The funeral of Macao gaming magnate Stanley Ho Hung Sun will be held in Hong Kong on July 10.
Business
Macao’s top telecom operator CTM reported a net profit of MOP 1.01 billion last year, a 7% year-on-year increase.
The Economist Intelligence Unit (EIU) forecasts a 69.8% contraction of Macao’s economy in 2020, which should only recover to pre-crisis levels in late 2021.
The installation of a 5G network for full outdoor coverage will be completed at the end of this month and introduce a string of new technologies.
Some MOP 1.46 billion from the public coffers have already been injected into local businesses in the first month and a half of the government’s consumption subsidy smartcard scheme.
Chief Executive Ho Iat Seng has ordered a 10% decrease in current expenditure in the public administration next year.
The President of Sands China, Wilfred Wong, will remain in his position until February 20, 2024, a year more than the term initially approved by the gaming operator’s board.
The Monetary Authority of Macao (AMCM) announced on Wednesday that it has fined a local jewellery shop MOP 400,000 for illegal currency exchange activities.
Macao’s foreign exchange reserves amounted to MOP 183.3 billion (US$22.95 billion) at the end of last month, the Monetary Authority of Macao (AMCM) said in a statement on Monday.