The Macau Federation of Trade Unions is proposing that the government include an additional MOP8,000 in the electronic consumption subsidy to be part of the second round of the MOP10 billion financial stimulus to combat the effects of the pandemic. The proposal came in the context of a meeting between the union and the Chief Executive yesterday. Questioned as to whether Ho Iat Seng agreed to the proposal, the association only noted that he did not indicate agreement, but the union pledged that they would continue to urge the government to issue another round of the consumption subsidy.
Macau raises interest rates based on Fed rate hike
The Monetary Authority of Macao (AMCM) yesterday raised the Base Rate of the Discount Window by 75 basis points to 3.50%. As the pataca is linked to the Hong Kong dollar, the movements of policy rates in Hong Kong and Macau should generally be consistent in order to maintain the effective operation of the linked exchange rate system. Hence, the AMCM followed the Hong Kong Monetary Authority in adjusting its Base Rate. Under the linked exchange rate system between the Hong Kong dollar and the US dollar, the related policy rate adjustment of Hong Kong was based on the policy action by the US Federal Reserve to raise the Federal funds rate target range by 75 basis points on September 21 (US time).
UM unveils national science education base
A certificate presentation and unveiling ceremony for the national science education base at the University of Macau (UM) was held on Wednesday. The base is the testament to the country’s recognition of UM’s efforts in science education. UM Rector Song Yonghua said that UM would further integrate its technological and human resources, leverage opportunities brought about by Sino-Lusophone cooperation in science education, and strengthen collaboration with science education platforms in China to nurture the science and innovation talent needed for the future development of Macau, the Greater Bay Area and China.