THE M3: CHINA RAISES RATES; MBS SPA CLAIM

The Macau Metro Monitor, April 5, 2011

 

 

CHINA RAISES INTEREST RATES TO COUNTER INFLATION PRESSURE Bloomberg

PBoC said the benchmark 1-year lending rate will increase to 6.31% from 6.06% and that the 1-yr deposit rate will rise to 3.25% from 3%, effective tomorrow.  This is the 4th time that China has raised rates since the global financial crisis.

 

MBS FIGHTS NEW CLAIMS IN SPA SUIT Business Times

Marina Bay Sands is appealing a decision by the High Court registrar allowing new allegations to be made in a lawsuit over an aborted spa deal.  Investors of Spa@Sands claimed that management under former MBS CEO Tom Arasi reneged on an agreement to let them rent more than 23,000 sq ft of space for a luxury spa on the resort's 55th floor.  Instead, Banyan Tree was awarded a contract last year to manage the luxury spa.  No opening date is scheduled for the Banyan Tree spa, but it is expected to open soon, according to an MBS spokeswoman.

 

Spa@Sands argued MBS showed it accepted the spa agreement when it banked in the spa firm's two checks, $233,660 plus $44,866 in stamp fees.  But MBS attorneys said MBS had not accepted the offer and had refunded $278,526 paid by the spa.