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image: https://diybackpacker.files.wordpress.com/2014/01/macaupostcard.jpg

     Macau's reputation as the center of Chinese gambling is under threat after Chinese President Xi Jinping further increased pressure on anti-corruption and economic diversity. Especially threatened are the city's junket operators, whose rich clients are commonly accused of illicit business and agreements during their visits to Macau.
     In response to the pressure, David Group announced it would be closing 4 out of its 5 gambling rooms in Macau, after claims by Frank Ng that the company plans to move its business to the Philippines, Vietnam and South Korea, countries which have all entered the gambling industry relatively recently.
     However, there might yet be hope for Macau, as Ng describes the current conditions not as an ending, but as a hibernation until things improve.
     While David Group might be moving, reports show that China's gamblers aren't going with them, instead ceasing to gamble at all. Casinos in Manila and Vietnam have suffered disappointing revenues in their opening years, as they fail to attract visitors.
     Regardless, Macau's gambling revenue fell for the first time in a decade, leaving many to wonder whether this is a small bump for the industry that makes up over half of Macau's revenue, or the end of a global gambling empire.

     I personally would be sad to see the casinos go. Sure, some may argue that they've robbed Macau of its cultural identity, and replaced it with a corporate, modern environment, but I know that Macau is still the same place at heart as it was when I was young. I find that the casinos, mostly built on reclaimed land, do not dominate the local culture, instead changing it, adding a new, modernized dimension. I am sure that no local would claim that they do not enjoy the new shopping malls, restaurants, and global recognition that the gambling industry has brought, and the local shops and markets certainly benefit from the huge seasonal population increase that has flooded the area with Chinese money.
     Then again, maybe Macau wasn't made for this kind of huge, bustling industry. The shops and restaurants that I enjoyed as a child may still be there, but should development and construction continue at its current pace, I cannot see how these businesses will survive the competition for space and location.
     As a small economy, Macau could also easily become economically over-reliant on gambling, as some may argue it already has. It will be interesting how the Macanese government itself will respond to Xi Jinping's demand for diversification, and whether it will be possible at all to distance the economy from its gambling reputation.
     My greatest fear is that Macau will become a has-been, once-was city, its once-dazzling and vibrant skyscrapers decorating a deserted city that failed to adapt to the changing times and was left behind. Perhaps the construction of the HK-Zhuhai-Macau Bridge will cause the tourism to relapse, and Macau will return to its economic growth, but the volatility of the industry has already been demonstrated, and whatever happens, I just hope that Macau will remain recognizable as my childhood home.

My Grandmother's restaurant in Taipa Village image: http://i.yp.mo/kiulam/

Read More Here:

Forbes
Business Insider: 1, 2

     How does one rank countries by economy? GDP (gross domestic product) springs to mind, but GDP doesn't account for the differences in lifestyle between countries. Food, real estate, luxuries, all these cost and weigh differently in different countries, and a direct comparison of GDPs will not produce a sufficient conclusion.
     So how do economists do it? They use a different unit: PPP (purchasing power parity). PPP is a tool specifically designed to measure the relative values of different currencies around the world, and PPP exchange rates can be used to convert GDPs into a common, comparable value.
     According to new PPP data, China, which was predicted in 2005 to overtake the USA in 2019, will now overtake the United States by the end of the year to become the world's largest economy. This 20% jump in predicted PPP reflects China's immense economic growth, which forecasts predict will continue to outpace the USA.

More Here: The Economist

     'Ethics in business is important.' This was essentially the conclusion drawn from the first Asia Ethics Summit held last year in Hong Kong. Considering the setting, this result is somewhat unsurprising, but the panel has since gone on to elaborate on their decisions, regarding the differences in ethical business between the East and the West. Their elaborations have revealed some interesting insights into ethicality in the Asian marketplace, including risk management and problem assessment.

Read their insights here