Money

Gambling hub Macau set for major tourism boost

Published

3 years ago

September 26, 2022

ticker NEWS

After a nearly three-year hiatus, China is finally allowing tour groups to visit Macau

Casino operators in China’s biggest gambling city are breathing a sigh of relief, as tourist groups have been given the green light to visit.

Businesses have been struggling since Beijing implemented a crackdown on corruption, and the Covid-19 pandemic battered the world’s biggest gambling hub.

Tourism is a major pillar of Macau’s economy, and the return of tour groups from China is expected to provide a much-needed boost to the city’s struggling gambling industry.

Tourists will need to apply for a visa to visit the region. The scheme itself was responsibly for around half of all Chinese visitors to the territory in 2019.

Shares in Macau casino operators soared up to 13 per cent after the e-visa scheme was placed back on the cards.

Gambling from mainland citizens accounts for around 90 per cent of casino revenue across the region.

Many of these businesses have been struggling since the crackdown began, and the return of Chinese tourists is expected to help them recover some of their lost revenue.

Money

France receives lowest credit rating due to crisis

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

Published

1 day ago

September 13, 2025

Ahron Young

France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability

In Short:
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.

Fitch Ratings has downgraded France’s credit rating from AA- to A+, the lowest ever recorded, amid ongoing political and fiscal challenges.

The decision comes shortly after Prime Minister François Bayrou was removed in a vote of no confidence regarding his €44 billion austerity plan.

President Emmanuel Macron has appointed Sébastien Lecornu as the new prime minister, marking the fifth leadership change in under two years.

Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.

The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.

Political Instability

The new prime minister faces a divided parliament and must secure budget approval by October 7.

The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.

Money

Trump moves to fast-track removal of Fed governor Lisa Cook

Published

2 days ago

September 12, 2025

ticker NEWS

The White House is set to fast-track a ruling on firing Federal Reserve Governor Lisa Cook, just days before the crucial FOMC meeting.

The move comes as markets reel from surging inflation, weak jobless data, and global currency shifts, raising questions about the Fed’s independence and the stability of policy decisions.

Money

ANZ job cuts spark banking clash

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

Published

4 days ago

September 10, 2025

ticker NEWS

ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.

ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.

The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.

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