Category Archives: Macau

Hengqin authorities have announced plans to develop aMetaverse Super Testing Groundthat will include a 3,000-square meters technology exhibition hall.

The project will focus on the study of real-life applications of the concept and will be developed together with the group responsible for Chimelong Group Co., Ltd,the group responsible for the ChimelongOcean Kingdom in Hengqin.

Themetaversecan be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media.The Metaverse Super Testing Ground to be built in Hengqin willput itsfocus on the development ofsome majorindustries,including cultural tourism, exhibitions, high-end manufacturing, and smart cities, Nie Xinping, Deputy Director of the Executive Committee of the Guangdong-Macau In-depth Cooperation Zone in Hengqin indicated yesterday (Tuesday).Concrete construction plans, technical approaches and timetables for the testing grounds developmentwillbeformulated soon,with the aim to becreatingaMeta-Hengqinand makingthe possibilities of future life and technologyto be applied in reality, the deputy director said at the Hengqin Metaverse Discovery Road High-level Expert Seminar.In the early incubation stages of the metaverse industry, Hengqin will cooperate with the Chimelong Group Co., Ltd to create the Metaverse Super Testing Ground.The Chimelong Group owns and operates theme parks in mainland China, with its tourism resorts located at Hengqin District in Zhuhai, Guangzhou and Qingyuan.

The testing is to be constructed into a technology exchange platform with support provided by the government and no participation restrictions while adopting a market-based approach to verify the technical feasibility of the metaverse products and generate large-scale replication and promotion of commercial models.The Chimelong Group also plans to build a Metaverse technology exhibition hall of no less than 3,000 square meters, for the display and integration of Metaverseproducts.A Special Office on Promoting the Development of the Metaverse Industry in the Cooperation Zone has been jointly established by the Economic Development Bureau, Legal Affairs Bureau, Financial Development Bureau, Commercial Service Bureau, and Livelihood Affairs Bureau of Hengqin.In the future, the cooperation zone will launchaThree-Year Action Plan for the Development of Metaverse Industries, while studying and implementingtheSeveral Measures to Promote the Development of Metaverse Industries,so as toprovide institutional protection for the development of the metaverse industries.The acting director of the Economic Development Bureauof Hengqin, Li Ziwei, expressed that the cross-border development characteristics of Metaverse are highly compatible with the development direction of the four major industries high-tech manufacturingandscientific research, Macau-branded industries, tourism and exhibition services, and modern finance in the cooperation zone, and themetaverse industry can promote the construction of Hengqin as an internet industry cluster and international digital trade hub port.At the same time, Zhu Jiaming, chairman of the Academic and Technical Committee of the Hengqin Digital Finance Research Institute, noted that Hengqin can share the international scientific research resources and cultural tourism market in Macau, and the digital economy and high-tech resources of the Greater Bay Area.Hengqin can choose its own advantages and characteristics to develop related industries, attract high-quality corporate resources, to build a regional or even international metaverse base,the scholar added.

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Hengqin to develop 'Metaverse' testing ground together with Chimelong Group - Macau Business

Health authorities have announced today (Wednesday) that the current consolidation period will be extended three more days.

A consolidation period during which the previous partial lockdown restrictions will be gradually eased was initiated on July 23, with some limitations on essential and non-essential businesses eased until midnight of July 30.

Speaking in todays pandemic update press conference, Novel CoronavirusResponse and CoordinationCentre Coordinator Dr.LeongIek Hou stated that authorities decided to await to see if the results of the citywide mass testing drive planned for July 30 and 31 are satisfactory to advance with a new consolidation stage.

Therefore it was decided the current state could be extended by three days until August 2, with health authorities studying if some restrictions could already be lifted during this period.

These could include reopening shopping malls or allowing interior construction works and for outdoor workers to drop the KN95 masks for other models of lower grades, could.

No confirmed cases have been reported in the community for four consecutive days, with yesterday ending with no cases reported, either in controlled key areas or within the city.

According to Leong if the number of infections remains low, further restrictions could be relaxed in the next days, such as allowing for dine-ins.

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Current consolidation period to be extended by three days - Macau Business

The northwestern Chinese city of Dunhuang is more than 2,000 km away from Beijing, but thanks to digital technology, its renowned traditional heritage can be freely enjoyed by the residents of the capital.

Dunghuang is home to the Mogao Grottoes, a UNESCO World Heritage site, elements of which are on display in an ongoing exhibition at the National Base for International Cultural Trade in Beijing. Murals, grottoes, painted sculptures and other splendid items of cultural heritage have been reproduced, while those caves that are now closed have now been reproduced in digital form.

The exhibition area, covering some 1,600 square meters, features the results of research on nearly 50 sets of cultural relics from the Dunhuang Academy.

The No.3 grotto in Dunhuang is a typical example of the ancient frescoes, but it is steadily deteriorating.

There are small blisters on the wall, and these blisters will make the pigment layer fall off. Some experts have concluded that it will not be long before this fresco disappears, said Tang Li, who is in charge of the exhibition.

Although the real grotto in Dunhuang is no longer open to the public, the digitally restored grotto can be preserved forever in the digital space.

Opening in July, the exhibition will last for three years. It is the first time that the Dunhuang Academy has held such a long exhibition in Beijing.

Through digital scanning technology, the buildings, painted sculptures and murals of Mogao Grottoes are scanned, stored and transformed into a digital format.

The 3D scanning and printing technology restores the charm of painted sculptures, while 3D reconstruction and artistic restoration replicate the shape of painted sculptures in the same proportions, said one exhibition lecturer.

The idea of digitalizing Dunhuang culture was first put forward in the late 1980s. The subsequent decades have seen much development and numerous achievements in digital preservation.

By the end of 2021, the digital Dunhuang project had completed the digital collection of 268 grottoes, the image processing of 164 grottoes, and the 3D reconstruction of 45 painted sculptures, 146 grottoes and seven large relics sites. A professional and technical team of more than 100 people have been established.

The Dunhuang Academy has created a set of digital techniques suitable for murals that cannot be moved. In the process, it has not only applied various mature technologies to the digital protection of the grottoes in Dunhuang, but has also established standards for the digitalization of immovable cultural relics.

The protection and revival of Dunhuangs ancient culture is not an isolated case in China. The Yungang Grottoes in Shanxi also have 3D digital archives, which allow precious cultural relics and historical archives to be permanently preserved. Meanwhile, tourists can now enjoy a dynamic experience of the terracotta warriors and horses in Xian through AR technology.

Such projects have provided a means of preserving Chinas splendid cultural heritage for future generations, while making it more widely available both at home and abroad.

Zhao Shengliang, Party secretary of the Dunhuang Institute, said, It is hoped that the digital Dunhuang will not only allow more audiences to experience the artistic charm of Dunhuang, appreciate the outstanding achievements of traditional Chinese culture, enhance artistic appreciation, and enhance cultural self-confidence, but also promote exchanges between cultures along the Belt and Road under new historical conditions.

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Dunhuang's ancient beauty shared in digital form - Macau Business

Mexico said Tuesday it had recovered around 2,500 pre-Columbian artifacts from a private collection in Spain, as part of a campaign to retrieve what it considers stolen heritage.

Carved stone figures, arrowheads and ceramics are among the items handed over by an unnamed family in Barcelona that will be exhibited at Mexico Citys Templo Mayor Museum.

Mexicos archaeological and cultural heritage is being recovered abroad thousands of archaeological pieces that had been stolen, President Andres Manuel Lopez Obrador told reporters.

Since Lopez Obrador took office in December 2018, 8,970 artifacts have been recovered, mostly in Europe, according to Foreign Minister Marcelo Ebrard.

Auction houses and foreign governments usually ask Mexico to prove that the pieces belong to it, Ebrard said.

But in some cases, the Mexican government has successfully argued that sellers must prove the items legal origin, he added.

Some pieces have been recovered through police raids, such as in Italy in 2021.

Belgium stopped an auction in March at the request of Mexico.

Some museums and individuals have also voluntarily returned artifacts, although efforts have been less successful in certain countries such as France, whose auctions Lopez Obrador has branded immoral.

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Mexico retrieves 2,500 artifacts from family in Spain - Macau Business

The Federal Reserve is set to announce another big interest rate increase on Wednesday, the fourth this year, in its ongoing battle to tamp down price pressures that have been squeezing American families.

US central bankers are hoping that their aggressive stance will start to cool red-hot inflation that topped nine percent in June, the highest in more than 40 years, without derailing the worlds largest economy.

President Joe Biden is paying the political cost for surging prices, which he blames mostly on Russias war in Ukraine, which has sent global food and energy prices soaring.

Biden insists the American economy will avoid a recession, but even as hisapproval ratings have cratered, he has supported the Fed in its battle to quell inflation.

Fed Chair Jerome Powell and others have made it clear they are willing to risk a downturn and will keep raising interest rates until they see clear evidence inflation is moving back towards the two percent goal.

The policy-setting Federal Open Market Committee is widely expected to announce another three-quarter-point increase in the benchmark borrowing rate at the conclusion of its two-day policy meeting at 1800 GMT.

From zero at the start of the year, the Fed has raised the policy lending rate to a range of 1.5 to 1.75 percent, which has pushed mortgage rates higher and slowed housing sales for five straight months.

Economists say this has been the most aggressive Fed tightening cycle since the 1980s, when stagflation a wage-price spiral and stagnant growth crippled the US economy.

The challenge for policymakers is to quell inflation before it becomes dangerously entrenched, but without sending the worlds largest economy into a recession that would reverberate around the globe.

While prices have continued to rise, with home prices hitting a new record, there are signs the pace of the increases has begun to slow, which may allow the central bank to ease up on its rate increases.

Global oil prices are trending down, with the US benchmark WTI falling to below $95 a barrel from its peak of more than $123 in March, and gasoline prices at the pump have fallen 69 cents from the record of just over $5 a gallon in mid-June.

Meanwhile, the job market has remained strong, consumer demand has not fallen dramatically, and surveys show inflation expectations in the months ahead have started to trend lower.

Policymakers want to engineer a soft landing, taming inflation without causing a downturn, but economists warn they face an increasingly narrow path to success and it would be easy to overshoot by being too aggressive.

The Fed is now stuck between a rock and a hard place, with no easy way out without the economy feeling pain, KPMG chief economist Diane Swonk said in an analysis, noting that Powell has started to underscore that reality by admitting a recession could occur.

In fact, it is rare that the central bank moves so decidedly without causing a downturn, and there are signs of concern among Fed policymakers.

Kansas City Fed President Esther George dissented at the June meeting, saying she preferred a smaller half-point rate hike and warning that going too fast could be unsettling and raise recession fears.

GDP in the first quarter contracted 1.6 percent, and the first reading on the April-June period is due out Thursday. Though the consensus forecast calls for modest growth, many economists expect a downturn.

Two quarters of negative growth are generally considered a recession, although that is not the official criteria.

But Fed Governor Christopher Waller said he was prepared to move even faster, with an unheard-of full point increase if inflation continued to accelerate.

Swonk said the Fed is in uncharted waters, so uncertainty and disagreement about the course of rate hikes is a natural consequence.

by Heather SCOTT

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Fed poised to attack inflation with another interest rate hike - Macau Business

DEIGNAN AWARD FOR RESPONSIBLE ENTREPRENEURSHIP

Fr. Stephan Rothlin SJ

Director of the Macau Ricci Institute at the University of St. Joseph,

Researcher at the Faculty of Business and Law

of the Faculty of Business and Law of USJ,

CEO of Rothlin International Management Limited, Hong Kong & Beijing

The launching of the Deignan Award for Responsible Entrepreneurship marks a milestone in the development of the ESG (Environmental, Social and Governance) agenda in Macau and in Hong Kong. When I started doing business ethics consulting and research in China, Hong Kong and Macau more than twenty years ago the promotion of the so-called good practices seemed to be an entirely hopeless endeavour in a culture suffering from rampant corruption, widespread labour abuse and a host of unfair trade practices. The awareness of the need to implement Corporate Social Responsibilityor the new catchword ESGhas undeniably risen over the past few years. In fact, facing the renewal of their licenses, corporations are now challenged to demonstrate in a tangible way that their wellbeing and profits benefit the larger society.

There are still lingering doubts about the timing of such an award precisely when so many people simply struggle to survive, and during a period where a growing number of people feeling frustrated about the way the pandemic is handled are considering leaving Macau or Hong Kong.

These doubts need to be taken seriously because the point of such an award would certainly not be to create a mere dreamworld but to initiate a competition which inspires innovation and entrepreneurship, reflecting a sense of fairness and integrity. The ongoing crises, now made more urgent with the prospect of an escalatory trajectory of the war in Ukraine, may offer Macau a healthy wake-up call to break away from its overreliance on monopolies and focus instead on the need of many young people hoping to make their own start in business.

I always felt that the strongest inspiration for ethical behaviour comes when leaders walk the talk and stick to their values. As I had the chance to work over many years with Fr. Alfred Deignan SJ (1927-1918) on different business ethics projects, I felt that the example of this widely esteemed educator with a passion of sharing the values of integrity, compassion and honesty left a decisive mark in various circles of society in Hong Kong and beyond. I felt therefore that in these times of crisis the Deignan Award could be a very inspiring way to demonstrate the positive impact of sound values that are making a difference in our very demanding and competitive marketplaces.

Alfred Deignan who served also as a founding member of the Macau Ricci Institute shared with me his disappointment that often enterprises pay mere lip service to compliance, business ethics, ESG and Corporate Social Responsibility. This frustration over what he sensed was wide ranging hypocrisy as well as some research on the impact of awards by my colleagues inspired me to create an award linked with the memory of this passionate educator. The Deignan Award is meant to remind businesspeople in Hong Kong and Macau that a new paradigm of economics oriented to the benefit of the larger society in contrast to a narrow focus on profit maximization is not only urgently needed but also may be a key to sustainable success in business. I would therefore expect that over time the Deignan Award could mark a combined effort from different players in society seeking to combine entrepreneurship with sound ethical business practices. There is plenty of empirical evidence that a firm commitment to due diligence and good business practices will more and more become a critical factor for success and would for sure minimize a host of risks linked to traditional practices of corruption.

The award obviously presupposes that the candidates are diligent in their compliance with the rule of law and ethical norms. However, a key success factor is to demonstrate that a SME has made some significant progress in a certain area of Responsible Entrepreneurship. This need not require excellence in all the areas of Corporate Social Responsibility. However, a key point is to demonstrate that ethics and law are enhanced as key factors for business success and implemented at all levels in an enterprise.

A unique feature of the Deignan Award is the strong link between entrepreneurship and ethics. There is often a misunderstanding that CSR stands in the way of business success as a kind of roadblock. This is demonstrably false and counterproductive. The Deignan Award will collect empirical evidence showing how much social innovation and entrepreneurship can be enhanced through sound business practices. Another major feature is that we have a sound academic groundwork for the award. Instead of falling into the trap of superficial glamour surrounding all-too-many awards, my colleagues from various sectors of academia in Hong Kong and Macau have been working very diligently to define appropriate criteria for the award. There will be a continuous process of evaluation of ways to define and to improve the award. I am also glad that we have produced a solid body of bilingual materials in English and in Chinese about what Responsible Entrepreneurship and CSR are all about and how they can shape a new business culture.

It is already a positive sign that our teams involve so many different key business players in Macau and in Hong Kong. However, we must work very hard to bring the networks together to debate various aspects of key issues and make sure that the key values of the award which are not financial get the recognition they deserve. We must recognize that there is still a long way to go in bringing about a new economic paradigm.

The usual dynamic is to aim to lay a firm ground in the first and second award cycle with a clear communication strategy about the awards aim and methods. This will be the basis to extend and develop the award so that it will gain prominence beyond Hong Kong and Macau in the Greater Bay Area. With our colleagues we have concluded that it may be prudent to start first in Macau and in Hong Kong and make all the possible efforts to communicate the awards values here. However, from the very beginning we have in mind that SMEs from Mainland China will be able to participate at a later stage.

The slogan and encouraging message of the Deignan Award is: Just do good business.

I think that it is quite tough these days, given several obstacles and restrictions, to be financially successful while still paying full attention to ethics and law. I therefore hope that the Deignan Award will be a modest but significant element in creating like-minded networks of SMEs in Hong Kong and Macau. No matter at which stage of an SMEs development, entrepreneurs need the constant support and inspiration especially from people who have proven that it is worth going the extra mile: that SMEs doing good business are the engine of sustainable economic development. Moreover, I have published a set of 46 cases of Business Ethics under the title Doing Good Business in Chinese (World Scientific Press, 2021) which argues on an empirical basis that sound ethical business truly counts and is rewarded with success in business.

The Deignan Award will hopefully reveal one of Macaus comparative advantages, which is sadly too often overlooked or just simply ignored: Despite or in midst of simplistic misconceptions of Macau as a gambling hub, the Deignan Award could open a host of new perspectives on Macau as a unique platform of intercultural exchange and mutual tolerance, that have been cultivated over centuries and have never been affected by any major violent clashes. In the midst of preconceived and misinformed ideas contrasting what the West and what China may be about, the achievements of award winners will certainly demonstrate how business success actually results from mutual respect and genuine reciprocity, inspiring a constant drive to innovate and listen to each other. Despite or in midst of massive current challenges, Macau and Hong Kong can still be rediscovered as privileged places where their cultural and economic achievements would not have been possible without the mutual embrace of basic tolerance and the genuine joy that personal and business success for sure will benefit the larger society.

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OPINION - Better to light a candle than curse the darkness - Macau Business

Seven workers employed in The Parisian which is currently a designated medical observation hotel have tested positive for Covid-19, health authorities announced today (Thursday).The seven employees under closed-loop management were tested positive during July 10 to July 14, with five of them to be security guardsand two of them involvedin food distribution and other supporting tasks.Some other 30 staff were identified as a high-risk group and have been put under medical observation.Novel CoronavirusResponse and CoordinationCentre Coordinator, Dr.LeongIek Hou, indicated that as some workers in the medical observation hotel are tested positive, the health bureau has decided to extend the number of quarantine days for some people under medical observation.Some 144 people who have already completed the quarantine are required to receive another 5 days of medical observation, while some 29 people who have not completed the isolation are required to have their observation period extended.

After a The Venetian hotel employee was found to have tested positive the Macau Government Tourist Office (MGTO) requested for all hotel workers within the Sands China group to require employees to undergo a daily nucleic acid test for Covid-19.

Staff working in the groups hotels was also asked to avoid entering the community unless necessary and to implement stricter pandemic prevention measures.

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Seven workers at The Parisian test positive for Covid - Macau Business

A Macau SAR government delegation today (Wednesday) addressed human rights concerns in the first of three sessions with the United Nations (UN) Human Rights Committee, regarding the SAR freedom of assembly and sexual minorities rights.

During the ongoing evaluation sessions from July 13 to July 15, the Macau SAR is required to undergo reviews by the Committee of 18 independent international experts on how they are implementing the Covenant as well as the Committees previous recommendations, and discuss Macaus human rights situation with UN officials.

The Human Rights Committee also reports and other submissions from Macau non-governmental organizations addressing several matters in the SAR, with some joining briefings with the Committee.

In the first session held online UN representatives expressed their concerns over the rights to freedom of assembly in the SAR, especially addressing the Macau governments obstruction of the previous remembrance events for the Tiananmen protests and gatherings in support of the Hong Kong democratic movement.

The session was chaired by Photini Pazartzis, Professor of International Law and Director of the Athens Public International Law Centerand member of the UN Human Rights Committee.

Secretary for Administration and Justice Andr Cheong Weng Chon lead a delegation of 17 Macau officials.

Replying to the questions raised by the committee, Adviser of the Office of the Secretary for Security, Zhang Guo Hua, indicated that according to Article 21 of the UN International Covenant on Civil and Political Rights, the rights of freedom of assembly can be restricted based on specific reasons, and the Macau authorities decision of suspending the memorial events for the Tiananmen Incident was made in accordance with the law.

In 2021, the Public Security Police Force (CPSP) refuse the request submitted by the Macau Democratic Development Association to hold the June 4th Tiananmen Incident candlelight assembly, in the name of pandemic prevention.

The association later appealed to the court against the decision made by the police, but the appeal was rejected by TheCourt of Final Appeal for the reason that the event violated the relevant provisions in the Penal Code of Macau and the principle of good faith stipulated in the Code of Administrative Procedure.

The Macau delegation representative stressed in todays session that the judgment made by the court confirmed the illegality of the memorial events for the Tiananmen Incident, and pointed out that there are legitimate reasons to cancel the event if its purpose has violated the Penal Code of Macau.

Also, the adviser emphasized that when the exercises of freedom of speech and assembly have led to the open promotion of provocative, offensive, slanderous, insulting, and ridiculing remarks, the actions of organizing such assemblies are of course unacceptable.

Therefore, the decision of the authorities is made in accordance with the law and is also a final solution, Zhang added.

Meanwhile, the adviser noted that the protests supporting the Hong Kong democratic movement were also banned because the purpose of the event violated the law.

The protests referred aimed to oppose the excessive use of force by the Hong Kong Police but were later prohibited by the SAR government and courts, with some people gathering at the supposed time of the protest at Senate Square detained for questioning and later released.

Zhang declared that the theme of the event was to publicly accuse and condemn the actions conducted by the Hong Kong police authorities, and if the Macau government allows such demonstrations against the Hong Kong police to be held, it will indicate that the government agrees to create a platform to interfere the internal affairs of the neighbouring SAR.

This will violate the basic principles of the SARs constitutional system, the Macau delegation representative said.

Meanwhile, the Head of the Macau Delegation, Secretary for Administration and Justice, Andre Cheong Weng Chon made remarks addressing the concerns over the rights of the sexual minorities and stated that such issues are difficult to handle in Asian societies which are deeply influenced by traditional culture and values.

The secretary stressed that it is challenging to revise laws to obtain more legal protection for sexual minorities before a social consensus is formed since such revisions are difficult to be passed by the Legislative Assembly.

Some UN officials at the end of the evaluation session questioned that the Macau government did not give any substantial response to the sexual minorities issues, including gender markers on transgender citizens identity documents, same-sex marriage and domestic violence laws, and asked the Macau government to provide more concrete measures to promote social awareness and acceptance on the minorities people.

Director of the Legal Affairs Bureau, Liu Dexue responded that the SAR government has set up a special working group a few years ago to conduct a comprehensive and systematic study on these issues.

The representative reiterated that Macau as an Asian society is influenced by oriental traditional culture on the issue of marriage, gender and family, and the authorities also hope to find a solution that can balance the interests of different groups which is in line with social consensus.

We need to focus on the rights of the minorities, but also the majority, Liu said.

Also, the legal affairs bureau director indicated that although Macaus domestic violence law does not specifically include same-sex couples, protection of such rights are involved in other general laws and can be handled in accordance with relevant provisions.

The Macau government initially proposed the inclusion of same-sex co-habitants in the scope of the domestic violence law in 2011, however, the authorities decided to drop the reference to same-sex partners in 2012.

To this date, the government still declines to rectify the exclusion of same-sex partners, in defiance of the recommendation made by the UNs Committee against Torture (CAT).

After the remaining two sessions on July 14 and 15, the UNHuman Rights Committee will then hold a press conference on July 27 to present its conclusions.

Although the Peoples Republic of China has not ratified the ICCPR the international agreements governing the handover of Hong Kong and Macau to China ensured the ICCPR would still apply in both areas, after having its jurisdiction previously extended to both regions by the United Kingdom and Portugal respectively.

The Human Rights Committee is one of theten so-called UN Treaty Bodies the guardians of the nine main international human rights treaties , and is considered alongside other Treaty Bodies as aquasi-judicial body, as it emanates from a legally-binding treaty.

It reviewsthe implementation of the ICCPR by countries on a regular basis, usually every four to eight years, through a dedicatedreview processthat takes into account civil society shadow reports.

Hong Kong and MacausLists of Issues the first stage of review were adopted by the Committee in August 2020 and both regions are now set for formal review during the Committees upcoming session untilJuly 27, 2022.

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Freedom of assembly and sexual minorities' rights discussed in first Macau SAR session with UN Human Rights Committee - Macau Business

MANILA, Philippines The Department of Migrant Workers said it is ready to assist overseas Filipino workers in Macau, especially those who have either tested positive for COVID-19 or are affected by the pandemic-related work suspension there.

All hands are on deck to bring as many COVID-care packages and food packs to OFWs who may have neither the means nor the mobility to buy food and medicines, Migrant Workers Secretary Susan Ople said in a statement on Tuesday.

The Philippine Consulate in Macau already provided food packs to 100 OFWs and is also giving out food,medicines, and vitamins.

Macau has imposed a week-long work suspension from July 11 to 18 at commercial and industrial businesses following a surge in COVID-19 cases. This includes casinos and other non-essential businesses.

The DMW reported that 57 Filipinos residing in red zones or buildings under lockdown and yellow zones or control zones have tested positive for the virus so far.

Quarantine hotels are housing 26 OFWs who have either tested positive for COVID-19 or those who have been exposed to the virus.

With the 26,400 documented OFWs in Macau, 5,295 are working in the hotel and gaming industries.

The DMW said it already met with Department of Foreign Affairs Acting Migrant Workers Undersecretary Eddie de Vega, Philippine Consulate in Macau Consul General Porfirio Mayo Jr., and leaders of the Filipino communities there to harmonize efforts to reach out to as many affected OFWs as possible.

"Based on the assessment of labor attach [and lawyer] Ma. Nena German, the probability of mass retrenchment of workers during the weeklong suspension of non-essential business activities will not take place,"Ople said.

However, the department said it is still monitoring the situation in Macau because of the "No Pay Leave"policy similar to "No Work, No Pay" in the Philippines for the work suspension.

"Our consul general will be using diplomatic channels to bring our concern over this labor policy to the relevant authorities in Macau,"Ople said.

Meanwhile, the Overseas Workers Welfare Administration (OWWA) said active OWWA members who are experiencing COVID-19 symptoms and may need to be isolated or hospitalized can avail of a $200 financial aid from the government.

"All other OFWs, however, may avail of the food packs provided by the consulate for the duration of the suspension period. These requests for assistance are evaluated in accordance with the OWWAs guidelines,"OWWA Administrator Hans Cacdac said.

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DMW ready to assist Macau OFWs caught in work suspension - Philstar.com

The Federal Reserve watchdog has cleared two top officials of wrongdoing over stock trades that created an uproar, prompting several to leave their posts and led to rule changesat the central bank.

A key focus was trading by former Fed vice chair Richard Clarida in February 2020, just as the central bank was preparing to slash interest rates to support the economy, which sent stock prices higher. Clarida resigned in January 2022, two weeks before his term was up.

Fed Chair Jerome Powell also was a target of the probe for trading by his family trust in 2019, during trading blackout periods around Fed policy meetings.

In a memo to Powell, the Office of Inspector General for the Federal Reserve Board, said we did not find evidence to substantiate the allegations that former vice chair Clarida or you violated laws, rules, regulations, or policies related to trading activities.

But they noted that Clarida failed to report the trades in question.

The probe did not cover the activities of Dallas Fed bank chief Robert Kaplan or his Boston counterpartEric Rosengren, who resigned last year amid the controversy.

The watchdog is conducting a separate review on their activities.

Critics say the officials benefited from inside information on Fed policy and interest rates.

The two officials also engaged in large stock trades in 2020, at a time when the central bank was aggressively acting to support the US economy amid the impact of the Covid-19 pandemic.

Clarida reportedly moved between $1 million and $5 million into a stock fund from a bond fund in February 2020, a day before Powell announced the central bank could take action as the Covid-19 pandemic worsened.

Weeks later, the Fed slashed its benchmark lending rate to zero and pumped trillions of dollars of liquidity into the financial system to keep it functioning as the pandemic caused a sharp downturn.

US stock markets plunged, but then shot up in the months to follow in a rally seen as partially fueled by the Feds easy money policies.

Under new rules adopted in January, Fed officials are banned from holding individual stocks, bonds, cryptocurrencies and certain other investments, and cannot trade during periods of heightened financial market stress.

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Fed watchdog clears top officials of violations over stock trades - Macau Business