News

The Government believed that the projected monthly gaming revenue of about 7 billion patacas would be adequate to keep the six gaming operators in business, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, reiterated today. Mr Tam made the remarks when he was interviewed by the press after attending a reception. Asked about the operation of Las Vegas Sands Corp, which had filed documents to relevant American authorities revealing its financial position, Mr Tam said the Government was aware of the news and reaffirmed that the monthly gaming revenue of about 7 billion patacas would be adequate for the six operators to continue their business in Macao. Considering the effects of the financial turmoil, the Government would introduce measures in the upcoming policy address to support Macao’s small- and medium-sized companies, which held an important role in Macao’s economy, and try to maintain the momentum of economic expansion. He said that the Government also paid much attention to the operation of large companies, and would continue to enhance Macao’s business environment. He reiterated that the operation of small- and medium-sized companies and employment of local workers were of great importance to Macao’s economic policies.
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The Chinese-language edition of Macao Yearbook 2008, an annual publication compiled and edited by the Government Information Bureau (GCS) of the Macao SAR, will hit the shelf on 10 November 2008. The Macao Yearbook outlines major events, progress and changes made in the course of Macao’s political, economic, social and cultural development on a yearly and systematic basis. It provides detailed and up-to-date information for all who wish to study and understand the territory. The Macao Yearbook has been published since 2002, and it is available in three languages, namely Chinese, Portuguese and English. Comprising 178 photographs, the Macao Yearbook 2008 is divided into five sections: Administrative Priorities of the MSAR Government; Calendar of Events; Review of the MSAR; Overview of the MSAR; and Appendices. Consisting of 16 chapters, the Overview of the MSAR presents information on the political and administrative system; legal and judicial system; external relations; economy; gaming industry; tourism; public order; education; culture and sport; health and social welfare; media, communications and information technology; land, infrastructure, housing and public utilities; transport; geography, environment and population; religion and customs; and history. Meanwhile in order to trace Macao’s changes in a visual manner, the GCS co-organised a photographic competition entitled “New Faces of Macao” with eight local photography organisations and four media groups in early 2008. The Macao Yearbook 2008 has been enriched by more than 10 winning entries from the competition. A photo entitled “Flags Flying on a Joyful Occasion” taken by Lou Ka Wai, which has won “Yearbook Cover Award” in the competition, has been selected as yearbook cover picture. This is the first time this award is presented to the photographic competition. The 578-page Chinese-language edition of the Macao Yearbook 2008 can be purchased at the following places at 120 patacas or 120 Hong Kong dollars per copy: major local bookstores; the Macao Post Office (Macao Post)’s Philatelic Division, Rua do Campo Branch, Outer Harbour Ferry Terminal Branch, Macau International Airport Branch, and Nova Taipa Branch; Government Printing Bureau; and the Government’s Public Information Centre at Rua do Campo. A Complimentary CD-ROM can be redeemed at a later time with book receipt. The Portuguese and English editions of the Macao Yearbook 2008 are in the process of printing, and will be available for sale in due course.
During the promotion period lasting until 31 March 2009, a 20-percent discount will be offered to any purchase of the Chinese-language edition of the Macao Yearbook 2008.
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Chief Executive Mr Edmund Ho Hau Wah is to deliver his Policy Address for the Fiscal Year 2009 on 11 November (Tuesday). The session, to be held at the Legislative Assembly at 3 pm, will be followed by a press conference at Government Headquarters at 5 pm. These will be broadcasted live on the Portal Website of the Macao SAR (http://www.gov.mo) and the website of the Legislative Assembly (http://www.al.gov.mo). Chinese and Portuguese versions of the Policy Address will be available on these websites. On 12 November (Wednesday), Mr Ho will attend a plenary meeting of the Legislative Assembly to answer questions raised from legislators. Teledifusão de Macao will also carry live broadcasts of the Policy Address, the press conference and the plenary meeting. From 17 November (Monday) to 2 December (Tuesday), the five policy secretaries will attend plenary meetings of the Legislative Assembly to introduce their policies and answer legislators’ questions. These sessions will also be broadcasted live on the Portal Website of the Macao SAR and Teledifusão de Macao.
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Information from the Statistics and Census Service indicated that a total of 638 new companies were incorporated in the third quarter of 2008, down by 27.1% year-on-year, with the total registered capital declining by 62.5% to MOP66 million. Among these new companies, 209 were operating in Wholesale and Retail, 114 in Construction and 108 in Business Services. The registered capital of new companies in Wholesale and Retail amounted to MOP15 million, accounting for 22.4% of the total, which was followed by Business Services and Construction, at MOP10 million and MOP7 million. Meanwhile, number of dissolution of companies totalled 99, involving MOP29 million in registered capital. Among the companies in dissolution, 35 were operating in Wholesale and Retail and 24 in Real Estate. In the third quarter of 2008, 466 new companies (73.0% of the total) were incorporated with registered capital of MOP50,000 or less, yet the respective registered capital (MOP13 million) made up merely 20.2% of the total. Meanwhile, there were 7 new companies incorporated with registered capital of MOP1,000,000 or more, with the total registered capital amounting to MOP20 million (29.7% of the total). In addition, 85.3% of the new incorporations were limited companies. The majority of the capital of the new companies came from Macao (MOP39 million), Mainland China (MOP17 million) and Hong Kong (MOP6 million). Moreover, Guangdong Province (MOP3 million) topped the list of the capital coming from the Pan-Pearl River Delta provinces. Analysed by the place of residence of the shareholders, 344 new companies incorporated were established solely by Macao shareholders, and 110 were joint ventures between shareholders from Macao and other countries/regions; meanwhile, there were 184 new companies incorporated jointly by shareholders from countries/regions other than Macao.
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The Government tonight held its sixth consultation session on the draft of the proposed National Security law, gathering opinions from the public. Five sessions were held earlier for different sectors. The two-hour session was attended by more than 900 people and 17 people asked questions or made comments. As with the previous consultations since it was first announced two weeks ago, the Chief Executive, Mr Edmund Ho Hau Wah, introduced the need for the legislation. The Secretary for Administration and Justice, Ms Florinda Chan, and the Director of Legal Reform Office, Ms Chu Lam Lam, also gave details of the bill. The session was attended by senior officials, including the Chief of the Office of the Chief Executive, Mr Ho Veng On; the Chief of the Office of the Secretary for Administration and Justice, Ms Cheong Chui Ling; Advisors of the Office of the Secretary for Administration and Justice, Mr Zhu Lin, Mr Zhao Xiangyang and Mr Marques da Silva. The consultation period for the draft law will end at the end of this month. Residents may submit their opinions on this website: www.gov.mo/basiclaw23. Copies of the proposed law are available at the Public Service and Information Centre and the service points of the Civic and Municipal Affairs Bureau.
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The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today he was confident that gross monthly gaming revenue could stay around 7 billion patacas, a level that would enable the six operators to stay in the market. Mr Tam was speaking to the press this morning, saying that he expected the fourth quarter or the first quarter of next year would mark the beginning of a downward trend in gaming revenue. He said he is confident that the six gaming operators would be able to survive. Considering the oncoming economic downturn, he urged the public to face reality, but there was no need to be too pessimistic. He said the Government would introduce adequate measures to maintain its economic stability and help small- and medium-sized companies.
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Information from the Statistics and Census Service indicated that the value of total imports and exports of goods registered year-on-year decreases in September 2008. The value of total exports of goods amounted to MOP1.44 billion, down by 19.5% year-on-year; the value of domestic exports decreased by 33.4% to MOP772 million, but that of re-exports increased by 6.0% to MOP670 million. The value of total imports of goods amounted to MOP3.59 billion, down by 1.4% year-on-year. A trade deficit of MOP2.15 billion was recorded for September 2008. From January to September 2008, total exports of goods fell by 13.9% year-on-year to MOP12.89 billion, with the value of domestic exports and re-exports declining by 19.2% and 4.1% respectively. Meanwhile, total imports of goods grew by 3.9% to MOP32.77 billion, and the trade deficit in the first nine months of 2008 was widened to MOP19.88 billion. The exports/imports ratio decreased from 47.5% in the first nine months of 2007 to 39.3% in the same period of 2008. The value of Textile & garment exports declined by 22.4% year-on-year and its relative importance decreased further to account for 58.5% of the total exports of goods in the first nine months of 2008; moreover, the value of Non-textile exports grew by 1.7%, with exports of Image & sound appliances increasing by 52.6%, but exports of Machines & apparatus, parts & accessories thereof and Footwear registered decreases of 48.5% and 63.3% respectively. In the first nine months of 2008, the value of exports to the USA, Mainland China and the EU decreased by 11.6%, 37.8% and 50.9% respectively year-on-year, but that to Hong Kong rose by 22.6%. The main suppliers of imported goods to Macao concentrated in the Asian region. The value of imports from Mainland China and Hong Kong amounted to MOP16.59 billion, accounting for 50.6% of the total imports in the first nine months of 2008. In terms of broad economic categories, the value of imports of Fuels & lubricants and Consumer goods expanded by 22.0% and 19.6% respectively year-on-year, but that of Raw materials & semi-manufactures and Capital goods decreased by 18.2% and 5.5% respectively.
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The Catalogue Show of South African Products and Services will be held from 3 November to 14 November 2008 (9am to 6 pm, Mondays to Fridays) at SME Service Centre of Macao Trade and Investment Promotion Institute(Alameda Dr. Carlos d'Assumpçao No. 263, Edif. China Civil Plaza, 19 Andar, Macau). South Africa is situated on the southern tip of Africa. The country is internationally renowned for its natural resources especially in coal and mineral reserves, with well-developed finance, communications, energy and marine transport systems. Major industries include minerals, mining, motor vehicles and parts, machinery, textiles, chemicals, information technology, electronics, other manufacturing, and agro-processing. Major exports range from mineral resources (gold, diamonds and platinum), motor vehicles and parts, machinery, pulp and fruits. In 2007, imports from South Africa reached 134 million Macau patacas, of which included diamonds and accessories, abalones, fruit and vegetables, motor vehicles and parts. Compared with import value of 111 million in 2006, a 21.6% year on year increase is achieved. Until August 2008, total import value already reaches 92 million patacas. Being first business promotion event held in Macau after the visit of Ms. Tembi Tambo, Consul-General of South Africa in May, IPIM hopes that it could further strengthen the economic ties of Macau and South Africa, while providing leads for local enterprises that are in search for overseas production distribution rights. The theme of the Show is “South Africa Business Opportunities”. Around 40 types of Catalogues will be on display. Apart from travel and investment information, over 10 South African companies will have their brochures displayed, including agro-processing, cosmetics, golf equipment, metals etc. Local SMEs in search for partners from South Africa are cordially invited to visit the Show at MBSC during office hours (9am to 6 pm, closed on public holidays). Following this Show, IPIM will organize the “Catalogue Show of British Products and Services” at the end of November. For enquiries, please contact Mr Ho or Ms Leong of Small and Medium Enterprise Service Centre (28728212) or visit IPIM’s website and Macao Trade and Invest Kiosk.
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This month was hotter and drier than normal. The mean air temperature was 28.6 degree Celsius, being 1.3 degree higher than the normal. The mean maximum temperature was 32.8 degree Celsius, being 2.8 degree higher than the normal. Both were the highest in September since 1952. The mean minimum air temperature was 25.8 degree Celsius and was 0.9 degree higher than the normal. The maximum temperature of this month was 37.8 degree Celsius and was the highest since the beginning of this year. It was also the highest air temperature in September since 1963. The mean relative humidity was 67%, being 12% less than normal. It was also the lowest in September since 1966. Even though the rainfall of this month was less than normal, the accumulated rainfall since January was 2595.4 mm, being 656.7 mm above the normal. In this month, 12 thunderstorm warnings were issued and 1 strong monsoon signal (black ball) was hoisted. Moreover, because of the visit of Typhoon "Hagupit", Tropical Cyclone Signals were hoisted from 22:00 of day 22 to 16:00 of day 24. On day 1, under the influence of a hot airstream, it was fine apart from cloudy periods with a few thunderstorms. From day 2 to day 3, the Region was affected by a trough of low pressure over the South China coastal areas. On day 4 and day 5, the Region was affected by maritime airstreams. During this period, it was cloudy apart from sunny intervals, with showers and thunderstorms. Furthermore, waterspout was observed at day 2. The easterly airstreams came into effect from day 6 to day 8. In day 6, it was cloudy apart from sunny periods, with occasional showers and thunderstorms. On day 7 and day 8, it became fine apart from cloudy periods, with showers and thunderstorms at times. The hot airstream brought the hot and dry weather to the Region from day 9 to day 18. Meanwhile, it was mainly fine with some haze, also with a few thunderstorms on day 12 and day 17. At the end of day 18, under the influence of easterly airstreams, it became much cloudy with showers and thunderstorms. In day 19, it was cloudy apart from sunny periods, with occasional showers and thunderstorms. From day 20 to day 22, under the hot subsiding air ahead of Hagupit, it was hot, dry and mainly fine with some haze. The maximum air temperature of the month, recorded on day 22, was 37.8 degree Celsius. As Hagupit was approaching to the Region, the Tropical Cyclone Signal No.1 was hoisted at 22:00 of day 22. At day 23, due to the further approaching of Hagupit, the amount of cloud increased and the winds intensified gradually. At 13:00, the Signal No. 3 substituted the Signal No. 1. At the same time, the rain became heavier. Signal No. 3 was substituted by Signal No. 8 NE at 19:15 and then by Signal No. 8 SE at 03:00 of day 24. After that, Hagupit was moving away from Macao gradually. The Signal No. 8 SE was substituted by Signal No. 3 at 09:30. At 16:00, all the Tropical Cyclone Signals were lowered. During the visit of Hagupit to Macao, it was cloudy, with showers and thunderstorms. Many places in Macao were serious flooded. The minimum air temperature and the highest daily precipitation of the month, which were 23.1 degree Celsius and 72.6 mm respectively, were recorded on the day 24. From 22:00 to 02:00 of day 25, the strong monsoon signal was hoisted because of the strong winds. From day 25 to day 27, due to the departure of Hagupit, it turned to be affected by the easterly airstreams. It was cloudy, apart from sunny intervals, with some isolated showers on day 25. On day 26 and day 27, it was hot and mainly fine, with some showers and thunderstorms at the afternoon of day 27. Since day 28, as an anticyclone controlled over the mainland China, it remained mainly fine and dry till the end of the month.
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According to statistics published today by the Monetary Authority of Macao, on a monthly basis, deposits in banks recorded a slight drop. Although domestic credit to the private sector continued to grow, public sector deposits rose at a faster pace, resulting in a marked decline in total domestic credit (domestic credit to the private sector + credit to the public sector – public sector deposits). Money supply
Attributed to the increases of currency in circulation and demand deposits, M1 grew 10.5% month-to-month. Meanwhile, quasi-monetary liabilities rose 0.8%. The sum of these two items, i.e. M2, increased 2.0% to MOP190.1 billion. On an annual basis, M1 and M2 rose 20.5% and 4.9% respectively. In terms of currency structure, the shares of Pataca (MOP) and Hong Kong Dollar (HKD) in M2 stood at 27.8% and 51.8%, down by 0.4 percentage points and 0.5 percentage points over a month ago respectively. Compared with a year earlier, the share of MOP increased by 0.3 percentage points whereas the share of HKD declined by 1.9 percentage points. Deposits
Resident deposits increased by 2.0% month-to-month to MOP185.9 billion; of which, MOP deposits, HKD deposits and other foreign currency deposits rose at respective rates of 0.6%, 1.0% and 6.7%. On the other hand, non-resident deposits amounted to MOP69.4 billion, down 6.9%. As a result, total deposits with Macao banks dropped by 0.6%. The shares of MOP and HKD in total deposits were 20.0% and 45.4% respectively. The value of MOP deposits was MOP51.2 billion, while that of HKD deposits was MOP116.0 billion. Net foreign assets
Net foreign assets held by the Monetary Authority of Macao (AMCM) at end-August 2008 reached MOP134.6 billion, up 1.5% month-to-month or 28.3% year-on-year. At the same time, net foreign assets of local banks rose 3.5% from the previous month to MOP92.3 billion.
Domestic credit Domestic credit to the private sector increased 1.0% month-to-month to MOP89.0 billion. With regard to currency denomination, domestic credit to the private sector in MOP and HKD increased 0.3% and 1.8%, to MOP18.0 billion and MOP62.4 billion respectively, while that of other foreign currencies dropped 3.2% to MOP8.6 billion. Public sector deposits placed with banks and the AMCM totalled MOP87.2 billion, equivalent to an increase of MOP2.0 billion from July 2008. Total domestic credit, after deducting public sector deposits, shrank to MOP1.7 billion in August 2008. At end-August 2008, the loan-to-deposit ratio for the resident sector dropped by 0.5 percentage points monthto-
month to 44.9% while the ratio for both the resident and non-resident sectors stood at 61.3%, down 1.5
percentage points.
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