Unemployment remains stable

Both the general unemployment rate and the unemployment rate of residents remained stable in the September to November 2017 period, standing at 1.9 percent and 2.6 percent respectively. The underemployment rate dropped marginally by 0.1 percentage points to 0.4 percent. The total labor force amounted to 384,800 persons, while the labor force participation rate stood at 70.4 percent. Total employment was 377,500, with employed residents amounting to 278,500 of those persons. Some 7,400 persons were unemployed, and the proportion of fresh labor force entrants searching for their first job remained stable at 14.8 percent. In comparison with the September-November period in 2016, the unemployment rate stayed the same, while the labor force participation rate and the underemployment rate dropped by 1.5 and 0.3 percentage points respectively.

M&S Hong Kong sold to Al-Futtaim

British retailer Marks & Spencer has sold its Hong Kong and Macau business to franchise partner Al-Futtaim, a large conglomerate based out of the United Arab Emirates. The move, which was finalized on December 30, comes as Marks & Spencer seeks to consolidate its domestic position in Britain amid a general retreat from international markets, the company said. It is seeking joint ventures and franchise partnerships to maintain its overseas presence. Al-Futtaim already operates 72 Marks & Spencer stores across the Asia Pacific and Middle East. The latest purchase adds 27 shore locations to its retinue.

Maritime Museum reopens after Typhoon Hato

The Maritime Museum, which was temporarily closed to the public after Typhoon Hato reopened on Friday after undergoing restoration works. Most of the exhibition areas will be open as usual while a small part of the exhibits will take some time to be updated, according to information released by the bureau. The elevator and the esplanade will remain temporarily closed as both are still under repair. Some of the souvenirs in the Maritime Museum were damaged and will be sold at a reduced price. Opening hours and admission fees will remain unchanged. Admission for holders of the Macau identity card is free, while tickets for non-holders are priced between MOP3 to MOP10.