News

Distributors of Lehman Brothers-guaranteed minibonds in Macao should follow the measures taken by their Hong Kong parent companies and buy them back, the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today. As most of the parent companies of Macao distributors were in Hong Kong, he said, the sale of minibonds in Macao could be seen as part of the sale in Hong Kong. Therefore, the parent companies should also deal with the complaints of Macao investors and offer them the same solution given to the Hong Kong investors, he said. By adopting the measures provided by the Hong Kong parent companies, minibond investors in Macao could get an early and practical settlement for their investment, he said. He disclosed that there were some 1,200 cases in Macao, involving about 700 million patacas. He pledged that the Government would continue to follow the minibond cases, which might have involved misselling, and urged distributors to take up their responsibilities. Some distributors would meet their clients this week and discuss solutions. The Government would also carry out a full-scale review on the sale of such financial products and would strengthen its supervision on similar products, he said. Mr Tam made these comments when he spoke to reporters at the airport before leaving for Sichuan Province to attend a trade fair. On Macao’s economy, Mr Tam told reporters that most residents had expected the economy would begin to slow down next year. He urged people to work with the Government and prepared themselves for the economic downturn.
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The 13th MIF has come to the third day. The Organiser has organised numerous international conferences as well as trade and economic related seminars and presentations, which have attracted a large number of trade visitors and residents. The aim is to strengthen the efforts in promoting MIF and further deepen Macao’s advantage as a regional business platform. Organised by IPIM and co-organised by Hong Kong Venture Capital and Private Equity Association Ltd. (HKVCA), the Conference on “International Fund Raising and Private Equity Opportunities was held this morning. Commercial chambers and enterprises from the Mainland, U.S. and Hong Kong have delivered their speeches on topics including: “How Venture Capital can create value in your company and how to access Venture Capital”, “Criteria in seeking funding”, “Listing Opportunities in Hong Kong, London and U.S.”, and experience sharing of enterprises’ entry into China market, etc. The aim of the conference is to assist local SMEs to further understand the franchising business model, introduce advanced management concepts and open up more opportunities for development. Another seminar entitled “Meet the Buyers - An Introduction to the AmCham Macau SMEs Cooperative Program” was held also this morning. The representatives from the three large U.S. companies in Macao, namely MGM Grand Macau, The Venetian Macao-Resort-Hotel and Wynn Macau briefed local SMEs on the requirements of their procurement process and gave related suggestions so as to establish potential co-operations. During the “Luncheon Meeting for Foreign Economic Cooperation and Implementation of CEPA6 between Guangzhou and Macao”, Ms. Echo Chan, Executive Director of IPIM said that the CEPA6 agreement signed in July this year had introduced several measures in facilitating service trade and investment. It is believed that with the implementation of the measures, Guangzhou and Macao shall further advance their complementary advantages on the existing foundation of co-operation, and reinforce mutual trade and economic interchange and co-operation. According to Mr. Marc Pacheco, Senator of Massachusetts & International Trade Specialist from U.S. Commercial Service, at present the U.S. and the global economy are encountering a severe period. It is difficult to predict how long such a period is going to last. However, in terms of exports of the U.S. there is still certain growth. It is believed that with the continuous efforts of the enterprises, and by ensuring the entrepreneurs’ access to capital, the difficulties shall be overcome in due course. At the “Seminar on EU Market Business Opportunities and Enterprise Co-operation” held this afternoon, Mr. Wolfgang Ehmann, Board Member of The European Chamber of Commerce in Hong Kong, the Executive Director of German Industry and Commerce HK, and Mr. Sales Marques, President of ENN have delivered their speeches, followed by business matching sessions and ENN corporate service presentation. On the same day, Romania Products Presentation and Wine Tasting was held, in which Mr. Eduard Romulus GOEAN, Consul General of Romania in Hong Kong, introduced the trade and economic environment of Romania. Meanwhile, promotions of Romanian wine and cosmetics were carried out. While enjoying the taste and aroma of Romanian wines, attendees gained a deeper understanding about the economic situation of the country. Other activities held today included: “The credit line of 300 million euros agreed between the Portuguese Republic and the People’s Republic of China to finance trade between China and Portugal--Terms and conditions, eligible projects and application procedures”, “BIPM (Business Intelligence and Project Management) Conference”, “Indonesia as the Base of Production for Overseas Manufacturers”, “Poland as a Gateway to the EU Market”, “Management Strategies in Business Innovation & Diversification”, and “Cultural Industry / Media Forum”. For today, the Organiser has recorded a total of 17,249 visitors and held 217 sessions of purchase negotiations and business matching, in which 83 sessions were related to franchising business. A total of 8 agreements were signed in respect of products/service supplies, branding and distribution as well as investment projects. The four-day event will come to a close tomorrow 26th Oct at 5:00 P.M. On this final day, the seminar entitled: “About eSignTrust, - What is Electronic Certificate? - What is Electronic Signature? - What is Data Encipherment?” will be organised by Macao Post eSignTrust Certification Services. We warmly welcome you all to come and join us at the 13th MIF!
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The Chief Executive, Mr Edmund Ho Hau Wah, will lead an official delegation to Chengdu, Sichuan Province, tomorrow to attend the 9th Western China International Economy and Trade Fair. Upon arrival, Mr Ho is scheduled to meet senior officials of the Sichuan Provincial Government and attend a welcoming reception in the evening. On Monday, Mr Ho will attend the opening ceremony of the fair and officiate the opening of a liaison office of the Macao Trade and Investment Promotion Institute in Sichuan. Mr Ho will be accompanied by the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen; the Chief of the Office of the Chief Executive, Mr Ho Veng On; the President of Macao Trade and Investment Promotion Institute, Mr Lee Peng Hong, and some government advisors. The Secretary for Administration and Justice, Ms Florinda Chan will be Acting Chief Executive while Mr Ho is away.
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Local organisations would not be banned from establishing lawful ties with foreign political organisations or bodies unless national security is at stake. This was stated by the Chief Executive, Mr Edmund Ho Hau Wah, when he chaired the third consultative session of the draft of the national security law tonight. The session was attended by some 570 representatives from the social affairs and culture sectors. The legislation of Article 23 was aimed at protecting national security, not at limiting connections with foreign organisations and bodies, Mr Ho said. As long as these ties did not harm national security, these activities would be allowed, he said. The eighth article of the proposed draft law detailed the meaning of ‘ties’ and excluded normal exchanges between organisations from unlawful deeds. According to Article 23 of Macao’s Basic Law, Macao shall enact laws to prohibit foreign political organisations or bodies from conducting political activities in the Region, and to prohibit political organisations or bodies of the Region from establishing ties with foreign political organisations or bodies.
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The Government tonight held its third consultation session on the draft of the proposed National Security law, gathering opinions from the education, youth, health and other sectors. The Government announced the consultation for the bill on Wednesday and held two consultation sessions, the first on that day and then last night. Tonight’s session was attended by more than 570 representatives from 147 entities. The fourth session will be held on Monday evening and will be attended by representatives from the transport, real estate, technology and energy sectors. As with the previous consultations, the Chief Executive, Mr Edmund Ho Hau Wah, introduced the need for the legislation. The Secretary for Administration and Justice, Ms Florinda Chan, and the Director of Legal Reform Office, Ms Chu Lam Lam, also gave details of the bill. The session was attended by senior officials, including the Secretary for Social Affairs and Culture, Mr Chui Sai On; the Chief of the Office of the Chief Executive, Mr Ho Veng On; the Chief of the Office of the Secretary for Administration and Justice, Ms Cheong Chui Ling; the Chief of the Office of the Secretary for Social Affairs and Culture, Mr Tam Chon Weng; Advisor of the Office of the Secretary for Administration and Justice, Mr Zhu Lin, Mr Zhao Xiangyang and Mr Marques da Silva, and Advisor of the Office of the Secretary for Social Affairs and Culture, Mr Cheang Cheng Peng. The Government will hold a session for the general public on Wednesday (5 November), from 7 p.m. to 9 p.m. Residents may register for the session by calling 28750680, fax 28750813, or by e-milling consultation@gri.gov.mo. Copies of the proposed law are also available at the Public Service and Information Centre and the service points of the Civic and Municipal Affairs Bureau.
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This Authority noticed that the Hong Kong Monetary Authority (HKMA) made an announcement today (24 October 2008) about revoking the appointment of the manager for Delta Asia Credit Limited (DAC) and the proposed revocation of DAC’s authorization as a deposit-taking company in Hong Kong. These measures are taken in accordance with the rules and regulations of Hong Kong and only applied to DAC which was incorporated in Hong Kong. The business operations of Delta Asia Bank Limited, as the parent of DAC, will not be affected. This Authority reiterates that the Macao banking system remains sound and robust. Meanwhile, the SAR Government has committed to giving full protection for all customer deposits held with banks in Macao, and providing liquidity and even capital support to banks if such need arises.
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The officers and a working group of the Asian Association of Convention and Visitor Bureaus (AACVB) held a two-day meeting in Macau on 23 and 24 October to discuss the new strategic plan of the organization towards its commitment to promote Asia as one of the world's leading regions for meetings, incentives, conventions and exhibitions (MICE). Macau’s meeting follows the AACVB 20th Annual General Meeting, held in the beginning of the month in Bangkok, which re-energized the association and its purpose to drive the future of the regional MICE industry. The new officers and working group of the Asian Association of Convention and Visitor Bureaus gathered at The Venetian Macau - Resort - Hotel to finalize the new strategic plan and discuss AACVB's action plan. Participants at the meeting included AACVB President Natwut Amornvivat, Thailand Convention & Exhibition Bureau (TCEB) President, Vice-President Daniel Corpuz, Executive Director of the Philippines Convention and Visitors Corporation (PCVC), the association's Secretary/Treasurer João Manuel Costa Antunes, Macau Government Tourist Office (MGTO) Director, and Hong Kong Tourism Board (HKTB) Conventions and Exhibitions Manager Tina Cheng. Also joining the meeting were TCEB Director-Conventions, Suprabha Moleeratanond, Deputy Director of MGTO, Maria Helena de Senna Fernandes, MGTO adviser for Business Tourism, Gary Grimmer, among others. AACVB was founded in 1983 in Manila, the Philippines and Macau has hosted the headquarters and permanent secretariat of the Association since 1987.
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The Government tonight held its second consultation session on the draft law on the proposed National Security law, gathering opinions from the business and labour sectors. The Government held the first consultation session last night, after announcing the consultation for the bill in the afternoon. Tonight’s session was attended by more than 230 representatives from 38 entities. The third consultation session will be held tomorrow evening and will target representatives from the education, youth, health, charity, culture, sport, social work and tourism sectors. As with the first consultation, the Chief Executive, Mr Edmund Ho Hau Wah, introduced the need for the legislation. The Secretary for Administration and Justice, Ms Florinda Chan, and the Director of Legal Reform Office, Ms Chu Lam Lam, also gave details of the bill. The session was attended by senior officials, including the Secretary for Economy and Finance, Mr Francis Tam Pak Yuen; the Chief of the Office of the Chief Executive, Mr Ho Veng On; the Chief of the Office of the Secretary for Administration and Justice, Ms Cheong Chui Ling; the Chief of the Office of the Secretary for Economy and Finance, Ms Lok Kit Sim; Advisor of the Office of the Secretary for Administration and Justice, Mr Zhu Lin, Mr Zhao Xiangyang and Mr Marques da Silva, and Advisor of the Office of the Secretary for Economy and Finance, Mr Gonçalo Jorge Cabral Lourenço da Silva. The Government will hold a session for the public on Wednesday (5th November), from 7 p.m. to 9 p.m. Residents may register for the session by calling 28750680 and fax 28750813, or by e-milling consultation@gri.gov.mo. Copies of the proposed law now are distributed at the Public Service and Information Centre and the service points of the Civic and Municipal Affairs Bureau.
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“Science is by your side: Vote for Your Favourite Local Science Researches”, an activity initiated by the Macao Science Center recently, seeks to promote a better understanding of local science projects among the public. Macao Science Center will collaborate with research entities whose projects receive the most votes in transforming their projects into exhibits, as special features in the Macao Science Center. First round results of the poll will be announced in the middle of December, where projects not selected in this round will still be eligible for the next round. In order to showcase local achievements and advances in science, Macao Science Center will establish an exhibition area for local science researches as a conduit for public awareness, in the original and interesting local ideas. The 34 science researches featured in this round of voting are from fields of engineering, computing, biomedical and environmental sciences, provided by the University of Macau, Macau Polytechnic Institute and Macau University of Science and Technology. Three researches will be selected in the first round of voting and will be exhibited at the Macao Science Center. Interested parties are invited to visit our website at www.msc.org.mo/vote for more information and they are encouraged to cast votes for their favourite projects.
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According to the statistics published today by the Monetary Authority of Macao, international banking business in the local banking industry continued to grow at a fast pace. As a result, the share of international assets in total banking assets increased to 83.5% from 79.8% at end-June 2007, while the share of international liabilities in total liabilities rose to 78.5% from 75.0%. Foreign currencies remained as the dominant denomination in international banking transactions. At end-June 2008, the shares of Pataca (MOP) in total international assets and total international liabilities were merely 0.5% and 2.5% respectively. Hong Kong Dollar and Other Foreign Currencies accounted for 41.1% and 58.4% of total international assets respectively. Their shares in total international liabilities were 45.9% and 51.6% respectively. International Banking Assets
At end-June 2008, total international assets increased 35.5% from a year earlier to MOP316.5 billion (USD39.4 billion). Within this total, external assets and local assets in foreign currencies increased by 31.1% and 52.6% year-on-year to MOP243.6 billion and MOP73.0 billion respectively. Placements of Macao banks with their overseas affiliates were classified as other external assets. Being a major component of international assets, other external assets grew by 7.9% over a year earlier to MOP130.0 billion. International Banking Liabilities
At end-June 2008, total international liabilities grew by 35.2% from a year earlier to MOP297.3 billion (USD37.0 billion). For the first time in the record of Macao International Banking Statistics, external liabilities displaced local liabilities in foreign currencies as the largest component of total international liabilities. The former increased by 82.2% year-on-year to MOP155.1 billion. Of this total, external deposits increased 72.8% to MOP130.1 billion as external deposits from banks jumped 422.2% to MOP55.3 billion. Local liabilities in foreign currencies edged up 5.6% to MOP142.3 billion. Breakdown of External Banking Assets and Liabilities by Region
The majorities of external assets and liabilities have been claims on and liabilities to Asia and Europe. At end-June 2008, with regard to external assets, claims on Hong Kong and Mainland China occupied respectively 30.6% and 20.1% of the total. Claims on Portugal, Germany and the Netherlands took up respective shares of 20.8%, 3.8% and 1.2%. Regarding external liabilities, those to Hong Kong and China occupied 46.9% and 10.7% of the total while liabilities to France, Portugal and Germany took up respective shares of 12.9%, 8.9% and 2.4%. The compilation of International Banking Statistics follows the methodology advocated by the Bank for International Settlements (BIS) in order to facilitate Macao SAR’s participation in the “Locational International Banking Statistics” project of the BIS.
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