Economy

EIU expects Macau’s economic growth to slow in 2019

Macau’s economic growth is expected to slow by more than three percentage points this year from 9.1% in 2017 to 5.8%, before dropping back to 3.9% in 2019, according to forecasts ofrom the Economist Intelligence Unit (EIU) in its latest report on the territory.

12 Jun, 2018

New natural gas power plant in Ka Ho to be operational in 2021

Energy Sector Development Office Director Hoi Chi Leong said that the government aims for another natural gas power plant in local power utility CEM’s power station at Ka Ho in Coloane island to come into operation in 2021.

11 Jun, 2018

Macau wants to be an international diamond trading centre

Macau intends to set up an international trading centre for diamonds and rough gems, taking advantage, among other things, of the network of the Shanghai Diamond Exchange and the precious stones available in Portuguese-speaking countries, according to a statement from the Macau Trade and Investment Promotion Institute (IPIM).

8 Jun, 2018

Moody’s issues Macau with strong “Aa3 stable” rating

Credit ratings agency Moody’s Investors Service has issued Macau with a strong “Aa3 stable” rating, citing the absence of government debt and fiscal surpluses as factors supporting the build-up of large fiscal reserves.

6 Jun, 2018

Macau, Zhuhai vow to promote GBA development: Leong

Secretary for Economy and Finance Lionel Leong Vai Tac said Thursday that Macau will further strengthen its partnership with Zhuhai to jointly strengthen the development of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).

1 Jun, 2018

Lawmakers pass 2 finance leasing bills

The Legislative Assembly (AL) Thursday passed the outline of a government-initiated bill regulating the city’s finance leasing.

1 Jun, 2018

GDP rises 9.2 pct in Q1

Macau gross domestic product (GDP) in the first quarter of this year grew by 9.2 percent year-on-year in real terms, 1.2 percentage points higher than the 8.0 percent rise in the previous quarter, the Statistics and Census Bureau (DSEC) said Tuesday.

30 May, 2018

Chief Executive Chui Sai On called Monday for open-minded and innovative forms of cooperation between Macau and Beijing, particularly in terms of how to advance Macau’s participation in the central government’s Belt and Road Initiative (BRI) and in the development of the Guangdong-Hong Kong-Macau Greater Bay Area (GBA).

29 May, 2018

200 bus trips on delta bridge a day: govt

The Transport Bureau (DSAT) said Thursday it expects there will be more than 200 bus trips per day between the border checkpoints of the three jurisdictions for the Hong-Kong-Zhuhai-Macau (HKZM) Bridge – colloquially known as delta bridge – when it comes into operation.

25 May, 2018

Polytex vows to sue govt after Pearl Horizon ruling

Polytec Asset Holdings Limited said Thursday it was of the view that its Macau-registered affiliate Polytex Import and Export Company Ltd. “has strong legal grounds and arguments to seek compensation” from the Macau government “for losses and damages” concerning its mothballed Pearl Horizon property project.

25 May, 2018

Govt proposes changes to arbitration rules

Executive Council spokesman Leong Heng Teng said Thursday that the government has drafted a bill regulating the city’s arbitration procedures, which aims to encourage residents to choose arbitration as an alternative means of dispute resolution.

18 May, 2018

Govt grants new banking licence

The government announced Monday that it has granted a banking licence to Xinghui Bank Limited.

8 May, 2018

Govt says e-payment rising fast in city

There are over 8,000 mobile payment terminals set up in shops in Macau, Economic Services (DSE) Director Tai Kin Ip said Tuesday, pointing out that as e-payments are rising fast in the city, the government is studying the possibility of supporting small business owners planning to install the required equipment.

25 Apr, 2018

Govt warns public of cryptocurrency scams

The Judiciary Police (PJ) urged the public Thursday to be wary of suspected cryptocurrency investment frauds.

20 Apr, 2018

Guangdong and Macau Co-operation Development Fund to guarantee 3.5% annual return

The fund has a duration of 12 years, with Leong explaining that after seven years, it will recalculate the average investment return rate per annum.

13 Apr, 2018

Macau International Airport reports net profit of MOP 354 million for 2017

The airport’s total income rose 9.6 percent to MOP 4.95 billion last year. CAM’s total income reached MOP  1.4 billion, up 5.5 percent, according to the statement.

3 Apr, 2018

HK$80 from Hong Kong to Zhuhai on mega bridge – exclusive bus rights go to Pansy Ho’s firm

A transport firm run by the daughter of Macau casino kingpin Stanley Ho Hung-sun looks set to be the biggest winner when the Hong Kong-Zhuhai-Macau bridge opens, after her company won the exclusive rights to run shuttle buses across the multibillion-dollar link, according to the South China Morning Post (SCMP) today.

31 Mar, 2018

CEM profit rise 6.3 pct to 793 million patacas in 2017

Macau’s electricity utility CEM announced Wednesday a net profit of 793 million patacas for last year, a year-on-year increase of 6.3 percent.

29 Mar, 2018

CTM to start testing 5G by year end

CTM CEO Vandy Poon Fuk Hei said Wednesday that his company would start tests on its 5G network by the end of this year, and that it would be able to launch 5G at the same pace as the mainland and Hong Kong.

29 Mar, 2018

Macao Water profit rises 20 pct, investment up 256 pct  

Macau’s water utility SAAM – commercially known as Macao Water – reported Tuesday an after-tax profit of 77.5 million patacas for last year, a year-on-year increase of about 20 percent.

28 Mar, 2018