Economy

Lawmakers pass a MOP 109.61 billion patacas record budget bill for 2018

The Legislative Assembly (AL) Wednesday passed the government’s 2018 budget bill, according to which the government expects a total expenditure of 109.61 billion patacas (US$13.7 billion)next year, a year-on-year increase of 14.5 percent, or 13.89 billion patacas.

14 Dec, 2017

Macau gets new free public wireless service

Cooperating with different Internet service providers, the Macau Post and Telecommunications Bureau (CTT) launched its free Wi-Fi hotspot — FreeWiFLMO - at the Communications Museum in Estrada D. Maria II Wednesday.

14 Dec, 2017

Chui vows to remove Macau from EU ‘tax haven’ list

The Macau government will thoroughly study the European Union’s official documentation on its recent decision to include Macau on its controversial list of 17 “non-cooperative tax jurisdictions”, Chief Executive Fernando Chui Sai On said Tuesday, stressing the aim was to convince Brussels to remove Macau from the list.

13 Dec, 2017

Govt rejects Macau’s ‘biased’ tax haven label by EU

The Macau government Tuesday rejected the European Union’s “unilateral and biased” decision to include Macau in a blacklist of 17 tax havens.

6 Dec, 2017

Central government ask for adjustments in the airport expansion

Macau Civil Aviation Authority (AACM) President Simon Chan Weng Hong said Monday that adjustments were needed for the local airport expansion project after central government officials reviewed it.

5 Dec, 2017

Taipa LRT to be completed on time and within budget

Secretary for Transport and Public Works Raimundo do Rosário said he was confident that the Taipa section of the Light Rail Transit (LRT) project will not run further over budget - i.e. the total cost of the project will not exceed 11 billion patacas (US$1.375 billion).

30 Nov, 2017

Macau’s trade deficit totals US$6.391 billion between January and October

The Macau balance of trade posted a year-on-year increase of 1.512 billion patacas between January and October to 51.131 billion patacas (US$6.391 billion), the region’s Statistics and Census Bureau said.

29 Nov, 2017

Macau GDP Q3 growth slows to 6.1 pct

Macau’s gross domestic product (GDP) grew by 6.1 percent year on year in real terms in the third quarter, a marked slowdown compared to economic growth of 11.3 percent in the first quarter and 10.8 percent in the second quarter, the Statistics and Census Bureau (DSEC) said Thursday.

24 Nov, 2017

macau government spending in 2018

Macau government spending to surpass MOP100 billion for the first time

According to the bill, the government expects total receipts of MOP119.17 billion next year, MOP16.23 billion more than this year’s budget, up 15.8 percent. Government expenditure next year is budgeted at MOP109.61 billion.

21 Nov, 2017

Banco Well Link holds opening ceremony

Macau’s newest lender, Banco Well Link, held its formal inauguration ceremony on its Bank of China Building premises announcing that it plans to start retail counter services “in due course”.

8 Nov, 2017

Macau government reserves

Macau government reserves amount to US$62.8 billion

The government’s current reserves amount to MOP505.2 billion (US$62.8 billion), Secretary for Economy and Finance Lionel Leong Vai Tac said in the legislature.

8 Nov, 2017

Exhibitors eye “Belt and Road”opportunities at MIF

Over 1,000 enterprises from about 50 countries and regions are showing their products and services at the 22nd Macau International Trade and Investment Fair (MIF), hoping to network and get into partnerships with those along the “Belt and Road”

20 Oct, 2017

Macau GDP forecast

IMF forecasts 13.4% GDP growth this year

The International Monetary Fund (IMF) has raised its forecast of Macau’s gross domestic growth (GDP) to 13.4 percent for this year, according to its World Economic Outlook – October 2017.

12 Oct, 2017

Monetary regulator bars lenders from ICO market

The Macau Monetary Authority (AMCM) urged local banks and other payment institutions Wednesday to refrain from providing services of initial coin offerings (ICOs) and cryptocurrencies.

28 Sep, 2017

Macau hosts meeting to discuss traditional Chinese medicine cooperation

A symposium on international cooperation in traditional Chinese medicine (TCM) kicked off in Macau Wednesday, focusing on the standardisation of TCM and its entry into the global market.

28 Sep, 2017

Local management skills improve from last year

The findings of a survey carried out by the Macau Management Association (MMA) released Monday show that management staff skills in local companies have improved this year.

26 Sep, 2017

Hato typhoon is reminder for need for Macau diversification

Economic Services Bureau (DSE) Director Tai Kin Ip said Sunday that last month’s Hato disaster has made Macau’s civil society “fully” realise the “complexity of the reality”, adding that the government would think “deeply” about how to diversify the local economy in order to consolidate the city’s industrial structure.

25 Sep, 2017

Macau Service Complex to be built by Omas

The new Service Complex for Economic Cooperation between China and Portuguese-speaking countries will be built by Companhia de Construção e Engenharia Omas, Limitada for MOP 692.8 million (US$ 86.1 million), according to the Land, Public Works and Transport Bureau (DSSOPT).

25 Sep, 2017

BNU celebrates 115 years in Macau

Caixa Geral de Depósitos (CGD) and Banco Nacional Ultramarino de Macau are strong believers and supportive of the Chinese and Macau governments’ mission to make the territory a platform for closer commercial relations between China and Portuguese speaking countries, said Wednesday CGD Chief Executive Officer, Paulo Macedo.

21 Sep, 2017

Hato insurance claims reach 2.9 billion patacas: new monetary chief

Newly-appointed Macau Monetary Authority (AMCM) President Benjamin Chan Sau San said Tuesday the latest figures showed that the insurance claims filed in the wake of Super Typhoon Hato have reached 2.9 billion patacas (US$ 363 million).

20 Sep, 2017