Cayman Islands, Caribbeanand International News
Tuesday, Jun 18, 2024


Hong Kong seeks to revive global banking status with major summit

Hong Kong's central bank plans to hold a major conference in November it hopes will draw global banking bosses, sources said.
Hong Kong's central bank plans to hold a major conference in November it hopes will draw global banking bosses, sources said, as the financial hub seeks to welcome back international business following two gruelling years of closed borders.

For most chief executives of the world's major banks, the meeting would be their first visit to Hong Kong - historically a massive global conference venue - in at least three years, said the sources familiar with the matter.

The Chinese-controlled territory closed its borders in early 2020 for most non-residents to deal with the coronavirus pandemic and has maintained some of the tightest restrictions in the world, which have starved its economy of tourist and business arrivals.

Visitors to Hong Kong have to quarantine for seven days in hotels and face mandatory testing before and after arriving, as the city sticks to its near-zero COVID-19 strategy to curb all outbreaks as soon as they occur.

Those rules, combined with temporary measures this year that separated families and children in quarantine facilities, triggered an exodus of expatriate workers, especially in financial services, from the city.

Hong Kong Monetary Authority (HKMA) is working with foreign investment banks based in Hong Kong on the event, which is scheduled for early November and will run alongside the prestigious Rugby 7s tournament, said the sources.

The Rugby 7s are due to run Nov. 4 to 6, having been postponed a number of times since the start of the pandemic.

For the HKMA conference to attract global bankers, the mandatory seven-day hotel quarantine rules would need to be eased, said the sources, who declined to be named as they were not authorised to speak to the media.

After a two-year ban, borders were re-opened to non-residents this month, although their entry is subject to the seven-day hotel quarantine.

While exemptions allow top financial executives visiting Hong Kong to leave their hotels for meetings, very few have taken advantage of the programme because itineraries have to be lodged with regulators, the sources said.

Hong Kong authorities have to date given no public indication they intend to relax quarantine restrictions by November.

An HKMA spokesperson said that the authority was working on a "high level investment summit" and would release more details later.

"The HKMA has been maintaining regular dialogue with relevant government authorities to share with them financial industry's observations and suggestions with regard to Hong Kong's anti-epidemic measures," the spokesperson said.

"We shall defer to the relevant government authorities on border control matters."

Outgoing Hong Kong Chief Executive Carrie Lam said this week quarantine rules were unlikely to be altered before her term ends on June 30. John Lee, who takes over as CEO on July 1, has indicated he wants Hong Kong to remain a global financial hub.

Related Articles

Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner