18
will have a 51-percent share while the Guangdong provincial government will own 49 percent, said Alexis Tam Chon Weng, who coordinates the project from the Macau side. Hengqin Island is a part of
Guangdong’s Zhuhai city bordering Macau. The construction of the industrial
park will start after approval by the central government, and the project is expected to be completed in three years, according to Mr Tam. The Macau government has
Taking the lead
Macau will have a 51-percent share in the future Chinese Medicine Park
commissioned a group of academics to conduct a study on the planning of the industrial park and a report will be submitted in the fi rst half of next year. The Guangdong provincial
government has agreed to allocate 0.5 square kilometres of land on the island for the industrial park and the funds for construction will be provided by Macau. Also until the end of this year, a
Macau government-owned company will be set up to take charge of the industrial park’s management. The Guangdong government has already set up a similar fi rm. The statutes of this government-
M
acau will be the major shareholder in the future Chinese
Medicine Park to be launched on Hengqin Island, in cooperation with
neighbouring Guangdong. A joint venture will be established
to run the Chinese medicine industrial park, of which the Macau government
Smartone down in Macau
Smartone, which runs mobile networks in Macau and Hong Kong, posted eye-catching results for the year ended 30 June, 2010. Overall, Smartone’s revenues grew by seven percent to HK$3.957 million. Profi t surged by six times to HK$294 million. However, in Macau, the profi ts decreased signifi cantly. The results of Smartone’s Macau operations were adversely affected by the non-recurring accelerated depreciation and impairment loss of fi xed assets of HK$51 million, arising from the early retirement of 2G mobile network equipment, upon the launch of its 3G mobile network last July. Revenues in Macau fell by nine percent to HK$221 million, “amid a reduction in the number of non-resident workers,” the company explained. As a result, operating profi t in Macau fell by 93 percent to HK$5 million.
OCTOBER 2010
owned company will be ready soon, Mr Tam assured. “We already have a draft statute and it should be approved before the end of the year.”
Big price gaps on beverages
A price check on beverage items conducted by the Consumer Council has found a signifi cant price difference of up to 76 percent for the same item sold in different outlets. The council recorded prices of eight common beverages in 22 local retail outlets. “Vita Lemon Tea (250mlx6)” and “Watsons Water Pure Distilled (430ml)” were sold in different outlets with contrasted price differences of over 76 and 75 percent respectively, the council found. Other beverages surveyed recorded price differences of at least ten percent in selling price.
Workers’ comp to go up
The government has approved a fi ve percent increase in the amount of compensation to which an employee is entitled under the local workers’ compensation scheme. The increase will be enacted at the beginning of 2011. For Ho Sut Heng, president of the Macau Federation of Trade Unions, this increase is needed in order to compensate for the infl ation effect. Ms Ho told the Portuguese language daily Ponto Final that this increase is part of a fi ve-year plan launched in 2007 to update the compensation amounts, which ends in 2011.
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