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Sunday, July 23, 2017

Gaming

Macau Horse Racing Co. still in the red

The Macau Horse Racing Company Ltd. has recorded losses of MOP4.07 billion for the financial year ended December 2016, according to information published in the Official Gazette yesterday. Total liabilities of the company have amounted to some MOP1.31 billion over the period. According to previous reports, the company operating the Macau Jockey Club (MJC) had failed to make an annual profit since 2005. The MJC has generated total revenues from horserace betting of MOP141 million...

Business

Improved outlook for banking sector in SARs and Mainland

Ratings agency Fitch has removed its negative sector outlook for both the Macau and Hong Kong SARS, as a ‘strong start to the year in China’ and an uptick in global trade are relieving some of the pressure on Asia-Pacific financial systems, as noted by CFO Innovation. The sector outlook, however, for 10 out of the 17 rated banking systems in the Asia-Pacific region is still negative, which is still a drop of three from...

Dare to be different

Founded by four young designers, local design company CRAXH has now rooted in the city’s design industry and is currently striving to expand its performance stage, which is outside of the city. One of the founders and also creative and managing director of the company, Wallace Chan, shared with Business Daily his views about the industry as well as how the company steadied itself in the past six years

Back on the rise

Better future

Newsletter

Economy

City’s forex reserves increased 4.3 pct m-o-m in June

The MSAR’s foreign exchange reserves amounted to MOP159.2 billion (US$19.80 billion) at the end of June, up 4.3 per cent month-on-month, according to the preliminary estimation made by the Monetary Authority of Macao (AMCM). The foreign exchange reserves in June represented 11 times the currency in circulation, or 91.8 per cent of pataca M2 at the end of May. The pataca trade-weighted effective exchange rate index, according to AMCM data, dropped 1.17 points when compared to...

Property

Challenges ahead

Tough times ahead for property transactions, says property agency Centaline. A bleak market outlook for the coming months, with few to no new projects in the pipeline. Q3 transactions expected to reach only 700 or 800 versus 500 to 600 in July alone. Mortgage loan ratio adjustments and revisions to rental bill to blame.

Still no resumption of construction at Morpheus

Work is still suspended on the construction site of City of Dream’s fifth tower, Morpheus, after the death of a 33 year-old worker from mainland China, and a review of safety procedures and policies might follow after the investigation conducted by the Labour Affairs Bureau (DSAL) at the construction site is concluded, Melco Resorts and Entertainment Ltd. told Business Daily. ‘As a responsible operator, we will assess the findings from the investigation and implement any...

Fixing your home

Lengthier stay

Interview

Dare to be different

Founded by four young designers, local design company CRAXH has now rooted in the city’s design industry and is currently striving to expand its performance stage, which is outside of the city. One of the founders and also creative and managing director of the company, Wallace Chan, shared with Business Daily his views about the industry as well as how the company steadied itself in the past six years

Editorial

Opinion

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Politics

Fair appeal

Former Prosecutor-general Ho Chio Meng has been sentenced to 21 years behind bars. However, lawyers consulted by Business Daily highlight that the fact that he cannot appeal the verdict might be unfair. Legal circumstances are causing him to be imprisoned without the right to a review.

Society

Anima: over 3,400 animals rescued

The Society for the Protection of Animals (Anima) revealed that a land dispute with the Land, Public Works and Transport Bureau (DSSOPT) has almost been resolved, but that there are still ‘some issues to be solved with the DSSOPT’, with the group having applied for a definitive concession for the plot of land in Coloane in question. The group was requested by the government to return the 40 square metre land plot in 2014 due...

Print Edition

Business Daily #1344

digital version

Macau Business #159

Macau Business Magazine – July 2017

Essential Macau #38

Essential Macau (June - July 2017)

Macau Business

Left Behind

Although there has recently been consensus on lowering the approval percentage of owners required for redevelopment, many issues remain to be addressed in order to propel the redevelopment of old neighbourhoods – issues that have been on the government agenda for more than a decade

Fountain of patacas in Lilau Square

A MOP250 million price tag for a house in Lilau Square has thrilled the real estate market. It has not spooked potential buyers, although the government is very likely off the deal table

Putting the neighbour into neighbourhood

The investments of veteran property mogul Isabel Chiang in two old neighbourhood districts are starting to take shape with the improving economy, adding cultural and creative flair to the Peninsula

A Big Mac(au) . . . for 30 years

John Ho opened his first McDonald’s store on 11th April, 1987. Today, the company has 78 restaurants in Macau, Zhuhai and Zongshan under its belt

MB Special Report

Macau, Central Korea | Sacrificial Lamb

Following North Korea’s third nuclear test in February 2013, U.S. authorities decided to invoke a financial embargo. The small Macanese Banco Delta Asia was the sole target in this new kind of Washington-Pyongyang war

Macau, Central Korea | A chicken called BDA

The United States attacked Banco Delta Asia without producing any evidence of its allegations. Today, it is known that the bank was only a “symbolic target”

Business Intelligence

工程停滯

輝煌設計

樓市穩定

說得像真的一樣

高山低谷

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Essential

Accessible Art

Macau is an essential destination for lovers of modern art, with amazing works from renowned contemporary artists from around the world on display all over the city.

Elegance is an Attitude

Essential Macau sits down with eight-time Grand Slam Champion Andre Agassi to discuss life after tennis

Celebrating Chinese fashion

Frankie Xie Feng, the first Chinese designer ever to show at Paris Fashion Week, talks to Essential Macau about his inspiration, career and hopes for the future of Chinese fashion
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