MOP 6.00
End of the road
Closing editor: Joanne Kuai
It’s long been rumoured. Now LRT contractor Mei Cheong says its contract with the gov’t is to be terminated. The decision awaits formal approval by the Secretary for Transport and Public Works. The superstructure of the LRT depot in Taipa has been blamed as the major cause of the whole project’s protracted delay and multi-billion dollar overrun
Year IV
Number 858 Monday August 17, 2015
Publisher: Paulo A. Azevedo
Page 3
Cloud with A Silver Lining
Feeling the pinch. Many sectors took a hit from the depreciation of the renminbi. Recently dropping 4.4 pct, Macau foreign reserves the biggest fall in decades. Fashion clothing retailer I.T. says it’ll lose HK$60 mln converting deposits into at MOP144.6 bln in July Page 4 HK dollars. But some retailers sense opportunity. With many materials bought in from China, operating costs will fall. While the regional market may benefit as Chinese consume closer to home Giordano profits up 20 pct Page
5
International Interline
in first half of the year
Page 5
China Eastern Air buys 15 Airbus jets for US$3.6 bln
Page 6
Carson Yeung freed from Hong Kong jail, granted right to appeal
Valid until the end of the year. Through parent company Air China, Air Macau is offering international interline flights. Passengers departing Macau Airport can currently transfer to 15 European cities and the Americas via Beijing or Chengdu
Page 7
Page 6
IMF backs depreciation An encouraging step. As perceived by the International Monetary Fund. China’s move to link the yuan’s value to market forces is the right one, says the IMF. An encouraging step toward what may become a freely floated currency within the next few years
www.macaubusinessdaily.com
Page 10
HSI - Movers
When the chips are down
August 14
Name
%Day
CITIC Ltd
+6.56
BOC Hong Kong Holdin
+2.98
MTR Corp Ltd
+2.08
CK Hutchison Holdings
+1.79
CLP Holdings Ltd
+1.66
China Shenhua Energy
-2.17
Li & Fung Ltd
-2.24
China Resources Powe
-3.51
Want Want China Hol
-4.47
Interview
Lenovo Group Ltd
-5.84
Hitting the right note
Source: Bloomberg
Not too devastating, apparently. Some 61 former VIP gaming club workers have lobbied the Labour Affairs Bureau for help since December. “The re-employment for these laid-off staff is not difficult, with most later hired in a related industry [of gaming],” said Lau Wai Meng, deputy director of the Labour Affairs Bureau. The number of gaming workers dropped by 800 Q-on-Q in 2Q
Page 7
Macau’s music industry remains in its infancy. But it’s progressing steadily, says Ung Kuoc Iang. The co-founder and president of Macau Association of Composers, Authors & Publishers (MACA) says copyright protection is a must for it to develop healthily. Education is key, as are US-style infringement penalties, he tells Business Daily. Meanwhile, local songwriter talent should be nurtured. With more exposure in what is rapidly becoming an entertainment city
Pages 8&9
I SSN 2226-8294
2015-8-17
2015-8-18
2015-8-19
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