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Business and Market Discussion

2020-10-21

Business and Market Discussion

2020-10-21
 The Bank for International Settlements has warned of a “cataclysmic recession” in Hong Kong because of increasing debt levels. Debt among the city’s non-financial companies reached a record high of HK$10.9 trillion in the first quarter. The BIS said in the banking sector the credit-to-GDP ratio and the debt service ratio were both “flashing red” with debt at a record 322% of Hong Kong’s GDP.





Hong Kong’s jobless rate has risen to a 16-year high of 6.4%, for the three-month period to September. The jobless figure for sectors relating to consumption and tourism surged to 11.7%, the highest level since the onslaught of Sars in 2003.




Cathay Pacific appears set to announce today it will lay off around 6,000 employees globally and axe the Cathay Dragon brand, according to several sources. The cuts will amount to around 18% of the airline’s workforce and around 5,000 people will be from Hong Kong staff.


Sweden has become the latest country to ban Chinese telecoms groups Huawei and ZTE from its 5G network for security reasons. The two companies will have to remove any existing installations by 1 January 2025.




On today’s Money Talk, we’re joined by Stewart Aldcroft of CitiTrust, David Roche from Independent Strategy and RTHK’s International Economics Correspondent Barry Wood.

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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