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") .
The Financial Times is reporting that the Chinese government is drawing up plans to replace Hong Kong Chief Executive Carrie Lam with an interim leader following four months of violent protests against her administration. The FT says her successor would be installed in March and serve out the remainder of her term until 2022. Leading candidates to replace her are said to include former HKMA Chief Executive Norman Chan and former Financial Secretary and Chief Secretary Henry Tang.
UK Prime Minister Boris Johnson has won the support of MPs in the first vote on his Brexit bill but has failed to receive approval for his timetable to push it through the House of Commons in just three days. He has now paused the legislation while he discusses the next steps. European Council President Donald Tusk says he will recommend that EU leaders accept the UK request for a delay to the date that the UK leaves the EU.
Japan’s SoftBank will take over struggling office subletting company WeWork in a US$3.5bn debt-funded bailout package and a tender offer of US$3bn to buy out existing shareholders. The deal cuts WeWork's valuation from US$47bn a few months ago to less than US$8bn.
On today’s Money Talk we’re joined by Stewart Aldcroft of CitiTrust, Steve Wang from CITIC CLSA and RTHK’s International Economics Correspondent, Barry Wood.
23/10/2019 - 8:08 Business and Market Discussions
Stewart Aldcroft, Chairman of CitiTrust, commenting on reports that Beijing wants to have a change in the leadership of the SAR, says that both possible candidates mentioned, Norman Chan and Henry Tang, are acceptable and experienced and are well-liked by Hong Kong people.
Steve Wang, Senior Credit Analyst at CITIC CLSA, says that markets are seeing a polarisation in investors' preference, and they now prefer defensive-positioned bonds.
RTHK’s International Economics Correspondent Barry Wood says that The Hong Kong Human Rights and Democracy Act will be passed by Congress and signed by President Trump, though there may be a new storm after the Act has passed into law.
The US Federal Reserve has cut interest rates by 25bps as anticipated but the FOMC is divided on further action later this year. President Trump criticised the decision tweeting that the Fed had shown “no guts, no sense and no vision.” The Hong Kong Monetary Authority has followed suit and cut its base lending rate by 25bps to 2.25%.
Joshua Wong and other Hong Kong activists have told a US congressional hearing that Beijing was eroding the city’s autonomy and it was unable to understand or govern a free society. He urged the US to reassess Hong Kong’s special trade status. US Lawmakers are considering enacting the Hong Kong Human Rights and Democracy Act, which would allow sanctions on Chinese officials and require annual assessments of whether the city is sufficiently autonomous from Beijing to continue its special trading status. House speaker Nancy Pelosi says Congress will move swiftly to pass the act.
On today’s Money Talk, analysing the Fed’s interest rate decision are Enzio von Pfeil from St. James’s Place and Samuel Faveur of Mandarin Capital. Providing the view from Taiwan is Political Risk Consultant, Ross Feingold.
19/09/2019 - 8:08 Business and Market Discussions
Enzio von Pfeil, Private Wealth Adviser at St. James’s Place, says that President Trump will blame the Fed if the economy is not performing well and he loses in the upcoming presidential election.
Samuel Faveur, CEO and Founder of Mandarin Capital, comments that the Fed's decision to cut interest rates by 25bps makes sense and is in line with the economic data which show signs of a slowdown in the US economy.
19/09/2019 - 8:24 View from Taiwan
Taiwan-based Political Risk Consultant Ross Feingold says that the Hong Kong Human Rights and Democracy Act is gaining support among both Democrats and Republicans in the US Congress, and that the bill is very likely to pass. Mr. Feingold adds that if Hong Kong loses its special trade status, the cost of doing business here will rise.