The sudden resignation of Cathay Pacific chief executive officer Rupert Hogg last week over corporate political correctness has put Hong Kong companies on alert, as the million-dollar question of who could be next hangs in the air.
"This should be disconcerting for both Hong Kong corporations and MNCs based there. Those with significant business in China, like Cathay Pacific, will find a way to work with Beijing. Those that don't, however, may find themselves questioning the necessity and wisdom of a Hong Kong base." "The use of economic power is not new and Beijing is very experienced in the use of this strategy. It either does it through the public or carries out the measure itself," Prof Wu said.
Chinese state media The Global Times said in an article that Cathay Pacific's latest gesture was viewed by many as too little to restore its scarred reputation and the loss of customers, prompting questions about further retribution by Beijing. Before that, Hong Kong conglomerate Jardine Matheson, that owns the Mandarin Oriental luxury hotel chain, strongly supported the local government and condemned the violence that had escalated for 10 straight weeks.
The protests in Hong Kong started in March this year but escalated from June 9 over consecutive weekends. Over the past two months, marches often started out peacefully but ended with protesters clashing with police who had to deploy tear gas and rubber bullets to disperse the crowd.
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