January 29, 2023

Recent News Updates: The Hong Kong President Defends Jamie Timon’s Isolated Entry

The Hong Kong president on Tuesday backed the exemption of JPMorgan Chase chair and chief executive Jamie Dimon, who entered the city without being subjected to three weeks of severe isolation, saying the risks were “completely controllable”.

Timon, the head of Wall Street Investment Bank, the first to travel to China since the outbreak of the Kovit-19 epidemic, flew in from the United States and spent just 32 hours in Hong Kong with controllers and 4,000 employees in a virtual “town hall”. .

“[Dimon’s] Case. . . Based on interests [Hong Kong’s] Economic growth, ”Hong Kong CEO Gary Lam told reporters. “[JPMorgan] Is a large bank with important businesses in Hong Kong.

He said Timon’s trip only posed “controllable risks” because his itinerary was approved “with restrictions”. Those restrictions include wearing a mask, maintaining distance during meetings, and not shaking hands.

Passengers arriving from the United States with 24 high-risk countries, including most of Europe, must be subjected to 21 days of hotel isolation. Actress Nicole Kidman’s isolated exemption from producing the Amazon TV series sparked public opposition to “special treatment” in August.

About 130 Cathay Pacific pilots have been deported for 21 days after three of their colleagues tested positive for the corona virus © Bloomberg

Although the Hong Kong government has allowed a small number of business executives to avoid compulsory isolation based on economic growth concerns, officials have canceled most of the exemptions since last week in a bid to meet Beijing’s expectations to facilitate the reopening of borders with China’s mainland.

Hong Kong has granted 93 isolation exemptions to senior business executives out of 399 applications received as of November 11, according to government figures provided to the Financial Times.

Many of Dimon’s colleagues at major international banks are isolated in the city, including HSBC chairman Mark Tucker and CEO Noel Quinn. Standard Chartered CEO Bill Winters was granted a limited exemption from isolation this summer.

Others have completely avoided coming to town. David Solomon, chief executive of Goldman Sachs, will arrive in Singapore this week – which marks the end of isolated needs for travelers from the United States – on his first trip to Asia since the beginning of the crisis.

Mayor Lam said on Tuesday that about 130 Cathay Pacific cargo pilots had been sent for 21 days of isolation after their three colleagues, who were staying at the same hotel in Frankfurt, tested positive for the corona virus.

He acknowledged that the move would “greatly affect” the city’s cargo. The airline has, after consultation with officials, imposed strict isolation measures on all flight attendants for three days to isolate themselves and avoid meetings upon arrival.