News

Consumer Council published a report on the ingredients of hair dye products in its latest issue of Consumer Report, an article about its delegation's visit to Consumers International Office for Asia-Pacific & the Middle East is also featured. Nowadays, consumers like to dye hair at home and various kinds of hair dye products appear due to increasing demand of consumers. p-Phenylenediamine (PPD), an ingredient found in hair dye products, is an allergen and many countries and regions have requested the labeling of PPD on the product package if the substance is found in hair dye products. A test has been carried out by the Council to test the ingredients of hair dye products. The mentioned test was conducted according to China's standard QB/T 1978-2004 'Hair dye products' and 'Regulations for hygienic condition of cosmetics (2007 edition)' for light industry and the result was published in the latest issue of Consumer Report. All 10 samples of hair dye products tested were bought from local stores, testing result showed that no PPD was found in 3 of the samples but compounds of PPD were labeled in the package, 1 sample was found to have PPD but only compounds of PPD were labeled as an ingredient. Many countries and regions have requested the labeling of PPD on the package as PPD is prone to contact dermatitis, manufacturers have been asked by Consumer Council to improve the product package to include PPD as an ingredient to safeguard the safety of consumers. Consumers are advised to conduct skin allergic test before dyeing hair and wear protective tools according to instructions, moreover, hair dyeing should not be carried out too often to minimize the damages caused to hair. The latest issue no. 231 of Consumer Report also features recent activities of the Council, including its delegation's visit to Consumers International Office for Asia-Pacific & the Middle East and other consumer protection organizations in Malaysia. Consumers International (CI) is an independent, non-profit global organization aiming at bringing up policies and suggestions to protect consumers and promote consumer protection work. There are currently over 220 consumer groups from over 115 countries and regions worldwide as CI's official and unofficial members and the Office for Asia-Pacific & the Middle East is based in Kuala Lumpur, Malaysia. Macao Consumer Council has been actively participating in CI's consumer protection work since its joining as an official member in 1997, since then, the Council has been getting information about global consumer protection work from CI and disseminating them to local consumers. The Consumer Council delegation visited the Office for Asia-Pacific & the Middle East to further inquire about policies concerning the least favoured consumers. Further, as the number of Macao citizens traveling to Malaysia and inbound tourists from Malaysia keeps on increasing in recent years, the importance of safeguarding the rights of consumers in both regions was discussed between the Council and various consumer groups in Malaysia. The Council and the concerned organizations discussed and exchanged ideas on how to improve solutions to consumer disputes, consumer education, and enhancement on interchanging information between the two regions. The Council also spent time to introduce the mechanism of 'Certified Shop'. The current issue also features the 'Code of Practice' for furniture retail industry and other information released by the 22 city-alliance of consumer organizations in mainland China. Consumer Report is now available free of charge at the office of Consumer Council (Rua Inácio Baptista, Nº 6-6A Edficio Seaview Garden R/C), and the service counter of Consumer Council at Macao SAR Government Service Centre (Rua Nova da Areia Preta, Nº52), Public Information Centre at Vicky Plaza, libraries and bookstores. Consumers may also access the resources online on the Council's official website (http://www.consumer.gov.mo). For enquiries, please call 8988 9315.
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The Heritage Foundation released today its 2013 Report on the Index of Economic Freedom, confirming Macao's high position in the world and regional rankings of economic freedom. The SAR's score of economic freedom exhibits little change at 71.7, compared to 71.8 for last year, and making its economy the 26th freest among 177 economies. Based on 10 benchmarks, the Report assesses the degree of economic freedom of individual economies around the world. Macao receives relatively high score in benchmarks such as government spending, trade freedom, investment freedom, monetary freedom, and financial freedom. The Foundation's 2013 Report says that flexibility and openness to global trade and investment have been the cornerstones of Macao's dynamic economic expansion. Macao largely maintains its transparent, free-market economic structure. The overall entrepreneurial environment is generally adequate. The rule of law is relatively well respected. Tax rates are competitively low, tariff and non-tariff barriers are nonexistent, and foreign investors can conduct business on the same terms as nationals. In the Asia-Pacific region, Macao is ranked 7th out of 41 economies, just behind Hong Kong, Singapore, Australia, New Zealand, Chinese Taiwan and Japan. The SAR, with its overall score well above the world and regional averages, is classified as "mostly free". According to the Heritage Foundation, a higher level of economic freedom is not only associated with a higher level of per capita income but also promotes economic and social progress.
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Consumer Council released its latest specific price survey on canned foods. Survey result showed that prices of over half of the 11 surveyed canned food brands remained stable. Price difference recorded for the same brand sold at different retail outlets ranged from 6 percent to over 30 percent. Consumer Council collected price of 11 brands of canned food from 20 retail outlets on 8th January. In comparison with the data collected in November, prices of 7 brands remained unchanged. In the current survey, price differences recorded for the same brand sold at different retail outlets ranged from the lowest 6.45 percent to the highest 30.07percent. 'Ma Ling Premium Ham Luncheon Meat/340g', which was sold at $15.3 to $19.9, recorded the highest price difference of 30.07 percent. 'Narcissus Brand Spiced Pork Cubes/142g', which observed a price difference of 53.08 percent in November, now dropped to only 13.85 percent. Consumers are advised to check with the survey data to make practical consumption. The specific price survey on canned foods is now available on Consumer Council's website (www.consumer.gov.mo) and in the Council's 'Supermarket Price Information Platform' iPhone and Android apps. .
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Macao and Shenzhen signed six agreements and memoranda today on food inspection, medicine surveillance, education and other areas during the Shenzhen-Macao Co-operation Meeting. Officials from Macao and Shenzhen were led by the Chief Executive, Mr Chui Sai On, and Mayor of Shenzhen, Mr Xu Qin, respectively, who both made a speech at the start of the meeting. The Executive Deputy Mayor of Shenzhen, Mr Lu Ruifeng, and Macao's Secretary for Economy and Finance, Mr Tam Pak Yuen, briefed their counterparts on the economic and social development of the two cities in the past year, and reviewed their co-operation in trade, tourism, culture, traditional medicine, food safety, medicine inspection, among other areas. After the meeting, officials from Macao and Shenzhen signed six agreements and memoranda on frozen poultry inspection, inspection techniques, education, medicine surveillance and medicine inspection. At a press conference after the meeting, Mr Tam said that the agreements and memoranda signed were mostly associated with the daily lives of the general public. Both Mr Xu and Mr Tam said that the two governments should extend their co-operation in trade, finance, tourism, creative industry, traditional medicine and education, as well as make use of Macao's role as a trade and service platform between China and the Portuguese-speaking countries, and promote opportunities offered in the Qianhai industrial zone. The Chief Executive and the Macao delegation visited a technology firm in Shenzhen before returning to Macao.
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The Chief Executive, Mr Chui Sai On, met today with the Secretary of the Communist Party of China (CPC) Shenzhen Municipal Committee, Mr Wang Rong, to discuss bilateral co-operation in education, creative industry, healthcare and inspection. The meeting took place in Shenzhen ahead of tomorrow's Shenzhen-Macao Co-operation Meeting to be held by officials from Macao and Shenzhen. In the meeting, Mr Chui said that Macao made certain progress in propelling its economy, improving livelihood of the people and maintaining social stability. He attributed these developments to the support of the Central Government and various Mainland provinces and cities, including Shenzhen. He said Macao had in the past year made good progress in co-operation with various Mainland provinces in areas such as healthcare, creative industry, education and trade. He believed that the hosting of Shenzhen-Macao Co-operation Meeting would enhance co-operation between them and set up new targets, he said. Mr Chui also said that linking the services between Nansha, Qianhai and Hengqin would be more beneficial for co-operation among Shenzhen, Hong Kong and Macao. Mr Wang briefed Mr Chui on economic development of Shenzhen in the past year and highlighted that the Secretary of the Communist Party of China (CPC) Central Committee, Mr Xi Jinping had, on his visit last year, asked for deepened reform and opening-up of Shenzhen and strengthened co-operation in trade and economy with Macao. Mr Wang said Shenzhen and Macao should strengthen their co-operation in the medical and creative industries as well as in other areas. He also said he believed that when Shenzhen cultivate Qianhai, it could learn from Macao's experience in tourism industry. The meeting between Mr Chui and Mr Wang was preceded by a visit to an industrial zone at Qianhai and a tourist complex. After the meeting, Mr Wang hosted a welcome banquet for Mr Chui.
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The Secretary for Administration and Justice, Ms Florinda Chan, signed an agreement with the Hong Kong Special Administration Region today concerning reciprocal recognition and enforcement of arbitral awards in the two places. The Arrangement Concerning Reciprocal Recognition and Enforcement of Arbitral Awards Between the Macao Special Administrative Region (Macao SAR) and the Hong Kong Special Administrative Region (HKSAR) were signed by Ms Chan and the Secretary for Justice of the HKSAR, Mr Yuen Kwok-keung at Government Headquarters in the afternoon. Under the Arrangement, any arbitral awards made either by the courts of the Macao SAR or by the courts of the HKSAR shall be recognised and enforced in accordance with arbitration regulations of each side. According to a press release by the Office of the Secretary of Administration and Justice, the Arrangement clearly defines procedures and regulation in implementing arbitral awards by the courts either in the Macao SAR or in HKSAR, adding that it would foster legal and judicial co-operation between Hong Kong and Macao in civil and commercial matters. The Office said the signing of the Arrangement would better handle civil and commercial disputes between the Macao SAR and the HKSAR and facilitate the development of arbitration systems in both sides due to the increasing economic and commercial exchanges. The full text of the Arrangement will be published soon in the Macao SAR Gazette. Macao and the Mainland also signed the Arrangement Concerning Reciprocal Recognition and Enforcement of Arbitral Awards Between the Mainland and the Macao Special Administrative Region in 2007.
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Consumer Council released its first specific price survey on rice of this year. Survey result showed that prices of rice remained stable, over half of the 15 surveyed products recorded no change in price and price differences recorded for the same product sold at different outlets ranged from 1 to 21 percent. Consumer Council collected prices of 15 brands of rice from 21 retail outlets on 3rd January. In comparison with data from November, prices of rice remained stable as 8 rice brands remained the same price as last surveyed, only certain brands recorded price changes: price of 'Wing On Thai Jasmine Rice/5kg' had been decreased by over 12 percent in one retail outlet while that of 'Double Ram Australian Calrose Rice/5kg' had been raised by about 12 percent in another retail outlet. Price differences ranged from 1 to 21 percent were recorded in the current survey in which 'Wing On Thai Jasmine Rice/5kg' recorded the biggest price difference. Price differences observed in the current survey are less significant compared with other specific price surveys on other categories of products. In this survey on rice price, price differences of less than 10 percent were observed in 10 rice brands, however, price difference of over 10 to 100 percent were observed in surveys on other categories of products. The specific price survey on rice is now available on Consumer Council's website (www.consumer.gov.mo) and in the Council's 'Supermarket Price Information Platform' iPhone and Android apps. For inquiry, please call 8988 9315.
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According to statistics released today by the Monetary Authority of Macao, broad money supply continued to grow in November. As total deposits increased at a faster pace than total loans, the overall loan-to-deposit ratio of the banking sector dropped from a month earlier.
Money supply
Currency in circulation grew 2.8% while demand deposits dropped 1.0%. M1 thus decreased 0.4% from one month earlier. Concurrently, quasi-monetary liabilities rose 3.3%. The sum of these two items, i.e. M2, increased by 2.8% to MOP370.3 billion. On an annual basis, M1 and M2 rose 10.6% and 22.6% respectively. The share of Pataca (MOP) in M2 stood at 24.4%, down 0.5 percentage points from a month ago or 0.6 percentage points from a year earlier. The share of Hong Kong Dollar (HKD) in M2 was 55.1%, down 0.9 percentage points month-to-month but up 0.2 percentage points year-on-year.
Deposits
Resident deposits rose 2.8% from the preceding month to MOP362.7 billion. Of which, MOP deposits, HKD deposits and other foreign currency deposits increased at respective rates of 0.7%, 1.3% and 10.1%. Non-resident deposits increased 5.8% to MOP131.2 billion while public sector deposits with the banking sector edged down 0.1% to MOP42.1 billion. As a result, total deposits with the banking sector rose 3.3% from a month earlier to MOP536.1 billion. The shares of MOP and HKD in total deposits were 20.4% and 46.6% respectively.
Loans
Domestic loans to the private sector increased 3.5% from a month ago to MOP196.0 billion. Among which, MOP59.8 billion was MOP-denominated and MOP119.9 billion was denominated in HKD, representing 30.5% and 61.2% of the total respectively. External loans also rose 0.2% to MOP212.5 billion; of which, loans denominated in MOP and HKD accounted for 0.9% (MOP1.9 billion) and 24.9% (MOP53.0 billion) respectively.
Loan-to-deposit ratios
As domestic loans to the private sector grew faster than resident deposits, the loan-to-deposit ratio for the resident sector at end-November rose 0.4 percentage points month-to-month to 48.4%. The ratio for both the resident and non-resident sectors was 76.2%, down 1.2 percentage points from end-October.
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To celebrate the coming Chinese New Year, Macao Post will launch "Gift Fulfillment Service" from 7 to 27 January 2013 with the purpose of providing a convenient channel to Macao citizen for sending the festival blessing to families, friends and trading partners in China, Hong Kong and Macao. Macao Post has specially selected 10 sets of New Year gifts including luxury hampers and festive gift sets to suit different clients' needs. The price is only starting from MOP158 (inclusive of delivery charge). You may place your orders on or before 27 January at http://www.macaupost.gov.mo, Central post office or any post offices. For enquiry, please feel free to contact our Gift Fulfillment Service hotline at 83968813 or email to reb@macaupost.gov.mo.
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TO celebrate the coming Chinese New Year, Macao Post will issue a lucky ornament titled "Macao's Lunar Year of the Snake Stamp" on 3rd January 2013. It is engraved with laser techniques for highlighting the Macao Post Headquarters' building and a thin wooden card with the wood snake stamp image is affixed on the other side. The unique design is certainly a precious and commemorative collectable. It will be available for sale at the Macao Post Headquarters, the "Rua do Campo" Post Office, the Maritime Ferry Terminal Post Office, the Airport Post Office and the Communications Museum and the selling price is MOP 15.00.
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