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") .
Cathay Pacific has announced that 8,500 jobs will be cut, about a quarter of its total global staff, and its regional subsidiary Cathay Dragon has ceased operations. Financial Secretary Paul Chan said, “as Hong Kong’s most important local airline, if this life-or-death issue is not properly addressed, the situation would harm Hong Kong’s international aviation hub status and development in the region, and adversely impact other local economic activities to the detriment of the overall interests of Hong Kong.”
22/10/2020 - 8:09am Business and Market Discussion
Personal Wealth Advisor Enzio von Pfeil says that Cathay Pacific's restructuring and job cuts are setting a precedent and other large local companies could follow suit, something he warns might amplify social unrest.
Alex Frew McMillan, Writer at Dragonfly Media highlights that Cathay Pacific is in a trickier position than mainland airlines as it has no domestic routes to rely on.
22/10/2020 - 8:25am View from Taiwan
The World Trade Organization has slashed its forecast for global trade growth by more than half this year, warning that the slowdown could hit living standards and jobs. The WTO said it expected trade volumes to grow by 1.2% in 2019, down from its previous prediction of 2.6% made in April. The organisation also cut its forecast for global economic growth this year from 2.6% to 2.3%.
Manufacturing activity in the US has hit a 10-year low. Exports, new orders and employment all contracted amid the worsening US-China trade war.
Japan has raised it sales tax for the first time in five years. The rate was hiked from 8% to 10% yesterday despite fears over the weak economy.
On today’s Money Talk we’re joined by Stewart Aldcroft from CitiTrust, Peter Churchouse of Portwood Capital and RTHK’s International Economics Correspondent, Barry Wood.
02/10/2019 - 8:08 Business and Market Discussions
Stewart Aldcroft, Chairman of CitiTrust, says he is positive about the UK leaving the EU with a deal and he expects that Brexit will happen by the end of October.
Peter Churchouse, Founder of Portwood Capital, comments that politicians have been making the global economy worse and relying on central banks to come to the rescue by lowering interest rates.
RTHK’s International Economics Correspondent Barry Wood sees further reductions in global GDP projections coming up because of slowing trade brought about by the US-China dispute.