News

According to statistics released today by the Monetary Authority of Macao, on a monthly basis, money supply M2 continued to grow in September. As deposits grew at a faster pace than loans, the loan-to-deposit ratio dropped slightly from a month earlier.
Money supply
Currency in circulation grew 3.4% whereas demand deposits dropped 2.6%. M1 thus decreased 1.7% when compared with the previous month. Meanwhile, as quasi-monetary liabilities rose 3.7%, M2 grew at a faster pace of 2.9%, amounting to MOP237.0 billion. On an annual basis, M1 and M2 rose 18.8% and 13.7% respectively. The share of Pataca (MOP) in M2 stood at 28.5%, down 0.2 percentage points over a month ago or up 0.3 percentage points from a year earlier. Concurrently, the share of Hong Kong Dollar (HKD) in M2 was 54.6%, up 0.7 percentage points month-to-month or 1.2 percentage points year-on-year.
Deposits
Resident deposits grew at a faster pace when compared with the preceding month. The value increased 2.8% from the previous month to MOP231.5 billion. Of which, MOP deposits and HKD deposits increased at respective rates of 2.2% and 4.1%, while other foreign currency deposits dropped slightly by 0.2%. Concurrently, non-resident deposits grew 2.1% to MOP72.9 billion and public sector deposits with the banking sector increased 0.9% to MOP20.2 billion. As a result, total deposits with the banking sector grew 2.5% from the previous month to MOP324.7 billion. The shares of MOP and HKD in total deposits were 24.1% and 46.5% respectively.
Loans
Domestic loans to the private sector grew 2.4% in September to MOP119.6 billion. Among which, MOP36.6 billion was MOP-denominated and MOP74.1 billion was denominated in HKD, representing 30.6% and 62.0% of the total respectively. Loans to “gaming” and “restaurants, hotels and similar” increased quarter-to-quarter at respective rates of 72.1% and 31.5% whereas those to “transport, warehouse and communications” dropped 8.5%. Meanwhile, external loans increased 2.3% to MOP113.3 billion; of which, loans denominated in MOP and HKD accounted for 0.7% (MOP0.7 billion) and 41.4% (MOP46.9 billion) respectively.
Loan-to-deposit ratios
As resident deposits (including public sector deposits) rose at a faster pace than domestic loans to the private sector, the loan-to-deposit ratio for the resident sector at end-September 2010 dropped slightly by 0.1 percentage point month-to-month to 47.5%. The ratio for both the resident and non-resident sectors stood at 71.7%, down simultaneously by 0.1 percentage point from the previous month.
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The Institute for Tourism Studies’ Bachelor Degree Programme design emphasise the balance between theory and practice. Students are required to complete certain hours of practical tasks related to their majors every year. One of the tasks given to the Tourism Business Management students is to provide free guided tour to tourists and local residents. The activity, with the theme of “Tour around Macao with IFT students”, is organised by year two students of Tourism Business Management Degree Programme. With the assistance from the instructors, four different itineraries have been designed and each lasts about one hour and thirty minutes. This free guided tour service will be provided to all tourists and local residents on Saturday and Sunday, from 13 – 21 November. The main objectives of the activity: I. It allows the students to put what they have learnt about tourism into practice. The whole project, from itinerary design to time control to the actual tour guiding, is planned by the students themselves with assistance from instructors. By coordinating the activity, their communication skills can also be enhanced. II. To promote Macao to the visitors by offering the free guiding service at the city centre and tourist attractions. Residents will also be made aware of the importance of tourism to Macao. The Institute For Tourism Studies is the only public higher education institution in Macao that provides training for tourism and service industry. It endeavours to promote Macao through various activities and to leave a good image to everyone who visits the place.
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Information from the Statistics and Census Service (DSEC) indicated that the Construction Sector registered year-on-year decline in all of its principal indicators in 2009, attributable to the prolonged suspension regarding the construction of some major tourism and gaming facilities. In 2009, a total of 1,293 establishments were operating in the Construction Sector, down by 217 (-14.4%) over 2008; number of persons engaged decreased by 28.6% to 18,732. Total Value of Construction amounted to MOP30.92 billion, down substantially by 41.2% year-on-year; Gross Output (sum of Value of Construction Work and Other Receipts) decreased notably by 41.5% to MOP31.16 billion; Gross Value Added that measures the sectoral contribution to the economy (MOP5.35 billion) also registered significant decrease of 53.7%; besides, Intermediate Consumption (MOP25.80 billion) and Labour Cost (MOP3.40 billion) went down by 38.1% and 44.6% respectively. There were 1,450 construction projects carried out in 2009, of which 874 were private construction projects, with the total value falling by 47.2% year-on-year to MOP26.34 billion; value of construction of tourism and gaming facilities and hotels amounted to MOP20.80 billion (79.0% of total value of private construction project), down by 51.1% over 2008. Private residential projects totalled 535 (including 426 were government-funded Scheme for Common Parts Maintenance of Low-Rise Building) and the total value of construction decreased by 21.6% to MOP4.10 billion. There were 576 public construction projects in 2009 and the total value soared by 69.3% year-on-year to MOP4.59 billion. Furthermore, construction of public housing has been readily underway, pushing the value of construction up by 2.9 times to MOP1.28 billion; besides, value of infrastructural construction increased by 46.4% to MOP1.52 billion, with construction of piers and roads accounting for 76.1% of the total value of infrastructural construction. Coverage of the Construction Survey comprised the construction establishments engaging in licensed construction work in 2009.
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From November 2 until 5p.m. today (8) the Cross-departmental Working Team sealed one more premise suspected to provide accommodation illegally. Since the law on "Prohibition of Providing Illegal Accommodation" took effect on August 13, Macau Government Tourist Office (MGTO) has waged a total of 85 sanctions, among which one sanction proceeding has been completed and an operator who provided accommodation illegally was fined 200 000 patacas. Other cases are in different stages of sanction proceedings. Since the Cross-departmental Working Team started operations, to date, 1047 premise-checks were conducted, involving 729 premises, of which 85 premises suspected to provide accommodation illegally were sealed, while 112 were normal residences. Ensuing investigations on the rest of the premises have been launched. Among the checked premises, some were vacant or unoccupied. Macau Government Tourist Office (MGTO) and the Public Security Police Force (PSP) will continue investigation on unanswered doors, which are suspected to be used to provide accommodation illegally. Meanwhile, during investigations to other cases, PSP has found 18 premises suspected to provide accommodation illegally and informed the Cross-departmental Working Team to handle the cases. To date, the operations involved more than 867 occupants, among whom 379 were occupants of premises suspected to provide accommodation illegally and were investigated, including 17 overstayers and 14 illegal immigrants. 12 operators, 12 touts, 12 persons who manage the premises that provide accommodation illegally (managing staff) and six occupants who failed to fulfill their duty of cooperation were seized on site. MGTO has begun sanction proceedings on offenders according to the law on "Prohibition of Providing Illegal Accommodation". If the operator who provided accommodation illegally, who was fined 200 000 patacas, does not pay within the statutory period, the Financial Services Bureau will enforce the collection of fine. Meanwhile, the six occupants who failed to fulfill their duty of cooperation were fined 3 000 patacas each, among which three have paid the fine. For those who fail to pay the fine within the statutory period, MGTO has notified the Financial Services Bureau to enforce the collection of fine and informed PSP that the involved persons should pay the fine or their reentry into Macau will be denied. According to the law, operators and persons who manage the premises that provide accommodation illegally (management staff) incur a penalty up to 800 000 patacas, touts can be fined up to 100 000 patacas, persons who fail to cooperate can be fined up to 20 000 patacas and occupants who fail to cooperate are fined 3 000 patacas.
Following the raid to premises suspected to provide accommodation illegally, MGTO began sanction proceedings on involved operators, touts and managing staff, and adopted provisional measures to cut the supply of water and electricity to the concerned premises and sealed the doors. Public can also call 2833 3000 to report suspected premises.
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A research project on the Internet of Things (IOT), headed by the University of Macau (UM) Rector Wei Zhao, has been approved by the Ministry of Science and Technology of the People’s Republic of China as a project under the “973 Programme”. The “973 Programme” is otherwise known as the “National Key Fundamental Research Development Programme”. It is launched by the Chinese government in March 1997, hence the name “973”. The strategic objective of this programme is to address major scientific issues encountered in the economic and societal development of China, thereby providing technological support for the country’s long-term development and gaining a head start in the fierce international competition. The majority of the research team members are from UM, with the rest coming from the Chinese Academy of Sciences, Tsinghua University, Tongji University, and East China Normal University. UM enjoys some unparalleled advantages in carrying out IOT research. First and foremost, Prof. Wei Zhao, rector of UM and chief scientist of this project, is a world-renowned expert in the field of IOT. During his tenure as the director of the Division of Computer and Network Systems at the National Science Foundation of the United States, he initiated the first IOT research programme in the US and was in charge of approving funds for the first projects. Besides Prof. Wei Zhao, the team consists of more than 30 other world-renowned experts, including one academician, three chair professors, five members of The Institute of Electrical and Electronics Engineers (IEEE) and The American Association for the Advancement of Science (AAAS), and three winners of the National Outstanding Young Scientist Award. These experts specialize in various fields, such as sensor network, real-time system, telecommunication system, software system, electric power system, and so on. The composition of the team represents the highest IOT research level in China. UM Rector Wei Zhao noted that this project, by far the highest-level IOT project in China, will not only go a long way towards enhancing UM’s research capability, but also offers a chance for UM to leave a mark on Macao, China and even the entire human society in economic, cultural, scientific, technological, and cultural arenas. The term “Internet of Things (IOT)” made its first appearance in a report issued by the International Telecommunication Union in 2005. According to the report, networks not only can connect people and allow people to obtain information about objects, but also can realize the communication between objects. When technologies are ready, IOT will have a sweeping influence on the world. By then, almost anything one can conceive of can be connected to a computer, from the most state-of-the-art satellites to a most mundane coffee machine. A novel concept, IOT is a worldwide focus of interest. China has already identified “IOT” as a component of the “12th 5-Year Plan”. In 2009 Chinese Premier Wen Jiabao put forward the idea of “sensing China” and explicitly encouraged the development of “IOT” technology. In the same year, Japan, whose high-and-new-tech industries are highly developed, devised a strategy known as “i-Japan”. In 2010 Chinese President Hu Jintao increased the profile of IOT to an unprecedented degree when he instructed attendees of the 15th conference of the Chinese Academy of Sciences and the 10th conference of the Chinese Academy of Engineering to “accelerate the development of IOT”.
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Information from the Statistics and Census Service (DSEC) indicated that a total of 782 new companies were incorporated in the third quarter of 2010, up by 20.1% year-on-year; the total value of registered capital surged by 1.8 times to MOP206 million. Among the new incorporations, 25 were operating in Financial Services and the registered capital totalled MOP102 million, 312 in Wholesale and Retail, 123 in Business Services and 92 in Real Estate. Furthermore, 496 new companies were incorporated with registered capital under MOP50,000, accounting for 63.4% of the total, and the value of capital (MOP13 million) made up merely 6.3% of the total registered capital. Meanwhile, there were 21 new companies incorporated with registered capital of MOP1,000,000 or over, and the value of capital (MOP158 million) accounted for 76.3% of the total. In addition, more than 80% of the new incorporations were limited companies. Capital of the new companies came mainly from Hong Kong (MOP105 million), Macao (MOP74 million) and Mainland China (MOP12 million). In the third quarter of 2010, capital originating from the 9 provinces of the Pan-Pearl River Delta Region amounted to MOP7 million, with that from Guangdong province leading at MOP5 million. Analyzed by place of residence of the shareholders, 473 new companies were established solely by Macao shareholders, and 100 were joint ventures between shareholders from Macao and other countries or regions. In the third quarter of 2010, number of companies in dissolution totalled 120 and the value of registered capital amounted to MOP10 million, of which 31 operated in Wholesale and Retail, those of Real Estate Activities and Construction had 21 each.
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Macao’s Case in the Urban Best Practices Area – Tak Seng On has been awarded a memorial silver medal by the International Exhibitions Bureau (B.I.E.) for its excellent exhibition and participation in the 2010 Shanghai World Expo. Ms. Christiana P.Y. Ieong, the Coordinator General of Macau’s Case, received the award on behalf of the Macao SAR Government. Vicente Loscertales, secretary-general of B.I.E, and Hong Hao, director general of the Bureau of Shanghai World Expo Coordination), attended the ceremony with about 300 UBPA pavilion staff. At the ceremony, all participating cities at the Urban Best Practices Area were awarded the B.I.E. memorial silver medals, including Macao’s Case – Tak Seng On as recognition to their unwavering support to the UBPA project throughout the Expo period. Urban Best Practice Area is a major innovation at the Shanghai World Expo. Having undergone a rigorous selection process by an international selection committee, “Tak Seng On” was chosen to showcase Macao’s success story in the restoration and reuse of historic buildings.
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Prof. Philip Chen Chun-Lung, the dean of the Faculty of Science and Technology (FST) of the University of Macau (UM), has been elected President-elect of the Systems, Man, and Cybernetics Society (SMC) of the Institute of Electrical and Electronics Engineers (IEEE). Prof. Chen is the first active scholar from the Greater China region to be elected to this position, showing international recognition of his professional contributions. iPhone and smart homes are gaining popularity throughout the world. These intelligent technologies, which make life better and more convenient and are changing human’s way of living, falls within Prof. Chen’s area of expertise. Prof. Chen’s research interests include theoretical development of computational intelligence, intelligent systems, robotics and manufacturing automation, networking, diagnosis and prognosis, and life prediction and life-extending control. After receiving his PhD degree in Electrical Engineering from Purdue University, West Lafayette, Indiana, USA, in 1988, Prof. Chen joined Wright State University, Dayton, Ohio as a professor in the Department of Computer Science and Engineering. Later he worked at the University of Texas at San Antonio as department chair and associate dean. During his work at UM, Prof. Chen is committed to pushing forward the international accreditation of education in engineering as well as coordination for research projects. He also actively participates in relevant professional organizations. His outstanding achievements have earned him two Outstanding Contribution Awards from IEEE SMCS. Besides serving as the Fellow of IEEE, which is the world’s most authoritative professional organization in the field of electrical and electronic engineering, he also served as the Vice-President and the Treasurer of SMC of IEEE. During his four-year tenure, Prof. Chen served as the founding chair of the SMC Chapter at the Central Texas Section, a founding Co-Chair of the Macau Chapter, and a founding Co-Chair of three Technical Committees (System of Systems, Enterprise Information Systems, and Information Assurance & Intelligent Multimedia-Mobile Communications). He used to serve as a visiting research scientist at the Materials Directorate, US Air Force Wright Lab, a senior research fellow sponsored by the US National Research Council, and a research faculty fellow for NASA Glenn Research Center. This year, he was elected president of IEEE SMC Society, becoming the only active scholar from the Greater China region to have been elected to this position. He will assume office starting from January, 2012. As the president of the IEEE SMC Society, Prof. Chen says that his goal is to increase the world-wide membership by 10%, identify and promote emerging technology areas in SMCS, elevate the professional and academic status of members. Besides, he also plans to organize various international conferences and research projects with the aim of enhancing UM’s research quality and international reputation. IEEE is an international non-profit, professional organization for the advancement of technology related to electricity. It has the most members of any technical professional organizations in the world, with more than 395,000 members in around 150 countries. IEEE produces 30% of the world's literature in the fields of electrical and electronics engineering and computer sciences, published in well over 100 peer-reviewed journals The IEEE SMC Society currently has 6,000 members from technical professional industries and academic institutes, leading innovative technologies such as neural networks and intelligent control. Prof. Chen was also an associate editor of a Transaction, a Distinguished Lecturer and the General Chair of the 2009 IEEE Systems, Man, and Cybernetics (SMC) annual conference.
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Information from the Statistics and Census Service indicated that a total of 2,210 establishments were operating in the Transport, Storage & Communications Sector in 2009, an increase of 16 from 2008; number of persons engaged totalled 14,748, down by 1%. Total Receipts and Total Expenditure amounted to MOP 14.21 billion and MOP 12.96 billion, down by 9% each year-on-year. Gross Value Added that measures the sectoral contribution to the economy rose by 6% over 2008 to MOP 4.30 billion; meanwhile, Gross Fixed Capital Formation went down by 6% year-on-year to MOP 1.17 billion. In 2009, there were 2,175 establishments operating in the Transport & Storage Sector, an increase of 16 year-on-year; number of persons engaged decreased by 1% to 12,869. There were 1,739 establishments operating in Land Transport (80% of the Transport & Storage Sector); besides, 409 were engaging in Supporting & Auxiliary Transport Activities, with 169 being travel agencies. Attributable to the sluggish world economy in 2009, Total Receipts of the Transport & Storage Sector decreased by 11% over 2008 to MOP 10.56 billion, with those from Passenger Transport (MOP 4.57 billion) and Cargo Transport (MOP 1.12 billion) dropping by 12% and 44% respectively. Meanwhile, Total Expenditure also decreased by 11% year-on-year to MOP 10.56 billion, of which Operating Expenses (MOP 5.36 billion) and Purchase of Goods & Commission Paid (MOP 2.97 billion) fell by 20% and 1% respectively, while Compensation of Employees (MOP 1.92 billion) went up by 5%. However, Gross Value Added (MOP 2.24 billion) and Gross Fixed Capital Formation (MOP 821 million) increased by 3% and 2% respectively over 2008. In 2009, a total of 35 establishments were operating in the Communications Sector, same as that in 2008, and number of persons engaged dropped by 2% to 1,879. Total Receipts of the Communications Sector amounted to MOP 3.64 billion, down by 2% over 2008, of which Receipts from the provision of services and sales of goods stood at MOP 3.15 billion (86% of total), down slightly by 1%. Total Expenditure decreased by 2% year-on-year to MOP 2.40 billion, with Purchase of Goods & Commission Paid (MOP 1.00 billion) and Operating Expenses (MOP 555 million) decreasing by 10% and 16% respectively. Gross Value Added rose by 9% over 2008 to MOP 2.06 billion, while Gross Fixed Capital Formation decreased by 21% to MOP 350 million.
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Consumer Council’s latest specific price survey report on rice, compared to the previous report, reflects stability in prices of most surveyed items. Only 2 out of 16 surveyed items record increases in prices of less than 9 per cent and 1 per cent respectively. Prices of other items remain unchanged. In the current price survey on rice, ‘Red Lotus (5kg)’ and ‘Golden Rabbit (10kg)’ record increases in price of less than 9 per cent and 1 per cent respectively. The Council started this specific price survey report on rice from January and will continue to keep an eye on the market price trend. Consumers are advised to check with the report for the most updated prices. The specific price survey report on rice is now available online at the Council’s official website (http://www.consumer.gov.mo). For enquiries, please call 8988 9315.
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