News

With the objective of providing an overview of the history and recent development of tax havens and offshore financial centres in major international financial hubs, the Financial Services Bureau is going to organise a five-day seminar on "Politics and Governance of Offshore Financial Centres", that will take place on April 16th to 20th in the Auditorium of the "Finanças" Building located on Avenida da Praia Grande, n.º 575-585, basement, from 5 pm to 7 pm. Integrated as part of the 2nd EU-Macao Co-operation Programme in the Legal Field, this seminar will feature as its keynote speaker Professor Ronen Peter Palan, Professor of International Political Economy, University of Birmingham, England, with research interest in offshore finance, international political economy, international relations theory, state theory, and evolutionary economics; professional member of the Tax Justice Network; co-author of Tax Havens : How Globalization Really Works (2010) which was nominated for the 2011 International Political Economy Group's (IPEG) book prize and translated into traditional and simplified Chinese in 2010 and 2012 respectively. The seminar will be conducted in English, with simultaneous translation into Cantonese. During the five daily sessions, the event will analyse different aspects and developments of the peer review mechanism launched by the Organisation for Economic Cooperation and Development (OECD) Global Forum in 2010 as an attempt to enhance international co-operation against tax evasion; the following topics will be discussed: 1) Tax Havens, Offshore Financial Centres: History and Figures; 2) Shadow Banking and Offshore Financial Centres; 3) The Global Forum, Peer Review Phase 1: What Have We Learned So Far? 4) The Global Forum, Peer Review Phase 2: Politics and Policies; 5) What's next? OECD, US and EU initiatives. The 2nd Co-operation Programme in the Legal Field between the European Union and Macao, which incorporates this seminar, has as its main objective the "Consolidation of the Macao Legal System" and is going to take place until December 2013. The execution of the Co-operation Programme is coordinated by the Law Reform and International Law Bureau, together with many entities and public departments of the Macao SAR, namely the Legal and Judicial Training Centre, the Legal Affairs Bureau, the Economic Services, the Financial Services Bureau and the Institute of European Studies of Macao.
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The Tourism Crisis Management Office (GGCT) pays close attention to a big earthquake struck off the coast of Indonesia's Aceh province this afternoon, and will maintain close liaison with Macao tourism industry to follow up the latest development. According to the information provided by local tourism industry, currently there are no Macao tour groups in Indonesia. Macao residents may call the 24-hour Tourism Hotline at (853) 2833 3000 for assistance if necessary.
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The Chief Executive, Mr Chui Sai On, is to attend the large-scale tourism promotional event "Guangdong‧Macao Week" in Guangzhou and Jiangmen, from 12-14 April.
Activities would include the opening ceremonies, presentation on Macao's tourism, business fair, cultural shows, tourism and cultural exhibition areas and outdoor promotion.
On arrival in Guangzhou, Mr Chui and the Governor of Guangdong Province, Mr Zhu Xiaodan, will officiate the opening ceremony of "Guangdong‧Macao Week".
Mr Chui will then proceed to Jiangmen where he is scheduled to meet with the Secretary of the CPC Jiangmen Municipal Committee, Mr Liu Hai, on 13 April. The two leaders will officiate the opening ceremony of the "Guangdong‧Macao Week" in Jiangmen on 14 April.
"Guangdong‧Macao Week" is jointly hosted by the Macao Government and the People's Government of Guangdong Province.
The Secretary for Social Affairs and Culture, Mr Cheong U, the Chief-of-Cabinet of the Office of the Chief Executive, Mr Tam Chon Weng, the Secretary-General of the Executive Council, Ms O Lam, the Director of Macau Government Tourist Office, Mr João Manuel Costa Antunes and the Director of Government Information Bureau, Mr Chan Chi Ping will accompany Mr Chui on the visit.
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According to statistics released today by the Monetary Authority of Macao, on a monthly basis, broad money supply stayed flat in February. As external loans increased at a faster pace, the overall loan-to-deposit ratio witnessed a rebound. Money supply Currency in circulation and demand deposits dropped 6.2% and 8.9% respectively. M1 thus decreased 8.4% from one month earlier. Meanwhile, quasi-monetary liabilities rose 1.3%, offsetting the decline in narrow money supply. M2 therefore remained virtually unchanged from the preceding month at MOP310.6 billion. On an annual basis, M1 and M2 rose 5.0% and 23.0% respectively. The share of Pataca (MOP) in M2 stood at 26.2%, down 0.6 percentage points over a month ago or 2.5 percentage points from a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 53.9%, down 0.4 percentage points month-to-month but up 1.7 percentage points year-on-year. Deposits Resident deposits edged up 0.2% from the previous month to MOP303.7 billion. Of which, MOP deposits and HKD deposits decreased at respective rates of 1.7% and 0.8%, while other foreign currency deposits grew 5.3%. Concurrently, non-resident deposits rose 5.5% to MOP114.2 billion and public sector deposits with the banking sector increased 5.3% to MOP29.9 billion. As a result, total deposits with the banking sector rose 1.8% from a month earlier to MOP447.8 billion. The shares of MOP and HKD in total deposits were 21.5% and 44.4% respectively. Loans Domestic loans to the private sector grew slightly by 0.3% on a monthly basis to MOP166.9 billion. Among which, MOP44.2 billion was MOP-denominated and MOP109.6 billion was denominated in HKD, representing 26.5% and 65.7% of the total respectively. On the other hand, external loans rose 7.2% to MOP168.2 billion; of which, loans denominated in MOP and HKD accounted for 0.7% (MOP1.1 billion) and 31.1% (MOP52.4 billion) respectively. Loan-to-deposit ratios As resident deposits increased at a faster pace than domestic loans to the private sector, the loan-to-deposit ratio for the resident sector dropped slightly by 0.2 percentage points month-to-month to 50.0% at end-February 2012. The ratio for both the resident and non-resident sectors was 74.8%, up 1.3 percentage points from the previous month. For enquiry, please contact:
Research and Statistics Department, Monetary Authority of Macao (Tel: 83952532; Fax: 28353042)
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Consumer Council released its latest specific price surveys on tissue papers and cooking oil. The specific price survey on tissue and toilet papers was conducted on 2nd April. In comparison with data from February's survey, prices of 12 samples of tissue and toilet papers surveyed this time remained stable. Many brands which were surveyed this time, including 'C & S (Toilet Paper, Orange) (10pcs)', 'Aus & New Golden Soft Tissue (10pcs)', and 'Andrex Bathroom Tissue (3 ply) (10pcs)', all recorded an average price drop of around 10% in most retail outlets. Yet, an increase in the selling prices of 'C & S (Toilet Paper, Orange) (10pcs)' and 'Aus & New Golden Soft Tissue (10pcs)' had also been recorded in certain retail outlets. For the specific price survey on tissue and toilet papers conducted in April, a general price difference of around 15% was observed for the same product sold in different outlets. The greatest price difference of this survey had been narrowed when compared to the one recorded in February. In this survey, the greatest price difference recorded was around 28%, mainly on the brands of 'Tempo Box Facial Tissue (5 boxes)', 'Andrex Bathroom Tissue (3 ply) (10pcs)' and 'Aus & New Golden Soft Tissue (10pcs)'. While the greatest price difference recorded in February was 55%. Further, Consumer Council conducted its specific price survey on cooking oil on 26th March, 23 samples of cooking oil were surveyed for their retail prices from various local retail outlets. In the current survey, price differences of 49% to 71% had been spotted in different retail outlets for four brands, namely, 'Lion & Globe Pure Olive Oil (500ml), 'Pietro Coricelli Olive Pomace Oil (1L)', 'Lion & Globe Canola Oil (900mlx3pcs)' and 'Tripod Brand Top Quality Pure Peanut Oil (2L)'. In comparison with last time's survey, price of 'Vecorn 100% Pure Corn Oil (3.5L)' had decreased by over 30% while that of 'Gallo Azeite (1L)' and 'Tsing Tao Edible Oil (2.9L)' had dropped by around 12%. In comparison with January's record, prices of 5 brands have increased more than 10% since last survey. Both canola oil (2L) and corn oil (2L) of 'Tripod Brand' recorded a general price increase of over 10%, peanut oil of the same brand recorded a price increase of 27% in 2 retail spots, other brands recorded minimal to over 10% price increase in certain retail outlets. The Council stated that since a great price difference was observed for the same product sold in different outlets, consumers are advised to check with the price survey prior to making consumption. The specific price surveys on tissue papers and cooking oil are now available online on the Council's official website (www.consumer.gov.mo).
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Many entries have been received for the online quiz on the knowledge about 'Consumer Arbitration Centre' co-organized by Consumer Council and Legal Affairs Bureau (DSAJ). The organizers hope that participants are able to acquire knowledge about the regulations and services of Consumer Arbitration Centre while being entitled a chance to win MOP1,000 cash reward. Aside from a carnival held on 15th March to promote the regulations of Arbitration Centre, the Council and DSAJ also co-organize an online quiz on the knowledge about 'Consumer Arbitration Centre'. Many entries have been received since the quiz was launched half a month ago and over 1,000 entrants have correct answers to the 20 randomly-picked questions, each of them is entitled to the draw in which 20 winners will be drawn and awarded with MOP1,000 each. The said quiz will end on 5PM, 14th April. Interested residents are welcome to visit Consumer Council's website (www.consumer.gov.mo) and DSAJ's website (www.dsaj.gov.mo). Terms and conditions as well as how to enter the quiz are available on the two departments' websites. Questions of the mentioned quiz include regulations and services of the Arbitration Centre, as well as current local laws protecting consumer rights. Participants will be able to acquire knowledge about the functions of Arbitration Centre, consumer rights, and entitled to the draw. Residents are welcome to participate and 20 winners will be drawn for the game. For inquiry, please call 8988-9315.
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Macao and Hainan could strengthen tourism co-operation by actively studying the co-operation plans and make Guangdong, Hong Kong and Macao a world class regional tourism destination in accordance with the "The Outline of the Plan for the Reform and Development of the Pearl River Delta". This was stated by Chief Executive Mr Chui Sai On today when he returned to Macao after attending the opening ceremony of the Boao Forum for Asia 2012 Annual Conference in Hainan Province. He was interviewed by journalists upon his return and told them that he had met with the Secretary of the Hainan CPC Provincial Committee, Mr Luo Baoming in Hainan, where they agreed that the tourism departments of both sides would actively study tourism co-operation plans. Mr Chui said that the Hainan Government had implemented measures to expand sources of tourists and attract tourists to stay longer, something the Macao SAR Government should study. He affirmed that the development of Macau as a tourist destination is a continuous effort. Since the establishment of the SAR Government, tourism development has achieved a certain progress in terms of passenger volume, consumption, international status and reputation.
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In order to show support for Earth Hour 2012 and arouse the awareness of the general public regarding Earth Hour, Year 3 students of Tourism Event Management at the Institute for Tourism Studies (IFT) organised a flash mob on Saturday 31 March 2012at 8:30pm and 9:00pm at the Ruins of St. Paul's and St. Dominic's Church respectively. A Flash Mob is a pre-choreographed dance or movement that is performed as a large group in a predetermined public space. The 5-minute dance began with two dancers 'battling with' each other, then quickly spread and disappear among the crowd, bringing a dramatic dancing performance to the public. The dance and music attracted lots of tourists and citizens and they were excited to watch the performance. There are a series of events under "2012 Love Never Dies". "Love．Light Up", a photo competition to share and leave your fervent love in the dark. "Love． Experience" blind dinner, a dinner for you to experience what it is like to dine in the dark and live with blind eyes. For more information, please do not hesitate to contact Mr. Wong at 6623-8909 or Ms. Zhan at 6211-7153 and follow us on facebook: 2012 Love Never Dies. The proceeds of the event after administration cost will be donated to ORBIS Macau and Caritas Macau for charity.
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The third day of the 2012 Macao International Environmental Co-operation Forum and Exhibition (2012MIECF) was designated as Green Public Day. Four models of ecological cars were offered for test drive by the public. Said activity has attracted both local residents and tourists to experience for themselves the characteristics of those cars. Many feel that this is a rare opportunity to experience an innovative technology. Four models of ecological cars were offered for test drive, including, Mitsubishi´s MiEV and Minicab MiEV, 2 units of Segway´s 2-wheel electric car, and a pure aerodynamic experimental car. Mitsubishi´s Minicab MiEV is exhibiting for the first time outside Japan. Both Minicab MiEV and MiEV uses the same technology, engine and battery, but with different designs, in the form of commercial trucks and family cars, respectively. Their maximum speed is 130 km per hour, and both can use domestic power supply for charging, needing about 7 hours for a full charge. If combined with a fast charging system, only half an hour will be required to fill 80% of the required power. Miss Vong, who went for a test ride in a Minicab MiEV, said she was happy with the experience, as the inside is comfortable, the acceleration is stable, with little vibration and produces less noise than conventional cars. She said that she would consider using electric cars only if Macao had sufficient charging station and repair and maintenance technology, and stated that price is just a minor consideration. The advantage of Segway´s one-passenger standing electric vehicle is that it is able to save parking space and reduces carbon emissions. Maximum speed is about 20 km. Segway is also suitable for disabled people needing prostheses to walk. After testing the vehicle, Miss Fan said that she finds it interesting and that is easy to control. Another car offered for test ride is a pure aerodynamic experimental car, which uses compressed air as power source, requiring no fuel or battery to operate. After compressed, the air is store in a compressed air tank. Through compressed air power, the cylinder of the engine pushes the piston-driven engine to run. Inflating time is about 5 minutes, and 65 litres of high-pressure air can travel about 50 km. Respective running energy cost is similar to that electric cars. Mr. Chan, who has taken a test drive in the said car, thinks the, like conventional cars, the aerodynamic car also produces engine noise and vibration.
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Macao International Environmental Co-operation Forum & Exhibition 2012 (2012MIECF) was satisfactorily concluded yesterday. The event has gathered about 400 enterprises in the environmental field. Most exhibitors feel that there is a huge potential market in Macao and that MIECF, while providing an opportunity for the participants to promote their innovative environment-friendly products, to explore business opportunities and develop new markets, is also an exchange platform for exhibitors to share their experiences and broaden their vision. Energy conservation is a global trend. MIECF displayed a wide range of environmental and energy saving products. Inflector (Asia) Ltd., which is participating for the first time, intends to introduce to the public its insulation curtain, with energy-saving features. Said curtain, which uses the same insulating material that is used by the U. S. National Aeronautics and Space Administration (NASA) in their spacecrafts, can effectively block out about 70% of solar heat, and also prevents cool air from air-conditioning from flowing outdoor, thus reducing domestic air-conditioning expenses. According to its business manager, Mr. Cheong Man Long, during the MIECF, several enterprises from Mainland China and abroad have already expressed their interest in that product, including investors from Egypt, and therefore he believes that there will be further room for cooperation. At the European Pavilion, Envac, from Sweden, exhibited an automatic garbage collection system. Said system uses the vacuum cleaner operation principle and technology to automatically convey garbage through the underground pipe network. This helps to improve the urban environment and reduce manpower and fuel costs required for garbage collection. At present, the system is being used for garbage collection in the Areia Preta District in Macao. Mr. Lei Iat Fai, business manager of Seng Yeong Ltd. said that he intends to use the MIECF to assist in the promotion of the said environmental technology, to increase public awareness and acceptance. Besides, he also hopes to use the MIECF´s professional platform to meet environmental enterprises engaged in the downstream waste disposal processing, and also to identify potential partners to jointly carry out research in garbage classification and recycling. Another exhibitor, Lifa Air Ltd., from the Netherlands, is optimistic about Macao´s market prospects for indoor air treatment technology and is looking for business opportunities at the MIECF. The company´s representative, Mr. Lei Siu Peng said that although the market in Macao is not big, but there are still many opportunities that are still untapped. In fact, he considers that the air treatment technology should be disseminated to the public. He said that there is a need to improve the quality of the air in Macao, and therefore he wishes to strengthen publicity through the MIECF. He also disclosed that that through the business matching arranged by the Host Co-ordinators, he has already contacted ten potential clients, and agrees that the results this year are better than the past editions of the MIECF.
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