Macau business daily, Feb 24, 2014

Page 1

MOP 6.00

Page 3

Future Bright profit jumps 15 pct Page 4

Consumer price inflation rises 6.4 pct

www.macaubusinessdaily.com

Year II

Number 482 Monday February 24, 2014

Publisher: Paulo A. Azevedo

Closing Editor: Michael Grimes

Minimum wage set at MOP28 per hour

January hotel daily 1 business room rates up 10 pct

Friday April 19, 2013

Page 5

T

he government will soon introduce legislation that would set a minimum wage of 28 patacas (US$3.51) an hour for all cleaning and security staff. Labour Affairs Bureau director Wong Chi Hong said so after a meeting of the Standing Committee for the Coordination of Social Affairs on Friday. Mr Wong added the government intended that employers should count at least 83 percent of the minimum as the basic wage. But Legislative Assembly member Ella Lei Cheng I criticised the timetable. “It will take 180 days for the law to come into effect after it’s been passed,” Ms Lei said. “By then, whether the wage level is set at 28 patacas or 30 patacas, it will not look like a level that has kept up with changes in the economy.” More on page

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Hang Seng Index 22617

22585

3

22553

All agree on MOP90 a month for welfare

Bank of China Macau in Shanghai FTZ loan

The government is proposing to raise the minimum monthly contribution to the social security fund to 90 patacas (US$11.27) per employee from 45 patacas. Representatives of the bosses and the workers have agreed to this sum, but they still disagree on what proportion the employer should pay and what proportion the employee should pay. Social Security Fund president Ip Peng Kun hopes the employer would continue to pay two-thirds and the employee one-third.

Bank of China Macau Branch (BoC Macau) is among the first batch of banks providing offshore loans for companies in Shanghai’s free trade zone. It may pave the way for the lender to provide similar services closer to home on Hengqin Island – the mainland’s special economic zone next door to Macau. BoC Macau and its sister companies – Shanghai Branch and Singapore Branch – together provided a loan worth 100 million yuan (130.6 million patacas).

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INTERVIEW

CEM among world’s best electricity firms: CEO

February 21

HSI - Movers Name

%Day

CATHAY PAC AIR

3.98

BELLE INTERNATIO

3.04

TENCENT HOLDINGS

2.83

WANT WANT CHINA

2.83

HONG KG CHINA GS

2.39

CHINA OVERSEAS

-0.94

COSCO PAC LTD

-0.95

CHINA RES POWER

-1.15

CHINA PETROLEU-H

-1.21

LENOVO GROUP LTD

-2.35

Source: Bloomberg

I SSN 2226-8294

Macau’s electricity supplier CEM – Companhia de Electricidade de Macau – accepts it doesn’t have autonomy on where it can source fossil fuel raw materials. But it is among the reliable power firms in the world. So says its chief executive Franklin Willemyns in an interview with Business Daily. Last year, 90 percent of the electricity used in Macau was imported and CEM’s own generators were barely used. Pages 6 & 7

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