HSBC and other major banks and brokers operating in Hong Kong are doling out cash credits, free stocks and days off to get more people vaccinated after authorities in the financial hub leaned on companies to revive a faltering inoculation drive.
HSBC, which employs more than 20,000 in the city and counts Hong Kong as its biggest market, is giving all vaccinated staff two days off, according to a spokeswoman. Other lenders including BOC Hong Kong, Standard Chartered and Hang Seng Bank are also providing two days off to vaccinated employees.
With strict quarantine and social distancing rules, Hong Kong has been one of the best places in the world in containing the virus but its low vaccination rate compared with competitors such as New York and London is now emerging as a major risk. Asia on the whole is a laggard, even though China has lately ramped up its inoculations at a record pace.
Getting more people protected against the virus is crucial for the region, said Filippo Gori, JPMorgan Chase's Asia-Pacific chief executive officer. Otherwise, Asia risks becoming “segregated and separated”, he said on Wednesday in a Bloomberg Television interview in Hong Kong.
The moves come after Hong Kong’s de-facto central bank urged financial institutions to follow the government in giving extra days off to vaccinated staff. Hong Kong authorities are increasingly looking to enlist local businesses and entities to drive inoculations. The Beijing-backed government has struggled to convince residents in an atmosphere of mistrust following widespread anti-China protests in 2019. A low rate of infections has also left many in the city sceptical on the need to get inoculated.
“In supporting the government’s vaccination leave measure, we will introduce the same for HSBC Hong Kong,” the bank said in an internal memo.
Local businesses are now responding to the call with goodies. Vision Finance is giving out free stocks worth as much as HK$1.5 million ($193,340) to vaccinated clients, while uSmart Securities is handing Sino Pharmaceutical and Pfizer shares to new clients that have received the shots. China Construction Bank (Asia) is offering as much as HK$128,000 in free spending credits as a lucky draw for customers.
Other companies, restaurants, and even colleges have started offering cash payouts, money for shopping and even the chance to win a $1.4m apartment.
JPMorgan’s Mr Gori said that while Hong Kong is one of the places where the bank can have more people in the office, he also wished that more of his staff would get inoculated.
“The region feels a little bit behind,” he said. “That’s one of the things I’m trying to address internally.”
The Hong Kong Monetary Authority on Tuesday urged all banks to “strongly encourage” staff in client-facing roles or support functions to get vaccinated. It also told banks to hand over a list of staff they expect to be vaccinated.
Many are now preparing to open back up after the city contained a fourth wave of the virus. Bank of America, which employs 1,600 people in Hong Kong, this week unveiled plans to get all of its staff back at their desks and encouraged its employees to get inoculated. The bank will also provide return-to-office training.
While bookings have surged since incentives were rolled out, the city’s vaccination rate is still meagre. About 13.8 per cent of Hong Kong residents have been fully inoculated, even though it’s one of the few places that offers shots for free to all adults, according to Bloomberg’s Vaccine Tracker. That’s well below the 29.1 per cent in London, 42.8 per cent in New York and 28.3 per cent in Singapore.
Japan and South Korea have rates of 2.7 per cent and 4.2 per cent, respectively.
Jetour T1 specs
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THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
Killing of Qassem Suleimani
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
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The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
