Economy

Macau and China add protocol to the agreement to avoid double taxation

The Macau Special Administrative Region (MSAR) and China’s State Administration of Taxation in Beijing signed an additional protocol to the agreement to avoid double taxation and prevent tax evasion, officials said in Macau. The Additional Protocol, the third, according to the statement released by the Office of the Secretary for Economy and Finance includes reducing … Continue reading "Macau and China add protocol to the agreement to avoid double taxation"

21 Jul, 2016

VIP baccarat is the main source of revenue from Macau’s casinos in 1st half

VIP baccarat remained the main source of gross revenue from Macau casinos in the first half of 2016, according to data released Monday by the Gaming Inspection and Coordination Bureau. Gross revenue from Macau casinos amounted to MOP 107.787 billion (US$13.473 billion), and revenues from VIP baccarat totalled MOP 56.980 billion (US$7.1225 billion), accounting for … Continue reading "VIP baccarat is the main source of revenue from Macau’s casinos in 1st half"

20 Jul, 2016

JLL says Macau property prices ‘already’ hit bottom

Property prices have “already” hit rock bottom but there won’t be a sharp rebound unless the city’s infrastructure and the economy are improved, Jones Lang LaSalle (JLL) Macau’s residential property chief Jeff Wong Chi Wai said on Thursday. Wong made the comments during a media briefing at his office about the global real estate services firm’s Macau … Continue reading "JLL says Macau property prices ‘already’ hit bottom"

15 Jul, 2016

Diversifying Macau’s economy with different types of slot machines

The Director of the Gaming Inspection and Coordination Bureau (DICJ), Paulo Martins Chan, stated his belief that if Macau wants to diversify its economy and achieve sustainable development, the gaming industry must undergo a period of structural adjustment, according to a statement released by the DICJ. In achieving economic diversification, Chan suggested that casinos could … Continue reading "Diversifying Macau’s economy with different types of slot machines"

14 Jul, 2016

Macau’s vehicle imports drop 53 per cent in January-May

Macau’s imports of motor cars and motorcycles dropped by 53 per cent year-on-year to 529 million patacas in the first five months of the year, the Statistics and Census Bureau (DSEC) announced on Wednesday. Mobile phone imports fell by 50.5 per cent to 1.97 billion patacas. Imports of watches decreased by 42.3 per cent to … Continue reading "Macau’s vehicle imports drop 53 per cent in January-May"

30 Jun, 2016

Macau government forecasts Brexit impact will be ‘limited’

The impact of Great Britain’s referendum to leave the European Union (EU) will have a “relatively limited” impact on Macau, a statement by the office of Secretary for Economy and Finance Lionel Leong Vai Tac predicts. According to the statement issued on Friday, Leong held a meeting with the Macau Monetary Authority (AMCM) on Friday … Continue reading "Macau government forecasts Brexit impact will be ‘limited’"

27 Jun, 2016

Prices in Macau continue to slow in May

Consumer prices in Macau in May continued to slow, with year on year inflation at a rate of 1.64 per cent, or 38 basis points less than in April, said the region’s Statistics and Census Bureau (DSEC). A chart provided by DSEC in the statement on May’s CPI shows that the general index has been … Continue reading "Prices in Macau continue to slow in May"

23 Jun, 2016

Macau’s GDP to fall 5.9 per cent in 2016, return to growth in 2017

Macau’s real GDP will contract by 5.9 per cent this year because of a fall in gambling revenue but will return to growth in 2017. This is the forecast of a report on Macau for the second quarter of this year by the Economist Intelligence Unit (EIU), published in London on June 20. It said … Continue reading "Macau’s GDP to fall 5.9 per cent in 2016, return to growth in 2017"

21 Jun, 2016

Leong hopes to tighten Macau-Zhejiang ties

Secretary for Economy and Finance Lionel Leong Vai Tac said on Monday the government hoped to boost co-operation between Macau companies and their counterparts in Zhejiang, adding that the cultural and commercial exchanges between the two places were becoming more frequent. Addressing the founding ceremony of the Association of Zhejiang Entrepreneurs of Macau at Macau … Continue reading "Leong hopes to tighten Macau-Zhejiang ties"

7 Jun, 2016

Macau can help mainland firms expand says IPIM chief

Macau can assist mainland enterprises in expanding their businesses in Portuguese-speaking countries and markets along the “Belt and Road” by providing construction-finance matching services, Macau Trade and Investment Promotion Institute (IPIM) President Jackson Cheong was quoted by Xinhua News Agency. Cheong made the remarks in a speech at the opening session of the 7th International … Continue reading "Macau can help mainland firms expand says IPIM chief"

3 Jun, 2016

Macau ranks ninth in competitiveness of Chinese cities

The latest report released by the Chinese Academy of Social Sciences on competitiveness of cities, has placed Macau at ninth, according to a note published this week by the Macau University of Science and Technology. The release of the Chinese Urban Competitiveness Report marks the 14th anniversary of the publication. The report includes 294 cites, … Continue reading "Macau ranks ninth in competitiveness of Chinese cities"

3 Jun, 2016

Extension of CEPA agreement comes into force

The agreement on trade in services between mainland China and Macau, which came into effect on Wednesday, 1 June, will allow companies from 153 areas of activity to offer their services in the interior of China. The document, which is an extension of the Closer Economic and Trade Partnership Arrangement between China and Macau (CEPA) … Continue reading "Extension of CEPA agreement comes into force"

2 Jun, 2016

Macau’s balance trade deficit decreases in Q1

Macau’s balance of trade deficit from January to April showed a 23.9 per cent year-on-year decrease to 19.331 billion patacas (US$2.416 million), reported the Statistics and Census Bureau. The data available on the Bureau’s website shows that the trade deficit in the same period of 2015 amounted to 25.451 billion patacas. The deficit registered in … Continue reading "Macau’s balance trade deficit decreases in Q1"

2 Jun, 2016

Macau’s vehicle imports drop 52.1 per cent in January-April

Macau’s imports of motor vehicles – cars and scooters – dropped by 52.1 per cent year-on-year to 434 million patacas in the first four months of the year, the Statistics and Census Bureau (DSEC) announced on Tuesday. Imports of mobile phones fell by 54.7 per cent year-on-year to 1.6 billion patacas. Imports of gold jewellery dropped by 24.3 per … Continue reading "Macau’s vehicle imports drop 52.1 per cent in January-April"

1 Jun, 2016

Macau GDP shrinks 13.3 per cent in Q1

Macau’s gross domestic product (GDP) shrank by 13.3 per cent year-on-year in real terms in the first quarter, the Statistics and Census Bureau (DSEC) said in a statement on Monday. The bureau attributed the decrease in the city’s economic output mainly to “the continuous decline in exports of services and decrease in investment.” According to … Continue reading "Macau GDP shrinks 13.3 per cent in Q1"

31 May, 2016

Casino crimes rise 56 per cent in Q1

Secretary for Security Wong Sio Chak said on Monday that the number of gaming-related crimes rose by 55.9 per cent year-on-year in the first quarter of the year. Wong announced the city’s crime figures for the first three months of the year during a press conference at his office in Cotai. According to Wong, gaming-related … Continue reading "Casino crimes rise 56 per cent in Q1"

31 May, 2016

Macau’s inflation slows to 3.02 per cent in April

Macau’s composite consumer price index (CPI) rose by 3.02 per cent year-on-year last month, down by 0.29 percentage points from the 3.31 per cent growth in March, the Statistics and Census Bureau (DSEC) announced on Tuesday. For the 12 months ended in April 2016, the average composite CPI rose by 4.09 per cent from the … Continue reading "Macau’s inflation slows to 3.02 per cent in April"

25 May, 2016

Macau unionist urges integration of festivals and non-gaming attractions

Macau’s six gaming operators should integrate the promotion of their non-gaming attractions with the city’s festivals and major annual events such as the Macau Grand Prix, Leong Sun Iok, a vice-president of the Macau Federation of Trade Unions, said last Sunday. Leong, who heads the Gaming Employees Home, a subsidiary of the federation, spoke to … Continue reading "Macau unionist urges integration of festivals and non-gaming attractions"

23 May, 2016

Macau’s residential property prices fall 4.2 per cent in Q1

The average price of residential units decreased by 4.2 per cent quarter-to-quarter to 72,955 patacas per square metre of usable area in the first quarter, the Statistics and Census Bureau (DSEC) announced on Tuesday. The average price of pre-sale residential units dropped by 8.9 per cent to 94,165 patacas per square metre. The average price … Continue reading "Macau’s residential property prices fall 4.2 per cent in Q1"

18 May, 2016

BNU donates 1.6 million patacas to Macau’s oldest charity

Local Portuguese lender BNU has donated 1.6 million patacas to Tung Sin Tong, the city’s oldest charitable organisation. According to a BNU statement issued on Tuesday, BNU Chief Executive Officer Pedro Cardoso handed the donation to Tung Sin Tong President Chui Sai On at the social welfare body’s headquarters last Friday. Tung Sin Tong has … Continue reading "BNU donates 1.6 million patacas to Macau’s oldest charity"

11 May, 2016