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Business Daily #1391 September 26, 2017

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Prime Minister calls for snap election Japan Page 16Tuesday, September 26 2017 Year VI  Nr. 1391  MOP 6.00  Publisher Paulo A. Azevedo Closing Editor…
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Prime Minister calls for snap election Japan Page 16Tuesday, September 26 2017 Year VI  Nr. 1391  MOP 6.00  Publisher Paulo A. Azevedo Closing Editor Kelsey Wilhelm   GamingGolden Week bookings strong already, with VIP revenue in Q3 expected to see 37 pct y-o-y rise Page 5TourismAir travellers to MSAR from Mainland expected to reach 34 mln by 2025 Page 4www.macaubusiness.comGamingIncreased Chinese visitation to Manila casinos could counteract potential VPN blocking Page 7SmartphonesiPhone cold reception impacting tech firms Page 9Online Challenge traditional travel agencies TourismThe growing popularity of online bookings for transport is driving down the revenue of travel agencies, with package tours making up the lion’s share of receipts in 2016, at MOP2 bln of the MOP6.53 bln made by the sector overall. Online business for travel agents was also down 11 pct y-o-y, while rental of coaches and vehicles were both up. Page 4MSAR management shineLabour A survey shows that the skills of local managers are competitive with those abroad, scoring higher than Australia. The top area was ‘integrity and governance’, with finance and insurance linked managers performing best. ‘Organisational skills’ still came in below average. Page 2With a second fire in six months, the investigation report from the first fire has still not been returned. Arson is suspected this time due to three fire points. Delays to the H2 2018 opening are not yet quantifiable, says executive director of SJM, while also lamenting the lack of a hotel license for Jai Alai. Opening Page 3HK Hang Seng Index September 25, 2017 Plastic surgery booms in Mainland Aesthetic An increasingly wealthier population in search of beauty is fuelling the sector. Nose and eyes surgery are the preferred choice among Chinese customers, mainly women and from all ages. Page 1027,500.34 -380.19 (-1.36%) Worst PerformersHengan International Group+0.72%HSBC Holdings PLC-0.07%China Resources Land Ltd-7.05%China Shenhua Energy Co-3.28%Hang Seng Bank Ltd+0.49%Power Assets Holdings Ltd-0.07%China Overseas Land &-6.78%Sun Hung Kai Properties Ltd-3.22%CLP Holdings Ltd+0.25%Lenovo Group Ltd-0.24%AAC Technologies Holdings-6.66%China Mengniu Dairy Co Ltd-2.77%CNOOC Ltd+0.21%Hong Kong & China Gas Co-0.27%Geely Automobile Holdings-5.57%China Merchants Port Hold--2.51%MTR Corp Ltd+0.11%China Resources Power-0.43%Henderson Land Develop--3.40%Galaxy Entertainment Group-1.81%26°  32° 27°  32° 27°  32° 27°  30° 27°  30° TodaySource: BloombergBest PerformersWEDTHUI SSN 2226-8294FRISATSource: AccuWeatherGrand Cotai Palace opening delay uncertain2    Business Daily Tuesday, September 26 2017Macau In Brief TrainingPracticing e-commerce The MSAR Government has authorised Chinese teaching institution Huaqiao University to initiate an e-commerce bachelor degree in the city starting from November, an Official Gazette release announced yesterday. The degree will be managed in partnership with the Macau Post Work Continuous Education Centre at Rua de Roma in NAPE, an education centre run by the Macau Federation of Trade Unions (FAOM). The course will include classes in topics such as consumer behaviour, micro- and macro- economics, online management systems and online marketing. N.M.PersonnelCity’s managerial abilities on par with neighbouring cities Although significant improvements have been made, the survey suggested further improvement of the management sector of local firmsLawReducing tax Starting from January 1 of next year, the monthly service fees charged by registration and notary services and deposited with the Legal Affairs Bureau (DSAJ) Coffer of Legal Affairs, will be a reduced to 10 per cent, according to an Official Gazette release yesterday. The decision will reduce the current service tax of 45 per cent, in place since January 1 of this year. The Coffer of Legal Affairs is an autonomous fund that supports the installation and operations of registry and notary services and of the Legal and Judicial Training Centre, as well as different DSAJ activities. There are currently 54 private notaries and three public notary offices authorised to work in the MSAR, according to DSAJ data. N.M.Cecilia U cecilia.u@macaubusinessdaily.comof products or services when facing competition.he managerial ability of local firms compares well to those in other territories, according to the results of a survey conducted by the Macau Management Association (AGM). The results of the survey show that the level of ability of the managerial sector of local firms this year scored 76.0 out of 100, compared to Hong Kong (71.6), India (75.5) and Australia (68.6). The survey evaluated the performance of those in the sector in terms of 10 different managerial abilities, among which ‘integrity and governance of corporates’ saw the highest score for the MSAR, hitting at 80.8. Other positive areas of performance included ‘performance leading’, ‘ financial management’ and ‘external relations’, scoring above the average, at 76.8, 76.9 and 78.8, respectively. The survey further revealed that the city’s managers generally performed less satisfactorily in ‘organisational skills’, with the sector scoring 73.6, below the average score. As such, AGM suggested that local firms examine and lay out policies for human resources after studying aspects in which staff can improve. AGM stressed that good organisational skills of managers would result in better productivity and qualityFinance and insurance the bestTIndustry-wise, the survey found that managers working in sectors related to finance or insurance performed well in all of the 10 managerial abilities under evaluation, meaning that managers working in finance or insurance are performing better than those engaged in other industries. AGM hence advised firms engaged in other industries to examine and improve their current management systems, and to provide related training for workers in order to increase their abilities in other managerial areas. Meanwhile, the survey shows that the majority of personnel involved in the managerial sector are women, but the general performance of men in the sector was better in comparison to women.CEOs continue good performanceAccording to the survey, managerial positions such as chief executive officer (CEO), general manager, or the chairman of the board have better scores in all 10 managerial abilities compared to other lower positions, similar to the results of the last survey. For instance, staff that are positioned in managerial posts scored an average of 79.2, while staff in other posts such as ‘directly reporting toothers’ or those who have ‘not served in any managerial posts’ scored 71.6. AGM explained that the difference in scores obtained between the managerial sector and other positions is due to the different views and opinions when resolving problems. The association added that the divergence would likely create conflicts or uncoordinated situations. The survey was conducted between March and July of this year, with 401 responses received.SuggestionsIn light of the development of the ‘One Belt, One Road’ project, as well as the Greater Bay Area, AGM suggested that the MSAR Government allocate more resources to personnel training, while also advising local firms to cooperate with other tertiary education institutions and business associations from other Greater Bay cities, allowing the exchange of experiences and creating a ‘butterfly effect’. Meanwhile, the association suggested local firms learn via benchmarking. Firms could create customer value and improve business by comparing good practices of other firms, and by pinpointing the differences between their current operating processes and the best practices of businesses. Consequently, firms could improve their business by laying out the most suitable practices and implementing them.BankingNo more representation Tai Fung Bank has seen its authorisation to establish a representative office in Shanghai revoked starting from today, a release yesterday from the Office of the Secretary for Economy and Finance announced. The decision comes after the local bank was granted authorisation in February of 2015 to establish a representative office in Shanghai. Banks’ representative offices are allowed to look after the interests of the credit institutions they represent and to inform clients about the operations in which they intend to participate, but are not allowed to provide the same services as banking institutions. In June of this year, Tai Fung Bank opened its first branch in Shanghai, to provide deposits, loans, and insurance, especially for small enterprises in mainland China and Macau, the Shanghai Daily reported at the time. N.M.BOSmoking lounge regulations laid out The Secretary for Social Affairs and Culture has released a dispatch about the regulations for setting up smoking lounges in the airport and gaming venues. According to the dispatch in yesterday’s Official Gazette, the location of smoking lounges should be separatefrom other facilities, and the lounges should be effective in holding smoke while also preventing contamination of nearby areas. Smoking lounges in resorts with casinos should only be set up in gaming areas. In addition, lounges should be conspicuously signposted.Regarding the internal setup of smoking lounges, materials used for the lounges’ ceilings, walls and floors should be effective in preventing smoke from escaping. Smoking lounges should have one entrance or exit, which operates as an automatic sliding door. When the door of the smoking lounge is open, the air flow speed should be at least 0.1 m/s, and the negative air pressure should be above 5 pascal while the door is closed. An alarm system with light and buzzer should be installed at the entrance of the lounge and will be set off when the air pressure inside the lounge is unstable and when the door is open for longer than one minute. Moreover, smoking lounges should not be opened for usage until two hours after cleaning. The new smoking ban will be implemented in 2018, while gaming and airport operators should prepare smoking lounges pursuant to the new regulations within a year after the law’s implementation.Business Daily Tuesday, September 26 2017    3Macau GamingAngela Leong: fire’s impact on Grand Lisboa Palace opening date unclear The group has yet to receive the results of the investigation into the first fire, which broke out at the property earlier this year Cecilia U cecilia.u@macaubusinessdailycomSociedade de Jogos de Macau’s (SJM) Grand Lisboa Palace, the group’s debut property on the Cotai Strip, will have its opening delayed after a fire broke out late last Saturday night, according to Angela Leong On Kei, the executive director of the local gaming operator, during an event held yesterday at JA Avenue, in the group’s Jai Alai complex. The gaming operator had been planning to unveil the new Cotai property by the second half of 2018. “I believe everything relating to the typhoon or the fire will have a certain level of impact [on the opening], but for now we still haven’t evaluated the level of damage so there is nothing I can concretely say on the matter,” Leong told the press. With the case currently being investigated by the Judiciary Police (PJ), Leong said there is as yet no update about the fire, but she acknowledged that the fire had reached the fifth floor of the property. Leong stated that the length of delay in completing the property will depend on the evaluation made by the constructors, but stated that that the property might be partially opened in time to meet thepreviously announced date. “We might open partially, like here [Jai Alai], but it is not our wish for it to be like this, we hope to open it in its entirety,” said Leong. The PJ have revealed that they suspect the cause of the fire could have been arson, having found three burning points. A security guard and a firefighter were injured, and in total, 88 workers were taken off the site and one trapped worker was saved by firefighters. The fire was detected at about 6’o clock in the morning and put out before noon. Despite being the second fire to occur on the property within a year, the SJM executive director did not speculate on potential causes, stating they still have not received the investigation results of the first fire, which took place in March. Leong said a meeting among directors would be held in the near future to discuss the matter after related reports are received. “I think Mr. So [Chief Executive Officer of local gaming operator SJM Holdings Ltd., Ambrose So Shu Fai] will soon have news for you all,” said Leong.Jai Alai Hotel opening still pendingWhen asked by the press about the hotel license of Jai Alai, the executive director lamented that she “alsowants to ask why the Jai Alai Hotel hasn’t opened yet”. “[The situation is] very helpless! If I knew that there was news coming, I would happily tell you all. Because of this, the business isn’t good,” remarked Leong.More brands to enter JA AvenueYesterday, JA Avenue welcomed CANVAS, an Organic Aromatherapy brand based in Australia. The SJM executive director Angela Leong On Kei officiated yesterday’s soft opening ceremony. Speaking to the press after the ceremony, she expressedThe casino area in the Jai Alai building commenced operations in December of last year, while the retail area in the building opened its doors last April. The 132-room Jai Alai Hotel is still awaiting permission from the government.the wish that more brands be introduced to JA Avenue. The retail segment of the group’s most recently-opened property was also holding a charity event in collaboraiton with CANVAS, from which the profits will be delivered to the Macau Special Olympics and the Macau Association of the Hearing Impaired. advertisement4    Business Daily Tuesday, September 26 2017Macau OpinionAlbano Martins*Particularities 1. My forecasts pointed to inflation in August of between 1.15 and 1.17 per cent. It stood at 1.16 percent! However, this inflation indicator does not reflect the reality of Macau. July should have been the low point of inflation this year, but data revealed in the past forced me to review my projections. August was not the turning point, nor is September likely to be. Who believes that the “cumulative rates of change in input rents for housing”, which weighs 19.7 percentage points on the household expenditure basket, was negative by 2.01 percentage points? With housing prices continuing to rise monthly to double digits, it is hardly acceptable that rents are not recovering faster, even if there is a lag of a few months! 2. This is indeed a land of many particularities. Take the case of the blacklisting of individuals who are barred from entering the city. Are they journalists and personalities linked to the pro-democracy wing of Hong Kong. Is it chance? It swears to seventh heaven that this type of list does not exist. We are a second system, which consecrates certain freedoms, but in recent times the system has been afraid of the poor guys who come to report on a typhoon or to visit Macau with family or friends. Terrorists, terrorist candidates, drug gangsters, bandits of every kind and species, pedophiles, rapists, pro-independence people - of course I realize these are not well received. But the rest is simply stupid! 3. A former Prosecutor was convicted without the right to appeal. Even the world’s greatest bandit is entitled to a second instance. Nobody has seen him worried about the “poor” Secretary who was also convicted without appeal! God is Machiavellian! Our Legislative Assembly works very badly. It approved amendments in 2009 to the basic law of the judicial organization and did not address the issue of just such an appeal. Today, some speak loudly, but they did the same with the Land Law, which ended up plundering entrepreneurs who did a lot for Macau, and the fault was not theirs, as their projects could not be developed because the government simply did not proceed with the agreed reordering for the respective zones on time. Being a lawmaker part-time is effectively a conflicting activity in regards to effectiveness and good service to Macau and China! * an economist and contributor to this newspaperTourismLosing transport Increased receipts for package tours and room reservations in the MSAR led to a slight 0.5 per cent annual rise in travel agencies’ receipts in 2016, up to MOP6.53 billion, despite the loss in revenue on transport tickets due to the increased popularity of online bookings Nelson Moura nelson.moura@macaubusinessdaily.comReceipts of travel agencies amounted to MOP6.53 billion (US$813.82 million) last year, up slightly by 0.5 per cent year-on-year, according to the Travel Agencies Survey 2016 - released yesterday by the Statistics and Census Service (DSEC). Receipts from Package Tours increased by 2.5 per cent to MOP2.00 billion, representing 30.7 per cent of total receipts, with receipts for Room Reservations going up 2 per cent to MOP1.11 billion. However, Passenger Transport Ticketing in 2016 suffered a decrease of 6.2 per cent from the previous year, down to MOP1.78 billion, continuing the fall in the travel agency service after a 18.1 per cent annual decrease was registered in 2015. This decrease was attributed by the DSEC to the growing popularity of online bookings of transport - including air, ferry, train, and bus tickets - through other travel websites. However, this growing popularity in online transport bookings wasn’t registered in the total receipts from travel agencies’ online business, which fell by 11.1 per cent in 2016 to around MOP156 million. The amount of receipts derived from the Rental of Coaches with Driver increased by 15.6 per cent in 2016 to around MOP977 million, but receipts for the Rental of Vehicles decreased by 9.6 per cent to MOP184 million. Receipts for the purchase of ticketsto amusement parks & entertainment performances saw the largest annual increase, going up 27.9 per cent in 2016 to some MOP113 million.Numerous travel agenciesThe official data also indicates that for the whole year of 2016 there were a total of 256 travel agencies operating, six more than in the previous year, with the number of people engaged in the industry falling by 239 to 4,246. Gross Value Added - measuring the sector’s contribution to the economy- amounted to MOP944 million, a fall of 1 per cent year-on-year during the period. The Gross Surplus of travel agencies decreased by 11.4 per cent year-on-year to MOP299 million, due to a slight 0.9 per cent increase in the sector’s expenditure, which reached MOP6.30 billion in 2016. Of the total expenses, Purchase of Goods & Services and Commission Paid represented 75 per cent of the total, with MOP4.73 billion registered in 2016.TourismFilling the skies A report from Sanford C. Bernstein estimates that outbound international passengers flying from mainland China to the MSAR are estimated to reach 34 million in 2025 Nelson Moura nelson.moura@macaubusinessdaily.comThe amount of airline outbound international passengers going from mainland China to Macau is estimated to grow from 22 million this year to 34 million by 2025, brokerage firm Sanford C. Bernstein stated in a report. According to the report, outboundinternational passengers from China - excluding Hong Kong or Macau will grow from 72 million in 2016 to 175 million in 2025, with passenger numbers traveling to Hong Kong reaching 51 million in 2025. ‘China will be the largest growth market in aviation by far, adding more passengers to the global market during that time frame than the rest ofAsia combined. By 2025 the centre of gravity in aviation, will have passed from North America, to Europe, on to China,’ the report stated. Of the 100 million additional passengers departing from mainland China, 10 million are expected to head to Europe, with Bernstein analysts estimating the China-Europe airline p
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