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 firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
Hong Kong Chief Executive Carrie Lam has delivered her third policy address through a recorded video after pan-democracy lawmakers twice forced the adjournment of the meeting and prevented her from delivering her speech in the chamber. Her focus was on four areas: housing, land supply, improving people’s livelihood and economic development.
On today’s Money Talk we analyse the 2019 policy address with Enzio von Pfeil of St. James’s Place and David Roche from Independent Strategy. In the second half of the programme we get the thoughts of Charles Mok, legislator representing the IT Functional Constituency.
17/10/2019 - 8:05 Business and Market Discussions
Enzio von Pfeil, Private Wealth Adviser at St. James’s Place, says that this year's Policy Address lacks an overall vision about the direction Hong Kong is heading.
David Roche, President and Global Strategist from Independent Strategy, comments that Chief Executive Carrie Lam's new measures for housing and land supply are correct in theory, but there is no focus on the delivery and timetable.
17/10/2019 - 8:18 Review of Policy Address
Charles Mok, Legislator representing the IT Functional Constituency, comments that the 2019 Policy Address is the worst since the handover, with nothing new in innovation and technology. Mr. Mok adds that many international companies in Hong Kong have expressed concern over the suggestion to shut down the internet and they have put investments on hold.
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.