than seven hundred hedge funds with two point six trillion dollars of gross equity positions. Six of the mags seven stocks saw a decrease in exposure. The only one that saw on increase was Amazon.

And speaking of Amazon, Amy, those shares are up one percent this morning. The e commerce giant is about to be added to the Dow Jones Industrial Average, and we get the story from Bloomberg's Kimberly Adams.

And speaking of Amazon, Amy, those shares are up one percent this morning. The e commerce giant is about to be added to the Dow Jones Industrial Average, and we get the story from Bloomberg's Kimberly Adams.

Amazon will replace Walgreens Boots Alliance in the Dow on Monday. The inclusion in the index is another milestone in the retailer's rapid expansion. The company was found that in nineteen ninety four as an online bookseller. It now sells goods of all types and runs the world's largest cloud computing business. In fact, Amazon is the second largest private sector employer in the US behind Walmart. The absence of Amazon in a slew of big tech firms from the Dow spurred the blue Chip index to underperform peers. Last year, the tech heavy Nasdaq one hundred climb more than fifty percent, while the Dow rose thirteen percent. Kimberly Adams Bloomberg.

Amazon will replace Walgreens Boots Alliance in the Dow on Monday. The inclusion in the index is another milestone in the retailer's rapid expansion. The company was found that in nineteen ninety four as an online bookseller. It now sells goods of all types and runs the world's largest cloud computing business. In fact, Amazon is the second largest private sector employer in the US behind Walmart. The absence of Amazon in a slew of big tech firms from the Dow spurred the blue Chip index to underperform peers. Last year, the tech heavy Nasdaq one hundred climb more than fifty percent, while the Dow rose thirteen percent. Kimberly Adams Bloomberg.

Radio Thanks Kim. While Amazon takes its place in the blue Chip index, founder Jeff Bezos is selling more of his stake in the company. The billionaire unloaded another fourteen million shares worth about two and a half billion dollars. That brings his total cash out to eight and a half billion. Bezos announced a plan to sell up to fifty million shares of Amazon earlier this month. He finished the transaction in just nine trading days.

Radio Thanks Kim. While Amazon takes its place in the blue Chip index, founder Jeff Bezos is selling more of his stake in the company. The billionaire unloaded another fourteen million shares worth about two and a half billion dollars. That brings his total cash out to eight and a half billion. Bezos announced a plan to sell up to fifty million shares of Amazon earlier this month. He finished the transaction in just nine trading days.

Keeping things in the c suite Amy City Group has boosted the pay of CEO Jane Fraser by about six percent to a total of twenty six million dollars. The increase comes after Fraser initiated what's built as the largest reworking of City Group in decades. The moves are designed to propel the firm from a banking underdog to competitive with its more profitable peers.

Keeping things in the c suite Amy City Group has boosted the pay of CEO Jane Fraser by about six percent to a total of twenty six million dollars. The increase comes after Fraser initiated what's built as the largest reworking of City Group in decades. The moves are designed to propel the firm from a banking underdog to competitive with its more profitable peers.

And staying in the banking sector. Shares of HSBC are down more than seven percent in Europe. The bank reported fourth quarter profit that plunged eighty percent. HSBC took a three billion dollar impairment in the fourth quarter on its holding in China's Bank of Communications. CEO Noel Quinn says the payment will have minimal consequences.

And staying in the banking sector. Shares of HSBC are down more than seven percent in Europe. The bank reported fourth quarter profit that plunged eighty percent. HSBC took a three billion dollar impairment in the fourth quarter on its holding in China's Bank of Communications. CEO Noel Quinn says the payment will have minimal consequences.

I just want to make clear that has no impact on our capital position of any significance. It does not prohibit distribution because it's non capital impactful. It is a technical accounting issue, and I also want to reiterate we have strong confidence in the China economy. We believe there are huge opportunities ahead, and we believe that our partnership with BOCOM has been a good partnership for twenty years and that status has not changed.

I just want to make clear that has no impact on our capital position of any significance. It does not prohibit distribution because it's non capital impactful. It is a technical accounting issue, and I also want to reiterate we have strong confidence in the China economy. We believe there are huge opportunities ahead, and we believe that our partnership with BOCOM has been a good partnership for twenty years and that status has not changed.

HSBC CEO Noel Quinn all so announced a two billion dollars share buyback.

HSBC CEO Noel Quinn all so announced a two billion dollars share buyback.

On the economic front, today, Amy, we may get more clues on the future of US interest rates This afternoon. The Federal Reserve releases minutes from its last meeting. We get a preview from Bloomberg's Michael McKee.

On the economic front, today, Amy, we may get more clues on the future of US interest rates This afternoon. The Federal Reserve releases minutes from its last meeting. We get a preview from Bloomberg's Michael McKee.

January's FED meeting began a concentrated, if not coordinated effort by Fed officials to push back against market pricing of an early rate cut. The minutes of the meeting may offer hints at why what did the policymakers see in the economy then too much strength building inflation pressures, a too tight labor market, or was it just an abundance of caution? Caution that has proved out as January retail sales came in week and consumer prices rose. The minutes are always a bit outdated, since the Fed Policy meeting took place three weeks ago, but in this case, clues to the Fed officials thinking may help investors anticipate when and under what conditions they will finally cut. Michael McKee, Bloomberg.

January's FED meeting began a concentrated, if not coordinated effort by Fed officials to push back against market pricing of an early rate cut. The minutes of the meeting may offer hints at why what did the policymakers see in the economy then too much strength building inflation pressures, a too tight labor market, or was it just an abundance of caution? Caution that has proved out as January retail sales came in week and consumer prices rose. The minutes are always a bit outdated, since the Fed Policy meeting took place three weeks ago, but in this case, clues to the Fed officials thinking may help investors anticipate when and under what conditions they will finally cut. Michael McKee, Bloomberg.

Radio, all right, thank you, Mike, and deal News this morning, Bloomberg News has learned that buyout from Thomas Bravo is weighing a sale of JD Power for about eight billion dollars. JD Power uses data and analytics to produce rankings and reviews across industries including automotive, financial services, and healthcare.

Radio, all right, thank you, Mike, and deal News this morning, Bloomberg News has learned that buyout from Thomas Bravo is weighing a sale of JD Power for about eight billion dollars. JD Power uses data and analytics to produce rankings and reviews across industries including automotive, financial services, and healthcare.

And a tie up between two supermarket giants could be in trouble, sources tell Bloomberg News. The Federal Trade Commission and a group of states are preparing to sue to block the combination of Kroger and Albertsonz. We get the details from Bloomberg's Charlie Pellett.

And a tie up between two supermarket giants could be in trouble, sources tell Bloomberg News. The Federal Trade Commission and a group of states are preparing to sue to block the combination of Kroger and Albertsonz. We get the details from Bloomberg's Charlie Pellett.

The suit is expected before February twenty eighth, when an agreement not to close the deal between the companies and the FDC expires. The sources say several states are expected to join the suit, alongside the federal antitrust enforcers. A Kroger spokeswoman says the company remains at ongoing discussions with the FDC and state regulators, and that the merger will lead to lower prices, more union jobs, and broader choices for consumers in New York. Charlie Pellett Bloomberg Radio.

The suit is expected before February twenty eighth, when an agreement not to close the deal between the companies and the FDC expires. The sources say several states are expected to join the suit, alongside the federal antitrust enforcers. A Kroger spokeswoman says the company remains at ongoing discussions with the FDC and state regulators, and that the merger will lead to lower prices, more union jobs, and broader choices for consumers in New York. Charlie Pellett Bloomberg Radio.

Thank you, Charlie. Turning to politics now, more financial trouble could be on the way for Donald Trump. New York Attorney General Laditia James says she is prepared to seize the former president's assets. Bloomberg's Ed Baxter with that story.

Thank you, Charlie. Turning to politics now, more financial trouble could be on the way for Donald Trump. New York Attorney General Laditia James says she is prepared to seize the former president's assets. Bloomberg's Ed Baxter with that story.

James says she'll follow the money if he does not come up with a three hundred and fifty million dollar plus fine ordered by the judge. She says a decade of crime.

James says she'll follow the money if he does not come up with a three hundred and fifty million dollar plus fine ordered by the judge. She says a decade of crime.

Financial frauds are not victimless crimes. He engaged in this massive amount of fraud, and it wasn't just a simple mistake, a slight oversight. The variations were wildly exaggerated and the extent of the fraud was staggering.

Financial frauds are not victimless crimes. He engaged in this massive amount of fraud, and it wasn't just a simple mistake, a slight oversight. The variations were wildly exaggerated and the extent of the fraud was staggering.

James, refuting the Trump claimed that there were no victims, She says financial markets, banks and the citizens were ed. Baxter Bloomberg Radio.

James, refuting the Trump claimed that there were no victims, She says financial markets, banks and the citizens were ed. Baxter Bloomberg Radio.

Time Now to take a look at some of the other stories making news in New York and around the world, and for that were joined by Bloomberg's Michael Bark.

Time Now to take a look at some of the other stories making news in New York and around the world, and for that were joined by Bloomberg's Michael Bark.

Good morning, Michael, Good morning, Nathan. The FBI is joining the investigation into how many violent crimes iams nationwide are linked to a suspected multi state serial attacker taken into custody in Arizona. The twenty six year old man may have targeted sex workers. He allegedly told police about his involvement in a string of assaults on women in the Phoenix area, Florida, and as well as a deadly attack in New York in MYPD Chief of Detectives Joe Kinney says the victim killed in Manhattan was found inside a hotel room earlier this month.

Good morning, Michael, Good morning, Nathan. The FBI is joining the investigation into how many violent crimes iams nationwide are linked to a suspected multi state serial attacker taken into custody in Arizona. The twenty six year old man may have targeted sex workers. He allegedly told police about his involvement in a string of assaults on women in the Phoenix area, Florida, and as well as a deadly attack in New York in MYPD Chief of Detectives Joe Kinney says the victim killed in Manhattan was found inside a hotel room earlier this month.

He informs them that he is wanted for homicide in New York City and tells the cops that they should google Solho fifty four hotel.

He informs them that he is wanted for homicide in New York City and tells the cops that they should google Solho fifty four hotel.

The suspect, rod Almunsouri is believed to have arrived in New York City in late January. Later credit card use syndicates the purchase of a plane ticket to Arizona, where he allegedly committed at least two more crimes. Two men have been charged with murder in last week's shooting after the Kansas City Chiefs Super Bowl parade. According to court documents, the men were strangers who pulled out guns and began firing within seconds of starting an argument. One person was killed and about two dozen others were injured. New York City police are doubling down on stopping more pedestrians in twenty twenty three than the year prior. Pedestrian stops fell out of favor in New York City after a federal courts in twenty thirteen ruled that the NYPD stop in frisk practices were unconstitutional, but that trend appears to be reversing under Mayor Eric Adams, who took office in twenty twenty two. President Joe Biden's administration announced that more than one hundred and fifty thousand borrowers will receive one point two billion dollars in student loan forgiveness under a program unveiled in January seeking to provide relief for Americans who had been making payments for at least a decade. The move wipes out loans for those who borrowed less than twelve thousand dollars for their higher education. A new study finds one in four people who attended college earned legs less than high school graduates ten years later. Michael Isskwitz is president of the HA Group, which conducted the survey.

The suspect, rod Almunsouri is believed to have arrived in New York City in late January. Later credit card use syndicates the purchase of a plane ticket to Arizona, where he allegedly committed at least two more crimes. Two men have been charged with murder in last week's shooting after the Kansas City Chiefs Super Bowl parade. According to court documents, the men were strangers who pulled out guns and began firing within seconds of starting an argument. One person was killed and about two dozen others were injured. New York City police are doubling down on stopping more pedestrians in twenty twenty three than the year prior. Pedestrian stops fell out of favor in New York City after a federal courts in twenty thirteen ruled that the NYPD stop in frisk practices were unconstitutional, but that trend appears to be reversing under Mayor Eric Adams, who took office in twenty twenty two. President Joe Biden's administration announced that more than one hundred and fifty thousand borrowers will receive one point two billion dollars in student loan forgiveness under a program unveiled in January seeking to provide relief for Americans who had been making payments for at least a decade. The move wipes out loans for those who borrowed less than twelve thousand dollars for their higher education. A new study finds one in four people who attended college earned legs less than high school graduates ten years later. Michael Isskwitz is president of the HA Group, which conducted the survey.

Out of the about four thousand institutions in the study, eight hundred and fifty two of them, or about twenty two percent of colleges, so the majority of students earning below a fifteen dollars minimum wage.

Out of the about four thousand institutions in the study, eight hundred and fifty two of them, or about twenty two percent of colleges, so the majority of students earning below a fifteen dollars minimum wage.

Michael Isskowitz with AHA says most of the people who earn less than high school grads went to for profit colleges, but about fourteen percent attended public colleges. Global News twenty four hours a day and whenever you want it with Bloomberg News Now, I'm Michael Barr. This is Bloomberg Nah.

Michael Isskowitz with AHA says most of the people who earn less than high school grads went to for profit colleges, but about fourteen percent attended public colleges. Global News twenty four hours a day and whenever you want it with Bloomberg News Now, I'm Michael Barr. This is Bloomberg Nah.

Thanks Michael. Time now for the Bloomberg Sports Update, brought to you by Tri State OUTI. Here's John stashawanks Nathan U.

Thanks Michael. Time now for the Bloomberg Sports Update, brought to you by Tri State OUTI. Here's John stashawanks Nathan U.

Kohn.

Kohn.

Husky's dominant in winning last year's NCAA tournament. They've been dominant this season. They went to Omaha running a fourteen game winn Is break. Most recently, they won by twenty eight over Marquette, who was ranked fourth in the country. Yucon's number one. The vote this week was unanimous, but the Creighton Blue Jays ranked fifteenth themselves. They've won twenty games, and they crushed Yukon eighty five sixty six. They stormed the court after the school's first ever win over the team rank number one. The Yukon coaches Dan Hurley, you.

Husky's dominant in winning last year's NCAA tournament. They've been dominant this season. They went to Omaha running a fourteen game winn Is break. Most recently, they won by twenty eight over Marquette, who was ranked fourth in the country. Yucon's number one. The vote this week was unanimous, but the Creighton Blue Jays ranked fifteenth themselves. They've won twenty games, and they crushed Yukon eighty five sixty six. They stormed the court after the school's first ever win over the team rank number one. The Yukon coaches Dan Hurley, you.

Haven't lost him two plus months, and this doesn't happen to us very often. So yeah, I mean, we were, you know, we were definitely stunned. This wasn't the good game we expected. We knew this was a dangerous game and their quality opponent and one of the better teams in the country, but we didn't expect this to happen.

Haven't lost him two plus months, and this doesn't happen to us very often. So yeah, I mean, we were, you know, we were definitely stunned. This wasn't the good game we expected. We knew this was a dangerous game and their quality opponent and one of the better teams in the country, but we didn't expect this to happen.

Next up for Creighton is a game Sunday at Saint John's, the Red Storm of lost eight of ten, their players, recently severely criticized by their coach Rick Patino. Saint John's play tonight at Georgetown at the Garden. Rangers scored once in each period, got forty one saves from Igor Sisterkin. Won there eighth in a row, three to one over Dallas. It's the Rangers' longest winning streets in twenty sixteen two more wins. They tied the club record of ten. That's happened twice nineteen seventy three and in nineteen forty when they won this Stanley Cup. Has any new interrot fan knows They've only won it once since They played tomorrow at New Jersey. The Devils were in Washington, the Capitals one sixty two. Alex Lovechkin scored twice Islanders of five to four overtime win. At Pittsburgh. Matthew Slater has retired. Special teams stand out for the Patriots, went to ten Pro Bowls, who was a Pats captain thirteen of his sixteen seasons. The one time met shortstop Ahmedrasario assigned with Tampa Bay at Yankee spring training. All eyes on Aaron Judges Big Tow heard it last June at Dodger Stadium. Never had surgery, and Judge said yesterday that to avoid flare ups, he'll need constant maintenance on the tow.

Next up for Creighton is a game Sunday at Saint John's, the Red Storm of lost eight of ten, their players, recently severely criticized by their coach Rick Patino. Saint John's play tonight at Georgetown at the Garden. Rangers scored once in each period, got forty one saves from Igor Sisterkin. Won there eighth in a row, three to one over Dallas. It's the Rangers' longest winning streets in twenty sixteen two more wins. They tied the club record of ten. That's happened twice nineteen seventy three and in nineteen forty when they won this Stanley Cup. Has any new interrot fan knows They've only won it once since They played tomorrow at New Jersey. The Devils were in Washington, the Capitals one sixty two. Alex Lovechkin scored twice Islanders of five to four overtime win. At Pittsburgh. Matthew Slater has retired. Special teams stand out for the Patriots, went to ten Pro Bowls, who was a Pats captain thirteen of his sixteen seasons. The one time met shortstop Ahmedrasario assigned with Tampa Bay at Yankee spring training. All eyes on Aaron Judges Big Tow heard it last June at Dodger Stadium. Never had surgery, and Judge said yesterday that to avoid flare ups, he'll need constant maintenance on the tow.

For the rest of his career.

For the rest of his career.

John Stashaward, Bloomberg.

John Stashaward, Bloomberg.

Sports Steaven All right, John, thank you. Now let's turn back to markets and our focus on earnings. This morning, we're watching shares of HSBC. They are lower by more than seven percent in London, and that move comes after the lender reported earnings showing a fourth quarter profit falling eighty percent after unexpected charges on its holdings in China's Bank of Communications Bowcom. HSBC also announced a two billion dollars share buy back, but the bank CEO, Noel Quinn says the Bowcom charge was a technical accounting issue and won't impact capital. Noel Quinn spoke with Bloomberg's Francine Lockwhile let's listen in to part of that conversation.

Sports Steaven All right, John, thank you. Now let's turn back to markets and our focus on earnings. This morning, we're watching shares of HSBC. They are lower by more than seven percent in London, and that move comes after the lender reported earnings showing a fourth quarter profit falling eighty percent after unexpected charges on its holdings in China's Bank of Communications Bowcom. HSBC also announced a two billion dollars share buy back, but the bank CEO, Noel Quinn says the Bowcom charge was a technical accounting issue and won't impact capital. Noel Quinn spoke with Bloomberg's Francine Lockwhile let's listen in to part of that conversation.

Now, Well, I'm very pleased with the fact that we've been able to report thirty billion of PBT, which is obviously a record, but also I'm very pleased with the return on tangible equity we've been working hard for the past four years to make sure we deliver mid teen's returns, and we did that last year. You know, before material notable items, we had a return on tangible equitcy of fifteen point six percent. I'm also really pleased with the dividends. We've been owned sixty one cents, which is the highest dividend for the full year since two thousand and eight. And we completed seven billion dollars a buyback, and we announced another two billion dollar up to two billion dollar buy back this year. So I'm really pleased with the strong capital generation and I believe with the cet one ratio of fourteen zo point eight percent, we've got strong potential future capital distribution as well. In the fourth quarter, we did have some noise in the numbers. We had three principle items that pulled down the profit. The first one was we rebooked the loss on sale of our French operation that we completed that transaction. It's neutral for the year because we took a credit on that in Q one and we've taken a charge in Q four, so that nets each other out and neutral. There was an adjustment for hyperinflation in Argentina driven by the devaluation that took place. That's really a technical issue. And then the third issue technical issue was Bocon. We have had had an investment in Bocon for twenty years. Every quarter we have to do a valuation in use test. We did that again this quarter, updated the model and it compares the value in use to the carrying value, and value in use dropped below and that would resulting in a three billion charger. I just want to make clear that has no impact on our capital position of any significance. It does not prohibit distribution because it's non capital impactful. It is a technical accounting issue. And I also want to reiterate we have strong confidence in the China economy. We believe there are huge opportunities ahead, and we believe that our partnership with BOCOM has been a good partnership for twenty years and that status has not changed.

Now, Well, I'm very pleased with the fact that we've been able to report thirty billion of PBT, which is obviously a record, but also I'm very pleased with the return on tangible equity we've been working hard for the past four years to make sure we deliver mid teen's returns, and we did that last year. You know, before material notable items, we had a return on tangible equitcy of fifteen point six percent. I'm also really pleased with the dividends. We've been owned sixty one cents, which is the highest dividend for the full year since two thousand and eight. And we completed seven billion dollars a buyback, and we announced another two billion dollar up to two billion dollar buy back this year. So I'm really pleased with the strong capital generation and I believe with the cet one ratio of fourteen zo point eight percent, we've got strong potential future capital distribution as well. In the fourth quarter, we did have some noise in the numbers. We had three principle items that pulled down the profit. The first one was we rebooked the loss on sale of our French operation that we completed that transaction. It's neutral for the year because we took a credit on that in Q one and we've taken a charge in Q four, so that nets each other out and neutral. There was an adjustment for hyperinflation in Argentina driven by the devaluation that took place. That's really a technical issue. And then the third issue technical issue was Bocon. We have had had an investment in Bocon for twenty years. Every quarter we have to do a valuation in use test. We did that again this quarter, updated the model and it compares the value in use to the carrying value, and value in use dropped below and that would resulting in a three billion charger. I just want to make clear that has no impact on our capital position of any significance. It does not prohibit distribution because it's non capital impactful. It is a technical accounting issue. And I also want to reiterate we have strong confidence in the China economy. We believe there are huge opportunities ahead, and we believe that our partnership with BOCOM has been a good partnership for twenty years and that status has not changed.

No, given what you've just explained, are are there any large asset sales ahead? Is there anything else that you're thinking either that you need to sell off or actually that there could be some kind of accounting concern.

No, given what you've just explained, are are there any large asset sales ahead? Is there anything else that you're thinking either that you need to sell off or actually that there could be some kind of accounting concern.

Well, I think we've got the final lego of our disposal of Canada to come at the end of Q one that will be a big sale completion. We're on track for that at the end of Q one. That will allow us to as we've already announced first use of proceeds, we would like to use the first use proceeds as a special dividend of twenty one sense. We continue to look at the portfolio to make sure the portfolio is strategically correctly positioned and no businesses are underperforming. But I think we've done the material transactions, but we will continue to adapt and change if we feel as though part of the portfolio is not strategic or is underperforming. I also want to recap on Q four if you revert, if you take the profit, the underlying before material notables, Q four reports would have been a seven point three billion PBT, which is well up on the prior quarter in twenty twenty two.

Well, I think we've got the final lego of our disposal of Canada to come at the end of Q one that will be a big sale completion. We're on track for that at the end of Q one. That will allow us to as we've already announced first use of proceeds, we would like to use the first use proceeds as a special dividend of twenty one sense. We continue to look at the portfolio to make sure the portfolio is strategically correctly positioned and no businesses are underperforming. But I think we've done the material transactions, but we will continue to adapt and change if we feel as though part of the portfolio is not strategic or is underperforming. I also want to recap on Q four if you revert, if you take the profit, the underlying before material notables, Q four reports would have been a seven point three billion PBT, which is well up on the prior quarter in twenty twenty two.

No, just going back to some of your potential significant sales. Are you also close to identifying any potential new bolt on acquisitions?

No, just going back to some of your potential significant sales. Are you also close to identifying any potential new bolt on acquisitions?

We keep looking at boltons and we've done quite a few. I was really pleased that we were with announced the acquisition of Citybank's wealth business in China. That follows two other investments we put into China recently, taking our shareholding in our insurance joint venture from fifty percent to one hundred percent and the securities joint venture from fifty percent to ninety percent. So you can see our confidence in China is still strong and we're invested in and we've done three boltons there. We'll continue to look for boltons, particularly in our wealth management business. We believe buying additional product capability, specialism or distribution capability would be interesting, but we'll only announce anything on that as and when we got a transaction to complete.

We keep looking at boltons and we've done quite a few. I was really pleased that we were with announced the acquisition of Citybank's wealth business in China. That follows two other investments we put into China recently, taking our shareholding in our insurance joint venture from fifty percent to one hundred percent and the securities joint venture from fifty percent to ninety percent. So you can see our confidence in China is still strong and we're invested in and we've done three boltons there. We'll continue to look for boltons, particularly in our wealth management business. We believe buying additional product capability, specialism or distribution capability would be interesting, but we'll only announce anything on that as and when we got a transaction to complete.

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