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") .
Hong Kong Financial Secretary Paul Chan announced a large HK$120 billion fiscal stimulus package in his budget yesterday which will swell Hong Kong’s fiscal deficit to a record-breaking HK$139.1 billion next year. The highlight was a HK$10,000 cash handout to all adult permanent residents.
Other measures included reductions in salaries tax for individuals and profits tax for companies. Small and medium sized businesses will be able to apply for a new 3-year 100% loan guarantee scheme backed by the government of up to HK$2 million each at reduced interest rates. There was a boost for homebuyers. A new pilot fixed-rate mortgage loan scheme will be introduced.
But the measures come at a cost. The Financial Secretary warned that Hong Kong’s finances were on an unsustainable path and the city needs to find new sources of revenues and progressively reduce one-off relief measures or revise tax rates.
On today’s Money Talk, we analyse the Hong Kong budget with Enzio von Pfeil from St. James’s Place, Peter Churchouse of Portwood Capital and Jeremy Choi at PwC Hong Kong.
27/02/2020 - Hong Kong 2020-21 Budget review
Enzio von Pfeil, Associate Partner & Private Wealth Adviser at St. James's Place hopes that Hong Kong will do more to promote its strength as an international financial centre and sees an urgent need to improve the standard of English.
Peter Churchouse, Founder and Managing Director at Portwood Capital says that the 2020-21 budget only takes into account the short term and he hopes that "fundamental, structural and competitive issues" will be addressed.
Jeremy Choi, PwC Hong Kong Tax Partner sees the recently unveiled Future Fund as a fruitful long-term measure that could boost local investments and create more jobs, as it has proven successful in Singapore.
The European Union's anti-trust commission has launched an investigation into Amazon regarding suspicions that the online retailer misuses "sensitive data" from independent retailers who sell on the company's site. Anti-trust commissioner Margrethe Vestager said Amazon has a dual role as a retailer selling products on its site and a marketplace where independent traders can sell directly to consumers. When providing a marketplace, she says Amazon appears to collect and use competitively sensitive data about sellers, their products and transactions.
Project Dragonfly, Google's controversial plan to launch a censored search engine in China has been "terminated", Karan Bhatia told the US Senate Judiciary Committee. Work on the project was reported to have ceased late last year but rumours that it remained active persisted.
The Federal Reserve’s Beige Book showed economic activity in the US “continued to expand at a modest pace” and the outlook is for “continued modest growth, despite widespread concerns about the negative impact of trade-related uncertainty”.
On today’s Money Talk we’re joined by Enzio von Pfeil from St. James’s Place and Sunil Kashyap of the Bank of Nova Scotia. Providing the view from Singapore is Justin Kendrick of Ingenia Consultants.In the second half of the programme we talk about the Hong Kong Stock Exchange’s ESG Reporting Guide consultation, which closes tomorrow, with Pat Dwyer and Fiona Donnelly from The Purpose Business. We also look at frontier markets with Ruchir Desai, Fund Manager at Asia Frontier Investments.
18/07/2019 - 8:00-8:20 Market Discussion
Sunil Kashyap, Managing Director of the Bank of Nova Scotia says that the amount of Chinese capital flowing overseas has been reduced and China is diversifying its foreign holdings.
Enzio von Pfeil, Private Wealth Advisor from St. James’s Place believes that US consumers are paying the cost of increased tariffs on Chinese goods.
18/07/2019 - 8:20-8:30 View from Singapore
18/07/2019 - 8:30-8:45 ESG Reporting Guide consultation
Pat Dwyer, Founder and Director of The Purpose Business says that the current consultation paper on ESG reporting guidelines puts the responsibility on company boards to meet the requirements.
Fiona Donnelly, Co-Founder and Business Development Lead from The Purpose Business says that it will be mandatory for listed company to disclose KPIs on ESG.