Panel Discussion on Eastern Flight 401

Feb 6, 2023 | Business

 RodezArt and EAL 401 Tribute Group are pleased to announce a panel discussion on the story of Flight 401, set to take place on Saturday, March 4, 2023, from 1 to 3 pm at HistoryMiami Museum. This event will bring together a diverse group of participants who will share their unique perspectives and experiences related to the tragic event.

The panel will feature Ron Infantino, a surviving passenger who will tell the story of what happened to him and his wife on Flight 401. Benny Benitez, an aviation consultant and specialist, will discuss the events that led to the crash and the subsequent changes in air safety protocols.

Bruce Brockhouse and Al Naranjo, the architects behind phase II of the Tribute Memorial, will also be in attendance. They will provide insights into their design process and the significance of the memorial to the families and loved ones of those who lost their lives on Flight 401.

Retired Flight Attendant Linda Cornblit, who was scheduled to work the flight but was pulled off due to labor law limitations, will offer a unique perspective as a flight attendant. The art project curator, George Rodez, will share how he became involved in the project, the selection process for the 12 artists featured in the exhibit, and how he came to title the exhibit “If You Can Hear My Voice…Don’t Light A Match,” which is on view through March 19, 2023 at the Community Gallery.

In addition, selected artists will discuss their artistic interpretation for their model L-1011 aircraft and how they came up with their ideas. The videographer, Erin Brockhouse, will provide insight into her film currently showing at the exhibit, which serves as a backdrop to the story of Flight 401. A Q&A session will follow the presentation.

Join them at HistoryMiami Museum for this panel discussion and gain a deeper understanding of the story of Flight 401 and the impact it has had on the aviation industry and the families and loved ones of those affected by the tragedy.

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George Rodez
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Hong Kong – Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on April 26

Jun 8, 2022 | International

Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on April 26

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The following is issued on behalf of the Hong Kong Monetary Authority:

 

(Approved for Issue by the Exchange Fund Advisory Committee by Circulation)



Report on Currency Board Operations (December 25, 2021 – April 12, 2022)

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     The Sub-Committee noted that the Hong Kong dollar (HKD) traded within a range of 7.7832 – 7.8378 against the US dollar (USD) during the review period. The HKD had softened since February amid market concerns over the US Federal Reserve (Fed)’s policy normalisation and the risk-off sentiment triggered by the Ukraine situation. Amid expectation of further US rate hikes, HKD interbank interest rates (i.e. HIBORs) increased slightly during the review period but remained at low levels by historical standards. While the Fed’s policy normalisation process was expected to proceed at a faster pace than the previous rate hike cycle in 2015-2018, the ample HKD liquidity suggested that increases in HKD interbank rates might lag those of the USD interest rates. The extent of lagging would depend on the supply and demand situation of HKD in the local market. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.

      

     The Sub-Committee noted that the Monetary Base increased to HK$2,147.48 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.

      

     The Report on Currency Board Operations for the review period is at Annex.

 

Monitoring of Risks and Vulnerabilities

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     ​The Sub-Committee noted that the global economic outlook worsened as a result of the Ukraine situation, which had driven up global commodity prices and triggered bouts of financial market volatility. Faced with sharp inflationary pressures, the Fed had telegraphed its intentions to deliver successive rate hikes and shrink its balance sheet. In turn, global financial conditions might tighten, especially if the pace of US monetary normalisation were to pick up. 



     The Sub-Committee noted that in Mainland China, economic growth could face potential headwinds arising from the Ukraine situation and new COVID-19 outbreaks. 

      

     The Sub-Committee noted that in Hong Kong, the fifth wave of local infections had brought significant pressures on the economy in early 2022. The challenging global environment had also posed downside risks to growth. The labour market weakened with the unemployment rate rising, while underlying inflation remained largely in check despite elevated external prices. Meanwhile, the housing market showed signs of stabilisation more recently amid easing local infections.



Hong Kong’s Residential Mortgage Loans Offered by Non-bank institutions

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     The Sub-Committee noted a paper that examined the role of non-bank institutions in the residential mortgage market through the use of transactional big data.