News

Information from the Statistics and Census Service (DSEC) indicated that the average daily wage of construction workers increased by 2.3% quarter-to-quarter to MOP672 in the third quarter of 2014, and the average daily wage of local construction workers was MOP883, up by 7.0%. The average daily wage of skilled & semi-skilled workers was MOP677, up by 2.4% quarter-to-quarter. With an increase in demand for structural construction workers, the average daily wages of concrete formwork carpenters (MOP771), welders (MOP833) and plant operators (MOP927) increased by 9.5%, 9.2% and 7.3% respectively. As regards completion of buildings, the average daily wages of both air-conditioning mechanics (MOP635) and carpenters (MOP587) decreased by 11.3%. Meanwhile, the average daily wage of unskilled workers was MOP390, up slightly by 0.8%. After discounting the effect of inflation, wage index of construction workers (94.1) increased by 0.6% quarter-to-quarter in real terms, with the indices of concrete formwork carpenters and bricklayers & plasterers rising by 8.4% and 4.5%, but that of carpenters falling by 12.3%. Meanwhile, wage index of local construction workers (121.7) increased by 5.9% quarter-to-quarter in real terms. As regards construction materials, average price of concrete increased by 3.5% quarter-to-quarter, at MOP686 per cubic metre in the third quarter of 2014; average price of spiral & round reinforcing steel bars was MOP4,959 per tonne, down by 1.9%. Meanwhile, the price index of construction materials for residential buildings (130.1) in the third quarter of 2014 increased by 0.9% quarter-to-quarter.
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Organised by the China Council for the Promotion of International Trade Guangdong Committee, with supporting organisations the China Council for the Promotion of International Trade, China Association of Enterprises with Foreign Investment, China Overseas Chinese Entrepreneurs Association, The Chinese People's Association for Friendship with Foreign Countries, China Tourism Association, China International Culture Association, China Association of Port-of-Entry, Macao Trade and Investment Promotion Institute, Hong Kong Trade Development Council, Hong Kong Tourism Board and the Institute of International and Strategic Studies of Peking University, the China∙Guangdong 21st Century Maritime Silk Road International Expo will be held from 31 October to 2 November at the Guangdong Modern International Exhibition Centre in Houjie town, Dongguan City. To promote trade and economic co-operation and liaisons between Macao and Mainland enterprises, IPIM's President Jackson Chang took a Macao delegation of 40 entrepreneurs to attend the Expo in Dongguan. IPIM set up the Macao Pavilion covering 688 square metres to promote Macao's current investment environment, IPIM's services, publicise latest trade and economic exhibitions and events in the city, Macao's role a s a trade and economic co-operation service platform between Mainland China and Portuguese-speaking countries (PSCs), focusing on IPIM's "One-Stop Service" for MICE Bidding and Support in Macao, as well as the development of the local convention and exhibition industry. IPIM also organised 19 Macao and PSCs enterprises to participate in the exhibition showcasing products including food and beverages, souvenirs, health food and clothing. The Macao Pavilion has also set up an exhibition zone for food and beverages from Portuguese-speaking countries displaying food and beverage items from seven PSCs namely Angola, Brazil, Cape Verde, East Timor, Guinea Bissau, Mozambique and Portugal. The delegation attended the opening ceremony and international forum of the Expo in the morning of 31 October. Participating business associations were the Macao Chamber of Commerce, Industrial Association of Macau, Macau Importers and Exporters Association, Macao Textile Merchants Association、Macau Shipper's Association, Macau Association of Banks, Macau Chinese Enterprises Association, Macao Convention and Exhibition Association, Macau Fair & Trade Association, Association of Advertising Agents of Macau, Macau Goldsmith's Guild, Federal General Commercial Association of Macau Small and Medium Enterprises, International Lusophone Markets Business Association, Travel Industry Council of Macau, Macau Air Freight Forwarding (Logistics) Association, Association of Property Agents and Realty Developers of Macau, Macau General Association of Real Estate and the Associação Comercial de Fomento Predial de Macau.
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The University of Macau (UM) has appointed the physicist Prof Da-Hsuan Feng as director of the Global Affairs Office and special assistant to the rector. Prof Feng expressed confidence in UM's future development. During his tenure at UM, he will assist the university to formulate and implement global affairs strategies and expand UM's international networking, to help UM leave a deeper international footprint. Prof Feng is a fellow of the American Physical Society. He is an expert in the fields of nuclear and nuclear astrophysics, quantum optics, and mathematical physics. He has outstanding achievements and rich experience as a scholar, researcher and leader in university development. He has more than 30 years of experience working at numerous universities and companies in the United States and Taiwan. He was M. Russell Wehr Chair Professor of Physics at Drexel University, director of the Division of Theoretical Physics of the United States National Science Foundation, vice president for research and economic development at the University of Texas at Dallas and professor in its Department of Physics, vice president of Science Applications International Corporation (SAIC), which is a Fortune 500 company, and senior vice president at Tsing Hua University and Cheng Kung University in Taiwan. Prof Feng has maintained close contact and collaborations with universities and other organisations in Europe, North America, and Asia. He has served as advisor and board member at numerous national labs and high-tech companies in the United States; visiting professor and honorary professor at 13 top universities in mainland China; as well as board member and advisor for science and technology at several universities in mainland China, Malaysia and Indonesia. Prof Feng noted that given Macao's unique position in the four Chinese-speaking territories (mainland China, Hong Kong, Taiwan, and Macao) and the fact that the Macao SAR government attaches great importance to higher education, he has complete confident in UM's future development. "UM needs a brand new, multi-pronged global affairs strategy to lead its global affairs to new heights, and this will present an enormous challenge for my work," Prof Feng says. "I hope to deepen UM's existing relationships with Asia (particularly mainland China and Taiwan), North Asia (Japan and South Korea), North America (the United States), and West Asia. During my tenure at UM I will assist to formulate and implement global affairs strategies and expand UM's international networking, to help UM leave a deeper international footprint. I also hope to establish better strategies for recruiting students in such places as Southeast Asia and South Asia (India) as soon as possible, so as to attract the best students and further increase the diversity of the student body at UM."
UM said that Prof Feng will be able to assist the university to develop its global strategies and affairs in the 21st century and further strengthen UM's international collaboration. In addition to maintaining the good relationships with existing partners, Prof Feng will also seek to expand UM's strategic relationships with other parts of the world. By forging such strategic relationships, Prof Feng hopes that UM will leave a deeper international footprint.
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Consumer Council conducted a performance test on the heat retention of thermos vessels. 5 brands of thermos flasks and 10 brands of thermos mugs were tested. Details of the report can be found in the latest issue of Consumer Report no.254.
Many consumers like to use thermos vessels to keep beverages hot during fall and winter, and therefore Consumer Council conducted a performance test on the heat retention of thermos vessels. 5 brands of thermos flasks and 10 brands of thermos mugs were randomly chosen for this test.
Test results showed that the more expensive samples did not really show better performance in heat retention. For example, 2 brands of tested thermos flasks were rated under the same category, yet one brand was double in volume and with a price discrepancy of 20% when compared to the other. As for the results on thermos mugs, a brand with a lower retail price was found to perform better in heat retention when compared to the other brand that was double in price. Therefore, consumers are suggested to refer to the test result, published in Consumer Report no. 254, before making any purchase. Choosing the safe cooking oil is a concern to consumers recently and an article on how to choose cooking oil can be found in the latest issue.
The current issue also includes the article provided by Macau Breastfeeding Association on promotion on formula milk and the "International Code of Marketing of Breastmilk Substitutes". The Association analyzed the sales techniques being used in the formula milk commercials to attract consumers to choose formula milk. Contents of the code was also introduced. Forms for the latest "Chinese crossword puzzle" can be found it the current issue and interested consumers and invited to participate in the game. Deadline for this "Chinese crossword puzzle" will be on 26th December, 2014 and 20 winners will be awarded with an electronic smartcard with a face value of $130 (deposit included). 10 winners from the previous crossword puzzle has been drawn and the list has been uploaded on the Council's website, winners will be notified separately. Consumer Report is now available free of charge at the Consumer Council (Av. Horta e Costa, N.º 24-A, Edf. Cheung Heng, R/C), and the service counter of the Council at Macao SAR Government Service Centre (Rua Nova da Areia Preta, Nº52), Public Information Centre at Vicky Plaza, libraries and bookstores. Consumers may also access the magazine online on the Council's official website (http://www.consumer.gov.mo). For enquiries, please call 8988 9315.
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Consumer Council conducted its eighth 'Supermarket price survey' in October on 30 October for the implementation of Section 2b), Article 10, Law 4/95/M of 12 June. Surveyed locations included 13 supermarkets in Taipa and Coloane area. The latest 'Supermarket Price Survey' is now available on Consumer Council's website (www.consumer.gov.mo), and the 'Supermarket Price Information Platform' iPhone and Android apps. 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 around 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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Information from the Statistics and Census Service (DSEC) indicated that the total number of licensed motor vehicles reached 236,334 at the end of September 2014, up by 5% year-on-year; motorcycles and light private cars accounted for 52% and 41% respectively. New registration of motor vehicles increased by 8% year-on-year to 15,122 in the first three quarters of 2014. In the first nine months of 2014, number of traffic accidents totalled 11,737 cases, up by 5% year-on-year, resulting in 3,969 casualties and 10 of them were killed. Cross-border vehicle traffic reached 3,652,186 vehicle trips in the first three quarters of 2014, up by 6% year-on-year; vehicle traffic through the Border Gate shared 80%. Passenger ferry between Macao and Hong Kong and between Macao and Mainland China totalled 105,635 ferry trips, an increase of 1% year-on-year, with the Ferry Terminal at the Outer Harbour predominating with 70,798 ferry trips. The Macao International Airport had 35,484 commercial flights in the first three quarters of 2014, an increase of 7% year-on-year, and the major routes were Mainland China (40% of total) and Taiwan (25%). Flights to and from the Republic of Korea increased by 51% to 1,903 in the first three quarters, surpassing the annual total in 2013. Helicopter flights between Macao and Hong Kong and between Macao and Mainland China totalled 10,956, down by 11% year-on-year. Seaborne container throughput totalled 102,887 TEU in the first nine months of 2014, equivalent to 71,475 containers handled, up by 14% and 10% respectively year-on-year. Gross weight of seaborne containerized cargo increased by 29% to 179,504 tonnes; meanwhile, gross weight of containerized cargo by land totalled 21,501 tonnes, similar to that in the same period of 2013. In the first three quarters of 2014, inward air cargo (4,664 tonnes) and outward air cargo (10,916 tonnes) increased by 1% and 2% respectively year-on-year. Taiwan remained the major origin and destination of inward and outward air cargo, accounting for 52% and 43% of the respective total. Transit air cargo increased by 13% year-on-year to 4,029 tonnes, of which transit air cargo via Taiwan rose by 26%. At the end of September 2014, number of fixed-line telephone users decreased by 3% year-on-year to 154,696. Meanwhile, number of mobile telephone users increased by 8% to 1,686,971. As regards internet services, number of subscribers totalled 295,775 and the cumulative duration of usage reached 703 million hours in the first three quarters of 2014, both up by 18% year-on-year.
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Information from the Statistics and Census Service (DSEC) indicated that total merchandise export for September 2014 amounted to MOP762 million, up by 12% year-on-year; value of domestic exports (MOP170 million) increased by 27%, with that of Tobacco (MOP54 million) surging by 1.8 times; value of re-exports (MOP592 million) also rose by 9%. Total merchandise import was MOP7.86 billion, up by 23% year-on-year, of which imports of Mobile phones (MOP614 million) soared by 65%. Merchandise trade deficit amounted to MOP7.10 billion. In the third quarter of 2014, total value of merchandise export (MOP2.27 billion) and merchandise import (MOP22.16 billion) increased by 6% and 9% respectively year-on-year, resulting in a trade deficit of MOP19.89 billion. In the first three quarters of 2014, total value of merchandise export increased by 8% year-on-year to MOP7.29 billion, of which value of re-exports (MOP5.81 billion) rose by 11%, but that of domestic exports (MOP1.49 billion) dropped slightly by 1%. Total value of merchandise import grew by 12% to MOP65.18 billion. Merchandise trade deficit widened to MOP57.89 billion. Analysed by destination, merchandise export to Hong Kong (MOP4.30 billion) and the EU (MOP218 million) in the first three quarters of 2014 increased by 20% and 5% year-on-year, while export to Mainland China (MOP1.13 billion) and the USA (MOP241 million) decreased by 7% and 11% respectively. Exports of Non-textiles (MOP6.72 billion) increased by 11% year-on-year, of which exports of Machines, apparatus & parts (MOP1.30 billion) and Clocks & watches (MOP672 million) rose by 42% and 69% respectively, but that of Electronic components (MOP496 million) dropped by 34%. Exports of Textiles & garments (MOP575 million) decreased by 12%.
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Since its opening in February 2010, the Mandarin's House, a World Heritage site, has attracted a great number of visitors, tourists and locals alike. In order to create more channels for selling local cultural and creative products and promote local creations, every year the Cultural Affairs Bureau (IC) selects companies from the Database for Macao Cultural and Creative Industries (Database) to present and sell their own creative products on consignment in the Mandarin's House Cultural Relics Info Centre and Gift Shop. The selection for 2015 is now open until 14 November 2014. All cultural and creative entities interested are welcome to apply for inclusion in the Database. Those already listed in the Database need not re-apply but may submit any updates to IC before the application deadline.
The Mandarin's House Cultural Relics Info Centre and Gift Shop markets souvenirs themed on the Mandarin's House and Macao cultural heritage, publications and IC design items, as well as products of Macao's cultural and creative brands on consignment. The shop sells products such as design items, anime and comic products, audio and visual products as well as printed matter. The selection criteria is based on the products originality, industrial and market potential, brand image quality, capacity for sustainable development or R&D, and relevance to the Mandarin's House. The selection will be made upon a comprehensive evaluation of all these factors. The Gift Shop aims to create an extra window and sales platform for local cultural and creative industries, thus publicising and supporting the development of cultural and creative products with Macao features.
The Information Collection Form for applying for inclusion in the Database can be downloaded from the IC website (www.icm.gov.mo/dpicc) or the Macao Cultural and Creative Industries website (www.macaucci.com). Interested parties can apply for inclusion by submitting the completed form in print, along with the electronic files of the form and attachments, at Edif. do Instituto Cultural in Tap Seac Square, Macao or at the Department for the Promotion of Cultural and Creative Industries (address: 567, Av. da Praia Grande, Edif. BNU, 12th floor A–D, Macao).
For enquiries please contact IC through tel. no. 8598 6716 or 8598 6723 during office hours, or through email: info.dpicc@icm.gov.mo.
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After the Ferrandi Paris Master Chef Week on French pastries held on 23 to 27 September, the Institute for Tourism Studies (IFT) together with Kendall College, Chicago, United States of America hosted the Midwest American Cuisine Cooking Demonstration Workshop on 30 October, enhancing hospitality and food and beverage professionals' knowledge and cooking techniques of Midwest American cuisine. Focusing on local and sustainable ingredients from the Midwest of the United States, the workshop was composed of five sessions: introduction to US Midwest cuisine and its ingredients, introducing the recipe and preparing ingredients, key issues of the production process, demonstration, food tasting and Q&A. The dish demonstrated at the workshop was maple brined chicken breast with maple gastric, apple salad and puffed wild rice. The workshop attracted a total of 20 chefs from hotels and restaurants as well as IFT students. Participants not only gained basic knowledge about US Midwest cuisine through the demonstration, but also experienced the whole production process and rich American cultural legacy through tasting the most authentic and refined American gastronomy. Christopher Koetke was named Vice President of the Kendall College School of Culinary Arts in 2012. He joined the School of Culinary Arts in 1998, serving first as a Culinary Instructor and later as Associate Dean, Dean and Executive Director. Under his leadership, the School of Culinary Arts was awarded the Academy of the Culinary Arts Cordon d' Or – Gold Ribbon Cooking School of the Year Culinary Academy Award for 2008. Kendall is the only culinary school in the US to receive Certified Green Restaurant status from the Green Restaurant Association for both the Dining Room and Cafeteria. IFT has always been dedicated to organise promotions of different ethnic cuisines for local industry and the public. At the same time, it arouses the interests of food service industry in Macao to explore more ideas in cooking. Through the Master Chef Demo Workshop organised by IFT, the Institute forms a communication platform for local and overseas chefs. The Institute will continue to offer more training programmes to help enhance the knowledge and skills of industry professionals.
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The Monetary Authority of Macao (AMCM) announced the preliminary financial figures of the Macao SAR Fiscal Reserve as of 30 September 2014. The total size of the Fiscal Reserve stood at MOP244.57 billion, which consisted of MOP116.46 billion as the Basic Reserve, MOP125.20 billion as the Excess Reserve and an accumulated investment profit of MOP2.91 billion for the first nine months of the year 2014.
Periodic developments in the first 9 months of 2014
Into the year 2014, the size of the Fiscal Reserve continued to expand from fiscal surplus injection. With a substantial increase in Excess Reserve in particular, the overall portfolio was provided with a larger buffer in adopting a comparatively more progressive investment strategy. The Fiscal Reserve started to invest in equities during the first half of the year. Drawing on the experience of institutional investors of similar profile, the AMCM decided to manage its equities investment primarily through external fund managers, after considering internal resources rationalization and overall cost efficiency improvement. As of the end of the third quarter, equities investment of the Fiscal Reserve focused on emerging markets, with investment returns benchmarked at internationally-recognized emerging market indices. On the other hand, for developed equity market exposure, the portfolio adopted a rather prudent strategy in accumulating "equity index linked instruments" under direct management, in order to enhance returns from potential rallies in the underlying equity markets under a risk-controlled scenario. To recap for the first nine months of 2014, asset allocation in both bond market and money market provided a reasonable return for the Fiscal Reserve. Volatilities in the Renminbi exchange rate during the first half of the year temporarily affected portfolio performance and resulted in certain monthly revaluation losses. However, as the Renminbi exchange rate gradually stabilized in recent months, such losses were fully recovered to bring the overall result of the Fiscal Reserve to an accumulated 9-month profit of MOP2.9 billion.
Latest progress on diversification for investment portfolio
Building on the experience in diversifying into emerging market equities and equity index linked instruments, the Fiscal Reserve is initiating its global equities investment by exploiting favorable market conditions. On the Mainland Chinese markets, the relevant USD500 million have already been injected under the approved QFII (Qualified Foreign Institutional Investors) quota and the Fiscal Reserve would soon start its first round of investing into A-shares listed on the Shanghai or Shenzhen Stock Exchange. Besides, during the period, the Fiscal Reserve has also made progress in its alternative asset investment portfolio, which includes diversifying into private equity space for the first time. In fact, the International Monetary Fund (IMF) published its inaugural "Staff Report for the 2014 Article IV Consultation Discussions - Macao" earlier this year, in which the IMF has a positive recognition for the optimization in investment strategies implemented by the Fiscal Reserve in order to enhance long-term returns.
In the light of the imminent exit from massive quantitative easing of monetary policies in some advanced economies, coupled with recent signs of a slowdown in growth looming in emerging markets as well as particular industrialized countries, volatilities in the global financial markets will likely persist. Against these specific backdrops, the AMCM will adhere to the fundamental principles in reserves management. While ensuring a reasonable level of capital preservation and asset liquidity for the Fiscal Reserve's portfolio, the AMCM will consistently evaluate different asset allocation alternatives and adopt proper diversification strategies in order to achieve a higher overall return for the Fiscal Reserve in the medium to long-term investment horizon.
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