News

The 57th Macau Grand Prix will be held in November, and preparation work is continuing apace. The race programme and regulations are complete, and pre-qualifying races for the Macau Grand Prix are underway ahead of entries opening in September. Media accreditation will be open from mid-August. A series of open tenders for public works and logistic services have been completed. Close cooperation and coordination with various government bureaus, teams, the media and TV broadcasters are crucial to the smooth running of all aspects of the event. Training for Race officials, the scrutineering team, track marshals and the rescue team is scheduled from June onwards, with both theoretical instruction and practical exercises to ensure the professionalism of the support team. This year, V.W.M. Motors Limited will be providing Volkswagen Scirocco R as the Official Safety Car, Golf R models as the Official Cars, and Passat Variant R36 models as Rescue Cars for the first time. The Macau Grand Prix Committee is once again cooperating with the Macau Federation of Trade Unions to run an awareness promotion: “The 2010 Macau Grand Prix Carnival Day”, which includes activities such as a “Q & A lucky draw”, a “Secondary Students Essay Contest” and a “Coloring Competition”. The regulations and registration form for “Q & A lucky draw” are available at the Official Website http://www.macau.grandprix.gov.mo and http://www.faom.org.mo/web/?action-viewnews-itemid-6333. Tickets for the 57th Macau Grand Prix are on sale now, with prices ranging from MOP50.00 for Practice Days, to MOP900.00 for Race Days at the Lisboa Bend Stand. Call the 24 hours ticketing reservation hotline (+853) 2855 5555 in Macau, (+852) 2380 5083 in Hong Kong, and (+86) 13926911111 in Mainland China, or visit the Kong Seng Ticket Network in Macau, Hong Kong and Mainland China for reservations. More details could be found at the Official Website http://www.macau.grandprix.gov.mo or http://www.macauticket.com.
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The Office for Personal Data Protection (the GPDP) held a discussion this morning (3 Aug) with six entities assigned by the competent organs of the government to collect citizens’ application forms for drawing on accounts under the Central Savings System (the Union General of Community Association of Macau, Macao Federation of Trade Unions, The Women's General Association of Macau, Caritas Macau, The Macau Chamber of Commerce, Association of Returned Overseas Chinese Macau), on data protection issues on the service of submitting citizens’ application forms. In the meeting it is confirmed that these entities are in the practice of collecting and submitting citizens’ application forms as a service rather than by requirement of the Social Security Fund. They should collect and handle only personal data that are necessary for the service, in compliance with the Personal Data Protection Act. Once the service is completed, the entities should destroy and delete the data within a reasonable period. In the case of data subjects being their members or clients, the entities should keep their data for this service separate from their data collected for other purposes. The entities should also take the necessary precautions to ensure the safety of the personal data in their possession. The GPDP advises that these entities formulate clearly and promptly their personal data processing policy for their services to ensure that data subjects’ rights to information, access, rectification and objection are properly exercised. The Office also suggests that the entities prepare their Statement on Personal Data Collection. As to the situation where it is difficult to forward the submission slips back to data subjects, the GPDP advises that the entities formulate their rules for handling such matters and keep the data subjects informed. The GPDP indicates that it will keep in contact with the entities and help them do a good job in personal data protection.
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The “Annual Report 2009” of the Office for Personal Data Protection is now published. The Annual Report summarizes the work on personal data protection of this Office in 2009, including enquiries about the law, case investigation, supervising and coordinating law implementation, regime construction, etc. It also reviews the work on international and regional connection, community relations, publicity and promotion. According to no. 5 of Article 25 of the Personal Data Protection Act, the Opinions and Authorizations issued by this Office in 2009 are also published in the Annual Report. The Annual Report is now available for free distribution in this Office (Av. Praia Grande, 804, China Plaza, 13 A-F), and in its website (www.gpdp.gov.mo). An unofficial English translation of the Annual Report is also available in the website.
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The Coordinated Portfolio Investment Survey (CPIS), jointly conducted by the Monetary Authority of Macao (AMCM) and the Statistics and Census Service (DSEC), is aimed at collecting information on investment by Macao residents in securities issued by unrelated non-residents, in terms of market value and geographical distribution. The results of CPIS for the reference year 2009 are summarised as follows: Investment of Macao residents in securities witnessed a notable increase due to a significant improvement in investment sentiment in financial instruments and an upsurge in asset prices. On 31 December 2009, investment of Macao residents (including individuals, the government and other legal entities but excluding Macao’s foreign exchange reserves) in securities issued by unrelated non-residents amounted to MOP116.3 billion, up markedly by 41.6% from a revised MOP82.2 billion at end-2008, a record high value since the inception of this survey in 2002. Of this total, equity securities, long-term debt securities and short-term debt securities were valued at MOP61.1 billion, MOP49.9 billion and MOP5.3 billion respectively. In comparison with the previous year, the investment in equity securities, of which mutual funds/investment trusts amounted to MOP13.6 billion, soared by 96.9%. Investment in long-term debt securities rose by a relatively modest 15.1% whereas that in short-term debt securities fell by 31.7%. In terms of geographical distribution, the investment in securities issued by Hong Kong entities accounted for the largest share, at 20.2% of the total market value of Macao residents’ portfolio investment abroad. The rest was mainly invested in Mainland China, the United Kingdom, the United States, the Cayman Islands, Australia, the Netherlands, France and Luxembourg. The market value of investment in securities issued by Hong Kong entities reached MOP23.5 billion, a marked increase of 74.5% or MOP10.0 billion from end-2008. This amount consisted of MOP14.4 billion in equity securities, MOP7.3 billion in long-term debt securities and MOP1.8 billion in short-term debt securities, constituting 23.6%, 14.5% and 34.6% of the respective total. The share of investment in securities issued by Mainland Chinese entities (including those listed in non-Mainland exchanges) rose by 3.5 percentage points from a year earlier to 17.5%. The corresponding market value surged by 77.4% to MOP20.4 billion, of which the investment in equity securities rose by a hefty 96.6% to MOP18.6 billion, accounting for the largest share in the respective securities category, at 30.5%. The share of investment in European securities dropped by 3.6 percentage points from a year earlier to 29.6% but the corresponding market value rose by 26.2%. In particular, equity investment in the United Kingdom and Luxembourg registered significant increases. Among the European countries, the United Kingdom continued to assume the largest share in the total securities investment (8.8%), with a market value of MOP10.3 billion at end-2009. Meanwhile, Macao residents’ investment in securities issued by entities in France also rose whereas investment in German securities dropped. The share of US securities held by Macao residents dipped by 3.4 percentage points from 2008 to 7.7%, and the corresponding market value fell slightly by 1.5% to MOP9.0 billion at end-2009. The investment in long-term US debt securities was valued at MOP6.9 billion, representing the second largest share in the respective securities category after Hong Kong. The market value of Macao residents’ portfolio investment in Latin America soared by 70.9% at end-2009 mainly attributed to a notable 120.6% increase in the portfolio investment in the Cayman Islands. Meanwhile, although the investment in securities issued by Australian entities grew by 8.8% year-on-year, the share of Oceanian securities contracted from 6.5% at end-2008 to 5.0%.
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Information from the Statistics and Census Service (DSEC) indicated that the value of total merchandise export for June 2010 decreased by 3.7% year-on-year to MOP596 million, with value of domestic exports falling by 24.3% to MOP202 million, but that of re-exports rising by 11.9% to MOP394 million. The value of total merchandise import amounted to MOP3.68 billion, up by 28.7% year-on-year. A trade deficit of MOP3.08 billion was recorded for June 2010. In the second quarter of 2010, total value of merchandise export (MOP1.80 billion) dropped by 4.2% year-on-year, but that of merchandise import (MOP10.62 billion) rose by 22.5%, resulting in a trade deficit of MOP8.82 billion. In the first half year of 2010, total value of merchandise export fell by 7.1% year-on-year to MOP3.62 billion, of which the value of domestic exports declined by 33.2%, but that of re-exports expanded by 12.8%; meanwhile, total value of merchandise import grew by 20.9% to MOP20.48 billion. The trade deficit for the first half year of 2010 widened by 29.3% year-on-year to MOP16.86 billion; the exports/imports ratio went down by 5.3 percentage points year-on-year to 17.7%. Analyzed by destination of exports, value of merchandise export to Hong Kong (MOP1.64 billion) and Mainland China (MOP585 million) in the first half year of 2010 increased by 18.9% and 0.6% respectively year-on-year, while that to the USA (MOP385 million) and the EU (MOP201 million) decreased substantially by 52.6% and 47.1% respectively. Exports of Textile & garment amounted to MOP770 million, down by 48.9% year-on-year to account for 21.2% of the total merchandise export; however, value of Non-textile exports (MOP2.85 billion) grew by 19.3%, with that of Copper & articles thereof and Clocks & watches rising notably by 103.4% and 100.8% respectively. Regarding the country of origin of imported goods, in the first half year of 2010, value of merchandise import from Mainland China (MOP6.30 billion) and the EU (MOP4.44 billion) expanded by 20.4% and 25.1% respectively year-on-year. The value of imports of Consumer goods rose by 40.4% year-on-year, with that of Motor cars & motorcycles growing significantly by 122.6%; nevertheless, the value of imports of Capital goods and Raw materials & semi-manufactures fell by 11.8% and 1.3% respectively. In the first half year of 2010, total value of merchandise import and export amounted to MOP24.10 billion, up by 15.7% compared with MOP20.84 billion in the first half year of 2009.
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Information from the Statistics and Census Service (DSEC) indicated that the value of total merchandise export for June 2010 decreased by 3.7% year-on-year to MOP596 million, with value of domestic exports falling by 24.3% to MOP202 million, but that of re-exports rising by 11.9% to MOP394 million. The value of total merchandise import amounted to MOP3.68 billion, up by 28.7% year-on-year. A trade deficit of MOP3.08 billion was recorded for June 2010. In the second quarter of 2010, total value of merchandise export (MOP1.80 billion) dropped by 4.2% year-on-year, but that of merchandise import (MOP10.62 billion) rose by 22.5%, resulting in a trade deficit of MOP8.82 billion. In the first half year of 2010, total value of merchandise export fell by 7.1% year-on-year to MOP3.62 billion, of which the value of domestic exports declined by 33.2%, but that of re-exports expanded by 12.8%; meanwhile, total value of merchandise import grew by 20.9% to MOP20.48 billion. The trade deficit for the first half year of 2010 widened by 29.3% year-on-year to MOP16.86 billion; the exports/imports ratio went down by 5.3 percentage points year-on-year to 17.7%. Analyzed by destination of exports, value of merchandise export to Hong Kong (MOP1.64 billion) and Mainland China (MOP585 million) in the first half year of 2010 increased by 18.9% and 0.6% respectively year-on-year, while that to the USA (MOP385 million) and the EU (MOP201 million) decreased substantially by 52.6% and 47.1% respectively. Exports of Textile & garment amounted to MOP770 million, down by 48.9% year-on-year to account for 21.2% of the total merchandise export; however, value of Non-textile exports (MOP2.85 billion) grew by 19.3%, with that of Copper & articles thereof and Clocks & watches rising notably by 103.4% and 100.8% respectively. Regarding the country of origin of imported goods, in the first half year of 2010, value of merchandise import from Mainland China (MOP6.30 billion) and the EU (MOP4.44 billion) expanded by 20.4% and 25.1% respectively year-on-year. The value of imports of Consumer goods rose by 40.4% year-on-year, with that of Motor cars & motorcycles growing significantly by 122.6%; nevertheless, the value of imports of Capital goods and Raw materials & semi-manufactures fell by 11.8% and 1.3% respectively. In the first half year of 2010, total value of merchandise import and export amounted to MOP24.10 billion, up by 15.7% compared with MOP20.84 billion in the first half year of 2009.
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Information from the Statistics and Census Service (DSEC) indicated that the average daily wage of construction workers was MOP507 in the second quarter of 2010, down by 4.2% quarter-to-quarter. The average daily wage of skilled & semi-skilled workers (MOP537) fell by 5.1%, of which plant operators (MOP667), scaffolders (MOP643), concreters and drain layers (MOP640) and levellers (MOP637) were earning higher average wages; meanwhile, the average daily wage of unskilled workers (MOP340) registered an increase of 8.6%. After discounting the effect of inflation, the wage index of construction workers for the second quarter of 2010 was 93.2 in real terms, down by 1.6% over the previous quarter. As regards construction materials, the average price of spiral and round reinforcing steel bars increased by 15.5% quarter-to-quarter to MOP4,882 per tonne, and that of Portland cement rose by 4.5% to MOP653 per tonne; however, the average price of concrete registered a decrease of 2.2% to MOP308 per cubic metre. In the second quarter of 2010, the price index of construction materials for residential buildings rose by 4.5% quarter-to-quarter to 138.3; in particular, the price indices of steel and timber increased by 14.9% and 1.9% respectively, while the price indices of aluminium and concrete went down by 2.4% and 1.9%. Compared with the same quarter of 2009, the price index of construction materials for residential buildings registered an increase of 14.0%.
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Macau Government Tourist Office (MGTO) launched the “Meet in Macau” corporate networking lunch and mini mart in Malaysia and Singapore last week to arouse local MICE planners’ interest to boost more business into Macau.
A delegation of 20 business tourism officials and trade representatives from Macau presented the latest MICE development and stimulation plans of the city to over 80 and 110 local corporate and trade representatives at the corporate networking lunch, followed by a seminar and mini mart held in Kuala Lumpur and Singapore respectively on July 20 and 22. This is the fourth consecutive year MGTO organized the annual event to promote Macau’s MICE business in Malaysia and Singapore. The promotional activities of MGTO held in the two markets aim to network and update key MICE planners, travel agents, corporate clients and airline partners about the latest tourism developments and incentive programmes in Macau, while encouraging more international companies to choose the Macau as their desired MICE destinations in Asia. Mr. Licénio da Cunha, Head of Product and Special Projects Department of MGTO, in his opening remarks at the corporate networking lunch in Kuala Lumpur said, “Macau has developed itself into an increasingly popular destination for companies and corporations worldwide, as an ideal location to stage important meetings, rewarding incentive programmes, large conferences and public exhibitions.”
He further expressed that Macau does not just provide for holiday makers and vacationers, but also for the professional and executive crowd, “Macau will enchant and surprise everyone with its grand array of hotels, venues and facilities that make it a convenient, affordable and wondrous destination for corporate parties and events.”
Feedback from both guests and Macau trade partners indicated that the event was both useful and informative. The MGTO representative office in Malaysia and Singapore also had an influx of enquiries from meeting planners after the event. On the occasion, an outdoor campaign named “Macau – The Right Mix of Business & Leisure” was launched at the Raffles Place Park by the MGTO Representative Office in Singapore from July 19 to 22, to echo with the “Meet in Macau” session. Attention-grabbing images were displayed at the lawn area while information flyers about “MICE in Macau” were distributed, with an attached survey coupon for readers to complete in exchange for a Macau souvenir.
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The annual emergency safety exercise at the heliport was carried out on the 26 July night to 27 July early morning at the Outer Harbour Ferry Terminal. The exercise simulated the rescue work done according to the respective emergency plan by the concerned parties in response to a helicopter accident, which was participated by 9 government bodies and operators. The drill was deemed smooth with its goal achieved. Originally planned on 20 July but postponed due to tropical storm "CHANTHU", the exercise took place at 23:00 yesterday to 01:00 this early morning and was organized in accordance with the work schedule approved in the beginning of this year by the Facilitation and Security Committee. The scenario simulated a helicopter accident occurring upon landing at the helipad at the Outer Harbour Ferry Terminal. A fire was caused. Three passengers on board sustained injuries to different degrees. Immediately after the accident has occurred, the concerned parties activated the Heliport Emergency Plan and dedicated themselves into rescue and evacuation work. Coordinated by Civil Aviation Authority and organized by East Asia Airlines, the exercise involved the participation of Customs Services, Public Security Police Force, Fire Services Bureau, Maritime Administration, Civil Aviation Authority, East Asia Airlines, Sociedade do Turismo e Diversoes de Macau and so on. More than 80 participants played a part in the drill which aims at testing the effectiveness of the Heliport Emergency Plan and assessing the capacity of the rescue personnel in responding to contingencies so that improvements can be made for further enhancing the coordination, cooperation and communication between all involved entities.
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There are 270 investors in Macao who bought Octave Notes with an investment of MOP 119 million in total, of which, MOP 1.07 million and 17.76 million came from the affected series 21 and 22 respectively. Up to 26 July 2010, Monetary Authority of Macao (AMCM) has received 27 complaints, involving a total investment amount of MOP 15.78 million for the affected series 21 and 22. After receiving the complaints about Octave Notes, AMCM has, pursuant to current policies and guidelines on handling complaints (http://www.amcm.gov.mo/pledge/Pledge.htm), requested the distributing banks to follow up, respond to complainants and submit to AMCM investigation reports with their findings and other relevant information. At the same time, apart from its own follow-up and investigation, AMCM maintains close contact with overseas regulators handling similar cases, exchanges views on handling process and progress. In addition, meetings with the distributing banks have been held and the banks have been requested to follow up the cases seriously. In the recent meeting held on 19 July 2010, the distributing banks indicated that they would speed up the process with reference to the way adopted by the banks concerned in neighbouring regions. AMCM established in 2004 supervisory requirements for selling of financial investment products by financial institutions, which call for clear disclosure of the particulars, features and inherent risks of the products, understanding of customers’ financial status, investment experience and purpose of investment to ensure that the investors have adequate knowledge in assessing risks and returns of the products, setting up effective internal control and risk management systems, and taking measures to ensure that the front-line sales staff have adequate experience, capability and qualification. In view of the Lehman Brothers incident, AMCM has drafted the “Guideline on the Provision and Distribution of Financial Products” which is to be promulgated soon for implementation as the necessary consultation is just closed. The distributing banks have reviewed their sales policies, procedures and the practical implementation, and enhanced the measures for the follow-up of the complaints lodged. Such measures include setting up of a task force to deal with complaints about Octave Notes, customer hotlines, close contact with customers to update progress, interview groups to receive and assist customers, as well as to maintain liaison with the issuing entity to obtain the latest information. AMCM will continue to process complaints in accordance with the “Guideline on Handling of Customer Complaints”, maintain contact with all parties concerned, in particular, the distributing banks with a view to urging them to resolve the cases at an earlier date. In the course of investigation, should violation of supervisory requirements be uncovered, AMCM would take punitive measures pursuant to provisions of the Financial System Act approved by Decree-Law no. 32/93/M of 5 July.
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