Hong Kong’s financial summit, which will be held this week, faces further setbacks with the exit of the second CEO and a cyclone approaching.
After Fraser, it’s Venkatakrishnan
Chief Executive of Barclays Plc CS Venkatakrishnan will not visit Asia to attend the summit, said a company spokesperson. Citigroup informed last week that Jane Fraser, its CEO, will be missing the major summit due to having been infected by Covid.
Purpose of the Summit
The summit starts Tuesday with around two hundred participants from over a hundred leading firms across the globe, including banks, asset managers, securities companies, and hedge funds. The event of three days is designed to reflect that the city is now back again in business after remaining isolated for years due to Covid-19, and this international finance hub’s future is no longer uncertain.
Cyclone Alert
A tropical cyclone is approaching Hong Kong ahead of this summit. As of Monday, the category three storm is some 700 km to the south-southeast of the city and will move towards the north-northwest at a 10km/h speed. The tropical storm known as Nalge will move further to reach the Peral River in the middle of the current week.
Several weather alerts often determine the operations of businesses, educational institutions, and public transport in Hong Kong.
Officials on the Exits
The Hong Kong Monetary Authority website stated that Venkatakrishnan was not supposed to speak at any of the panels, whereas Fraser was about to deliver a speech at the summit regarding sustainable finance.
The Major Participants
Some top executives participating in the Hong Kong Finance summit are David Solomon, the Chief Executive Officer of Goldman Sachs Group Inc., James Gorman, the Chief Executive Officer of Morgan Stanley, and Jonathan Gray, the president of Blackstone Inc.
