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Business and Market Discussion

2020-05-28

Business and Market Discussion

2020-05-28
US Secretary of State Mike Pompeo has certified to Congress that Hong Kong no longer maintains a high degree of autonomy from China and therefore no longer merits special treatment under US law. The US Congress could now revoke Hong Kong's special trade status, jeopardising billions of dollars’ worth of trade between Hong Kong and the US.

The Hong Kong government has told the American Chamber of Commerce in the city that it's "unhelpful" to spread rumours and fear or speculate on the details of Beijing's national security law for Hong Kong when it's not even been drafted yet. The chamber has raised concerns that the law could jeopardise business prospects and stoke fears among foreign nationals over their safety.

The European Commission has proposed a €750 billion (US$825bn) recovery fund consisting of grants and loans for every EU state to help the EU tackle the Covid-19 pandemic.

The Japanese government is preparing a new 117.1 trillion-yen (US$1.1 trillion) stimulus package. That brings the total amount Japan has spent on combating the Covid-19 pandemic to 234 trillion yen, roughly 40% of Japan’s GDP.

The fall in Chinese industrial profits slowed in April dropping 27.4% y/y to 1.26 trillion yuan in the January to April period compared to a 36.7% drop in January to March.

On today’s Money Talk, we’re joined by Quentin Webb from the Wall Street Journal and John Schofield of Apastron Investment.

Money Talk

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 moneytalk@rthk.hk, post on our Facebook page "Money Talk on RTHK Radio 3 " or find us on twitter "MoneytalkRadio3") .
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