MOP 6.00 Closing editor: Sara Farr
Report slams status quo
N
o progress. That’s the conclusion of the U.S. Congressional-Executive Commission’s 2014 annual report on Macau’s political reform. This signals Macau is nowhere near attaining universal suffrage. Nor has the Commission observed developments this year consistent with UN Human Rights Committee 2013 recommendations. Those were that Macau set a timeline for transition to an electoral system based on universal suffrage Page
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Year III
Number 643 Monday October 13, 2014
Publisher: Paulo A. Azevedo
Macau investing US$70mln in Yunnan Page 2 | HK stability vital for development: former Macau governor Page 16
International yuan European Central Bank plans for the Chinese currency have been warmly welcomed by authorities. The ECB is considering including the yuan as a reserve currency. Quickening progress towards internationalisation
Industrial engine accelerating
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Industrial production is making a greater contribution to the Macau economy. Increasing by 5.3 percent to MOP3.71 billion last year alone. Electricity, natural gas and water supply accounted for over half of the total value
Mind the gap
Page 5
The gap is widening. Casino workers’ salaries and nongaming employees will be separated by a 31 percent chasm in the next four years. When new casinos open in Cotai, casino workers will have become a ‘privileged class’, say analysts fearful of social tension. In just one year staff costs have jumped 19 percent for gaming operators. The gap right now is 24 percent
www.macaubusinessdaily.com
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HSI - Movers October 10
Name
%Day
China Merchants Hold
0.42
Austerity biting
China Shenhua Energy
0.23
Hong Kong & China Ga
-0.23
Hang Lung Properties
-0.43
Golden Week was lacklustre. Few retailers here or in Hong Kong reaped the usual profits. The majority reported declining sales. Mainland Chinese visitors spent up to 70 percent less during the National Day holiday, with luxury goods sales amassing just US$3.2 billion. That’s compared to US$4.1 billion just a year earlier
Li & Fung Ltd
-0.44
China Mobile Ltd
-2.74
Kunlun Energy Co Ltd
-3.62
CNOOC Ltd
-4.01
Lenovo Group Ltd
-5.05
China Resources Powe
-6.25
Page 4
Source: Bloomberg
I SSN 2226-8294
I Buy Macau Locals are wealthier. So says Vincent Tung, general director of the Macau Shopping Festival Organising Committee 2014. As such, he says, they should also become a prime target. Alongside traditional mainland Chinese visitors. Mr. Tung speaks to Business Daily about how the retail market might witness a slowdown - but how this year’s ‘I Buy Macau’ campaign could help lengthen visitors’ stay
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