Macau's total gross gaming revenue dropped 3.7% in June to 27 billion patacas (US$3.4 billion), the first decline in five years, because of softness in the VIP table segment and the distractions of the World Cup, according to Macau’s Gaming Inspection and Coordination Bureau. Fitch Ratings has therefore lowered its Macau gaming revenue growth estimate […]

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Global alternative investment funds now manages a total of US$5.7 trillion in assets, with the top 100 alternative managers taking 58.9% of that total with assets-under-management of US$3.3 trillion in the year of 2013, according to a new report issued by global professional services company, Towers Watson. For the top 100 managers, about 45% of […]

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China's total social financing increased to RMB1.97 trillion in June from RMB1.40 trillion in May, higher than market expectations, according to data released by People’s Bank of China. Total social financing for the first half year of 2014 reached RMB10.57 trillion, up RMB414.6 billion compared with a year ago. New RMB loan climbed to RMB5.74 […]

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The California Public Employees' Retirement System (CalPERS), the largest public pension fund in the U.S., reported a preliminary 18.4% return on investments for the 12 months that ended June 30, 2014, according to an official announcement. CalPERS' 18.4% return is well above the fund's discount rate of 7.5%, the long-term return required to meet current […]

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The Chinese securities regulator issued two sets of rules last week aimed at further liberalizing its fund management industry, according to announcements posted on the organization's official website. A draft rule regarding the supervision of Chinese private equity funds was issued by the China Securities Regulatory Commission (CSRC) to offer clarity on limited partners (LPs) […]

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Police have arrested a 36-year-old man after seizing 162 live birds at Sha Tau Kok Control Point, imported without valid health certification.

Officers stopped the cyclist last night and found the birds in seven cages. They included 14 white-tailed robins, 91 yellow-breasted buntings, 47 Siberian blue robins and 10 endangered silver-eared mesias.

The birds were sent to the Agriculture, Fisheries & Conservation Department’s animal management centre.

The department said it is illegal to bring live birds or poultry into Hong Kong without a valid health certificate.

Call 1823 to report animal smuggling activities.

Customs officers seized 6 kg of suspected ketamine worth about $700,000 from a car on Deep Bay  Road in Lau Fau Shan today and arrested the three men inside.

The men, aged 20 to 27, were charged with trafficking in a dangerous drug and will appear at Tuen Mun Magistrates' Courts tomorrow.

The maximum penalty for drug trafficking is life in prison and a $5 million fine.

The Customs & Excise Department has appealed to youngsters to be cautious when taking summer jobs to ensure they are not selling counterfeit goods.

It made the appeal today after Customs officers arrested a 12-year-old girl for selling counterfeit goods yesterday, and a 23-year-old man believed to be directing her.

An undercover officer ordered some counterfeit cosmetics on an Internet auction site and the girl delivered the goods.

She received $20 from the seller for each transaction delivered.

The seller was later identified by the girl and was also arrested.

Counterfeit cosmetics worth $7,000 were seized.

Call 2545 6182 to report suspected counterfeiting activities.

Chinese asset management firms Bohai Industrial Investment Fund Management Co., Ltd. and Harvest Fund Management have cooperated with American investment consulting firms Rosemont Seneca Partners and Thornton Group LLC to raise a US$1.5 billion fund to invest in overseas companies, according to media reports. The fund will raise money in both RMB and US dollars. […]

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Read his New York Times op-ed here.