Economy

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

Macau exports and imports fall in May

Macau’s exports and imports fell in May, the Statistics and Census Bureau (DSEC) said on Monday. Exports fell 5.9 percent year-on-year to just 874 million patacas. Re-exports accounted for 82.2 percent of all exports. Both Re-exports and domestic exports were down. Imports dropped 4.3 percent to 6.9 billion patacas, resulting in a trade balance deficit … Continue reading "Macau exports and imports fall in May"

30 Jun, 2015

Macau’s imported workers reach 179,416

Macau’s number of imported workers – popularly known as blue card holders – reached 179,416 at the end of last month, up 17.8 percent year-on-year, the Human Resources Office (GRH) has announced. Macau’s total workforce stood at 405,800 in April, according to the latest available employment figures by the Statistics and Census Bureau (DSEC). Mainlanders … Continue reading "Macau’s imported workers reach 179,416"

26 Jun, 2015

Macau’s GDP expected to contract 24 pct in 2015, EIU says

The Economist Intelligent Unit (EIU) has significantly increased its economic contraction forecast for the Macau economy this year to 24.0 percent, according to a report produced on 17 June. In the previous report, produced five days before, on 12 June, for this year the EIU outlined a contraction of just 6.0 percent. The EIU also … Continue reading "Macau’s GDP expected to contract 24 pct in 2015, EIU says"

25 Jun, 2015

Leong hopes to strike Macau-Guangdong investment deal today

Secretary for Economy of Finance Lionel Leong Vai Tac said on Thursday he hoped that through today’s meeting with Guangdong officials the two sides could reach an agreement on the framework for the local government’s plan to invest part of its huge reserves via the Guangdong government. Leong is accompanying Chief Executive Fernando Chui Sai … Continue reading "Leong hopes to strike Macau-Guangdong investment deal today"

25 Jun, 2015

Macau cash handouts to start on July 6th

Both temporary and permanent residents of Macau will be receiving government cash handouts starting July 6 and ending September 18, as the Executive Council (ExCo) has given its green light to this year’s cash handout scheme. ExCo’s spokesperson Leong Heng Teng revealed at a press conference on Thursday that the government is committed to sharing … Continue reading "Macau cash handouts to start on July 6th"

19 Jun, 2015

Macau fiscal surplus drops 54.9 percent in 5 months

The Macau government recorded a fiscal surplus of 25.28 billion patacas in the first five months of this year, down by 54.9 percent year-on-year, according to the latest figures released by the Financial Services Bureau (DSF). Total public revenue in the five months stood at 46.42 billion patacas, down 33.8 percent year-on-year. This noticeable drop … Continue reading "Macau fiscal surplus drops 54.9 percent in 5 months"

16 Jun, 2015

Macau’s economy is expected to resume growth in 2016

The Macau economy is expected to start growing again in 2016, when the technical Economist Intelligence Unit predicts real growth of 5.3 percent, according to the most recent report on Macau. After the GDP of the territory recorded a growth rate of 10.7 percent in 2013 and negative 0.4 percent in 2014, the EIU report … Continue reading "Macau’s economy is expected to resume growth in 2016"

16 Jun, 2015