THE M3: SANDS FOREIGN WORKERS, SHUN TAK PROFITS JUMP, CPI

The Macau Metro Monitor, April 22nd, 2010

 

 

MACAU GOVERNMENT  HASN'T OK'D FOREIGN WORKERS FOR SANDS PROJECT WSJ.com

The Macau government said Wednesday it hasn't authorized casino operator Sands China Ltd. (1928.HK) to hire foreign workers to finish construction of its massive expansion project in Cotai, suggesting the casino and hotel development could face further delays. The comments come after Sands China Chief Executive Steve Jacobs said Monday the company plans to hire all 2,000 qualified workers available in Macau for the project, but the rest of the construction force would need to come from Hong Kong or mainland China.

 

An official at Macau's Human Resources Office, which handles companies' requests to hire foreign workers, said the government would consider importing non-resident workers "only if the local market can't provide sufficient labor force and provided that the rights and interests of the local people aren't affected."


SHUN TAK PROFITS JUMP 510% macaubusiness.com

 

Shun Tak Holdings’ underlying net profit surged 510% in 2009, to HK$1.19 billion. The results were positively affected strong property sales. The company plans to launch the sale of 92 serviced apartments in One Central in the middle of the year. The complex will also see its five-star 213-room Mandarin Oriental Hotel to be launched in mid-2010. Shun Tak also revealed it “holds a 79% interest in a columbarium project in Taipa, providing approximately 50,000 columbarium niches to the undersupplied Macau, Hong Kong and Zhuhai markets. Foundation works are completed and superstructure work is in progress with tentative completion before the 2nd quarter of 2011.”

 

Two major sites solely held by Shun Tak, including a 4.3 million square feet project at the Nam Van lakefront earmarked for the Harbour Mile development comprising primarily residential apartments, as well as the Jumeirah Hotel Macau project in Cotai, are under review by the Macau Government, the company said.

 

CONSUMER PRICE INDEX FOR MARCH 2010 DSEC

Information from the Statistics and Census Service indicated that the Composite CPI (103.01) for March 2010 increased by 1.88% YOY, attributable to the price increase of  Food & Non-Alcoholic Beverages.

        
The CPI-A (102.8) and CPI-B (103.05) for March 2010 increased by 1.26% and 2.0% YoY respectively.  The CPI-A relates to about 50% of the households, which have an average monthly expenditure of MOP6,000 to MOP18,999.  The CPI-B relates to about 30% of the households, which have an average monthly expenditure of MOP19,000 to MOP34,999.


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.”

read more

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.

read more

Cartoon of the Day: Crash Test Bear

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

read more

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.

read more

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

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

read more

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.

read more

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."

read more

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.

read more

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."

read more

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.

read more

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.

read more

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.

read more