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") .
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.
Ahead of trade negotiations between the US and China in Washington today and tomorrow, Chinese officials said goodwill has been damaged after the US Commerce Department added 28 Chinese companies and organisations to its “entity list”. US stock index futures have plunged this morning after the SCMP reported that deputy-level trade talks between the US and China aimed at laying the groundwork for high-level negotiations later this week "failed to yield any progress on critical issues." The paper says that the Chinese delegation is planning to leave Washington on Thursday - one day early.
The minutes of the Federal Reserve’s September Monetary policy meeting, at which it cut rates for a second time this year, show central bank officials concerned about the impact of the trade war on the economy and the Fed’s statistical models showing an increased likelihood of recession in the US.
The OECD has proposed a global shake-up of corporate taxation, aimed at allowing countries to more easily tax large multinationals including technology companies, luxury goods makers and car companies, that shift profits around the world to minimise their tax bills. The proposals would allow countries to base taxation on sales made in their jurisdictions, rather than on profits.
On today’s Money Talk we’re joined by Enzio von Pfeil of St. James’s Place and Ian Hui from JP Morgan Asset Management. We also meet local entrepreneur Cynthia Cheung, Co-founder of ReadyTravel by Pecutus Technologies.
10/10/2019 - 8:07 Business and Market Discussions
Enzio von Pfeil, Private Wealth Adviser at St. James’s Place, comments that the OECD's proposal for a global shake-up of corporate taxation is a new way to deal with the current economic situation, while the Fed is still stuck in the old monetary and fiscal framework.
Ian Hui, Global Market Strategist from JP Morgan Asset Management, says that the global economy is now it its late cycle, but a recession will not likely take place within the next year.
10/10/2019 - 8:23 Technology + Entrepreneur – ReadyTravel