The economic impact of COVID-19 pushed up Macao residents’ unemployment rate by 0.3 percentage points to 3.4% between March and May from the February–April survey period.
Business
The funeral of Macao gaming magnate Stanley Ho Hung Sun will be held in Hong Kong on July 10.
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.