Proposed bill includes safeguard stipulating banks must deposit equivalent value of convertible foreign currency with government before issuing currency.
Business
Next year’s budget increases by five per cent but no salary increase for civil servants; Macao’s financial reserve in September down by 2.95% to MOP 562.9 billion.
Next year’s budget for public welfare measures will cost local government about MOP 20.9 billion.
Gaming operator’s EBITDA in third quarter negative HK$535.5 million; total revenue HK$687 million, down 37.54 per cent from second quarter.
Melco generated negative Adjusted Property EBITDA of US$34.9 million on this year’s third quarter; CEO optimistic about e-visas being issued to mainland Chinese visitors.
As MOP is linked to HK$, increase follows Hong Kong’s adjustment based on US Federal Reserve’s move to raise Fed funds rate target range by 75 basis points.
Results up 31.6% on September; Macao’s six gaming operators continue to run 37 casinos, but with 32 fewer gaming tables and 345 more slot machines.
Gloomy results see VIP GGR, once a huge source of income, down to a paltry HK$29 million. CEO hopeful of ‘travel liberalisation’.
Exports up slightly at MOP 10 billion; merchandise trade balance deficit stands at MOP 92 billion.