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 email@example.com, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
Two major oil facilities in Saudi Arabia, including the world's largest, have been hit in a drone attack. The attacks have reduced Saudi’s crude oil production by 5.7 million barrels a day, about half the kingdom's output. Saudi Arabia produces 10% of the world's crude oil and the 50% reduction has sent oil prices soaring over 13% in Asian trading this morning.
The board of the London Stock Exchange Group has unanimously rejected Hong Kong Exchanges and Clearing’s £32bn merger offer and says it sees “no merit in further engagement” on the matter. In a strongly worded letter to the Hong Kong Exchange, the LSE questioned the ownership structure of HKEX and its relationship with the Hong Kong government and said the Shanghai Stock Exchange was its “preferred” partner to unlock the opportunities in mainland China.
A fifteenth weekend of protests have left a trail of destruction and violence across Hong Kong with Admiralty and Wan Chai MTR stations vandalised. Yesterday, Hong Kong International Airport said it suffered a 12.4% fall in passengers in August, the biggest decline in a decade.
On today’s Money Talk, we have with us Alex Wong of Ample Capital and Dickie Wong from Kingston Securities. Providing our weekly view from the mainland is Brock Silvers at Kaiyuan Capital in Beijing.
16/09/2019 - 8.08am Business and Market Discussions
Alex Wong, Director of Asset Management, Ample Capital says the London Stock Exchange’s business model is more diversified compared to HKEx as only 40% of its revenue is driven by transaction volume, while HKEx hasn’t expanded to include other businesses.
Dickie Wong, Head of Research at Kingston Securities, sees little upside for Hong Kong stocks and thinks the spike in oil prices will hold back share prices.
16/09/2019 - 8.23 am View from China
New European Commission President, Ursula von der Leyen, has unveiled her new executive team. Irishman Phil Hogan has been named as the EU's new trade commissioner and will be the bloc’s chief trade negotiator. Margrethe Vestager, the EU’s competition commissioner, has been given an expanded role in charge of regulating US tech companies and she has been told to be robust with dealing with rivals including China and the US.
Carlos Tavares, the head of the PSA Group, the car company that owns Vauxhall has called a no-deal Brexit a “head-on train crash” and says the company will halt investment in the UK while the outcome remains uncertain.
Food price inflation surged on the mainland in August, but producer prices have fallen at the fastest pace in three years. Food prices rose 10% y/y, boosted by the price of pork which jumped almost 47%.
Internet giant Alibaba has started a new era after chairman Jack Ma stepped down from the firm he founded in his apartment in 1999. Daniel Zhang, Alibaba's chief executive, replaces him as executive chairman.
Our panel of guests on today’s Money Talk consists of Stewart Aldcroft, Chairman of CitiTrust, Will Denyer, US Economist at Gavekal and in Washington D.C., RTHK’s International Economics Correspondent, Barry Wood.
11/09/2019 - Business and Market Discussions / View from US
Stewart Aldcroft, Chairman of CitiTrust, shares Fitch’s pessimism about global economic growth and says China will be worried if GDP drops below 6%.
Will Denyer, US Economist at Gavekal, says China is trying to stimulate the business sector but without also inflating the property market.
RTHK’s International Economics Correspondent, Barry Wood, thinks uncertainly over tariffs is the main reason for the slowdown in the global economy.