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Business Daily #1403 October 17, 2017

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China needs to set tougher targets to comply with Paris climate pact Environmental Page 9Tuesday, October 17 2017 Year VI  Nr. 1403  MOP…
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China needs to set tougher targets to comply with Paris climate pact Environmental Page 9Tuesday, October 17 2017 Year VI  Nr. 1403  MOP 6.00  Publisher Paulo A. Azevedo Closing Editor Kelsey Wilhelm   TourismHigher prices for taxis, hotels and restaurants drive Q3 Tourist Price Index increase Page 6GamingQ3 breakdown shows 35 pct y-o-y increase in VIP Baccarat revenues Page 7www.macaubusiness.comReservesMSAR’s forex reserves fell 1 pct m-o-m in September, to MOP157.9 bln Page 6PPIMainland factory prices rise more than expected Page 8Putting options on the tableTourismOpening up to art and culture, catering to new segments, and creating new and exciting experiences can keep the MSAR relevant on the tourist scene, while pursuing stable, not extreme growth in visitor numbers and spending, is best says GTEF Vice-chair Pansy Ho. Meanwhile working the Smart City angle to promote attractions before arrival and direct to products after, could improve efficiency, says MGTO head. Page 2Sharing the experienceA one-stop shop for experiences, says Marco Duarte Rizollo of his startup Follow Me Macau. Drawing on a background of economics and having worked with Thomson Reuters and on table gaming solutions, the startup is a new experience for him, but timely, he says. Focusing on millennials, the company, two years in the works, officially launches Friday.And we’re back! But different Politics The 6th Legislative Assembly has held its first meeting, electing former president Ho Iat Seng to the role again, and brother of the Chief Executive, Chui Sai Cheong to the Vice-Presidency. Some legislators praised while some critiqued, claiming potential conflicts of interest. Page 3PBOC governor aims high Interview | Startup Pages 4 & 5HK Hang Seng Index October 16, 2017 28,692.80 +216.37 (+0.768%) Worst PerformersHong Kong Exchanges &+2.73%Tencent Holdings Ltd+1.83%Geely Automobile Holdings-1.30%AIA Group LtdCK Asset Holdings Ltd+2.62%Henderson Land Develop-+1.52%Sands China Ltd-0.79%China Shenhua Energy Co+0.00%Want Want China Holdings+2.40%Lenovo Group Ltd+1.34%Hong Kong & China Gas Co-0.27%Bank of East Asia Ltd/The+0.00%New World Development+2.15%Swire Pacific Ltd+1.25%WH Group Ltd-0.25%CITIC LtdLtd+0.00%AAC Technologies Holdings+1.93%Bank of China Ltd+1.23%Hang Lung Properties Ltd-0.21%China Overseas Land &+0.00%22°  27° 24°  29° 24°  30° 23°  29° 23°  29°-0.16%TodaySource: BloombergBest PerformersTueWedI SSN 2226-8294ThuFriSource: AccuWeatherForecast People’s Bank of China Governor Zhou Xiaochuan says that GDP growth could speed up to 7 per cent in the second half of the year. The figures would override all predictions that set the growth below Zhou's mark. Page 82    Business Daily Tuesday, October 17 2017MacauTourismA shifting growth in the tourism industry GTEF vice chairman Pansy Ho advocates the constant creation of new experiences for tourists as an approach for reinvestment in the city’s tourism industry Cecilia U cecilia.u@macaubusinessdaily.com“Ibelieve the next decade of growth for Macau [will require ]opening up possibilities [for foreign visitors who are interested in the art and culture of Macau] and to cater to another sector or segment of the traveling and tourism community,” stated the Vice Chairman and Secretary-General of the Global Tourism Economy Forum (GTEF), Pansy Ho Chiu King, to the press after the opening ceremony of GTEF 2017 yesterday. Ms. Ho said that it is important for the city to create new content, otherwise “people will come [to the city] once and go elsewhere [next time]”. “We need to re-invent ourselves,” said Ms. Ho. “Every time [tourists] come back, we want to create [the conditions] so they will think that Macau is the place that always has the next new experiences.” Ms. Ho further claimed that currentlyMacau has enough capabilities to go beyond being a gaming hub, while noting that it is vital to inform the industry worldwide about Macau’s determination to diversify. “The Forum as such could be effective to act as a platform in allowing outsiders to know the new Macau [...] that Macau has the intention to gradually shift its focus of industry,” said the GTEF vice-chairman. In terms of the impact made by the Forum, Ms. Ho said there is a growing knowledge and recognition from the global tourism industry members in regards to Macau’s role as a platform of exchange and business matching. “The first two years we attracted participants from neighbouring regions, but in recent years we see that there are more overseas participants who know of the Forum,” said Ms. Ho.Gradual growth is keyWhen asked her opinion about policy decisions, in particular regardingthe tourism sector, Ms. Ho said she agrees with the master plan recently introduced by the Macao Government Tourism Office (MGTO) and that the city should not pursue extreme growth in the number of visitor arrivals or tourist expenditure. “It is impossible for the city to experience any extreme growth [...] we should pursue a more stable and gradual growth in the numbers,” said Ms. Ho. On the other hand, the GTEF vice-chairman opined that without the MSAR’s involvement in the Greater Bay Area development initiative, each region would develop independently, without sharing resources, making it impossible to build up the concept of multi-destination tourism for the region in the long run.Art could be a wayMs. Ho emphasised the promotion of different types of art in the city, while also suggesting bringing overseas art to the city.“I am not suggesting building another traditional art institution like a gallery or museum,” said Ms. Ho. “In Macau [...] with the high turnover of number of tourists [...] I envisage one day to work in partnership with other art institutions to create unique experiences [...] such as the utilisation of virtual realities.”The growing middle-classMeanwhile, Ho opined that the city should target small, young, middle-class families as visitors to the MSAR, having foreseen their increasing presence on a global scale when the second-child policy in mainland China was established. “These [young middle-class families] are more affluent, more educated [...] and these people would like to obviously explore,” said Ho. “[These families] would have demand for leisure and entertainment [...] it would be enough to have them re-visit Macau and become our stable customer source.”TourismSmart Tourism with Alibaba under discussion MGTO head emphasised the accessibility of a wider range of information for tourists through Smart Tourism development through Macau. “We hope to have more cooperation with the Transportation Bureau as well as the Police in the future,” said the director.Cecilia U cecilia.u@macaubusinessdaily.comThe government has started preliminary discussions with Chinese tech giant Alibaba Group on the city’s Smart Tourism development, although no concrete plans have yet been elaborated on, according to the Director of the Macao Government Tourism Office (MGTO), Maria Helena de Senna Fernandes. With the government’s goal of transforming Macau into a Smart City, the city’s government signed a Framework Agreement for Strategic Cooperation in the Area of Building an Intelligent City last August, with Smart Tourism as one of the first initiatives to kick-start the city’s development in the area in the coming five years. “Aside from promoting the city’s special touristic features via the use of Smart Tourism, it can also be used for providing easier access to information in terms of linking tourismLocation for new Wine Museum remains unchanged for nowproducts with visitors,” said the MGTO head prior to the opening of the Global Tourism Economy Forum 2017 (GTEF), at the Grand Hyatt Hotel yesterday. The director pointed out some specific suggestions on the usage of Big Data that could be included in the Smart Tourism plan, in particular: the management of tourism, such as the control of numbers of tourists at popular touristic sites by providing instant information to tourists via Big Data.In light of Typhoon Khanun’s arrival to the territory on Sunday, the MGTO head remarked that providing notices about harsh weather conditions to visitors planning their trips to the MSAR would also be considered for inclusion in the construction of Smart Tourism. Meanwhile, the MGTO director was aware of the impact posed by insufficient information about the harsh weather on Sunday, as well as taxi infractions - including overcharging - during the typhoon’s passageThe MGTO head stated that the location for the new Wine Museum would remain the same for now, but that the government welcomes other more favourable options, given that the currently selected location will mean a smaller Wine Museum compared to the existing one. Currently, the responsible department is working on the conceptual draft for the construction, and the MGTO head said “they will seek out novelties in the construction if the original plan is not feasible”. “We are now working on the internal design but we will see whether we can have another suitable location [for the Wine Museum],” stated the director.Business Daily Tuesday, October 17 2017    3Macau PoliticsTaking their seats Ho Iat Seng was re-elected yesterday as the Legislative Assembly (AL) President, with Chui Sai Cheong, an indirect-elect legislator and the brother of Chief Executive Fernando Chui Sai On, elected Vice-President Nelson Moura nelson.moura@macaubusinessdaily.comAfter being sworn in yesterday at a ceremony held at the Chief Exe c u t i v e H e a dquarters, the 33 legislators comprising the sixth Legislative Assembly (AL) body held their first plenary session at the AL, to vote for the heads of the legislative body. Ho Iat Seng - who received 30 votes in favour - will continue for a four year-term as the AL President, a position he was firstly elected to in 2013. After being elected, Mr. Ho stated that he planned to fulfil the mandate period and therefore put aside temporarily a possible bid for the Chief Executiveelections in 2019. Mr. Ho is also a deputy in the Standing Committee of the National People’s Congress (NPC) in Beijing, the Vice-President of Macau Chamber of Commerce and President of the Macau Industrial Association. Ch ui Sai Che ong wi l l replace Lam Heong Sang as the AL Vice-President, with the legislator dismissing any concerns of conflict of interest caused by ties to the current CE, his brother, and to his roles as businessman and legislator. Chui Sai Cheong is currently a General-Manager at Companhia de Investimento Predial Chui’s, Lda, is the President of the Macau Management Association and also a member of the Chinese People’s Political ConsultativeConference. “Macau is a very small community so it is common to see the same people with different positions. I don’t think [conflict of interest] will be a problem,” legislator Chui said. When questioned about a possible conflict of interest due to being a member of the Prosecutors Committee, the legislator said he would “question his legal advisor” if there is any overlap between these judicial and legislative positions. The Prosecutors Committee is an independent ruling body responsible for the appraisal and disciplinary management of magistrates and judicial officers of the Public Prosecutions Office. Indirectly-electedAppointed legislator and head of the Institute for the Study of Commercial Gaming at the University of Macau (UM), Davis Fong Ka Chio, told Business Daily yesterday that he will look to “inform” other legislators and not “just defend the government” during a four-year plenary session that will delve into the issue of the renewal of the city’s gaming concessions. “In the last 13 years we have conducted between 30 and 40 research projects in the area of gaming. I will look to assistlegislators Kou Hoi In and Chan Hong were also elected by the new legislators as the AL’s first and second secretary of the board, respectively.Experience versus responsibilityWhen questioned about the election of the new AL heads, directly-elected legislator Agnes Lam told Business Daily that the experience the AL President has makes him a “good choice for President” with Ho Iat Seng having been able to “deal well with controversies from the last years”. “Mr. Chui is also an experienced candidate and has been in the AL for quite a long time. We have a lot of newcomers to the AL, so [there’s] not a lot of people with the experience levelfor these positions. In Macau, there is a tradition for indirectly-elected legislators to go to these positions, which I don’t really agree with, but respect,” Ms. Lam told Business Daily. M e a n w h i l e t h e A L’ s youngest legislator, Sulu Sou, argued that more directly-elected legislators without connections to the business world should be elected to these positions since “they feel more responsibility towards the public and towards the citizens”. “In the last elections, representatives from the business sector were elected, which happened again this time. It’s something I believe was decided by the indirectly-elected legislators,” legislator Sulu Sou added.the CE in implementing policy using science and legal basis and contribute to the debate at the AL,” he added. The gaming concessions of Sociedade de Jogos de Macau (SJM) and MGM China Holdings Ltd are set to expire in 2020, with the gaming licenses granted to Melco Resorts & Entertainment, Sands China Ltd. (Sands China), Wynn Resorts (Macau) S.A. and Galaxy Entertainment Group expiring in 2022.advertisement4    Business Daily Tuesday, October 17 2017MacauMarco Duarte Rizollo, founder of Follow Me MacauInterview | ExperiencesSelling and sharing experiences Having worked most of his professional life at Thomson Reuters, Marco Duarte Rizollo decided the MSAR was the perfect place to start his first company, a one-stop tourism online platform called Follow Me Macau. Focused on independent millennial visitors to Macau, the company allows users to search and purchase lifestyle experiences in the city. With its launch ceremony scheduled for October 20, Marco shared with Business Daily the challenges of opening a company with an online presence in mainland China, while still being firmly rooted in Macau. Nelson Moura nelson.moura@macaubusinessdaily.comWhat was your professional background before coming to Macau? I studied Economics at the Paris-Sorbonne University in Paris, and when I finished my studies moved to Portugal in 1999. When I arrived, I started working in finance and in investment banking, transitioning quickly to the Thomson Reuters commercial department where I had most of my professional career. Although most people associate Thomson Reuters with a news agency, 98 per cent of its revenues actually comes from software, it’s a company also involved in technology selling software to investment banking and financial markets. They have trading, analysis and graphic design software, databases and also develop legal matters software for lawyers. So I wasn’t on the editorial section of Reuters, but on the commercial side, starting in customer support and later dealing with account management. I was lucky to progress in the company through different international branch offices, passing from Lisbon to Madrid, where I stayed for four years and where I started specialising in the commodities or raw materials market. After a while, I was invited to the Brazilian branch office in São Paulo and moved there in the beginning of 2010 and stayed for four years. I went there to develop the raw materials market, since Brazil is one of the largest producers of raw materials worldwide, especially agricultural and metal materials. After that, I had the luck to be promoted to Commercial Director of Reuters, managing the whole company operations in Brazil. What led you to move to Macau? When my expat contract finished in Brazil and wasn’t going to be renewed, I had options to go to Canada or Portugal, but my wife was raised here so she wanted to come backto a city where most of her family is located. During all my expat life, she always accompanied me during all the changes, so I decided I would move with her to Macau. After arriving, I entered a British company named TCS John Huxley, the largest company of table gaming solutions in the world. They produce all kinds of table games materials, from the table itself to roulette and Sic Bo. They produce almost 99 per cent of Sic Bo tables, producing screen displays, dice shakers and the whole thing. They’re present in Europe, United States, South Africa and of course Asia with the expansion seen in Macau, the Philippines, Singapore and with the possible future opening of the Japanese market. I stayed in that company for about a year, responsible for the Asia market. So when did you first start to think of creating your own company? The idea to create a start-up was that after almost 17 years working in the corporate world, I believed I needed a new challenge. During the period when I was working for TCS, [Chinese President] Xi Jinping visited Macau and there was the whole VIP gaming sector crisis, with the main speech passing to the diversification of the local economy. One of my best friends in Brazil was responsible for expanding Smartbox [an experience gift company] in Brazil, so when I first came to Macau I already had this idea in my head, which just seemed to develop after the talk about economic diversification became more common. I started thinking that: either I start something by myself that I enjoy doing or I will always be working for someone else, and if there’s a better time to do it, it is now and not when I’m 50-years-old. We all know that nine out of 10 start-ups end up failing, and I’m very aware of this risk, but when you analyse Macau you see that it has a lot of potential. It’s a territory of around 35 square kilometres, but with 30 millionvisitors passing by every year. It’s the sixth largest city in the world in terms of visitation, and if we included Macau with Hong Kong, we would have the largest visitor hub in the world. It’s true that most of those visitors are Chinese, with half don’t even stay here overnight, they just enter and leave in one day, but the bases are here to make this a viable business. The profile of Chinese visitors is also changing, with the middle class increasing considerably and with outbound tourism predicted to be moved mainly by millennials. Millennials are largely connected online, have a good level of English, like to travel and like new and unique experiences. There was a study by Goldman Sachs stating that, in terms of fun related activities and experiences, if you compare mainland China with any other country, it is still not completely developed, with a large growth potential. All these elements showed me we should try this project, despite it not being my professional background. I also wanted to explore this side of online and digital marketing.‘We have made partnerships with gaming operators, but it’s very important to define that we sell experiences, but we don’t rent hotel rooms or take care of visas’ What services does Follow Me Macau offer? It’s an online experiences platform which won’t have a physical component, as services like Smartbox have,but with a similar model. We’re a one-stop shop for experiences available to visitors to Macau, dividing them by five segments: sport, adventure, wine & dine, wellbeing & relaxation, and urban living. Then we also have sub-sections on the website for family activities, romantic activities, for friends, for guys or girls, etc. We have made partnerships with gaming operators, but it’s very important to define that we sell experiences, but we don’t rent hotel rooms or take care of visas. We’re not a travel agency. A user wanting to come to Macau goes to search engines to try and find information and if they find our website they will be able to search over the categories we provide. We then have
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