Closing editor: Joanne Kuai
MOP 6.00
Pending Deal One month to decide the winner. Bidders hope to pick up Ageas’s Hong Kong life insurance arm. The unit could be valued at more than US$1b. China Taiping and Anbang have shown interest
Year IV
Number 862 Friday August 21, 2015
Publisher: Paulo A. Azevedo
Page 6
Graduate Talent to Drive Diversification
Gaming revenue’s down. But Cotai 2.0’s on the way. And that means more non-gaming employment HK official: opportunities, says IFT President Fanny Vong. Especially for college graduates. Upcoming projects Macau-HK CEPA strategically important “will require human resources not only in quantity but also in quality,” the Institute for Tourism Page 2 Studies boss declared. This month, IFT was authorised to occupy the East Asia Hall building used Sa Sa pessimistic about by the University of Macau before this institution moved to its Hengqin Campus Page
3
Security Blanket
Page 10
Bank of Japan doubts over next step after yuan depreciation
Page 12
Page 2
Chinese firms holding liabilities in foreign institutions. They’re going to feel the stress of a weaker yuan when paying time arrives. Firms sold nearly US$100 billion-worth of bonds in overseas markets.
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HSI - Movers August 20
Red Alert
Name
Macau Legend has posted an interim loss of HK$68.44 million. This, versus a profit of HK$226.37 million during last year’s H1. Decreased gaming revenue and higher operating expenses - particularly staffing - were cited. As at June-end, bank balances and cash held by Macau Legend amounted to HK$4.43 billion, of which nearly 70 pct was denominated in yuan
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%Day
China Unicom Hong Ko
+1.55
Wharf Holdings Ltd/Th
+0.91
China Overseas Land &
+0.87
China Resources Powe
-0.20
China Mobile Ltd
-0.25
Belle International Ho
-4.07
Li & Fung Ltd
-4.20
Tingyi Cayman Islands
-4.34
Galaxy Entertainment
-6.08
Kunlun Energy Co Ltd
-6.12
Source: Bloomberg
Gaming www.macaubusinessdaily.com
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IMF extends currency basket effect in preparation for yuan inclusion
Much of its cash in Hong Kong and U.S. dollars. And ‘quite a few investments in Hong Kong and Macau’. Giving China Overseas Land some defence against renminbi depreciation. The fifth-largest property developer in China says the risk of yuan volatility is ‘manageable’
Making bonds meet
National Day holiday sales
Achilles Heel
I SSN 2226-8294
Wynn Macau’s exposure to VIP business has been its Achilles heel. Dragging profits attributable to shareholders down 60.6 pct y-o-y to HK$1.44b during H1. Non-gaming revenues, including hotel, F&B, retail and others, dropped 23.3 pct to HK$631 million
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2015-8-21
2015-8-22
2015-8-23
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