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") .
President Trump has signed into law the Hong Kong Autonomy Act that will sanction Chinese officials involved in imposing the national security law on the territory. The President also said that he signed an executive order ending Hong Kong’s preferential trade status with the US.
The UK government has told its mobile phone providers that they will be banned from buying new Huawei 5G equipment after 31 December, and they must also remove all the Chinese firm's 5G kit from their networks by 2027. The move, which will delay the country’s 5G rollout by a year, follows sanctions imposed by Washington, which claims the firm poses a national security threat, something Huawei denies.
Singapore's economy shrank 12.6% on the year in the second quarter because of Covid-19 containment measures which led to widespread business closures. On a quarterly basis, GDP plunged by a record 41.2%, putting the country in a technical recession.
The latest trade data from China showed exports and imports unexpectedly rose in June. Exports climbed 0.5% in dollar terms compared to June 2019, while imports rose 2.7%.
On today’s Money Talk, we’re joined by Stewart Aldcroft of CitiTrust, Tariq Dennison at GFM Asset Management and RTHK’s International Economics Correspondent Barry Wood in Washington, D.C.
15/07/2020 - 8:09am Business and Market Discussion
Stewart Aldcroft, Chairman of CitiTrust reminds us that Hong Kong's attractiveness lies in the access its financial system gives to the region, something that could be jeopardised with the US formally ending the city's special trade status.
Tariq Dennison, Portfolio Manager at GFM Asset Management doesn't think that the national security law has pushed Hong Kong-based companies to relocate staff elsewhere, highlighting that most relocations were planned before the law was implemented.
Barry Wood, RTHK's International Economics Correspondent in Washington, D.C. isn't surprised to see Tesla's share price surge while other auto-makers struggle, as Elon Musk's flagship brand remains tech focused.
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.