Luso International Banking Assistant General Manager Chan Wai Shing said on Tuesday that he believed local lenders’ earliest interest rate hike would possibly happen in the latter half of next year. Chan made the remarks on the sidelines of the launching ceremony for the bank’s three-currency Unionpay credit card at the Macau Tower, involving the … Continue reading "Banker predicts possible rate hike in Macau in 2nd half of 2016"
30 Dec, 2015
Macau had 182,246 non-resident workers at the end of last month, up 9 percent year-on-year, the government’s Human Resources Office (GRH) announced this week. Some 70.1 percent of the workers were imported from the mainland (116,941), Hong Kong (9,144) and Taiwan (1,636). Other major segments came from a number of foreign countries, namely the Philippines … Continue reading "Macau’s imported workers rise 9 percent to over 182,000"
30 Dec, 2015
Prices in Macau registered annual growth of 3.77 percent in November, due to the increase in housing rental and charges for meals bought outside the home, reported the Statistics and Census Bureau. The Bureau also said the annual change in prices in November was significantly lower than that recorded a month earlier, in October, when … Continue reading "Annual inflation in Macau slows in November to 3.77 percent"
29 Dec, 2015
Macau Trade and Investment Promotion Institute (IPIM) Executive Director Gloria Batalha Ung said that in order to provide better assistance to local enterprises, small- and medium-sized enterprises (SMEs) in particular, to develop their business ties with the Portuguese-speaking countries, the institute planned to set up representative offices in Lisbon and Sao Paulo. Ung also said … Continue reading "Macau Trade and Investment Promotion Institute to open offices in Lisbon & Sao Paulo in Q2 or Q3"
15 Dec, 2015
Macau’s economy will resume growth in 2017, at a rate of 4.6 percent, after ending 2015 with a contraction of 23.0 percent and continuing in negative territory in 2016, with -2.7 percent, according with the most recent forecasts from the Economist Intelligence Unit (EIU). Gross fixed capital formation, or investment, which in 2014 recorded exceptional … Continue reading "Macau’s economy to resume growth in 2017"
15 Dec, 2015
According to figures from the Ministry of Commerce, trade between mainland China and Macau has increased by 32 percent year on year to reach USD3.95 billion for the first ten months of 2015. The mainland’s exports to Macau rose by 34.6 percent year on year to USD3.79 billion during the January–October period. Macau’s exports to … Continue reading "Mainland-Macau trade up 23 per cent in first 10 months of 2015"
14 Dec, 2015
Secretary for Economy and Finance Lionel Leong Vai Tac said that no casinos are using Alipay, a third-party on-line payment platform affiliated to Alibaba Group. The policy secretary also said the government would ensure that all transactions through Alipay be dealt with in line with official regulations. Leong made the remarks on the sidelines of … Continue reading "Macau casinos don’t use Alipay said Leong Vai Tac"
14 Dec, 2015
The construction budget for the new Pac On Terminal in Taipa is to be controlled at below MOP3.8 billion, the head of the Infrastructure Development Office, Chau Vai Man told the Assembly. This updated price tag quoted by the Office has ballooned compared to the total construction of MOP 3.28 billion estimated in 2014. Chau … Continue reading "Construction budget for Macau Pac On Terminal on leash"
11 Dec, 2015
The head of the Civil Aviation Authority, Simon Chan, says passenger flow will be positively affected with the opening of the Hong Kong-Zhuhai-Macau bridge. Simon Chan has also hailed improvements being done at the Macau International Airport. The President of the Civil Aviation Authority believes that the Hong Kong-Zhuhai-Macau Bridge will have a significant and … Continue reading "HK-Zhuhai-Macau Bridge good for passenger flow says Simon Chan"
4 Dec, 2015
Macau’s goods exports to mainland China under the Closer Economic Partnership Agreement (CEPA) totalled 89.39 million patacas between January and November, according to the Macau Economic Services (DSE). In November the value of exported goods amounted to 12.5 million patacas, an increase of 114.2 percent over the figure for October, a month in which exports … Continue reading "Macau increases exports to China under CEPA"
3 Dec, 2015
Macau’s economy in the third quarter contracted a fifth straight quarter as the world’s largest gambling hub was pummelled by an economic slowdown in the mainland and the central government’s attack on corruption which scared off high-rollers. The city, which relies on gamblers for about two thirds of economic output, saw its gross domestic product … Continue reading "Macau GDP shrinks 24 pct for 5th straight quarter"
1 Dec, 2015
Macau and China’s mainland have signed a new agreement under the framework of the Closer Economic Partnership Arrangement (CEPA), further liberalizing trade in services. The new deal, signed in Macau on Saturday, will further expand the total areas of the mainland economy that are fully or partially open to Macau providers of services to 153 … Continue reading "Macau and China’s mainland ink new deal on trade services under CEPA"
30 Nov, 2015
Local airport operator CAM repaid 86.39 million patacas to the government this year, as part of its repayment plan involving a 1.647 billion patacas loan from the Treasury, Finance Services Bureau (FSM) Director Iong Kong Leong said on Wednesday. The loan was used by the airport to repay the money it borrowed from a number … Continue reading "Airport repaid Macau government 86 million patacas in 2015"
26 Nov, 2015
Macau’s inflation rate slowed further to 4.16 percent last month said the Statistics and Census Bureau (DSEC). A DSEC statement attributed the increment to higher residential rents and rising cost of eating out. The consumer price index of alcoholic beverages and tobacco rose by 34.29 percent year-on-year. The price index of education rose by 8.96 … Continue reading "Macau inflation slows down to 4.16 percent"
24 Nov, 2015
Portuguese state bank Caixa Geral de Depósitos (CGD) posted a profit of 3.4 million euros in the period from January to September, a decrease of 92 percent over the amount recorded in the same period of 2014, the bank said in a statement. In a statement on accounts in the first nine months of the … Continue reading "BNU Macau helps secure income for Portuguese state bank Caixa Geral de Depósitos"
17 Nov, 2015
The government should establish an investment fund to manage Macau’s financial reserves, said Delta Asia Financial Group Chairman Stanley Au Chong. Au made the appeal on the sidelines of a banquet celebrating the 80th anniversary of the founding of Banco Delta Asia, a local bank owned by the group, at Grand Hyatt Macau in Cotai … Continue reading "Banker calls for Macau government investment fund"
17 Nov, 2015
The average daily wage of non-resident construction workers increased by 8.5 percent to MOP661 in the last quarter due to a surge in demand, according to data from the government. In particular there has been an increase in demand for labourers engaging in interior finishing works of large-scale entertainment facilities, currently in progress in Cotai. … Continue reading "Macau non-resident construction wages soar 8.5 percent"
5 Nov, 2015
According to government data, growth in retail receipts has fallen to its lowest rate since 2004 – a slowdown in the year-on-year growth to only 4.3 percent, which amounts to a total of MOP 68.75 billion. The authorities suggested that the reason for this change might be a slowdown in visitor spending. Information released by … Continue reading "Growth in retail receipts falls to lowest since 2004"
3 Nov, 2015
The unemployment rate for the July-September period has remained stable with little change compared with the June-August period, according to data from the government. The unemployment rate remained at 1.9 percent, with the number of unemployed up by 100 to 7,600 persons. Of the total labor force of 402,500, labor force participation also remained at … Continue reading "Macau unemployment rate remains stable"
29 Oct, 2015
Trade between the Chinese mainland and Macau increased by 35.2 percent year-on-year to USD3.56 billion during the first nine months of 2015, the Ministry of Commerce revealed on Tuesday. The mainland’s exports to Macau rose by 37.4 percent year-on-year to USD3.42b during the January-September period. The MSAR’s exports to the mainland totaled USD140m, a decrease … Continue reading "Mainland-Macau Trade rises 35.2 percent in nine months"
28 Oct, 2015