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Business and Market Discussion / View from India

2022-08-19

Business and Market Discussion / View from India

2022-08-19
The US and Taiwan have started talks aimed at reaching a bilateral trade agreement. The negotiations will cover agriculture and technology among 11 trade sectors in the negotiating mandate. Negotiators have been told to discuss agriculture practices and anti-corruption tactics as well as standards on labour, the digital economy and the environment. Any agreement will also aim to address “significant distortions” caused by state-owned enterprises, a reference to mainland China.


China is reportedly planning a US$230 billion fiscal stimulus to shore up its faltering economy. The China Securities Journal reported Thursday that local governments could issue an additional 1.55 trillion yuan (US$229bn) in special debt and bonds, utilising some of the unused bond quota from previous years, to drive infrastructure investment. 


St. Louis Fed president James Bullard told the Wall Street Journal yesterday that he “would lean towards” a 75bps rate hike next month. He told the WSJ, “we’ve got a long way to go to get inflation under control” and that “I don’t really see why you want to drag out interest rate increases into next year.” 


The Philippine central bank raised interest rates yesterday and signalled it has space to raise borrowing costs further to rein in inflation. Bangko Sentral ng Pilipinas (BSP) raised the overnight reverse repurchase rate by 50bps to 3.75%, as predicted by economists. The BSP has raised rates by 175bps so far this year. 


The UK government has blocked the takeover of a British electronic design company by a Hong Kong-based firm, citing national security grounds. Britain's business secretary, Kwasi Kwarteng, used the National Security and Investment Act to bar the takeover of Bristol-based Pulsic by Super Orange Hong Kong, saying the order was “necessary and proportionate to mitigate the risk to national security”.  Super Orange HK was established in Hong Kong in August 2021 by Nanjing Puxin Software. Puxin is in turn wholly owned by Shanghai Hejian Industrial Software Group, also known as UniVista. 


On today’s Money Talk, we’re joined by Andrew Freris of Ecognosis Advisory and Carlos Casanova at UBP. With a view from India is Toby Lawson of Societe Generale India. 

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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