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.
Hong Kong’s pro-Beijing DAB Party is calling on the government to hand out HK$10,000 to every Hong Kong permanent resident immediately and not wait for the budget in two weeks' time. They said the money can be used to help people buy protective masks or daily necessities and assist those who have lost their jobs due to the economic slump. The world's largest mobile phone showcase, the Mobile World Congress due to be held in Barcelona in two weeks’ time, has been cancelled over coronavirus concerns. More than 100,000 people usually attend the annual event but high-profile exhibitors including Facebook, Amazon, Nokia, Sony and Vodafone had already pulled out of the event. Oil giant BP has announced a 10-point plan to become a net zero carbon emissions company by 2050 or earlier and help the world get to net zero. CEO Bernard Looney said, “the world’s carbon budget is finite and running out fast; we need a rapid transition to net zero." On today’s Money Talk our guests are Enzio von Pfeil of St. James’s Place and Louisa Fok from Bank of Singapore. With the view from South Korea is Peter Kim at KB Securities.
13/02/2020 - 8:08am Business and Market Discussion
Enzio von Pfeil, Associate Partner & Private Wealth Adviser at St. James's Place believes that the government's priority in Hong Kong should be to give workers job security instead of distributing cash handouts.
Louisa Fok, China Equity Strategist at Bank of Singapore says that if the coronavirus outbreak is contained in the first quarter, China's full year GDP growth could be impacted by 0.3% to 0.5%
13/02/2020 - 8:24am View from Korea