let s get down to business. hsbc has just reported a 92% surge in quarterly profit. rising interest rates helped to swell its net interest income. europe s largest bank that s headquartered in london said pre tax earnings ringed in at $5.2 billion for the fourth quarter that s better than expected and up from $2.7 billion the year before. but it s biggest shareholder, ping an insurance of china, is putting pressure on the board to pivot further east. that s one of the challenges facing hsbc. let s discuss this with will walker arnott, senior investment manager, charles stanley good morning. talk about numbers. shareholders will benefit. hsbc did well in the last quarter- benefit. hsbc did well in the last quarter. yes, benefit. hsbc did well in the last quarter. yes, strong - last quarter. yes, strong results which would have pleased the market and beat expectations, as outlined. gather up 30% over last year, and the results explain why. what strip on the results, first
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that, it was some restrictions but they were only marginal and their restraining their ability on the russian economy to make money. if we look at where we are in december, we see the price caps are reducing revenues of the russian government. as early as january this year we see the budget deficit on russia is pretty big, $25 billion, a very significant amount, big, $25 billion, a very significantamount, given big, $25 billion, a very significant amount, given you have to pay for a very expensive. we are looking at a fairly large fiscal deficit this year and 2023, may be as high as 4% of gdp. he also looked at other statistics that we have available from other sources, for example, what is the export of gas to western europe? we know it fell dramatically. gas exports from russia fell by 50% in 2022, so now the volume of exports from russia to the rest of the world is roughly at the level with