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HSBC sells Argentina operations for $550 million, taking $1 billion pre-tax hit
HSBC is Europe's largest bank by total assets.
Nicholas Economou | Nurfoto | Getty Images
HSBC announced Tuesday that it will sell its Argentine banking business to Grupo Financiero Galicia in a deal valued at $550 million. The company expects to record a pre-tax loss of $1 billion on the sale in the first quarter of 2024.
The bank said this will have no appreciable impact on its Common Equity Tier 1 ratio, a measure of a bank's financial strength, and will be excluded from dividend calculations.
The deal is expected to close within the next 12 months.
HSBC Group CEO Noel Quinn said this would allow the company to focus on “higher value opportunities” internationally.
“HSBC Argentina is a primarily domestically focused business with limited connections to other international networks.Furthermore, given its size, translating its results into US dollars results in significant fluctuations in the group's revenues. “Galicia is in a better position. We want to invest in the business and grow it,” Quinn said in a statement.
“We remain focused on Mexico and the United States, and remain committed to serving our international customers with cutting-edge transaction banking capabilities across our global network.”
As of 9:11 a.m. London time, HSBC shares were up 0.16%.
— Jenny Reid
Shell considering all list options
A view showing a board with the Shell logo at the company's fuel station in St. Petersburg, Russia, May 6, 2022.
Anton Vaganov | Reuters
oil major shell CEO Wael Sawan said in a Bloomberg Opinion article that the company is considering all listing options, including the possibility of moving its listing from London to New York.
A Shell spokesperson confirmed this statement to CNBC on Monday, saying the company remains focused on “delivering more value with fewer emissions,” reducing operating costs and delivering better shareholder returns. It added that it does not reflect a change in the company's position.
These and other factors should help close the “assessment gap”, the spokesperson said, adding that if this cannot be achieved beyond 2025, the company will consider considering other options.
Shell is one of the largest companies listed on the London Stock Exchange and is aiming to float in a bid to reinvigorate London's attractiveness as a financial hub. As of 8:48 a.m. London time, Shell shares were up 0.68%.
— Luxandra Iordake
BP rose 1.3% as there were signs of increased production in the first quarter
General view of the BP logo and petrol station forecourt sign in Southend, UK, January 22, 2024.
John Keeble | Getty Images News | Getty Images
BP shares rose 1.3% in early trading, the highest since October, after the oil giant said it expected upstream production across oil and gas to rise in the first quarter. .
In a trading update on Tuesday, the company said it expected “solid” results in oil and gas trading, but expected negative impacts from gas and low-carbon energy developments and the devaluation of the Egyptian pound.
— Jenny Reid
European stocks start lower
European stocks fell slightly early on Tuesday, with the pan-European Stoxx 600 index down 0.15% as of 8:20 a.m. in London.
The main stock exchanges were in the red, with Germany's DAX down 0.4% and France's CAC40 down 0.25%. Britain's FTSE 100 index fell 0.08%.
STOXX 600 index.
Atos, which is in financial trouble, announces refinancing plan
Atos stock price.
French IT consultant in trouble Athos announced on Tuesday a series of requirements for its debt restructuring, including 600 million euros ($651 million) in cash to fund its operations over the next two years.
The company said the funding will be raised through debt and equity from existing stakeholders or third-party investors.
The company aims to achieve a BB credit profile by 2026 and the remaining debt maturities have been extended by five years.
The company will carry out cybersecurity operations at the Paris Olympics and has a contract with French intelligence agencies. French authorities have already said they will protect the company's strategic assets following a series of failures.
Atos shares rose 19% on Monday after its largest shareholder One Point announced that Paris-based investment firm Butler Industries would join the rescue consortium.
— Jenny Reid
CNBC Pro: Data centers are poised for AI-powered growth, says UBS – names 3 stocks driving the trend
According to UBS, the data center sector is expected to experience rapid growth over the next few years.
The investment bank predicts the data center sector will grow 15% to 20% from 2024 to 2025, with “healthy” double-digit growth in the years after that.
We have listed three related stocks that are responsible for the trend.
CNBC Pro subscribers can read more here.
— Tan Weizhen
CNBC Pro: This AI stock could fall 50%, Morningstar says there's an 'artificial intelligence exaggeration story'
European Market: Click here for opening call
European markets are set to open at Tuesday's lows.
british FTSE100 The index is expected to open six points lower at 7,936. dachshund 49 points down to 18,263, France CAC Italy down 17 points to 8,103 FTSE MIB According to IG data, it decreased by 77 points to 33,609.
The data release includes Ukraine's inflation statistics for March.
— Holly Ellyatt