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Banker says Macau is a ‘natural free trade zone’

Banker says Macau is a ‘natural free trade zone’

Macau Association of Banks (ABM) Chairman Ip Sio Kai suggested on Sunday that the government should focus on turning Macau into an international financial centre. Ip made the proposal during a forum hosted by the Collective Wisdom Policy Centre at the Bank of China Building in Avenida Dr. Mario Soares. The forum gathered participants from […]
Macau Fund proposes raising pensions, subsidies in July

Macau Fund proposes raising pensions, subsidies in July

Social Security Fund (FSS) President Ip Peng Kin announced on Monday that the fund is proposing an increase in various pensions and subsidies effective in July. According to Ip, the fund proposed on Monday that the old-age pension and disability pension be raised by 5.35 percent, from 3,180 to 3,350 patacas per month, while the […]
Macau government to introduce minimum wage by 2018

Macau government to introduce minimum wage by 2018

The government intends to introduce a universal minimum wage for all workers, following its initial introduction for cleaning and security personnel working in property management companies. “We intend to implement the minimum wage for those two sectors this year. But our stand on this is implementing a minimum wage for all workers within three years,” […]
Macau’s GDP shrinks 0.4 percent in 2014 – down 17 percent in Q4

Macau’s GDP shrinks 0.4 percent in 2014 – down 17 percent in Q4

Macau’s gross domestic product (GDP) fell 0.4 percent in real terms last year, the first annual drop since the establishment of the Macau Special Administrative Region (MSAR) in 1999, according to figures released by the Statistics and Census Bureau (DSEC) on Friday. In the fourth quarter of last year, GDP was down 17.2 percent year-on-year […]
Macau’s jobless rate stays at 1.7 percent

Macau’s jobless rate stays at 1.7 percent

The city’s officially estimated unemployment rate remained unchanged at 1.7 percent in the November 2014 to January 2015 survey period compared to the October-December 2013 period, the Statistics and Census Bureau (DSEC) announced on Tuesday. Macau’s total labour force reached 404,500 in the latest survey period. Total employment was 397,800, while 6,700 people were unemployed. […]
Macau’s gold jewellery imports fall 56 percent

Macau’s gold jewellery imports fall 56 percent

Macau’s imports of gold jewellery in January fell 56.5 percent year-on-year to 641 million patacas, the Statistics and Census Bureau (DSEC) announced on Tuesday. Imports of handbags and wallets dropped 35.3 percent to 265 million patacas. Imports of watches dropped six percent to 665 million patacas. Gold jewellery, handbags and watches are popular with shoppers […]
Macau’s retail sales rise mere 1 pct in 2014

Macau’s retail sales rise mere 1 pct in 2014

Macau’s retail sales rose a mere one percent year-on-year to 67.6 billion patacas last year, the Statistics and Census Bureau (DSEC) has announced. Sales of watches and jewellery accounted for 27 percent of the total. In the fourth quarter of last year, retail sales reached 17 billion patacas, up eight percent from the previous quarter, […]
Macau Property prices ‘too high’ but no immediate action to be taken

Macau Property prices ‘too high’ but no immediate action to be taken

Macau Chief Executive Fernando Chui Sai On has acknowledged that the city’s property prices are “too high” but he ruled out launching immediate measures to tackle the problem. Chui made the remarks on the sidelines of a reception hosted by the Women’s General Association of Macau (commonly known as Fu Luen) on Friday to mark […]
Macau’s economy likely to shrink in first quarter of 2015

Macau’s economy likely to shrink in first quarter of 2015

Lionel Leong says Macau’s economy is likely to decline in the first quarter of 2015 if gaming revenues continue to drop. The Secretary for Economy and Finance also says the government is taking note of the steep decrease in casino revenues reported during the Chinese New Year week. Gaming revenue is estimated to have plunged […]
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