North West docked but still kicking Ferry operator North West Express Limited suspended its trips to Hong Kong’s Tuen Mun pier as Hong Kong authorities grounded its last standing vessel. The company denies financial problems and wants to resume operations in two weeks. Authorities want a report within 10 days.
Year I - Number 67 Tuesday July 3, 2012 Editor-in-chief: Tiago Azevedo Deputy editor-in-chief: José I. Duarte MOP 6.00
Page 6
www.macaubusinessdaily.com
Banking on Hengqin
island could be local lenders’ base M
acau banks could be beneficiaries of the latest round of trade liberalisation between the city and mainland China. Up to three of them may be able to set up operations in Hengqin New Area – the special economic zone being set up just over the border alongside the extension to the University of Macau campus. The possibility is raised under the ninth supplement to the Closer Economic Partnership Arrangement, known as CEPA – a triangular economic initiative between Macau, the mainland and Hong Kong. The updated rules come into effect next year. Under the new terms, Hengqin lowers its capital requirement for Macau banks to open a branch there. MSAR banks now only need to
have US$4 billion (32 billion patacas) end-of-year total capital instead of US$6 billion to be able to operate on the island. Secretary for Economy and Finance, Francis Tam Pak Yuen, said there are at least three banks that fulfil the requirements to open in Hengqin. However he did not name which three. Another measure allows Macau companies to open entertainment complexes in mainland China, but “it does not include casinos”, said Vice minister of Commerce, Jiang Yaoping yesterday at the CEPA signing ceremony. More on page 3
Casino revenue rebounds in June
HANG SENG INDEX 19590
After hitting a three-year low in May, casino revenue growth picked up last month but was still below market expectations, adding fuel to forecasts of an industry slowdown. Union Gaming analyst Grant Govertsen says typhoon ‘Doksuri’ was partially to blame but he expects even slower growth in July and August, before a rebound in September.
19490 19390 19290
Page 2 19190 19090
SJM told: ‘sort’ New Century feud
18990
June 29
HSI - Movers
A
battle for control of a Taipa casino-hotel took a new twist yesterday when a spokeswoman for one of the contenders – veteran Macau junket operator Ng Wai – said the hotel is being closed to new guests. On June 24 Mr Ng was hospitalised after allegedly being attacked by six men wielding sticks and hammers as he dined with a female companion. In a chaotic press conference called in Mr Ng’s name yesterday, it was claimed the hotel operation is being suspended to protect Macau’s image as a tourist city after “some gangsters” had been sent to the property by Chen Mei Huan – described by industry sources as Mr Ng’s former companion as well as business partner. A woman, claiming to be Ms Chen’s sister, interrupted the conference and said the claims were lies. Now the Macau authorities seem to be losing patience. The Gaming Inspection and Coordination Bureau instructed casino operator SJM, that licenses the casino on the premises, to handle the matter “properly”, reported local broadcaster TDM’s Chinese-language TV news. Pages 4 & 5
Name
Taiwan dream over for Grand Waldo The biggest shareholder of Cotai casino Grand Waldo, Get Nice Holdings Limited, has terminated a deal with Shin Kong, one of the major Taiwan conglomerates, to build Macau’s first outlet mall and to market it in the island. The resort was back in the red for the year ended 31 March. Page 3
%Day
SANDS CHINA LTD
5.60
COSCO PAC LTD
5.32
WANT WANT CHINA
4.63
CHINA MERCHANT
4.22
CHINA COAL ENE-H
4.11
SWIRE PACIFIC-A
0.90
CHINA RES LAND
0.77
HSBC HLDGS PLC
0.59
HANG SENG BK
0.57
ESPRIT HLDGS
-1.00
Source: Bloomberg
2012-7-03
2012-7-04
2012-7-05
27˚ 32˚
27˚ 33˚
25˚ 32˚