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.
Beijing will move ahead with introducing national security legislation here in Hong Kong, bypassing the local legislature. A spokesman of the National People's Congress said at a press conference yesterday evening that the proposal would strengthen "enforcement mechanisms" here and uphold “national security."
President Trump said “we are not closing our country” if the US is hit by a second wave of coronavirus infections. All 50 states have now begun some level of reopening, including New York, the epicentre of the crisis in the US.
Another 2.4 million US workers claimed unemployment benefits last week, bringing the total since mid-March to 38.6 million. Almost a quarter of the workforce have now filed for unemployment and nearly half of American households have lost income since the pandemic lockdowns came into effect two months ago.
Business activity in the US, Europe and Japan continued to fall in May, but the pace of declines slowed. IHS Markit’s composite Purchasing Managers Indices showed a third month of contraction for the three regions with continued job cuts and weak demand.
On today’s Money Talk, we’re joined by Francis Lun of GEO Securities and Le Xia from BBVA Research. With a view from Australia is Toby Lawson at Societe Generale Australia.
22/05/2020 - 8:09am Business and Market Discussion
Francis Lun, CEO of GEO Securities is of the view that the business community is supportive of the proposed national security legislation for Hong Kong as it may bring stability to the territory and Hong Kong listed mainland firms would help to sustain the local economy.
Le Xia, Asia Chief Economist at BBVA Research says that Shanghai has become more attractive to foreign investors in recent years thanks to economic reforms and thinks that there is little Hong Kong will be able to offer to distinguish itself if national security legislation is imposed.
22/05/2020 - 8:24 View from Australia