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Business and Market Discussion / View from India

2022-07-08

Business and Market Discussion / View from India

2022-07-08
 Hong Kong has announced a significant easing of Covid rules as it suspends flight bans. The government said on Thursday that it had suspended the rule that triggers a five-day ban if either 5% or five or more people on a flight test positive on arrival, saying it caused "unnecessary trouble" and inconvenience to residents of the global financial hub. 

Shanghai reported the most virus infections since late May on Thursday, sparking fears of a new wave of lockdowns. The city announced 54 local Covid infections for Wednesday, more than double the previous day, including two that were found outside of quarantine. The city has already started a new round of screening in 10 of Shanghai’s 16 districts, conducting two PCR tests for all residents over a three-day period. 
Bloomberg News is reporting that China’s Ministry of Finance is considering allowing local governments to sell 1.5 trillion yuan (US$220bn) of special bonds in the second half of this year, to boost the country’s beleaguered economy. Bloomberg says the bond sales would be brought forward from next year’s quota, and it would mark the first time the issuance has been fast-tracked in this way, underscoring growing concerns in Beijing over the state of the world’s second-largest economy. 

On the interest rate front, the central bank of Sri Lanka raised interest rates Thursday by 100bps to 15.5% as inflation was predicted to hit 60% in the coming months. The State Bank of Pakistan yesterday surprised markets by raising interest rates by 125bps to 15% to curb inflation of over 21%, which is the second highest in Asia. Hungary’s central bank raised its one-week deposit interest rate by 200bps to 9.75%, the highest in more than a decade. And two Fed officials said Thursday that they support sharp interest rate increases of 75bps in July and possibly September as well, even if it slows the economy. 

On today’s Money Talk, we’re joined by Andrew Freris, CEO of Ecognosis Advisory and Simon Kavanagh, partner at BDA Partners.  With a view from India is Toby Lawson, CEO 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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