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 every weekday morning 8 to 8:30 a.m. 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 email@example.com, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
The Financial Times is reporting that the Chinese government is drawing up plans to replace Hong Kong Chief Executive Carrie Lam with an interim leader following four months of violent protests against her administration. The FT says her successor would be installed in March and serve out the remainder of her term until 2022. Leading candidates to replace her are said to include former HKMA Chief Executive Norman Chan and former Financial Secretary and Chief Secretary Henry Tang.
UK Prime Minister Boris Johnson has won the support of MPs in the first vote on his Brexit bill but has failed to receive approval for his timetable to push it through the House of Commons in just three days. He has now paused the legislation while he discusses the next steps. European Council President Donald Tusk says he will recommend that EU leaders accept the UK request for a delay to the date that the UK leaves the EU.
Japan’s SoftBank will take over struggling office subletting company WeWork in a US$3.5bn debt-funded bailout package and a tender offer of US$3bn to buy out existing shareholders. The deal cuts WeWork's valuation from US$47bn a few months ago to less than US$8bn.
On today’s Money Talk we’re joined by Stewart Aldcroft of CitiTrust, Steve Wang from CITIC CLSA and RTHK’s International Economics Correspondent, Barry Wood.
23/10/2019 - 8:08 Business and Market Discussions
Stewart Aldcroft, Chairman of CitiTrust, commenting on reports that Beijing wants to have a change in the leadership of the SAR, says that both possible candidates mentioned, Norman Chan and Henry Tang, are acceptable and experienced and are well-liked by Hong Kong people.
Steve Wang, Senior Credit Analyst at CITIC CLSA, says that markets are seeing a polarisation in investors' preference, and they now prefer defensive-positioned bonds.
RTHK’s International Economics Correspondent Barry Wood says that The Hong Kong Human Rights and Democracy Act will be passed by Congress and signed by President Trump, though there may be a new storm after the Act has passed into law.
Calls are growing in Hong Kong for a general strike tomorrow, the day of the second reading of the extradition bill. Local van-hailing company CALL4VAN announced it would cease operations for the day and called for other local businesses and workers to join them. The call was heeded by more than 50 other companies including department store AbouThai which announced that all its 13 stores will close on Wednesday.
Donald Trump has warned Xi Jinping that additional tariffs of 25% on US$300bn of goods will be levied immediately if the Chinese President doesn’t meet him at the G20 summit in Osaka later this month. Mr. Trump said in an interview with CNBC that he believed their countries' differences could be worked out very quickly but if Mr Xi didn’t show up then “the best deal we can have is 25% on $600bn.”
President Trump has also accused the Federal Reserve of being “very disruptive” to the US for not cutting interest rates. He said China devalues its currency putting them at “tremendous competitive advantage but we don’t have that advantage because we have a Fed that doesn’t lower interest rates.”
Joining today’s Money Talk are Nitin Dialdas of Mandarin Capital and David Roche at Independent Strategy. Providing the view from Japan is Nick Smith from CLSA in Tokyo.
11/06/2019 - 8:09 Business and Market Discussions
Nitin Dialdas, Chief Investment Officer of Mandarin Capital, comments that President Trump’s tariffs will hurt the US economy ultimately.
David Roche, President and Global Strategist at Independent Strategy, expects that the Hong Kong extradition bill will affect the local economy and investor confidence.
11/06/2019 - 8:25 View from Japan