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
An East European gang has stolen the details of over 1,000 ATM and credit cards since last October, Chan Cho Man, a Judiciary Police (PJ) spokesman, said on Monday. According to Chan, the police received calls from five banks from March to May, which reported that someone was trying to withdraw money from 26 of … Continue reading "East European gang steals over 1,000 card details"
27 Oct, 2015
More professional purchasers showed up at this year’s 20th Macau International Trade and Investment Fair (MIF) than last year, according to the organizer’s preliminary data. Running over four consecutive days at The Venetian Macao since last Thursday, the event saw a total of 50 agreements inked between chambers and governments as well as around 574 … Continue reading "MIF registers slight increase in trade visitors, some exhibitors disappointed"
26 Oct, 2015
Secretary for Economy and Finance Lionel Leong Vai Tac said on Thursday that the foundation of Macau’s economy has remained relatively stable and is equipped with the conditions and ability to cope with adversity while the city is undergoing a period of economic adjustment. Addressing the opening ceremony of the 20th Macau International Trade and … Continue reading "Macau is equipped to cope with adversity says Leong Vai Tac"
23 Oct, 2015
Over 5,100 trade visitors from Macau and more than 50 regions and countries are expected to attend the four-day 20th Macau International Trade and Investment Fair (MIF), which will kick off on Thursday, Irene Va Kuan Lau, co-ordinator of the annual event’s organising committee, said on Tuesday. Lau, an executive director of the Macau Trade … Continue reading "5,100 trade visitors expected on the 20th Macau International Trade and Investment Fair"
20 Oct, 2015
The main indicators of the construction sector registered a general increase in 2014, largely due to the construction of hotels and entertainment facilities, according to information from the Statistics and Census Service (DSEC). The statistical data indicates that the value of construction increased by 63.2 percent year-¬on-year to MOP78.15 billion, intermediate consumption rose by 60.2 … Continue reading "Macau construction sector boots local economy"
6 Oct, 2015
The Macau balance of trade recorded a deficit of 49.36 billion patacas between January and August, an improvement of 3.2 percent over the deficit recorded in the same period of 2014, of 51 billion patacas, reported the region’s Statistics and Census Bureau. In the first eight months of 2015 Macau exported goods worth 7.291 billion … Continue reading "Macau balance of trade deficit totals US$6.2 billion from January to August"
5 Oct, 2015