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") .
Video-sharing social networking service, TikTok, said yesterday that it will pull out of Hong Kong because of the newly introduced national security law. The company, which is owned by Beijing-based internet company ByteDance, said it will be difficult to protect its data from being shared with the Chinese government under the new law. Hong Kong Chief Executive Carrie Lam said on Tuesday that the recent surge in the stock market shows people appreciate the newly enacted national security law. Speaking ahead of the weekly Executive Council meeting, she dismissed what she called unfounded allegations that the law signals the death of One Country Two Systems. On today’s Money Talk, we’re joined by Stewart Aldcroft, Chairman of CitiTrust and RTHK’s International Economics Correspondent Barry Wood in Washington, D.C.
08/07/2020 - 8:09am Business and Market Discussion
Stewart Aldcroft, Chairman of CitiTrust, says that heavy movements from cash to equity are aimed at pushing Chinese markets upwards.
RTHK's International Economics Correspondent Barry Wood points out that TikTok's withdrawal from Hong Kong over the national security law is a clever move for the company to regain the hearts and minds of governments around accusing it of storing data on Chinese servers.
China’s National Health Commission said Monday the number of confirmed cases of the coronavirus hit 40,171 by the end of February 9 and the death toll had risen to 908. Ten more patients in Hong Kong tested positive for the coronavirus yesterday, bringing the city’s total number of known infected patients to 36. The People’s Bank of China said it would offer a US$43 billion package of special funds this week to banks in 10 provinces and cities. The money will help financial institutions to provide loans to key enterprises involved in the prevention and control of the epidemic. The PBOC also announced that it would pump US$173 billion into the financial markets. The Financial Secretary, Paul Chan, warned yesterday that the economic impact of the coronavirus could be much more severe than that of the Sars outbreak in 2002-2003 because the territory has become more reliant on tourism and retail trade over the past 17 years since the Sars outbreak. On the mainland, employees in several provinces and municipalities, including Beijing, Shanghai and Guangdong, are due to return to work today, after authorities extended the Lunar New Year holiday. Moody’s Credit Ratings said the ongoing transportation suspensions and travel bans and overall reduced customer traffic flows are weakening sales and cash flow and raising credit risk for companies in the retail, travel and transportation sectors. The US economy created far more jobs than forecast at the start of the year. Nonfarm payrolls increased by 225,000 jobs during January. Wages climbed 3.1% from a year earlier. The unemployment rate ticked up to 3.6% as more people looked for work. On today's Money Talk, we're joined by Alex Wong from Ample Capital and David Roche from Independent Strategy.
10/02/2020 - 8:09am Business and Market Discussion
Alex Wong, Director of Asset Management at Ample Capital forecasts a late recovery for Hong Kong's economy, as it will first depend on the stabilization of the Mainland's.
David Roche, President and Global Strategist at Independent Strategy doesn't expect supply chains in China to return to normal for at least three quarters.