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THE HBM: DNKN, SBUX, DRI

THE HEDGEYE BREAKFAST MONITOR

 

MACRO NOTES

 

Coffee Costs

 

Brazil’s next coffee crop will be 2.6% larger than estimated in November, according to Terra Forte Exportacao e Imporacao de Café Ltda. Brazil is the world’s largest producer of coffee.  As we can see in the chart below, coffee costs have been coming down which will benefit PEET and other coffee retailers.  Starbucks has been locking in coffee costs for FY13 (ending September) having locked in all expected requirements for FY12 during calendar year 2011.

 

THE HBM: DNKN, SBUX, DRI - coffee

 

 

Comments from CEO Keith McCullough

 

2 of the Top 3 Most Read on Bloomberg this morn are about China – no Greece. Analytical progress:

  1. INDIA – obviously a country that is short oil is a country that is going to have a stagflation problem with oil prices ripping like this. That wasn’t new to the Indians last week, but evidently it mattered  to their stock market today – at down -2.8% in a straight line, that’s the problem w/ bearish market SKEW. India’s Yield Curve has gone to flat.
  2. FRANCE – another +0.6% sequential ramp in producer prices this month is only going to perpetuate the stagflation we see in France, Spain and Italy. Who cares about Greece when these 3 majors will have a much larger say in global growth expectations. The CAC’s TAIL remains broken and now the immediate-term TRADE line is under fire (3439). We re-shorted France (EWQ) late last wk.
  3. 10YR – its been a while since the 10-yr bond yield was more wrong than the US stock market on growth expectations. At every turn in the last year, bond yields have told you all you need to know about US Growth Slowing. After failing at the 2.03% TREND line last wk, snapping the 1.97% TRADE line puts 1.91% back in play.

Friday’s close > 1363 SP500 was bullish for a few hours. Prices need to confirm though, so we’ll see about that this week. I’ve not yet re-shorted the SPY or any Sector ETFs. We’re long Financials XLF – and I’m worried about it.

KM

 

 

SUBSECTOR PERFORMANCE

 

THE HBM: DNKN, SBUX, DRI - subsector

 

 

QUICK SERVICE

 

DNKN: Dunkin’ Brands was rated “New Buy” at Citi, price target $36.

 

SBUX: Starbucks Europe President, Michelle Gass, said in an interview published over the weekend that the company is to announce a multi-million pound overhaul and expansion of its European business which will see hundreds more cafes opening in both the UK and across the continent. 

 

 

NOTABLE PERFORMANCE ON ACCELERATING VOLUME:

 

JACK: Jack in the Box traded higher on accelerating volume.  The company is hosting an Investor Day tomorrow in California.

 

 

CASUAL DINING

 

DRI: Darden’s Analyst Day in New York on Friday provided a high level of detail on the company’s future plans.  We will be posting our thoughts on the event in a separate post shortly.

 

 

NOTABLE PERFORMANCE ON ACCELERATING VOLUME:

 

TXRH: Texas Roadhouse traded down -2.7% on accelerating volume after a strong day’s trading Thursday on strong 4Q EPS.

 

 

THE HBM: DNKN, SBUX, DRI - stocks

 

 

Howard Penney

Managing Director

 

Rory Green

Analyst

 


MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH

Key Callouts

 

*Our Macro team's quantitative model indicates a fairly balanced risk/reward outlook in the immediate term with XLF upside of 1.3% and downside of 1.4%.

 

High yield rates fell to a new YTD low on Friday. This reflects both the perception around diminished risk as well as the Fed's policy to punish savers through zero rates. 

 

* Interbank risk continues to recede with the Euribor-OIS tightening 3 bps and the TED spread tightening 2 bps in the latest week. The second round of LTRO is scheduled for Wednesday and the market expectation is currently for 470 billion euros in additional take-up with a range of between 400 and 750 billion euros. The first LTRO helped curb concerns about a European liquidity meltdown in the immediate term, pushing the Euribor-OIS from 98 to 65 bps since the start of the year. We don't expect the second round of LTRO to be as significant to the market as the first. The first round mattered profoundly, as it finally got the ECB out ahead of the crisis. Nevertheless, one of our key YTD themes has been reflating the European liquidity discount, and the second round of LTRO should be viewed as insurance against a near-term liquidity crisis resurfacing. 

 

* Both European and American bank CDS tightened week over week, on average.

 

Financial Risk Monitor Summary  

•Short-term(WoW): Positive / 4 of 12 improved / 0 out of 12 worsened / 8 of 12 unchanged  

• Intermediate-term(WoW): Positive / 6 of 12 improved / 3 out of 12 worsened / 3 of 12 unchanged  

• Long-term(WoW): Negative / 0 of 12 improved / 7 out of 12 worsened / 5 of 12 unchanged

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Summary 2

 

1. US Financials CDS Monitor – Swaps tightened for 23 of 27 major domestic financial company reference entities last week.   

Tightened the most WoW: RDN, MTG, AIG

Widened the most WoW: GS, MS, AXP

Tightened the most MoM: RDN, MTG, AIG

Widened the most MoM: GS, MS, C

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - CDS  US

 

2. European Financials CDS Monitor – Bank swaps were tighter in Europe last week for 33 of the 40 reference entities. The average tightening was 4.8% and the median tightening was 1.0%.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - CDS  Euro

 

3. European Sovereign CDS – European Sovereign Swaps mostly widened over last week. American sovereign swaps tightened by 2.5% (-1 bps to 36 ) and French sovereign swaps widened by 4.1% (7 bps to 185).

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Sovereign CDS 1

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Sovereign CDS 2

 

4. High Yield (YTM) Monitor – High Yield rates fell 21 bps last week, ending the week at 7.11 versus 7.32 the prior week.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - HY

 

5. Leveraged Loan Index Monitor – The Leveraged Loan Index rose 2 points last week, ending at 1636.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - LLI

 

6. TED Spread Monitor – The TED spread fell 1.8 points last week, ending the week at 39.7 this week versus last week’s print of 41.4.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - TED

 

7. Journal of Commerce Commodity Price Index – The JOC index rose 4.0 points, ending the week at -6.82 versus -10.8 the prior week.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - JOC

 

8. Euribor-OIS spread – The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk. The Euribor-OIS spread tightened by 3 bps to 65 bps.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Euribor OIS

 

9. ECB Liquidity Recourse to the Deposit Facility – The ECB Liquidity Recourse to the Deposit Facility measures banks’ overnight deposits with the ECB.  Taken in conjunction with excess reserves, the ECB deposit facility measures excess liquidity in the Euro banking system.  An increase in this metric shows that banks are borrowing from the ECB.  In other words, the deposit facility measures one element of the ECB response to the crisis.  

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - ECB 2

 

10. Markit MCDX Index Monitor – The Markit MCDX is a measure of municipal credit default swaps. We believe this index is a useful indicator of pressure in state and local governments. Markit publishes index values daily on six 5-year tenor baskets including 50 reference entities each. Each basket includes a diversified pool of revenue and GO bonds from a broad array of states. We track the 14-V1. Last week spreads tightened , ending the week at 125 bps versus 127 bps the prior week.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - MCDX

 

11. Baltic Dry Index – The Baltic Dry Index measures international shipping rates of dry bulk cargo, mostly commodities used for industrial production. Higher demand for such goods, as manifested in higher shipping rates, indicates economic expansion. Last week the index rose 1 points, ending the week at 718 versus 717 the prior week.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Baltic dry 2

 

12. 2-10 Spread – We track the 2-10 spread as an indicator of bank margin pressure.  Last week the 2-10 spread tightened to 167 bps, 6 bps tighter than a week ago.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - 2 10

 

13. XLF Macro Quantitative Setup – Our Macro team’s quantitative setup in the XLF shows 1.3% upside to TRADE resistance and 1.4% downside to TRADE support.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - XLF setup

 

Margin Debt - January

We publish NYSE Margin Debt every month when it’s released. NYSE Margin debt hit its post-2007 peak in April of 2011 at $320.7 billion. The chart below shows the S&P 500 overlaid against NYSE margin debt going back to 1997. In this chart both the S&P 500 and margin debt have been inflation adjusted (back to 1990 dollar levels), and we’re showing margin debt levels in standard deviations relative to the mean covering the period 1. While this may sound complicated, the message is really quite simple. First, when margin debt gets to 1.5 standard deviations or greater, as it did last April, that has historically been a signal of extreme risk in the equity market - the last two times it did this the equity market lost half its value in the ensuing period. We flagged this for the first time back in May 2011. The second point is that margin debt trends tend to exhibit high degrees of autocorrelation. In other words, the last few months’ change in margin debt is the best predictor of the change we’ll see in the next few months. This is important because it means that margin debt, which retraced back to +0.55 standard deviations in November, still has a long way to go. We would need to see it approach -0.5 to -1.0 standard deviations before the trend runs its course. There’s plenty of room for short/intermediate term reversals within this broader secular move, as we saw in December and January's print of +0.53 and +0.70 standard deviations.  Overall, however, this setup represents a long-term headwind for the market. One limitation of this series is that it is reported on a lag.  The chart shows data through January.

 

MONDAY MORNING RISK MONITOR: HIGH YIELD HITS A NEW YTD HIGH - Margin Debt

 

Joshua Steiner, CFA

 

Allison Kaptur

 

Robert Belsky


Emotional Conclusions

This note was originally published at 8am on February 13, 2012. INVESTOR and RISK MANAGER SUBSCRIBERS have access to the EARLY LOOK (published by 8am every trading day) and PORTFOLIO IDEAS in real-time.

“The dominance of conclusions over arguments is most pronounced where emotions are involved.”

-Daniel Kahneman

 

Intraday on Friday we finally had a -1% down move in US Equities and a +1.5% up move in long-term US Bonds. So, I covered our short position in the SP500 (SPY) and sold our long position in US Treasuries (TLT) on that. Buy red, Sell green.

 

Buying on red and Selling on green? That’s meant to be an over-simplification of what it is that I do. I love saying it, tweeting it, and doing it – because actually finding it within me to do it when I have so many other risk management signals banging around in my head is quite difficult.

 

On page 103 of “Thinking, Fast and Slow” Kahneman compartmentalizes what’s happening in my little brain and reminds me that I am hostage to what his psychologist buddy, Paul Slovic, coined as “The Affect Heuristic.” It helps explain why “people let their likes and dislikes determine their beliefs about the world.”

 

Back to the Global Macro Grind

 

At least in my own head, I’m crystal clear that I dislike Big Government Interventions, Socializations, and Regulations of free-market pricing. If all I did was trade on the Emotional Conclusions that are embedded in those thoughts, I’d be wrong a lot more than I am. Separating what should happen versus what is going to happen is critical in markets that whip around like this.

 

What whipped around last week?

  1. The US Dollar Index finally stopped going down (1stup week in the last 4) = up +0.3%
  2. Commodity Inflation (18 component CRB Index) stopped inflating = down -0.6%
  3. US Equity Volatility (VIX) ripped to 20.79 = straight up +21.6%

What’s fascinating and sad about this all at the same time is that it reminds us how sensitive market prices are to a devaluation of the US Dollar. Emotional Conclusions drive expectations too. The US Dollar currently has an immediate-term +0.7 correlation to Volatility (VIX).

 

Emotional? Right before they stopped inflating, CFTC (Commodities Futures Trading Commission) data showed that in the week ended February 7th, 2012, money managers ramped up their net-long positions to commodity inflation by +13% week-over-week. At 929,199 contracts (Bloomberg.com), that’s the biggest net-long position since September of 2011. Atta boy Bernank!

 

For those of you who still remember who and what got crushed in September 2011, the CRB Index dropped from 343 to 293 by the first week of October 2011. That was a -14.6% vertical drop as the US Dollar Index ramped +7%. Got Emotional Conclusions about causality?

 

Or was that Correlation Risk? Or was it expectations? Or Europe?

 

Whatever it was, it was the real-time score.

 

That’s the thing about market prices. They could not care less about what you or I think. They do what they do when they do them, rendering our immediate-term opinions about valuation, supply, and demand useless.

 

We’re all book smart. Or at least, technically, that’s what the diplomas say. Being market-smart will be determined many years after we leave this game – when every week, month, and year of our risk management performance has been TimeStamped.

 

In the meantime, we need to know what we are going to do now. As in right now. Markets wait for no one. And now that the Greek “news” is out of the way, I think this week’s focus will turn to:

  1. Japan: nasty Keynesian Growth Slowdown (down -2.3% GDP Growth y/y for Q411) and pending sovereign debt maturity in March
  2. China: growth slowing (again) as global inflation expectations rise (again)
  3. USA: economic data to be reported this week which should already start to show inflating import, consumer, and producer prices

I’ve dropped the Cash position in the Hedgeye Asset Allocation Model from 91% on the day of Bernanke’s Policy to Inflate (January 25th, 2012) to 64% this morning. Effectively, I’m long Inflation Expectations Rising (Energy, Gold, etc.) and I’m right worried about it. If we see the US Dollar hold last week’s gains, I’ll have no problem selling inflated prices on green.

 

My immediate-term support and resistance ranges for Gold, Oil (Brent), EUR/USD, and the SP500 are now $1714-1761, $114.89-120.01, $1.31-1.33, and 1338-1360, respectively.

 

Best of luck out there today,

KM

 

Keith R. McCullough
Chief Executive Officer

 

Emotional Conclusions - Chart of the Day

 

Emotional Conclusions - Virtual Portfolio


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JANUARY STRIP PROJECTIONS

Timing of Chinese New Year should push Strip metrics into positive territory, despite flattish airport/taxi data and difficult hold comparisons.

 

 

With the eternal caveat of assuming normal hold percentages, we think Strip gaming revenue growth was likely in positive territory in January.  Any growth would be impressive considering the unfavorable calendar and difficult hold comparisons.  Of course, baccarat volume associated with the timing of Chinese New Year in January this year should be the big offset.

 

Airport traffic at McCarran increased only 0.3% in January while the number of taxi trips actually fell 0.9%.  The primary driver of the flattish transportation statistics was an unfavorable calendar.  January of 2012 contained one fewer Saturday.  We are also making the assumption that drive-in traffic from California was down YoY due to the one fewer Saturday and high gas prices.

 

So where does this leave our projections for Strip projections?  Overall, our model is spitting out growth of 3-7% for gross gaming revenues, driven by a 70% increase in Baccarat volume – 100% increase in revenue – offset by a 7% and 5% decline in slot and non-Bacc table revenue, respectively.  Last year’s slot and table hold percentage was higher than normal – except for Baccarat. 

 

Here are our projections:

 

JANUARY STRIP PROJECTIONS - strip

 

JANUARY STRIP PROJECTIONS - strip2


THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – February 27, 2012


As we look at today’s set up for the S&P 500, the range is 13 points or -0.64% downside to 1357 and 0.31% upside to 1370. 

 

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 272 (-1042) 
  • VOLUME: NYSE 640.97 (-16.00%)
  • VIX:  17.31 3.04% YTD PERFORMANCE: -26.03%
  • SPX PUT/CALL RATIO: 2.26 from 2.12 (6.60%)

CREDIT/ECONOMIC MARKET LOOK:


10YR – its been a while since the 10-yr bond yield was more wrong than the US stock market on growth expectations. At every turn in the last year, bond yields have told you all you need to know about US Growth Slowing. After failing at the 2.03% TREND line last week, snapping the 1.97% TRADE line puts 1.91% back in play. 

  • TED SPREAD: 39.40
  • 3-MONTH T-BILL YIELD: 0.09%
  • 10-Year: 1.94 from 1.98
  • YIELD CURVE: 1.65 from 1.67 

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Pending Home Sales, Jan., est. 1.0% (prior -3.5%)
  • 10:30am: Dallas Fed, est. 15.5 (prior 15.3)
  • 11:30am: U.S. selling $33b 3-month bills, $31b 6-month bills 

    GOVERNMENT:

  • Obama hosts dinner for National Governors Association
  • House, Senate in session:
    • House Judiciary panel meets on “Regulatory Freeze for Jobs Act of 2012,” which provides that no agency may take any significant regulatory action until unemployment rate is hits, or falls below 6.0%, 4pm 

WHAT TO WATCH: 

  • BP, plaintiffs suing over 2010 Gulf of Mexico oil spill said to be discussing $14b accord; liability trial originally scheduled to start today postponed for week
  • Elpida sought bankruptcy protection in Japan’s largest filing in two yrs; watch suppliers, Micron Technology
  • Nokia introduced lower-priced Windows phone at Mobile World Congress
  • Berkshire’s Warren Buffett says he’s “on the prowl” for large acquisitions
  • G-20 nations rebuffed German-led calls to come to Europe’s rescue as it battles the sovereign debt crisis
  • Vulcan Materials, Martin Marietta face off in Delaware Chancery Court tomorrow in trial over $4.7b takeover
  • HSBC said it’s on “clear trajectory” to meeting its profitability target next year
  • Russian, Ukrainian security services foiled plan to assassinate Vladimir Putin, Russia’s Channel One said
  • Sprint Nextel said to have abandoned plans to buy MetroPCS Communications 

EARNINGS:

    • AES (AES) 6 a.m., $0.22
    • Lowe’s (LOW) 6 a.m., $0.23
    • Quicksilver Resources (KWK) 6:44 a.m., $0.00
    • Visteon (VC) 7 a.m., $0.79
    • Dendreon (DNDN) 7 a.m., $(0.60)
    • El Paso (EP) 7:30 a.m., $0.30
    • El Paso Pipeline Partners (EPB) 7:30 a.m., $0.63
    • Charter Communications (CHTR) 8 a.m., $(0.19)
    • Valeant Pharmaceuticals (VRX CN) 8 a.m., $0.84
    • Southwestern Energy (SWN) 4 p.m., $0.47
    • Priceline.com (PCLN) 4:01 p.m., $5.06
    • Human Genome Sciences (HGSI) 4:01 p.m., $(0.41)
    • URS (URS) 4:05 p.m., $0.98
    • Western Gas Partners (WES) 4:05 p.m., $0.43
    • Sina (SINA) 4:30 p.m., $0.21
    • Universal Health Services (UHS) 5 p.m., $0.90 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Bullish Futures Exceed 1 Million First Time in 2012: Commodities
  • Iran Drives Hedge Fund Oil Bets to 10-Month High: Energy Markets
  • Oil Snaps Longest Rally in Two Years as IMF Warns on Economy
  • Commodity Investments May Climb as Much as $40 Billion in 2012
  • Copper Falls on Demand Concern as Europe’s Debt Crisis Persists
  • Gold Declines in London as Prices Near 3-Month High Curb Demand
  • BP Preparing New Plan With Reliance for India’s Biggest Gas Area
  • 8S.Korea Offers to Cut Iran Oil Imports by 15%-20%: Yonhap
  • Corn Falls on Speculation U.S. Growers to Boost Output to Record
  • South Korea Delays Bill Challenging Top-Emitter Ranking: Energy
  • U.K. Gas Rises on LNG Concern; Power Rises After Biomass Blaze
  • India Road-Building Hits Record as Builders Pay to Work: Freight
  • European Union Says Cereal Production May Reach Three-Year High
  • Iran Drives Fund Oil Bets to 10-Month High
  • Robusta Coffee Falls as Vietnam’s Exports May Rise; Sugar Climbs
  • Fuel-Oil Discount Widens; Gasoil, Naphtha Rise: Oil Products
  • BP Said to Weigh $14 Billion Gulf of Mexico Oil Spill Accord

THE HEDGEYE DAILY OUTLOOK - 4

 

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 5

 

 

EUROPEAN MARKETS


FRANCE – another +0.6% sequential ramp in producer prices this month is only going to perpetuate the stagflation we see in France, Spain and Italy. Who cares about Greece when these 3 majors will have a much larger say in global growth expectations. The CAC’s TAIL remains broken and now the immediate-term TRADE line is under fire (3439). We re-shorted France (EWQ) late last week.


THE HEDGEYE DAILY OUTLOOK - 6

 

 

ASIAN MARKETS


INDIA – obviously a country that is short oil is a country that is going to have a stagflation problem with oil prices ripping like this. That wasn’t new to the Indians last week, but evidently it mattered to their stock market today – at down -2.8% in a straight line, that’s the problem with bearish market SKEW. India’s Yield Curve has gone to flat.

 

THE HEDGEYE DAILY OUTLOOK - asai

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

 

 

 

The Hedgeye Macro Team

 


THE M3: S'PORE IR REVIEW; MGM COTAI; MPEL COO; UNEMPLOYMENT

The Macau Metro Monitor, February 27, 2012

 

 

GOVT REVIEWING IR RULES, DETAILS TO COME 2ND HALF OF 2012 Strait Times

Three days after the Singapore government said it is considering more safeguards against problem gambling, it is also reviewing laws and regulations governing the integrated resorts (IRs), and will release more details in the second half of 2012.  Minister in the Prime Minister's Office and Second Minister for Home Affairs and Trade and Industry, S. Iswaran, said such a review is timely as the IRs have been in operation for two years.

 

FINANCING IN PLACE FOR COTAI RESORT: MGM Macau Daily Times, Macau Business

MGM China's CEO Grant Bowie said, "We’re well advanced.  So far we’ve had three successful submissions on the project for Cotai, adding that the company is “almost in a position to submit the final drawing.”  Once the project gets government approval, it will take three years to build.  “Our Cotai venture will be financed with our cash flow, which is quite high, and a credit facility,” added Hubert Wang, MGM China’s CFO. 

 

“We are looking at some sort of show and some sort of exhibition opportunities,” Bowie confirmed. However, he added that MGM would not compete with Venetian Macau to host big exhibitions and conventions, two sectors that “have not developed as strong as we expected”.  Instead the company’s Cotai resort will focus on incentives trips as “companies in the region are growing and looking into premium destinations,” as well as meetings, the executive said. 

 

MGM's Cotai investment is ~USD 2 billion to USD 2.5 billion” (MOP 20 billion) with 500 tables, 2,500 slots, 1,600 rooms.

 

MELCO CROWN ENTERTAINMENT ANNOUNCES STREAMLINED MANAGEMENT STRUCTURE MPEL

Former Co-COO Nicolas Naples has left MPEL on 2/27/2012 on mutual agreement.  Ying Tat Chan has been appointed as MPEL's sole COO.

 

MACAU EMPLOYMENT SURVEY FOR NOVEMBER 2011 - JANUARY 2012 DSEC

Macau's unemployment rate for November 2011-January 2012 was 2.1%, down by 0.1% point compared with the revised figure of 2.2% in October-December 2011.  Total labor force was 345,000 in November 2011-January 2012 and the labour force participation rate held stable as the previous period, at 73.2%.


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