Composite interest rates for pataca, HKD rise in Q3

The composite interest rates for the pataca (MOP) and the Hong Kong dollar (HKD) rose from 0.56% and 1.05% at the end of June to 0.88% and 1.71% , at the end of September, the Monetary Authority announced yesterday. The composite interest rates for the MOP and the HKD rose 32 basis points and 66 basis points respectively, reflecting a general increase in the funding costs of the local banking sector in the third quarter of 2022, according to the authority. Macau’s composite interest rates are the weighted average interest rates of all interest-bearing liabilities and non-interest-bearing demand deposits on local banks’ books, said the authority.

CEM’s new Pac On Substation commences operation

Local energy supplier CEM has commenced operations on the new Pac On Substation. The facility, the largest in Macau, will allow the local power grid to operate more smoothly and with increased safety, especially in unsettled weather conditions, CEM company officials have said. The substation represents an investment of around MOP1.4 billion and was jointly built by CEM and China Southern Power Grid. The facility is also the first 220kV substation and adopts the one-and-half breaker connection mode, which enhances the reliability of the power supply and the flexibility of operation and delivery of electricity to the population. The substation’s commencement represents an increase of 55% of the company’s power supply capacity to the whole power grid, also making the same power grid more reliable and resistant to situations of potential power shortage.

UM creates Department of Ocean Science and Technology

Yesterday the University of Macau (UM), through its Faculty of Science and Technology (FST), launched its Department of Marine Science and Technology, dedicated to promoting research in Macau’s regional oceans and nurturing talent in this field, the University said. The official establishment of the new department occurred yesterday during the first Hong Kong-Macao Ocean Forum. The forum was attended by several experts and scholars in this field who exchanged ideas on the theme of marine environmental safety and sustainable development. In his presentation speech, UM’s Vice Rector Ge Wei said the development and utilization of Macau coastal areas as well as coastal environmental protection, disaster prevention, and mitigation have always been hot topics in the local community. This fact had justified the 2020 creation at UM of the Centre for Regional Oceans to develop studies and theories using innovative technologies in offshore civil engineering, ocean environment and ecology, and ocean disaster prevention.

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