Asia > Eastern Asia > China > CITIC Telecom plans to invest in Macau

China: CITIC Telecom plans to invest in Macau

2013/06/26

CITIC Telecom International Holdings Limited (CITIC Telecom) plans to invest 1.3 billion Hong Kong dollars over the next three years in technological innovation for Macau telecommunications company Companhia de Telecomunicações de Macau (CTM), the group’s chief executive said Monday in Macau.

Norman Yuen Kee Tong gave assurances that CTM would be equipped with a fibre optic network covering the whole of Macau and the speed of its digital services would increase, particularly Internet access, both in the business sector and for the general people.

The chief executive of CITIC Telecom said that there was no set schedule for introduction of the 4G network in Macau, but noted that by the end of this year or the beginning of next year there would be additional news.

The group presently owns 99 % of CTM following acquisition of the stakes owned by Cable & Wireless Communications and Portugal Telecom of 51 % and 28 %, respectively, for 5.81 billion Hong Kong dollars, and 3.19 billion Hong Kong dollars.

Following this acquisition, the CITIC Telecom group nominated Xin Yue Jiang as chairman and kept the previous executive commission of CTM, currently headed up by Vandy Poon. 

Related Articles
  • Chinese messaging app error sees n-word used in translation

    2017/10/14 Chinese messaging app WeChat has reportedly apologised next an AI error resulted in it translating a neutral Chinese phrase into the n-word .WeChat is blaming machine learning for erroneously converting a neutral phrase meaning ‘black foreigner’ into something far more offensive The WeChat error was reported by Shanghai-based theatre producer and actor Ann James, a black American. In a post on the service’s Twitter-like Moments feature, she wrote that it had translated hei laowai – a neutral phrase which literally means “black foreigner” – as the n-word. “We’re very sorry for the inappropriate translation,” a WeChat spokesperson told Chinese news site Sixth Tone. “Next receiving users’ feedback, we instantly fixed the problem.”
  • 5 charts that show how China is spending billions in foreign aid

    2017/10/14 China's foreign aid is sharply in focus this week with an unprecedented new data trove showing the country's growing global reach and detailing how Beijing spends its cash. In recent decades, the world's second largest economy has evolved from an aid recipient to a net aid donor. But a lack of official information on China's development activities had prevented the international community from understanding where and how the country spends its foreign aid. That's because the government considers its international development finance program to be a "state secret," according to AidData, a research lab at Virginia-based College of William & Mary.
  • Xi squeezing the life out of China’s media'

    2017/10/10 Everyone has their habits at the same time as they return to a favourite place. Landing in Guangzhou recently, my initial act — as always — was to seek out the new edition of Southern Weekend. It was formerly the vanguard of Chinese investigative journalism, exposing crooked officials, dodgy charities and official hypocrisy of all flavours. Its lead story would be an exposé, illustrated by a striking image. The 7 September edition was none of those things. A striking image did fill the front page, but it was of President Xi Jinping. The ‘chairman of everything’ is pictured striding across a marble floor, looking calm, composed and exhaustively pleased with himself as he prepares to address the media at the conclusion of the 9th BRICS Forum in Xiamen.
  • The Infrastructure Megaproject

    2017/10/03 The Infrastructure Megaproject To help simplify and increase cross-border trade, the top priority of BRI is infrastructure development While infrastructure development is focused on transportation, particularly railways inclunding highways and ports, it as well includes the telecommunications and energy sectors BRI projects will benefit infrastructure development specialists in China and around the world, create jobs for local people along the Belt and Road and help world distributors of a wide variety of goods reach new and existing markets faster
  • A single city in China built more skyscrapers last year than the US and Australia combined

    2017/10/03 China’s skyscraper craze reached another new high last year.