BP expects its trading business to report strong results in the first quarter, thanks to market improvements from oil sales.
The oil major said production is expected to be “higher” than the previous three months of 2023 when it releases its results on May 7.
Meanwhile, gas and low-carbon energy production will “increase slightly”, the company said.
However, the company is still expected to take a financial hit as oil and gas prices fall.
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BP has told shareholders that its underlying replacement cost earnings before interest and tax will take a hit of between $200m and $400m (£158m to £316m) due to lower petrol prices and other issues. I warned you to expect it.
On top of that, the company's oil production division is expected to take a hit of between $300 million and $600 million. This is partly because production in the Gulf of Mexico and the United Arab Emirates is affected by price differences.
TSMC (TSM)
Taiwan Semiconductor Manufacturing Co., the world's largest chip maker, will begin moving to Arizona in 2028 after securing a pledge of $11.6 billion in subsidies from the U.S. government as part of Joe Biden's efforts to attract computer chip production. They agreed to manufacture cutting-edge products in the state.
The company already has two factories in Arizona and plans to build a third under its latest agreement with the U.S. government. Taiwanese companies are set to receive up to $6.6 billion (£5.2 billion) in direct funding from the US government, with the potential for up to $5 billion more in the form of loans.
The partnership is part of the company's efforts to expand semiconductor production in the United States. The United States currently relies heavily on Asia, especially Taiwan, for chips.
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“The United States invented these chips, but over time, our production capacity went from nearly 40% of the world's capacity to nearly 10%, and we didn't have a single chip that was cutting edge,” Biden said in a statement. ” he said. “[That exposes] We are exposed to significant economic and national security vulnerabilities. ”
The Commerce Ministry said the deal would create at least 6,000 direct jobs in high-tech, 20,000 in factory construction and tens of thousands of indirect jobs.
HSBC announced on Tuesday that it has agreed to sell HSBC Argentina to Grupo Financiero Galicia, the country's largest private financial group, for $550 million. The sale in the first quarter will take a $1 billion hit.
The deal includes banking, asset management and insurance, as well as $100 million in subordinated debt. HSBC said the move will allow it to focus on higher value opportunities.
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HSBC CEO Noel Quinn said: “HSBC Argentina is a primarily domestic business with limited connections to other international networks.”
He added that the Argentinian operations caused significant fluctuations in the group's earnings when results were translated into US dollars.
Odia (AUUD)
Audia's stock price rose after the media outlet announced it had been granted a U.S. patent for the core AI technology it uses in its flagship app faidr to deliver ad-free AM/FM radio stations to paying subscribers. The stock price soared nearly 150%.
In addition to issuing Patent 11,935,520, the company is advancing a provisional patent application it filed last year related to leveraging AI to improve large-scale language model (LLM) prompts and domain-specific knowledge for its proprietary GPT. He says he has taken a step. Statement by Nasdaq Listed (^IXIC) Technology Group.
“The issuance of this patent validates our innovation and secures our AI for Audio technology as a unique platform to build on to drive new innovations that support even more premium audio listening experiences that are industry firsts. We look forward to working with you,” said Executive Chairman Jeff Slaman.
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