The Macau Metro Monitor, February 18, 2011
SJM DOUBLES REVENUE IN CHINESE NEW YEAR Macau Daily Times
According to CEO Ambrose So, SJM Holdings saw a double-digit increase in GGR during CNY. On the Ho drama, “There is no impact on us and no significant change in the direction and development plans of SJM Holdings,” So said, recalling that STDM is not a major shareholder of SJM. So also addressed concerns that future changes to the smoking laws in casinos may have an impact on business. “By setting up some smoking areas, you give opportunity to people to choose. But I don’t think this will affect the casino business,” he added.
VENETIAN MACAU'S CONVENTION BREAKS RECORD Macau Daily News
Convention and Exhibition business at the Venetian Macau made a record‐breaking performance in the first thirty days of the year. There have been more than 100,000 delegates from 40 companies and leisure travel groups.
SINGAPORE PLANS $5.2 BILLION BENEFITS PACKAGE FOR CITIZENS WSJ
S'pore Finance Minister Tharman Shanmugaratnam revealed a 6.6 billion Singapore dollar (US$5.2 billion) plan to help battle the effects of inflation. "Our first approach is to seek to moderate medium-term inflationary pressures through the Singapore dollar exchange rate policy of the central bank," Tharman said. But he added, "Using the exchange rate to offset sudden spikes in prices, such as what we have seen in oil prices over the last six months, would require a sharp appreciation of the Singapore dollar. This would disrupt our exporters."
For individual taxpayers, the government proposes to reduce the marginal tax rate on the first S$120,000 of taxable income. In addition, all taxpayers will get a 20% personal-income-tax rebate for the 2011 year of assessment, capped at $2,000. There would also be one-time measures such as a 20% rebate on corporate income tax and cash grants for small and medium enterprises.
US STATE DEPARTMENT TO PROBE VIVA MACAU DEMISE Macau Daily Times
The US State Department is investigating the termination of Viva Macau to check if the Macau Government expropriated property of US investors. According to newspaper Greenwich Time, one of Viva Macau’s backers, private investment company MKW Capital Management, accused flag-carrier Air Macau and jet fuel supplier Nam Kwong Oil of conspiring to pull the low-cost carrier out of the sky.
MORE QUESTIONS ARISE AS DOCUMENTS MENTION MISTAKES Macau Daily Times
Estudos e Projectos/Setec its (EFS), which since March 2009 was in charge of the project management and technical assistance for the first line of the LRT, detected “23 mistakes and non-compliances” in Mitsubishi’s proposal. MDT also reported that the LRT file is missing several documents. These problems are downplayed by the Transportation Infrastructure Office, known as GIT.
CHINA RAISES REQUIRED RESERVE RATIO Reuters
The PBOC raised its required reserve ratio by 50 bps, the second such raise this year. The hike will be effective starting Feb 24.