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 firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
China’s National People’s Congress has approved the proposal to impose national security legislation on Hong Kong. The resolution will now be passed to the NPC Standing Committee, China’s top legislative body, to craft the bill in detail over the course of June. The United States, UK, Australia and Canada issued a joint statement condemning the new law which they said would "curtail Hong Kong people's liberties and dramatically erode Hong Kong's autonomy and the system that made it so prosperous." Britain said it will give greater visa rights to British national overseas passport holders from Hong Kong unless China suspends its proposed security laws, opening the door to UK citizenship for over 300,000 Hong Kong residents. China’s Premier Li Keqiang warned yesterday that China cannot be immune from the global economic slowdown brought about by the Covid-19 pandemic, but he said the “forceful” economic stimulus will support jobs and people’s livelihoods and encourage domestic consumption. On today’s Money Talk, we’re joined by Francis Lun of GEO Securities and Anthony Chan from Union Bancaire Privee. With a view from Australia is Toby Lawson at Societe Generale Australia.
29/05/2020 - 8:08am Business and Market Discussion
Francis Lun, CEO of GEO Securities says that US President Donald Trump's administration will need to be very cautious when dealing with Hong Kong as it could impact the 85,000 US citizens and 800 American companies with Asian HQ's in Hong Kong. He highlights that China's priority remains political stability, above economic considerations.
Anthony Chan, Chief Asia Investment Strategist at UBP predicts the US will take targeted actions against China, such as imposing sanctions on identified individuals.
29/05/2020 - 8:24am View from Australia
British Foreign Secretary Jeremy Hunt said Saturday there will be "serious consequences" if the British-flagged tanker taken over by Iran in the Strait of Hormuz isn’t released and he urged Iran to reverse its "illegal" seizure of the vessel.
The Federal Reserve is under fire for miscommunication over its rate cutting policy. On Thursday, New York Fed Chairman John Williams urged the central bank to “act quickly” when the economy was slowing & rates were low. Expectations of a 50bps rate cut shot up to over 70%. However, on Friday, the New York Fed issued an unprecedented statement saying Mr. Williams' speech was not about potential policy actions at the July FOMC meeting but rather "an academic speech on 20 years of research." Afterwards the odds of a 50bps cut plunged back down to 23%.
President Trump tweeted “because of the faulty thought process we have going for us at the Federal Reserve, we pay much higher interest rates than countries that are no match for us economically”, adding “I like John Williams' first statement much better than his second.”
China announced new measures on Saturday to open up the financial sector to foreign investors. The mainland will scrap foreign ownership limits for life insurance companies, securities brokerages and asset management firms.
Swiss luxury brands company Richemont, the owner of Cartier, is the latest firm to report business being hit by the protests in Hong Kong. Sales in APAC rose in the second quarter, except for Hog Kong, a key market for its watches, where sales sank due to the political unrest.
Japanese beer maker Asahi will buy the Australian business of Anheuser-Busch InBev for US$11.3bn. It makes Foster's lager & accounts for half of Australia's beer market. AB InBev said it was still interested in reviving the flotation of Budweiser APAC in Hong Kong.
Cathay Pacific has completed its takeover of HK Express, Hong Kong’s only low-cost airline, paying HK$4.93 billion. The acquisition puts Cathay Pacific in control of 3 out of 4 of Hong Kong 's commercial airlines.
On today’s Money Talk, reviewing the latest business headlines are Andrew Sullivan of Pearl Bridge Partners and Le Xia from BBVA Research. Providing the view from the mainland is Ben Cavender at the China Market Research Group.
After 8:30 we’ll discuss the trade war with Louis Chan from the Hong Kong Trade Development Council, Raymond Young of the Chinese Manufacturers' Association of Hong Kong and William Zarit, Chairman Emeritus of the American Chamber of Commerce in China.
22/07/2019 - 8:00-8:20 Market Discussion
Le Xia, Chief Economist for Asia at BBVA Research, says that the US-China trade dispute is impacting Hong Kong exports and could send Hong Kong into a recession.
Andrew Sullivan, Director of Pearl Bridge Partners, comments that the Fed should not cut interest rates at all as previous rate reductions have not fed through to the real economy.
22/07/2019 - 8:20-8:30 View from China
22/07/2019 - 8:30-9:00 Monday Debate - Sino-US Trade War
Raymond Young, CEO of the Chinese Manufacturers' Association of Hong Kong, comments that around 3000 members in the commercial sector have reported a loss of business of around 50-60% since the tariffs came in to effect and some of them are considering relocating their businesses.
William Zarit, Chairman of the American Chamber of Commerce in China, says that the trade war has had an impact of up to 1% on China's GDP but the economy was slowing even before the trade war started.
Louis Chan, Assistant Principal Economist at the Hong Kong Trade Development Council, suggests the Hong Kong government needs to find flexible ways to tackle the trade dispute.