Reporting from around the globe This trend you're seeing is very much at the top of the firm That printing money like never before This is a key thing to understand So the exchange too It's a connective tissue for a lifetime of shared riches The big take on Bloomberg radio Absolutely time for the big take and HSBC and focus today under attack from a China upstart that it put on the map ping an is urging HSBC chairman Mark Tucker who consider breaking the firm apart and listing its Asian operations separately on the stock market in a recent private memo the Chinese financial giant laid out a litany of perceived management failures at HSBC from underwhelming returns to swelling costs Joining us now is our finance reporter who's been working on this big take story Harry Wilson Harry good to speak to you So tell us more about what it is that ping Annie is trying to get out of HSBC so pick being Anne for those who don't know big insurance business in China that HSBC has sort of helped back over the years Well ping an is on the face of it is just asking for the Asian bank to be split out from the rest of the group Now Asia is the real profit center of HSBC it produces more than half of its revenues often produces more than half of its profits too So it's an incredibly important business for HSBC But there has been a perception that Asia has points in the past being left out in a cold for instance at the expense of the rest of the group And although HSBC has been trying to remedy that with its own pivot to Asia strategy ping an wants to see it go even further and do a very radical shake up of the group which would be the break off and spin out of the Asian business So how seriously will Mark Tucker be likely to take these concerns I think he has to take the extremely seriously This is not just a very important partner for HSBC in the past in the past HSBC was actually ping ads largest shareholder until 2012 But more than that that ping an is now HSBC's largest shareholder So they have to take what they say very seriously And obviously there's also in the background There's always the spectra of what is really driving this is ping an acting in any way with the I suppose support of the Chinese government That's today's type of considerations will all be going through HSBC's mind at the moment That's a really interesting question isn't it Harry Because asking questions about whether a business like HSBC makes sense at a time where the world you could argue seems to be bifurcating around well it was China versus the west that we were talking about for a long time Now we've got Russia versus the west of course but then China trying to walk that particular tightrope asking questions about whether a breakup would be a good idea It doesn't seem crazy and yet a breakup Is that really being taken seriously by markets The share price reaction at the moment suggests not particularly We haven't seen any great bump in the share price since this news came out So at least for the moment it doesn't seem so But that's not to say that this is very very early stages And there's a lot to happen still For instance we don't know what the rest of the bank's shareholder base thinks about this No one has come out publicly either to condemn ping an move or to support them And once we get a sense of what levels support they have that could start changing things markedly But in the meantime HSBC do have to take this seriously and I'm sure at some point they'll be looking to engage with being able to try and resolve this situation One way or the other Well if this is going on what sort of state is HSBC and given that we've had obviously the COVID outbreaks in China difficulties for business in Hong Kong as well So the bank is in particularly bad shape but the Q one results weren't particularly well received from the bank There was a certain amount of shock at what the bank called a capital timing mismatch So this was HSBC's capital coming in below the level at which investors had been expecting Now HSBC says this is a temporary issue and that's as rates rise around the world particularly U.S. rates That's going to remedy itself and that by next year they should be should be back in root health and that they should be printing money like no one's business But obviously between now and then they face a slightly difficult moment And it looks like ping an has picked its time well Thank you very much Harry Good to speak to you for our finance reporter Harry Wilson with the latest on that big take story And of course even NI big take is the function to use on the Bloomberg if you want to keep across those big take stories from our in depth reporting and a really interesting one there on HSBC which of course takes into account all the geopolitics that we've been talking about for so many years and not and also takes into account the latest on the COVID fight in China where we are seeing actually some of those lockdown measures intensifying Yeah and it's coming the Chinese premiere over the weekend warning of this complicated and grave situation for employment in China urging businesses to resume production with COVID fighting measures in place trying to of course keep the economy going as best as possible while those restrictions continue Yeah interesting I was talking to James maga one of our colleagues over in China who tracks the economy And so he was saying he was pointing out to me as I wasn't sure that the Chinese economy has not taken some of the measures that we saw Western European governments take to support labor markets during COVID of course they haven't had to because they're COVID experience They've kept deaths right down and until recently they haven't seen so many such large outbreaks but now things are changing a little bit perhaps And the latest figures that we have on trade from China of course out today export grow 3.9% in dollar terms year on year and April That's compared to growth of almost 15% in March we're seeing the impact of those COVID lockdowns we're talking about the weakest growth in exports since June 2020 still better than have been expected they'll import unchanged expectation a bit for a decline in imports Okay so that's the China story Still ahead on Bloomberg daybreak Europe we will focus in on the Russia story Russia's annual victory day parade this morning a pivotal moment in the Kremlin's campaigns of whip up public support for the invasion of Ukraine the war in Ukraine of course they don't call it that they call it a special operation what will.