Subscribe free to our newsletters via your
. Energy News .




TRADE WARS
Hong Kong lawmakers demand inquiry into city leader
by Staff Writers
Hong Kong (AFP) Nov 05, 2014


Macau casinos see worst-ever drop as China reins in VIPs
Hong Kong (AFP) Nov 05, 2014 - Macau's casinos saw their worst monthly performance in almost a decade as analysts Wednesday blamed China's corruption crackdown for denting the industry's upmarket segment.

Official figures showed that gambling revenues in the world's biggest gaming centre plunged by 23 percent in October to 28.025 billion patacas ($3.51 billion), when compared to the same month last year.

The magnitude of the decline is the highest since such data became available in 2005, analysts say.

They predict that the slump will continue until next year as the city struggles to shift its focus away from its traditional dependence on big-spenders from mainland China.

Chinese high rollers have been reined in by anti-corruption drive initiated by Chinese President Xi Jinping, who has warned graft could destroy the party.

He has vowed to crack down on high-ranking officials, described as "tigers", along with low-level "flies", in a campaign which includes curbing lavish spending.

"(The) VIP (sector) is slowing due to anti-corruption and the tightening of junket liquidity," CLSA analyst Richard Huang told AFP.

Huang said mass market tourism had potential to be a money-spinner for Macau but there were not yet enough facilities available for visitors.

"For the mass market there is a lack of hotel rooms. It's not going to be solved until new casinos open," he said.

Casino operators have plans to expand their operations on the Cotai Strip, a former swamp which is being reclaimed and transformed into mass market resorts.

Barclay's analyst Phoebe Tse said that the anti-corruption drive was mainly to blame for the decline and said it would "last until sometime in the second quarter (of) 2015" when more hotel rooms become available.

Macau is the only part of China where casino gambling is legal.

It overtook Las Vegas as the world's gaming capital in terms of revenue after the sector was opened up to foreign competition in 2002 -- the city's gambling revenue is now multiple times that of the American city.

Revenues hit a yearly record in 2013 at $45 billion, official figures showed.

Hong Kong's democratic lawmakers called for an official inquiry into the city's embattled leader Wednesday, saying he "has no political integrity" after receiving large undeclared payments from an Australian company.

It came hours after the territory's former governor Chris Patten criticised Hong Kong's lack of leadership in the face of mass democracy protests, which have lasted more than a month.

Chief Executive Leung Chun-ying's approval ratings are at an all-time low as demonstrators continue to occupy key parts of the city.

Adding to his woes, Leung was forced to deny allegations made by an Australian newspaper last month that he had failed to declare HK$50 million ($6.5 million), which he received from Australian engineering company UGL while in office.

The payments relate to a deal struck in December 2011 -- months before Leung took office, but a week after he announced his candidacy -- during UGL's purchase of insolvent property services firm DTZ, for which Leung was director and chairman of its regional operations.

Leung's office has said the dealing was "a confidential commercial arrangement and a standard business practice" which did not need to be declared.

But accusations of dishonesty continue to dog him.

"Leung Chun-ying has no political integrity at all... until now he hasn't made it clear why he didn't make a declaration," lawmaker Claudia Mo said Wednesday in the Legislative Council, the city's de facto parliament.

Mo put forward a motion backed by more than 20 other lawmakers for a select committee to investigate. A complaint by members of the city's Democracy Party has already been lodged with the city's corruption bureau.

"Obviously there is something he can't say. Are there details that he doesn't dare come out to talk about? It's not clear to Hong Kong people what he has been doing," Mo said.

Speaking before the UK parliament's Foreign Affairs Committee late Tuesday, Patten -- the last British governor of the territory -- said that there was a "seriously sad" and "extraordinary lack of leadership" from the chief executive in response to the protests which have gripped the city.

"The worry now is that it's become increasingly difficult for anybody to climb down," he said.

Beijing ruled in August that candidates for the city's next leadership elections in 2017 must be vetted by a loyalist committee in what protesters call "fake democracy".

A small group of activists staged a protest outside China's representative office in Hong Kong Wednesday demanding the release of pro-democracy supporters recently arrested on the mainland.

'Times have changed' China tells Hong Kong's last British governor
Beijing (AFP) Nov 05, 2014 - China admonished the last British governor of Hong Kong on Wednesday, after he called on London to do more to encourage democracy in the former colony.

Chris Patten, who oversaw the transfer of Hong Kong from British to Chinese rule in 1997, had said Beijing was wrong to insist the situation in the territory was nothing to do with London, due to the binding agreements signed between the governments.

"He should stop his words and actions that embolden the Occupy Central movement," Beijing's foreign ministry spokesman Hong Lei said at a regular briefing, referring to the demonstrators who have staged street rallies and road blockades for more than a month.

"As the last governor marking the end of the UK's colonial rule over Hong Kong, he should know better and see clearly that the times have changed."

The protestors in Hong Kong are calling for free leadership elections in 2017, when universal suffrage has been promised.

"When China asserts that what's happening in Hong Kong is nothing to do with us, we should make it absolutely clear, publicly and privately, that is absolutely not the case," Patten said Tuesday, adding he was "amazed" that Britain's Foreign Office was not pushing harder at Beijing.

Patten was testifying before parliament's Foreign Affairs Committee, which is looking into Britain's relations with Hong Kong 30 years after the Joint Declaration, the agreement that outlined the city's return to Chinese sovereignty.

"Hong Kong affairs are China's domestic affairs; no foreign government or individual has the right to interfere in Hong Kong affairs in any way," Hong said.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








TRADE WARS
APEC leaders meet amid rival trade proposals, tensions
Beijing (AFP) Nov 05, 2014
Leaders of more than half the world's economy gather in Beijing next week for the annual APEC forum, with China and the US pushing rival trade agreements as a week-long series of international summits gets under way. Chinese President Xi Jinping, hosting his biggest international gathering since assuming office nearly two years ago, welcomes representatives including US President Barack Obam ... read more


TRADE WARS
Limiting short-lived pollutants cannot buy time on CO2 mitigation

British electric grid may shut factories if strained in winter

Climate: EU set for 24% emissions cut by 2020

Durable foul-release coatings control invasive mussel attachment

TRADE WARS
New way to make batteries safer

Rice chemists gain edge in next-gen energy

A new generation of storage ring

Chinese power companies pursue smart grids

TRADE WARS
Second stage of Snowtown Wind Farm blows away the competition

Wind power a key player in Quebec's energy strategy

Leaders Discuss Wind Power in Canada's Energy Future

British study raises questions about wind energy reliability

TRADE WARS
Canadian Solar Wins Solar Power Projects In Brazil

Trina Supplies Power Modules To 10 Commercial Rooftops In Thailand

SunPower Announces Solar Panel Manufacturing Facility in South Africa

IHS predicts UK utility-scale solar boom of in first quarter of 2015

TRADE WARS
Drone suspects detained near French nuclear plant released

China's largest uranium mine reports more deposits

Germany faces suits worth billions over nuclear phase-out

Chernobyl NPP: building the future of nuclear power safety

TRADE WARS
DARPA's EZ BAA Cuts Red Tape to Speed Funding of New Biotech Ideas

New process transforms wood, crop waste into valuable chemicals

Engineered bacteria pumps out higher quantity of renewable fuel

Boosting Biogasoline Production in Microbes

TRADE WARS
China's Lunar Orbiter Makes Safe Landing, First in 40 Years

China's First Lunar Return Mission A Stunning Success

China completes first mission to moon and back

Wenchang to launch China's next space station

TRADE WARS
France, US lead alarm at climate report

Time running out to reach 2 C target: UN climate panel

Past Climate Change Was Caused by the Ocean, Not Just the Atmosphere

UN climate summit will fail unless US sets big goal: EU




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.