Peter Lewis: A fast moving and topical business and finance show.
A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Presented by former CEO and investment bank global trading head Peter Lewis, with over 30 years' industry experience. Join Peter and his expert guests for analysis and discussion on the day's top business stories live from 8 a.m. to 8.30 a.m. every weekday morning on RTHK Radio 3. We have a podcast to download after the show and you can also listen through the RTHK Radio 3 website live or later in the day. We welcome your questions, comments and feedback to read out in the show. You can email us at firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkR3") .
U.S. Treasury Secretary Steven Mnuchin said yesterday the U.S. is “putting the trade war on hold” with China and will delay the imposition of tariffs. A joint statement from the U.S. and China at the end of bilateral trade talks in Washington said that China had agreed to buy “significantly” more US goods and services in an effort to reduce the trade imbalances between the two countries.
Italy appears set to have a new government with Florence University law professor Giuseppe Conte chosen as the next Prime Minister. The latest development occurred after the two populist parties the 5-Star Movement and the far-right League reached an accord which promised to ramp up public spending, make billions of euros in tax cuts and to roll-back pension reforms introduced at the height of the 2011 debt crisis. Investors took fright at the proposals selling the countries shares and government bonds on Friday.
Elsewhere in the markets a toxic combination of rising interest rates, a surging oil price and a strengthening U.S. dollar have sent emerging market currencies into a tailspin, suffering their worst week in a year and a half.
Public consultations on a new minimum wage for Hong Kong, closed yesterday. The minimum wage is reviewed every two years and currently stands at HK$34.50. That compares to a national minimum wage in the United States of an equivalent HK$56.91 (US$7.25). Hong Kong’s unemployment rate hit a 20-year low of 2.8% in the 3-month period to April.
Joining today’s Money Talk are Steve Wang from CITIC CLSA and Sam Faveur of Mandarin Capital. Providing the view from the mainland is Ben Cavender, of the China Market Research Group in Shanghai.
21/05/2018 - 8:09 Business and Market Discussion
Steve Wang, Senior Credit Analyst at CITIC CLSA, comments that the US-China trade war is not over and there are still risks in resolving the trade tensions between the two countries. However, he adds that the joint statement is a good development.
Sam Faveur, CEO and Founder of Mandarin Capital, says that the economic and fiscal policies of the coalition government in Italy could lead to market disruption.
21/05/2018 - 8:24 View From China
North Korea has cancelled high-level talks with South Korea saying military exercises between the US and the South were a "provocation". The North's official news agency also warned the US over the fate of the summit between Kim Jong-un and US President Donald Trump that is scheduled for June 12 in Singapore.
The World Trade Organisation has ruled that the European Union paid billions of dollars in illegal subsidies to Airbus. The ruling opens the way for the placing tariffs on EU goods by the US.
In the markets, the US 10-year Treasury bond yield has broken above 3% and is close to a 7-year high sending stocks on Wall Street sharply lower. The US dollar has surged, and emerging market currencies tumbled.
A new record price for residential land has been set in Hong Kong. Sun Hung Kai Properties paid HK$25.2bn for a plot at the former Kai Tak airport site. That equates to HK$17,776 per square foot.
On our panel discussion today are Stewart Aldcroft, chairman of CitiTrust and RTHK’s international economics correspondent Barry Wood. We’re also joined by Community Business CEO Fern Ngai and Brenda Alegre, assistant lecturer at the Faculty of Arts of HKU, who is one of the winners from last night’s LGBT+ Inclusion Awards Ceremony held in Hong Kong.
16/05/2018 - 8:08 Business and Market Discussion
Stewart Aldcroft, Chairman of CitiTrust, says that the Federal Reserve expects inflation in the US to rise, and will be more inclined to increase interest rates at its next meeting.
RTHK’s international economics correspondent Barry Wood comments that US President Trump treats sanctions on Chinese telecoms company ZTE as a playing card in negotiations with the mainland trade delegation, to force China to increase imports from the US.
16/05/2018 - 8:20 LGBT+ Inclusion Awards
Talking about the LGBT community in Hong Kong, Community Business CEO Fern Ngai points out that several high profile court cases last year have aroused public attention and helped educate people on issues about LGBT rights.
Brenda Alegre, a Filipino transgender woman and an assistant lecturer at the Faculty of Arts at the University of Hong Kong, says that it is a difficult time for transgender individuals in Hong Kong with a social culture of exclusion and no anti-discrimination policies available. She urges local society and businesses to recognise diversity and promote inclusion of various identities.