Macao’s economy will recover in 2021 from a 63% fall projected for this year with the Special Administrative Region’s “fortunes tied to a recovery in Chinese tourism”, the Economist Intelligence Unit (EIU) says.
Business
Macao’s composite consumer price index for last month rose a mere 0.03% year-on-year, the lowest growth recorded since November 2009.
Chief Executive Ho Iat Seng during a meeting with Fujian Governor Wang Ning suggested three approaches for future cooperation between Macao and Fujian
The Chief Executive met with officials from the provinces of Guizhou, Fujian and Jiangxi and the Guangxi Zhuang Autonomous Region during a working visit to Hainan to discuss how to foster closer ties on business, cultural affairs and also to exchange views on topics of mutual concern.
A report released by the Commission Against Corruption (CCAC) yesterday says that officials responsible for the vetting and approval of MOP 212 million in loans to Viva Macau, a locally incorporated private airline which went belly up in 2010, “failed in their duties”.
A firm controlled by Levo Chan Weng Lin, CEO of junket operator Tak Chun Group, has bought a 20.65% stake in Macau Legend Development Limited for about US$173 billion (MOP 1.38 billion), several local media outlets including Rádio Macau, GGRAsia and IAG reported today.
Macau Legend Development Limited’s stocks trading has been halted from 14 September onwards.
The government’s receipts from gross gaming revenue taxes in the first eight months fell by 70.2% year-on-year to MOP 22.8 billion (US$2.87 billion), the Financial Services Bureau (DSF) announced last week.
Macao government’s receipts from gross gaming revenue taxes in the first eight months fell by 70.2% year-on-year