London Daily

Focus on the big picture.
Monday, Aug 04, 2025

Singapore business bounces back while Hong Kong languishes in lockdown

Singapore business bounces back while Hong Kong languishes in lockdown

Singapore is hosting top executives of big global companies this week at a host of conferences, marking its gradual return to normalcy and underscoring the contrast with long-time rival Hong Kong, which is sticking with some of the toughest quarantine rules in the world.
The Milken Institute's annual Asia Summit, run by billionaire Michael Milken's think tank, the Bloomberg New Economy Forum, and an event by sovereign wealth fund GIC attracted hundreds of executives vaccinated against Covid-19.

Participants were allowed entry only after clearing swab tests and were required to wear masks and comply with strict safe distancing measures, though enjoyed relatively more freedom than the country's general population in terms of eating together.

The resumption of on-site events in the Southeast Asian hub comes as Singapore is allowing quarantine free travel to at least a dozen countries including Britain, France, Germany, Australia, Canada, and the United States.

On Wednesday, UBS inaugurated the Swiss bank's largest office in Asia, an event attended by its chairman chief executive officer and others in the city-state.

"Things develop, things evolve but evolve fast here in Singapore. And even with the kind of semi lockdown situation that we are currently in, if you come here, you still feel the vibe," UBS CEO Ralf Hammers said.

Top officials from Goldman Sachs, HSBC, NYSE Group, Standard Chartered, PayPal and BNP Paribas spoke at the business events in Singapore, with many likely to be making their first trip to Singapore since authorities imposed restrictions early last year.

The two-day Milken event and an evening event by GIC was attended by about 550 people, including 150 overseas executives. The Bloomberg event had over 300 attendees, with 80 percent flying in.

Rooms at the plush 112-room Capella hotel in Sentosa island where a one-night stay costs at least US$1,600 and which hosted the Bloomberg forum were sold out.

Later this month, Singapore singer JJ Lin performs at a two-day concert that organizers expect to be at near full capacity of about 2,000 people per night, the Straits Times daily said.

Over 100 exhibitors from 12 countries are participating in a food and beverages and supply chain event currently underway, with an international jewelry show and a martial arts event taking place in coming weeks.

Despite all this, compared to Europe, Britain and the United States, Singapore still has tight Covid-19 restrictions, with dining out largely limited to two people and mandatory mask-wearing in public.

By contrast, Hong Kong has followed Beijing's lead in retaining strict travel curbs to curb new COVID outbreaks, prompting warnings from international business lobby groups that the financial center could lose talent and investment.

"When you restrict travel in and out, when you restrict the ability for people to come and visit and engage, for people to leave to go engage around the world, over time, that has an impact on your economic activity," Goldman Sachs CEO David Solomon told the Bloomberg event in Singapore on Wednesday.

Singapore's daily Covid-19 cases are hovering at more than 2,000 and the city-state still has strict restrictions on social gatherings, but with 85 percent of its 5.45 million population vaccinated, the government wants to open more for business.

Hong Kong has barely recorded any local coronavirus cases in recent months, but the government hopes that its tight rules, including up to three weeks' hotel quarantine for visitors, would convince China to gradually open its border with the city.

"There's only a few cities where people want to congregate where you have that gateway of bringing global finance together and redistribute it. Hong Kong is one of those," BlackRock CEO Larry Fink told the Hong Kong FinTech Week earlier this month.

"I'm truly looking forward to physically being there in Hong Kong without a 21-day quarantine but that is a whole other story."
Newsletter

Related Articles

0:00
0:00
Close
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
×