12
Delta Asia sues government,
quiet on compensation
A
ccording to a judicial source th esubject by telephone.
quoted by Lusa News Agency, the Recently, the chief executive
owner of Delta Asia Bank, who were revoked the 2007 dispatches authorising
accused by the US of money laundering the Monetary Authority to “practice any
in for the North-Korean regime in acts or adequate measures to promote
2005, is suing the Macau government. the healthy and prudent management
The source told Lusa that Stanley Au of Delta Asia Bank”. Following
Chong Kit’s legal action, filed in the the decision to end governmental
middle of November 2008, rejects intervention and in order to ensure the
exceptional supervision measures that institution’s stability, edmund Ho also
were enforced by the Chief executive revoked another authorising dispatch
in 2007, nearly two years after the of financial support from the Monetary
governmental intervention in the bank. Authority to Delta Asia. In 2005,
Stanley Au also says that the chief Delta Asia was accused by the U.S. of
executive had promised compensation of giving financial support to the North-
MOP200 million (18.34 million euros) Korean regime’s illegal activities. The
in damages created by the intervention, charges led to a run to the bank and
the same source added. When asked by Lusa about the legal government intervention that lasted for two years. Prevented
action, Stanley Au – who ran against edmund Ho in the 1999 from operating in the international markets by the American
Chief executive elections - said: “It is a legal reaction against authorities, Delta Asia is confined to Macau and can deal only
the Monetary Authority’s measures.’’ He refused to comment in the local currency. According to local sources within the
on the compensation aspect of the lawsuit. banking sector, this has created a situation where the bank is
The Monetary Authority refused to answer question on operating at a loss.
Lets boost domestic demand
The government announced that some 93 January 2009, according to the information residential buildings. besides the 93
small and medium public works projects from the Sar’s Land, Public Works and projects, the Sar government will also
and 11 large-scale infrastructure projects Transport bureau (DSSOPT). These 93 speed up the process of launching 11
will be launched this year, with the aim to projects, with a total budget of 5.1 billion large scale infrastructure projects, the
buffer the negative impact of the global patacas (646 million u.S. dollars), were public biddings of which were planned to
financial crisis. The 93 small and medium expected to create around 9,000 jobs local be completed in the first half of this year,
public works projects, of which a dozen people. The public works projects include and they were expected to bring more
have completed public bidding and started street decoration, government building jobs to the local market, the DSSOPT also
construction between December 2008 and renovation, and the construction of public said in a press release.
Inflation drops in December
Macau’s inflation rate as measured by the composite CPI (consumer
price index) fell to 6.16 percent in December 2008, which was the
lowest level of last year, according to the figures released by the
region’s Statistics and Census Service (DSeC). The figures showed
that the increment of the composite CPI for December 2008 stood at
125.78, with the price indices of food and non-alcoholic beverages,
health, and clothing and footwear went up by 14.35 percent, 13.69
More partners
percent and 9.39 percent respectively. among the subgroups of food Macau business and its Chinese sister publication, business
and non-alcoholic beverages, notable increase was observed in the Intelligence, has joined with two more partners and has now
prices of rice, canned meat, fresh-water fish, edible oil and vegetables. the biggest distribution so far. Since last month both De ficção
Meanwhile, the indices of transport and communication dropped by – Multimedia Projects publications have been available on first
8.15 percent and 6.86 percent respectively, attributable to the bus-fare class and VIP areas of CotaiJets, between Macau and Hong
subsidy provided by the government of Macau Special administrative Kong. The two magazines are now also available at Caesars
region (Sar), falling gasoline prices, lower prices of mobile phones club house, Harrah’s golf course at Cotai. During your trip or
and reduced charges for mobile phone services, the DSeC said. The while having a coffee after a golf game, make sure you get
inflation rate for the whole of 2008 reached 8.61 percent. The average the in depth information that only Macau business can provide
composite CPI for last year stood at 124.32, with marked increase in you. If you don’t subscribe, buy it at newsstands or 7eleven
the indices of food and non-alcoholic beverages, health, as well as and Circle K shops, or find them in so many hotels all around
housing and fuels. Macau and over 50 bookstores in Hong Kong.
february 2009
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