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.