THE M3: S'PORE GDP SLOWS; MAS WIDENS S'PORE $ BAND; NEW CHINA LOANS SOAR; AERL; PACKAGE STATS

The Macau Metro Monitor, October 14th 2010


SINGAPORE'S GDP EXPANDS BY 10.3% ON-YEAR, CONTRACTS BY 19.8% ON-QUARTER IN Q3 Channel News Asia

S'pore's GDP contracted by 19.8% QoQ, missing estimates of -17.5%.  However, the Ministry of Trade and Industry (MTI) stated the S'pore economy remains on track to grow 13-15% YoY.  The decline was largely attributed to a 57% drop in the manufacturing sector.

 

SINGAPORE TIGHTENS MONETARY POLICY; CURRENCY SOARS WSJ.com

In a surprise move, the Monetary Authority of Singapore said it will "increase slightly" the slope of its policy band for the Singapore dollar and also widen the band in which it allows the currency to trade against an undisclosed, trade-weighted basket of currencies.  It maintained the level at which the band is centered.  This move is an effort to combat the predicted 4% inflation by the end of the year.  MAS did not change its stance of "modest and gradual appreciation of the S'pore dollar".  The US Dollar dropped to a record-low of 1.2886 S$ shortly after the central bank move.

 

NEW LENDING LOANS IN MAINLAND CHINA ON SURGING GROWTH Macau Daily News

September new RMB loans increased RMB 50.3BN to RMB 595.5BN (US$89BN).  The strong lending market has forced China's four major banks to increase the deposit reserve ratio by 50 basis points.


LOCAL VIP PROMOTER ACQUIRES COMPETITOR Macau Daily TImes

VIP promoter Asia Entertainment & Resources (AERL) has acquired a 100% profit interest in King's Gaming Promotion, a VIP promoter that currently operates one room with five tables at The Venetian Macau.

 

PACKAGE TOURS AND HOTEL OCCUPANCY RATE FOR AUGUST 2010 DSEC

Visitor arrivals in package tours increased by 23.1% YoY to 477,072 in August 2010.  Tour visitors from Mainland China, HK, Japan, and Korea increased by 28.4%, 8.3%, 3.9%, and 152.6% YoY respectively.  Taiwanese tour visitors decreased 16.5% YoY.

 

 


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