News

The Monetary Authority of Macao announced today that the preliminary estimate of Macao SAR’s foreign exchange reserves amounted to MOP144.6 billion (USD18.11 billion) at the end of July 2015. The reserves increased by 0.4% from the revised value of MOP144.1 billion (USD18.04 billion) for the previous month. Macao SAR’s foreign exchange reserves at end-July 2015 represented 13 times the currency in circulation or 108.8% of Pataca M2 at end-June 2015. The trade-weighted effective exchange rate index for the pataca, a gauge of the domestic currency’s exchange rates against the currencies of Macao’s major trading partners, rose 0.76 points month-to-month and 7.43 points year-on-year to 104.75 in July 2015.
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Attributable to the recent announcement by the People’s Bank of China (PBOC) on further improvement in the renminbi (RMB) exchange-rate mechanism to promote the RMB internationalisation and market-driven rate, the exchange rate of the RMB against the USD has weakened in the past few days. Under the current exchange rate regime of the SAR, the exchange rate of the pataca against the RMB has strengthened correspondingly. After its preliminary assessment, the AMCM summarises the effects of the recent development of the RMB exchange rate on Macao’s economy and its Fiscal Reserve as follows: Effects on the Macao Economy • The RMB devaluation would undermine export competitiveness in the short term but would not affect the long-term and diversification developments of local industries. Tourism is the dominant sector of the economy and the Mainland is the top visitor-generating area for the SAR, accounting for over half of the SAR’s visitor arrivals. Hence, the weakening of the RMB might reduce the attractiveness of the SAR as a tourism destination for Mainland visitors. Tourism and retail businesses would be adversely affected in the short term. However, the current devaluation is still mild compared to the revaluation in the past few years. The SAR’s development towards a World Tourism and Leisure Centre through diversifications in industrial structure and visitor sources remains intact. • Imported prices would be further lowered, leading to moderated inflationary pressure. Local inflation has receded in tandem with economic consolidation. In the first half of 2015, the CPI inflation slowed to 4.92% from 6.05% in 2014. The import unit value index, which reflects imported prices, declined by 1.4% year-on-year in the first quarter of 2015. As most of the foodstuff in the SAR are imported from the Mainland, the weakening of the RMB would further lower imported prices and alleviate the cost-of-living pressure for residents. Effects on the Fiscal Reserve • Short-term returns will be adversely affected while appropriate risk-control measures have been taken. In the past few years, interest rates in developed countries have hovered at around near-zero levels and the exchange rates of their currencies were weak. The return provided by the RMB was outstandingly attractive, leading to allocation of Fiscal Reserve assets into RMB assets. Since the outset of this year, with a view to a shift in global monetary policies, particularly reflecting in the uptrends of USD interest rates and exchange rates, the Fiscal Reserve has gradually reduced its proportion of RMB assets to control risks. At end-June 2015, after the adjustment of currency swap positions, the share of RMB assets in total Fiscal Reserve assets was 33.0%, compared to 48.6% at end-2014. As of June 2015, the annualised rate of return on the Fiscal Reserve was preliminarily estimated at about 4.0%. It is expected that the fall in the exchange rate of the RMB against the USD would lower the annualised rate of return for the first eight months of 2015. The performance for the whole year will depend on the global financial-market development in the remaining months while a positive return for the entire year of 2015 is expected. • As a response to the recommendations by international organisations, the improvement in the RMB exchange-rate mechanism will enhance the medium-to-long term returns. The financial market generally believes that the reform measure implemented by the PBOC aims to respond to the International Monetary Fund (IMF)’s assessment report on Special Drawing Rights (SDR) published last week. The exchange-rate reform policy will remove obstacles of the RMB to be added to the SDR currency basket and help promote the shifting of central banks and institutional investors’ assets towards the RMB in the long run. Therefore, under the investment strategy to control the risks strictly, RMB assets held by the Fiscal Reserve will help enhance medium-to-long-term returns.
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The Macao Orchestra (OM, from the Portuguese acronym), organism under the auspices of the Cultural Affairs Bureau, kicks off its 2015-16 Concert Season in September. This season takes as theme “Art x Life” and counts on the presence of distinguished guests. In addition to the interpretation of classical and contemporary pieces, the OM will introduce several artistic angles, allowing the arts to seep through daily life and to develop creative thinking. This season’s opening concert, “Zhang Haochen and Macao Orchestra”, includes an interpretation by virtuoso pianist Zhang Haochen of the extremely challenging “Piano Concerto No. 1 in E-flat Major, S.124” by Liszt. Tickets for the new season will be available from Sunday, 16 August, at the Macau Ticketing Network. This season counts on the participation of remarkable musicians, such as virtuoso pianist and winner of the first prize at the Van Cliburn International Piano Competition, Zhang Haochen, Chinese cellist Wang Jianand classical guitarist Yang Xuefei, among other renowned musicians. OM also invites the King of Opera, Plácido Domingo; violinist Viktoria Mullova, known as the Ice Queen; Boris Berezovsky, the highest representative of the Russian piano school; the most outstanding French horn player of his generation, Radovan Vlatkovic; Sayaka Shoji, winner of the first prize at the Paganini Competition; Berlin Philharmonic’s first concertmaster, Daishin Kashimoto; French piano magician, Alexandre Tharaud; and remarkable Chinese conductors Zhang Guoyong and Zhang Yi, among others. OM will also continue to explore new repertoires and novel forms of performance. The Orchestra will launch, for the first time, complete opera concerts, stage an authentic Viennese New Year’s concert as well as cheerful and exciting family concerts and a brand new weekend concert hall at the Dom Pedro V Theatre. The OM’s concert season programme is available for free at all the ticket selling points in Macao. Early bird discounts of 40% are available for the purchase of four or more tickets for the opening concert between 16 and 23 August. Ticket sales dates for the concerts “The Great Pianist: Boris Berezovsky and Macao Orchestra”, “The Great Pianist: Alexandre Tharaud and Macao Orchestra”, “2015-2016 Season Closing Concert – Cosi fan tutte”, the Macao International Music Festival and the Macao Arts Festival will be announced at a later stage. Latest news are available in OM’s webpage at www.icm.gov.mo/om or at the Macau Ticketing Network. The concert season booklet is also available at OM’s webpage. Ticketing hotline: 2855 5555.
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The 29th Macao International Music Festival (MIMF) not only features captivating musical performances but also offers an outreach programme divided into six categories, including some activities taking place before the Festival’s official opening, such as the first session of the community activity “Music Cafe” on 5 September and a series of pre-opening talks. During the MIMF period, a series of master classes, workshops, backstage tours and children’s corners will be personally led by music professionals, allowing participants to, through an exchange of ideas, explore in depth the world of music. A series of lectures will take place before the Festival’s official opening. The famous baritone Brian Montgomery presents “Classical Singing Today”; founder of the Contemporary A Cappella Society of Hong Kong, Fung Kwok-Tung, will explain “The Evolution of Contemporary A Cappella Music”; Yuan-Pu Chiao, a famous host of classical music shows in Taiwan, will explore “Paris Opera and Opera Culture”; renowned Hong Kong arts and culture critic Chow Fan Fu will discuss “Magical Fantasy - Masterpieces: Faust - Opera in 5 Acts by Charles Gounod”. Participants who enrol in advance in three or more lectures are eligible to receive a ticket for Faust - Opera in 5 Acts by Charles Gounod, Mozart and Salieri – Opera in 1 Act by Rimsky-Korsakov or Over the Moon by Chanticleer. Offer available while stock lasts. The master class “Great Ladies of Songs” counts on the renowned American jazz singer, Janis Siegel, and the extraordinary Hong Kong singer Elisa Chan, who will personally introduce popular and jazz music performance techniques. Ólafur Arnalds, from Iceland, will direct a workshop of music composition, whereby the musician will call for submission of local original works and select three, exchanging ideas and sharing experiences of song writing with participants, which aims to enhance the standard and quality of local compositions. The renowned Taiwan a cappella ensemble O-Kai Singers presents the characteristics of a cappella music and discusses the main elements of “vocal percussion”. Four backstage tours to “Faust - Opera in 5 Acts by Charles Gounod” will also be organized, counting on set designers and technicians will lead the audience into the mysterious world behind the scenes, allowing the participants to come into close contact with the sets and props. Children’s corner includes the “Kids' Group Singing - A Capella workshop”, which will teach the young ones singing, listening and communication techniques, while the “Feel the Music” workshop, created by acclaimed Mahler Chamber Orchestra, is designed for hearing impaired children and seeks to help them use other senses to feel the rhythm of music. The MIMF further includes community activities, such as the series of talks “Music Cafe”, in cooperation with four local cafés, that will invite musicians of different backgrounds to share their music world; the screenings of “Music in Films” promote another encounter between music and cinema, allowing the audience to enjoy the sounds and stories that hide behind the screen; and also “Music All Around” which will take place in the hospitals in Macao, boosting the morale of patients, doctors and nurses. The 29th Macao International Music Festival includes many more outreach activities. Admission is free for most. Places are limited and are distributed on a first come first served basis. For more information, please refer to the Festival’s outreach programme booklet or access the website www.icm.gov.mo/fimm. Registration is available online at www.icm.gov.mo/eform/event, or by phone, during office hours, through the number 8399 6699, as well as by email to outreach@icm.gov.mo.
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Organized by the Cultural Affairs Bureau, the 29th Macao International Music Festival (MIMF) takes place from 4 October to 1 November, gathering top-level musicians and ensembles from Russia, Sweden, the United States of America, Portugal, the United Kingdom, Italy, Israel, Switzerland, Iceland, Mainland China, Hong Kong, Taiwan and Macao, including a total of 23 extraordinary performances as well as over 60 outreach activities in this grand musical annual event. This edition of the MIMF takes as theme the concept “Soundmazing”, and will certainly move audiences and reveal the charm of singing through the most pure vocal music. Gustav Mahler - Symphony No. 3 marks the Festival’s opening; Faust brings it to a close The MIMF’s grand opening falls on the Macao Orchestra’s shoulders, which joins hands with the China NCPA Orchestra and Choir, the Macao Youth Choir and the Swedish mezzo-soprano Charlotte Hellekant to interpret the extraordinary Symphony No. 3 by Gustav Mahler. One of the most masterful and rich symphonic masterpieces requires an orchestra of over 100 musicians as well as a choir of close to 100 women and children’s voices, creating an unparalleled magnificent performance. The Festival comes to a close with a co-production between the Lyric Opera of Chicago and the MIMF of Charles Gounod’s opera in five acts Faust, an insurmountable work of human nature and life’s contradictions exploration, which will transport the audience to the golden ages of French opera through a tense plot and extraordinary music, sets and wardrobe. The Festival also joins hands with Moscow’s Novaya Opera Theatre in the production of the one act opera Mozart and Salieri - Opera in 1 Act by Nikolai Rimsky-Korsakov, deconstructing one of the mysteries in the life of the musical prodigy. Moving melodies and touching vocal music The MIMF’s stages host several powerful vocal music performances. Icelandic musician Ólafur Arnalds, a rising star in contemporary music composition, comes to Macao for the first time while Swedish mezzo-soprano Charlotte Hellenkant takes the audience on a musical journey through Scandinavia’s stunning landscapes in the remarkable concert Northern Lights. The all-male American choir Chanticleer, also known as “Vocal Orchestra”, will hypnotise the audience with its captivating voices in the concerts Over the Moon and Washing of the Water. Great Ladies of Song brings together on stage the extraordinary jazz Patti Austin, Janis Siegel and Elisa Chan in a tribute to jazz legend Billie Holiday. The a cappella male choir Profeti della Quinta presents hypnotizing songs in Il Mantovano Hebreo and Lamenti and Love Songs – Italian Madrigals from around 1600, and Taiwanese O-Kai Singers meet with Hong Kong a cappella group Charatay to offer a music feast to local audiences. The Coro Lirico Siciliano returns to Macao to present the concert Songs of Praise. From Portugal hails accordion quartet Danças Ocultas and renowned fado singer Pedro Moutinho who will cooperate to offer an evening brimming with Portuguese charm. Folk music concert Loess Ballads introduces authentic traditional singing, counting on brilliant performances by talented singers A Bao and Wang Erni. BBC Philharmonic in Macao; The Macao Chinese Orchestra marks the 70th Anniversary of the Resistance War World renowned BBC Philharmonic, from the United Kingdom, presents two concerts, namely Shubert’s Symphony No. 9 “The Great” and Enigma Variations by Edward Elgar. Conductor Esa-Pekka Salonen leads the brilliant Mahler Chamber Orchestra while internationally renowned violinist Gidon Kremer conducts Kremerata Baltica in two concerts of amazing harmony between orchestra and musician, Masks and Faces and New Seasons. In order to mark the 110th anniversary of the birth of Xian Xinghai, the 120th anniversary of the birth of Liu Tianhua, as well as the 70th Anniversary of the Anti-Japanese Resistance War, the Macao Chinese Orchestra presents Xian Xinghai and Liu Tianhua Commemorative Concert - 70th Anniversary of the Victory in the Anti-Japanese Resistance War. Claimed Hong Kong Chinese Orchestra puts a breath of fresh air into traditional music in the concert Jing‧Qi‧Shen and the four Stradivarius priceless violins, with over 300 years of history, of the Stradivari Quartett come together in a perfect match. This edition of the Festival includes the special concerts Bravo Macao, aimed at offering a stage to local promising musicians and encourage local music students, including performances by young musicians Sophia Feinga Su, Hugo Loi, Ray Long and Katy Ho. Just like in previous years, in order to benefit from the presence of world-level musicians in Macao, the MIMF organizes workshops and master classes, among other outreach activities, offering local music enthusiasts valuable learning opportunities and developing the local music culture. Tickets on sale from 23 August Tickets will be on sale from 10am on 23 August 2015 (Sunday) at the Macau Ticketing Network and telephone and online bookings are available from 12pm on the same day. On the first day of ticket sales, ticket purchases are limited to a maximum of 10 tickets per performance per person Early bird discounts of 40% when buying tickets between 23 August and 30 August, and discounts of 30% when buying tickets on or after 31 August. On purchases of two tickets for the opening performance Gustav Mahler - Symphony No. 3 or closing performance Faust - Opera in 5 Acts by Charles Gounod, purchasers may receive a buy one get one free ferry ticket coupon, available on a first come first served basis. The dining offer “Taste & Music” is also available, offering a 30% F&B coupon which can be redeemed when dining at selected restaurants at the The Venetian® Macao for every ticket purchase over MOP1,000 (net price calculated after discounts). Holders of BOC Multi-Currency Credit Card or BOC Card may also enjoy a 30% discounts on tickets for Gustav Mahler - Symphony No. 3, Faust - Opera in 5 Acts by Charles Gounod or Xian Xinghai and Liu Tianhua Commemorative Concert - 70th Anniversary of the Victory in the Anti-Japanese Resistance War. A 20% discount will further be offered in the purchase of any MIMF tickets for holders of the BOC Multi-Currency Credit Card and BOC Card, as well as to holders of BCM Bank, Tai Fung Bank, BNU or OCBC Wing Hang Bank’s Master, Visa or UnionPay Cards. This edition of the MIMF has the support of the Macau Government Tourist Office, TDM – Teledifusão de Macao, Air Macau, The Venetian® Macao, and has Cotai Water Jet as official ferry company. For more details on the programme and offers, please access the website www.icm.gov.mo/fimm. For more information, please call the number 8399 6699, during office hours. Ticketing hotlines: 2855 5555 (Macao), 2380 5083 (Hong Kong), 139 269 11111 (Mainland China). Ticketing website: www.macauticket.com. The MIMF’s press conference took place on 13 August, at 3pm at the Tourism Activities Centre. Present at the press conference were the President of Cultural Affairs Bureau of the Macao S.A.R. Government, Ung Vai Meng; the Acting Director of the Macau Government Tourist Office of the Macao S.A.R. Government, Tse Heng Sai; the Vice-President of the Cultural Affairs Bureau, Leung Hio Ming; the Member of the Executive Committee of TDM. Ltd., John Lai; Manager of Marketing Division of Air Macau, Chan Chun Keung; the Vice President of Corporate Communications & Community Affairs of Venetian Macau Ltd., Winnie Wong; Deputy General Manager, Bank of China Macau Branch, Ip Sio Kai and the Head of the Cultural Events Department of the Cultural Affairs Bureau, Ieong Chi Kin.
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According to statistics released today by the Monetary Authority of Macao, new small and medium-sized enterprise (SME) lending approved by Macao banks decreased in the first half of 2015. Concurrently, the utilisation of SME credit in proportion to the credit limit approved by banks dropped when compared with the previous survey period. New lending approved In the first half of 2015, new SME credit limit approved by Macao banks totalled MOP18.0 billion, down by 28.3% from the second half year of 2014 or 22.2% from the same period last year. The collateralised ratio, which indicates the proportion of credit limit with tangible assets pledged, was 78.5%, down 3.5 percentage points when compared with the last survey period but up 3.2 percentage points when compared with the same period of 2014. Credit utilisation As at end-June 2015, the outstanding value of total SME loans increased 8.8% from end-2014 or 25.2% from a year earlier to MOP65.3 billion. When compared with end-2014, SME loans to “manufacturing”, “restaurants, hotels and similar activities” and “wholesale and retail trade” increased at respective rates of 12.9%, 11.1% and 8.7%, whereas those to “non-monetary financial institutions”, “electricity, gas and water” and “transport, warehouse and communications” dropped 16.8%, 11.6% and 4.4% respectively. The utilisation rate, defined as the proportion of outstanding credit balance to the credit limit granted, dropped 2.0 percentage points from six months ago to 64.7%. Delinquent loans At end-June 2015, the outstanding balance of delinquent SME loans increased by 43.6% from six months ago to MOP195.8 million. Compared to a year ago, the balance grew 37.5%. The delinquency ratio, a ratio of delinquent loans outstanding balance to total SME loans outstanding, rose 0.07 percentage points from end-2014 or 0.03 percentage points from a year earlier to 0.30%.
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The Chief Executive, Mr Chui Sai On, stressed that at present not a piece of land in the new 350-hectare reclaimed area would be used for repay purpose. Mr Chui said this when he attended the plenary session of the Legislative Assembly today to answer questions from 32 legislators. Based on certain favorable policies and the public interest, such as the establishment for public housing and infrastructure, the Government had exchanged lands to satisfy the mentioned projects in the past and this had been published in the SAR Gazette which was a way to demonstrate legality, transparency and fairness, said the Chief Executive. He said the Secretary for Transport and Public Works, Mr Raimundo Rosario, had transferred some cases regarding the lands to the Commission Against Corruption for further investigation which was a regular way to check if there was any unlawful condition during the exchange procedures. The Chief Executive re-iterated that due to the lack of land resources in Macao, the Central Government had approved Macao to reclaim five plots of new lands in 2009 for improving the quality of Macao people’s livelihood, adding that the decision of using those lands for building more housing for Macao people was correct. Mr Chui also said that the modification of the new urban Zone A, included building more housing units,was supported by the majority. On the “Macao property for Macao residents” policy, he explained that the Government has invited academic units to study this topic and the conclusion report had been released. He pointed out that the study shown that this concept had advantages and as well as disadvantages, so far there was no significant consensus among the community. Mr Chui said that to satisfy Macao people’s needs for housing, the Government adopted “public housing as the core supplemented by the Home Ownership Scheme” as its major housing policy.
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The Government would spare no effort in diversifying the economy structure during consolidation period of gaming industry, by boosting the development of non-gaming element and strengthening regional co-operation, said the Chief Executive, Mr Chui Sai On, today. The efforts in developing non-gaming elements, such as retail, hotel, construction and financial services, had been achieving positive results, as revenue from these sectors had reached 190 billion patacas last year compared to 350 billion patacas of gaming revenue in the same period. Mr Chui said this when he attended the plenary session of the Legislative Assembly to share more his vision on government policies and other social issues. On mid-term review of gaming industry, the Government would complete the preliminary draft by the end of September and would expect to finish the whole process by this year. The review is to get a closer look on the city’s six gaming concessions which will expire between 2020 and 2022. Mr Chui said the Government was cautiously optimistic to the development of the industry, given that Macao’s gaming revenue topped many places across the world, and the industry was highly competitive as Macao had trained a large number of personnel to support its development. The integrated projects under construction were also highly competitive, as they had world-class facilities. He stressed the Government had adequate reserves to face any economic situation. As of June, the Government has 349.9 billion of reserves, including 131.9 billion of basic reserves and 218 billion surplus reserves; surplus reserve was expected to be was 308.3 billion while foreign currency reserve was 144.1 billion in 2014 after settled the accounts. He disclosed the Government was currently analysing articles for establishing an investment fund to manage the usage of surplus reserves, and would standardise its investments on the basis of secure, and with guarantee on principal and returns. To further co-operate in the country’s development strategies, the Government would enhance its co-operation networks with regions and countries included in Silk Road Economic Belt and 21st Century Maritime Silk Road initiative (“One Belt, One Road”), and areas in Pan-Pearl River Delta. He said the Government would work with all its strength to provide more support to emerging industries and small- and medium- enterprises (SMEs), and to provide more entrepreneurship opportunities to young people through regional co-operation. On employment, the Government would step up effort to improve upward mobility of workers and to provide more on-the-job training and opportunities to work in non-gaming positions. He stressed the Government upheld the employment rights of local people and there was a set of measures to regulate and withdraw non-resident workers. On social security, he disclosed the draft bill for non-mandatory central provident fund system would be submitted to the Executive Council by this year, as to set up a system that could further enhance quality of life of residents. During the session, Mr Chui took questions about welfare of civil servants, waste management and disposal, welfare for athlete, medical services, talent cultivation, the city’s carry capacity, judiciary system and others from 32 legislators.
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Consumers International Director General, Ms. Amanda Long, came to Macao earlier and visited Macao Consumer Council. During her visit, Ms. Long expressed her concern and praised on the work of the Council, especially the work of Consumer Arbitration Centre in settling consumer disputes. Ms. Long was also impressed with the Council’s ‘Certified Shop’ mechanism in helping Macao to be a world tourism and leisure center, and supported the Council to help build a platform for consumers protection among the cross-strait four regions. Mr. Vong Kok Seng, President of the General Committee, and Mr. Kok Lam, member of the General Committee were present at the meeting.
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Consumer Council conducted its fourth ‘Supermarket price survey’ in August on 12 August for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included supermarkets near Horte e Costa, Avenida do Ouvidor Arriaga and Rua da Emenda areas in Santo António Parish. The latest ‘Supermarket Price Survey’ is now available on Consumer Council’s website (www.consumer.gov.mo), ‘Supermarket Price Information Platform’ iPhone and Android apps, and on the Council’s WeChat account page. The survey is also available free of charge at the offices of Consumer Council, IACM’s Iao Hon and S. Domingos Markets, bookstores and libraries. Consumers may also access the resources through WAP channels on their mobile phones. With reference to the local six parishes and the number of supermarkets in each parish, the Council has divided over 100 supermarkets into 8 areas for price collection. The Council collects prices from these supermarkets for the provision of a more comprehensive database for consumers to check price discrepancies and make price comparisons according to their desired locations. For inquiry, please call 8988 9315.
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