Let's kick it off by talking about this deal and do a little bit of a postmortem here. From your perspective, where did this deal go wrong. Did you miscalculate. Thank you, Kriti.It's a pleasure to be back in your show with with you. We will have plenty of time to analyze and we can speculate at this stage about what might have happened. Clearly, the result is not what we expected.It's not the result we wanted, but is the result that the majority of the shareholders of Sabadell have decided. So we accept it ...

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Core Viewpoint - HSBC Holdings reported a significant decline in pre-tax profit for Q2 2025, primarily due to increased credit losses and rising expenses, leading to a disappointing performance for investors [1][8]. Financial Performance - The pre-tax profit for Q2 2025 was $6.33 billion, a 29% decrease from the same quarter last year [1][8]. - Total revenues amounted to $16.47 billion, showing a slight year-over-year decline, mainly attributed to lower other operating income [2]. - Operating expenses rose by 10% to $8.92 billion [2]. - Expected credit losses (ECL) surged to $1.07 billion, up from $346 million in the prior-year quarter, largely due to issues in the Hong Kong real estate sector [2][8]. Business Segment Performance - The Hong Kong Business segment reported a pre-tax profit of $2.13 billion, down 13% year-over-year due to increased ECL charges [4]. - The UK Business segment's pre-tax profit was $1.73 billion, a 2% decline from the previous year, impacted by higher ECL charges and rising expenses [4]. - Corporate and Institutional Banking saw a pre-tax profit of $2.84 billion, down 4% year-over-year due to higher ECL charges and operating expenses [5]. - International Wealth and Premier Banking reported a pre-tax profit of $904 million, a 16% decline year-over-year, primarily due to increased operating expenses [5]. - The Corporate Centre experienced a pre-tax loss of $1.28 billion, contrasting with a pre-tax income of $658 million in the same quarter last year [5]. Capital Distribution - HSBC returned $9.5 billion to shareholders through dividends and share buybacks in the first half of 2025 [6][8]. - A second interim dividend of 10 cents per share was announced, along with a new share buyback authorization of up to $3 billion, expected to be completed before the Q3 results announcement [6]. Management Outlook - For 2025, HSBC anticipates banking net interest income (NII) of $42 billion and expects double-digit percentage growth in fees and other income in the wealth business over the medium term [9]. - Operating expenses are projected to rise by 3% in 2025, with an expected $1.8 billion in expenses related to business overhaul by the end of 2026, aiming for annualized cost savings of $1.5 billion by the end of 2027 [9]. - ECL charges are now expected to be 40 basis points of average gross loans, reflecting challenging market conditions in the Hong Kong real estate sector [10]. - Loan demand is anticipated to be subdued, with mid-single-digit CAGR growth expected in the medium term [10]. - The company aims to maintain its CET1 ratio within a target range of 14-14.5% [11].

Financial Performance - Reckitt Benckiser expects higher revenue growth from its core brands this year [1] - Reckitt Benckiser initiated a £1 billion share buyback program [1]

Group 1: Weyerhaeuser - Weyerhaeuser announced a $1 billion share buyback program, representing around 5% of its market capitalization [3] - The company has partnered with Occidental Petroleum to capture and sequester carbon dioxide, leasing 30,000 acres for CO2 storage [4][5] - This partnership is expected to provide a long-term revenue source once a facility is operational in 2029, while still allowing timber growth above the land [5] Group 2: Advanced Micro Devices (AMD) - AMD has initiated a substantial $6 billion share buyback program, adding to the $4 billion remaining from its previous plan, totaling $10 billion in buyback capacity [6][7] - The company struck a $10 billion deal with Saudi Arabia's HUMAIN for AI computing technology, following the end of the AI Diffusion rule [8] Group 3: Western Digital - Western Digital announced a $2 billion share buyback program, equating to 11% of its market capitalization, reflecting confidence in future business prospects [11] - The company will begin paying a quarterly dividend for the first time since 2020, with a dividend yield of around 0.8% [12] - The recent revenue drop is attributed to the separation from SanDisk and does not indicate underlying weakness in the business [11] Group 4: Broader Investment Thesis - The buybacks and partnerships of Weyerhaeuser, AMD, and Western Digital indicate forward-looking strategies that suggest depth behind capital returns [13]