20


narrow Macau International Airport Company Limited (CAM) made a net loss of MOP93.7 million (US$12 million) in 2010. That compares with a net loss of MOP158 million the previous year. In 2010, CAM’s total turnover was MOP582 million, up by 8.1 percent year-on-year. The operating pro t (earnings before interest, taxes, depreciation and amortisation) rose 33.8 percent to MOP156.5 million. By the end of 2010, there were 15 airlines operating 25 destinations to Macau, which recorded passenger traf c of 4.08 million and cargo volume of 52,000 tons and 37,000 aircraft movements.


Airport losses


Air Macau gets new chairman


Everything OK T


JULY 2011


Air Macau has announced that Zheng Yan is the company’s new chairman of the board of directors. Mr Zheng has already been the president of the company’s executive committee since 2008, a position he will maintain. He replaces Zhao Xiao, who is serving Air China Limited, Air Macau’s majority shareholder, as vice president.


No wrong doing by Tai Fung bank on compulsory squaring of FX contracts, says regulator


he monetary authority has concluded that there was no wrongdoing by Tai Fung bank in a case of compulsory squaring of open positions under


margined FX contracts. A total of 882 bank customers had complained to the monetary authority. “The bank involved squared the open positions in accordance with the related


provisions of the margined FX transaction contracts executed between the bank and its clients,” the authority said. According to prior reports, the compulsory position squaring was conducted


on March 17, when the market exhibited tumultuous  uctuations arising from the strong earthquake and subsequent nuclear leakage in Japan.


Fiscal reserve only in 2012


The new  scal reserve fund will only be enacted in early 2012, according to the latest government revised bill. The Legislative Assembly has been discussing the law proposal for more than seven months already. According to the government, a total of MOP152.9 billion will initially be allocated to the new fund (including the creation of a new foreign exchange reserve).


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