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") .
US Secretary of State Mike Pompeo has certified to Congress that Hong Kong no longer maintains a high degree of autonomy from China and therefore no longer merits special treatment under US law. The US Congress could now revoke Hong Kong's special trade status, jeopardising billions of dollars’ worth of trade between Hong Kong and the US. The Hong Kong government has told the American Chamber of Commerce in the city that it's "unhelpful" to spread rumours and fear or speculate on the details of Beijing's national security law for Hong Kong when it's not even been drafted yet. The chamber has raised concerns that the law could jeopardise business prospects and stoke fears among foreign nationals over their safety. The European Commission has proposed a €750 billion (US$825bn) recovery fund consisting of grants and loans for every EU state to help the EU tackle the Covid-19 pandemic. The Japanese government is preparing a new 117.1 trillion-yen (US$1.1 trillion) stimulus package. That brings the total amount Japan has spent on combating the Covid-19 pandemic to 234 trillion yen, roughly 40% of Japan’s GDP. The fall in Chinese industrial profits slowed in April dropping 27.4% y/y to 1.26 trillion yuan in the January to April period compared to a 36.7% drop in January to March. On today’s Money Talk, we’re joined by Quentin Webb from the Wall Street Journal and John Schofield of Apastron Investment.
28/05/2020 - 8:10am Business and Market Discussion
John Schofield, Executive Director at Apastron Investment says that US sanctions on China could also harm Hong Kong and warns that both sides will need to carefully calculate their actions.
Quentin Webb, Asia Markets Editor at the Wall Street Journal says that US tariffs on China could end prospects of a further trade deal between the two countries.
The World Health Organization warned yesterday that countries which have relaxed lockdown measures have seen a spike in coronavirus cases. In China there has been a new outbreak in Wuhan. South Korea, Japan and Singapore also confirmed new cases of locally transmitted infections.
The latest data from the mainland showed that Total Social Financing, a broad measure of credit in the economy, rose to 3.09 trillion yuan in April and banks extended 1.7 trillion yuan in new loans in April easily exceeding estimates.
The Hong Kong government has warned that Ocean Park will run out of cash next month and go bankrupt unless it receives an urgent HK$5.4 billion bailout. Secretary for Commerce and Economic Development Edward Yau said the funding is needed to make sure it can survive the coming 12 months, whilst the theme park develops a new strategic plan.
Meanwhile, Shanghai Disneyland reopened yesterday, after being closed for three months during the Covid-19 pandemic. The park is restricting visitor numbers to 20% of daily capacity, or about 16,000 people, all of whom must wear face masks and maintain social distancing requirements as well as showing a green health code on their mobile phones before being allowed in.
On today’s Money Talk, we’re joined by Connie Bolland of Economic Research Analysis and Alex Frew McMillan, writer at Dragonfly Media. With an update on frontier markets is Ruchir Desai, Fund Manager at Asia Frontier Capital.
12/05/2020 - Business and Market Discussion
Alex Frew McMillan, writer at Dragonfly Media says that the PBOC is sceptical about introducing “flood stimulus” to its economy, and is acting differently from other central banks.
Connie Bolland, Founder and Chief Economist at Economic Research Analysis is of the view that Ocean Park may not be profitable even once tourists come back, adding that is has stiff competition from other theme parks in the region.
12/05/2020 - Frontier Markets