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UBS Splits Hong Kong Workforce as Covid-19 Cases Rise

Move comes amid worries of a fifth wave of Covid-19 infections in the Asian financial hub


A weak yuan is generally tied to flat China share performances, a UBS economist said.
James Wang of UBS said another avenue where a depreciating yuan could lower stock value is via unhedged foreign debt on the balance sheet. File photo: AFP.

 

UBS Group will split its 2,500 Hong Kong workforce into two groups with each returning to the workplace on alternate weeks, as the city tightens curbs amid a spike in COVID-19 cases, according to an internal memo to staff seen by Reuters.

A spokesman for the bank confirmed the contents of the memo that was sent to staff on Thursday.

The move comes amid worries of a fifth wave of Covid-19 infections in the Asian financial hub.

Hong Kong has announced a two-week ban on some inbound flights, slapped curbs on indoor dining and closed swimming pools, bars and clubs and other venues.

The city recorded 38 new coronavirus cases on Wednesday.

Hong Kong’s locally spread cases are believed to be linked to a Cathay Pacific Airways crew member who visited the same restaurant as the infected individuals while under home quarantine.

UBS staff have been told to minimise “cross floor” travel in the bank’s offices to reduce the risk of contamination and not to socialise with members not in their own team, according to the memo.

Standard Chartered divided its 6,000 workforce into teams earlier this week.

Banks in Hong Kong have been operating at near full capacity for the past few months, unlike most other major financial centres like New York or London, as the city stuck to a zero-Covid-19 strategy by largely isolating itself from the world.

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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