News

Information from the Statistics and Census Service indicated that the Composite CPI for February 2007 rose by 1.44% over January to 112.03. The indices of Recreation & culture; Food & non-alcoholic beverages; Housing & fuels; and Miscellaneous goods & services recorded notable increase of 6.74%, 2.04%, 1.60% and 1.41% respectively, on account of the effects of the Chinese New Year. The increments were attributable to higher charges for hairdressing services, outbound package tours and meals bought away from home, as well as the general price increase of the food items, which was accompanied with higher rentals for housing and rising charges for the maintenance and repair services of dwelling. In addition, dearer prices of air tickets drove the index of Transport up by 0.71%. However, the price index of Clothing & footwear was the only section that recorded decrease, down by 2.07%, as a result of seasonal sale of Winter clothing and footwear. As the Chinese New Year took place in February this year but in January last year, the Composite CPI for February 2007 registered a larger year-on-year increase of 4.94%. Observing the changes in the average indices for the first two months can lessen the anomalous impact to the consumer prices caused by the different timing of the Chinese New Year. The average Composite CPI for the first two months of 2007 went up by 4.38% compared with the same period of 2006. For the 12 months ended February 2007, the average Composite CPI rose by 4.94% over the previous period. In addition, the CPI-A and CPI-B for February 2007 were 113.11 and 111.68, up by 1.36% and 1.40% respectively compared with January. The Composite CPI reflects the impacts of price changes on the general population. The CPI-A relates to about 49% of households, which have an average monthly expenditure of MOP 3,000 to MOP 9,999, whereas the CPI-B relates to about 31% of households, which have an average monthly expenditure of MOP 10,000 to MOP 19,999.
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The Chief Executive of the Macao SAR Government, Mr. Edmund Ho, received the delegation led by Mr. Daniel Glazer, Deputy Assistant Secretary of the Department of the Treasury of the United States of America, during their visit to Macao this morning. Both sides exchanged views on the latest development of the Banco Delta Asia (BDA) incident. The Macao SAR Government reiterated its concern and regret over the decision of the Department of the Treasury in regards to BDA. Both sides also agreed that mutual dialogue and cooperation should be strengthened in the process of dealing with the North Korean Accounts so as to come up with a satisfactory solution. The Delegation also visited the Monetary Authority of Macao, and provided information in regards to the North Korean Accounts.
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The Monetary Authority of Macao (AMCM) notes the latest news reports in relation to the Democratic People’s Republic of Korea related accounts (DPRK accounts) at Banco Delta Asia. AMCM and the parties concerned analyzed and reviewed the information provided by the United States Department of the Treasury last week in regards to their investigation on the DPRK accounts. As regards the treatment of the DPRK accounts, the process will be in accordance with the instructions of the account holders.
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From this coming September, the US Chinese food chain P.F. Chang’s will introduce Macanese food in the menus of its 155 restaurants. Company managers announced the launch date of the promotion during their visit to Macau last week. Between September and December 2007, the 17 million customers of the casual dining restaurant chain will have a choice of four to five Macanese dishes. Portuguese wine will be recommended to complement the food. The Macanese food promotion is integrated in a project of the P.F. Chang’s chain to introduce to the Americans the diversity of food from the different regions of China. “After starting the series of Chinese regional cuisine promotion with Sichuan food, followed by Yunnan food, Macanese gastronomy was a natural choice to come next, for being so different, with its mix of flavors so distinct, but that makes so much sense”, points out P.F. Chang’s executive-chef Bob Tam. P.F. Chang’s is working on a list of dishes among which four or five will be chosen. According to the Hong Kong born Bob Tam, African Chicken is already a favorite. After the promotion, some of the Macanese dishes might make it to the permanent menu of P.F. Chang’s restaurants, depending on the success of the campaign among their clients. Around two thirds of the menu of P.F. Chang’s is Cantonese food, unchanged since the opening of the first restaurant of the chain, back in 1993. The Macanese food promotion in P.F. Chang’s is named “Taste of Macau” and it is organized with the cooperation of Macau Government Tourist Office’s US representative.
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The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, today expressed his deep regret over the US Treasury Department designating Banco Delta Asia (“BDA”) as a financial institution that has laundered money. He stressed that the Macao Government would continue to act accordingly in the interest of and to protect depositors. When asked by reporters, Mr Tam said the Macao Government has confidence to maintain the banking market stability. He also revealed that, according to the investigative report by an independent auditor outside the Macao Monetary Authority of Macao, no evidence related with illegal activity has been found. He said the Monetary Authority of Macao has done much over the past 18 months, such as strengthening the BDA's internal management, establishing an office for financial information, which achieved recognition with the United States and international organisations. Mr Tam said he believed the Monetary Authority of Macao would continue to closely monitor financial activities of banking institutions.
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The Executive Council today discussed two administrative orders regarding the structure of the Macao Economic and Trade Office to the European Union and the change in name of the Macao - China Economic and Trade Representive Office in Portugal, personnel regime and logo. According to the administrative orders, the two overseas offices are renamed "Macao Economic and Trade Office to the European Union in Brussels", and "Macao Economic and Trade Office in Lisbon" respectively. Mr Tong Chi Kin, spokesman of the Executive Council, said it was necessary to amend the scope of duty and rules for employment of the Macao Economic and Trade Office in European Union, which was established in 1999. Duties of the Economic and Trade Office to the European Union in Brussels include establishing closer bilateral economic relationship amongst Macao, EU and its member countries. The offices, which are under the supervision of the Chief Executive, enjoy administrative autonomy. They also enjoy the right to employ people from Macao or from the countries where the offices are based. There are two other offices set up outside Macao -- the Office of the Macao Special Administrative Region in Beijing, and the Macao Economic and Trade Office to the World Trade Organization..
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Lately, the Treasury Department of the United States of America has designated Banco Delta Asia (“BDA”) as a financial institution that has laundered money, to which MSAR Government (the “Government”) expresses its deep regret. In view of the designation of BDA as a financial institution of primary money laundering concern by the U.S. Government on 15 September 2005, the Government, in accordance with provisions of relevant legislation, swiftly adopted a series of measures, and closely mooted on the matter with relevant parties with a view to resolving the incident satisfactorily. As a consequence of recent development, the Government has decided to extend its intervention regime applicable to BDA with a view to safeguarding the benefit of depositors and maintaining market stability. Simultaneously, the Government will continue to closely moot on the matter with relevant parties so that the incident can be resolved at an earlier date. On the other hand, the Government will persistently strengthen the enforcement and supervision of measures to combat money laundering and ensure the continued proper functioning and effective risk management of financial institutions. The Government believes that the relevant policy and measures will be supported by all sectors and citizens of our community which will no doubt promote the stability and healthy development of our financial system.
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The Monetary Authority of Macao (AMCM) is aware of the latest announcement on a final rule concerning Banco Delta Asia as a ‘primary money laundering concern’. Regarding the decision of the United States Department of the Treasury, AMCM expresses its deep regret. The MSAR Government will soon make an official response. In response to the development, Banco Delta Asia will continue to be under the management of the MSAR Government. Under any circumstances, the MSAR Government will take necessary measures to protect the interests of depositors and safeguard the stability of the financial system.
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To celebrate the World Forest Day, Macao Post announced that a Temporary Post Counter will be set up at Senado Square, at 9H00 to 18H00 on 21st March 2007 providing the commemorative cancellation service for the “World Forest Day”. A commemorative envelope will be distributed to public, and various philatelic products will also be available for sale during the above activity. Besides, Macao Post will distribute the above-mentioned envelope on 14th to 20th March 2007 at Macao Post Headquarters and all post offices. Welcome to visit and collect Macao Stamps.
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The Macao Special Administrative Region Gazette today announced the establishment the Office for the Protection of Personal Data, effective today The Office, under the supervision of the Chief Executive, consists of a director and a subdirector, and will be responsible for making the relevant regulations and the monitoring of the execution of such regulations.
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