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 (Mon - Thu 8 to 9 a.m.; Fri 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 firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
China’s State Council has unveiled a detailed plan for wide-ranging reforms for Shenzhen. The blueprint calls for the city to integrate its economy and culture with Hong Kong and Macau and to rank among the best in the world by 2025 in economic strength, competitiveness and innovation.
The US Commerce Department has granted a temporary reprieve for Chinese telecoms firm Huawei to buy components from US firms for another 90 days. However, Commerce Secretary Wilbur Ross added a further 46 Huawei affiliates to the US export blacklist.
Facebook and Twitter say they have shut down hundreds of Chinese state-backed disinformation campaigns on their platforms that sought to “sow political discord in Hong Kong”. Twitter said it has discovered 936 accounts originating from China, that were “deliberately and specifically trying to undermine the legitimacy and political positions of the protest movement on the ground”.
Joining us on today’s Money Talk to discuss the Hong Kong economy and the government’s latest stimulus plan is James Lau, the Secretary for Financial Services and the Treasury in the HKSAR Government. That’s after 8:30. Before that, reviewing the latest business and finance headlines, are Connie Bolland at Economic Research Analysis and Pete Sweeney from Reuters Breakingviews. Providing the view from Japan is Naoyuki Yoshino, Dean & CEO of the Asian Development Bank Institute.
20/08/2019 - 8:08 Business & Market Discussions
Connie Bolland, Founder & Chief Economist at Economic Research Analysis, comments that it’s much easier for Shenzhen to build a technology centre rather than a financial centre, which requires vital ingredients such as the free flow of capital and also credibility that takes time to establish.
Pete Sweeney, Asia Editor from Reuters Breakingviews, comments that the 90-day extension for Huawei reveals how much Chinese companies are dependent on American technology, without which their overseas sales will decline sharply.
20/08/2019 - 8:25 View from Japan
Naoyuki Yoshino, Dean & CEO of the Asian Development Bank Institute, says that Japan has to follow the US and Europe if their central banks decide to ease monetary policy, but Prof. Yoshino also points out that having too loose a monetary policy will have a negative impact in the coming years and may also lead to a big bubble in the Asian economies.
20/08/2019 - 8:34 HK's Multi-billion Dollar Relief Measures & Subsidies
Hong Kong’s Secretary for Financial Services and the Treasury, James Lau, says that the SAR government is seriously concerned about the slowdown in the local and global economy, and has introduced HK$19bn of relief measures. Talking about the ongoing protests, Mr. Lau says that the government is looking forward to engaging in open-minded dialogue with the public after disruptive actions such as blocking government buildings and disrupting traffic have been stopped.
The New York Federal Reserve President John Williams said the central bank needed to “act quickly” when the economy was slowing and rates were low. He said in a speech that “it’s better to take preventative measures than to wait for disaster to unfold”. Later, Fed vice-chair Richard Clarida said in an interview with Fox Business Network that policymakers should lower rates early to combat rising economic risks. After those comments, expectations of a 50bps rate cut this month surged sending US stocks and gold higher and the US dollar and Treasury bond yields lower.
President Trump said a US Navy ship shot down an Iranian drone in the Strait of Hormuz, after Iranian forces said they had seized a foreign tanker, in the latest in a series of incidents that have heightened tensions in the Persian Gulf region.
The European Commission is imposing a €242 million fine on US chipmaker Qualcomm, its second penalty on the chip maker in 18 months, for "abusing its market dominance" in 3G baseband chipsets by charging prices below cost to force competitors out of the market. It’s the latest move by the EU targeting top US tech companies for breaching antitrust rules.
The EU's chief Brexit negotiator Michel Barnier said the UK will have to "face the consequences" if it opts to leave without a deal. He told the BBC that the thrice-rejected agreement negotiated by Theresa May was the "only way to leave the EU in an orderly manner".
The Bank of Korea has unexpectedly cut its policy interest rate for the first time in three years. The BoK reduced its benchmark interest rate by 25bps to 1.5%.On today’s Money Talk, Francis Lun of GEO Securities and Dickie Wong at Kingston Securities review the latest business headlines. After 8:30, we’re going to discuss health and fitness. Local entrepreneur Keith Rumjahn, Founder & CEO of OliveX tells us how he’s combined sport and AI, and how his fitness mirror helps rehabilitate hospital patients. Edward Chan, Occupational Therapist at Queen Mary Hospital joins us to explain more. Finally, we look at some of the latest developments in the health insurance market with Julien Mathieu, Co-founder of AD MediLink.
19/07/2019 - 8:00-8:30 Market Discussion
Francis Lun, CEO of GEO Securities comments that the political turmoil in Hong Kong since June has impacted retail and tourism, but so far the property sector did not suffer any decline.
Dickie Wong, Head of Research at Kingston Securities says that the cancellation of the Budweiser IPO, has put downward pressure on the Hong Kong stock market.
19/07/2019 - 8:30-8:45 Entrepreneur: OliveX
Local entrepreneur Keith Rumjahn, Founder & CEO of OliveX talks about the interactive Chinese qigong app and fitness mirror which is powered by artificial intelligence.
Edward Chan, member of the Hong Kong Occupational Therapy Association says that patients using the fitness app at home are more motivated.