WEBVTT - Wall Street Awaits Nvidia Earnings; Amazon Added to the Dow

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>Good morning, I'm Nathan Hager and I'm Amy Morris. Here

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<v Speaker 2>are the stories we're following today.

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<v Speaker 1>We begin with the highly anticipated earnings report that Wall

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<v Speaker 1>Street has been waiting for from Nvidia because of its

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<v Speaker 1>leadership and AI training chips, and Vidia's market capitalization has

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<v Speaker 1>ballooned to around one point seven trillion dollars. Amy Wou

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<v Speaker 1>Silverman of RBC Capital Market says the report after today's

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<v Speaker 1>close could be critical for the markets.

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<v Speaker 3>Those results are what we saw kind of similar to

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<v Speaker 3>last year. It still has a while to run. However,

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<v Speaker 3>as let's say the results are quite disappointing, you can

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<v Speaker 3>see that call skew stuffed out of the market pretty quickly.

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<v Speaker 3>And then the question there becomes, you know, if this

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<v Speaker 3>is disappoint to two investors, what happens next? Do you

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<v Speaker 3>actually see a pickup in the downside. Do you see

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<v Speaker 3>a pickup and hedging that's a major inflection for the market,

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<v Speaker 3>or do you see people still say, you know, we

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<v Speaker 3>like these stocks.

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<v Speaker 1>RBC's Amy Wou Silverman now, according to options positioning, in

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<v Speaker 1>Vidia investors may have almost two hundred billion dollars riding

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<v Speaker 1>on today's results, prices for short term calls and puts

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<v Speaker 1>imply a more than ten percent move in the chip

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<v Speaker 1>maker's shares after the report.

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<v Speaker 2>Nvidia is, of course part of the Magnificent Seven which

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<v Speaker 2>have propelled equity markets to record hives, but now it

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<v Speaker 2>appears investors are cutting back. Goldman Sachs analyzed more than

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<v Speaker 2>seven hundred hedge funds with two point six trillion dollars

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<v Speaker 2>of gross equity positions. Six of the mags seven stocks

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<v Speaker 2>saw a decrease in exposure. The only one that saw

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<v Speaker 2>on increase was Amazon.

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<v Speaker 1>And speaking of Amazon, Amy, those shares are up one

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<v Speaker 1>percent this morning. The e commerce giant is about to

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<v Speaker 1>be added to the Dow Jones Industrial Average, and we

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<v Speaker 1>get the story from Bloomberg's Kimberly Adams.

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<v Speaker 4>Amazon will replace Walgreens Boots Alliance in the Dow on Monday.

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<v Speaker 4>The inclusion in the index is another milestone in the

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<v Speaker 4>retailer's rapid expansion. The company was found that in nineteen

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<v Speaker 4>ninety four as an online bookseller. It now sells goods

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<v Speaker 4>of all types and runs the world's largest cloud computing business.

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<v Speaker 4>In fact, Amazon is the second largest private sector employer

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<v Speaker 4>in the US behind Walmart. The absence of Amazon in

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<v Speaker 4>a slew of big tech firms from the Dow spurred

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<v Speaker 4>the blue Chip index to underperform peers. Last year, the

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<v Speaker 4>tech heavy Nasdaq one hundred climb more than fifty percent,

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<v Speaker 4>while the Dow rose thirteen percent. Kimberly Adams Bloomberg.

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<v Speaker 2>Radio Thanks Kim. While Amazon takes its place in the

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<v Speaker 2>blue Chip index, founder Jeff Bezos is selling more of

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<v Speaker 2>his stake in the company. The billionaire unloaded another fourteen

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<v Speaker 2>million shares worth about two and a half billion dollars.

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<v Speaker 2>That brings his total cash out to eight and a

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<v Speaker 2>half billion. Bezos announced a plan to sell up to

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<v Speaker 2>fifty million shares of Amazon earlier this month. He finished

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<v Speaker 2>the transaction in just nine trading days.

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<v Speaker 1>Keeping things in the c suite Amy City Group has

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<v Speaker 1>boosted the pay of CEO Jane Fraser by about six

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<v Speaker 1>percent to a total of twenty six million dollars. The

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<v Speaker 1>increase comes after Fraser initiated what's built as the largest

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<v Speaker 1>reworking of City Group in decades. The moves are designed

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<v Speaker 1>to propel the firm from a banking underdog to competitive

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<v Speaker 1>with its more profitable peers.

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<v Speaker 2>And staying in the banking sector. Shares of HSBC are

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<v Speaker 2>down more than seven percent in Europe. The bank reported

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<v Speaker 2>fourth quarter profit that plunged eighty percent. HSBC took a

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<v Speaker 2>three billion dollar impairment in the fourth quarter on its

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<v Speaker 2>holding in China's Bank of Communications. CEO Noel Quinn says

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<v Speaker 2>the payment will have minimal consequences.

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<v Speaker 5>I just want to make clear that has no impact

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<v Speaker 5>on our capital position of any significance. It does not

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<v Speaker 5>prohibit distribution because it's non capital impactful. It is a

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<v Speaker 5>technical accounting issue, and I also want to reiterate we

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<v Speaker 5>have strong confidence in the China economy. We believe there

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<v Speaker 5>are huge opportunities ahead, and we believe that our partnership

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<v Speaker 5>with BOCOM has been a good partnership for twenty years

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<v Speaker 5>and that status has not changed.

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<v Speaker 2>HSBC CEO Noel Quinn all so announced a two billion

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<v Speaker 2>dollars share buyback.

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<v Speaker 1>On the economic front, today, Amy, we may get more

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<v Speaker 1>clues on the future of US interest rates This afternoon.

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<v Speaker 1>The Federal Reserve releases minutes from its last meeting. We

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<v Speaker 1>get a preview from Bloomberg's Michael McKee.

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<v Speaker 6>January's FED meeting began a concentrated, if not coordinated effort

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<v Speaker 6>by Fed officials to push back against market pricing of

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<v Speaker 6>an early rate cut. The minutes of the meeting may

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<v Speaker 6>offer hints at why what did the policymakers see in

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<v Speaker 6>the economy then too much strength building inflation pressures, a

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<v Speaker 6>too tight labor market, or was it just an abundance

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<v Speaker 6>of caution? Caution that has proved out as January retail

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<v Speaker 6>sales came in week and consumer prices rose. The minutes

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<v Speaker 6>are always a bit outdated, since the Fed Policy meeting

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<v Speaker 6>took place three weeks ago, but in this case, clues

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<v Speaker 6>to the Fed officials thinking may help investors anticipate when

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<v Speaker 6>and under what conditions they will finally cut. Michael McKee, Bloomberg.

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<v Speaker 2>Radio, all right, thank you, Mike, and deal News this morning,

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<v Speaker 2>Bloomberg News has learned that buyout from Thomas Bravo is

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<v Speaker 2>weighing a sale of JD Power for about eight billion dollars.

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<v Speaker 2>JD Power uses data and analytics to produce rankings and

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<v Speaker 2>reviews across industries including automotive, financial services, and healthcare.

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<v Speaker 1>And a tie up between two supermarket giants could be

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<v Speaker 1>in trouble, sources tell Bloomberg News. The Federal Trade Commission

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<v Speaker 1>and a group of states are preparing to sue to

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<v Speaker 1>block the combination of Kroger and Albertsonz. We get the

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<v Speaker 1>details from Bloomberg's Charlie Pellett.

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<v Speaker 7>The suit is expected before February twenty eighth, when an

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<v Speaker 7>agreement not to close the deal between the companies and

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<v Speaker 7>the FDC expires. The sources say several states are expected

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<v Speaker 7>to join the suit, alongside the federal antitrust enforcers. A

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<v Speaker 7>Kroger spokeswoman says the company remains at ongoing discussions with

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<v Speaker 7>the FDC and state regulators, and that the merger will

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<v Speaker 7>lead to lower prices, more union jobs, and broader choices

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<v Speaker 7>for consumers in New York. Charlie Pellett Bloomberg Radio.

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<v Speaker 2>Thank you, Charlie. Turning to politics now, more financial trouble

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<v Speaker 2>could be on the way for Donald Trump. New York

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<v Speaker 2>Attorney General Laditia James says she is prepared to seize

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<v Speaker 2>the former president's assets. Bloomberg's Ed Baxter with that story.

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<v Speaker 8>James says she'll follow the money if he does not

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<v Speaker 8>come up with a three hundred and fifty million dollar

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<v Speaker 8>plus fine ordered by the judge. She says a decade

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<v Speaker 8>of crime.

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<v Speaker 9>Financial frauds are not victimless crimes. He engaged in this

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<v Speaker 9>massive amount of fraud, and it wasn't just a simple mistake,

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<v Speaker 9>a slight oversight. The variations were wildly exaggerated and the

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<v Speaker 9>extent of the fraud was staggering.

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<v Speaker 8>James, refuting the Trump claimed that there were no victims,

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<v Speaker 8>She says financial markets, banks and the citizens were ed.

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<v Speaker 8>Baxter Bloomberg Radio.

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<v Speaker 1>Time Now to take a look at some of the

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<v Speaker 1>other stories making news in New York and around the world,

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<v Speaker 1>and for that were joined by Bloomberg's Michael Bark.

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<v Speaker 10>Good morning, Michael, Good morning, Nathan. The FBI is joining

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<v Speaker 10>the investigation into how many violent crimes iams nationwide are

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<v Speaker 10>linked to a suspected multi state serial attacker taken into

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<v Speaker 10>custody in Arizona. The twenty six year old man may

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<v Speaker 10>have targeted sex workers. He allegedly told police about his

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<v Speaker 10>involvement in a string of assaults on women in the

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<v Speaker 10>Phoenix area, Florida, and as well as a deadly attack

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<v Speaker 10>in New York in MYPD Chief of Detectives Joe Kinney

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<v Speaker 10>says the victim killed in Manhattan was found inside a

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<v Speaker 10>hotel room earlier this month.

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<v Speaker 6>He informs them that he is wanted for homicide in

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<v Speaker 6>New York City and tells the cops that they should

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<v Speaker 6>google Solho fifty four hotel.

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<v Speaker 10>The suspect, rod Almunsouri is believed to have arrived in

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<v Speaker 10>New York City in late January. Later credit card use

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<v Speaker 10>syndicates the purchase of a plane ticket to Arizona, where

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<v Speaker 10>he allegedly committed at least two more crimes. Two men

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<v Speaker 10>have been charged with murder in last week's shooting after

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<v Speaker 10>the Kansas City Chiefs Super Bowl parade. According to court documents,

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<v Speaker 10>the men were strangers who pulled out guns and began

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<v Speaker 10>firing within seconds of starting an argument. One person was

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<v Speaker 10>killed and about two dozen others were injured. New York

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<v Speaker 10>City police are doubling down on stopping more pedestrians in

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<v Speaker 10>twenty twenty three than the year prior. Pedestrian stops fell

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<v Speaker 10>out of favor in New York City after a federal

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<v Speaker 10>courts in twenty thirteen ruled that the NYPD stop in

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<v Speaker 10>frisk practices were unconstitutional, but that trend appears to be

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<v Speaker 10>reversing under Mayor Eric Adams, who took office in twenty

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<v Speaker 10>twenty two. President Joe Biden's administration announced that more than

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<v Speaker 10>one hundred and fifty thousand borrowers will receive one point

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<v Speaker 10>two billion dollars in student loan forgiveness under a program

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<v Speaker 10>unveiled in January seeking to provide relief for Americans who

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<v Speaker 10>had been making payments for at least a decade. The

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<v Speaker 10>move wipes out loans for those who borrowed less than

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<v Speaker 10>twelve thousand dollars for their higher education. A new study

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<v Speaker 10>finds one in four people who attended college earned legs

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<v Speaker 10>less than high school graduates ten years later. Michael Isskwitz

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<v Speaker 10>is president of the HA Group, which conducted the survey.

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<v Speaker 11>Out of the about four thousand institutions in the study,

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<v Speaker 11>eight hundred and fifty two of them, or about twenty

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<v Speaker 11>two percent of colleges, so the majority of students earning

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<v Speaker 11>below a fifteen dollars minimum wage.

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<v Speaker 10>Michael Isskowitz with AHA says most of the people who

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<v Speaker 10>earn less than high school grads went to for profit colleges,

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<v Speaker 10>but about fourteen percent attended public colleges. Global News twenty

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<v Speaker 10>four hours a day and whenever you want it with

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<v Speaker 10>Bloomberg News Now, I'm Michael Barr. This is Bloomberg Nah.

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<v Speaker 1>Thanks Michael. Time now for the Bloomberg Sports Update, brought

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<v Speaker 1>to you by Tri State OUTI. Here's John stashawanks Nathan U.

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<v Speaker 10>Kohn.

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<v Speaker 12>Husky's dominant in winning last year's NCAA tournament. They've been

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<v Speaker 12>dominant this season. They went to Omaha running a fourteen

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<v Speaker 12>game winn Is break. Most recently, they won by twenty

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<v Speaker 12>eight over Marquette, who was ranked fourth in the country.

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<v Speaker 12>Yucon's number one. The vote this week was unanimous, but

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<v Speaker 12>the Creighton Blue Jays ranked fifteenth themselves. They've won twenty games,

0:10:05.480 --> 0:10:08.760
<v Speaker 12>and they crushed Yukon eighty five sixty six. They stormed

0:10:08.760 --> 0:10:11.840
<v Speaker 12>the court after the school's first ever win over the

0:10:11.840 --> 0:10:15.200
<v Speaker 12>team rank number one. The Yukon coaches Dan Hurley, you.

0:10:15.240 --> 0:10:18.400
<v Speaker 13>Haven't lost him two plus months, and this doesn't happen

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<v Speaker 13>to us very often. So yeah, I mean, we were,

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<v Speaker 13>you know, we were definitely stunned. This wasn't the good

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<v Speaker 13>game we expected. We knew this was a dangerous game

0:10:26.679 --> 0:10:29.600
<v Speaker 13>and their quality opponent and one of the better teams

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<v Speaker 13>in the country, but we didn't expect this to happen.

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<v Speaker 12>Next up for Creighton is a game Sunday at Saint John's,

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<v Speaker 12>the Red Storm of lost eight of ten, their players,

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<v Speaker 12>recently severely criticized by their coach Rick Patino. Saint John's

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<v Speaker 12>play tonight at Georgetown at the Garden. Rangers scored once

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<v Speaker 12>in each period, got forty one saves from Igor Sisterkin.

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<v Speaker 12>Won there eighth in a row, three to one over Dallas.

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<v Speaker 12>It's the Rangers' longest winning streets in twenty sixteen two

0:10:53.520 --> 0:10:55.960
<v Speaker 12>more wins. They tied the club record of ten. That's

0:10:55.960 --> 0:10:59.520
<v Speaker 12>happened twice nineteen seventy three and in nineteen forty when

0:10:59.520 --> 0:11:01.319
<v Speaker 12>they won this Stanley Cup. Has any new interrot fan

0:11:01.400 --> 0:11:03.959
<v Speaker 12>knows They've only won it once since They played tomorrow

0:11:04.000 --> 0:11:06.600
<v Speaker 12>at New Jersey. The Devils were in Washington, the Capitals

0:11:06.600 --> 0:11:09.959
<v Speaker 12>one sixty two. Alex Lovechkin scored twice Islanders of five

0:11:09.960 --> 0:11:13.680
<v Speaker 12>to four overtime win. At Pittsburgh. Matthew Slater has retired.

0:11:13.720 --> 0:11:16.480
<v Speaker 12>Special teams stand out for the Patriots, went to ten

0:11:16.600 --> 0:11:19.440
<v Speaker 12>Pro Bowls, who was a Pats captain thirteen of his

0:11:19.520 --> 0:11:23.720
<v Speaker 12>sixteen seasons. The one time met shortstop Ahmedrasario assigned with

0:11:23.760 --> 0:11:26.839
<v Speaker 12>Tampa Bay at Yankee spring training. All eyes on Aaron

0:11:26.920 --> 0:11:30.000
<v Speaker 12>Judges Big Tow heard it last June at Dodger Stadium.

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<v Speaker 12>Never had surgery, and Judge said yesterday that to avoid

0:11:33.520 --> 0:11:36.959
<v Speaker 12>flare ups, he'll need constant maintenance on the tow.

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<v Speaker 10>For the rest of his career.

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<v Speaker 12>John Stashaward, Bloomberg.

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<v Speaker 1>Sports Steaven All right, John, thank you. Now let's turn

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<v Speaker 1>back to markets and our focus on earnings. This morning,

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<v Speaker 1>we're watching shares of HSBC. They are lower by more

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<v Speaker 1>than seven percent in London, and that move comes after

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<v Speaker 1>the lender reported earnings showing a fourth quarter profit falling

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<v Speaker 1>eighty percent after unexpected charges on its holdings in China's

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<v Speaker 1>Bank of Communications Bowcom. HSBC also announced a two billion

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<v Speaker 1>dollars share buy back, but the bank CEO, Noel Quinn

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<v Speaker 1>says the Bowcom charge was a technical accounting issue and

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<v Speaker 1>won't impact capital. Noel Quinn spoke with Bloomberg's Francine Lockwhile

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<v Speaker 1>let's listen in to part of that conversation.

0:12:18.840 --> 0:12:21.160
<v Speaker 5>Now, Well, I'm very pleased with the fact that we've

0:12:21.160 --> 0:12:24.160
<v Speaker 5>been able to report thirty billion of PBT, which is

0:12:24.240 --> 0:12:27.680
<v Speaker 5>obviously a record, but also I'm very pleased with the

0:12:27.720 --> 0:12:29.880
<v Speaker 5>return on tangible equity we've been working hard for the

0:12:29.920 --> 0:12:32.640
<v Speaker 5>past four years to make sure we deliver mid teen's returns,

0:12:33.000 --> 0:12:35.840
<v Speaker 5>and we did that last year. You know, before material

0:12:35.880 --> 0:12:38.320
<v Speaker 5>notable items, we had a return on tangible equitcy of

0:12:38.320 --> 0:12:42.079
<v Speaker 5>fifteen point six percent. I'm also really pleased with the dividends.

0:12:42.080 --> 0:12:44.320
<v Speaker 5>We've been owned sixty one cents, which is the highest

0:12:44.320 --> 0:12:47.240
<v Speaker 5>dividend for the full year since two thousand and eight.

0:12:47.840 --> 0:12:50.840
<v Speaker 5>And we completed seven billion dollars a buyback, and we

0:12:50.880 --> 0:12:53.360
<v Speaker 5>announced another two billion dollar up to two billion dollar

0:12:53.400 --> 0:12:55.160
<v Speaker 5>buy back this year. So I'm really pleased with the

0:12:55.760 --> 0:12:59.199
<v Speaker 5>strong capital generation and I believe with the cet one

0:12:59.280 --> 0:13:01.959
<v Speaker 5>ratio of fourteen zo point eight percent, we've got strong

0:13:02.040 --> 0:13:06.680
<v Speaker 5>potential future capital distribution as well. In the fourth quarter,

0:13:06.760 --> 0:13:08.840
<v Speaker 5>we did have some noise in the numbers. We had

0:13:08.880 --> 0:13:12.600
<v Speaker 5>three principle items that pulled down the profit. The first

0:13:12.679 --> 0:13:15.880
<v Speaker 5>one was we rebooked the loss on sale of our

0:13:16.440 --> 0:13:20.200
<v Speaker 5>French operation that we completed that transaction. It's neutral for

0:13:20.240 --> 0:13:22.880
<v Speaker 5>the year because we took a credit on that in

0:13:22.960 --> 0:13:25.240
<v Speaker 5>Q one and we've taken a charge in Q four,

0:13:25.679 --> 0:13:28.400
<v Speaker 5>so that nets each other out and neutral. There was

0:13:28.400 --> 0:13:32.560
<v Speaker 5>an adjustment for hyperinflation in Argentina driven by the devaluation

0:13:32.640 --> 0:13:35.960
<v Speaker 5>that took place. That's really a technical issue. And then

0:13:36.000 --> 0:13:42.079
<v Speaker 5>the third issue technical issue was Bocon. We have had

0:13:42.080 --> 0:13:45.400
<v Speaker 5>had an investment in Bocon for twenty years. Every quarter

0:13:45.480 --> 0:13:48.520
<v Speaker 5>we have to do a valuation in use test. We

0:13:48.559 --> 0:13:51.520
<v Speaker 5>did that again this quarter, updated the model and it

0:13:51.559 --> 0:13:55.000
<v Speaker 5>compares the value in use to the carrying value, and

0:13:55.920 --> 0:13:58.520
<v Speaker 5>value in use dropped below and that would resulting in

0:13:58.520 --> 0:14:00.440
<v Speaker 5>a three billion charger. I just want to make clear

0:14:00.880 --> 0:14:04.920
<v Speaker 5>that has no impact on our capital position of any significance.

0:14:05.080 --> 0:14:09.160
<v Speaker 5>It does not prohibit distribution because it's non capital impactful.

0:14:09.559 --> 0:14:12.679
<v Speaker 5>It is a technical accounting issue. And I also want

0:14:12.720 --> 0:14:16.600
<v Speaker 5>to reiterate we have strong confidence in the China economy.

0:14:17.080 --> 0:14:20.880
<v Speaker 5>We believe there are huge opportunities ahead, and we believe

0:14:21.160 --> 0:14:24.119
<v Speaker 5>that our partnership with BOCOM has been a good partnership

0:14:24.160 --> 0:14:26.840
<v Speaker 5>for twenty years and that status has not changed.

0:14:27.920 --> 0:14:30.480
<v Speaker 14>No, given what you've just explained, are are there any

0:14:30.600 --> 0:14:33.680
<v Speaker 14>large asset sales ahead? Is there anything else that you're

0:14:33.720 --> 0:14:37.480
<v Speaker 14>thinking either that you need to sell off or actually

0:14:37.520 --> 0:14:40.640
<v Speaker 14>that there could be some kind of accounting concern.

0:14:42.280 --> 0:14:44.800
<v Speaker 5>Well, I think we've got the final lego of our

0:14:44.800 --> 0:14:46.800
<v Speaker 5>disposal of Canada to come at the end of Q

0:14:47.000 --> 0:14:51.640
<v Speaker 5>one that will be a big sale completion. We're on

0:14:51.760 --> 0:14:54.040
<v Speaker 5>track for that at the end of Q one. That

0:14:54.080 --> 0:14:57.760
<v Speaker 5>will allow us to as we've already announced first use

0:14:57.760 --> 0:14:59.960
<v Speaker 5>of proceeds, we would like to use the first use

0:15:00.160 --> 0:15:03.880
<v Speaker 5>proceeds as a special dividend of twenty one sense. We

0:15:04.000 --> 0:15:06.440
<v Speaker 5>continue to look at the portfolio to make sure the

0:15:06.480 --> 0:15:12.440
<v Speaker 5>portfolio is strategically correctly positioned and no businesses are underperforming.

0:15:12.840 --> 0:15:16.040
<v Speaker 5>But I think we've done the material transactions, but we

0:15:16.120 --> 0:15:19.360
<v Speaker 5>will continue to adapt and change if we feel as

0:15:19.360 --> 0:15:22.960
<v Speaker 5>though part of the portfolio is not strategic or is underperforming.

0:15:23.200 --> 0:15:26.120
<v Speaker 5>I also want to recap on Q four if you revert,

0:15:26.160 --> 0:15:30.800
<v Speaker 5>if you take the profit, the underlying before material notables,

0:15:31.280 --> 0:15:33.800
<v Speaker 5>Q four reports would have been a seven point three

0:15:33.840 --> 0:15:38.280
<v Speaker 5>billion PBT, which is well up on the prior quarter

0:15:38.360 --> 0:15:39.400
<v Speaker 5>in twenty twenty two.

0:15:40.240 --> 0:15:43.080
<v Speaker 14>No, just going back to some of your potential significant sales.

0:15:43.320 --> 0:15:46.400
<v Speaker 14>Are you also close to identifying any potential new bolt

0:15:46.400 --> 0:15:47.680
<v Speaker 14>on acquisitions?

0:15:49.160 --> 0:15:51.360
<v Speaker 5>We keep looking at boltons and we've done quite a few.

0:15:51.440 --> 0:15:53.880
<v Speaker 5>I was really pleased that we were with announced the

0:15:53.880 --> 0:15:58.200
<v Speaker 5>acquisition of Citybank's wealth business in China. That follows two

0:15:58.240 --> 0:16:02.760
<v Speaker 5>other investments we put into China recently, taking our shareholding

0:16:02.800 --> 0:16:05.400
<v Speaker 5>in our insurance joint venture from fifty percent to one

0:16:05.440 --> 0:16:08.680
<v Speaker 5>hundred percent and the securities joint venture from fifty percent

0:16:08.720 --> 0:16:11.840
<v Speaker 5>to ninety percent. So you can see our confidence in

0:16:11.920 --> 0:16:14.440
<v Speaker 5>China is still strong and we're invested in and we've

0:16:14.440 --> 0:16:17.800
<v Speaker 5>done three boltons there. We'll continue to look for boltons,

0:16:17.880 --> 0:16:24.080
<v Speaker 5>particularly in our wealth management business. We believe buying additional

0:16:24.160 --> 0:16:30.440
<v Speaker 5>product capability, specialism or distribution capability would be interesting, but

0:16:30.560 --> 0:16:33.440
<v Speaker 5>we'll only announce anything on that as and when we

0:16:33.520 --> 0:16:37.240
<v Speaker 5>got a transaction to complete.

0:16:38.320 --> 0:16:41.360
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