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Revenue from gaming so far this year is similar to that for the same period last year, the Secretary for Economy and Finance, Mr Tam Pak Yuen, disclosed today. He said despite a slowdown in growth, the Government was still confident revenue would be maintained at its present level. On the recent lay-offs by a gaming operator, Mr Tam said this was not a common occurrence. He said that each gaming company would adjust its human resources accordingly to its business. However, the adjustment should be implemented legally and reasonably, he said, and the aggrieved could bring their complaints to the Labour Affairs Bureau. Mr Tam stressed the gaming industry was in a stable condition. He said he has not heard of any plans for mass lay-offs. If there was any, it would be communicated to the Labour Affairs Bureau, he said. The Bureau was now studying the promotional plans for local gaming staff submitted by the companies, he added.
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Information from the Statistics and Census Service indicated that in light of the opening of large-scale hotels and gaming facilities, visitor arrivals in package tours continued to grow, together with the increasing number of outbound travels under individual arrangement using services provided by travel agencies, the overall business performance of travel agencies recorded satisfactory growth in 2007. Last year, there were 157 travel agencies in operation, up by 12 establishments compared with 2006. Sales & other receipts totalled MOP3.35 billion, corresponding to a year-on-year increase of 39.2%; gross fixed capital formation dropped by 39.8% to MOP58.48 million. In addition, gross value added, which measures the economic contribution of the sector, soared by 96.3% to MOP470 million. With an increase in the number of travel agencies in operation, the total workforce rose by 30.9% year-on-year to 2,281 at the end of 2007. Expenditure of the travel agencies amounted to MOP3.11 billion, an increase of 34.5% over 2006. In terms of expenditure items, payment for the purchase of tickets, package tours and room reservation (MOP2.63 billion) accounted for 84.7% of the total, up by 29.9% year-on-year; besides, operating expenses (MOP250 million) and compensation of employees (MOP220 million) surged by 77.4% and 57.0% respectively.
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Information from the Statistics and Census Service indicated that the Composite CPI for August 2008 rose by 8.70% year-on-year to 125.79, of which the price indices of Food & non-alcoholic beverages, Health and Clothing & footwear soared by 18.37%, 14.36% and 9.86% respectively. Among the subgroups of Food & non-alcoholic beverages, notable increase was observed in the prices of rice (+74.88%), canned meat (+66.97%), fresh beef (+59.22%), edible oil (+53.73%), fresh water fish (+38.63%), noodles (+35.09%), chilled or frozen pork (+30.37%), fresh pork (+27.63%), salt-water fish (+25.57%) and meals bought away from home (+15.04%). For the subgroups of Health and Clothing & footwear, charges for medical consultation service (+25.43%), clothing materials (+30.30%) and garments for women (+13.71%) registered marked increase. Despite significant increase in the price index of air passenger transport (+16.97%), the index of Transport registered a slow down in year-on-year growth from +12.70% in July to +8.88%, owing to the exemption of consumption tax on automotive fuels and lubricants, as well as lower gasoline prices following the price drop of petroleum in the international market. Notwithstanding the increase in the price indices of LP Gas (+24.00%), charges for maintenance & repair services of dwelling (+17.81%) and rentals for housing (+14.89%), the year-on-year increment of the index of Housing & fuels was similar to that of last month, at 6.8%, benefiting from the electricity subsidy provided by the Government. On the other hand, the price indices of Education and Communication decreased by 5.83% and 5.04% respectively year-on-year due to higher government subsidies to students studying in schools that did not join the free education network and lower charges of mobile phone service. The CPI-A and CPI-B for August 2008 were 127.95 and 125.10, up by 8.99% and 8.57% respectively year-on-year. The Composite CPI for August 2008 edged up by 0.02% month-to-month, with the price indices of Recreation & culture and Housing & fuels rising by 1.69% and 0.95% respectively, on account of higher charges for outbound package tours during Summer Holiday and rising rentals for housing. On the contrary, the index of Transport recorded a 3.73% decrease, as a result of the exemption of consumption tax on automotive fuels and lubricants. Meanwhile, the CPI-A increased by 0.04% whereas the CPI-B decreased by 0.02% over the preceding month. The average Composite CPI for January to August went up by 8.99% over the same period of 2007. For the 12 months ended August 2008, the Composite CPI rose by 8.17% over the preceding period. The Composite CPI reflects the impacts of price changes on the general population. The CPI-A relates to about 49% of households, which have an average monthly expenditure of MOP3,000 to MOP9,999. The CPI-B relates to about 31% of households, which have an average monthly expenditure of MOP10,000 to MOP19,999.
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Information from the Statistics and Census Service indicated that visitor arrivals totalled 2,583,372 in August 2008, a year-on-year increase of 8.5%. Visitors from Mainland China (1,488,084) and Hong Kong (757,784) rose by 10.6% and 5.2% respectively, while those from Taiwan, China (112,454) decreased by 7.0%. Same-day visitors took up 52.6% of the total arrivals, at 1,357,855. The majority of the visitors came from Mainland China, Hong Kong and Taiwan, China, which accounted for 57.6%, 29.3% and 4.4% of the total respectively. Among the Mainland visitors, 603,865 (40.6%) travelled to Macao under the Individual Visit Scheme, down by 6.9% year-on year. In the first eight months of 2008, visitor arrivals reached 20,172,569, up by 17.1% year-on-year. Visitors from Mainland China (11,797,357) and Hong Kong went up by 25.1% and 0.9% respectively, while those from Taiwan, China dropped by 5.0%. Furthermore, same-day visitors made up 52.9% of the total arrivals, at 10,662,177. Analyzed by mode of transport, visitor arrivals by sea increased by 12.4% over the first eight months of 2007 to 6,467,525. Among them, 5,513,046 arrived at the Outer Harbour (+1.4%), with 57.6% from Hong Kong and 22.7% from Mainland China. Visitor arrivals by land grew by 19.3% to 12,566,636. Visitors arriving through the Border Gate increased by 14.7% to 11,885,917 and the majority were visitors from Mainland China (79.9%) and Hong Kong (14.4%). In addition, visitor arrivals by air totalled 1,138,408, up by 20.9% over the first eight months of 2007. Visitors arriving at the Macao International Airport rose by 19.3% to 1,114,233, with those from Taiwan, China (35.3%), Southeast Asia (29.8%) and Mainland China (22.2%) as the major users.
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At the invitation of the Chinese Ministry of National Defense, 110 military attaches from 52 foreign countries visited Macao today and met with the Secretary for Administration and Justice, Ms Florinda Chan. Ms Chan expressed a very warm welcome to the delegation on behalf of the Macao SAR Government when she met the delegates. She said that Macao SAR would mark its 10th Anniversary next year, riding on the support from the Central Government and efforts of the citizens in Macao. The economy had witnessed a vibrant growth, employment stayed at a high level and the population enjoyed a better quality of life. While social and cultural developments were notably promoted, Macao also fostered a closer relationship with the Mainland and gained a wider network with the rest of the world, she said. Since the establishment of the Macao SAR, Macao had abided by the “Law of the People’s Republic of China on the Garrisoning of the MSAR”. In the performance of its defence functions and responsibilities, the Macao Garrison of the Chinese People’s Liberation Army safeguards the security of Macao. Ms Chan stressed that the Macao Government would continue to maintain an effective liaison with the Macao Garrison and uphold the successful implementation of the “one country, two systems” principle. After the meeting, the delegation listened to the latest economic development of Macao. During this one-day visit, the delegation also visited the troops as well as some scenic places. The delegation left Macao in the afternoon and to continue their visit to Zhuhai. These foreign military attaches started their journey on 16 September. They had visited Guangzhou, Shenzhen and Hong Kong.
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The Secretary for Administration and Justice, Ms Florinda Chan, today met the President of Guinea-Bissau, Mr João Bernardo Vieira, who arrived yesterday for a two-day visit. Mr Vieira, who was in Beijing to attend the closing ceremony of the Beijing 2008 Paralympic Games, made a courtesy call on Ms Chan this morning and they exchanged views on promoting co-operation between Macao and Guinea-Bissau, and Macao’s role as a business platform between China and Portuguese-speaking countries. Mr Vieira then attended a luncheon hosted by Ms Chan, before touring the Macau Tower and visiting the Macao Foundation. Later, he met the press at the Military Club and held a reception there for the Guinea-Bissau community in Macao, before attending a banquet hosted by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen. In a speech, Mr Tam said that the Guinea-Bissau community in Macao worked hard in Macao and helped promote the economic links between China and Portuguese-speaking countries. Mr Tam said he believed the relationship between Guinea-Bissau and Macao would enjoy an even closer relationship in the future. After the dinner, Mr Vieira and members of his delegation left Macao for Hong Kong.
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Macau Government Tourist Office (MGTO) Director João Manuel Costa Antunes and Deputy Director Maria Helena de Senna Fernandes attended the Pacific Asia Travel Association (PATA) Board of Directors’ Meeting and Gold Awards Special Luncheon, held in Hyderabad, India. Director Antunes is member of the Board of Directors of PATA, member of the Membership Advisory Committee, Chairman 2008/2009 of the Nominating Committee and Chairman Elect 2008/2009 of PATA’s Government/Destination Category Meeting; while Deputy Director Fernandes is member of the Strategic Intelligence Advisory Committee PATA held its annual Gold Awards in India today, where plaques were presented to various winners for outstanding achievements. This year, MGTO is recognized for its determination and accomplishment in launching successful travel advertisements to boost Macau's tourism popularity. A special luncheon was held today in Hyderabad, India where PATA attributed a total of four Grand Awards in different categories and 22 Gold Awards. With “Experience Macau”, MGTO was awarded PATA’s Gold Award for Marketing Media – Travel Advertisement Print Media. Director Antunes accepted the honor on behalf of MGTO at the event. The series of multicolored print advertisements with the theme “Experience Macau”, created by MGTO's designer, portrays Macau as a destination that delights the five human senses: sight, taste, feeling, hearing and touch, with its unique characteristics. This is the third time that MGTO has been honored by PATA, having been awarded “Best of Show” Grand Award in 2007 for Heritage with the “Macau World Heritage Year Campaign” and in 2002 for Marketing with the “Macau Welcomes You Passport Campaign”. India is one of the fastest expanding tourism markets with an affluent segment of potential travellers. PATA Travel Mart 2008 (PTM08) was held in Hyderabad between September 16 & 19. With a total built-up floor space of 3,766 square meters, the Travel Mart attracted over 1000 trade delegates, comprising 374 global buyers and 715 Asia Pacific seller delegates, plus dozens of international media delegates. More information on PATA Travel Mart 2008 is available at http://www.pata.org 10 industry stakeholders from hotels, resorts, ferry companies, convention and exhibition centres of Macau participated at the PATA Travel Mart 2008. Each representative was entitled to 40 one-on-one appointments over six business sessions for business opportunities. Macau is represented with a stand decorated with the promotional theme "Experience Macau", to highlight Macau's multi-faceted tourism products. The next PATA Board of Directors’ Meeting will be held in Macau in 2009, while Hangzhou in Mainland China will host PATA Travel Mart 2009.
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Macau Government Tourist Office led a delegation of 23 tourism industry representatives from Macau to participate in the Japan Association of Travel Agents (JATA) World Tourism Congress and JATA World Trade Fair 2008 in Tokyo. A seminar will be held to promote regional tourism of Guangdong, Hong Kong and Macau. JATA World Tourism Congress and JATA World Trade Fair 2008 opened on Sept 18 and 19 respectively. Head of Promotion and Marketing Department of MGTO Cecilia Tse met with the media on Sept 19 to introduce the latest development of Macau’s tourism industry. Guangdong, Hong Kong and Macau jointly hosted a seminar to promote multi-destination itineraries for the three places during the fair, aiming to attract more visitors from Japan to travel to the Pearl River Delta cities and boost regional tourism to achieve sharing of tourism resources for mutual benefits of the region. MGTO set up booth at JATA World Trade Fair 2008 where representatives of the travel trade from Macau met with their counterparts for business. Performances on site showcased the unique blend of Chinese and Portuguese cultures and introduced the latest tourism products of Macau. With a history of almost half a century, JATA is the largest tourism association in Japan with over 3,000 members. JATA World Tourism Congress and JATA World Trade Fair are the most important annual congress and international travel fair in Japan.
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The signing ceremony between the Government of the Macao Special Administrative Region of the People’s Republic of China and the Government of the United Mexican States on Mutual Visa Exemption Agreement took place in the Macao SAR Government Headquarters on 19 September. The Government of the Macao SAR was granted the authorization from the Central People’s Government of the People’s Republic of China to conclude the above-mentioned agreement. The Secretary for Administration and Justice, Ms. Florinda da Rosa Silva Chan, and the Acting Consul General of Mexico in Hong Kong and Macao, Mr. Hector Huerta, representing respectively the Government of the Macao Special Administrative Region and the Government of the United Mexican States signed the agreement. The agreement will be effective from 19 October 2008. After the agreement comes into effect, holders of a valid Macao SAR Passport will be exempted from visa requirements when entering the United Mexican States for a stay of maximum 90 days. At present, a total of 77 countries and territories have agreed to grant visa-free or visa-on-arrival access to the Macao SAR passport holders, while 9 countries have agreed to grant the visa-free access to the Macao SAR Travel Permit holders.
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Amid the turbulence of the international financial system, the American International Group (AIG) – the largest American insurer and ranks fourth globally – was faced with serious liquidity problems, which prompted the Federal Reserve Board to authorise the Federal Reserve Bank, New York, to grant AIG a loan of USD 85 billion. This action will allow AIG to honour its commitments as and when they fall due and to take appropriate measures to set right its financial position. On the other hand, the action of the Federal Reserve Board has undoubtedly imparted confidence on those who are owners of insurance policies or financial instruments of AIG. As regards the situation of the Macau Branch of American International Assurance Company (Bermuda), Limited, the interests of the policy owners, insureds and beneficiaries were never at risk, given the prudential supervisory mechanism set in place under the Macau Insurance Ordinance. In reality, according to the provisions of the said law, insurers are required to have at their disposal financial compatibilities to cover their insurance liabilities, which are in the form of technical reserves and solvency margin. The technical reserves are required to be backed up with certain admissible assets as determined by the Monetary Authority of Macao (AMCM), and such assets cannot be uplifted without the express authorisation of the AMCM or, in certain cases, Chief Executive of the MSAR. The Macao Branch of the American International Assurance Company (Bermuda), Limited has duly covered its technical reserves with admissible assets, with the cover ratio being over 100%, while the solvency margin is in excess of the required minimum under the legal framework for insurance activity. In view of the above, the AMCM considers that the economic-financial situation of the Macau Branch of American International Assurance Company (Bermuda), Limited is solid and that the liabilities arising from insurance contracts issued by the said insurer are adequately guaranteed.
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