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.
Hong Kong stocks have plunged in their biggest one-day fall in almost five years after China said it will introduce national security law in the territory. The White House said on Sunday that the US will likely impose sanctions on China if the law is enacted.
China’s National People’s Congress has declined to set a gross domestic product target for the first time. Premier Li Keqiang said the pandemic has not come to an end yet and that the country “must redouble efforts to minimize the losses resulting from the virus.” He also pledged to implement the Phase 1 trade deal agreed with the US.
President Xi Jinping said he won’t let the world’s second-largest economy return to its days as a planned economy. He told delegates at the “two sessions” meeting that the country has strengths that will allow it to recover after the Covid-19 pandemic. He also pledged to defend globalisation and reject protectionism.
On Friday, the US government added a further 33 Chinese companies and other institutions to its so-called “entities list”, restricting their ability to receive export licenses for US software and hardware.
On today’s Money Talk, we’re joined by Michelle Lam from Societe Generale and Steve Wang at CITIC CLSA. With a view from mainland China is Shanghai-based Independent Economist, Andy Xie.
25/05/2020 - 8:10am Busines and Market Discussion / View from the mainland
Michelle Lam, Greater China Economist at Societe Generale says that the proposed national security legislation and escalating protests are adding further uncertainty to Hong Kong's local businesses, some of which have only just started to recover from the impact of the COVID-19 pandemic.
Steve Wang, Senior Credit Analyst at CITIC CLSA says that Hong Kong’s role as a financial centre for China corporates is weakening and the number of bond issues over the last year has declined.
Andy Xie, Shanghai-based Independent Economist is of the view that China's decision not to set a growth target for this year is understandable, as the figures would be too pessimistic.