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 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.
Hong Kong's economy grew by 0.5% in the second quarter compared to the same period last year, missing estimates for growth of 0.6%. It’s the slowest growth since the global financial crisis. On a quarter-on-quarter basis GDP shrank by 0.4%. Protesters marched through Hong Kong for an eleventh successive weekend, with an estimated 1.7 million people demanding reforms. Financial Secretary Paul Chan warned yesterday Hong Kong should brace itself for an “economic typhoon.” President Trump said if Beijing uses violence in Hong Kong, it would make a trade deal with China hard.
Joining today’s Money Talk to review the latest business, finance and economic headlines are Alex Wong at Ample Capital and Samuel Faveur of Mandarin Capital. Providing the view from the Mainland is Ben Cavender at the China Market Research Group. After 8:30 we discuss innovation & technology in Hong Kong with Wong Kam-fai from the Chinese University of Hong Kong; Sankar Villupuram from ARUP; Ernest Lo, Founder of Future Impact Lab and Naubahar Sharif from the Hong Kong University of Science and Technology.
19/08/2019 - 8:09 Business & Market Discussions
Alex Wong, Director of Asset Management at Ample Capital, says he is not optimistic about Hong Kong’s stock market until a political solution is found to the social unrest, but he is more positive on Chinese A-shares.
Samuel Faveur, CEO and Founder of Mandarin Capital, comments that it’s difficult to forecast how long the economic downturn in Hong Kong will last, since the main components of the economy including retail, tourism and exports are being dragged down by the protests and the international situation.
19/08/2019 - 8:24 View from China
19/08/2019 - 8:35 Monday Debate: Innovation & Tech in HK
Wong Kam-fai, Director of the Center for Innovation and Technology at the Chinese University, comments that although Hong Kong is moving forward in developing innovation and technology, the pace is still slow compared to other cities in Guangdong.
Sankar Villupuram, Digital Services Leader in East Asia from ARUP, points out that the internationally high-ranked universities in Hong Kong and the education system here have laid an important foundation for innovation to develop.
Ernest Lo, Founder of Future Impact Lab, expresses his concern that Hong Kong does have talent but is finding problems in keeping people.
Naubahar Sharif, Associate Professor at the Division of Social Science of HK University of Science and Technology, says that attracting foreign talent to the city goes beyond innovation and tech to areas like the government's policies and the quality of life in Hong Kong.