Casino monopoly franchise
New headquarters of BNU
Macau & Porto sign twinning
Macau & China to co-operate
in dissemination of trade information
Macau external trade rises in first 5 months
joint liaison group reaches agreement on continuation of casino monopoly
franchise until 2001
The Sino-Portuguese Joint Liaison Group
reached in Lisbon in June an agreement on the continuation of Macau's current
casino monopoly franchise until the end of 2001.
Under the agreement, the casino monopoly franchise contract between
the Macau government and the Macau Tourism and Amusement Company (Sociedade
de Turismo e Diversões de Macau, STDM), signed 1 1 years ago, will
basically remain unchanged, namely its expiry date of December 31, 2001.
The joint Liaison Group also agreed that STDM's monopoly franchise
tax will be raised from 30 per cent to 31.8 per cent of its gross takings.
Under the agreement, STDM will also pay 50 million patacas to an unemployment
fund and 180 million patacas to the new Macau Co-operation and Development
The Foundation, which until the 1999 handover will be headed by the
Governor of Macau, will also receive na additional 1.6 per cent of STDM's
annual gross takings.
Meanwhile, the casino monopoly company STDM, which is headed by Stanley
Ho, in July published its company results for the first time since its
establishment in 1962.
The 1996 report says that STDM had net assets of 21.5 billion patacas
in that year. The net profit amounted to 4.63 billion patacas.
While the liabilities totalled 4.35 billion patacas, the company's total
assets amounted to 25.85 billion patacas.
The STDM report states that the company's gross income from gaming businesses
fell six per cent last year.
The new state-of-the-art headquarters
of Banco Nacional Ultramarino in Macau to open in September
state-of-the-art headquarters of Banco Nacional Ultramarino (BNU) in
Macau will be officially inaugurated on September 24.
Alberto Soares, BNU's Director-General in Macau, said the new 18-storey
headquarters on Avenida de Almeida Ribeiro would preserve the unique facade
of the original BNU Building dating back from 1902.
Mr Soares stressed that the new BNU Building was meant to become "the
focal point for our bank and the city centre of Macau."
The inauguration of the new BNU headquarter in Macau will coincide
with a top-level meeting of the International Monetary Fund (IMF) in the
Hong Kong Special Administrative Region. The IMF meeting is expected
to be attended by several thousand bankers from more than 100 countries
Mr Soares also said the new headquarters and renovation of several
BNU branch offices in Macau was part of the Bank's ',strategy for the future,"
apart from expressing BNU's "confidence in the future beyond 1999."
BNU and the Bank of China share the issuing of the local pataca currency
until year 2049.
AND OPORTO SIGN TWINNING AGREEMENT MACAU
The city councils of Macau and Oporto signed a twinning agreement on
The accord was signed by Sales Marques, President of Macau's "Leal
Senado, and Fernando Gomes, mayor of Oporto city in northern Portugal.
Under the agreement, the two cities will maintain permanent co-coperation
in various areas, namely culture, sports, environmental protection,
urban development and economics.
MACAU AND CHINA TO CO-OPERATE IN DISSEMINATION
OF TRADE INFORMATION
Macau and the People's Republic of China have agreed to co-operate in
disseminating economic information on the Internet.
The Internet information on Macau and China will mainly cover economics,
manufacturing, trade, services and social statistics.
The information will be disseminated through a computerised information
centre, which is a joint venture formed by the Macau Foundation (FM), the
State Science and Technology Commission of China (SSTCC) and the International
Software Technology Institute of the United Nations University (UNU/IIST)
The joint venture agreement was signed by the three sides in Macau in
June and will be ready by the end of 1997.
MACAU EXTERNAL TRADE RISES IN FIRST FIVE MONTHS
Macau's foreign merchandise trade in the first five months this year
recorded healthy growth rates.
However, it also resulted in a trade balance deficit of 563 million
patacas, according to the Macau Statistics and Census Department.
In the first five months last year, Macau recorded a merchandise trade
balance deficit of 864 million patacas. Compared with the same period
last year, the deficit fell 34.8 per cent in the first five months this
Macau's export-import ratio improved from 86.2 per cent between January
and May last year to 91.8 per cent in the same period this year.
The total export value in the first five months this year amounted
to 6.283 billion patacas, up 16 per cent on the same period last year.
The total import value reached 6.846 billion patacas, up 9 per cent.
While domestic exports rose 19.6 per cent in the first five months,
re-exports fell 0.6 per cent. 84.6 per cent of all exports were domestic
Textiles and garments, taking up 82.5 per cent of the total export
value between January and May, grew 22. 7 per cent. Non-textile exports
fell 8 per cent.
Of Macau's total export value, 38.9 per cent was shipped to the United
States and 35.4 per cent to the European Union, including Portugal. While
Macau's exports to the United States rose 14 per cent, those to the European
Union grew 35.6 per cent.
80.2 per cent of Macau's import value originated from the Asia-Pacific
region, namely mainland China (up 33 per cent), Taiwan (up 19.3 per cent),
Japan (up 2.9 per cent) and Hong Kong (up 0.3 per cent).
12.8 per cent of Macau's import value originated from the European
Union (up 2.8 per cent) and 5.5 per cent from the United States (down 12.7
About half of Macau's imports came from mainland China and Hong Kong
in the first five months this year.
* US1= 8 Patacas