December 5, 2022

Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules

3 min read

The Hong Kong Monetary Authority (HKMA) announced on Thursday that it will welcome the executives. Goldman Sachs (GS) CEO David Solomon, Morgan Stanley (Mrs) CEO James Gorman, Standard Chartered (SCBFF) CEO Bill Winters, and HSBC (HSBC) City CEO Noel Quinn in November.
by top executives UBS (UBS), Black rock (BLK), Black room (BX) And JP Morgan (JPM) Also included in the program that started on November 2 and has around 200 participants.

Now, instead of being isolated in a designated hotel room at their own expense for three nights, business travelers and tourists can base themselves in the accommodation of their choice, as long as they monitor their health for three days. Do this, including getting a rapid covid test. .

Under current rules, travelers are free to move around, although they may not be allowed to go to restaurants or bars during the first three days of their stay.

Airlines add flights to Hong Kong but the aviation hub won't be back to normal anytime soon

The summit was announced by Hong Kong Finance Secretary Paul Chan in February.

But for months, there was little news about his agenda, leading to speculation that high-flying bankers were reluctant to commit to the event if it required them to spend time in mandatory quarantine.

The Hong Kong government has granted special exemptions in the past. last year, JP Morgan (JPM) The CEO was Jamie Dimon. allowed to visit the city without such restrictions when he flew to meet the bank’s regional head and local staff.

However, the quarantine-free arrival of a wealthy foreigner sparked public outrage at a time when most arriving travelers are required to self-isolate in hotels for 21 days at their own expense.

The backlash reached such an extent that it forced Hong Kong’s then leader, Carrie Lam, to defend Damon’s special arrangement, saying it was in the interest of “Hong Kong’s economy”.

As with many, it is One person who works in the city’s finance industry told CNN Business that it’s painful for executives to travel to Hong Kong “when things aren’t really open.” He requested anonymity to discuss sensitive matters.

The person added that if someone were to request a similar exemption from Dimon’s, it would be “very difficult to have two sets of standards — especially when Hong Kong residents have stepped up in the last two years.” “.

JP Morgan CEO Jamie Dimon was allowed to leave Hong Kong quarantine.
Hong Kong It is home to JPMorgan’s Asia Pacific headquarters as well as many other financial firms.
But it has been hampered by its strict “zero-covid” policy over the past two years, which has caused severe economic damage and widespread alarm to the international business community. An exodus of talent For rival cities like Singapore.

The tougher rules have prompted constant questioning from executives like HSBC’s Quinn, who was repeatedly asked on recent earnings calls whether he thought Hong Kong was still a strong banking center.

Now, the conference A key part of the city’s efforts will be to demonstrate that it has truly reopened for global business.

In a ___ Statement On Thursday, HKMA chief Adi Yu said the summit’s delegates would discuss interest rate hikes and global inflation, among other topics.

“I am extremely grateful to my friends who are traveling to attend the summit at a time when some anti-epidemic controls are in place,” he said, noting that “the latest relaxation of some control measures is helpful. “

“We need to ensure that they can meet people, do business and build relationships in a business-like manner, as they expect from a vibrant international city,” Yu added.

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