Hong Kong braces for storm Nalgae as city hosts financial meeting

Hong Kong’s weather forecaster said winds were expected to strengthen on Nov 2. - Reuters

HONG KONG (Reuters): Hong Kong authorities were expected to issue the third highest strong wind warning on Wednesday (Nov2), which would close financial markets, schools and businesses, as Tropical Storm Nalgae heads across the South China Sea.

However, a high-profile conference with senior Wall Street executives will go ahead as planned, organisers said.

Nalgae caused at least 98 deaths in the Philippines when it hit there on Monday, Philippine authorities said. A further 63 people were still missing.

At 1100 GMT on Tuesday, Nalgae was estimated to be about 330km south-southeast of Hong Kong and was forecast to move northwest or north-northwest at about 10km per hour, edging closer to the coast of China's western Guangdong province.

Hong Kong's weather forecaster said winds were expected to strengthen on Wednesday and warned residents to avoid the shoreline in case of swells. Low-lying areas could be flooded.

The forecaster was set to issue a No. 8 strong wind signal for the global financial hub. That signal is the third highest category under Hong Kong's warning system and it indicates sustained wind speed of 63-117 kph and gusts that may exceed 180 kph.

The Hong Kong Monetary Authority (HKMA), the city's de facto central bank, said the Global Financial Leaders Investment Summit would go ahead on Wednesday.

"The majority of the overseas participants are staying at the venue hotel, and local guests can decide whether to attend, taking into account safety situations," an HKMA spokesperson said.

The conference will be attended by executives including Goldman Sachs Chief Executive David Solomon, Morgan Stanley boss James Gorman, HSBC's Noel Quinn and Standard Chartered's Bill Winters.

It is the first such high-profile event in almost three years in the city since anti-government protests, the imposition of a national security law, and strict Covid-19 curbs weakened its status as a premier financial centre.