A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3.
Listen live here https://www.rthk.hk/radio/radio3
Find us on Facebook, on Twitter @MoneyTalkRadio3, or email us at moneytalk@rthk.hk
A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3.
Listen live here https://www.rthk.hk/radio/radio3
Find us on Facebook, on Twitter @MoneyTalkRadio3, or email us at moneytalk@rthk.hk
A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3.
Listen live here https://www.rthk.hk/radio/radio3
Find us on Facebook, on Twitter @MoneyTalkRadio3, or email us at moneytalk@rthk.hk
With equity markets in Asia bearing the brunt of recent bearishness, a new report highlights the risk of contagion from illiquid assets held in some ETFs.
US House Speaker Nancy Pelosi arrived in Taiwan yesterday evening. She is the highest-ranking US politician to visit the island while in office in 25 years. China has reportedly levied new import bans on more than 100 Taiwanese products, in economic retaliation for the visit.
Hong Kong's June retail sales slipped 1.2% from a year earlier tracking a slight drop in the previous month, government data showed on Tuesday. Sales eased to HK$27.7 billion (US$3.53bn), having decreased a revised 1.6% in May. In volume terms, retail sales fell 4.1% year-on-year in June, compared with an upwardly revised 4.8% decline in May. A government spokesman said that the upcoming disbursement of Phase II consumption vouchers would help support consumption demand.
HSBC announced yesterday it would launch a HK$40 billion (US$5.1bn) fund to help small and medium enterprises grow, hire and digitise. The bank also announced that it would scrap fees and charges on basic banking services, saving customers in Hong Kong up to HK$200 million a year. In a meeting held yesterday in the city, the banks senior management of chairman Mark Tucker, chief executive officer Noel Quinn and Asia-Pacific chairman Peter Wong pushed back against calls from the bank’s biggest shareholder Ping An Insurance Group, with a 9.2% stake, and some local activist shareholder groups to spin off its Asian business with a separate listing in Hong Kong, bring back its headquarters to Hong Kong and appoint Ping An to the bank’s board. Mr. Quinn said any spin-off of HSBC’s Asia business would require three to five years, “cost a significant amount of money to execute,” which would “then have a negative impact on the market valuation of the business in Asia and on the dividend potential in Hong Kong.”
On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Pete Sweeney, Asia Editor at Reuters BreakingViews and RTHK’s International Economics Correspondent, Barry Wood.
China’s economic chief, Vice-Premier Liu He, and US Treasury Secretary, Janet Yellen, held a virtual conference on Tuesday, at the request of the United States. It was their first call since October. The official Xinhua News Agency reported that the two sides had a “pragmatic and frank” exchange on macroeconomic, tariff and supply chain issues as well as rising commodity prices and food security challenges.
The talks come as President Biden is considering a rollback of some of the Trump Administration’s US$300bn of US tariffs on Chinese consumer goods this week, along with a new probe into industrial subsidies that may lead to more duties in strategic areas like technology.
Activity in China’s private services sector staged a stronger rebound than expected last month. The Caixin Services PMI for June came in at 54.5, marking the highest level in 11 months, compared to 41.4 in the previous month and beating economists’ expectations for a reading of 49.6. The index was boosted by slowing input cost inflation and a rise in new orders, while a sub-index for employment showed businesses had slowed the rate at which they were cutting jobs.
New Hong Kong Chief Executive, John Lee, was cautious on when there could be a further reduction in quarantine requirements for arrivals into the SAR. Speaking at a media briefing yesterday, he said he’s asked Health Secretary Lo Chung-mau to review anti-epidemic measures, to strike a balance between infection control and people’s convenience.
Hong Kong’s retirement scheme for workers, the Mandatory Provident Fund, has suffered its biggest half-yearly loss since the scheme was launched in December 2000, in the first six months of 2022. According to data provided by MPF Ratings, an independent pension research firm, the fund lost 12.96% in the first six months of 2022. That translates into a loss of HK$33,300 for each of the 4.6 million members of the scheme.
On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Pete Sweeney, Asia Editor at Reuters Breakingviews and RTHK’s International Economics Correspondent, Barry Wood.
2nd annual ETFGI Global ETFs Insights Summit etfgi.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from etfgi.com Daily Mail and Mail on Sunday newspapers.