THE M3: SJM, UNEMPLOYMENT SURVEY; TRANSFORMERS; S'PORE 2012 ECONOMIC FORECAST & INFLATION

The Macau Metro Monitor, October 27, 2011

SJM TO EVALUATE SALARIES Macau Business

SJM may soon raise worker salaries.  The move comes after Grand Lisboa’s cage cashiers held two demonstrations complaining that their wages only went up by MOP500 (US$62.5) since the property opened in February 2007, far below the increases enjoyed by their fellow croupiers.  Asked about the future ferry terminal, SJM CEO Ambrose So said, “Building one more terminal is necessary, but it should only be there to help divert the flow of visitors, and not replace the [peninsula] terminal.”  3Q earnings will be released Nov 7.

MACAU EMPLOYMENT SURVEY FOR JULY- SEPTEMBER 2011 DSEC

Unemployment rate for July-September 2011 held stable at 2.6%, same as the previous period (June-August 2011).  In comparison with July-September 2010, the unemployment rate dropped by 0.3% points.  Total labor force was 344,000 in July-September 2011 and the labor force participation rate stood at 72.5%, with the employed population increasing by about 300 over the previous period to 335,000.

TRANSFORMERS RIDE TO OPEN IN S'PORE ON DEC 3 AsiaOne News

On December 3, RWS's Universal Studios Singapore (USS) will launch the world's first theme park attraction based on Hasbro's iconic Transformers brand.

SINGAPORE INFLATION WILL REMAIN HIGH: MAS Channel News Asia

Inflation is likely to remain elevated until mid-2012 before easing as the economy slows, the Monetary Authority of Singapore (MAS) said.  The central bank said inflation will average above 5% for rest of this year.  It may fall to around 4% in the first half of 2012, before easing to close to 2% in the second half of next year. 

SINGAPORE'S ECONOMIC GROWTH TO STALL OVER NEXT FEW QUARTERS Strait Times

According to MAS, Singapore's economic growth will stall over the next few quarters before seeing a modest recovery late into 2012.  Continued uncertainty in economic activity as well as financial volatility will be a drag on growth, affecting both the domestic electronics sector and financial and tourism-related services, the central bank said in its twice-yearly macroeconomic review.

These factors have raised the possibility that Singapore could only grow below its potential growth rate of between 3% and 5% the MAS said.  It added: 'The Singapore economy is expected to grow at below potential in 2012, due in part to the near-term weakness of our key trading partners. However, the downturn is unlikely to match the severity of the global financial crisis (in 2009).'  The slowdown means that the labor market is expected to ease going forward, as demand for workers falls. This will also bring down wage growth from around 5 to 6% in 2011, to 2 to 4%, said the MAS.