MOP 6.00 Closing editor: Luís Gonçalves
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MF officials recently visited Macau. Its first mission in 15 years. It advises the Macau Government to set up a sovereign fund to shield the economy against possible headwinds. Faltering gaming revenues, possible external shocks from China and an ageing population are things to monitor. In an interview with Business Daily, Murtaza Syed, IMF Mission Chief for Macau, says forward planning is the watchword. PAGE 2
www.macaubusinessdaily.com
Year III
Number 591 Monday July 28, 2014
Publisher: Paulo A. Azevedo
Get a sovereign fund, says IMF
Christine Lagarde, Managing Director of IMF
Foreign construction workers doubled in a year
Tale of the tourist Tourist satisfaction levels declined a tad in Q1. Visitors are less enamoured with casinos. But events and retail shopping satisfaction is picking up, the Tourism Studies Research Centre found
Foreign construction workers have more than doubled in number in a year. Almost 40,000 by the end of June. Mainland workers account for 90 percent of the total, Human Resources Office data reveals. Imported labour is also streaming into the hotel industry and F&B, with domestic help in great demand, too PAGE
Profit pause
Chui Sai On has formally thrown his hat into the ring. He received nominations from 82 percent of the Electoral College members for his re-election. This suggests that one more candidate could vie for Macau’s top job
DFS here turned in an ‘excellent performance’. But LVMH, the world’s largest luxury-goods company, reports a 5 percent drop in 1H profit. Management points at slower demand in Asia generally. And unrest in Hong Kong PAGE 3
Interview
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Another may run
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Industry gains up
HSI - Movers July 25
Name
Chinese National Bureau of Statistics (NBS) has announced good news. National industrial business profits rose 11.4 percent Y-o-Y in the first half. All part of the plan Page 10
%Day
Belle International
4.87
China Shenhua Ener
2.52
China Resources Ent
1.99
Bank of Communic
1.86
Cheung Kong Holdin
1.64
China Mobile Ltd
-1.29
Power Assets Hold
-1.49
Tingyi Cayman Islan
-1.61
China Resources Land
-1.62
Henderson Land Dev
-1.79
Source: Bloomberg
Samuel Huang Associate Professor of Gambling Studies at Macao Polytechnic Institute
I SSN 2226-8294
Genuine diversification not on the cards Gaming revenue slowdown is linked to China’s economy. Samuel Huang is emphatic. He also says Macau lacks a clear definition of what constitutes the VIP market. The gaming expert is confident that Cotai will expand non-gaming entertainment elements. But genuine diversity? He doesn’t buy it
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