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Macau Government Trying to Stimulate Property Market

The global financial crisis has a taken a toll in Macau's economy, as GDP growth slows to more than half, and unemployment rises drastically in 2009.

The global financial crisis has a taken a toll in Macau's economy, as GDP growth slows to more than half, and unemployment rises drastically in 2009. The country's real estate market has also suffered significantly with residential sales transactions on the fourth quarter of 2008 plunging 53.3%, quarter on quarter. The average residential transacted price fell by 21.5% during the same period. In an effort to stimulate Macau's slumping real estate, the government will provide a 4% interest rate subsidy scheme for permanent residents that buy their houses for MOP 3 million or less. Mortgage loans will also be made more available for home buyers.

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macau

Miners Bid for Lucrative Mongolian Mine

Mongolia's coal mine – Tavan Tolgoi – is finding itself with three suitors bidding for a 49% stake.

Mongolia's coal mine - Tavan Tolgoi - is finding itself with three suitors bidding for a 49% stake. Amongst the supposed suitors are firms from Japan, Russia, China and Korea, all firms are looking to claim a huge stake in what is said to be the biggest untapped coking coal deposit. To come across such an opportunity is rares, considering that good quality hard coking coal is a rare commodity. An investment in coking coal is considered to be long term and a large asset stated on source. Despite recent prices performances, analysts believe that hard coking coal prices have a bright outlook in the future.

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macau

Macau Draws the Line on its Casino Industry

Macau's chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos.

Macau's chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos. At the moment Macau has three casino licenses and three casino sub-licenses.

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macau

Macau 2007 Growth Domestic Product Up By 27.3%

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption.

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption. The GDP of Macau in 2007 was at around USD 19.20 billion and the per-capita amount was USD 36,357. Both of these numbers show considerable increase from 2006.

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macau

Macau Closes in on Las Vegas After Bumper Year for Gaming Revenues

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region.

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region. The gaming enclave reached a record HK$81.3 billion, according to the latest figures from Macau's Gaming Inspection and Coordination Bureau. Macau's revenue was boosted by a record fourth-quarter performance, pushed up by the opening of the giant US2.4 billion Venetian, owned by the US firm Las Vegas Sands. It currently stands second largest building in the world and largest within Asia.

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macau

Macau Site Sells for 10 Times Reserve Price

Macau land to be developed, sold for 10 times more than reserve price

A site was sold at a government land auction yesterday in Macau yesterday for 555 million patacas (HK$541.45 million), 10 times higher than the reserve price. The cite had a reserve price of 55 million patacas. The two residential sites are located in the northern part of Macau, Fai Chi Kei. The other site, with the area of 32,000 sq/ft had a reserve price of 95 million and was sold for 867 million patacas It is predicted that the retail price wills reach up to 5,500 patacas per sq/ft when developed, which will push housing prices up 25 percent this year.

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macau

Speymill Group Suffers Macau Planning Delays

The Speymill Group, a real estate investment manager, claimed that profits are likely to fall short of expectations this year.

The Speymill Group, a real estate investment manager, claimed that profits are likely to fall short of expectations this year. The company has experienced planning delays in its construction projects. Recent projections include that Speymill will take a GBP 400, 000 hit against profits this year and the board considers it unlikely that it will meet the forecast pre-tax profit of GBP 3.651 million.

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macau

Macao: To Become the Top Trade Show Destinations

Las Vegas Sands Corp. intends to use its Venetia Macao-Resort-Hotel as a trade exhibition center that serves various types of venue.

Las Vegas Sands Corp. intends to use its Venetia Macao-Resort-Hotel as a trade exhibition center that serves various types of venue. The company is planning to change Asia's exhibition industry by designing the best trade exhibition center in Macao. According to one of the Resort official, the advantage of establishing this trade show is to offer competitive rates for the entertainment facilities, shopping mall as well as the hotel rooms.

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macau

Arbitration Judgment Agreement between Macao and Mainland China

Macao and Mainland China had signed an arbitration agreement for the purpose of maintaining both countries long term harmony and legal interests and rights.

Macao and Mainland China had signed an arbitration agreement for the purpose of maintaining both countries long term harmony and legal interests and rights. According to the vice President's of Supreme People's Court, Huang Songyou, this agreement is extremely needed to prevent business conflicts between both countries. Under the agreement, Macao will be allowed to make arbitration judgments on any judgmental issues that have been created since 20th December 1999.

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macau

Macao: Banco Delta Asia to be Returned to Stanley Au

Banco Delta Asia, a small privately owned bank from Macau, will be returned to its former owner Stanley Au. The bank had been barred from interactions with any financial institution in the United States by the US Department of Treasury after it had been alleged to launder money for the North Korean Government.

Banco Delta Asia, a small privately owned bank from Macau, will be returned to its former owner, Stanley Au. The bank had been barred from interactions with any financial institution in the United States by the US Department of Treasury after it had been alleged to launder money for the North Korean Government. So far, the bank had been controlled by a state-appointed administrative committee.

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macau

Dore Holdings Buys Gaming Profit Rights in Macau for HKD 993.6 Million

In a Hong Kong stock exchange filing on Tuesday, Dore Holdings Ltd., the Hong Kong-based interior decorator and heavy investor in Macau casinos, has bought the rights to earnings from high-roller gambling junkets for HKD 993.6 million (USD 128 million). Dore Holdings will pay cash, new shares and convertible bonds for 60 percent of Triple Gain Group Ltd., which is entitled to the profit of junket operator Nove Sociedade Unipessoal Ltd. Junket operators are promoters who entice high rollers to casinos, occasionally lending funds to their clients. Considering the recent unveiling of Las Vegas Sands Inc.'s new Venetian, the competition between Macau's casinos is rapidly increasing and causing junket commissions to rise in China's only region that permits casinos.

In a Hong Kong stock exchange filing on Tuesday, Dore Holdings Ltd., the Hong Kong-based interior decorator and heavy investor in Macau casinos, has bought the rights to earnings from high-roller gambling junkets for HKD 993.6 million (USD 128 million). Dore Holdings will pay cash, new shares and convertible bonds for 60 percent of Triple Gain Group Ltd., which is entitled to the profit of junket operator Nove Sociedade Unipessoal Ltd. Junket operators are promoters who entice high rollers to casinos, occasionally lending funds to their clients. Considering the recent unveiling of Las Vegas Sands Inc.'s new Venetian, the competition between Macau's casinos is rapidly increasing and causing junket commissions to rise in China's only region that permits casinos.

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macau

Singapore to Diversify Economy with Gaming

After lifting a forty year ban on the gaming industry two years ago, Singapore is making strides to increase its share of Asia Pacific's tourism market by erecting two large casinos by 2010. According to Singapore Prime Minister Lee Hsien Loong, the casinos will not dominate the city-state's diversified economyâ€"an allusion to Macau, which recently overtook Las Vegas with the world's largest gaming revenuesâ€"but will contribute to the metropolitan island and help shed it's "museum" image. Although imposing a SGD 100 daily levy on citizens and permanent residents of the city-state, the government expects to double the number of overseas visitors to 17 million annually and triple tourism receipts to SGD 30 billion (USD 20 billion) by 2015.

After lifting a forty year ban on the gaming industry two years ago, Singapore is making strides to increase its share of Asia Pacific's tourism market by erecting two large casinos by 2010. According to Singapore Prime Minister Lee Hsien Loong, the casinos will not dominate the city-state's diversified economyâ€"an allusion to Macau, which recently overtook Las Vegas with the world's largest gaming revenuesâ€"but will contribute to the metropolitan island and help shed it's "museum" image. Although imposing a SGD 100 daily levy on citizens and permanent residents of the city-state, the government expects to double the number of overseas visitors to 17 million annually and triple tourism receipts to SGD 30 billion (USD 20 billion) by 2015.

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macau

Hovid Bhd to Expand Into Macau, Hong Kong

Hovid Bhd, a Malaysian pharmaceutical company, will expand its presence into Macau and Hong Kong. The company said that rather than depending upon a distributor, it will set up a joint-venture company.

Hovid Bhd, a Malaysian pharmaceutical company, will expand its presence into Macau and Hong Kong. The company said that rather than depending upon a distributor, it will set up a joint-venture company. As China is the ninth largest pharmaceutical market in the world, it is a good choice for Hovid's expansion.

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macau

Macau's Casino Business Hit by US Credit Market Concerns

Concerns in the US credit market have caused nervousness in Macau's gaming business. Plans to expand the business by James Packer have been halted, shutting off new lending for the casino business. James Packer's Macau casino business expected to raise USD 2.75 billion, but problems in the US lending market have caused the joint venture partners to stop production on the main USD 1.5 billion portion.

Concerns in the US credit market have caused nervousness in Macau's gaming business. Plans to expand the business by James Packer have been halted, shutting off new lending for the casino business. James Packer's Macau casino business expected to raise USD 2.75 billion, but problems in the US lending market have caused the joint venture partners to stop production on the main USD 1.5 billion portion.

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macau

EU Expresses Concerns About Macau's Wealth Gap

The European Union has announced its concerns about Macau's steadily increasing wealth gap. Macau's gaming market has contributed to a booming economy, rising at about 16.6 percent per year. According to the European Commission: "Macau's boom is causing the rapid inflation of the costs of living, especially of property-related costs rising faster than the pay rises of some of the poorer groups, reducing thus their real level of income."

The European Union has announced its concerns about Macau's steadily increasing wealth gap. Macau's gaming market has contributed to a booming economy, rising at about 16.6 percent per year. According to the European Commission: "Macau's boom is causing the rapid inflation of the costs of living, especially of property-related costs rising faster than the pay rises of some of the poorer groups, reducing thus their real level of income."

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macau

Macau, China and Hong Kong Earn Currency Rating Upgrades

Moody's Investors Service, the international ratings agency, announced Thursday that it is upgrading the currency ratings for China, Hong Kong and Macau. China's long-term foreign currency bonds were upgraded from "A1" to "A2", mainly due to the strength of its external payments position and its continued progress in economic reform. Hong Kong's foreign and domestic currency bond ratings were upgraded from "Aa2" to "Aa3", and Macau's foreign and local currency government issuer ratings were upgraded from "Aa3" to "A1".

Moody's Investors Service, the international ratings agency, announced Thursday that it is upgrading the currency ratings for China, Hong Kong and Macau. China's long-term foreign currency bonds were upgraded from "A1" to "A2", mainly due to the strength of its external payments position and its continued progress in economic reform. Hong Kong's foreign and domestic currency bond ratings were upgraded from "Aa2" to "Aa3", and Macau's foreign and local currency government issuer ratings were upgraded from "Aa3" to "A1".

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macau

Revenues in Macau's Casinos on Record High

The revenues in Macau's casinos have soared to MOP 19.57 billion (USD 2.51 billion) in the second quarter of 2007. According to analysts the boost was spurred by new mega-casino openings and another record of tourist numbers having risen to 22 million.

The revenues in Macau's casinos have soared to MOP 19.57 billion (USD 2.51 billion) in the second quarter of 2007. According to analysts the boost was spurred by new mega-casino openings and another record of tourist numbers having risen to 22 million.

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macau

Macau: Rise in Tourist Price Index

The government-run Statistics and Census Service (SCS) has published a report according to which Macau's Tourist Price Index (TPI) has risen to 129.59 in the second quarter. This development means an increase of 12.9 percent in comparison to the first three months of this year and a rise of 7.95 percent year-on-year. Main reasons for the increase are higher prices in restaurants, and also for clothing, footwear, and jewelry.

The government-run Statistics and Census Service (SCS) has published a report according to which Macau's Tourist Price Index (TPI) has risen to 129.59 in the second quarter. This development means an increase of 12.9 percent in comparison to the first three months of this year and a rise of 7.95 percent year-on-year. Main reasons for the increase are higher prices in restaurants, and also for clothing, footwear, and jewelry.

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macau

Wider Access for Macau in Mainland China

An agreement granting wider access to Mainland China's market for Macau-based companies was signed yesterday by Liao Xiaoqi, Vice-Minister of Commerce, and Tam Pak-yuen, the economy and finance officer of the Macau SAR government. The agreement, which is the fourth supplement to the free trade agreement CEPA signed by Mainland China, Hong Kong and Macao in June 2003, shall take effect as of January 1st, 2008 and will open 11 additional areas to Macau businesses, such as sports, the environment, translation and public utilities.

An agreement granting wider access to Mainland China's market for Macau-based companies was signed yesterday by Liao Xiaoqi, Vice-Minister of Commerce, and Tam Pak-yuen, the economy and finance officer of the Macau SAR government. The agreement, which is the fourth supplement to the free trade agreement CEPA signed by Mainland China, Hong Kong and Macao in June 2003, shall take effect as of January 1st, 2008 and will open 11 additional areas to Macau businesses, such as sports, the environment, translation and public utilities.

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macau

Macau: Economic Sanctions Possible

In case Macau does not take effective steps against human trafficking within the next 12 months, China's Special Administrative Region (SAR) might face economic sanctions imposed by the United States. Currently, Macau is placed at US State Department's "tier 2 watch list" for the second consecutive year. A relegation to the third tier would raise the probability of sanctions imposed by the US.

In case Macau does not take effective steps against human trafficking within the next 12 months, China's Special Administrative Region (SAR) might face economic sanctions imposed by the United States. Currently, Macau is placed at US State Department's "tier 2 watch list" for the second consecutive year. A relegation to the third tier would raise the probability of sanctions imposed by the US.

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macau

Macau: Electricity from Natural Gas by the End of 2007

As reported by local media, Macau will start generating electricity from natural gas by the end of this year, hoping to satisfy 20 percent of the region's increasing power needs. According to a statement by the director of the Office for the Development of the Energy Sector, the natural gas required for the generation process shall be delivered by Mainland China.

As reported by local media, Macau will start generating electricity from natural gas by the end of this year, hoping to satisfy 20 percent of the region's increasing power needs. According to a statement by the director of the Office for the Development of the Energy Sector, the natural gas required for the generation process shall be delivered by Mainland China.

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macau

Macau: Number of Visitors Increase by 24.3 Percent

As the Statistics and Census Service announces have Macau's visitor numbers climbed up to a total of 2,121,988 in this year's May, thus being an increase of 24.3 percent in comparison to last year's May. The great majority of the visitors came from Mainland China, Hong Kong and Taiwan, summing up all together to a share of more than 90 percent.

As the Statistics and Census Service announces have Macau's visitor numbers climbed up to a total of 2,121,988 in this year's May, thus being an increase of 24.3 percent in comparison to last year's May. The great majority of the visitors came from Mainland China, Hong Kong and Taiwan, summing up all together to a share of more than 90 percent.

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macau

Macau Releases North Korea's Frozen Millions

The sum of more than USD 20 million has been released by the Macao-based bank Banco Delta Asia. The money has been remitted according to the instructions of dozens of the bank's clients, whereas the recipients have not been disclosed. The respective funds had been frozen on request of the United States, alleging that the Banco Delta Asia has laundered money for Pyongyang which in turn had refused to shut down one of its nuclear plants as agreed on in six-party-talks in February. Since the deadline on April 14, North Korea had demanded the release of a total sum of USD 25 million as condition to fulfill their part of the six-party agreement.

The sum of more than USD 20 million has been released by the Macao-based bank Banco Delta Asia. The money has been remitted according to the instructions of dozens of the bank's clients, whereas the recipients have not been disclosed. The respective funds had been frozen on request of the United States, alleging that the Banco Delta Asia has laundered money for Pyongyang which in turn had refused to shut down one of its nuclear plants as agreed on in six-party-talks in February. Since the deadline on April 14, North Korea had demanded the release of a total sum of USD 25 million as condition to fulfill their part of the six-party agreement.

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macau

Agreement Reached in Transfer of North Korean Funds

In an effort to move nuclear talks with North Korea forward, the US has reached an agreement with Russia and Macau to transfer previously-frozen North Korean funds amounting to around USD 25 million from a Macanese bank. The money will be withdrawn from Macau's Banco Delta Asia to the US Federal Reserve Bank of New York. From there it will be transferred to Russia's central bank and on to a Russian commercial bank from which North Korea may withdraw the funds. North Korea demanded the transfer of money through a third-party country in order to increase its legitimacy.

In an effort to move nuclear talks with North Korea forward, the US has reached an agreement with Russia and Macau to transfer previously-frozen North Korean funds amounting to around USD 25 million from a Macanese bank. The money will be withdrawn from Macau's Banco Delta Asia to the US Federal Reserve Bank of New York. From there it will be transferred to Russia's central bank and on to a Russian commercial bank from which North Korea may withdraw the funds. North Korea demanded the transfer of money through a third-party country in order to increase its legitimacy.

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macau

Macau May Become a Convention Hot Spot

The Asia Pacific Life Insurance Congress recently booked a site in Macau for theirr 11th annual convention. It will be the largest convention ever held in the city, with more than 8,000 people expected to attend. This convention was booked by the Macau Business Tourism Centre, a newly-opened agency designed to promote tourism. This is the first convention that the center has booked for Macau, but Macau hopes that this is the beginning of a trend.

The Asia Pacific Life Insurance Congress recently booked a site in Macau for theirr 11th annual convention. It will be the largest convention ever held in the city, with more than 8,000 people expected to attend. This convention was booked by the Macau Business Tourism Centre, a newly-opened agency designed to promote tourism. This is the first convention that the center has booked for Macau, but Macau hopes that this is the beginning of a trend.

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macau

Macau's Tourism Gains

With more than 2.2 million visitors in April of this year, Macau's tourism has experienced a remarkable growth of 19.1 percent in comparison to April of 2006. The majority of visitors came from Mainland China and Hong Kong. Being the only area in China where gambling in casinos is legal, Macau owes its fame as a tourist destination in large extent to the gambling industry.

With more than 2.2 million visitors in April of this year, Macau's tourism has experienced a remarkable growth of 19.1 percent in comparison to April of 2006. The majority of visitors came from Mainland China and Hong Kong. Being the only area in China where gambling in casinos is legal, Macau owes its fame as a tourist destination in large extent to the gambling industry.

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macau

Macau Overtakes Las Vegas as World's Top Casino Draw

Macau has overtaken Las Vegas as the world's most lucrative gambling center, and the top players in the industry are expecting the gap will only continue to widen. Gaming officials attribute the extraordinary growth to widespread increases in mainland Chinese wealth and the fact that the Chinese can now cross the China-Macau border on individual visas.

Macau has overtaken Las Vegas as the world's most lucrative gambling center, and the top players in the industry are expecting the gap will only continue to widen. Gaming officials attribute the extraordinary growth to widespread increases in mainland Chinese wealth and the fact that the Chinese can now cross the China-Macau border on individual visas.

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macau

Macau's Q1 Casino Revenues Exceed Expectations

Macau's first quarter casino revenues were HK$ 17.87 billion. This represents a nine percent revenue growth since the HK$ 16.43 billion earned during fourth quarter of 2006, which was the previous record. Much of this growth can be attributed to the opening of new resorts and the increase in gaming tables.

Macau's first quarter casino revenues were HK$ 17.87 billion. This represents a nine percent revenue growth since the HK$ 16.43 billion earned during fourth quarter of 2006, which was the previous record. Much of this growth can be attributed to the opening of new resorts and the increase in gaming tables.

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macau

Macau's Tourism Is on the Rise

During the labor day and "Golden week" holidays, the number of visitors to Macau increased by over 60 percent. During the same peiod in 2006, growth was only 29 percent. Hotel owners also reported more than a 6 percent occupancy increase, which was more than 12 percent greater than the previous year.

During the labor day and "Golden week" holidays, the number of visitors to Macau increased by over 60 percent. During the same peiod in 2006, growth was only 29 percent. Hotel owners also reported more than a 6 percent occupancy increase, which was more than 12 percent greater than the previous year.

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macau

North Korea Insists That Funds Dispute Is No Stalling Tactic

Reacting Tuesday to allegations made in US media, North Korea denied that it is using the $25 million in disputed funds, frozen in Macau's Banco Delta Asia, as a stalling technique. The North Korean Foreign Ministry insists that they will fully comply with their denuclearization commitment as soon as they are allowed to freely withdraw the funds through a third-party wire transfer. While the US previously authorized a cash withdrawal, North Korea remains firm in their desire for a wire transfer, as they feel it will prove that the funds are now clean.

Reacting Tuesday to allegations made in US media, North Korea denied that it is using the $25 million in disputed funds, frozen in Macau's Banco Delta Asia, as a stalling technique. The North Korean Foreign Ministry insists that they will fully comply with their denuclearization commitment as soon as they are allowed to freely withdraw the funds through a third-party wire transfer. While the US previously authorized a cash withdrawal, North Korea remains firm in their desire for a wire transfer, as they feel it will prove that the funds are now clean.

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macau

Macau Faces Labor Crisis

Macau faces a labor crisis through its casino-led economic boom as wages were forced to double over the past three years. The Beijing-backed government proposes that Macau relaxes immigration rules so that foreign workers can help sustain the labor problem.

Macau faces a labor crisis through its casino-led economic boom as wages were forced to double over the past three years. The Beijing-backed government proposes that Macau relaxes immigration rules so that foreign workers can help sustain the labor problem.

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macau

NK Demands Money from Previous Macau Bank Issue

North Korea will not shut its nuclear facility until it gets back all of its money that has been frozen in a Macau bank, North Korean Vice Foreign Minister Kim Kye Gwan said. "If all the money is not released, we will stop our cooperation," said Kim, who arrived today in Beijing to attend six-nation nuclear dismantlement talks that will be hosted by China at the Diaoyutai State Guesthouse.

North Korea will not shut its nuclear facility until it gets back all of its money that has been frozen in a Macau bank, North Korean Vice Foreign Minister Kim Kye Gwan said. "If all the money is not released, we will stop our cooperation," said Kim, who arrived today in Beijing to attend six-nation nuclear dismantlement talks that will be hosted by China at the Diaoyutai State Guesthouse.

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macau

Sanctions to be Lifted on Macau Bank

The US agreed to lift sanctions against Banco Delta Asia in Macau that led to the freezing of $24 million in North Korean assets last year. The move was part of the concessions made during the nuclear talks of the past two weeks. The bank was accused of helping the North Koreans launder money earned through counterfeiting and smuggling.

The US agreed to lift sanctions against Banco Delta Asia in Macau that led to the freezing of $24 million in North Korean assets last year. The move was part of the concessions made during the nuclear talks of the past two weeks. The bank was accused of helping the North Koreans launder money earned through counterfeiting and smuggling.

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macau

Macau Expects Modest Gaming Revenue Growth

The Macao Government expects gaming revenue to have modest double digit growth this year. According to statistics, Macau's casinos generated around 55 billion pacatas (US$6.87 billion) in gross gaming revenue in 2006. This was an increase of around 23 percent from 2005.

 

The Macao Government expects gaming revenue to have modest double digit growth this year. According to statistics, Macau's casinos generated around 55 billion pacatas (US$6.87 billion) in gross gaming revenue in 2006. This was an increase of around 23 percent from 2005.

 

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macau

Macau's Real Estate Market Down in 2006

The Statistics and Census Service reports that the number of real estate transactions and the total value of those transactions were down 32.1% and 27.4% respectively in 2006 over the previous year. This is despite an 8% increase in the number of transactions during the fourth quarter of 2006 over 2005.

The Statistics and Census Service reports that the number of real estate transactions and the total value of those transactions were down 32.1% and 27.4% respectively in 2006 over the previous year. This is despite an 8% increase in the number of transactions during the fourth quarter of 2006 over 2005.

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macau

Emerging Asia’s Growth and Integration - How Autonomous are Business Cycles?

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for external factors, and use sign restrictions to identify structural domestic shocks. Variance decompositions indicate that Asian emerging economies are to a large part driven by external developments, and even more so employing a more recent sample. We analyse to what extent structural domestic shocks exhibit a regional dimension by comparing shocks across countries using correlation and principal component analysis. The extent of regional co-movement between structural shocks is relatively limited. While the principal components analysis indicates a moderate increase in co-movement over time, the correlation analysis finds a decline. This may reflect a broadening of regional integration at the expense of bilateral economic ties.

Against the background of the rapid integration of emerging Asia into the global economy, this paper investigates the role of domestic and external factors in driving individual emerging economies in Asia. We estimate VAR models for ten countries over the period 1979Q1-2003Q4, controlling for external factors, and use sign restrictions to identify structural domestic shocks. Variance decompositions indicate that Asian emerging economies are to a large part driven by external developments, and even more so employing a more recent sample. We analyse to what extent structural domestic shocks exhibit a regional dimension by comparing shocks across countries using correlation and principal component analysis. The extent of regional co-movement between structural shocks is relatively limited. While the principal components analysis indicates a moderate increase in co-movement over time, the correlation analysis finds a decline. This may reflect a broadening of regional integration at the expense of bilateral economic ties.

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macau

Monetary and Exchange Rate Stability in South East Asia

Regaining exchange rate stability has been a major monetary policy goal of East Asian countries in the aftermath of the 1997/98 currency crisis. While most countries have abstained from re-establishing a formal US Dollar peg, they have typically managed the US Dollar exchange rate de facto. We show that most of these countries were able to regain their monetary credibility within a relatively short time period. The Argentine crisis in 2001 caused a minor setback in this process for some countries. We measure the credibility of monetary policy by separating the fundamental and excess volatility of the exchange rate on the basis of a chartist fundamentalist model. The degree of excess volatility is interpreted as the ability of the central bank to manage the exchange rate via the coordination channel.

Regaining exchange rate stability has been a major monetary policy goal of East Asian countries in the aftermath of the 1997/98 currency crisis. While most countries have abstained from re-establishing a formal US Dollar peg, they have typically managed the US Dollar exchange rate de facto. We show that most of these countries were able to regain their monetary credibility within a relatively short time period. The Argentine crisis in 2001 caused a minor setback in this process for some countries. We measure the credibility of monetary policy by separating the fundamental and excess volatility of the exchange rate on the basis of a chartist fundamentalist model. The degree of excess volatility is interpreted as the ability of the central bank to manage the exchange rate via the coordination channel.

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macau

Proposed Rules of Origin in Emerging Asia-Pacific Preferential Trade Agreements: Will PTAs Promote Trade and Development?

World trade is increasingly being dominated by preferential trade agreements that have taken precedence over multilateral trade negotiations. Within Asia and the Pacific an explosion of bilateral deals is taking place that seems likely to produce a tangle of hub-spoke trade blocs centered on major Asian or Pacific countries.

World trade is increasingly being dominated by preferential trade agreements that have taken precedence over multilateral trade negotiations. Within Asia and the Pacific an explosion of bilateral deals is taking place that seems likely to produce a tangle of hub-spoke trade blocs centered on major Asian or Pacific countries.

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macau

Understanding the Latest Wave and Future Shape of Regional Trade and Cooperation Agreements in Asia

Asia accounts for more than 30% of world GDP and contributes half of the global growth in recent years. Despite high growth rates, Asia is still facing considerable socio-economic challenges. If Asia is to reemerge as a major power in the global economy and in order for the region to successfully address its own challenges and issues there is a need to make the region's economies more integrated regionally and internationally. Following the recent global trend, Asia witnessed a wave of subregional and bilateral trade agreements. This paper analyzes the recent trends and patterns and nature of regional trade and cooperation agreements (RTCAs) in Asia and associated problems and prospects. It also attempts to understand the latest wave and the future shape of RTCAs and examines if these RTCAs provide the basis for a new Asia-wide cooperation or for the emergence of new regional trade in blocs of several subregional groupings.

Asia accounts for more than 30% of world GDP and contributes half of the global growth in recent years. Despite high growth rates, Asia is still facing considerable socio-economic challenges. If Asia is to reemerge as a major power in the global economy and in order for the region to successfully address its own challenges and issues there is a need to make the region's economies more integrated regionally and internationally. Following the recent global trend, Asia witnessed a wave of subregional and bilateral trade agreements. This paper analyzes the recent trends and patterns and nature of regional trade and cooperation agreements (RTCAs) in Asia and associated problems and prospects. It also attempts to understand the latest wave and the future shape of RTCAs and examines if these RTCAs provide the basis for a new Asia-wide cooperation or for the emergence of new regional trade in blocs of several subregional groupings.

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macau

Asian Economic Integration: ASEAN+3+1 or ASEAN+1s?

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

In this paper an attempt is made to evaluate the most efficient approach to regional economic integration in Asia. For the purpose, Asia is defined as inclusive of ASEAN, the plus three economies of China, Japan, Korea and India that is the ASEAN plus four. Given that ASEAN is an existing regional bloc in Asia, alternative approaches to the alignment of the plus four economies with ASEAN for the formation of the ASEAN+4 trade bloc have been evaluated to determine if there are efficiency costs by way of distortion in the patterns of trade away from those expected on the basis of comparative advantage. The findings of our analysis underscore the efficiency of a prior alignment with ASEAN for all the plus four economies.

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macau

The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing

Both before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to underdeveloped capital markets and the limited international role of their domestic currencies, the East Asian countries (except Japan) are likely to continue to stabilize exchange rates and to accumulate international reserves. Yet expectations of further dollar depreciation may trigger a re-orientation of exchange rate policies based on basket strategies. Rolling econometric estimations of the basket structures in East Asia suggest growing weights for the Japanese yen in most East Asian currency baskets. The role of the euro as a reserve currency in East Asia remains uncertain.

Both before and after the Asian crisis, the dollar has been the dominant anchor and reserve currency in East Asia. Due to underdeveloped capital markets and the limited international role of their domestic currencies, the East Asian countries (except Japan) are likely to continue to stabilize exchange rates and to accumulate international reserves. Yet expectations of further dollar depreciation may trigger a re-orientation of exchange rate policies based on basket strategies. Rolling econometric estimations of the basket structures in East Asia suggest growing weights for the Japanese yen in most East Asian currency baskets. The role of the euro as a reserve currency in East Asia remains uncertain.

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macau

Australia and China Forge Nuclear Partnership

Australia and China have agreed to terms allowing Australia to export Uraniam for twenty-eight new nuclear power plants in China by the year 2020.

Australia and China have agreed to terms allowing Australia to export Uraniam for twenty-eight new nuclear power plants in China by the year 2020.

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macau

Global Imbalances and Emerging Markets

There has been a massive increase in foreign currency reserves held by a group of ten East Asian economies since the 1997-98 crises. At the end of March 2006, the reserves of this group stood at $2.6 trillion, accounting for 57 percent of total global reserves.

There has been a massive increase in foreign currency reserves held by a group of ten East Asian economies since the 1997-98 crises. At the end of March 2006, the reserves of this group stood at $2.6 trillion, accounting for 57 percent of total global reserves.

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macau

Monetary Cooperation in East Asia: How Far Can East Asian Countries Go?

The paper intends to discuss monetary cooperation in East Asia by answering the following three questions: (1) Do the member countries of the Chiang Mai Initiative (CMI) have potentials to form an Optimal Currency Area (OCA)? (2) What are the obstacles for establishing an institutionalized monetary regime from practical point of view? (3) What is the timeline for forming a monetary union in the region?

The paper intends to discuss monetary cooperation in East Asia by answering the following three questions: (1) Do the member countries of the Chiang Mai Initiative (CMI) have potentials to form an Optimal Currency Area (OCA)? (2) What are the obstacles for establishing an institutionalized monetary regime from practical point of view? (3) What is the timeline for forming a monetary union in the region?

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macau

Chinese Perspective of East Asian Exchange Rate Coordination

The paper discussed the Necessity for East Asia and China to Participate and Promote The Regional Exchange Rate Coordination, the possible pace of the exchange rate coordination in East Asia and how to start this process.

The paper discussed the Necessity for East Asia and China to Participate and Promote The Regional Exchange Rate Coordination, the possible pace of the exchange rate coordination in East Asia and how to start this process.

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macau

ADB: Economic Growth in East Asia to Remain Strong in 2007

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

Asian Development Bank (ADB) predicted that East Asia's economic growth will continue to be strong next year after the expected robust performance of East Asian economies this year. However, the bank warned that the danger of financial market turbulence which could affect Asia is also increasing. Also, ADB suggested that there could be a slight decrease on the demand for East Asia's exports, due to an expected slowdown in growth in the US and euro area. Coupled with strong domestic consumption, this should maintain economic expansion across the East Asian region, the lender bank argued.

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macau

Macau's GDP set to Grow More than 10% in 2006

According to Finance and Economic Secretary Francis Tam, Macau's gross domestic product will expand by over 10% this year, riding on boosted exports and investment. In the period from January to September, exports of services rose by 18.7% when compared to the same period last year. However, the growth has led to inflation which, in this 9-month period, cause the Consumer Price Index to rise by 5.41%. Tam also warns that economic development has been imbalanced, creating problems in some sectors, especially among small and medium enterprises.

According to Finance and Economic Secretary Francis Tam, Macau's gross domestic product will expand by over 10% this year, riding on boosted exports and investment. In the period from January to September, exports of services rose by 18.7% when compared to the same period last year. However, the growth has led to inflation which, in this 9-month period, cause the Consumer Price Index to rise by 5.41%. Tam also warns that economic development has been imbalanced, creating problems in some sectors, especially among small and medium enterprises.

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macau

China Cannot Rule Out Further Interest Rate Hikes

China cannot rule out further interest rate hikes in the coming months, state press reported yesterday, citing a leading central bank advisor. The possibility of rate hikes cannot be ruled out given the need to maintain curbs on investment and credit growth, the 21st Century Business Herald cited central bank advisor Fan Gang as saying. Fan added that the pressure for rate hikes was not strong, with inflation at just over 1 per cent compared with 4-5 per cent in 2004 and 6 per cent in early 2005, the paper said.

China cannot rule out further interest rate hikes in the coming months, state press reported yesterday, citing a leading central bank advisor. The possibility of rate hikes cannot be ruled out given the need to maintain curbs on investment and credit growth, the 21st Century Business Herald cited central bank advisor Fan Gang as saying. Fan added that the pressure for rate hikes was not strong, with inflation at just over 1 per cent compared with 4-5 per cent in 2004 and 6 per cent in early 2005, the paper said.

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macau

China Changes Regulations for Foreign-Funded Banks

New regulations taking effect December 11th remove many restrictions on RMB and Foreign Currency transactions for foreign-owned and joint-venture banks. Chinese branches of foreign based banks, however, will be unable to perform RMB transaction services for clients with smaller accounts and clients which have not yet been approved by the banking regulatory body. Also, new minimum registered capital and operating fund restrictions shield smaller banks from entering the Chinese banking sector.

New regulations taking effect December 11th remove many restrictions on RMB and Foreign Currency transactions for foreign-owned and joint-venture banks. Chinese branches of foreign based banks, however, will be unable to perform RMB transaction services for clients with smaller accounts and clients which have not yet been approved by the banking regulatory body. Also, new minimum registered capital and operating fund restrictions shield smaller banks from entering the Chinese banking sector.

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macau

Managing Business Risks When Investing In China

Investing in China's rapidly developing economy can be a risky business move. Promises of huge payout underpinned by reports of double digit GDP growth often lead uninformed investors down a dangerous path. This month the China Business Review offers tips on how to mitigate the legal, financial, political, and environmental risks investors encounter while investing in China's booming economy.

Investing in China's rapidly developing economy can be a risky business move. Promises of huge payout underpinned by reports of double digit GDP growth often lead uninformed investors down a dangerous path. This month the China Business Review offers tips on how to mitigate the legal, financial, political, and environmental risks investors encounter while investing in China's booming economy.

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macau

Macau's Tax Revenue on Gaming Continues to Rise

According to the Finance Services Bureau (FSB), in the first nine months of the year, Macau's tax revenue from direct gambling and gambling taxes have already accounted for 82.5% of the projected figure for 2006. The total gross revenue over this period was 19.657 billion patacas ($2.45 billion US), 72.17% of which came from gaming related sources. Expenses over this period totaled only 9.87 billion patacas ($1.23 billion US), which will give Macau's government a huge surplus at year end.

According to the Finance Services Bureau (FSB), in the first nine months of the year, Macau's tax revenue from direct gambling and gambling taxes have already accounted for 82.5% of the projected figure for 2006. The total gross revenue over this period was 19.657 billion patacas ($2.45 billion US), 72.17% of which came from gaming related sources. Expenses over this period totaled only 9.87 billion patacas ($1.23 billion US), which will give Macau's government a huge surplus at year end.

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macau

Increased Tourism Boosts Macau's Gaming Revenues

Macau's 22 casinos had gross receipts of 4.4billion patacas (US$548.7 million) for the month of September, which is a 15.7% increase from the same time last year.  The boosted gaming revenues are attributed to increasing numbers of visitors to Macau, most of which are from mainland China.  So far this year, up to the close of September, total revenues for Macau's casinos reached 40.1 billion patacas (US$5 billion); total gross revenue for all of 2005 reached 44.725 billion patacas.

Macau's 22 casinos had gross receipts of 4.4billion patacas (US$548.7 million) for the month of September, which is a 15.7% increase from the same time last year.  The boosted gaming revenues are attributed to increasing numbers of visitors to Macau, most of which are from mainland China.  So far this year, up to the close of September, total revenues for Macau's casinos reached 40.1 billion patacas (US$5 billion); total gross revenue for all of 2005 reached 44.725 billion patacas.

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macau

Oil Prices Fall Below $60 in Asia

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

Crude oil fell to below $60 a barrel this morning in the Asian markets. Oil prices have dropped nearly 25% since mid July. Experts say this is still a strong price, but some say its expected to rise before the end of the year.

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macau

ASIA DEVELOPMENT OUTLOOK 2007

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

Despite challenges from rising oil costs, commodity costs, and interest rates, the Asia Development Bank expects 7.7% growth for 2007.

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macau

"Financial Watchdog" in the Works in China

The Government of the People's Republic of China is considering the establishemnt of a high-tech regulatory body to monitor banking and finance industries.  This would be a crucial step in developing transparency which would attract further investment both domestically and outside of China.  The decision, however, is hampered by beauricratic infighting among self-interested officials.

The Government of the People's Republic of China is considering the establishemnt of a high-tech regulatory body to monitor banking and finance industries.  This would be a crucial step in developing transparency which would attract further investment both domestically and outside of China.  The decision, however, is hampered by beauricratic infighting among self-interested officials.

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macau

Macau Casinos Unhappy With US Recruiters

Macau casino owners have been lobbying for restrictions against US Casino owners, complaining about "aggressive" recruiting tactics that cause a brain-drain within Macau's native-owned casinos.

Macau casino owners have been lobbying for restrictions against US Casino owners, complaining about "aggressive" recruiting tactics that cause a brain-drain within Macau's native-owned casinos.

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macau

Las Vegas Mogul Opens Wynn Macau Hotel & Casino

The Wynn Macau, a US$1.2 billion dollar mega-luxury casino opens today in what experts expect to become the gambling capital of the world. Macau has already surpassed Las Vegas, recieving 10 million visitors each year from mainland China alone.

The Wynn Macau, a US$1.2 billion dollar mega-luxury casino opens today in what experts expect to become the gambling capital of the world. Macau has already surpassed Las Vegas, recieving 10 million visitors each year from mainland China alone.

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macau

Asian Stocks Up During U.S. Trading

Asian stocks rose due to heavy US trading for third day in a row.  Precious Metals also rallied.

Asian stocks rose due to heavy US trading for third day in a row.  Precious Metals also rallied.

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Other Important News In Macau


Miners Bid for Lucrative Mongolian Mine

Mongolia's coal mine – Tavan Tolgoi – is finding itself with three suitors bidding for a 49% stake.

Mongolia's coal mine - Tavan Tolgoi - is finding itself with three suitors bidding for a 49% stake. Amongst the supposed suitors are firms from Japan, Russia, China and Korea, all firms are looking to claim a huge stake in what is said to be the biggest untapped coking coal deposit. To come across such an opportunity is rares, considering that good quality hard coking coal is a rare commodity. An investment in coking coal is considered to be long term and a large asset stated on source. Despite recent prices performances, analysts believe that hard coking coal prices have a bright outlook in the future.

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Macau Draws the Line on its Casino Industry

Macau’s chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos.

Macau's chief executive, Edmund Ho, is reluctant about issuing new licenses and land allocations for the creation of new casinos. At the moment Macau has three casino licenses and three casino sub-licenses.

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Macau 2007 Growth Domestic Product Up By 27.3%

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption.

Macau had greater economic growth in 2007 than the rest of the world due to the expansion of the gaming and tourism sector as well as strong stability of investment and local consumption. The GDP of Macau in 2007 was at around USD 19.20 billion and the per-capita amount was USD 36,357. Both of these numbers show considerable increase from 2006.

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Macau Closes in on Las Vegas After Bumper Year for Gaming Revenues

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region.

Gaming revenues in Macau rocketed more than US$10 billion (HK$78 billion) last year, a raise of 46 percent; it continues to close in on the greater Las Vegas Region. The gaming enclave reached a record HK$81.3 billion, according to the latest figures from Macau's Gaming Inspection and Coordination Bureau. Macau's revenue was boosted by a record fourth-quarter performance, pushed up by the opening of the giant US2.4 billion Venetian, owned by the US firm Las Vegas Sands. It currently stands second largest building in the world and largest within Asia.

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Macau Site Sells for 10 Times Reserve Price

Macau land to be developed, sold for 10 times more than reserve price

A site was sold at a government land auction yesterday in Macau yesterday for 555 million patacas (HK$541.45 million), 10 times higher than the reserve price. The cite had a reserve price of 55 million patacas. The two residential sites are located in the northern part of Macau, Fai Chi Kei. The other site, with the area of 32,000 sq/ft had a reserve price of 95 million and was sold for 867 million patacas It is predicted that the retail price wills reach up to 5,500 patacas per sq/ft when developed, which will push housing prices up 25 percent this year.

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Speymill Group Suffers Macau Planning Delays

The Speymill Group, a real estate investment manager, claimed that profits are likely to fall short of expectations this year.

The Speymill Group, a real estate investment manager, claimed that profits are likely to fall short of expectations this year. The company has experienced planning delays in its construction projects. Recent projections include that Speymill will take a GBP 400, 000 hit against profits this year and the board considers it unlikely that it will meet the forecast pre-tax profit of GBP 3.651 million.

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Macao: To Become the Top Trade Show Destinations

Las Vegas Sands Corp. intends to use its Venetia Macao-Resort-Hotel as a trade exhibition center that serves various types of venue.

Las Vegas Sands Corp. intends to use its Venetia Macao-Resort-Hotel as a trade exhibition center that serves various types of venue. The company is planning to change Asia's exhibition industry by designing the best trade exhibition center in Macao. According to one of the Resort official, the advantage of establishing this trade show is to offer competitive rates for the entertainment facilities, shopping mall as well as the hotel rooms.

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Arbitration Judgment Agreement between Macao and Mainland China

Macao and Mainland China had signed an arbitration agreement for the purpose of maintaining both countries long term harmony and legal interests and rights.

Macao and Mainland China had signed an arbitration agreement for the purpose of maintaining both countries long term harmony and legal interests and rights. According to the vice President's of Supreme People's Court, Huang Songyou, this agreement is extremely needed to prevent business conflicts between both countries. Under the agreement, Macao will be allowed to make arbitration judgments on any judgmental issues that have been created since 20th December 1999.

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Macao: Banco Delta Asia to be Returned to Stanley Au

Banco Delta Asia, a small privately owned bank from Macau, will be returned to its former owner Stanley Au. The bank had been barred from interactions with any financial institution in the United States by the US Department of Treasury after it had been alleged to launder money for the North Korean Government.

Banco Delta Asia, a small privately owned bank from Macau, will be returned to its former owner, Stanley Au. The bank had been barred from interactions with any financial institution in the United States by the US Department of Treasury after it had been alleged to launder money for the North Korean Government. So far, the bank had been controlled by a state-appointed administrative committee.

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Dore Holdings Buys Gaming Profit Rights in Macau for HKD 993.6 Million

In a Hong Kong stock exchange filing on Tuesday, Dore Holdings Ltd., the Hong Kong-based interior decorator and heavy investor in Macau casinos, has bought the rights to earnings from high-roller gambling junkets for HKD 993.6 million (USD 128 million). Dore Holdings will pay cash, new shares and convertible bonds for 60 percent of Triple Gain Group Ltd., which is entitled to the profit of junket operator Nove Sociedade Unipessoal Ltd. Junket operators are promoters who entice high rollers to casinos, occasionally lending funds to their clients. Considering the recent unveiling of Las Vegas Sands Inc.’s new Venetian, the competition between Macau’s casinos is rapidly increasing and causing junket commissions to rise in China’s only region that permits casinos.

In a Hong Kong stock exchange filing on Tuesday, Dore Holdings Ltd., the Hong Kong-based interior decorator and heavy investor in Macau casinos, has bought the rights to earnings from high-roller gambling junkets for HKD 993.6 million (USD 128 million). Dore Holdings will pay cash, new shares and convertible bonds for 60 percent of Triple Gain Group Ltd., which is entitled to the profit of junket operator Nove Sociedade Unipessoal Ltd. Junket operators are promoters who entice high rollers to casinos, occasionally lending funds to their clients. Considering the recent unveiling of Las Vegas Sands Inc.'s new Venetian, the competition between Macau's casinos is rapidly increasing and causing junket commissions to rise in China's only region that permits casinos.

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