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") .
The Hong Kong government has cut its GDP growth forecast for this year to 1 to 2%, as it warned that the local economy will continue to be bogged down by the external environment. The latest projection, released on Friday, was down from the 2 to 3.5% expansion that Financial Secretary Paul Chan announced in February. The SAR reported a 4% year-on-year contraction for the first quarter, while the quarter-on-quarter decline was revised down from an initial estimate of minus 2.9% to minus 3%.
16/05/2022 - 8:09am Business and Market Discussion
Andrew Sullivan, Managing Director at Outset Global suggests that bitcoin is still safe following the slump in some stablecoins, but thinks there should be more regulations to protect investors.
Quentin Webb, Asia Markets Editor at the Wall Street Journal says there are very few havens from the current market slump, and not even cash when inflation is over 8%.
16/05/2022 - 8:23am View from mainland China
Global stocks rallied and oil prices fell after Russia said it would "drastically reduce combat operations" around Kyiv and the northern city of Chernihiv after "meaningful" progress was made in peace talks between Russia and Ukraine in Istanbul. Turkey's Foreign Minister said the talks yielded the "most significant progress" since the war began. However, President Biden expressed scepticism and US Secretary of State Antony Blinken said there was a difference between what Russia says and does.
The US Deputy Treasury Secretary, Wally Adeyemo, said yesterday that the world's biggest companies "have a choice to make" over whether to do business in Russia or in Western allied nations. He said it was clear that the US dollar, euro and pound were the backbone of the global financial system and anyone wanting to work in those currencies had to "participate in our sanctions".
Shanghai yesterday reported 96 confirmed Covid cases, almost double the previous day’s tally, and a new record of 4,381 asymptomatic cases. Shanghai has entered the third day of a city-wide lockdown this morning. The local government said it will strengthen financial support for SMEs and other eligible firms. SMEs will have an extra six months to defer the fourth quarter of 2021 tax payments. Total aid from the Shanghai government to help businesses in the form of tax incentives, rent rebates, cuts in fees and exemptions could total 140 billion yuan (US$22bn).
The latest release of China’s Beige Book shows borrowing by Chinese businesses plunged in the first quarter and interest rates on loans surged to a record high despite the People’s Bank of China encouraging more lending. Only 16% of the companies surveyed applied for loans in the first three months, the lowest since the quarterly poll began in 2012. The average interest rate for bank loans rose to 8.5% from 6.1% in the fourth quarter of 2021.
On today’s Money Talk we’re joined by Alicia Garcia Herrero at NATIXIS, Martin Hennecke from St. James's Place Wealth Management and RTHK’s International Economics Correspondent, Barry Wood.
30/03/2022 - 8:09am Business and Market Discussion
Alicia Garcia Herrero, Chief Economist for Asia Pacific at NATIXIS thinks that China's economy won't be affected by the conflict between Russia and Ukraine, but sees the Shanghai lockdown as having a much bigger impact.
Martin Hennecke, Head of Asia Investment Advisory and Communications, St. James's Place Wealth Management sees equities as a good inflation hedge.
RTHK’s International Economics Correspondent, Barry Wood notes that the US Federal Reserve has reacted too slowly in controlling inflation, and expects rates will continue to rise in upcoming months.