Peter Lewis: A fast moving and topical business and finance show.
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 from 8 a.m. to 8.30 a.m. every weekday morning 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 firstname.lastname@example.org, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
US Senator Ted Cruz has introduced legislation to amend the US-HK policy act which grants special status to Hong Kong in areas such as trade, customs arrangements and visas. He said China is using HK to circumvent US laws.
Pavel Durov, the founder of encrypted messaging app Telegram, says China launched a massive cyber-attack on his messaging service at the height of the protests against the proposed Hong Kong extradition law on Wednesday. Protestors used Telegram to coordinate demonstrations and Hong Kong police have arrested the administrator of one of the Telegram groups.
Bloomberg is reporting that Alibaba has confidentially filed for a secondary listing in Hong Kong. The listing could raise as much as US$20bn for the e-commerce giant. It would be the city’s biggest share sale since 2010.
On today’s Money Talk we’re joined by Francis Lun of GEO Securities and Dickie Wong at Kingston Securities. With the view from Australia is Toby Lawson from Societe Generale Australia.
14/06/2019 - 8:08 Business and Market Discussions
Francis Lun, CEO of GEO Securities, points out that the financial situation on the mainland is not healthy. Mr. Lun warns of a possible credit crisis in China and expects that the Chinese stock market may drop further despite having a low price-to-earnings ratio.
Dickie Wong, Head of Research at Kingston Securities, comments that the secondary listing of Alibaba in Hong Kong may not be good for the local stock market, since the timing is not as good as investors had hoped for.
14/06/2019 - 8:24 View from Australia
Several hundred local companies, businesses, shops and NGOs are expected to heed calls for a strike in Hong Kong today in protest at the government’s proposed extradition law. The Civil Human Rights Front, which organised Sunday’s march, is encouraging further protests and workers' unions, businesses and welfare groups have backed the citywide strike.
Taiwanese company Foxconn, the world’s largest electronics manufacturer and assembler of the iPhone said it can move production out of China at short notice if the trade war worsens. 25% of its total capacity is now outside of the mainland, and Liu Young-way, a member of the company’s top management committee, said the state of the global economy “looks bleaker and bleaker, and the situation is unpredictable.”
Stocks in China surged yesterday after Beijing unveiled further fiscal measures to boost the slowing economy. The State Council relaxed funding rules for infrastructure projects and will allow local governments to use the proceeds from special bonds for major infrastructure projects.
Joining us on today’s Money Talk are Stewart Aldcroft of CitiTrust, Rich Sega, from Conning and RTHK’s international economics correspondent, Barry Wood.
12/06/2019 - 8:09 Business and Market Discussions
Stewart Aldcroft, Chairman of CitiTrust, comments that in general in Hong Kong, strikes have not been that popular or had much impact.
Rich Sega, Global Chief Investment Strategist at Conning, expects the bigger impact of the extradition bill in the US will be the strengthening of public support in actions against China, and that it will be harder to make trade concessions in reaching a deal with China.
RTHK’s international economics correspondent Barry Wood says that President Trump thinks Xi Jinping needs a trade deal more than he does.