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.
Stocks in the US and Europe have plunged after further warning signals of an impending recession appeared in the bond markets and disappointing economic data from China and Germany. In the US and UK, the yield on ten-year government bonds dropped below that of two-year debt for the first time since the global financial crisis. The yield on the 30-year Treasury bond fell to a record low. President Trump slammed the Federal Reserve and its Chairman Jerome Powell as “clueless.”
In China, industrial output rose at the slowest rate in 17 years. Retail sales grew by 7.6%, the slowest pace since April.
Hong Kong airport has resumed operations after two days of chaos which saw hundreds of flights cancelled and protesters clash with riot police on Tuesday. The Airport Authority said it had obtained a temporary injunction banning protesters from entering certain areas. As some protestors held up banners apologising for the violence, China’s Hong Kong and Macau Affairs Office in Beijing called the behaviour at the airport no different to terrorism and said it must be severely punished. President Trump suggested a personal meeting with Xi Jinping to help resolve the crisis “humanely.”
On today’s Money Talk we’re joined by Louis Kuijs from Oxford Economics and Louisa Fok of Bank of Singapore. We get a view from India with Rikesh Mirchandani at Ocean City Capital Advisors. In the second half of the programme we see how ready Hong Kong is for virtual banking with James Lloyd at EY. We also catch up on the latest developments in Exchange Traded Funds with David Lai of Premia Partners.
15/08/2019 - 8:09 Business & Market Discussions
Louis Kuijs, Head of Asia Economics at Oxford Economics, comments that the yield curve inversions are not totally indicative of an impending recession because some of the key trigger points are being excluded.
Louisa Fok, China Equity Strategist from the Bank of Singapore, comments that the US-China trade tensions will undoubtedly have an impact on Hong Kong’s economy, and the SAR's competitiveness over other regional cities will depend on how its economic structure evolves.
15/08/2019 - 8:25 View from India
15/08/2019 - 8:35 Tech: Virtual Banks in HK
James Lloyd, Asia-Pacific FinTech Leader at EY, points out that licensing of new virtual banks is not sufficient in itself in creating new product offerings in the market, and that the introduction of the Faster Payment System is a good example of technological infrastructure that can enable new Fintech propositions to come to the market.
15/08/2019 - 8:47 Exchange-Traded Fund
David Lai, Partner & Co-Chief Investment Officer of Premia Partners, advises investors to manage their risks by diversifying their portfolios amid the uncertainties of the US-China trade dispute and the recent poor performance of the Hang Seng Index. Mr. Lai says that investors may consider putting money to uncorrelated markets like Vietnam, where there is a rising middle class and has the potential to be benefited from the trade war.