www.macaubusinessdaily.com
Year I - Number 76 Monday July 16, 2012 Editor-in-chief: Tiago Azevedo Deputy editor-in-chief: José I. Duarte MOP 6.00
ICBC strikes first in Hengqin With Hengqin business opportunities up for grabs, the Macau branch of Industrial and Commercial Bank of China (ICBC Macau) seems set to be the first one to hit the ground. But the Macau Association of Banks expects more than three banks to enter the island next year and expand their business in cross-border yuan settlement and syndicated credits. Page 6
Millions frozen in bus hike stop T
he proposed 23-percent subsidy increase to the city’s bus companies would have cost the government billions of patacas, starting with an extra 900 million patacas (US$112.6 million) this year alone, legislator Ng Kuok Cheong said. The hike was suspended, with the government demanding that bus operators improve the punctuality, safety
and management of their services and the equipment they use. After a meeting with legislators, the Secretary for Transport and Public Works, Lau Si Io, admitted that the administration had “shortcomings, mainly lack of transparency,” during the botched process. He pledged to introduce a mechanism to
assess the quality of bus services next year and also said the contracts signed by the government and bus operators last year could be revised. Legislators criticised the increase in payment and Mr Ng called for a permanent dialogue between the government and the assembly “to analyse the important issues related to
public utilities, tariffs and contracts”. Meanwhile it was revealed that stateowned Nam Kwong Group now owns 80 percent of public bus operator Sociedade de Transportes Colectivos de Macau (TCM). TCM is still waiting for the government’s final approval to start running 20 buses using natural gas. More on page 2
New border talks take Chui to Beijing
HANG SENG INDEX 19165
The chief executive is in Beijing until tomorrow to discuss the new border crossing with mainland Chinese officials. But Fernando Chui Sai On will also negotiate a possible expansion in the sources of imported food to tackle rising inflation. But he did not confirm whether the cash handout scheme would continue next year.
19140
19115
Page 3 19090
19065
19040
North West ferry closer to return
July 13
HSI - Movers
One of the two ferries owned by North West Express Limited that were docked for security reasons has already been repaired and will be inspected by maritime authorities from Macau and Hong Kong today. But there is still no date for when the operator could restart sails between Tuen Mun pier in Hong Kong and Macau.
Name
Page 3
Interview – Theodore Tozer
Learning from mistakes The lessons learned from the 2008 financial crisis will help prevent a similar financial meltdown, says Theodore Tozer, president of the U.S. Government National Mortgage Association, better know as Ginnie Mae. “There were so many people losing so much money… so much damage occurred, that I don’t think we’ll ever go back,” Mr Tozer says in an interview with Business Daily. The financial crisis may have led to the collapse of some big-name financial institutions but Ginnie Mae escaped the worst. Pages 4 & 5
%Day
BELLE INTERNATIO
3.97
CHINA COAL ENE-H
3.57
CATHAY PAC AIR
2.37
ALUM INUM CORP-H
1.96
SINO LAND CO
1.94
COSCO PAC LTD
-1.11
HONG KONG EXCHNG
-1.54
HENGAN INTL
-1.63
CITIC PACIFIC
-1.70
Source: Bloomberg
2012-7-16
2012-7-17
2012-7-18
28˚ 32˚
28˚ 32˚
27˚ 32˚