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.
China’s National People’s Congress has approved the proposal to impose national security legislation on Hong Kong. The resolution will now be passed to the NPC Standing Committee, China’s top legislative body, to craft the bill in detail over the course of June. The United States, UK, Australia and Canada issued a joint statement condemning the new law which they said would "curtail Hong Kong people's liberties and dramatically erode Hong Kong's autonomy and the system that made it so prosperous." Britain said it will give greater visa rights to British national overseas passport holders from Hong Kong unless China suspends its proposed security laws, opening the door to UK citizenship for over 300,000 Hong Kong residents. China’s Premier Li Keqiang warned yesterday that China cannot be immune from the global economic slowdown brought about by the Covid-19 pandemic, but he said the “forceful” economic stimulus will support jobs and people’s livelihoods and encourage domestic consumption. On today’s Money Talk, we’re joined by Francis Lun of GEO Securities and Anthony Chan from Union Bancaire Privee. With a view from Australia is Toby Lawson at Societe Generale Australia.
29/05/2020 - 8:08am Business and Market Discussion
Francis Lun, CEO of GEO Securities says that US President Donald Trump's administration will need to be very cautious when dealing with Hong Kong as it could impact the 85,000 US citizens and 800 American companies with Asian HQ's in Hong Kong. He highlights that China's priority remains political stability, above economic considerations.
Anthony Chan, Chief Asia Investment Strategist at UBP predicts the US will take targeted actions against China, such as imposing sanctions on identified individuals.
29/05/2020 - 8:24am View from Australia