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Old September 22nd, 2004, 03:20 AM   #1
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Macau Daily News (English)

Israel comes in third place in international league of Internet hackers

Israel has reached an ignominous third place in the international hackers league, according to the latest Internet security threat report from security software provider Symantec.

The report, published every six months, shows that the number of Internet attacks emanating from Israel, as a proportion of total local surfers, has increased greatly. Israel was ranked ninth in the previous survey.

Symantec's ranking covered all countries that have more than 1 million residents connected to the Internet.

According to the latest report, some 8,109 attacks over the Internet originated in Israel in the first half of this year, 40 percent more than the 4,922 published in Symantec's report on the first half of 2003.

In previous reports, Israel has held "top" place in the league, as the number one origin of Internet hacking worldwide.

First in the league in the latest report was Latvia, followed by Macau, both of which appear in the top 10 for the first time. Israel was followed by Australia and Finland. Canada, which was number one in the previous report, moved to ninth place.

Another newcomer to the list was Egypt, which went from 17th place in the first half of 2003 to sixth place in the current report. Egypt rarely gets placed in the top 10 for hacking because of its relatively low connection to the Internet.

The survey found that the number one form of hacking was in the disruption of e-commerce, constituting 16 percent of all hacking activity.

Note: Hacking is such an art form that a successful hacker can make it seem as if the attack was originating in another place, so attacks emanating from elsewhere may just seem to have started in Israel.

Symantec reported that 4,496 viruses and computer worms were discovered in the first half of 2004, more than four times the number discovered in the parallel.
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Old September 22nd, 2004, 03:21 AM   #2
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Thailand, Macau sign air traffic deal

Thailand and Macau have signed an agreement on liberalization of bilateral air traffic, Thailand's Deputy Transport Minister Vichet Kasemthongsri said on Monday.

Mr. Vichet said that under the deal, which resulted from bilateral negotiations last month, passenger and cargo planes would be able to fly to any point in either country, with no limitations on routes, frequency or aircraft capacity.

In addition, the rule allowing each country to only send one airline to the other will be abolished.

Mr. Vichet expressed confidence that the deal would facilitate air travel and thus serve to boost bilateral trade and tourism.--Enditem
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Old September 23rd, 2004, 12:16 PM   #3
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HK CNAC Explores Business Opportunities For Air Macau

HONG KONG (Dow Jones)--China National Aviation Co. (1110.HK) said Wednesday it has been actively exploring business opportunities for its 51%-owned unit Air Macau Co.

"One of the actions taken was conducting discussions with different companies in respect of the future developments of Air Macau," CNAC said in a statement.

The company said it has no plans to sell its controlling stake in Air Macau.

"The option of having another organization take over Air Macau has never been the company's intention, nor has it been considered or discussed with any entity," said CNAC.

CNAC's statement came after Hong Kong's South China Morning Post reported that Australian budget airline Virgin Blue Holdings Ltd. (VBA.AU) could assume management control of Air Macau.

CNAC also denied that Air Macau's senior executives were pushing for the Virgin takeover, but had met resistance from Macau-based executives who didn't want to cede control of the market to other carriers. It said the report was "untrue and unfounded".
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Old September 23rd, 2004, 12:20 PM   #4
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Macao's labor bureau chief calls for saving lives at work

MACAO, Sept. 22 (Xinhuanet) -- New technologies and new work procedures have given rise to new hazards and risks of accidents and diseases, which have resulted in great increases in the numberof people being killed and injured at work, said Macao's labor bureau chief at an international conference.

Speaking at the International Association of Labor Inspection'sfirst meeting held in the Asian region on Wednesday, Shuen Ka Hung,director of the Macao Labor Affairs Bureau said that economic growth in most countries in Asia and the Pacific, the fastest growing region in the world, is opening up new opportunities for improving the quality of working life. However, occupational safety and health is emerging as an important concern in the region.

Shuen said at the International Conference on Safety and Health,which closed here Wednesday that accidents rate remains particularly high in the construction industry, which usually employs nearly 10 percent of workers in most countries.

He considered that the prevailing contract system, unstable employment and the large number of seasonal and migrant workers contribute to safety and health problems in the construction sector.

Shuen told over 100 participants from 20 countries and regions as well as international labor organizations to the meeting that Macao is experiencing an economic transition. There is an immense expansion in the tourism industry, which is followed by development in the construction industry. The construction boom has boosted the demand for an increasing number of migrant force from China's mainland.

Macao has invited senior labor affairs officials from the Pan-Pearl River Delta Region (Pan-PRD) to the meeting. A framework agreement on enhancing all-round cooperation in the Pan-PRD regionwas signed earlier this year among "9+2" members in the region, which include Guangdong and Hainan provinces and the Guangxi Zhuang Autonomous Region in south China, Yunnan, Guizhou and Sichuan provinces in southwest China, Hunan Province in central China, Jiangxi and Fujian provinces in east China, and the Hong Kong and Macao special administrative regions. The cooperation is expected to substantially increase personnel flows in the region. Enditem
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Old September 24th, 2004, 04:29 AM   #5
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400 Pinoys in Macau face deportation

FOUR hundred undocumented Filipinos will be sent back to the Philippines after the Macau Government imposed stricter rules against illegal foreign workers.

Macau-based labor attache' Ma. Salome S. Mendoza said in her report to Labor Secretary Patricia Sto. Tomas that the deportation of overstaying Overseas Filipino Workers (OFWs) is in line with the recent campaign of the Macau authorities on its localization policy.

Mendoza said she was notified by Cheang Seng Lon, head of the Investigation Division of the Macau Immigration office, that they expect at least 400 Filipino workers to voluntarily surrender to avoid facing stiffer penalties.

Mendoza said the head of the Macau Labor and Employment Affairs Shuen Ka Hung informed them of the move to arrest undocumented workers after the Macau Government issued Administrative Regulation 17 and Law No. 6, which impose stringent fines and deportation of undocumented workers in Macau.

"Administrative Regulation 17 affects migrants who entered Macau illegally as tourists in order to work as well as those workers who already hold work permits or blue cards but are still engaged in other work for extra income," Mendoza said.

Under Administrative Regulation 17, which took effect last June 15, and Law No. 6, which became effective last September 1, OFWs who are non-residents in Macau are not allowed to work there.

Those found engaging in jobs without the necessary work permits as well as those who render services with or without pay are considered violators and will be arrested. They will also pay a corresponding penalty of 20,000 patacas, which is equivalent to P140,000.

Aside from paying a fine and deportation, those who will be arrested or voluntarily avail of the amnesty will be banned from re-entering Macau from one to three years.

However, the extent of the ban would be depending on whether the offender surrendered or arrested by the immigration agents.

Early this month, 130 Filipinos staying illegally in Macau have been deported and the 400 will be the second batch of undocumented OFWs to be deported.

Philippine Overseas Employment Administration (POEA) records showed that there are 2,335 documented OFWs deployed to Macau last year and about 1,309 were hired and re-hired from January to June 2004.
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Old October 5th, 2004, 04:58 AM   #6
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Air Macau in talks with Virgin Blue

Air Macau plans to lease three Airbus A321 planes by the end of 2005 to boost its capacity and is in talks with budget airline Virgin Blue to set up jointly a low-cost airline serving Asia, the Lusa news agency reported.

The airline, based in the former Portuguese gambling enclave of Macau, will receive the first new aircraft later this month while the remaining two will arrive next year, a company source told the agency.

Air Macau, controlled by China National Aviation Company (CNAC), currently has 11 passenger planes and three for cargo which service 14 destinations in Asia.

The airline makes most of its money shuttling passengers between Taiwan and China.

The Air Macau source added the airline and Virgin Blue should unveil by the end of the year the outline of their planned budget airline which will be based in Macau, a semi-autonomous region of China.

Air Macau has 16 years left on a permit, which was granted in 1995, to operate as Macau's sole airline.

Virgin Blue has reportedly offered giving Air Macau substantial royalty payments and shares in the proposed new China-focused budget airline if Air Macau gives up the permit earlier.

CNAC ownes 51 per cent of Air Macau's shares while Portuguese flag carrier TAP-Air Portugal controls 20 per cent. The Macau Tourism board detains 14 per cent and the remaining sheres are in the hands of other smaller investors.
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Old October 7th, 2004, 08:29 AM   #7
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Int'l cast rehearses Romeo and Juliet in Macao

MACAO, Oct. 6 (Xinhuanet) -- An international cast consisting of American, French and Chinese artists put on a rehearsal of Charles Gounod's operatic version of Shakespeare's tragedy Romeo and Juliet in Macao Wednesday.

The annual month-long Macao International Music Festival (MIMF)to be held from Oct. 8 to 31 this year presents a transnationally-produced opera every year as a major heat dedicated to the festival.

Popular China-born tenor Warren Mok, who is a frequent artist to the annual MIMF, performed Romeo. The setting and costume was presented by the Opera de Nice, France, while the chorus was made by the China National Opera and Dance Drama Company and the music by the Macao Orchestra.

The 18th MIMF will offer a total of 20 performances to bring audiences a sense of romanticism. There will be eight concerts to be put on in front of four well-preserved churches, while some performances will be presented at landmark spots representing the city's modernity, such as the Macao Cultural Center and at the Macao Tower.

For example, the St. Joseph's Church will host a Guitar Recitalby Pablo Marquez on Oct. 9, and the Ding Sisters, both singers from the Chinese mainland will perform at the Ruins of St. Paul Church on Oct. 22. Enditem
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Old October 7th, 2004, 08:30 AM   #8
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Insurance Sector Needs Anti-Fraud Training - Macau Administrator

The Administrator of Macau's Monetary Authority, António Felix Pontes, defended today, here, the existence of training programmes on anti-fraud prevention and detention in the insurance sector.

The official said so during a chat on "fraud in the insurance sector" as part of 8th Conference of the Association of Supervisors of Lusophone Insurers (ASEL), which is happening since Monday in the Angolan capital, Luanda.

During his speech, Antonio Pontes underlined that, in addition to training, there is need for the creation of a database for consultations and take into account a tripartite co-operation between the police, the supervisors and insurers authorities of the sector.

"Without this it is not possible to tackle fraud, for wherever there is insurance there is also fraud", he emphasized.

According to the lecturer, the most problematic frauds, in his point of view, are the fraudulent sinisters caused by organized crimes.

During the discussion of the theme, the lecturer referred various actual cases of fraud in insurance registered in countries like Hong-kong, Portugal and Macau.

This morning was under debate the theme "money Laundering in the insurance sector and pension fund.

ASEL is integrated by the Insurance Supervising Institute of Angola's Finance Ministry, Central Bank of Cape Verde, Management of Private Insurance (Brazil), Supervision Authority of Guinea-Bissau, Monetary Authority of Macau, as well as the General-Inspection of Insurance (Mozambique), Insurance Institute of Portugal, East-Timor's Banking Authority of Payments, and the Central Bank of Sao Tome & Principe.
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Old October 7th, 2004, 08:30 AM   #9
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Air Macau, Shun Tak plan budget airline

Air Macau, a unit of China National Aviation Company (CNAC), property investor Shun Tak and Virgin Blue are in talks to create a budget carrier to serve the region.

``They've been in discussions for some time and it's likely that the details can be finalised by the end of this year,'' an industry source said on Wednesday.

It is understood that Air Macau, 51 per cent owned by Hong Kong-listed CNAC, is likely to hold 60 per cent of the budget carrier, while Australia's Virgin Blue and Shun Tak will take 30 per cent and 10 per cent respectively.

The new carrier will fly between Macau and second-tier cities in China and Southeast Asia.

``We're currently having negotiations but the details haven't been confirmed yet,'' a Shun Tak spokeswoman said.

Shares of Shun Tak, controlled by tycoon Stanley Ho, rose 4.24 per cent to close at HK$4.30 on Wednesday and CNAC closed up 2.8 per cent to HK$1.47. Melco International, also chaired by Ho, surged 4.71 per cent to close at HK$4.45.

Other stocks that invest in Macau also gained, with Macau Success up 9.52 per cent and KWah International rising 6.51 per cent.

DBS Vickers analyst Winnie Chiu said: ``The news is definitely positive for Shun Tak as the investment in Macau, the regional casino hub, fits very well into its corporate focus, that is tourism, hospitality and transportation.''

She also sees a huge potential to operate a discount airline in the region because the target area - Southeast Asia, Hong Kong, Guangdong and Shanghai - has a population of 700 million.

Another analyst said the investment would not put financial pressure on Shun Tak because it holds cash of HK$1 billion.

Competition among discount carriers in Asia is keen and they have aggressive plans to expand.

Malaysia's AirAsia aims to double its fleet size to 36, from the current 18 Boeing 737s, by the end of next year.

Singapore-based Valuair, which began operations in May and operates two A320 aircraft, plans to buy two more jets by the end of this year.

``We're cautious because it's very difficult to make a discount carrier profitable, especially amid high fuel costs,'' BOC International associate director Michael Chan said. ``Valuair is still losing money. The management will have to show good expertise to keep very low sales costs.''

He added that the market in the mainland's second-tier cities has not matured enough and the number of passengers interested in flying between Macau and these cities is not promising.
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Old October 8th, 2004, 07:35 AM   #10
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Virgin Blue in talks on Macau budget carrier launch

Virgin Blue and Air Macau are in talks aimed at basing a new low-cost carrier in the former Portuguese enclave with Macau magnate Stanley Ho a possible stakeholder.

Ho’s Shun Tak Holdings, a property, shipping and investment firm, has been involved in the talks with the two carriers, according to an official in Hong Kong who works in Shun Tak’s marketing department.

The official would not comment further, as the three sides had yet to consummate a deal.

Shun Tak is a Hong Kong-registered company with assets including a high-speed ferry service that serves Hong Kong, Shenzhen and Macau.

Since last year the ferry service has extended its reach by launching services to airports in these three cities.

Virgin Blue is interested in Macau because it wants to grow its business by expanding into Asia, while rival Qantas is currently setting up Jetstar Asia in Singapore with local partners.

Full-service carrier Air Macau is considering establishing a low-cost airline because it wants to grow its business and reduce its dependency as a transit carrier for those travelling between Taiwan and China.

The airport in Macau is also keen to capture more traffic from low-cost carriers and recently persuaded Thai AirAsia, an associate of Malaysia’s AirAsia, to operate there.
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Old October 9th, 2004, 02:53 AM   #11
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Every weekend "golden" for Macao's tourism

MACAO, Oct. 8 (Xinhuanet) -- The just-concluded National Day "Golden Week" did not shine particularly clinquant lights on Macao's tourist market as the city has been familar with bustling weekend travel heat since summer.

Macao welcomed more than 400,000 visitor arrivals during the "Golden Week" holiday period from Oct. 1 to 7. Although the number doubled the previous forecast, it still represented a decrease of some 25 percent from the same period last year, when it hosted 547,000 visitors during the week-long holiday.

Figures from the Macao Immigration Bureau suggested that some 270,000 of the arrivals came from China's mainland, and 170,000 of them were individual travel passport holders.

China's National Day holiday usually saw the highest influx of visitors from China's mainland to Macao. The mainland's implementation of relaxed individual travel permits to Hong Kong and Macao in July last year has made the two special administrative regions more sensitive of the mainland's long holidays than before, since both cities serve as hot tourist destinations for a massive influx of visitors during holidays.

Macao was shocked by floods of tourists from the mainland during the National Day holiday last year, which was the first major holiday after the mainland loosened individual travel restrictions to Hong Kong and Macao on a trial basis. The scheme has been extended 32 cities in China's mainland since then.

Macao's tourist market has been saturated at every weekend since summer travel season. The counting of visitor arrivals in the first eight months reached 10.8 million, which was close to the total number of 11 million recorded for the whole of last year.Macao recorded the highest monthly number of tourists in August, which went up to 1.6 million, 27 percent up over the correspondingperiod of last year.

Industry insiders forecast that the number of visitors would exceed 15 million by the year end, which would almost tap the maximum tourist handling capacity in the city of 27 square kilometers. In this sense, it is good to see that the flow of tourists is dispersed to normal days instead of holidays.

This was echoed by Macao's shop owners and hotel business people.

Owner of a Portuguese food restaurant surnamed Lee said that his business was only 10 percent up than normal days during the holiday period. But he was happy about that.

He said that his business was swift nearly all week round. He considered that individual travelers are more flexible to make their travel plans, who would rather avoid crowded holiday travels.

By Sept. 19, some 2.4 million individual travelers from China'smainland visited Macao this year, which has become the major source for Macao's tourist market growth. Enditem
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Old October 9th, 2004, 03:30 AM   #12
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New low-cost carrier for Macau?

Virgin Blue and Air Macau are in talks about basing a new low-cost carrier in the former Portuguese enclave with Macau magnate, Stanley Ho, a possible stakeholder.

This is according to a report in Travelbiz.au, which continues that Ho's Shun Tak Holdings, a property, shipping and investment firm, has been involved in the talks with the two carriers.

Shun Tak is a Hong Kong-registered company with assets including a high-speed ferry service that serves Hong Kong, Shenzhen and Macau. Since last year the ferry service has apparently extended its reach by launching services to airports in these three cities.

The report continues that Virgin Blue is interested in Macau because it wants to grow its business by expanding into Asia, while rival Qantas is currently setting up Jetstar Asia in Singapore with local partners. The establishment of a low-cost airline would also help Air Macau to grow its business and reduce its dependency as a transit carrier for those travelling between Taiwan and China.

Furthermore, the airport in Macau is said to be keen to capture more traffic from low-cost carriers.
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Old October 9th, 2004, 04:39 PM   #13
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Macao holds photo exhibition showcasing China's space tech

MACAO, Oct. 9 (Xinhuanet) -- The Photo Exhibition of China's Space Technology was opened here in Macao Saturday to showcase the history of China's space technology development.

As one of the activities in celebration of the World Space Week,which is to end on Sunday, the two-day exhibition offered 70 pictures recasting the historical moments of China's space technology breakthroughs.

The swirl trip of China's first astronaut Yang Liwei in Macao in November last year waged an unprecedented enthusiasm for space technology here.

An exhibition of China's 1st Manned Space Mission opened duringthat visit, which presented the re-entry Shenzhou-5 capsule, the astronaut's space suit and food and the parachute attracted some 60,000 fans for one day.

The Commission of Science Technology and Industry for National Defense sponsored the space technology exhibition and held a lecture to tell stories behind each important step of China's space technology development to the audiance.

Chief Executive of the Macao Special Administrative Region (SAR) Edmund Ho Hau Wah, Deputy Director of the Liaison Office of the Central People's Government in the Macao SAR Li Yongwu, Commissioner of the Foreign Ministry in the Macao SAR Wan Yongxiang, Commander of the People's Liberation Army (PLA) Garrison in Macao Liu Lianhua, attended the opening ceremony of the show. Enditem
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Old October 10th, 2004, 10:43 AM   #14
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Macao stages space tech photo expo

BEIJING, Oct.10 (Xinhuanet) -- A photo exhibition showcasing the history of China's space technology has opened in Macao.

The two-day exhibition presents 70 pictures depicting the important moments in the development of China's space technology, China Radio International reported Saturday.

A lecture will be held during the exhibition to tell the audience stories behind China's space program.

The exhibition is one of the activities being held to celebrate World Space Week.

The successful launch of China's 1st manned space ship Shenzhou 5 last year aroused Macao people's interest in space technology. Enditem
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Old October 10th, 2004, 10:44 AM   #15
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Photo exhibition in Macao showcasing space technology

The Photo Exhibition of China's Space Technology was opened here in Macao Saturday to showcase the history of China's space technology development.

As one of the activities in celebration of the World Space Week, which is to end on Sunday, the two-day exhibition offered 70 pictures recasting the historical moments of China's space technology breakthroughs.

The swirl trip of China's first astronaut Yang Liwei in Macao in November last year waged an unprecedented enthusiasm for space technology here.

An exhibition of China's 1st Manned Space Mission opened during that visit, which presented the re-entry Shenzhou-5 capsule, the astronaut's space suit and food and the parachute attracted some 60,000 fans for one day.

The Commission of Science Technology and Industry for National Defense sponsored the space technology exhibition and held a lecture to tell stories behind each important step of China's space technology development to the audiance.

Chief Executive of the Macao Special Administrative Region (SAR) Edmund Ho Hau Wah, Deputy Director of the Liaison Office of the Central People's Government in the Macao SAR Li Yongwu, Commissioner of the Foreign Ministry in the Macao SAR Wan Yongxiang, Commander of the People's Liberation Army (PLA) Garrison in Macao Liu Lianhua, attended the opening ceremony of the show.
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Old October 10th, 2004, 10:45 AM   #16
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Southern Chinese customs becoming largest zero tariff goods importer

ZHUHAI, Oct. 8 (Xinhuanet) -- The Gongbei Customs in south China's Guangdong Province led the country in importing goods from Hong Kong and Macao with zero tariffs since the CEPA (Closer Economic Partnership Arrangement) was implemented early this year.

  The Gongbei Customs, in south China's Guangdong province, imported 200 million HK dollars worth of goods made in Hong Kong and Macao. These goods are eligible for zero tariff under the CEPAin the first eight months, preceding all other provinces.

The amount of tariffs exempted in importing goods totaled 12.55million yuan (1.5 million US dollars).

Imports from Hong Kong under the CEPA preferential terms made up 99.4 percent of the total imports of Gongbei Customs in the first eight months. They fell into the categories of pharmaceuticals, perfume for industrial use and garment.

The imports from Macao, mainly electric conductors and cement, made up 0.6 percent of the customs' total import.

Under the CEPA, the imported goods from Hong Kong and Macao will witness diversified variety and increased value. Enditem
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Old October 12th, 2004, 04:51 AM   #17
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Portugal Telecom eyes Macau as gateway to China

AFP , LISBON
Monday, Oct 11, 2004,Page 10

After conquering the Brazilian mobile market, Portugal Telecom is eyeing a move into fast-growing mainland China by using the former Portuguese enclave of Macau as a foothold.

"China is on the brink of a new phase in its history. It is a magic moment which must be taken advantage of," the chief executive of the firm, Miguel Horta e Costa, told business daily Diario Economico last week at the end of a tour of China.

"For this reason we are looking into opportunities. But we do so cautiously, in a country of this scale there can be no rush, no errors in judgment."

During his visit to Asia, Horta e Costa met with the heads of China Mobile Communications Corp (中國移動通信), the world's biggest mobile carrier by subscribers, as well as with top officials from China Unicom Ltd (中國聯通), the nation's other mobile carrier.

He also held talks with the leaders of China Telecom Corp (中國電信) and China Netcom (中國 網通), the country's major fixed-line operators, in a tour which took him to Beijing, Hong Kong and Macau.

China is already the world's largest mobile phone market with more than 300 million subscribers, a figure which is expected to rise to 556 million by 2010.

The country is also expected to post a sharp rise in the number of Internet, cable TV and fixed-line telephone subscribers as strong economic growth fuels demand from a growing numbers of Chinese for those services.

Portugal Telecom currently holds a 28 percent stake in CTM, Macau's public telecoms operator which offers fixed, mobile and Internet services in the tiny territory of some 500,000 people.

It also has a 55 percent stake in cable television provider TV Cabo Macau as well as minority stakes in two satellite television firms in Macau, Telesat and Cosmos.

Earlier this week Horta e Costa told reporters that TV Cabo Macau would be a priority in the firm's strategy for growth in China.

He added that Portugal Telecom also aims to explore ways to provide data transmission services to the many casinos which exist or are being planned for Macau.

"Portugal Telecom has competitive advantages due to its presence in the territory and the ancestral ties of Portugal to Macau," he said.

The aim is to use Macau as a base to eventually expand into other areas in China and capitalize on the nation's huge growth potential as it has already done in former Portuguese colony Brazil.

Portugal Telecom has poured millions of euros into Brazil in recent years and, together with Spain's Telefonica, it now has a joint venture in the Latin American country called Brasilcel, which controls 44 percent of the Brazilian mobile market.

Vivo, Brasilcel's mobile operator in Brazil, has over 23 million clients in the country.

But analysts caution that Portugal Telecom is too small to carry out the huge investments which would be needed to gain a strong presence in China and the firm must keep its focus on deepening its position in Brazil where it faces steep competition.

"Before seeing, say 100 million euros invested in Asia, I would rather see the same 100 million euros invested in Brazil," said Ricardo Pimentel Seara, a telecoms analyst with Portuguese bank BPI, in a telephone interview.
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Old October 12th, 2004, 07:50 AM   #18
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Melco surge fuels expectations of bond conversion

Shares of Melco International Development surged as much as 35.08 per cent on Monday, fuelling market expectations that the company will exercise its right to force the conversion of its HK$100 million bond held by Sociedade de Turismo e Diversoes de Macau (STDM) into new shares.

Recent fervour over Macau gaming plays sent investors into a buying frenzy, tripling the share price in the last month. Monday's intra-day high of HK$7.70 is a level not reached in more than a decade. The shares closed at HK$6.20, up 50 HK cents or 8.77 per cent.

Melco can require chairman Stanley Ho's STDM to exercise the convertible bond into 25 million new shares at the conversion price of HK$4. This represents 6.21 per cent of Melco's enlarged issued share capital.

Forced conversion depends on the 60-day average price of Melco's shares being above HK$4 and a land concession being granted to a Macau joint venture between Melco and STDM.

Melco issued the bond to STDM for a 50 per cent stake in a joint venture to develop a HK$1.5 billion hotel and entertainment complex in Macau.

If the concession is not granted by September 1, 2005, Melco can terminate the bond and transfer its 50 per cent stake in the joint venture back to STDM, Melco said. The five-year convertible bonds carry an annual coupon rate of 4 per cent starting on March 1, 2005.

Melco is overseeing the development with the Hyatt Hotels Group managing the hotel and STDM's subsidiary, Sociedade de Jogos de Macau (SJM), operating the casino. Melco unit Mocha Slot Group will run an electronic gaming lounge. The joint venture will also receive rental income from both SJM and Mocha. The site is situated on land at Baixa da Taipa in Macau.

For the first six months, Melco reported a net profit of HK$60.1 million, reversing a net loss of HK$14.9 million a year earlier. Its leisure and entertainment business managed to narrow its operating loss to HK$5.2 million from HK$7.1 million a year ago
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Old October 12th, 2004, 07:51 AM   #19
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Fellow jockey sues Cassidy for $2m

Leading jockey Larry Cassidy is facing a $2.25 million lawsuit after his careless riding ended the career of a fellow jockey.

The Sydney ace yesterday admitted liability in the case involving Gold Coast jockey Gary Doughty, who suffered brain damage in a fall at Ipswich, west of Brisbane, in 2000.

Brisbane Supreme Court Justice Patrick McMurdo is deciding total damages to be paid to Doughty, 43, who remains blind in his right eye after the fall.

Cassidy, brother of two-time Melbourne Cup winning jockey Jimmy, was suspended for a month for careless riding after colliding with Doughty on the home turn in the Eye Liner Stakes on July 1, 2000.

Doughty fractured his skull falling from River Affair, which clipped the heels of Cassidy's mount Pittance, which won the race.

The race day was marred by several falls, with jockeys later involved in an horrific eight-horse pile-up at the Bundamba track in a later race.

Doughty has sued Cassidy on the grounds he was owed a duty of care which was breached when the leading rider failed to check it was safe to move out.

He claimed Cassidy left him unable to move in the race or to avoid the fall, which he said has cost him his career.

Doughty was in a coma for more than a day and spent 17 days in hospital in Brisbane and the Gold Coast.

He has sued for loss of earning capacity, medical treatment and his need for voluntary assistance from his family, including his wife, trainer Kelly Doughty.

Doughty claims his injury has cost him more than $2 million in lost earnings and health bills.

In evidence he was forced to defend claims his rides were drying up at the time of the fall.

Doughty told the hearing the "phone wasn't ringing" because of rumours he was trying to persuade owners to switch trainers to his wife.

He said he was also hoping to cash in on lucrative riding prospects in Macau, in South-East Asia when the fall occurred.
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Old October 13th, 2004, 11:36 AM   #20
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Photographers across straits record 24 hours in Macau

One hundred elite photographers across the Taiwan Straits as well as from Hong Kong and Macau used their cameras to snap focus in Macau in 24 hours starting on Wednesday.

The Record of 24 Hours in Macau is a photo-shooting activity jointly sponsored by the Macau Tourist Office, the Photographic Society of Macau and Taiwan's China Times.

The Tourist Office hoped that the photographers could grasp the unique beauty of Macau with their cameras.

Their photo works are expected to be compiled into an album, and later put on show in the Chinese mainland, Macau, Hong Kong and Taiwan.

Many photographers are familiar with Macau's mix of Portuguese and Chinese culture and architecture.

Guo Jianshe, a Beijinger who chairs the Baixing Photo Club, said that he came to Macau before the 1999 hand-over. He walked almost every street in Macau and he particularly likes the ruins of St. Paul's Church and the Barra Temple.
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