Economy

BNU plans to open Hengqin branch

Local lender Banco Nacional Ultramarino (BNU) is applying to the mainland authorities to set up a branch on Hengqin Island, the Portuguese bank’s executive director Ronald Kan Cheok Kuan said on Thursday, adding that BNU was also in discussion with the University of Macau (UM) about opening a branch on its new campus on the … Continue reading "BNU plans to open Hengqin branch"

28 Aug, 2015

Macau inflation returns to 4.76 percent in July

The consumer price index last month rose by 4.76 percent year-on-year to 106.13, down from 4.91 percent the preceding month, reported the Statistics and Census Service. The increase was said to be due to higher rentals for dwelling and rising costs of eating out. Compared to July 2014, notable hikes were seen in the price … Continue reading "Macau inflation returns to 4.76 percent in July"

26 Aug, 2015

Macau police nab 17 for 350 million patacas card fraud

Police have arrested 17 men and women on suspicion of credit card fraud involving the equivalent of 350 million patacas, a Judiciary Police (PJ) spokesperson said during a special press briefing on Tuesday. The spokesperson said the police recently received a tip-off that several jewellery shops and electronics shops in ZAPE were using POS (point … Continue reading "Macau police nab 17 for 350 million patacas card fraud"

26 Aug, 2015

Macau app hacks bank account to steal money

A Judiciary Police (PJ) spokesperson said on Monday a man lost over 6,000 yuan to a suspicious app after it had gained access to his bank account through his phone. The spokesperson told a regular Monday’s press briefing the victim told the police that after connecting to a local WiFi network in a public place … Continue reading "Macau app hacks bank account to steal money"

25 Aug, 2015

Real estate market of Macau rebounds in Q2

The number and value or real-estate transactions rebounded in the second quarter after three consecutive quarters of decline, the Statistics and Census Bureau (DSEC) announced on Monday. In the second quarter, 3,038 building units and parking spaces were bought and sold at 18.03 billion patacas as per stamp duty records, up by 63.7 percent and … Continue reading "Real estate market of Macau rebounds in Q2"

18 Aug, 2015

Yuan devalution could negatively impact mass gaming market in Macau

Macau’s mass gaming market could be negatively impacted by China’s devaluation of the yuan, according to Union Gaming Research analyst Grant Govertsen. “Based on the current two-percent decline in value of the renminbi, we would expect the mass market story to be negatively impacted by up to two percent over the coming weeks or months,” … Continue reading "Yuan devalution could negatively impact mass gaming market in Macau"

13 Aug, 2015

Macau new mortgage loans increase in June

The latest statistics from the Monetary Authority of Macao indicate that new approvals of both residential mortgage loans (RMLs) and commercial real estate loans (CRELs) have increased in June. The total outstanding balance on the loans also witnessed an increase. June recorded MOP3.9 billion worth of new residential mortgage loans being approved by Macau banks, … Continue reading "Macau new mortgage loans increase in June"

12 Aug, 2015

Li Ning tells aspiring entrepreneurs from Macau: seize opportunities when facing challenges

Gymnast-turned-entrepreneur Li Ning had a simple message for local youths aspiring to start a business on Monday: don’t be fazed by any hurdles or challenges and look for opportunities that lie beneath them. Li was a speaker of a seminar co-organized by the Macau Trade and Investment Promotion Institute (IPIM) and the Macau Youth Entrepreneur … Continue reading "Li Ning tells aspiring entrepreneurs from Macau: seize opportunities when facing challenges"

11 Aug, 2015

Austerity measures averted in Macau for now

Considering that the city’s average monthly gross gaming revenue continues to exceed the 20 billion patacas threshold stipulated by the 2015 Budget Amendment Law, there is no need for the implementation of austerity measures for the time being, Secretary for Economy and Finance Lionel Leong Vai Tac said in a written statement released by his … Continue reading "Austerity measures averted in Macau for now"

4 Aug, 2015

Macau gold jewellery imports drop 1/3 in H1

Macau’s gold jewellery imports dropped 32.2 percent year-on-year to 3.4 billion patacas in the first half of the year, the Statistics and Census Bureau (DSEC) has announced. Imports of watches fell 11.8 percent to 3.4 billion patacas, while those of handbags and wallets dropped 18.3 percent to 1.5 billion patacas. Construction materials imports decreased 10.4 … Continue reading "Macau gold jewellery imports drop 1/3 in H1"

3 Aug, 2015

Austerity measures possible, public finances stable

Chief Executive Fernando Chui Sai On said on Tuesday that if, as predicted, this month’s gross gaming revenue drops to about 18 billion patacas the government would implement certain austerity measures, a possible move announced by Secretary for Economy and Finance Lionel Leong Vai Tac earlier this month. Chui, who made the remarks on the … Continue reading "Austerity measures possible, public finances stable"

29 Jul, 2015

Macau blue card holders rise 16 pct to 180,523 in June

The number of non-resident workers, commonly known as blue card holders, rose 16.2 percent year-on-year to 180,523 at the end of June, the Human Resources Office (GRH) announced on Monday. The number increased by 1,107 between May and last month. Mainlanders accounted for 65 percent of all imported labour. Other major segments were hired from … Continue reading "Macau blue card holders rise 16 pct to 180,523 in June"

28 Jul, 2015

Leong doesn’t expect July’s casino revenue to top 18 billion patacas

Secretary for Economy and Finance Lionel Leong Vai Tac said on Saturday that while the statistics for July’s gross gaming revenue are not available yet, he estimated that the figure will not exceed 18.355 billion patacas ( US$ 2.294 billion), the so-called “red line” set by the government for austerity measures to be put in … Continue reading "Leong doesn’t expect July’s casino revenue to top 18 billion patacas"

27 Jul, 2015

Closer trade ties expected between Guangdong FTZ, HK and Macau

Efforts are well underway to create even closer economic ties between China (Guangdong) Pilot Free Trade Zone, and Hong Kong and Macau. “Cooperation with Hong Kong and Macau has always been what distinguishes Guangdong free trade zone from China’s three other free trade zones,” said He Li, deputy director of the Guangdong sub-administration of China … Continue reading "Closer trade ties expected between Guangdong FTZ, HK and Macau"

23 Jul, 2015

Macau’s inflation rate slows to 4.91 percent in June

Macau’s composite consumer price index (CPI) for June rose 4.91 percent year-on-year, down slightly from the 4.93 percent growth in the previous month, the Statistics and Census Bureau (DSEC) announced on Tuesday. The bureau said last month’s increase was mainly due to higher housing rents and the rising cost of eating out and renting parking … Continue reading "Macau’s inflation rate slows to 4.91 percent in June"

22 Jul, 2015

JLL foresees a stable property market in Macau before end of the year

The local property market will go through a “mild correction” of 5 percent in the third quarter, with a possibility of a growth in the fourth quarter with the release of new flats, real estate agencies said on Wednesday. The local offices of Hong Kong-based real estate agencies Jones Lang LaSalle (JLL) and Centaline separately … Continue reading "JLL foresees a stable property market in Macau before end of the year"

16 Jul, 2015

Macau residential and commercial mortgage loans decline

New approvals of residential mortgage loans (RMLs) and commercial real estate loans (CRELs) declined in May 2015, according to statistics released by the Monetary Authority of Macau on Monday. In May 2015, new RMLs approved by Macau banks decreased 14.5% month-to-month to MOP 3.7 billion; of which, 96.3% was extended to residents. In terms of … Continue reading "Macau residential and commercial mortgage loans decline"

15 Jul, 2015

Chinese online payment Alipay now accepted in Macau shops and restaurants

Local shops and restaurants installed with Macau Pass card reading terminals can now apply to upgrade them so that they can also accept payments made by Alipay Wallet mobile application and UnionPay QuickPass cards, Macau Pass’s managing director George Zhang announced on Friday at Macau International Electronics & Global Audiovisual Expo 2015. “This new service … Continue reading "Chinese online payment Alipay now accepted in Macau shops and restaurants"

8 Jul, 2015

Home prices down 30 pct, no sign of growth in second quarter

Housing prices have dropped 30 percent from their peak and there is no sign of growth in the number of transactions, supply or price during the second half of this year, Ricacorp Macau Managing Director Jane Liu Zee Ka said on Wednesday. Liu made the remarks during a press conference at the Emperor Hotel in … Continue reading "Home prices down 30 pct, no sign of growth in second quarter"

2 Jul, 2015

Macau jobless rate rises to 1.8 pct

Macau’s estimated jobless rate rose by 0.1 percentage point to 1.8 percent in March-May from the February-April survey period, the Statistics and Census Bureau (DSEC) announced on Monday. Year-on-year, the rate also increased by 0.1 percentage point. The city’s total labour force stood at 405,700 and the labour force participation rate amounted to 74 percent … Continue reading "Macau jobless rate rises to 1.8 pct"

30 Jun, 2015