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Applications for the Subsidy Programme for the Production of Original Song Albums Close This Week
Applications for the 2014 Subsidy Programme for the Production of Original Song Albums, launched by the Cultural Affairs Bureau (IC) in September, will close on Thursday, 27 November 2014. All interested parties are welcome to take this chance to apply for the Programme.
To promote the development of Macao's music industry, IC launched the 2014 Subsidy Programme for the Production of Original Song Albums in September. Successful candidates will be granted subsidies for the production, marketing and promotion of a song album in CD and digital format. The aim is to increase opportunities for local music creators and producers to release their works and launch more local original music. The Programme will subsidise a maximum of eight candidates and each selected song album will be granted a subsidy up to MOP200,000.
The Programme's application rules and forms can be downloaded from IC's website (www.icm.gov.mo/dpicc/sps/defaultE.aspx) and from the Macao Cultural and Creative Industries website (www.macaucci.com/en/). For enquiries, please contact Mr. Ho or Ms. Lao, staff of IC, through tel. (853) 2892 4040 during office hours.
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Results of survey on manpower needs and wages for the 3rd quarter 2014
The Statistics and Census Service (DSEC) released results of the Survey on Manpower Needs and Wages for the third quarter of 2014. Survey coverage for this quarter comprises Manufacturing; Hotels; Restaurants; Financial Activities; Electricity, Gas & Water Supply; Child-care and Elderly Care. This survey excludes the self-employed, as well as insurance agents and brokers not directly employed by insurance companies. At the end of the third quarter of 2014, Hotels had 45,584 full-time employees, up by 2.6% year-on-year. In September, average earnings (excluding bonuses and allowances) of full-time employees in Hotels rose by 10.7% year-on-year to MOP15,750. Restaurants had 23,831 full-time employees, up by 9.3%, with the average earnings rising by 8.4% to MOP8,860. Manufacturing had 9,247 full-time employees, down by 6.9% year-on-year. Average earnings of full-time employees in September rose by 13.4% year-on-year to MOP9,650. Electricity, Gas & Water Supply had 1,092 full-time employees, and their average earnings increased by 7.8% to MOP27,790. Financial Activities had 6,530 full-time employees, up by 2.7% year-on-year, with those working in Banking (5,673) rising by 3.1%. In September, average earnings of full-time employees in Banking rose by 7.5% to MOP23,070. Child-care and Elderly Care had 974 and 625 full-time employees, up by 14.7% and 1.6% respectively year-on-year. In September, average earnings of full-time employees in Child-care increased by 10.3% to MOP11,800; those working in Elderly Care earned an average of MOP11,410, up by 7.7%. At the end of the third quarter of 2014, Hotels and Restaurants had 2,711 and 3,113 vacancies, up by 619 and 517 respectively year-on-year. Job vacancies in Banking totalled 245, up by 86 year-on-year. About 97.6% and 90.6% of the vacancies in Banking required knowledge of Mandarin and English respectively; 95.5% of the vacancies in Insurance required knowledge of English, while 74.5% of those in Hotels required knowledge of Mandarin. In the third quarter of 2014, the vacancy rate in Restaurants increased by 1.0 percentage point year-on-year to 11.6% and the employee turnover rate (7.7%) rose by 0.7 percentage points, indicating that the turnover of employees showed little improvement. In Banking, a total of 520 new employees were hired in the third quarter; the employee recruitment rate (9.3%) increased by 2.4 percentage points year-on-year and the job vacancy rate (4.1%) rose by 1.3 percentage points, indicating that there were still some vacancies to be filled. As regards vocational training in the surveyed industries, a total of 28,167 participants attended training courses provided by the establishment in the third quarter of 2014 (including courses organized by the establishment or in conjunction with other institutions, and those sponsored by the employer); 76.5% of the elderly care institutions and 71.4% of the banks provided training courses to their employees. Over 60.0% of the participants working in most of the industries attended courses paid by the establishment, while the corresponding rate in Child-care was just 24.4%. Analyzed by course type, most of the courses were in Services, and Business & Administration. Among the participants from Banking (6,058), 73.8% attended courses in Business & Administration and 12.1% in Law. Hotels had 18,788 participants attending vocational training, with 46.4% taking courses in Business & Administration and 20.9% in Services.
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Results of retail sales survey for the 3rd quarter 2014
Information from the Statistics and Census Service (DSEC) indicated that value of retail sales for the third quarter of 2014 totalled MOP 15.82 billion, down by 3% compared with the revised figure of MOP 16.38 billion in the second quarter. Retail sales of Watches, Clocks & Jewellery (MOP 4.11 billion) accounted for 26% of the total, which was followed by retail sales of Goods in Department Stores (17%), Leather Goods (9%), Adults' Clothing (9%), Goods in Supermarkets (7%) and Motor Vehicles (6%). Value of retail sales for the third quarter decreased by 1% year-on-year, with marked decrease being observed in sales of Watches, Clocks & Jewellery (-15%), Leather Goods (-12%) and Motor Vehicles (-11%). On the other hand, sales of Chinese Food Products (+45%), Footwear (+39%) and Household Appliances (+28%) saw significant increase. Value of retail sales for the first three quarters of 2014 reached MOP 50.56 billion, up by 6% year-on-year; sales of Watches, Clocks & Jewellery (MOP 13.65 billion) and Goods in Department Stores (MOP 8.62 billion) accounted for 27% and 17% of the total respectively. After removing the effect of price changes, volume of retail sales for the third quarter of 2014 decreased by 2% year-on-year, with notable decrease in sales of Dried Seafood (-27%), Furniture & Lighting (-19%), Watches, Clocks & Jewellery (-14%), Leather Goods (-14%) and Motor Vehicles (-13%); on the contrary, sales of Footwear and Chinese Food Products increased significantly by 41% and 38% respectively. Meanwhile, volume of retail sales decreased by 3% quarter-to-quarter, of which sales of Dried Seafood (-42%), Motor Vehicles (-18%) and Fuels for Household Use (-18%) marked notable decline; however, sales of Automotive Fuels increased by 13% quarter-to-quarter. Volume of retail sales for the first three quarters increased by 7% year-on-year. In respect of the comments of the retailers, about 52% stated that sales volume in the third quarter of 2014 increased or held stable over the previous quarter, down by 1 percentage point compared with the corresponding figure in the second quarter of 2014, while 48% reported decrease in sales volume. In terms of the retail prices, about 63% reported stable prices, 18% stated an increase and 19% noted a decrease. Moreover, about 71% of the retailers expressed that the stock level remained stable compared with the third quarter of 2013, while 18% indicated that the stock level decreased. As regards business outlook for the fourth quarter of 2014, about 27% of the retailers anticipate that sales volume will increase from the third quarter, 54% expect sales volume to remain stable, while 19% foresee a decrease. Concurrently, about 66% predict stable retail prices, 26% expect an increase, while 8% predict a decrease in retail prices.
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Visitor arrivals for October 2014
Information from the Statistics and Census Service (DSEC) indicated that attributable to the long holidays of National Day and Chung Yeung Festival, visitor arrivals increased by 11% year-on-year to 2,654,180 in October 2014. Same-day visitors accounted for 55% of the total, at 1,470,484. Visitors from Mainland China surged by 20% year-on-year to 1,824,719, coming primarily from Guangdong Province (781,471) and Fujian Province (84,536); Mainland visitors travelling under the Individual Visit Scheme rose by 18%, at 798,110. Visitors from the Republic of Korea (45,119) and Japan (21,889) increased by 17% and 2% respectively, while those from Hong Kong (508,710) and Taiwan (79,057) decreased by 6% and 11%. Long-haul visitors from the United States (15,449), Australia (9,112), Canada (6,656) and the United Kingdom (5,838) registered year-on-year decline. The average length of stay of visitors remained unchanged from a year earlier, at 1.0 day in October 2014; overnight and same-day visitors stayed an average of 2.0 days and 0.2 day respectively. In the first ten months of 2014, visitor arrivals reached 26,183,189, up by 8% year-on-year, with same-day visitors sharing 54% of the total. Visitors from Mainland China (17,637,605), the Republic of Korea (465,583) and Japan (249,920) increased year-on-year, but those from Hong Kong (5,372,714) and Taiwan (805,978) decreased. Moreover, long-haul visitors from the United States and the United Kingdom recorded year-on-year increase; however, those from Australia and Canada registered decrease.
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Two thousand participants celebrate Macao’s Handover at the “Parade through Macao, Latin City” VIVA surprises with a space party
The Cultural Affairs Bureau (IC, from the Portuguese acronym) organizes the "Parade through Macao, Latin City" in commemoration of the 15th Anniversary of Macao's Handover to China, on 14 December. VIVA, the Parade mascot, organizes a space party with a mysterious alien entity, allowing the world to benefit from the power of "Peace, Love and Cultural Integration". Opening with launch into space; local groups display their skills This edition of the Parade takes place on 14 December, starting at 4 pm at the Ruins of St. Paul's with a "Launch into Space", a joint performance featuring amazing kites and bells, kicking off a fantastic journey under the guidance of VIVA. Foreign performing groups from all over the world join hands with local groups through streets and alleys of Macao, singing, dancing and sending positive energy to the Universe. The Parade starts at the Ruins of St. Paul's and proceeds through Rua de S. Paulo, Largo de Santo António, Rua de D. Belchior Carneiro, Rua dos Artilheiros, Rua de Sanches de Miranda, St. Lazarus' Church, the Old Ladies' House (Albergue), Rua de São Roque, Rua Nova de São Lázaro, St. Lazarus Church, Rua do Volong, Rua do Tap Seac, Rua de Afonso de Albuquerque, culminating in a grand joint performance of "Peace, Love and Cultural Integration" at Tap Seac Square. Over 50 local and overseas performing groups from all over the world were invited for this event, bringing the total number of participants to nearly two thousand. Local groups responded enthusiastically, with several groups participating in the Parade for the first time this year, presenting Cantonese opera, theatre, music, martial arts, traditional and oriental dances, among others. Artists will display their skills, showcasing performances with local flavours. Foreign groups at their best; surprising closing joint performance Several groups hailing from Romance-language countries participate in this space party, namely the Plasticiens Volants from France and the Cal y Canto Teatro from Spain with giant balloons and kites, respectively, transforming the sky into a realm of fantastic creatures. From Portugal comes the Pauliteiros de Miranda, accompanying traditional music and dance to the fast paced sound of drums. Likewise, drums by the Spanish group Batucada Villa Pipol from the Canary Islands will also excite the crowd, while French L.O.S interprets ancient traditional dances wearing very particular masks and lending the Parade a certain aura of mystery. Additionally, from Hunan Province, more precisely from Yongshun, come the Maogusi dances of the Tujia ethnic group, inscribed in the first batch of the National Intangible Cultural Heritage list, which tell ancient stories of farming wearing boorish clothes. The programme also includes traditional dances by the Group Folklore Sun Argentina, indigenous traditional dances from Taiwan, typical batik attire from Indonesia and from Latin American peoples, creative puppets by Hong Kong's Fantasy Puppet Theatre, as well as acrobatic clowns and performers on stilts. All participating groups will gather at Tap Seac Square for the grand joint performance "Peace, Love and Cultural Integration", which will feature the appearance of a spaceship and a giant dragon, among others, in a dazzling and surprising light and shadows, music and multimedia show that will bring the Parade to a resounding finale not to be missed. This edition of the Parade further includes Latin Face Painting at Largo de Santo António, Rua de Sanches de Miranda and St. Lazarus' Church Square, from 3:30pm, where the public can get dolled up with free colourful facial paintings performed by Parade artists. TDM will broadcast the event live and outdoor screens will be installed at several locations – Senado Square, Rotunda de Carlos da Maia, Areia Preta Garden and Rua de D. Belchior Carneiro – so that the whole population can enjoy the Parade. The popular Hong Kong TVB programme 'Scoop' will feature a foretaste of the event on 12 December, as well as a Parade Special Programme dedicated to the event's highlights, to be broadcast on 20 December, at 3:30pm. Alongside the cheerful atmosphere on the Parade day, the organiser is also holding a series of creative related events, including a photography contest and a Facebook lucky draw, among others. On the Parade day, crowd entry and exit control mechanisms will be installed and some streets will be temporarily closed to traffic. The public is thus advised to walk to the parade venues on foot or use public transportation. For more details about the "Parade through Macao, Latin City" and its programme, please visit IC's website at www.icm.gov.mo/macaoparade or the Parade Facebook page at www.facebook.com/macaoparade.
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“Parade through Macao, Latin City” in celebration of the 15th Anniversary of Macao’s Handover to China
The "Parade through Macao, Latin City", organised by the Cultural Affairs Bureau (IC, from the Portuguese acronym) in celebration of the 15th Anniversary of Macao's Handover to China, will be held on 14 December according to the concept "Peace, Love and Cultural Integration". The event gathers local and foreign performing groups from different countries that will put on a show through characteristic streets of Macao in an unforgettable journey of cultural fusion under the motto "An Annual Celebration for the Entire City – VIVA". The storyline of this edition of the Parade is a party in space, describing the birth of alien force in a faraway galaxy that spreads the ancient and unique Latin culture, but which world, due to the impact of the quick technological development, has lost colour and shine. Luckily, on Earth the Parade's mascot, VIVA, launches the power of "Peace, Love and Cultural Integration" onto space, helping the alien culture recover its colours and prolonging joy, to the world's joy. IC has organised on 23 November, at 2 pm, at the SCM Old Ladies' House, a Press Conference on the "Parade through Macao, Latin City" as well as the "VIVA Launch into Space" ceremony. In the press conference, a promotional video for the event was screened, where a mysterious alien being was seen landing on Tap Seac Square, raising the population's expectations. Local musicians and singers performed the event's theme song "Go!Go!Ole!", adding to the cheerful atmosphere. The President of IC, Ung Vai Meng, played the role of captain taking representatives of the supporting entities and performing groups into space and giving strength to VIVA, entrusting him with the role of Goodwill Ambassador of the Universe and the task to take off into space on 14 December. The organisation also set up a candy corner and a photography zone under the event's theme, as well as an exhibition of the winning works of last year's photography contest. It distributed souvenirs among the population, creating a Parade promotion day, allowing the public to experience firsthand the joyful atmosphere. As the largest outdoor event in celebration of Macao's Handover to China, the "Parade through Macao, Latin City" has been very successful since its first edition in 2011. It was watched by over 100 thousand spectators, among participants, viewers of televised emissions and of outdoor screens set up around the city, making it an unprecedented event. The organisation established cooperation agreements with TV stations from Mainland China and Hong Kong which will broadcast the Parade and will send the most remarkable local performing groups abroad. In the past two years, representatives of four local groups have respectively participated in carnivals in France and Italy, promoting the Parade's name even further and showing Macao's cultural characteristics to the world.
The "Parade through Macao, Latin City" is organised by the Cultural Affairs Bureau and is co-organised by the Civic and Municipal Affairs Bureau, the Macao Government Tourist Office, the Public Security Police Force, the Transport Bureau, the Fire Services Bureau, the Education and Youth Affairs Bureau of Macao and the Macao Association for the Promotion of Exchange between Asia-Pacific and Latin America. It is also supported by various organisations, including the Macao General Union of Neighbourhood Associations, the Macao Sam Pa Mun Residents Mutual Aid Association, the Macao Soi Ho Cheok Residents Mutual Aid Association, as well as VIVA Ambassadors supporters, namely the Recreation Club of the Bank of China – Macao Branch, the Macao Community Youth Volunteers Development Association, the General Volunteers Association of Macao and the Association of Social Service Volunteers Macao. This edition is also fully supported by Air Macao Co, Ltd. In addition, TDM (Teledifusão de Macau, S.A.) is serving as the designated television broadcaster. Present in the opening ceremony were Secretary General of the Liason Office of the Central People's Government in the MSAR, Sun Da; President of the Cultural Affairs Bureau, Ung Vai Meng; President of the Board of the Macao Association for the Promotion of Exchange between Asia-Pacific and Latin America, Gary Ngai; Vice-President of the Cultural Affairs Bureau, Leung Hio Ming; Acting Vice-President of the Cultural Affairs Bureau, Chan Peng Fai; Head of the Department of Cultural Activities and Recreation of the Civic and Municipal Affairs Bureau, Choi Chi Hong; Representative of the Executive Committee of Teledifusão de Macau and Acting Director of the Chinese Programming Division of TDM, Ltd., Lok Kong; Chief of the Cultural Activities Department of the Cultural Affairs Bureau, Kent Ieong; Acting Chief of the Department for the Promotion of Cultural and Creative Industries of Cultural Affairs Bureau, Leong Ieng Va, Chief of the Special Projects Division of Cultural Affairs Bureau, Boyce Lam.
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Deterrence and handling of cross-border criminal activities related to Mainland bank cards and Mainland POS machines
For the purpose of strengthening cooperation among government departments and financial institutions in the Macao S.A.R. and Mainland China, a meeting was hosted by the Monetary Authority of Macao (AMCM) and co-organized by the Financial Intelligence Office of Macao S.A.R. on 20th November 2014 in Macao. Representatives (Economic Crime Investigation Department) from the Ministry of Public Security of People's Republic of China, Public Prosecutions Office of Macao S.A.R., Judiciary Police of Macao S.A.R. and UnionPay International attended the meeting. The exchanges of views focused on cross-border criminal activities related to the use of Mainland bank cards and POS machines in Macao. With an aim to establish the legal basis for law enforcement agencies of Macao in pursuing "cross-border criminal activities related to Mainland bank cards and POS machines", it is conferred to formalize an effective reciprocal surveillance mechanism between Mainland China and Macao.
In the 17th Annual Meeting of the Asia Pacific Group on Money Laundering (APG), the People's Bank of China and AMCM have had discussions on cooperation and communication on combating money laundering issues. They have confirmed their intention to sign a Memorandum of Understanding of supervisory cooperation on anti-money laundering issues. In this regard, the participants of the meeting expressed their determination in combating the utilization of Macao for overseas money laundering activities and capital flight.
AMCM has been adopting stringent supervisory measures on China UnionPay card acquiring business. Other relevant government agencies also endeavor to combat the cross-border criminal activities involving the use of Mainland bank cards and POS machines in casinos. In addition, with the aim to promote sound development of related business operations, AMCM, through the use of advanced technological measures, is modifying or strengthening related risks management and on-going due diligence requirements in accordance with market development and changes. Previously, it has been imposed that all acquiring institutions in Macao have to terminate their China UnionPay acquiring service to all watch and jewelry shops located inside casinos from 1st November 2014. The implementation of various supervisory measures in succession indicates the efforts and determination of AMCM in the prevention and elimination of the illegal acts.
Relevant issues on the on-going efforts of regulating merchants, transaction monitoring, investigation, consultation and training with respect to cross-border crimes in relation to the use of Mainland bank cards and Mainland POS machines in Macao were comprehensively discussed in the meeting. All participants of the meeting acknowledged the importance of persistent endeavor and determination on the issues. Besides, advanced technological means of real-time monitoring system and effective enforcement of laws and the joint efforts from different parties are essential to achieve the goal of combating cross-border criminal activities involving the use of Mainland bank cards and POS machines in Macao.
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Consumer Council released its latest ‘Supermarket price survey’ Surveyed spots included supermarkets in São Lázaro and São Lourenço Parishes
Consumer Council conducted its sixth 'Supermarket price survey' in November on 20 November for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included supermarkets in São Lázaro and São Lourenço Parishes. The latest 'Supermarket Price Survey' is now available on Consumer Council's website (www.consumer.gov.mo), and the 'Supermarket Price Information Platform' iPhone and Android apps. The survey is also available free of charge at the offices of Consumer Council, IACM's Iao Hon and S. Domingos Markets, bookstores and libraries. Consumers may also access the resources through WAP channels on their mobile phones. With reference to the local six parishes and the number of supermarkets in each parish, the Council has divided around 100 supermarkets into 8 areas for price collection. The Council collects prices from these supermarkets for the provision of a more comprehensive database for consumers to check price discrepancies and make price comparisons according to their desired locations. For inquiry, please call 8988 9315.
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New opening hours for Macao-Zhuhai crossing to start next month
With the approval of the State Council, new crossing arrangements at the three boundary checkpoints between Macao and Zhuhai will come into effect from 18 December 2014. This was announced at a press conference on 20 November held by the Office of the Government Spokesperson, Mr Tam Chon Weng, who gave details of the new arrangements. From midnight (00:00) of 18 December 2014, the three crossings between Macao and Zhuhai, namely the Border Gate Checkpoint, the Lotus Flower Bridge Checkpoint between Cotai and Hengqin, and the Zhuhai-Macao Crossborder Industrial Zone Border Checkpoint, will start implementing the new opening hours; The Border Gate will open one hour earlier at 6 am and extend closing time by one hour later, to close at 1 am daily, while the opening hours for cargo inspection channels remain unchanged. The Lotus Flower Bridge Checkpoint between Cotai and Hengqin will implement 24-hour services for the convenience of travellers and passenger vehicles, including Macao residents, non-local workers, students and visitors from the mainland, and passenger vehicles of all sizes with both Macao and mainland licence plates. The current arrangement for goods vehicles at this checkpoint remain unchanged, open from 8 am to 8 pm daily. The Zhuhai-Macao Crossborder Industrial Zone Checkpoint will open for pedestrian traffic only, from midnight to 7 am on a temporary basis for the convenience of non-local workers, students and Macao residents. No vehicular traffic is allowed at this checkpoint. Mr Tam told reporters the extension of opening hours and 24-hour operation of checkpoints between Macao and Zhuhai is approved by the Central People's Government for the benefit and convenience of the people, which is something Macao had been looking forward to for years. The new crossing arrangements will facilitate connection and exchanges between the people of Macao and the mainland, realising the Central Government's support of Macao's economic development, livelihood improvement, stability and prosperity. Mr Tam thanked the Central Government and other authorities, including the Hong Kong and Macao Affairs Office of the State Council, the Liaison Office of the Central People's Government in the Macao SAR, the National Office of Port Administration, the General Administration of Customs, the Ministry of Public Security, the General Administration of Quality Supervision, Inspection and Quarantine, the People's Government of Guangdong Province, and the People's Government of Zhuhai Municipality, for their full support. To support the implementation of the new opening hours, various Macao Government departments will ensure supporting facilities and services. To facilitate inspection, the arrival and departure hall of the Zhuhai-Macao Crossborder Industrial Zone Checkpoint will be equipped with new software and signage, and 18 identity inspection channels, including 10 self-served channels (to be increased to 12 later), and the six existing counters staffed with immigration officers. The arrival and departure hall of the checkpoint between Cotai and Hengqin is currently equipped with 40 staffed identity inspection counters and 31 self-served channels. The checkpoint will deploy more immigration officers and provide more self-served channels to cope with the 24-hour operation. The Border Gate will also increase manpower and adjust staff deployment to facilitate extension of operating hours. After the new arrangements comes into effect, the frequency and service hours of the 19 bus routes connecting Border Gate will be adjusted. Security officers and terminus supervisors will be stationed to ensure proper order, on-time departures and passenger flow. The bus route connecting the Lotus Flower Bridge will provide a 24-hour service, while the existing routes passing through the area (including N3) will enter the checkpoint building for the convenience of passengers. The operating hours of some day and overnight bus routes will also be extended. A new overnight bus route N4 will be added to serve the passengers to and from the Zhuhai-Macao Crossborder Industrial Zone Checkpoint, passing through Ilha Verde and Bacia Norte Do Patane, for the convenience of passengers to transfer at Bacia Norte Do Patane to other overnight buses to various destinations. Meanwhile, the operating hours of bus route 27 connecting Ilha Verde and Border Gate will be extended to serve people at the Industrial Zone. The Transport Bureau will also take measures to optimise the peripheral traffic flow of the checkpoints. Due to the temporary opening of the Zhuhai-Macao Crossborder Industrial Zone Checkpoint from midnight to 7 am daily, the Public Security Police will strengthen control in Ilha Verde by increasing the frequency of patrols and logbook signings, to ensure public order of the district. The Traffic Department of the Public Security Police will keep close contact with the Transport Bureau, conduct more frequent patrols, and strictly enforce the traffic, for the safety and smooth flow of traffic in the district. Officials who attended the press conference the Director of the Transport Bureau, Mr Wong Wan; and Deputy Commissioner of the Public Security Police, Mr Mui San Meng.
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Nobel laureate Robert Engle to speak on “Prospects for Global Financial Stability”at UM
Prof Robert F Engle, a world-renowned economist and the 2003 Nobel laureate in economics, will speak on the "Prospects for Global Financial Stability" at the Nobel Laureate Lecture co-organised by the University of Macau's (UM) Faculty of Business Administration and Asia-Pacific Academy of Economics and Management. In the lecture to be held on 25 November, Prof Engle will share his views on global financial stability. He will also discuss a method to estimate how much capital a financial firm would need to raise if another financial crisis were to occur. Prof Engle was awarded the 2003 Nobel Prize in Economics for his research on the concept of autoregressive conditional heteroskedasticity (ARCH). He developed this method for statistical modelling of time-varying volatility and demonstrated that these techniques accurately capture the properties of many time series. His ARCH model and its generalisations have become indispensable tools not only for researchers, but also for analysts of financial markets.
After receiving his PhD degree in economics from Cornell University in 1969, he began teaching at the Department of Economics at MIT. Later, in 1978, he joined the University of California, San Diego, where he taught until retiring in 2003. Currently he is a Michael Armellino Professor of Management and Financial Services at New York University Stern School of Business.
The lecture will be held on Tuesday 25 November in Room G078, Anthony Lau Building (E4), UM. It will begin at 3:00pm and be conducted in English, with simultaneous interpretation into Putonghua. Live broadcast will also be available in Room G062. All are welcome. Those who are interested should register at https://isw.umac.mo/evm/register/robertengle. Seats are available on a first-come, first-served basis. For enquiries, please call 88224799 or email to kelmenyeung@umac.mo.
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