MOP 6.00 Closing editor: Alex Lee Publisher: Paulo A. Azevedo Number 571 Monday June 30, 2014 Year III
Ticked off I
t’s voting time again. Final official results of the indirect election for the MSAR electoral college members for the Chief Executive vote will be announced today. But not all lawmakers agree with the current system. Pro-democrat legislators Antonio Ng Kuok Cheong and Au Kam San abstained in protest. 344 electoral college members – the only organ responsible for nominating and electing the Chief Executive – were to be picked from yesterday’s voting process PAGE 2
www.macaubusinessdaily.com
Macau, a strategic piece for OCBC
Distribution matters
Oversea-Chinese Banking Corp (OCBC) is all set to enter Hong Kong and Macau. Both jurisdictions have okayed the acquisition of Wing Hang and Weng Hang banks by Singapore’s longest established financial group. CEO Samuel Tsien tells Business Daily the move is of fundamental importance. OCBC will adhere to its core businesses: but spots excellent opportunities in the Greater China region PAGE 8 & 9
Picking up speed Three new routes have been proposed for the LRT. Budgeted on a pay-per-kilometre basis, one kilometre will cost as much as half a million patacas. The budget continues to grow at a runaway pace PAGE 3
Trade deficit widens Macau’s merchandise trade deficit increased 16 percent to 32.38 billion patacas in the first five months of the year. Imports of gold and jewellery continue to pressure the deficit PAGE 2
The richest man in Asia is deeply concerned about increasing rent inequality. According to Li Ka-Shing, the government should treat this as its main task. Page
10
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Galaxy to grow 50 percent
June 27
Name
Things are looking up for Galaxy. The chairman of Galaxy Entertainment is confident that Phase II of Galaxy Macau will open in mid-2015. This will boost company revenues by up to 50 percent, he says. Lui Che Woo also went on record to say that group strategy calls for an increase in GEG’s non-gaming activities PAGE
4
Interview: Paul Kwok
%Day
Want Want China H
2.44
China Resources Powe
1.84
China Mengniu Dairy
1.68
AIA Group Ltd
1.42
Sun Hung Kai Propert
1.14
Ping An Insurance Gr
-0.75
Kunlun Energy Co Ltd
-0.78
HSBC Holdings PLC
-0.82
Hengan International
-1.09
China Overseas Land
-1.38
Source: Bloomberg
“40 percent of our MICE guests come back” The GM of Grand Hyatt Macau believes that major infrastructure is key to the hotel’s success. The HKZhuhai-Macau Bridge and the LRT will bring more day-trippers here, he says. The Meetings, Incentives, Conferences, and Exhibitions (MICE) segment should also benefit. Paul Kwok says the biggest challenge, however, remains attracting qualified people. The lack of human resources is taking its toll PAGE
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