THE M3: UNIONPAY; CHUI/SANDS CHINA; S'PORE INFLATION

The Macau Metro Monitor, June 25, 2012

 

 

UNIONPAY'S TIGHTENING OVERSEAS SPENDING LIMIT AFFECTED VIP BUSINESS Macau Daily News

Visitor arrivals and gaming revenue in VIP business have declined sharply in the recent two months, triggering concerns over tightening of the Individual Visit Scheme by Guangdong authorities.  Gaming industry insiders said that the gaming revenue was most affected by the tightened overseas spending limit by China UnionPay rather than the enforcement of visa endorsement by mainland authorities.  It is predicted that the gaming revenues for the whole year would maintain a single-digit growth.

 

CHUI BACKS ALVES IN SANDS' BEIJING BRIBERY ALLEGATIONS Macau Business

Macau Chief Executive Fernando Chui Sai On said he accepted Leonel Alves’ explanation regarding the alleged payment requests by a high-ranking Beijing official to Sands China Ltd.  Alves he had personally explained the issue to Chui, while once again rebuffing claims of any wrongdoing in the case.

The Beijing official in the case claimed he could help Sands China gain government authorization to sell units at its Four Seasons luxury apartment hotel in Cotai.  The deal would also include a settlement in the on-going litigation process between Sands and Taiwanese Asian American Entertainment Corporation Ltd, led by businessman Marshall Hao.  The amount requested was US$300 million (MOP2.4 billion).


Aside from being a lawyer and Sands China Ltd legal adviser, Alves is also a legislator in Macau and a member of the city’s executive council, an advisory body to the Macau government.  He is also a member of the Chinese People’s Political Consultative Conference.

 

SINGAPORE INFLATION EASES TO 5.0% IN MAY Channel News Asia

Singapore CPI in May was +5.0% YoY, down from +5.4% in April, as prices for accommodation and oil-related items rose at a slower pace.  This was better than economists' forecast of +5.1%. 


Did the US Economy Just “Collapse”? "Worst Personal Spending Since 2009"?

This is a brief note written by Hedgeye U.S. Macro analyst Christian Drake on 4/28 dispelling media reporting that “US GDP collapses to 0.7%, the lowest number in three years with the worst personal spending since 2009.”

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7 Tweets Summing Up What You Need to Know About Today's GDP Report

"There's a tremendous opportunity to educate people in our profession on how GDP is stated and projected," Hedgeye CEO Keith McCullough wrote today. Here's everything you need to know about today's GDP report.

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Cartoon of the Day: Crash Test Bear

In the past six months, U.S. stock indices are up between +12% and +18%.

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GOLD: A Deep Dive on What’s Next with a Top Commodities Strategist

“If you saved in gold over the past 20 to 25 years rather than any currency anywhere in the world, gold has outperformed all these currencies,” says Stefan Wieler, Vice President of Goldmoney in this edition of Real Conversations.

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Exact Sciences Up +24% This Week... What's Next? | $EXAS

We remain long Exact Sciences in the Hedgeye Healthcare Position Monitor.

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Inside the Atlanta Fed's Flawed GDP Tracker

"The Atlanta Fed’s GDPNowcast model, while useful at amalgamating investor consensus on one singular GDP estimate for any given quarter, is certainly not the end-all-be-all of forecasting U.S. GDP," writes Hedgeye Senior Macro analyst Darius Dale.

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Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

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People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

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UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

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Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

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Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

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An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

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