Wrapup 1: Banks condemn HK violence as jewellers seek to put off big trade fair

Hong Kong Economic Times Holdings

22/08/2019 09:19

* Jewel traders want huge trade fair postponed
    * Leading banks take out ads calling for law and order
    * Airport again targeted in weekend protests

    By Farah Master and Twinnie Siu
    HONG KONG, Aug 22 (Reuters) - Hong Kong banks published
full-page newspaper ads calling for law and order in the
Chinese-ruled city and international jewellers sought the
rescheduling of a huge trade fair as weeks of pro-democracy
protests showed no sign of let-up on Thursday.
    Thousands held a scrappy anti-government protest on
Wednesday at a suburban subway station where demonstrators were
attacked by a mob of white-shirted men last month. Protesters at
the subway station on Wednesday were angry that nobody had yet
been prosecuted for that violence.  urn:newsml:reuters.com:*:nL4N25H1BM
    Police said they charged two men with rioting on Thursday in
connection with the attack. They will appear in court on Friday.
    Wednesday's standoff stopped short of recent intense
clashes, including the storming of the legislature and
occupation of the airport, with police refrained from using tear
gas or attempting to storm protesters' lines. 
    HSBC  HSBA.L , Standard Chartered  STAN.L  and Bank of East
Asia  0023.HK  all urged the restoration of order in the former
British colony, which returned to Chinese rule in 1997.
    "Oppose violence, restore social order, safeguard Hong
Kong's status as an international financial centre," Standard
Chartered wrote.
    Trade representatives of the world’s largest diamond trading
centres, from Mumbai, Antwerp and Ramat Gan, asked the organiser
of the Hong Kong Jewellery and Gem Fair to postpone the
high-profile event, which typically welcomes more than 54,000
visitors.
    The fair is due to be held in September at the Asia World
Exposition centre and the Wan Chai Convention and Exhibition
centre.
    In a letter to organiser Informa Markets, the
representatives said between 30% and 40% of exhibitors were
demanding to pull out.
    “In light of recent events, we urge Informa Markets to
consider the following; rather than potentially risking an empty
show in terms of both visitors and exhibitors, postpone the show
to a later date - as yet to be determined - once Hong Kong is in
a more stable climate," the representatives wrote.
    "Additionally, we request financial compensation in the form
of a discount or refund for all participating companies."
    
    AIRPORT 'STRESS TEST'
    Anger erupted in Hong Kong in June over a now-suspended bill
that would allow criminal suspects in Hong Kong to be extradited
to mainland China for trial but have since grown into one of the
biggest populist challenges faced by Chinese President Xi
Jinping since he took power in 2012.
    The unrest has been fuelled by broader worries about the
erosion of freedoms guaranteed under the "one country, two
systems" formula adopted after 1997 but not enjoyed on the
mainland, including an independent judiciary and the right to
protest.
    Several anti-government demonstrations are planned in coming
days and weeks, including a rally by high school students on
Thursday and a "stress test" of the airport at the weekend.
    "Go to the airport by different means, including MTR,
Airport Bus, Taxi, Bike and Private Car to increase pressure on
airport transport," protesters wrote online.
    The protests are already exacting a toll on Hong Kong's
economy and tourism, with the financial hub on the verge of its
first recession in a decade.
    Standard Chartered said in Thursday's newspaper notices the
bank supported the government in upholding social order and
guarding "the status of Hong Kong as an international financial
centre". 
    HSBC said all parties must resolve disagreement through
communication rather than violence. Neither HSBC nor Bank of
East Asia referred to the government in their advertisements.
    Hong Kong leader Carrie Lam reiterated on Tuesday that the
extradition legislation was dead but has stopped short of
officially withdrawing the bill, as protesters have demanded.
    Demonstrators are also calling for an independent inquiry
into the protests and perceived police brutality, a halt to
descriptions of the protests as "rioting", a waiver of charges
against those arrested, and resumption of political reform.
    Beijing has reacted sharply to the protests and accused
foreign countries, including the United States, of fomenting
unrest. China has also sent clear warning that forceful
intervention is possible, with paramilitary forces holding
drills in neighbouring Shenzhen.
    China confirmed on Wednesday that a Chinese national working
at Britain's Hong Kong consulate has been detained in Shenzhen
for violating the law, likely worsening already strained ties
between Beijing and London.  urn:newsml:reuters.com:*:nL4N25H1MX
    U.S. President Donald Trump over the weekend warned against
a crackdown in Hong Kong like Beijing's suppression of
pro-democracy protests in Tiananmen Square in 1989, which would
make reaching a deal he has been seeking to end a trade war with
China "very hard".  urn:newsml:reuters.com:*:nL4N25H1BM

 (Reporting by Donny Kwok
Writing by Farah Master and Nick Macfie
Editing by Robert Birsel)
 ((farah.master@thomsonreuters.com; +852 28431631 ;))