Edi­tor's let­ter

The Australian - The Deal - - Contents -

The for­mer Por­tuguese colony of Ma­cau used to be known for its seedy casi­nos, par­tic­u­larly Stan­ley Ho’s fa­mous Lis­boa. But life has changed dra­mat­i­cally with the open­ing up of its casino li­cences and the rapid rise of themid­dle class and easy money in China. Ma­cau has be­come the casino cap­i­tal for China, with thou­sands of main­land gam­blers cross­ing the bor­der each day, ea­ger to try their luck.

Aus­tralians, par­tic­u­larly casino op­er­a­tor James Packer, have been rid­ing the boomand in this is­sue The Aus­tralian’s Vic­to­rian busi­ness edi­tor, Da­mon Kitney, vis­its Ma­cau to take a look. He talks to Packer and many other Aus­tralians do­ing busi­ness in the city. He also has an ex­clu­sive in­ter­view with Packer’s casino part­ner, Lawrence Ho. His re­portage be­gins on page 8. The $ 11 bil­lion coloured gem busi­ness is an in­dus­try of beauty and se­crecy. Two Asia-based re­porters at The Wall Street Jour­nal have writ­ten about the In­di­ana Jones world of mod­ern- day gemhunt­ing in Myan­mar and else­where. the deal brings you their dis­cov­er­ies on page 16. Also, Sarah-Jane Tasker, a re­sources writer at The Aus­tralian, cov­ers the chang­ing for­tunes of one of Aus­tralia’s most fa­mous gem busi­nesses – Rio Tinto’s Ar­gyle di­a­mond op­er­a­tion. See page 35. The global suc­cess of bionic ear com­pany Cochlear is a rar­ity in Aus­tralian in­no­va­tion and it has long been a mar­ket dar­ling. Yet in the past few years the com­pany’s star has waned and an­a­lysts are ques­tion­ing its growth prospects. How­ever, chief ex­ec­u­tive Chris Roberts re­mains op­ti­mistic and in­sists he is man­ag­ing for the long term. Busi­ness re­porter Rebecca Ur­ban in­ves­ti­gates. See page 14. To­day’s MBA stu­dents are de­mand­ing more value for their money. In a 12-page spe­cial, we talk to some of the coun­try’s top busi­ness school deans about the shift to­wards more hands-on learn­ing and the lat­est ef­forts to lever­age their prox­im­ity to Asia. See page 23.

GLENDA KOR­PO­RAAL

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