The government noted today that according to statistics published by Eurostat, the EU’s statistical office, show that the average wage increased by 2.1% during a period when inflation in Malta stood at 0.4%. The average wage in Malta during the third quarter of the year grew faster that the EU average, which was of 1.4%.  The increase registered by Malta was the fifth highest of the EU member states.

The biggest increase was registered in the construction sector, where the wages increased by 4.4%. Wages in manufacturing grew slightly after having declined in the previous year.

“Eurostat’s data confirm that the average Maltese salaries reached 2.3%, much higher than the inflation during the same period. This result quashes the Opposition’s claims of lesser wages and less spending money,” the government said in a statement.
“The truth is that government’s decision to cut energy bills has positively affected consumers who now have more spending money. As a result, as forecasted by the International Monetary Fund, Malta is expected to have a bigger economic growth than other EU states.”

Click here for the article. 

The Director General of Transport Malta announced yesterday that the Civil Aviation Authorities are in talks with a commercial airline which is interested in registering it’s aircraft in Malta.  George Borg Marks remarked that other companies had already relocated from abroad over the past years.

Tourism minister Edward Zammit Lewis said the law was being fine-tuned to reflect today’s realities and attract more companies to register their aircraft in Malta. Currently there are around 172 aircrafts registered in Malta and the aviation industry directly employs around 2,000 people on a full-time basis. The sector contributes to around 3.5% of the GDP.

Most aircraft registered in Malta are private business jets which are used by VIPs and businesses based abroad. The Minister stated “we are making the law more attractive to draw more operators to Malta, which will result in more investment, revenue and jobs”. He also stated that the government is looking at improving the sector beyond the legal and fiscal frameworks and that in the coming months more incentives will be launched.

The Ministry for Energy of Azerbaijan and the Ministry for Energy and Health of Malta signed a Memorandum of Understanding on strategic cooperation within the oil and gas sector.

Both sides recognize the transformation occurring in the Maltese Energy sector. The creation of new opportunities will be very beneficial for Malta.

The main area of focus are oil and gas exploration, sourcing and logistics of petroleum products, trading in energy commodities in the Mediterranean region, development of new regional infrastructure and innovative LNG services.

Business planning will commence and will involve the respective Ministries and SOCAR.

The signing was presided over by the Maltese Prime Minister, Joseph Muscat and the Azerbaijan Prime Minister, Artur Rasi-zade.

Tourist influx in October increased by 3.7% in comparison to the corresponding month last year, reaching 180,620.

The National Statistics Office said that after deducting the passengers who stayed overnight on board their berthed cruise ship, this increase amounted to 2.7 per cent.

A total of 154,047 visitors came for holiday purposes, while 13,798 for business purposes.

Tourism stemming from other EU Member States increased by 6.1 per cent, reaching 150,722 visitors. The largest proportion of inbound tourists belonged to the age group 45-64, followed by those within the 25-44 age bracket.

Total nights spent went up by 5.4 per cent in comparison to October 2013, reaching 1,347,352 nights. The largest share of guest nights (67.0 per cent) was spent in collective accommodation establishments.

Total tourist expenditure was estimated at €159.9 million, an increase of 2.5 per cent over October 2013.

Visiting tourists amounted to 1,544,479 within the period from January to October 2014, an increase of 8.4 per cent over the corresponding period in 2013. Total nights spent by inbound tourists went up by 5.1 per cent, reaching 12.2 million nights.

During the aforementioned period, total tourism expenditure was estimated at €1.4 billion, 6.3 per cent higher than that recorded for the same period in 2013.

Total per capita expenditure was €919, a decrease of 0.9 per cent when compared to last year’s levels

According to data published by the European statistics agency, Malta scored the highest level of economic confidence in the Eurozone for the month November.

The level of optimism in Malta was 12% higher than the European average. The current level of optimism among Maltese companies was higher than in Europe across all sectors. Respondents are expecting growth in production and therefore is within their plans to increase the workforce by engaging more people.

The government said it had noted, in particular, a change of sentiment in the construction sector. Business sentiment in the retail sector was high as well.

For the second consecutive year, Malta has been awarded as  Europe's Most Favoured Domicile at the European Hedge Funds Awards 2014. The European Fund of Hedge Funds Awards remains the only signature event held exclusively for the European fund of hedge fund sector and as such continues to attract the top names from the industry. The awards recognise the best funds of hedge funds in Europe. Winners are selected based on a rigorous methodology that combines quantitative and qualitative analysis. The judging panel considers the results of the quantitative analysis and selects potential winners (the shortlist) and a winner. In selecting the winning funds, the judges take into account the quantitative analysis as well as their qualitative experience and expertise.

Kenneth Farrugia, chairman of FinanceMalta and the Malta Funds Industry Association has welcomed the news and said that the island’s hedge fund industry has continued to grow year over the year and Malta has been recognised as a fund domicile of international repute. Anatoli Grech, Executive Secretary of the Malta Funds Industry Association, who was present at the awards ceremony said, “The recognition of Malta as the Most Favoured European Fund Domicile has been awarded for the second consecutive year. This clearly shows that Malta has further strengthened its reputation as a world class financial jurisdiction and its appeal to the various hedge fund stakeholders seeking to establish funds in a European domicile”.

Malta continues to be pro-active and innovative and as such Malta Financial Services Authority has, earlier this year, issued rules for the setting up of Loan Funds which in turn have spurred a number of enquiries by international fund promoters seeking to use investment fund vehicles to invest in loans. 

Between the 5^th and 7^th December, the Għarb Council will be hosting the eight edition of the Seħer il Punent Festival. This year’s edition will be linked to Christmas and will feature a Christmas and Crafts Village on all three days. Visitors to this event can tour various venues, which are transformed into a showcase of the arts and crafts still alive in Għarb. The programme also includes re-enactments of village life in the past.

Gozo Minister Anton Refalo said that the focus will be on a religious re-enactment which will see the ‘Holy Family’ depart for the Bethlehem f’Għajnsielem nativity display. There will be various concerts and group choirs at the festival. Various other national records will be attempted, including the biggest hamburger. The program highlights include a traditional meal from ‘Tal-Qiegħa’ Group, Winter Moods concert and typical gastronomic products and strawberry market. 

IMO's Maritime Safety Committee (MSC), which meets at the Organization's London headquarters for its 94th session, from 17 to 21 November 2014,  is expected to adopt the Polar Code and related amendments to the International Convention for the Safety of Life at Sea (SOLAS) to make it mandatory for Ships using Gases or other Low flashpoint Fuels (IGF Code). The draft SOLAS amendments were approved at the last session, with a view to adoption at the current session, along with the Polar Code. The Polar Code contains additional design, construction, equipment, operational, training, and search and rescue requirements for ships operating in the harsh environment of Arctic and Antarctic waters, with the aim of preventing accidents and pollution, and protecting ships, seafarers and passengers. Moreover the IGF Code will provide mandatory provisions for the arrangement, installation, control and monitoring of machinery, equipment and systems using low-flashpoint fuels, focusing on liquefied natural gas (LNG),  to minimize the risk to the ship, its crew and the environment, having regard to the nature of the fuels involved.

The Maritime Safety Committee is IMO's senior technical body on safety-related matters which it is aided in its work by a number of Sub-Committees and it is regulated in the Article 28(a) of the Convention on the IMO.

Thanks

The Maistre of ship registration was born in Malta, still Europe’s largest Flag

Privately owned GM International Services Limited, founded in 1974 and run by John A. Gauci-Maistre K.M., has been offering consultancy services in maritime, corporate and financial sectors for four decades working not only with his own State administration

“While we have been the pioneers in the advancement of the Malta Flag, we have also supported a number of other open registries such as Panama, Cyprus, Marshall Islands, among others, and even in particular cases closed registries” explains John A. Gauci-Maistre K.M., Chairman of GM International Services Limited, a privately owned company that has been offering consultancy services mainly in the maritime, corporate and financial sectors for nearly the last 40 years.

“As the largest and oldest firm (established 1974) registering ships under the Malta flag, my company offers legal, secretarial and accountancy services, including formation and maintenance of offshore companies, registration of mortgages and other related services.  Our agency department caters for all the requirements of port agency, bunkering, crew change, dry-docking, chandlering and other related services. However we have found that, over the years, the Malta registry is, in the main, the one that meets the foremost trading, legal and fiscal requirements of our clients. Having said that there is still a great deal to be done and Malta must ensure that it does not rest on its laurels in order to maintain its position as Europe largest Flag state.

There are presently ‘blue chip’ companies such as Dynacom, Dynagas, Stealth, Eastern Mediterranean and Minerva, Thenamaris among GM’s clients. “We also collaborate directly with maritime lawyers, banks and financial institutions, and other consultancy firms of international repute, and seek to maintain a presence in as many markets as possible and certainly Italy is among our list of top priorities within the European Union. However because of the very nature of this type of consultancy service, which by definition imposes a high degree of confidentiality, we are not always at liberty to divulge either the very nature of the services offered to particular clients or their names or both as often happens in most cases”.

Gauci-Maistre always likes to use a phrase to explain how the competition is in his own field.

“If there was one Flag State that could accommodate all the requirements of every shipowner, operator or charterer, then only one open registry would exist and all the others would die a natural death. It is up to each and every administration to address the issues that detract their viability in this highly demanding and volatile industry. Immediate response and not reaction to the demands of the industry is of paramount importance. Regretfully in many cases the bureaucracy stronghold wins! In the promotion of our services we do not seek to be confrontational or aggressive. We seek to offer alternatives to the ever changing market demands that evolve from time to time and it is not uncommon for us to advocate that our client’s current situation dictates a status quo or relocation to an alternative jurisdiction. We are therefore very proud of the fact that we are looked upon as partners and not as some kind of ‘retailers’ of this business”.

The Maltese entrepreneur has always sought to be avant-garde. “Since the inception of my company 41 years ago we have always been market leaders. Within the company we have always carried out due diligence and might I add when this terminology was practically inexistent. It has now become a modern day buzzword. From inception I had created our own internal ‘ISO’ equivalent standards which at the time was considered by many as “administratively unnecessary”. Above all we have maintained a team spirit that works conscientiously where not stone is left unturned to place the clients first and foremost while ensuring that a service that is second to none is always our one and only goal. Our mission is to grant our clients the fulfilment of their individual needs and we pride ourselves in providing a tailor-made service delivering the quality of work that the maritime industry demands”.

The La Valletta-based company, part of the Economicard Group of Companies – whose first two companies Maltathens Shipping Ltd and Maltapireo Shipping Ltd, were registered on 13th May 1977 - is no doubt the main contributors to the attainment of 7th largest registry in the world to his own country.

“Malta today remains an important shipping centre, not only for the Mediterranean, but for the whole world. Regular containerised and conventional liner services link our island to the major ports of the world and the Malta Freeport terminal boasts the most modern cargo handling equipment and extensive warehousing facilities for the handling, storage and part manufacturing of goods destined for the Mediterranean, Black Sea, Red Sea and Arabian Gulf markets as well as an oil storage and blending facility”.

The Merchant Shipping Act came into force in 1973 and today the register has some 52 million GT duly registered vessels. “Until 1987 we commanded almost 95% of Malta’s tonnage. Today, despite ever increasing competition, we remain Malta’s premier Ship Registration Company: passion, experience and expertise coupled with efficiency and confidentiality are the hallmark of our success”.

Among the various countries with which Gauci-Maistre works assiduously is for sure Greece, that he often visits together with his collaborator and son Dr. Jean-Piè Gauci-Maistre, specialized in maritime law, aside a Greek lawyer on board, Mrs. Despina Xinou, their correspondent in Athens.

The deep knowledge of the Hellenic shipping gained GM’s Chairman recently the honour of being featured in the May 2014 cover page of the popular shipping magazine Elnavi, a fact of which he is very proud, obviously.

“Shortly after Malta became a Republic in 1973 and Parliament unanimously enacted the Merchant Shipping Act, I quickly realized the potential of the flag and I started the race to build the registry. My first public presence in Greece in 1976 was by participating in a small yachting exhibition in Glyfada and eventually we were the first to exhibit in Posidonia. I was forever present in various seminars and conferences in Athens and Piraeus and delivered various papers on the advantage of the Malta Flag. Furthermore as the Greek shipping community was to be found in every major shipping city my recognition in this field was further enhanced by my participation in exhibitions in Hong Kong, London, Singapore to Norway Germany and New York among others. When I first started the promotion in Greece, Malta was virtually unknown even among shipowners; this made my task extremely difficult, however it made me more determined and I tackled this reality as a positive challenge. A marathon of visits to shipowners, lawyers and other maritime stake holders were the daily routine. The biggest task was in the convincing that placing a vessel under the Malta was in fact safe enough and that it was actually a better alternative to accommodate the difficulties that the industry was facing at the time. My first breakthrough was with the incorporation of the first two companies and the subsequent registration of their respect yachts in April 1977; history was in the making when on the 23rd December, 1978 I registered Elmare, a merchant vessel  which was under the management of Thenamaris, owned by the acknowledged Martinos family”.

One of the best recognition to his hard job all along forty years is to earn himself a favourable reputation on the international market through strong efforts by means of contributions to various prestigious shipping and maritime international magazines and participation in many international fairs, fora and conferences, having personally organised seminars in London, Piraeus and Oslo, as well.

“We honestly believe Malta is the optimum location for shipmanagement. The Island’s strategic location makes it an important base for trade and telecommunications between North Africa and Europe and the rest of the world so that it is possible to serve the world from Malta”.

The Merchant Shipping Act 1973, mainly based on the British Merchant Shipping legislation, regulates the registration and operation of ships under the Malta flag, need not necessarily must be owned by citizens of Malta. They can be owned by European Citizens, bodies corporate established under the subjects of the Laws of Malta, foreign corporate bodies or entities but would require the services of a resident agent. In the case of yachts it is advisable to present a request prior to opting for this alternative as yachts are only accepted at the discretion of the Registrar.

Substantial advantages are offered to shipowners who choose to register their ships (exceeding 1,000 NT) in Malta: Although the owning company is subject to income tax, once the tonnage tax has been paid no further taxes are due on any gains or profits derived from the ownership or operation of the ship; no Income Tax shall be payable on dividends paid by the company to the shareholders out of the gains or profits mentioned above; no Succession and Donation duties are payable on shares of the owning company; no stamp duty shall be payable in respect of any instrument involving e.g. the Bill of Sale and the allotment of any newly issued shares, transfer, assignment or negotiation. Ships under 1,000 NT (excluding pleasure yachts) may qualify for the above exemptions only if the shareholders of the owning company are non-residents and non-domiciliaries of Malta. Also, there are no restrictions under the Maltese exchange control (Central Bank) regulations for the registration, mortgaging, sale and operation of Maltese ships, the distribution of dividends/profits and repatriation of funds. No restrictions are imposed: on the nationality of the master, certified officers and crew employed; on the sale of ships to foreign nationals; on the mortgaging in favour of foreign nationals; on trading. No inspections are necessary for vessels under 15 years, vessels aged up to 20 years may carry out an inspection without incurring any inspection fees. As a rule ships of 25 years are not being considered for registration under the Malta flag. There is no restriction on the sale or transfer of shares, or stock of a company owning a Maltese ship, fast registration and de-registration system are endured.

“In general ships registered in Malta are subject to low fees. But there is more to make it convenient to ‘become Maltese’: a flexible and efficient Maritime Authority; political stability and excellent relations with local authorities; good reputation as a flag of choice and confidence; tax treaties with most major countries; excellent telecommunications and efficient air services” Gauci-Maistre stresses.

“The main advantage of Malta Registry, despite its strong regulation, is the listening ear of the Maritime Authorities and the other stakeholders in the shipping industry. The Malta merchant shipping directorate will do its best to accommodate in every way possible it believes, and I fully concur, that this must always be done within the rules and in full respect of the various conventions, and with particular emphasis to never jeopardize primarily the safety of the crew and of the environment. It listens to the industry and maintains continual dialogue with the operators, the technical, the operational and the administrative staff of the various ship management companies that maintain their vessels under the Malta flag. While some operators occasionally feel that Malta could be too compliant, the better ship owner respects this and is satisfied with the Malta's performance particularly in comparison with others that may play outside the rules”.

A Maltese company established for the purpose of registering a vessel under the Malta flag is formed with minimum requirements: one person (or company) as shareholder, one person (or company) representing the board of directors; share capital of 1,200 Euro (1200 shares of 1 Euro each) 20% of which paid up in any recognised currency.

In the end, it seems quite a relaxed and easy (shipping) life in Malta, one of the most fascinating spots of the whole Med!

The Minister of Finance Prof Edward Scicluna presented the budget for the year 2015, yesterday on 17^th November 2014. “This is a budget full of ideas on how to improve things” Finance Minister said during a press briefing and he added that the theme of this year is making work pay. In this year’s speech the Minister announced a number of tax measures, incentives to increase employment and measures for creating a business friendly environment while a number of structural reforms, particularly in the transport and energy sectors, are expected to significant effect the public finances. During the first half of 2014, the Maltese economy reached a 3.2% real GDP growth and it is projected to reach the rate of 3.5% in 2015. The employment rate increased to 61.6%, a 1.0 % increase when compared to year 2013 while the unemployment rate reduced to 5.9%. In fact the Maltese Economy is expected to grow due to positive developments in the labour market through higher participation rates, improvements in investment and improvements in the total factor productivity.

The Minister of Finance announced a number of measures and the most important ones are described below:

        i.            Income Tax rates

The reduction in income tax is being continued through a reduction to the tax bracket for those who earn income up to €60,000 per annum from the current tax bracket of 29% tax bracket to 25% in 2015. This will apply to every computation: single, married and parental.

      ii.            Capital Gains

With effect from the 1st January 2015, the 35% Capital Gain Tax will be replaced by an 8% Final Withholding Tax (previously 12%), subject to the below exemptions:

a.       In case of non-traders, property acquired before 1^st January 2004, the applicable final withholding tax rate will be 10% and

b.      For property acquired less than 5 year period before the transfer of title, the final withholding tax rate FWT rate will be 5.0%.

    iii.            Stamp Duty

a.       First-time buyers that have never owned an immovable property prior to 1st of January 2014 and that are going to finalise their deed of purchase up to 30^th June 2015, will be eligible for an exemption from paying the 3.5% duty on the first €150,000 of the value of the property bought. This measure was introduced in last year’s budget and it is extended to 30th June 2015.

b.      Tax exemption on capital gains and stamp duty on property, upon a contract of division of immovable property which was acquired by two individuals with the aim of residing in it or building their main residence there on.

     iv.            VAT

a.       The government will introduce a scheme whereby visitors, coming from countries outside of the European Union (EU), can obtain a refund on VAT before leaving the country.

b.      The VAT rate on purchasing digital books will be reduced from 18% to 5% to bring them in line with the VAT which applies in books published in paper format.

c.       The VAT registration exemption threshold of €7,000 is to be abolished and as from 1^st January 2015, whoever carries out any type of commercial activity has to be registered with the VAT Department, irrespective of the amount of sales per year. Those who do not exceed a certain amount of sales per year will not be obliged to submit a return to the Department but will still be obliged to register.

       v.            Cruise Liners

The Government introduced a scheme whereby cruise liners can remain in Malta overnight. They will be able to open their casinos after obtaining approval from the Lotteries and Gaming Authority upon the payment of a fee but they will only be able to allow registered passengers to engage in such activities. Cruise liners which choose to remain overnight in Gozo will be exempted from 34 Budget Document 2015 paying the fee.

     vi.            Other Fiscal Measures

a.       Reduction in utility rates for industry: As from March 2015 utility rates for industry will be reduced by 25% for electricity and 5% for water consumption.

b.      “Suluk” and Islamic Baking :During the coming year, the necessary legislative changes will be made to attract and facilitate financial institutions involved in this sector to start operating in Malta.

c.       Marina Implementation: Earlier this year, Transport Malta issued a call for tenders for the privatisation of the Sa Maison Marina. The call attracted five bids and the evaluation process is now well under way. Once completed, this yacht marina is expected to add around 250 new berths.

d.      Incentives for the Film Industry: The Government will introduce a set of incentives in connection with specialised courses for the local film industry.

The Budget for 2015 aims to enhance the  competitiveness of the Maltese economy through a number of public-private partnerships, reduction in utility tariffs and other incentives to encourage entrepreneurship.

World renowned British celebrity chef Jamie Oliver recently penned an article about his visit to the Maltese islands. He perfectly describes his stay in some of Malta’s major touristic cities: Sliema and Valletta. As a chef, his main focus of the article was the gastronomical variety Malta has to offer. Oliver mentioned the island’s traditional food ‘Aljotta’ and visited one of Malta’s most acclaimed restaurants, ‘Barracuda’. He also ventured to the sister island of Gozo and wrote about his experience there. However food was not the only thing Jamie talked about. He described Malta as the new Ibiza and also talked about the natural wonders these islands have to offer! If you want to find out Jamie Oliver’s take on Malta, click on the below link :

http://www.dailymail.co.uk/travel/article-2723820/Malta-travel-review-Gastro-feasts-burgeoning-nightlife-history-older-Pyramids-s-Malta-just-sunshine-break.html

Huffington post also recently wrote an article about Malta focusing specifically on its 450 year old capital city Valletta. The article vividly describes the baroque style art and architecture of the city whilst comparing it to the modern and contemporary  aspects such as the open air theatre. The reader can immediately note the sharp contrast found in the food and restaurant options the city has to offer with the mention of ‘The Grassy Hopper’ which is described as the ‘current craze’ and the mention of traditional restaurants such as ‘Trattoria da Pippo’

If you would like to know more about Malta’s capital city, visit the below link :

http://www.huffingtonpost.com/2014/10/26/best-cities-2015-lonely-planet_n_6028602.html

The fourth edition of the ŻiguŻajg Arts Festival for Children and Young People opened this morning with an art installation involving 12,000 children’s paintings. The final few sticker-paintings forming part of the installation known as “Solo I Bambini Ci Salveranno” were placed by schoolchildren during the opening at Pjazza de Valette.

The installation is the work of artist Austin Camilleri and involves paintings drawn by 12,000 primary schoolchildren in Malta and Gozo.

The project forms part of the Valletta 2018 Cultural Programme and is supported by the Valletta 2018 Foundation. Running until Sunday, the festival will host 28 productions, including 12 foreign shows from seven countries. With over 132 events, the number of the festival’s participants amounts to approximately 12,000. Children will form part of or be able to join in some of the shows.

“Identity” constitutes this year’s theme, a notion which is incorporated in most of the productions, aiming to help children explore notions of who they are and want to become. These are explored with great sensitivity and imagination by artists, among which are Trevor Zahra, Austin Camilleri, Simone Spiteri, Ruben Zahra and Vince Briffa as well as a number of emerging artists.

ŻiguŻajg is produced by St James Cavalier Centre for Creativity with the support of Fondazzjoni Ċelebrazzjonijiet Nazzjonali and the government

The Malta Financial Services Authority (MFSA) announced that, on the 5th November 2014, successfully concluded and signed a Memorandum of Understanding with the National Financial Supervisory Commission of Vietnam. The MoU establishes a framework of bilateral cooperation between the two Authorities in the carrying out of their respective duties and obligations in the area of banking, securities and insurance. It also provides for the exchange of information and the provision of technical and investigative assistance between the two Authorities. This agreement was signed by Professor Joe V. Bannister, Chairman of the MFSA, and Mr Vu Viet Ngoan, Chairman of the National Financial Supervisory Commission of Vietnam. The National Financial Supervisory Commission of Vietnam is a public authority that was established in 2008 and provides advice and consultation to the Prime Minister of Vietnam in the coordination of the supervisory activities in the banking, securities and insurance fields.

The 2014 Battle of Maltapoker tournament concluded with the crowning of the 2014 champion, Bulgaria's Antoan Katsarov. Katsarov outlasted a field of 1,447 entries, the biggest in Maltese history, over three days of play to claim the €122,750 first-place prize. Malta's own Alan Brincat battled him right to the very end to only finish second. The 2014 Battle of Malta Main Event is now the biggest autonomous tournament of its buy-in size (€550) in Europe and broke its own record, set last year, for biggest poker tournament ever held on Malta. Eight different countries were represented at the 10-man final table with Sweden (3), the Netherlands, Bulgaria, France, Ireland, Poland and Italy all having players at the table. Second place finisher Brincat represented his home country and was the second Maltese player to make the final table and finish as runner-up. Last year Konrad Abela finished second. In just its third year the Battle of Malta has become a poker festival with five total events and poker players from dozens of nations across Europe and the world in attendance.

MelitaWifi has been shortlisted for the “Best Use of Wi-Fi” award by Telecoms.com as part of their international awards night organised annually to recognise the best industry practices and achievements. This award recognises achievements from service providers and relevant suppliers in their Wi-Fi offerings.

Judges will be looking for evidence of customer satisfaction, commercial effectiveness and technological innovation. Other nominees shortlisted for the same award include Stadium Wifi by Aptilo Networks, Wi-Fi Roam by BT Research and Innovation and Virtualised Wi-Fi Monetisation, and Offload solution by Redknee. Large international telecommunications giants such as BT, Telstra, O2, Vodacom, Verizon and AT&T are among the nominees for other awards.

This year’s edition of the awards will take place on December 4 in London.

The Lotteries and Gaming Authority (LGA) announced on Friday that  the number of licences issued in the first half of this year increased by 25%, from 321 in 2013 to 401.

The number of registered companies increased by 17% to 258, whilst total revenue increased by 1.3%.

At the same time licence processing time has been reduced by 50%, from an average of five months to an average of 2.5 months.

“I am satisfied with what the LGA has achieved so far both in terms of financial and regulatory performance,” said Joseph Cuschieri, executive chairman.

“Malta is a major player in the global remote gaming industry and our solid reputation was instrumental for our growth trajectory. Having said this, what got us here won’t take us there hence the importance of innovation and reform in order to maintain a competitive edge and stay ahead of other jurisdictions. This, coupled with the support of a business friendly government which strongly believes in the gaming industry is crucial in our efforts to future proof this industry for the next decade.”

Mr Cuschieri said a regulatory reform was under way and  a new legal framework would be launched towards the end of next year.

Parliamentary Secretary Jose' Herrera said Malta needed to be more competitive and have a stronger workforce.

According to a survey conducted in 2013, 77% of foreign companies do not find enough Maltese workforce with the required skills to work in this sector.

Dr Herrera explained how the launch of the Gaming Academy in the first quarter of next year is set to be one of the steps taken by the authority to increase employment rates in Malta in this sector.

The European Court of Human Rights in the case of Tarakhel v. Switzerland held, by majority, that there would be a violation of Article 3 (prohibition of inhuman or degrading treatment) of the European Convention on Human Rights if the Swiss authorities were to send the applicants back to Italy under the Dublin Regulation without having first obtained individual guarantees from the Italian authorities that the applicants would be taken charge of in a manner adapted to the age of the children and that the family would be kept together. The case concerned the refusal of the Swiss authorities to examine the asylum application of an Afghan couple and their six children and the decision to send them back to Italy. The Court said that asylum seekers require “special protection” under Article 3 of the European Convention on Human Rights and this protection is particularly important when the persons concerned are children, even when they are accompanied by their parents.  The Court considered that the Swiss Authorities do not have sufficient assurances that, if returned to Italy, the applicants would be taken charge of in a manner adapted to the age of the children due to lack of detailed and reliable information about the specific reception facility to which the applicants would be sent by their Italian counterparts.

The organisations of Advice on Individual Rights in Europe, European Council on Refugees and Exiles and Amnesty International, which all had intervened in favour of the applicants, welcomed the judgment.  The Grand Chamber judgment, which is final will be transmitted to the Committee of Ministers of the Council of Europe for supervision of its execution.

The European Central Bank (ECB) today assumed supervisory responsibility for banks in the euro area, following a one-year preparatory stage which included an in-depth examination of the resilience and balance sheets of the biggest banks in the euro area.

The Single Supervisory Mechanism (SSM) is a new system of banking supervision, comprising the ECB and the national competent authorities (NCAs) of the participating countries. Its main aims are to contribute to the safety and soundness of credit institutions and the stability of the European financial system and to ensure consistent supervision.

The ECB will directly supervise 120 “significant” banking groups, which represent 82% (by assets) of the euro area banking sector. This supervision will be conducted through Joint Supervisory Teams, headed by ECB staff and supported by experts form the NCAs. The rest 3,500 banks (designated as “less significant”) will remain under NCA supervision. However, NCAs will not be fully autonomous, but will be subject to the ECB’s authority to set and monitor the supervisory standards. The ECB will also have the power at any time to decide to exercise direct supervision over a bank, in particular if it has concerns over the quality of NCA supervision.

Danièle Nouy, Chair of the Supervisory Board of the ECB said: “Much has been achieved to prepare for ECB Banking Supervision. We now have a unique opportunity to develop a culture of supervision that is truly European, building on the best practices of supervisors from across the euro area.”

Sabine Lautenschläger, Vice-Chair of the Supervisory Board and Executive Board member of the ECB said: “European-level banking supervision will improve and strengthen financial stability, ensuring a level playing field in the supervisory requirements to be met by banks.”

The ECB assumes the supervisory tasks conferred to it by the SSM Regulation (No 1024/2013 ) one year after the Regulation entered into force (it was published in the Official Journal of the European Union on 29.10.2013). Over the past year, much preparatory work has been undertaken, including the completion of the comprehensive assessment, a stress test of the biggest banks, as well as the adoption of legal acts defining how the SSM

operates and the establishment of new ECB governance structures.

A new website,  www.bankingsupervision.europa.eu dedicated to the ECB’s task of Banking Supervision also launches today.

In its 2014 Autumn Economic forecast, which was published this morning, the European Commission said that the economic activity in Malta continued to outperform the weak growth in the EU in the first half of 2014. Growth in first half of 2014 was higher than anticipated, the annual real GDP reached 3.2% up from 2.5% for 2013 as a whole and growth is expected to remain strong over the forecast horizon. Overall, real GDP growth is projected to reach 3% in 2014. Large scale energy projects, including the construction of a power plant in 2014-15 are expected to be a major driver of growth over the forecast horizon. The general government deficit is expected to improve marginally in 2014 to 2.5% of GDP, from 2.7% in the previous year. In 2015 the deficit is expected to increase marginally to 2.6% of GDP but in 2016 and thanks to a favourable growth outlook the deficit is expected to decline to 2.0% of GDP. On the other hand the government’s debt is forecast to remain stable.  

The European Commission's autumn forecast for the Eurozone as a whole projects weak economic growth for the rest of this year while real GDP growth is expected to reach 1.3% in the EU and 0.8% in the euro area for 2014 as a whole. Growth is expected to rise slowly in the course of 2015, to 1.5% and 1.1% respectively, on the back of improving foreign and domestic demand.In the course of 2015, a gradual strengthening of economic activity is expected and growth is projected to rise further in 2016. All EU countries are set to register positive growth in 2015 and 2016.

The National Statistics office said today that tourist arrivals in September increased by 9.3% when compared to last year and reached 193,138 visitors.

Inbound tourists from EU Member States went up by 7.5% to 158,545. A further 164,579 visitors came to Malta for holiday purposes, while 12, 739 came for business.  The largest proportion of tourists were aged between 25 and 44, closely followed by those within the 45-64 age bracket.

Total nights spent went up by 6.1% when compared to September 2013. The largest share of guest nights were spend in hotels.

Inbound tourism from January to September amounted to 1,363,859, an increase of 9.0% from last year. Total nights spent by inbound tourists went up by 5.0% reaching 10.8 million night.During the period under review, total tourism expenditure was estimated at €1.2 billion, 6.8 per cent higher than that recorded for the same period in 2013. 

On Wednesday evening, President Marie-Louise Coleiro Preca was the guest of honour at the opening of an Art Exhibition at Dar Malta in Brussels entitled 'Divergent Thinkers', a project conceived in 2011 by artist and curator Raphael Vella. It is being organised by Aġenzija Żgħażagħ with the support of St James Cavalier Centre for Creativity in collaboration with MIMCOL and Malta Government Investments Ltd.

The President mentioned in her speech that people of Malta, being an invaluable resource, honour Malta through their achievements both at national and international level.

The President mentioned that she has experienced the imagination and creativity of Malta's youth firsthand, especially through the works submitted for consideration of the President's Award for Creativity. Apart from the creativity point of view, President Coleiro Preca also praised the skills and dedication of Malta's workforce, and added that Malta is a country of excellence when it comes to various sectors such as ICT, financial services, maritime services and iGaming amongst others. She added that this is merely the outcome of the aptitude of the Maltese people.

The business community of Brussels attended the event, which is why President Marie-Louise Coleiro Preca provided a brief overview of the Malta Community Chest Fund, and the recurrent need for donations. The President described the Malta Community Chest Fund as "an important social arm of the Presidency, which intends to continue to assist people in their moment of need". She subsequently invited the Brussels’ business community to introduce any ideas they might have towards the development of an initiative for the continuation of fund collection.

Quoting the IBM Global Location Trends Report, Industry Minister Chris Cardona said Malta placed second worldwide for the quality of foreign direct investment (FDI) in attracted. Dr Cardona also stated that this was a clear indicator that the strategy the government had embarked on was bearing fruit. In 2013, the Malta Enterprise attracted 36 new FDI projects. By June, it had approved 17. The health related investments proved to be the highest sector which attracted a number of investors. However, precision engineering and niches requiring a high degree of digital creativity were also thriving.

Ireland was placed first in the quality and value of the FDI index. Followed by Malta, Denmark, South Korea, Japan and Sweden.

The European Commission has adopted a "Partnership Agreement" with Malta setting down the strategy for the optimal use of European Structural and Investment Funds throughout the country.

In 2014-2020, Malta will manage three operational programmes under EU Cohesion Policy. Of these, one will receive funding from the European Regional Development Fund (ERDF) and Cohesion Fund, one will receive funding from the ERDF within the framework of the SME initiative and one will receive funding from the European Social Fund (ESF).

According to the  today’s agreement, Malta will be allocated with €729 million in total, of which € 490.2 million for transition regions (the entire country is classified as a transition region),  € 217.7 million through the Cohesion Fund and € 17 million for European Territorial Cooperation. The ESF accounts for 21.6% of the allocation of €729 million, for a total amount of € 105.9 million. Malta has also received € 3.9 million for the FEAD allocation (Fund for European aid to the most deprived)as well as € 97.3 million for rural development and € 22.6 million for fisheries and the maritime sector.

The EU investments will help Malta tackle unemployment and increase competitiveness and economic growth through support to innovation, training and education. The Agreement focuses on increasing competitiveness, sustaining an environmentally-friendly and resource-efficient economy and creating opportunities through investment in human capital and improving health and well-being. Other key priorities selected by Malta are to help women, older and younger people to enter and remain in the labour market and improve their skills.

Commenting on the adoption, Commissioner for Regional Policy, Johannes Hahn said: "Today we have adopted a vital investment plan that sets Malta on the path to jobs and growth for the next 10 years. This Partnership Agreement reflects the European Commission and Malta's joint determination to make the most efficient use of EU funding. Our investments must be strategic, according to the new Cohesion Policy - focusing on the real economy, on sustainable growth and investing in people. But we must focus on quality not speed in the coming months, as we plan the investments from the European Structural and Investment Funds in 2014-2020. Commitment is needed on all sides to ensure good quality programmes are put in place.”

He added that this investment strategy builds on the important contribution Malta is already making to help the EU meet its goals of sustainable smart and inclusive growth. He argued that this Partnership Agreement covers all Structural and Investment Funds and gives strategic direction to future programmes that will enhance innovation, transform Maltese SMEs into models of growth, and help Malta achieve its EU 2020 sustainable targets. He claimed that the ESI Funds assist Malta in facing these challenges.

Commissioner for Employment, Social Affairs and Inclusion, László Andor said: “I congratulate Malta for its efforts to finalise the Partnership Agreement and thank the Maltese authorities for their constructive co-operation with the Commission. In the 2014-20 period, €1.05 million will be available from the European Social Fund to help Malta to increase employment and reduce poverty in line with the Europe 2020 targets. 30% of this funding will be dedicated to social inclusion and the fight against poverty. Other key priorities selected by Malta for ESF are to help women, older and younger people to enter and remain in the labour market and improve their skills; to improve the labour-market relevance of vocational education and training; and to improve the efficiency and quality in public administration. All of these will be valuable 'social investments', targeted at Malta's key employment and social challenges, addressed also by the EU's country-specific recommendations."

Commissioner for Agriculture and Rural Development, Dacian Cioloş said: "I am delighted that we are approving the Maltese Partnership Agreement today. Malta is a small island state in a very specific situation. Its agricultural sector and rural areas have an important potential. The Partnership Agreement paves the way to assist the necessary restructuring process of the Maltese agricultural and food-processing industry in order for them to remain competitive, qualitative and sustainable within a globalised context. At the same time, the rural development fund will also give an important impetus into the development of local initiatives to boost the rural economy and the protection and preservation of Malta's natural resources. In this context, biodiversity, improving water and soil management as well as energy efficiency are high on the agenda."

More information on the Partnership Agreement with Malta can be found here:

http://eufunds.gov.mt/en/Information/Documents/MT%20PA%20-%20October%202014.pdf

Moody’s rating agency has affirmed Malta’s A3 credit rating with a positive outlook. It said the rating was supported by a ‘healthy outlook’ on Malta’s economy and the government’s access to a large and reliable domestic funding pool, which was supported by a high deposit basis.

The agency stated that despite being small and open, the Maltese economy has handled the global financial crisis very well thanks to its growing service sector such as the tourism industry.  Malta’s economy is set to experience a growth of 2.8% in 2015. Moody’s expect the economy’s growth sources to rebalance with private consumption and capital formation being the main growth drivers, boosted by investment in the energy sector.  

Initiatives to tackle problems in energy sector and female and youth participation in the labour market were also welcomed. These steps are in line with recommendations by international institutions such as the IMF and the EU.

The government’s main challenge is to tackle the national debt which, at 70% of the GDP was high. “The island’s loss-making energy service provider, Enemalta, is the most prominent source of contingent liability risk, as its debt guaranteed by the government is equivalent to around 10% of GDP. Despite the company’s ongoing restructuring and the progress achieved under the energy reform, it is too early to assess whether the new framework will allow the company to become financially viable,” Moody’s report.

The agency also stated that it expected the government deficit to fall 1.7% next year, based on the 2015 draft budget.

Finance Minister Edward Sciculn welcomed Moody’s positive endorsement of Malta 2015 draft budget plan recently submitted to the European Commission.

In this regard, Moody’s remarks that “the Government’s draft budgetary plan for 2015 should put fiscal consolidation on a good footing” and that “budget targets appear to be realistic, as they are built on reasonable macroeconomic assumptions and measures that appear socially acceptable for key stakeholders.”

Scicluna also notes Moody’s recognition of the Government’s efforts to address the factors that are impinging on Malta’s growth, namely inefficiencies in the labour market and the energy sector, by means of measures that facilitate access to work, especially for women and youth, and the much-needed reform and investment in the energy sector. 

BOV and HSBC, Malta’s two largest retails banks have successfully passed the Eurozone-wide stress test carried out by the European Central Bank on 130 credit institutions, financial holding companies or mixed financial holding companies in the euro area. The comprehensive assessment is a financial health check on banks that started in November 2013 and took 12 months to complete, ending in October 2014.  In October 2013, the ECB announced that it would conduct a comprehensive assessment of the euro area banking system in conjunction with participating national competent authorities (NCAs) responsible for banking supervision. The comprehensive assessment provides a consistent and objective assessment of the health of banks' balance sheets and their solvency. The goal of the exercise is to help prevent further burdens on taxpayers by strengthening the financial sector in case of future crises. The stress test was executed by the banks themselves, following a methodology designed and published by the EBA along with a baseline scenario founded on the European Commission's Winter 2014 forecast and an adverse scenario developed by the ESRB in cooperation with the NCAs, the EBA and the ECB.

Regarding the banking system in Malta the year-long probe evaluated the strength of the loan portfolios issued by Bank of Valletta and the subsidiaries of international banks, HSBC and Deutsche Bank. The results showed that the three banks had no capital shortfalls in both a baseline and adverse scenarios analysed by the ECB.Bank of Valletta’s results showed that the bank had adequate capital reserves to cover loan provisions, while HSBC Malta was analysed as part of the holding company based in the UK. Under the baseline scenario, HSBC Malta’s lowest CET1 ratio stood at 9,26%, exceeding the ECB’s threshold of 8%.

The European Commission welcomes the publication of the results stating that safer banks serving the economy which is an important step towards the operational Single Supervisory Mechanism.

The European Council met yesterday in Brussels in order to agree on 2030 Climate and Energy Policy Framework. EU Member States committed by 2030 to reduce greenhouse gas emissions by at least 40% and increase energy efficiency and renewable energy by at least 27%.  The instrument to achieve the targets set is a well-functioning, reformed Emissions Trading System (ETS) which will stabilise the market in line with the Commission proposal to reduce the cap on the maximum permitted emissions from 1.74% to 2.2% from 2021 onwards. Special attention will be paid to the more remote and/or less well connected parts of the single market such as Malta, Cyprus and Greece. In this context, the European Council welcomes, as a first step, the recent transmission system operators' common strategy for the development of interconnections for the Iberian Peninsula with the internal electricity market, including concrete projects in order to increase the capacity. With regards to Malta in December 2012 a call for tenders was issued for a €1 million feasibility study on a natural gas pipeline between Malta and Sicily, with 80 per cent of its costs funded by the European Union.

The Commission will continue to have a regular dialogue with stakeholders and they will try  to build an Energy Union aiming mostly at secure and sustainable energy.

The Malta Communications Authority and the University of Malta have announced a collaboration aimed at stimulating and supporting initiatives that bridge the gap between research, innovation and entrepreneurship in fields related to communication technologies and their applications. This collaboration is specifically aimed towards making joint contributions towards the development of an agile Maltese digital economy.

The two institutions have already begun implementing joint initiatives that target innovation in communications. Four research projects were supported financially by the MCA and the MCA TAKEOFF Award was also launched. The scheme will be supporting two local start-ups to develop an innovative business idea. Under this scheme, the MCA will be giving a fund of €40,000. The University will be hosting the start-ups at it’s campus based TAKEOFF Business Incubator.

Chairman of the MCA, Edward Woods, stated that “it is imperative for an Authority responsible for the advancement of communications to look beyond the present market context, which can often distract policy from seeking long term objectives.” He also stated that the collaboration with the University “will give the Authority access to knowledge and expertise from a broad spectrum of disciplines.”

The MCA further announced that it will be supporting a research project led by Dr Kristian Zarb Adami that aims to develop a low-cost Ultrawideband Antenna through a financial contribution of €5,500.

Individual start-ups interested in submitting a proposal under the MCA TAKEOFF Award are encouraged to download details from www.mca.org.mt .

Valletta was placed fifth at the Lonely Planet’s list with the top 10 cities for 2015. According to the magazine the tiny capital of Malta even thought is limited by geography, sitting on a small island has thus stayed remarkably trim, with its unspoilt 17th-century buildings lining the streets, at the end of which you can glimpse the sea. There is also a special reference to the new parliament’s building which is designed by the architect Renzo Piano and its open-air auditorium and on the country’s 450 anniversary since the Great Siege. To compile the annual top 10 list, Lonely Planet asked its worldwide staff, contributors and authors for their recommendations regarding  spots that have something special to offer in 2015. Washington city comes first, followed by El Chalten in Argentina, Milan, Zermatt, Valletta, Plovdiv, Salisbury, Vienna, Chennai in India and Toronto.

Lonely Planet is the world’s most successful travel publisher and its list for the 10 top cities for 2015 includes well-known cities with something extra to share, smaller cities known only to locals and a selection of cities you simply must visit.

For more information you can visit Lonely Planet’s official website at:http://www.lonelyplanet.com/best-in-travel/cities/05-valletta

The government has simplified the application process for the Marriage Grant, Social Solidarity Minister Michael Farrugia announced today.

Up until now, newly married couples had to register their marriage at the Public Registry and apply for the grant at the Social Security Department Offices.

The bureaucratic process has been simplified, placing the onus on the department to go to the married couple for information, Social Policy Minister Michael Farrugia  said. Upon registration of the marriage at the Public Registry, the couple will automatically receive a letter, informing them of the benefits they are eligible for by the Social Security Department.

Couples will then be asked for a few details, including an IBAN number, their new address and the surnames the couple will choose. This information can be sent in to the department through the mygov.mt website or handed in to the district Social Security Departments. Once this information has been submitted and processed, then they will receive the grant. The system is aimed at reducing bureaucracy and paperwork, and saving time. Marriage grants also apply for civil unions.

The marriage grant amounts to €271.04 per person. In order to be eligible, one must have paid at least 26 contributions prior to marrying.

The Social Solidarity Minister said new simplified processes will be announced in the coming months, including a simplified process for applying for children's allowance. 

Prime Minister Joseph Muscat called for the fortification of relationships and alliances between Europe and Asia during his address at the Asia-Europe Meeting (ASEM), which is held in Milan.

Muscat was one of three speakers asked to address the summit to which 51 heads of states and governments are participating. Muscat said  that the seas that over the previous centuries served as war paths could be transformed into a formidable path of growth for the two continents.

Although differences exist between the two continents, it should not deter greater collaboration, he said, adding that divergence exists between the 28 EU countries. He also spoke about the global climate change conference that will occur in Paris in 2015, and said that it will be an important exam for the international community, one that it cannot fail. The EU will in fact be discussing the subject during the Council next week,” he said, adding that the ASEM should serve as a platform to understand Asia’s position on climate change."In addition, next year will see the post 2015 development agenda", the Maltese prime minister said. “Children today have better access to education, clean water and better health systems. But the Ebola crisis however reminds us that inequalities still exist and that there is much more that we have to do,” he said.

Prime Minister Muscat took time to appeal for a solution in the current dispute between Italy and India, whereby Italian marines are being currently detained in India.

He said that without entering the merits of the case, Malta was highlighting the need for reasonable resolution between its “closest European neighbour” and “a fellow Commonwealth member”.

Turning to human rights, Muscat said much more needs to be done through a culture of dialogue which should be more widespread. He argued that, due to the rapid increase of global connectivity, there should be better promotion of how modern means of communication can be utilised.
Muscat suggested that ASEM could serve as a platform to discuss how modern digital means’ utilization could lead to the creation of a safer digital environment.
The Prime Minister insisted that Asia and Europe could collaborate on the so-called ‘New Green and Blue Silk Road’, uniting the two continents with Africa.

The Ambassador for the Republic of Kosovo, Hon. Bukurije Gjonbalaj,  visited Malta and thanks Dr George Vella, Minister for Foreign Affairs for Malta’s firm support to her country. Kosovo formally became an Independent State on the 21^st of August 2008 and ever since Malta has actively extended its support to the people of Kosovo on the road towards fulfilling its EU aspirations. Diplomatic relations between the two countries were formally established on 23^rd September 2014.

Foreign Minister Enver Hoxhaj also paid Malta on 12^th Decemeber 2013. Minister Vella recalled how this visit was an important landmark in the history of the two countries working together.

Ambassador Bukurije Gjonbalaj thanks Dr Vella for Malta’s active support and extended a formal invitation to Minister Vella to pay a return official visit to Pristina. Minister Vella thanked the Kosovar Ambassador for the kind invitation and reiterated Malta’s commitment to further assist the country and its people and encouraging exchanges between the two sides.

L-Istrina is Malta’s major charity event, and is organised by The Malta Community Chest Fund. Starting from this year, the fundraiser - presided over by President Marie-Louise Coleiro Preca - will allocate funds to different sectors instead of individual voluntary organisations (which was the policy over the past years).

Up until this year, the Malta Community Chest Fund would publish a list of groups and associations that would benefit from the money raised. However, this year the board created a list of sectors which include upbringing, childhood, work, health, poverty, disability and the environment. In January 2015, groups and associations, which have to be registered as voluntary organisations, will be able to apply for funds pursuant to the respective sector.

During the launch of this year's l-Istrina, board member Carmel Borg explained there would also be three clear financial packages - large scale projects, infrastructural works and an international fund. In December, the list of sectors and the required criteria will be published. One month after, the NGOs can apply. Those interested in infrastructural funds can apply in March.

Ms Coleiro Preca called on the Maltese and Gozitans to support and donate in this year's edition of l-Istrina, which she described as "a celebration of solidarity". "Sometimes I can barely sleep as I worry that we won't be able to help everyone - this is my biggest fear and concern," she said.

The ever popular Paqpaqli ghall-Istrina (the biggest annual motoring event in Malta organized by The Office of The President in collaboration with a core team of volunteers) will take place on December 7 and, for the first time ever, Ms Coleiro Preca and her husband Edgar will visit every single Gozitan town and village on Christmas Day.

The 12-hour TV marathon in aid of charity will be aired on Thursday 26th December, on all local TV stations, TVM, Net Television, One, f Living Channel, Smash from 1205hrs onwards.

This year it will be held at the Mediterranean Conference Centre in Valletta with links from Smart City Malta, Costa Deliziosa Cruise ship in Valletta and Teatru Astra in Gozo.

For the first time ever, Malta's leading marketing communications agency, JP Advertising along with the Europa Donna Malta (breast care support group) and the Action for Breast Cancer Foundation, has unveiled a breast cancer awareness campaign.

Utilizing a range of media tools, this fundraising campaign aims to help increase awareness regarding the importance of breast cancer screening as well as support for breast cancer patients. The campaign will run throughout the month of October and is supported by TVM and a number of media partners and private enterprises.

Within the course of the campaign, a number of renowned Maltese personalities will encourage people to go get screened for breast cancer, as well as to donate to the good cause at www.pinkoctober.support. All proceeds will go to the Europa Donna Malta and the Action for Breast Cancer Foundation.

This awareness campaign’s highlight will be a fundraising event taking place at the Cavalieri Hotel in St Julian's on Saturday, 25^th October, 2014. Entertainment will be provided by Ira Losco and a number of other celebrities.

Europa Donna Malta (Breast Care Support Group) is a voluntary non-profit NGO and has been operating since 1989. Its mission is to raise awareness and support patients and families passing through the ordeal of breast cancer. Throughout the year the group works very hard to organise awareness campaigns. The group operates a 24 X 7 support line (which can be reached by dialling 9999 4666) which handles a large bulk of calls per annum, and can also offer one-to-one counselling. All services and materials are free of charge. 

Action for Breast Cancer Foundation’s mission is the successful implementation of the European guidelines for quality assurance in breast cancer screening and diagnosis in Malta and Gozo.It  undertakes the following action in order to achieve results: (i) Lobbying political entities for the provision of breast screening programmes and medical services relating to the diagnosis and treatment of breast cancer. (ii) Organizing local training courses in all aspects of breast awareness and the needs of women with breast cancer. (iii) Offering educational support by taking part in and attending local and foreign conferences. (iv) Raising funds to acquire the latest hospital equipment. (v) Collaborating with other organisations in order to increase levels of breast awareness.

Breast cancer is one of the most common types of cancer among women worldwide with 1 in 8 women developing this disease within the span of their lifetime. Nevertheless, if detected in its early stages, there is over 90% chance of successful treatment.

You can find out more about Europa Donna Malta  and the ABC Foundation on their websites:

http://www.europadonnamalta.org.mt

 www.actionforbreastcancer.com.

A record breaking 123 yachts from all over the world will be competing in the Rolex Middle Sea Race on the 18^th of October, reflecting the popularity of the event which is organized by the Royal Malta Yacht Club. This year saw a 24% increase in participants over the 99 yachts competing in 2013. There will be thirteen yachts from Malta and some even from the United States and Australia. More than 15 boats will compete for the first time. The Rolex Middle Sea Race has been dubbed as a “must do” race alongside many other major organizations of such races.

Godwin Zammit, Commodore of the Royal Malta Yacht Club stated “For yet another year, the Rolex Middle Sea Race has grown in the number of boats that have committed to compete in this ever popular offshore race”. Additionally, he stated that there are a number of factors which contribute to the increase in participation such as the scenic yet challenging course and the renowned hospitality that the Club offer to its’ guests.

The route includes the deep azure waters around Sicily including the Aeolian and Egadi islands, as well as Pantelleria and Lampedusa. This route is a rigorous anti-clockwise loop around Sicily which introduces numerous “corners” that present changing and complex meteorological shifts.

The Rolex Middle Sea Race starts in Malta’s Grand Harbour at 11am on the 18 October. Supported by Rolex since 2002, the race commences and finishes in Malta. Winners will be announced throughout the week with an award ceremony wrapping up the week-long event on 25 October.

The Mdina Grand Prix 2014 started on Sunday 5^th October  with scrutineering. Today 9^th October the vintage cars took part in a hill climb in Thomas Smith Mellieha. Following the fantastic success of the Mdina Glass Concours d’Elegance last year, this glamorous event will once again be held in Mdina on Friday 10^th October from 11:00 to 16:00 hrs. On Saturday at 9am the participants will practice and qualifying sprint runs will take place on the road circuit between Mdina, Mtarfa and Rabat. For the fourth successive year the races will take place on Sunday 12^th October between 9am and 4pm. A World War II Tiger Moth aircraft which will participate in Mdina Grand Prix during the weekend took off today from Ta' Qali and it is the first time that this aircraft was used since the 1970s. Mr. Ray Polidano the Director of Malta’s Aviation Museum, explained that the aircraft’s restoration took 2 years. Today the plane flew to Luqa airport, where it will remain sheltered. The plane will fly back to Ta Qali on Monday. The Grand Prix is organised by the Valletta Grand Prix Foundation.

For more information you can visit the website of the Valletta Grand Prix Foundation on: http://www.vallettagrandprix.com/EN.Event_Programme.aspx

Pierre Mejlak was today announced as one of this year's winners of the renowned  EU Prize for Literature. The EU Culture Commissioner announced the 13 winners at the opening of this year's Frankfurt Book Fair this morning.

Mr Mejlak won with his short story collection Dak li l-Lejl Iħallik Tgħid (What the Night Lets You Say).It was his second collection of short stories, which had been published in June 2011. His first collection, Qed Nistenniek Niezla max-Xita (I'm waiting for you to fall with the rain) was published to critical and popular acclaim in February 2009.

Born in Malta, Pierre J. Mejlak has been writing novels and short stories since he was young. He has written books for children, adaptations, a novel and the two aforementioned short story collections. He has won numerous awards, including five National Book Awards, the Commonwealth Essay Writing Award and the Sea of Words European Short Story Award. He is published by Merlin Publishers.

Mejlak's award-winning novel Rih Isfel (southern wind) has been turned into a 13-episode prime-time television series for Malta's NET TV.

Malta International Airport recorded in September a 2.4 per cent increase in traffic, handling 463,215 passengers.

Markus Klaushofer, Chief Executive Officer at MIA, supported that these figures are a great follow-up to the influx of half a million passengers in August, thus constituting the airport’s best month ever recorded. Furthermore, he praised the airport’s steady performance on an ongoing basis.

During the last month, the total number of landings and take-offs at the airport increased by 0.9 per cent to 3,199 while the seat capacity of the aircrafts grew marginally by 1.1 per cent to 540,423.

France registered the largest growth at 11.1 per cent. Traffic from Italy and UK grew by 8.9 per cent and 6.7 per cent accordingly.

Meanwhile, the traffic in Spain and Germany declined by 11 per cent and 5.7 per cent respectively.

Between January and September of 2014, Malta International Airport registered an increment of 7.2 per cent compared to last year’s figures, hosting a total of 3,385,808 passengers so far this year.

Former Polish Prime Minister Donald Tusk is currently in Malta following a course to improve his English before his inauguration as president of the European Council on 1^st December. Mr Tusk, replaces Herman Van Rompuy as European Council president, a job focused on setting the EU's general political direction and priorities, and dealing with complex or sensitive issues that cannot be resolved at a lower level of inter-governmental cooperation but is has no powers to pass laws. European Council meetings are essentially summits where EU leaders meet to decide on broad political priorities and major initiatives and typically, there are around 4 meetings a year, chaired by a permanent president.

Donald Franciszek Tusk was Prime Minister of Poland from 2007 to 2014 and his selection as European Council president came after he successfully led his country through the economic turbulence of the European debt crisis. Tusk spoken Polish in this first press conference upon his election as European Council President on 30^th August, but he promised to speak in English at the first session of the European Council. Mr. Tusk on his first interview said, switching out of Polish that he will work on his languages, "I will polish my English and as I mentioned, I will be ready in December 100%." According to the media Mr. Tusk’s course in Malta is being funded by the European Union.

Notte Bianca, a spectacular annual nocturnal celebration of culture and arts, is once again set to light up Valletta tomorrow Saturday 4^th October.

The Arts Council Malta organizes Notte Bianca with the support of the Ministry for Justice, Culture and Local Government. The programme is designed in such a way that every area of Valletta in involved, from City Gate to Fort St. Elmo. Cultural venues, state palaces and museums open their doors all night free of charge. Streets and squares become venues for open-air concerts, while many cafes and restaurants extend their hours. All art and musical forms are represented: from classical to pop and contemporary.

According to artistic director Sean Buhagiar, a DJ from atop Porte des Bombes in Floriana (which will also be open to the public) will do the opening for Notte Bianca tomorrow. More than 100 recreational and educational activities will be held throughout the city. Dr Owen Bonnici, Minister for Justice, Culture and Local Government pointed out the importance of Notte Bianca. He claimed that, by bringing together artists, audiences, communities and cultural entities for the largest artistic event in the capital, it offers an exquisite model to be emulated on the road towards Valletta 2018.

For more information you can visit  www.nottebianca.org.mt

Yesterday, 1^st October the European Commission published the 31^st Annual Report on monitoring the application of EU Law for the year 2013. According to the annual report Malta is among the best three performing Member States along with Latvia and Estonia and on the other hand Italy, Spain and Greece are among the Member States with the worst record for compliance with EU law.

Since 1984, following a request made by the European Parliament, the Commission presents, an annual report on monitoring the application of Community law during the preceding year. The Commission monitors whether Member States respect EU law obligations i.e. completely and correctly transpose EU directives since the correct application of EU law is a cornerstone of the EU Treaties and at the heart of the Commission's regulatory fitness programme (REFIT). EU Commission tries through REFIT to make EU law simpler and to reduce regulatory costs, ensuring that the unnecessary red tape and burdens are removed while still maintaining the benefits of EU legislation. The Commission before resorting to formal legal actions tries to remedy problems and ensure the correct implementation of EU law through a dialogue with Member States  and if this is not successful, the Commission takes formal proceedings which may result to  the Commission referring  the case to the Court of Justice under Article 258 TFEU.

In recent years there has been a marked decrease in the number of on-going infringement cases while the 3505 registered complaints in 2013 indicate that citizens are more aware of the benefits arising from the full and correct application of EU rules. The Commission will continue its active monitoring of the application of EU Law. 

The Malta chamber of Commerce Enterprise and Industry, signed a Strategic Partnership Agreement (SPA), with the Dubai Chamber.  The agreement was signed by Mr. Tonio Casapinta Chairperson of the Middle East Business Council on behalf of the Malta Chamber at the Dubai Chamber in Dubai. The Agreement which mostly clarifies the specific areas of collaboration as well as what goals have to be achieved in the coming years is the first Partnership Agreement that the Malta Chamber has signed with another Chamber. The Minister for the Economy Chris Cardona who witnessed the signing, spoke about the significant commitment which the Maltese government has made towards improving trade and investment links between Malta, the GCC countries in general, and Dubai in particular.

The Minister also praised the Malta Chamber for its pro-activeness for the creation of the Middle East Business Council which has been working closely with stakeholders to set the agenda and promote the partnership between Malta and the GCC countries in recent years.    

Seventy commercial outlets in Valletta joined forces to offer special discounts for shoppers during the first edition of the Valletta Shopping Festival which opened yesterday and will remain running until the 5^th of October. Some participating outlets will remain open until 9 pm between 3-5 October.

President of the Republic Street Business Community Association, Paul Fenech, said that the ultimate aim of the festival was to provide a boost to Valletta’s commercial outlets.  Valletta mayor Alexei Dingli noted that the capital had once more become Malta’s top shopping destination during the Christmas season. However, the council wants the city to be the first choice for Maltese shoppers throughout the year. The event is being supported by the Valletta 2018 foundation, whose chairman Jason Micallef emphasised the importance of the economic regeneration of Valletta, along with the city’s social and cultural regeneration.

Economy Minister Chris Cardona pointed out as well that Valletta should be promoted as a cultural and commercial destination in one. He also noted that retail outlets were seeing internet shopping as a serious challenge, and said that the government was not only committed to help local retailers overcome it, but even assist them to transform the challenge into an opportunity.

The Malta Financial Services Authority ("MFSA") has issued a Corporate Governance Manual for Directors of Investment Companies and Collective Investment Schemes (the "Manual"). This revised Manual is updated pursuant to the provisions of the Alternative Investment Fund Managers Directive (2011/61/EU).

The purpose of the Manual is to provide general guidance to directors of collective investment schemes (funds) on how to implement good corporate governance practice.

Some of the topics covered in this Manual are: corporate governance in the investment fund industry, role of director of a fund, appointment of directors (emphasis is on  due diligence- which should be carried out not only by the investment manager or sponsor on persons who are to be appointed as director on the fund's board but also vice versa), board proceedings, conflicts of interest and confidentiality, the AIFM Directive and European Market Infrastructure Regulation (“EMIR”).

A copy of the Manual is available on the MFSA's website.

In a meeting of the MEUSAC Core Group, Parliamentary Secretary Ian Borg said that the prospect of EU presidency for such a small nation as Malta will be one full of challenges. However he said he was encouraged by the “fruitful experiences of other small EU nations, in particular Ireland and Lithuania, that have held the same position in the past.”

Minister for Social Dialogue, Consumer Affairs and Civil Liberties Dr Helena Dalli, who also chaired the meeting said that the MEUSAC Core Group offers “an ideal form of discussion between the Government and representatives of civil society and social partners on the Maltese Presidency of the Council of the European Union”

Ian Borg emphasised the bi-partisan approach of the preparation referring to talks which are underway with the Opposition. He also stated that the discussions with the Oppositions will intensify over the coming weeks and months within the Parliamentary Committee on Foreign and European Affairs.

Nationalist MP Antoine Borg expressed the commitment by the opposition to the success of the Malta presidency.

The role of the EU presidency includes the responsibility for chairing meetings of the Council and organising events that take place in the Member State during the Presidency. The first formal meeting of the Presidency Trio consisting of Malta, Slovakia and the Netherlands will take place in Bratislavia at the end of March with the aim of identifying the priorities of the Presidency and to start preparing the programme. 

Today, 25 September 2014, IMO is celebrating the World Maritime Day, with the theme "IMO conventions: effective implementation". World Maritime Day was established in 2005 by United Nations on a recommendation of the International Maritime Organization (IMO) and is celebrated every year, providing an opportunity to emphasize on the importance of shipping safety, maritime security, the marine environment and on the different aspects of IMO's work. The exact date is left to individual Governments and thus date varies by year and country but is usually celebrated during the last week in September. Each World Maritime Day has its own theme and this year the attention has centred on the need for ratification, entry into force and effective implementation of IMO conventions, in order to ensure that benefits will emerge from the adoption of an IMO treaty instrument.   

IMO Secretary-General Koji Sekimizuin his measage for World Maritime Day celebration said that the theme had enabled IMO to make genuine progress towards ratification, entry into force and implementation of all IMO conventions – but especially those which have yet to be widely accepted.UN Secretary-General Ban Ki-moonalso issued a message for the Wold Maritime Day stating that "At a time when the world is beset by conflict and crisis, it is easy to forget that, day in and day out, the international shipping industry works quietly and efficiently to keep the wheels of global trade in motion and ensure the timely delivery of the goods and commodities ... On World Maritime Day, let us recall the often unheralded but always vital contribution by international shipping to peoples and communities all over the world."

World Maritime Day is celebrated in many countries worldwide, as a thanks for the maritime industry’s contribution to the world’s economy and many maritime organizations and unions hold special events and activities to celebrate this day.The World Maritime Day Parallel Event will be held in Morocco from 27 to 29 October 2014. 

On Thursday 25 September the 1st Mare Forum Monaco Yacht Summit 2014 will take place in Monte Carlo during the Monaco Yacht Show 2014 where yacht owners, yacht builders, executives from the yacht, shipping and maritime industry, lawyers, flag and port states representatives, investors, bankers, classification societies, regulators, politicians and the media will gather at this conference with the scope to discuss and exchange views and opinions about the yachting industry. Mr. John A. Gauci-Maistre K.M. founder and CEO of GM International Services Limited,  a company which has pioneered the ship registration under the Malta flag and was instrumental in placing Malta on the international maritime map, is pleased to announce that he will participate at the conference as a member of the discussion panel. Mr. Gauci-Maistre with other panellists such as Mr. Stefano Penco Vice President Europe Southern Region ABS, Mr. Emanuel Sofronis Director SSL insurance Broker and Mr. Anastasio Economou CEO Icon Safe Ship SPC among others, will discuss about “Will the orderbook increase in the next 5 to 10 years?”. The Mare Forum conferences are considered by many to be among the most global and influential forums for the maritime and shipping industry bringing together stakeholders from all different aspects of shipping industry.  

For more information about the content of the programme or discussion themes you can visit the official website of Mare Forum found on: http://mareforum.com/conference/1st-mare-forum-monaco-yacht-summit-2014/#programme

The exhausted participants of LifeCycle Challenge were greeeted with a hero’s welcome on their arrival in Malta today. The event was conducted in Japan this year from 8^th until 22^nd of September, covering a distance of more than 2000 km from Fukuoka to Tokyo.

Actor Edward Mercieca said he had a fantastic albeit tiring experience. “It is a difficult country because culture and language is completely different. Some routes were quite dangerous, but it is typical of LifeCycle.”He said it is still too premature to say whether he will take up the challenge again next year, but if asked today the answer would be “no”.

One man who has participated in the challenge six times said this year’s event was one of the most taxing yet.

City traffic made things harder for the cyclists, and an 80km route utterly disrupted the cyclists’ tempo due to the infinite traffic lights.

The LifeCycle organisation was set up in 1999 by Alan Curry after his wife went into the Renal Unit having suffered kidney failure.

He organised a cycling trip to his home town of Haydon Bridge in the UK as a way to raise funds – and awareness – for the unit, having seen first-hand the dedication of the staff and the courage of the patients that had to go there on a regular basis for hours at a time.

That first trip turned into an annual event called “LifeCycle Challenge” to neighbouring countries. It is one of the most arduous endurance events in Europe, placing a dedicated team of Maltese cyclists against the elements of nature. Over the past years, the cyclists have gone to over 25 countries – raising over €1 million. This event covers an average of 2,000km in a mere 10 days and is held annually during the summer period. By organizing such an event, LifeCycle intends to attract the Maltese public’s attention to the patients of the Renal Unit, and to encourage generous donations from the public. These donations are invested in the upgrading of the Renal Unit at Mater Dei Hospital.

Following Prince William’s visit to Malta to commemorate the 50^th Anniversary Malta’s Independence, it has been announced that the Queen is planning to make a major visit to Malta next year and  bring her three heirs – Prince Charles, Prince William and Prince George. It would be the first time a monarch and her heirs have travelled together.  The trip is being planned for the Common Wealth Heads of Government which will be held in November. The Monarch herself said she has a particular liking to Malta – where she and Prince Phillip lived for several months during the early days of their marriage.

Malta’s Prime minister, Dr Joseph Muscat said “The invite is out for Her Majesty to attend”. He also revealed “I spoke to her in Glasgow at the opening of the Commonwealth  games and she said she was looking forward to coming over”. Malta’s President Mare-Louise Pace Coleiro said “Prince William said he was looking forward to returning to Malta and I told his royal highness that we look forward to welcoming all his family including baby George.”

Norman Hamilton, Malta’s High Commissioner to London, said they hoped the Queen and Prince Philip would come to CHOGM and that he invitation had been made for Prince Charles and the Cambridges to join her. He added : “They will be well taken care of. It’s a special place for her – she has fond memories of being here.”

Scottish voters have rejected independence, deciding to remain part of the United Kingdom after a historic referendum that shook the country to its core.

The Scottish independence referendum dealt with wether Scotland should become an independent nation or remain with the UK. Following an agreement between the Scottish and the United Kingdom governments, the referendum was passed by the Scottish Parliament in November 2013. The referendum question, as recommended by the Electoral Commission, was "Should Scotland be an independent country?" – voters could answer only Yes or No. To pass, the independence proposal required a simple majority. The overall result was a win for the "No" side: 55.3% voted against independence.

The decision brought relief to Britain's political establishment, including Prime Minister David Cameron, who faced calls for his resignation if Scotland had opted for independence.

The vote against independence prevents the U.K. from losing a substantial part of its territory and oil reserves and from having to find a new base for its nuclear arsenal, currently housed in Scotland. It also prevents a possible loss of influence within international institutions including the 28-nation European Union, NATO and the United Nations.

His Royal Highness The Duke of Cambridge, will be visiting Malta on Saturday 20th and Sunday 21st September 2014, in order to attend the country's Independence celebrations. Prince William will be visiting the island instead of his wife Kate Middleton, the Duchess of Cambridge, who was advised by her doctors to cancel the trip. Princess Kate is pregnant with the royal couple's second child and she is suffering from morning sickness.

According to the Government the programme of the visit remains the same. The first day of his visit,  Prince William will meet the President of Malta H.E. Marie-Louise Coleiro Preca and the Prime Minister and he will participate at the Independence Day Celebrations at the upper Barrakka Gardens in Valletta. The second day he will attend the Independence Day Service at St. John’s Co-Cathedral and he will visit Vittoriosa, while a Boat tour of the Grand Harbour is organised form him. His visit in Malta will be concluded with the High Commissioner’s Garden Party at his Residence.

Malta is celebrating her 50^th anniversary of the country’s independence from Britain and Princes William will represent Her Majesty the Queen, Elizabeth II.

UN High Commissioner for Refugees António Guterres and Special Envoy Angelina Jolie visited the naval rescue headquarters in Malta on Sunday 14^th of September. There, they met and conversed with three survivors of a boat sinking off Egypt and Libya who were rescued by a commercial vessel and were transferred to Malta by the Maltese authorities.

Mr Guterres and Ms Jolie thanked the Maltese authorities for their work while expressing their concerns for the sustainability of the Italian Mare Nostrum Operation without a pan-European contribution. Mr Guterres said: “We don’t have many chances to get this right. Europe’s response needs to be a truly collective effort, one that offers safer ways to find protection while maintaining a strong capacity to rescue people at sea. If it fails, many more lives will be lost at Europe’s doorstep.”

Later that day, the Armed Forces of Malta (AFM) hosted Mr Guterres and Ms Jolie and demonstrated a simulated Search and Rescue scenario off the coast of Malta using an Alouette Helicopter, a Search and Rescue Launch and the Offshore Protector Class Patrol Vessel P52. The United Nations Commissioner expressed his appreciation for the work conducted by the AFM personnel.

Following the simulated Search and Rescue Scenario,  Mr Guterres said  ‘’I can see courage, determination and generosity. All the members of the staff of the Armed Forces of Malta that have been involved in dramatical operations of rescue at sea, rescued thousands and thousands of people drowning in the Mediterranean or risking to drown in the Mediterranean, and bringing protection to those who are fleeing situations that are absolutely tremendous. “

Malta will be one of eight member states from the 53 in the WHO European Region sitting on the executive board, thus placing Malta at the forefront of global heatlh. Dr Ray Busutill has been elected to the executive board of the World Health Organization for 3 years starting May 2015.

Parliamentary Secretary for Health Chris Fearne attended and addressed the WHO Regional Committee for Europe in Copenhagen. He stated that Malta is exploring the possibility of setting up a collaborating centre from small European states within the WHO.

Bank of Valletta has been named the “safest bank” in Malta according to the Global Finance magazine survey. The magazine announced its 23rd ranking of the World’s 50 Safest Banks and the full list will be published in the November issue of the magazine. Global Finance is a monthly magazine founded in 1987 by publishing entrepreneurs Joseph Giarraputo and Carl Burgen and its annual ranking of World’s 50 Safest Banks have been recognized and trusted of all key stakeholders in the financial sector for more than 20 years. Banks are selected through an evaluation of long-term credit ratings— from Moody’s, Standard & Poor’s and Fitch—and total assets of the 500 largest banks worldwide.. The publisher and editorial director of Global Finance Magazine stated that “Emerging markets banks continue to climb slowly up the list of the World’s Safest Banks and he also added that “this ranking offers companies an objective tool for evaluating the stability and security of the world’s banks—both globally and by region”.

The safest banks, amongst them BOV, will be presented awards at a special ceremony to be held during the Annual Meetings of the IMF and World Bank in Washington, on 11^th October.

The new package of EU sanctions against Russia, which enhance the ones adopted on the 31st of July, are given legal effect as of Friday 12th September, through their publication in the EU’s Official Journal.These sanctions aim Russian oil and defence firms but could be reversed if Ukraine's ceasefire holds, according to EU head Herman Van Rompuy. Such evaluation is to take place at the end of September.

According to the new measures, 24 people including Russian oligarchs and Ukrainian separatists were added to a list of individuals facing EU travel bans and asset freezes.

Targeting the energy industry, Russia's major export source of profit, EU companies will be barred from providing services for deep water and arctic oil exploration and production.

Under this latest round, Russian oil companies Rosneft and Transneft, the petroleum unit of state gas monopoly Gazprom and three top defence companies would be barred from seeking debt financing from Europe. EU nationals and companies are also prohibited to extend loans to the top five Russian state-owned banks.

There will also be no possibility for the aforementioned entities to trade in the banks' bonds, shares or financial instruments with maturities of more than 30 days.

A ban on the export of dual-use goods and technology was extended, thus covering dual-use goods which can be used for military purposes, defence equipment and some other sensitive technologies. Some sectors like aeronautics and the space industry were expressly excluded from this prohibition.

The coming into effect of the new restrictive measures was by virtue of the below Council Decisions:

-COUNCIL DECISION 2014/659/CFSP of 8 September 2014 amending Decision 2014/512/CFSP concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine

-COUNCIL DECISION 2014/658/CFSP of 8 September 2014 amending Decision 2014/145/CFSP concerning restrictive measures in respect of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine

Lawyers, legal procurators and notaries as from 1^st October they will have 24-hours access to civil court records. With the new on line case management system they will be to access the information from their office computer. The Justice Minister, Dr. Owen Bonnici announced on 9^th September the circulation of the new platform which would allow legal professionals to track the progress of their civil cases. Furthermore all documents filed will also be uploaded on the new platform. The legal professionals could access the system through their electronic ID which they could apply for through the website mygov.mt. and their access will be granted upon the approval of the court registrar. The case-management system was developed by the Malta Information Technology Agency and it will be accessible through the website justice.gov.mt.

The European Union formally adopted the new package of sanctions against Russia over its presence and actions in Ukraine on Monday evening, thus enhancing the measures adopted on the 31st of July.

Although it was previously reported that the new sanctions could come into force by Tuesday, the final EU decision did not specify the date of application.

"The entry into force through the publication in the Official Journal will take place in the next few days. This will leave time for an assessment of the implementation of the ceasefire agreement and the peace plan," EU President Herman Van Rompuy said in a statement.

EU envoys were due to meet again today in Brussels to decide whether the aforementioned sanctions should be first implemented and then suspended (provided that the cease-fire holds) or whether they should not be implemented at all at this stage.

The EU sanctions would affect Russia's three top oil producers and pipeline operators Rosneft, Transneft and Gazprom Neft. They will be put on the list of Russian state-owned firms that will be forbidden from raising funds of longer than 30 days' maturity on European markets. According to an EU diplomat, these sanctions will apply to firms that have turnover of more than 1 trillion roubles (€20,98 billion) and half of that is generated from the sale or transport of oil.

The measures, however, would not encompass the gas sector and in particular state-owned Gazprom, the world's biggest gas producer which is also the biggest gas supplier to Europe.

European Commissioner Cecilia Malmstrom will be visiting the European Asylum Support Office headquarters in Malta on Thursday 4^th September. Since 1999, the EU has been working to create a Common European Asylum System (CEAS) and improve the current legislative framework. The EU has established agencies such as FRONTEX, Europol, CEPOL, EMCDDA, EASO and EU-LISA in order to provide information, advice and support EU States. EASO is the agency of the European Union set up by Regulation 439/2010  acting as a centre of expertise on asylum, helps Member States to fulfil their European and international obligations to give protection to people in need and provides operational support to Member States whose asylum and reception systems are under particular pressure, amongst other things.

Ms Malmstrom stated after the meeting with Italian Interior Minister Alfano that the European Commission will do its utmost to manage the migration issue in the Mediterranean and their aim is to put in place an enlarged 'Frontex plus' by the end of November with more Member States participating.

Social solidarity minister Michael Farrugia today said that Malta and Portugal will be signing a far reaching social sector Memorandum of Understanding.

“Our countries have a very good relationship and we look forward to sharing Portugal’s experience in the reaching our programme” Farrugia said.

The Portuguese  minister of solidarity, employment and social security Pedro Mota Soares said that Malta and Porutgal will be working closely and exchange the best practices as the two countries implement a number of social programmes. He also added that the Malta can be viewed as a good model on the importance of creating a strong social network and involving civil society in the welfare system.

The Leap outreach scheme will commence in October. The EU membership felicitated bilateral collaboration between the two countries. The agreement, which covers the social sector will be signed on Wednesday.

 According to the figures published by Eurostat, the statistical office of the European Union, Malta's rate of unemployment in July 2015 was recorded at 5.7% which is the third lowest rate across the European Union, surpassed only by Germany and Austria both at 4.9%. The Euro Area (consisting  of 18 countries) seasonally-adjusted unemployment rate was 11.5% in July 2014, stable compared with June 2014 but down from July 2013 that the rate was 11.9%. The EU28 (consisting of 28 countries) unemployment rate was 10.2% in July 2014, also stable compared with June 2014 but down from 10.9% in July 2013.

Among the Member States, the lowest unemployment rates were recorded in Germany, Austria and Malta and the highest in Spain and Greece. Eurostat estimates that 24.850 million men and women in the EU28 were unemployed in July 2014 while compared with June 2014, the number of persons unemployed decreased by 41.000 in the EU28 and remained almost stable in the euro area. With regards to the youth unemployment 5.062 million persons under 25 were unemployed in the EU28 in July 2014 and compared with July 2013, youth unemployment decreased by 563.000 in the EU28. Malta is also recorded amongst the countries with the lowest rates of youth unemployment.        

Environment minister Leo Brincat, together with transport minister Joe Mizzi, Gozo minster, Anton Refalo and parliamentary secretaries Michael Falzon and Stefan Buontempo launched the European Mobility Week which will be held between the 16^th and  22^nd of September. The theme this year will be “Our Streets, Our Choice”

A number of activities have also been announced. These include a car free day on the 22^nd of September, a national bicycle marathon on 21 September and various other activities aimed at raising awareness on sustainable means of transportation.

The Environment minister stated that “It is our duty to raise such awareness and to encourage alternative and clean energy.” With reference to the EU’s regulations requiring member states to reduce their carbon emissions by 20%, Brincat said a low-carbon economy is something the Maltese people should aim for.

Joe Mizzi warned that the high usage of private transport in Malta, would in the long run, start to affect people’s health. He said that the government is determined to promote a better and more clean methods of transport.

Anton Refalo said that awareness on more sustainable methods of transport had to be tackled through campaigns such as this. With many Maltese and even foreigners travelling to Gozo on a daily basis, especially during the Summer season, a transport sustainability has to be sought.

The research boat Tara will arrive in Malta on 28^th August as part of an expedition to study the effects of plastic pollution in the Mediterranean. This will be the second time the vessel has visited Malta : the first visit being five years ago.

Tara Expeditions is a French non-profit organization, active since 2003 in favour of the environment. Tara boat is the platform for high-level scientific research missions in two major scientific themes: the world’s oceans and climate change. Tara started its mission in the Mediterranean on May and it will be in the Mediterranean until November 2014, with two primary objectives,  to accomplish a scientific study concerning plastic pollution, and to promote awareness of environmental challenges in the Mediterranean region. The scientists on board Tara will identify the types of plastic found in the sea and study the microbes living on the plastic and their impact on sea.

The boat will be docked at Pinto Wharf in Valletta until Sunday morning.

Malta will benefit from a further €3million in EU funds allocated for the Leader Scheme. This scheme is a rural development programme supporting activities that improve the quality of life in rural areas and helps diversify the rural economy.

“LEADER+ projects are managed by local action groups (LAGs). Each project must involve a relatively small rural area, with a population of between 10,000 and 100,000. In France, the whole country is eligible with the exception of urban areas with over 50,000 inhabitants. France has 140 local action groups.

LEADER+ has three objectives:

·         to encourage experiments in rural development

·         to support cooperation between rural territories: several LAGs can share their resources

·         to network rural areas, by sharing experiences and expertise in the development of rural areas by creating databases, publications and other modes of information exchange”

Parliamentary Secretary Ian Borg stated that Malta previously benefitted from a total of €4 million, however, this amount increased to €7 million.

This scheme will target businesses in the South East and North West of Malta. €500,000 are to be allocated specifically for business in the traditional arts and crafts sector, allowing them to flourish. One benefactor of this scheme is Anthon Vassallo who received €5,000. He specialises in making traditional Maltese clocks for churches and private homes. Each clock takes more than a month to complete. Businesses interested in applying for such funds need to apply by the 21st of September

The Telegraph gathered in one list and presented the ten top islands for summer getaways in Europe and of course Malta, as expected, is included at the list. Telegraph describes Malta as the country that gets more than 300 sunny days during the year surrounded by some of the cleanest blue waters of Mediterranean. Malta has a lot of historic sights compared to any other country, mainly due to its 7,000 years of history. Malta’s capital city Valletta is listed as a World Heritage Site by UNESCO and together with its unique prehistoric temples, some of the oldest stone buildings in the world, its medieval towns and the architectural and artistic legacy of the Knights of St John (the Knights of Malta), Malta invites you for an unforgettable summer holiday break.

The other islands included on the list are: Sardinia, Sicily, Majorca, Crete, Ibiza, Lanzarote, Corfu, Tenerife and Menorca.

An international team of geologists called CUMECS-2 has been assigned to explore the Malta Escarpment. The Malta Escarpment is an underwater cliff that extends 250 km southwards from the eastern coast of Sicily towards the eastern coast of the Maltese Islands linking the deep Ionian basin to the east with the Hyblean carbonate platform to the west In certain places, the cliff reaches a height of 3.5 km, which is higher than the nearby Mt Etna volcano, making it one of the largest features on the ocean floor landscape. The CUMECS-2 team, led by Dr Aaron Micallef from the Department of Physics, will be on board the Italian research vessel OGS Explora and using the most advanced technology they will try  to produce a detailed map of the cliff and collect samples from more than 3000 m water depth. This information will allow the scientists to understand the nature of the cliff and how it was formed and it will also be possible to collect a lot of seismic data for the Mediterranean and information for past earthquakes.

The team which consists of scientists and students from the University of Malta, National Oceanography Centre, National Institute of Water and Atmospheric Research, University College Dublin  and Istituto Nazionale di Oceanografia e Geofisica will depart from Catania on 31 August 2014 for their mission. The mission is part of SCARP, a project funded by an EU FP 7 Marie Curie Career Integration Grant.

The Malta Stock Exchange is the winner of the International Finance Awards 2014 at the category of Most Innovative Stock Exchange. The annual International Awards established on 2010 by the Acquisition International Magazine and all that years have been celebrating excellence, innovation and performance across the business, legal, financial and investment communities. According to the magazine all the winners are determined through a strict process, which starts when they open the ballot boxes and distribute the voting forms through other partners within the industry. Winners were determined based on the votes received, on supporting evidence supplied and on in-house research.

Malta Stock Exchange CEO Ms Eileen V Muscat said that this award is a recognition for the dedication and investment that the Exchange has put into developing its services and creating an environment that makes Malta an attractive capital market domicile for companies seeking new sources of capital.

The destruction of Syria’s chemical weapons has been completed on Monday aboard the vessel Cape Ray sailing in international waters of the Mediterranean Sea. The U.S. Defense Department issued a statement saying that the Defense Secretary Mr. Chuck Hagel congratulated the crew of the U.S. ship Cape Ray for completing the work of neutralising Syrian weapons components. Syria agreed to abandon its chemical weapons under a deal proposed by Russia and hammered out with the United States on September 2013. Secretary Hagel stated that US will continue their efforts to ensure no future use of chemicals as weapons.  

The completed mission which was led by the Organisation for the Prohibition of Chemical Weapons and it is the first of its kind would not have been possible without the contributions of plenty countries and the United Nations.

The annual inflation of Euro Area was down to 0.4% in July 2014 from 0.5% in June, according to the figures published by Eurostat, the statistical office of the European Union.  This is the lowest annual inflation rate since October 2009. In July 2014, negative annual rates were registered in Bulgaria (-1.1%), Greece (-0.8%), Portugal (-0.7%), Spain (-0.4%) and Slovakia (-0.2%). The highest annual rates were recorded in Austria (1.7%), Romania (1.5%) and Luxembourg (1.2%). Compared with June 2014, annual inflation fell in thirteen Member States, remained stable in six and rose in eight.

In Malta the annual rate of inflation dropped in July compared to the same month last year and according to the Harmonised Index of Consumer Prices (HICP) as it was published today by the National Statistics Office, the rate is 0.6% compared to 0.9% of the previous year. The largest upward impacts on annual inflation were brought about by the Restaurants and Hotels Index, the Alcoholic Beverages and Tobacco Index.The main downward impacts were recorded in the Housing, Water, Electricity, Gas and Other Fuels Index mainly due to lower electricity rates.

Malta registered the highest increase in industrial production in June in the EU member States, according to figures released by Eurostat. In June 2014 compared with May 2014, seasonally adjusted industrial production  fell by 0.3% in the euro area (EA18) and by 0.1% in the EU28,  according to estimates from Eurostat, the statistical office of the European Union. In June 2014 compared with June 2013 , industrial production remained stable in the euro area and rose by 0.7% in the EU28. In the EU28, the increase of 0.7% is due to production of non-durable consumer goods rising by 1.5%, intermediate goods by 1.1% and capital goods by 0.8%, while durable consumer goods fell by 0.4% and energy by 2.9%.

Malta registered the highest increase 5.2% followed by Denmark with an increase of +2.4% and Hungary +1.8%. The largest decreases in industrial production were registered in Ireland -16.5%, the Netherlands -3.0% and Lithuania -2.7%.

An oil tanker carrying 670,000 barrels of crude has left Libya's Ras Lanuf oil terminal yesterday and it is sailing towards Malta. The tanker is chartered by Austrian energy group OMV and it is the first shipment since the port was reopened following a year of bans by armed protesters, according to the Libyan state-run National Oil Corporation. OMV said on Tuesday its profits had been hard hit in the second quarter by lower output on Libya. It is now producing only 12,000 barrels per day in Libya which is a little more than a third of the level used to produce before the fighting between rival armed factions and the government. Until April, rebels demanding more autonomy for their eastern region were holding four out of five eastern oil ports, cutting off over half of Libya's export capacity of 1.25 million barrels per day, and hitting production in the North African OPEC member. 

Le Meridien Hotel and Westin Dragonara, both part of the Starwood chain, earned the International Eco Label Certification for Hotels and Restaurants titled the Green Key. This certification rewards best practice, reducing energy waste, using sustainable products and raising environmental awareness.

Tourism minister Edward Zammit praised the two hotels for acquiring such a prestigious certification, showing their efforts to make hotel business more ecological.

The Starwood chain is working towards having all its hotels across the world certified as Green Key. The Eco-Label is important in attracting tourists who choose their holidays to reflect responsible behaviour. Malta forms part of other 45 countries, including those found in the Mediterrenean, boasting the Eco-Key label. As such, this attracts tourists from all around the world who choose their accommodation based on their liking to help the environment and boost eco-tourism.

Over 200 applications for the Maltese citizenship have already been submitted to Identity Malta, with 16 already at the second stage where due diligence is performed. However, so for no one has actually been granted citizenship. The Individual investor Programme (IIP) was launched by the government six months ago.

Identity Malta’s chief executive officer Jonathan Cardona described Henley & Partners’ service, the government’s concessionaire for the programme as “excellent” and also stating that they are attracting “to Malta the type of individuals that the government wanted to target through IIP, with the potential significant investment in our country”

The IIP offers the opportunity to acquire Maltese citizenship through a contribution of some €1.15 million in cash, bonds, investment and real estate, with an obligatory clause of being resident in Malta for one yearand if all the other requirements are fulfilled.

European Council President Herman Van Rompuy together with the President of the European Commission announced, in the name of the European Union, that additional restrictions have been imposed against Russia, Ukraine,  Crimea and Sevastopol and Syria. These sanctions target sectoral cooperation and exchanges within the Russian Federation. These measures will limit Russian state- owned financial institutions access to EU primary and secondary capital markets, impose an embargo on trade in arms, establish an export ban for dual use goods for military end users and curtail Russian access to certain sensitive technologies that can be used for oil exploration and production. 

These restrictions came into force on the 1^st of August 2014. In accordance to the above, the Malta Financial Services Authority brought to the attention of all Financial Services License Holders the coming into effect of the restrictive measures by virtue of the following regulations :  

·         Council Regulation (EU) No 833/2014 of 31^st July 2014

·         Council Regulation (EU) No 825/2014 of 30^th July 2014

·         Council Regulation (EU) No 692/2014 of 23^rd June 2014

·         Council Implementing Regulation (EU) No 826/2014 of 30^th July 2014

·         Council Implementing Regulation (EU) No 793/2014 of 22^nd July 2014

 Finally, these regulations have immediate effects in Maltese Law and require no implementation measures

The Standard Eurobarometer 81 survey, which was carried out between 31 May and 14 June 2014 in 34 countries, amongst them Malta, was established in 1973 and each survey consists of approximately 1000 face-to-face interviews per country. This Standard Eurobarometer survey of spring 2014 was conducted just after the eighth European elections that took place across the EU between 22 and 25 May 2014. According to the survey most people are optimistic about the future of the EU and Malta is ranging first with 77% of the people declaring that they are total optimistic. Immigration is the most important issue in Malta (55%, compared with 21% at EU level) while 76% of people consider that the current situation of the Maltese economy is good. With reference to the standard of living 89% of Maltese people are satisfied with their standard of living and 74% of Maltese respondents disagree that there is a risk that Malta could fall into poverty. Finally the Maltese respondents are those who highly feel to be European citizens ranking first with 87% showing an increase of 13% since autumn 2013.

Sanctions have been imposed against Russian oil companies, banks and defence firms by the European Union. European diplomats from the 28 member states agreed to impose restrictions on trade of equipment for the oil and defence sectors and dual use of technology with both defence and civil purposes. “These sanctions are harder than anything we have ever done before” said James Nixey of British Chatham House.

Previously Europe had imposed sanctions only on individuals and organisations accused of direct involvement in threatening Ukraine. These recent sanctions mark the commencement of a new phase in the biggest confrontation between Moscow and the West since the Cold War. Events took a far worse turn when the Malaysian flight MH17 was shot down over rebel held territory on July 17^th.  These measures have been enacted in the hope that Russian president Vladimir Putin will back down in his campaign against Ukraine but he has shown no signs of doing so.

The US has also announced its sanctions. Speaking at the White House, President Obama said the new sanctions targeted “key sectors of the Russian economy’. All exports of specific goods and technologies to Russia will be blocked. The US has also slapped sanctions on the VTB, The Bank of Moscow and various other state owned companies.

In his speech, President Obama also said “Russia’s actions in Ukraine and the sanctions that we’ve imposed have made a weak Russian economy even weaker.”

On 1 January 2015, Lithuania will become the 19th member state to adopt the Euro as it's official currency.

In the two-yearly reports prepared by the Commission and the ECB, it has been confirmed that the progress made by Lithuania in fulfilling the convergence  criteria like the price stability, the government's budgetary position, exchange rate stability and long-term interest rates have been satisfied.

From now Lithuania has over five months to prepare for the changeover. The Council also adopted regulations setting a permanent conversion rate for the Lithuanian Litas to the Euro. More precisely the conversion rate has been set at 3.45280 Lithuanian Litas to the Euro.

Algirdas Butkevičius, Prime Minister of Lithuania Declared that "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us".

For the time being, eighteen of the 28 member states of the EU currently have the euro as their currency. Euro currency has been introduced:

– on 1 January 2002 in Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Austria and Finland;

– on 1 January 2007 in Slovenia;

– on 1 January 2008 in Cyprus and Malta;

– on 1 January 2009 in Slovakia;

– on 1 January 2011 in Estonia; and 

– on 1 January 2014 in Latvia.

Currently only Malta together with Italy, Cyprus, Denmark, and Sweden have so far declared full transportation of the Energy Efficiency Directive in their national legislation. The Directive introduces new measures to ensure that the target of increasing energy efficiency by 20 per cent by 2020 can be achieved.

New targets for 2030 have been put forward by the European Commission. Its aim is to provide new opportunities for European businesses, cheaper energy bills for consumers and a significant reduction of natural gas imports. GüntherOettinger, Vice President of the European Commission responsible for energy stated : “The energy efficiency strategy will complete the 2030 framework on energy and climate. Our aim is to give the right signal to the market and encourage further investments in energy saving technologies to the benefit of businesses, consumers and the environment.”

The European Commission will review the progress on energy efficiency in 2017. It will explore whether new indicators such as energy intensity should be implemented to reach the target, keeping in mind the country’s GDP and population growth.

Malta has re-asserted its place as one of the European Union’s best performer in the 28th edition of the Internal Market Scoreboard issued by the European Commission. The Maltese transposition deficit relating to the Single Market is second-lowest in the EU with only 0.2 % of all directives overdue and this rate is stable for a second consecutive time. The Malta’s is significantly below both the EU average which is 0.7 % and the deficit target set by the Member States which is 1 %. On average, it takes Malta 3.6 extra months to transpose directives, which is only half of the EU average which is 7.5 months. The Scoreboard indicates to what extent EU Member States and European Free Trade Area (EFTA) countries implement EU rules. Another notable indicator for Malta is that continues to be the second of the EU Member States with the fewest pending infringement proceedings concerning the single market. Another advantage for Malta is that provides information to citizens and enterprises on portals that are also available in English and is cooperating very well with the Commission services as regards Your Europe.

According to the European Commission, since last summer EU countries have stepped up their efforts to make it easier to live, work or do business in another EU country and Malta is deep committed to the European Single-Market.

The Maltese President announced that  a national focal point for dialogue among all the Maltese trade unions is a work in progress. As a result, a platform for the discussions of the occupational issues, unemployment and precarious work will be established.

This initiative has been already endorsed by all the 31 registered trade unions in Malta. Currently the trade unions are organized in three different bodies: the General Workers Union (the largest one), the Confederation of Malta Trade Unions and the Forum Unions Maltin.

The educational and the training programmes of the Union were usually in-house, while the new Forum should add a new dimension of cooperative learning. “Worker education and training is a powerful tool for better facing the many challenges of the contemporary workplace” Centre for Labour Studies Prof. Baldacchino declared.New platform for solving occupational problems

The Maltese President announced that  a national focal point for dialogue among all the Maltese trade unions is a work in progress. As a result, a platform for the discussions of the occupational issues, unemployment and precarious work will be established.

This initiative has been already endorsed by all the 31 registered trade unions in Malta. Currently the trade unions are organized in three different bodies: the General Workers Union (the largest one), the Confederation of Malta Trade Unions and the Forum Unions Maltin.

The educational and the training programmes of the Union were usually in-house, while the new Forum should add a new dimension of cooperative learning. “Worker education and training is a powerful tool for better facing the many challenges of the contemporary workplace” Centre for Labour Studies Prof. Baldacchino declared.

The Government of Malta in a statement released this morning, confirmed that Her Royal Highness the Duchess of Cambridge, Princess Kate will be visiting Malta on Saturday 20th and Sunday 21st September 2014, in order to attend the country's Independence celebrations. Malta is celebrating her 50^th anniversary of the country’s independence from Britain and Princess Kate will represent Her Majesty the Queen, Elizabeth II for that occasion, who last visited Malta on 2007. This is also the first time that the Duchess of Cambridge will be travelling outside the United Kingdom on her own.

As stated on the official website of the British Monarchy, the Queen and The Duke of Edinburgh lived in Malta when they were just married, while the Duke was on naval service. According to the Government’s statement further details will be announced at a later time.  

Maltese tenor Joseph Calleja will once again be performing live tomorrow at The Granaries, Floriana. A number of local and foreign guest artists will be participating in the concert.  The popular Italian singer Claudio Baglioni, X-Factor winner Leona Lewis, young Maltese singer Federica Falzon and internationally renowned bass baritone Bryn Terfel will accompany the Maltese tenor on stage. Maestro Paul Bateman will be directing the National Orchestra.

Valletta tomorrow will be also hosting the seventh edition of wine festival . Attendees may enjoy a vast selection of certified DOK and IGT quality wines from grapes grown in Malta and Gozo while listening to live performances by top local talents.

Moreover,  the second Sliema Street art Festival will be held on the 18-19 and 20 July, attracting a wide range of world class foreign and local artists, musicians, entertainers and plenty of great parties.

Malta  is a number of interesting events during the Summer season which are not to be missed.

Yesterday the European Commission published new recommendations to introduce basic requirements to gambling websites. Member states should ensure that the consumers will be provided with sufficient information to understand the risks related to the gambling.

These include the introduction of “health warnings ”on any print and TV advertising or websites that promote online gambling. In particular with reference to minors, Member States have been recommended to  ensure that minors are not able to gamble online. In general, advertising and sponsorship of online gambling services should be socially responsible and transparent. Moreover, a registration processes should be introduced so that consumers will be obliged to provide details of age and identity.

For the time being, these rules represent  just an invitation for the Member states to take them up, but they are non-binding.

According with some recent data, in 2013 Malta had 425 operative licences in the online gaming industry that generated more than 50 million Euro of revenue. In fact, the Maltese online gaming industries represent one of the most important online gaming in the EU .

Transport Malta will issue a Request for Proposals (RFP) for a minimum 240–berth Marina at Sa Maison. A request for proposals will be issued for the development, operation and management of an all-weather marina, with a minimum of 240 berths and complementary shore-side facilities at Sa Maison. The concession shall be for a fixed term of 25 years. The increase in yacht ownership and chartering creates a demand for more berthing facilities since the existing so far capacity cannot meet the increasing demand.  

Transport minister Mr. Joe Mizzi said that the new marina will raise Malta’s profile in the yachting industry across the Mediterranean and consolidate its strategic position as an international centre of maritime excellence. The new berths are expected to be constructed using the highest international standards and maintain the same time the right quality and all safety regulations. The investment will include the improvement of the area, which will remain accessible at all times, pontoons and mooring systems will accommodate the maximum number of yachts and other land facilities for berth holders such as  electrical shore power and water supply will be provided.

Due to its geomorphology, Malta has a lot of natural harbours and marinas and already offers super yacht berths, but through the provision of other new berths Malta is determined to become one of the largest super-yacht marinas.

The two day conference titled "The Security of Gas Supply - The role of gas development in the Mediterrenean Region" will be held on the 10th and 11th July at the Intercontinental Hotel. Amongst the people attending are participants from more than 30 different countries and stakeholders from within the energy sector. The Conference, which is being hosted by the Ministry of Energy, will also include a Ministerial Meeting hosted by the European Commission and the Government of Malta.

During the conference, European and Non-European participants will discuss ways on how to effectively develop the Mediterrenea's energy potential. Malta will try to encourage bilateral talks between North African countries and EU states while it sets on becoming an energy hub in the Mediterrenean.

This conference will bring together policy makers and stakeholds from the energy sector under one roof in order to discuss the Mediterrenea's nartural gas potential as a source of energy for Europe and possibly other countries as well.

As from 2016 European Union banking supervisors will use a common ‘scorecard’ in order to check if lenders can stay in business, use reliable IT systems and hold enough capital to pay potential fines.

For this purpose new guidelines will be replacing a patchwork of national approaches to working out how much extra capital banks should hold above minimum levels applied across the EU. The said guidelines are in process of consultation until next October after which they will be applied in the supervision of all institutions across the European Union.

With reference to the biggest Eurozone banks the guidelines will be applied by the European Central Bank, which supervises them from November whilst for the others smaller banks they will be applied by national supervisors.

“This represents an important step forward in forging a consistent supervisory culture” the European Banking Authority declared.

Malta's National Statistics Office published a report stating that the total inbound tourist trips for May 2014 were estimated at 168, 674. An increase of 8.3% when compared to May 2013. Excluding the passengers who stayed overnight on board their berthed cruise ships, this increase amounted to 7.2%. A total of 140,383 inbound visits were carried out for holiday purposes (84.3%), while a further 13,883 were undertaken for business purposes (8.3%) with the most of the inbound tourists coming from European member states. The number of tourists coming from Non-EU countires visiting Malta increased by 14.3% while the largest proportion of inbound tourists were aged between 45 and 64 years old.

Malta is amongst the most popular tourist destinations and it is estimated that the number of tourist arrivals will continue increasing.

According to the 2014 Good Country Index, Malta is one of the 30 countries which most contributes to humanitarian causes. More precisely, Malta is the third highest cultural contributor to humanity. With reference to cultural exports it seems that these results were due to a number of cultural bodies recently set up. With reference to the external cultural output Malta was ranked third after Belgium and the Netherlands.

Moreover,  Malta was ranked the 23^rd“overall good country”. Ireland topped the list of 144 countries which calculated “humanitarian goodness” based on contributions to science and technology, culture, international peace and security, world order, planet and climate, prosperity and equality, and finally, health and well-being.

Eurostat, the statistical office of the European Union, published yesterday the figures for the unemployment rates within the European Union. The EU28 unemployment rate was decreased to 10.3% in May 2014 compared to 10.4% in April 2014 and 10.9% in May 2013. The euro area (EA18)  unemployment rate was stable at the rate of 11.6% in May 2014 compared with April 2014 and was decreased compared to the 12.0% rate in May 2013. Eurostat estimates that 25.184 million men and women in the EU28, of whom 18.552 million were in the euro area, were unemployed in May 2014. Compared with April 2014, the number of persons unemployed decreased by 63.000 in the EU28 and by 28.000 in the euro area.

Malta’s unemployment rate was recorded at 5.7% placing Malta as the EU country with the third lowest unemployment rate among the member states. Austria ranked first with 4.7% recorded unemployment rate followed by the second country Germany with 5.1% unemployment rate. Malta’s unemployment rate for the month May 2014 was decreased compared to May 2013 from 6.3% to 5.7% and is the lowest unemployment rate recorded for Malta since 2000.

The Maltese passport ranks as the world’s 26^thmost powerful passport in terms of the number of countries its holders can visit without visa. The Maltese passport became widely known mostly because of the recent citizenship by investment programme and provides its holders with a visa-free entry to a total of 163 countries. Moreover citizens of Malta enjoy a free movement without passport in Schengen Area which is a zone comprising of 26 European countries that have abolished passport or any other type of border control in-between their common borders.

According to the research conducted by movehub.com, a website specialising in helping people move abroad, the world’s most powerful passports, are those of UK, Sweden and Finland, enabling its holders to a visa-free entry to 173 countries and the least powerful passport is that of Afganistan which enables its holders to enter at only 28 countries without visa.

The European Commission has approved today a programme that aims to help the cross-sector interaction between European public administrations providing interoperable digital services. The new program name is ISA2 represents an improvement of its predecessor ISA.

The EU Commission Vice-President Maroš Šefčovič said that consequently to the economic crisis, Member States have already reduced administrative costs, introducing digital services and improving business processes. The problem is that these procedures take initially place at department level and in this stage misses the European interoperability. In addition "Years of work on interoperability, eGovernment and open data mean interoperable platforms now have the potential to unleash unprecedented speed, efficiency and quality in the delivery of public services. ISA2 is the key that will unlock that potential. It is central to the Digital Agenda for Europe"  Maroš Šefčovič stated.

The recent statistic date are not so optimistic. In fact a recent  report shows that for the time being availability of cross-border public services to nationals of a different EU country stands at just 42% - 30 percentage points behind the availability of public services for country nationals.

IMO is celebrating the fourth edition of its global campaign ; Day of the Seafarer, which is held every year on the 25^thJune.In 2010, the Diplomatic Conference, which met in Manila with the aim to adopt the amendments of the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (the STCW Convention) also agreed to dedicate this day as the International Day of the Seafarer as a way to recognise their services. The United Nations has now included the Day of the Seafarer in its list of observances.

The campaign aims to thank seafarers for their contribution to international seaborne trade and the world economy. “Seafarers are the people without whom food, clothes, gifts, gadgets or even basic needs would not reach our doors. We rely on them every day.”Yet sometimes, the working conditions that the seafarersare subjected to is not always optimal.IMO is always trying to put pressure on governments and private ship companies to ensure fair treatment of seafarers and tighten the legal and regulatory framework which affects their works and lives. In fact one of the main aim of this campaign is to “send a clear message to you that we recognize and appreciate your services; that we understand the extraordinary conditions and circumstances of your profession; that we do care about you; and that we do all that we can to look after and protect you when the circumstances of your life at sea so warrant “

IMO is inviting everyone to take part in this campaign and say “Thank you Seafarers”.

On the 22^ndof June 2014, the Financial Action Task Force (FATF), in coordination with relevant bodies from the United Nations, organised an Experts' Meeting on Targeted Financial Sanctions. In total the meeting carried out in Paris was attended by representatives from 51 countries and 16 organisations.

The objective of the meeting was to bring together targeted financial sanction experts at the global level between relevant bodies and discuss possible reasons for low level of compliance with targeted financial sanctions,

The participants of the meeting pointed out that if implemented effectively and with respect for applicable human rights provisions by countries and the private sector, targeted financial sanctions are an important means to deprive terrorist and proliferation financiers of their funds, thereby protecting citizens from the threats of crime, terrorism and weapons of mass destruction.

The United Nations and the FATF will continue to hold annual meetings, the next meeting between United Nations and FATF will take place in New York in December 2014 with a visit of the FATF President to the relevant United Nations bodies.

The  International Institute on Justice and the Rule of Law opened it’s doors yesterday in Valletta.

For the last 18 months,  a number of international governments, including the US, Turkey and the Netherlands, and the European Union have worked with criminal justice experts from around the world to support the establishment the Institute.

The International Institute in Malta will focus on assisting countries in the Middle East and North Africa, East Africa and the Horn as well as West Africa and the Sahel. It aims to help professionals like lawmakers, law enforcement officials, prosecutors, judges and prison administrators to do their jobs better by bringing terrorists to justice. Moreover, participating officials will share newly-acquired knowledge and skills with their local colleagues and foreigner counterparts.

This is a step forward that aims also to help Africa and the Middle East to strengthen their efforts to bring violent extremists to justice.

 Last Friday the first gay couple has registered their union in Malta. .

The President of the Republic of Malta, Ms  Coleiro Preca, had signed the Civil Unions Bill on the 17^thApril 2014. After the approval of the Parliament, she was asked to sign the law that  would have allowed civil partnerships and adoption for same-sex couples.

Once all the relevant legal notices were published, gay couples started to apply for their civil unions and banns were later published. According with the relevant legislation banns have to be published at least six weeks prior to the ceremony. With reference to the procedure,  Maltese citizens need only ID Cards of both partners. With regards to foreigners, the Civil Unions Act ensures that same-sex couples married or in a partnership from another country will see their union recognised in Malta , but they have to provide a birth certificate and a free status certificate, both legalized.

The number of aircrafts listed on the Malta National Aircraft Register amounted to 155 aircrafts as at the end of the year 2013. According to Transport’s Malta annual report for 2013 there was an increase of 21 % over the  year 2013, an increase of 24% over the year 2012 and an increase of 10% over the year 2010. There has been a substantial increase in large aircraft registration mainly business jet aircraft, whilst there has been a decrease in the registration of small aircrafts and no registration of microlights.  Amongst the registered aircrafts there is a wide body aircraft, the A430-600 which is the longest aircraft in operation in the world.

Malta’s aircraft registry grows thanks to Malta’s regulatory authority for aviation, the Civil Aviation Directorate which is always adapting new regulations while trying to maintain safety of the air transport. The Civil Aviation Directorate is trying to achieve growth for the aviation register and maintain a strong and efficient civil aviation sector.The aviation industry can enable Malta’s economic growth and to this end the Maltese Government launched on 2013 a new Civil Aviation Policy with the scope of increasing synergy between all stakeholders and bring the Maltese aviation sector in the forefront of international registries. Aviation is viewed as fast becoming a main contributor to Malta's economic growth and this should therefore be positively exploited to its full potential.         

The European Union's 2015 draft budget has been adopted yesterday by the Commission. It has been highlighted that about 40% of the payments still cover EU funded projects from the 2007-2013 financial period. Also the Commission is proposing a further 1% reduction in its staff numbers, the third such cut in three years.

The 2015 draft budget amounts to 1% of combined GNI of all Member States and manages to take into account present and future major issues such as the Ukrainian crisis or the need to strengthen the EU’s energy security by refocusing its scarce resources.

Moreover, a big part of the payment appropriations will go to areas that boost Europe's economic growth and jobs such as research, trans-European networks for energy, transport and ICT (Connecting Europe Facility) or the Youth Employment Initiative. Also the areas of asylum, migration and integration fund  and protecting Europeans' health and consumers will see an increase in payments. Finally, the functioning cost of the EU will be at around 4.8% of the total budget therefore it remains stable.

The European Commission has put forward a proposal to support the Member States in pursuing research and innovation reforms. It highlights the importance of improving the quality of development and the policy-making process, bringing together both research and cutting edge activities.

Another key aspect of the reforms will be the improvement of the quality of R&I programmes, including through reductions of administrative burdens and more competitive allocating of funding.  

The Commission called on Member States to prioritise research and innovation, as public authorities regain margins for growth-enhancing investment.  Moreover, today’s technological advancement in communication shows that improving the quality of public spending in such areas is also essential in order to increase the economic impact of investment.

Mr. John Gauci-Maistre K.M., CEO of GM International Services Limited, attended the Posidonia 2014 ,the biggest international shipping exhibition and one of the major events of the shipping industry. The event was held at Athens, Greece, from 2^ndto 6^thJune at Metropolitan Expo and was attended by many Maritime Authorities, flag administrators and other stakeholders of the shipping industry. More than 20,000 visitors, some 1.900 exhibitors and more than 90 countries were represented in this year’s Posidonia. The international exhibition Posidonia first took place in 1969 and has been taking place every two years ever since.Posidonia serves as a link that brings together the international shipping industry with the Greek ship owners and enables them to promote and have access to a range of shipping products.

GMI is the first Maltese company to exhibit in Posidonia. Mr. Gauci-Maistre has a strong presence in Greece mainly due to the company’s Greek clients and his reputation in Greece speaks for itself. GMI enjoys a high level of dignity and respect from the Greek Shipping Community. Posidonia attracts thousands of people from across the international shipping industry and GMI the first company that registered a vessel of Greek interests under Maltese flag could not abstain from attending this global shipping event. GMI is always present in the various seminars and conferences held in Athens and Piraeus and Mr. Gauci-Maistre personally has and continually tries to contribute in any way he can by his presence and participation in as many local events as possible.

 Malta Environment and Planning Authority launched the website www.seismalta.org.mt, a new geoportal  that will provide data about air, soil and marine environment. The actual news that this project represents is the radical improvement on  the monitoring capacity respect to the previous versions. This geoportal is the final component of a €5 million EU funded on the project on environmental monitoring called Developing National Environmental Infrastructure and Capacity. It was headed by Mepa in collaboration with the university, the National Statistics Office, the directorate for environmental health and the Malta Resources Authority.

Through the new project the monitoring programmes had been enhanced. In fact, the information system presents “highly complex information in an easy to understand mode and provides policymakers with better access to high-quality thematic information about the environment” Project coordinator Dr Formosa said.

The online system has been lunched in parallel of today`s celebration for the World Environment Day.

World Environment Day (WED) is the United Nations’ principal vehicle for encouraging worldwide awareness and action for the environment. It is celebrated every year on June 5 and Barbados is the host country for 2014 celebrations. The theme for this year's celebrations is "Small Island Developing States and Climate Change", since many of the small islands worldwide are affected from the climate changes as global warming is causing ocean levels to rise at an increased rate which is projected to be even greater this century.As a result, coastal communities are  threatened with floods and storm surges.

On the occasion of the World Environment Day,  Malta’s National Statistic Office issued a survey about the climatic changes in Malta over the past 30 years. According to the survey the mean temperature in Malta over the past 30 years was higher than the climatic norm of 18.6 degrees Celsius. Moreover Malta’s net emissions of greenhouse gases increased by 57.7 per cent,  from 1990 to 2012. Scientists indicate that the increase in heat-trapping greenhouse gases from human activities is causing significant climatic changes worldwide.

Even though Maltese is not classified as a  developing state, the effects of climate change are still likely to generate considerable environmental impacts on ecosystems, society and the economy in general.

The 2014 World Environment Week has officially started in Barbados on 1^stJune and we are all encouraged to take action and “'Raise Our Voice Not The Sea Level” following the official slogan of WED for 2014.

 “Citizenship is not a transaction but a relationship”, this is a recent Prime Minister`s affirmation made during a conference among tax consultants, lawyers, bankers, real estate agents and businessmen. He pointed out how the Individual Investor Programme will transform the Maltese economy. Talking of figures he declared “Successful non-EU citizens will be required to buy property worth at least €350,000 or rent at a cost of €16,000 a year for five years. They will also have to invest €150,000 in government bonds on top of making a direct contribution of €650,000 into an investment fund”.

With regards to the due diligence on the applicants, Dr Muscat warned that Malta “will leave no stone unturned” in the scrutiny and he added that the government is retaining the right to withdraw any citizenship granted if Malta was either misinformed or if new information will be unearthed.

Identity Malta, set up six months ago to manage the Maltese citizenship programme, declared through its chairman, Joe Vella-Bonnici, that the programme was already attracting “considerable interest” from “highly respectable” people.  

The ECB and the central banks of the euro area countries are in the process to introduce the new €10 banknote in September 2014. In preparation for the launch of the new €10 banknote, 3 million shops and small businesses across the euro area will receive information leaflets and motion cards about the new €10 note. The leaflet encourages the shops and small businesses to ensure that their banknote handling and authentication devices are ready to accept the new €10 and also reminds them about the timeline for the launch and the steps that need to be taken to adapt the new €10 banknote. The central banks of the euro area have contacted banknote equipment manufacturers, as well as banks, retailers, etc. which either produce or use handling and authentication devices, offering to help them adapt their machines to the new €10. It is highly recommended all businesses to contact their country’s central bank in order to get more information.

The new €10 banknote was unveiled in Frankfurt on 13^thJanuary 2014 andit has been given several new and enhanced security features. Europa, a figure from Greek mythology, is the new face of the banknote. The €10 banknotes as well as the €5 are more durable which means that the banknotes will need to be replaced less frequently, thus lowering costs and reducing the impact on the environment.

Distribution of the leaflet started today in Finland and Estonia and will reach all euro area countries by the end of June.

An independent group of expert on taxation was asked by the European Commission to examine key issues related to taxing the digital economy in the EU Finance.

The High-level Expert Group on Taxation of the Digital Economy consisted of 6 other experts from across Europe together with former Portuguese Finance Minister Vítor Gaspar, who was nominated as Chair of the Group. These persons with different expertise relevant to this area have been asked, moreover, to present their ideas on the best approach to various challenges and opportunities in this field.

The report  examines taxation issues linked to the digital economy in the broadest sense, looking at indirect (VAT) and direct (corporate) taxation, as well on how tax policy can help maximise the opportunities that the digital economy offers.

One of the main conclusions of the report is that the economy does not require a separate tax regime, but current rules may need to be adapted to respond to the digitisation of the economy. In this document the Group also recommended the removal of the VAT exemption for small consignments from non-EU countries. In the Report that will be considered by the Commission, the experts finally suggested ore radical reforms of the tax system could also be looked at in the longer term, including a destination-based corporation tax.

 Malta’s sea water was deemed “excellent” and the country’s beaches are the second cleanest in EU. The annual bathing water quality report from the European Environment Agency (EEA) for the year 2013 was published yesterday 27^thMay and tracks the water quality at 22.000 coastal site across the EU, Switzerland and, for the first time, Albania.  The report gives to the 87 Maltese beaches across the island, including Gozo and Comino, a score of 99% “excellent”, which is the second best following Cyprus which ranked first. With regards to lake waters Luxemburg ranked first with a score of 100%.

According to the report, all Maltese coastal waters met sufficient water quality in 2013 and  no coastal bathing waters had to be closed during the Summer season. The Maltese Authorities reported 87 bathing sites and 1963 samples were taken. During the bathing season, water samples are taken and analysed for two bacteria : Escherichia coli and intestinal enterococci which may indicate the presence of pollution, usually originating in sewage or livestock waste. and the bathing water quality is rated as excellent, good, sufficient, or poor.   

Within the last 10 years Malta’s beaches have improved due to investments in new sewage treatment plants and the Maltese archipelago provides for the best quality of sea waters throughout the swimming season.

VAT, Inland Revenue and the Customs departments will be merged in to one department with the aim to ensure a better efficiency in tax collection while facilitating the payment of arrears.

Moreover, two legal notices would  provide for the removal of interest and excessive penalties on tax due so that taxpayers in arrears would become compliant. Finance Minister Edward Scicluna declared that with reference to companies which owed a lot of interest on unpaid taxes there would be no negotiation on arrears on the actual tax due, which had to be paid, but the accumulation of penalties and interest fees would be removed. Companies which were negotiating with the government because they were owed money would find the process easier with this merger, he added.

The IT sections of the VAT and income tax departmentwill be unified. Moreover, new human resources will be hired and duly trained.

Speaking on the Budget 2015 Minister Scicluna said that he is in process to be  prepared, while the pre-budget document would be issued within a month.

The counting of votes for the third European Parliament election started yesterday at midday and is still in process to be finalized. Within a short while, the result became clear and the Prime Minister claimed victory and at the same time he expressed surprise at the margin of difference between the major parties.

Labour Party gained a strong majority in the first seven districts while the Nationalist Party reached a majority in the eighth district which includes Birkirkara, in the ninth, tenth and  eleventh district. Opposition leader Simon Busuttil called Dr Muscat to congratulate him. This was the third consecutive EP Labour Party`s victory since Malta joined the European Union in 2004. 

Prime Minister Dr Muscat announced that this result was even better than he expected, while opposition Leader Dr Busuttil declared that his Party will work harder to gain the people’s trust and become the “Party of the People” once again.

During the meeting of last Monday, the European Council reaffirmed the EU’s commitment to promote all human rights in all areas of its external action in line with the EU Strategic Framework.

In this regard the good news is that the Council noted that several Member States are already developing and applying similar approaches for the integration of human rights principles and standards in their development cooperation.

Some days ago, the Council welcomed the presentation of the Toolbox by the Commission which “aims at integrating human rights principles into EU operational activities for development, covering arrangements both at headquarters and in the field for the synchronization of human rights and development cooperation activities”.

During the same occasion, the European Commission explained the key role that the private sector can play in achieving poverty reduction, sustainable development and inclusive growth. Speaking on human rights and business, the Council calls on the Commission to step up the implementation of its Strategy 2011-2014 for Corporate Social Responsibility. It also underlined the importance of continuing to carry out human rights impact assessments for trade and investment agreements. In this regards, the Commission pointed out that the EU will continue to encourage and contribute to the implementation of the UN Guiding Principles on Business and Human Rights.

Finally, the Council explained the importance of working in partnership with development partners and relevant multilateral stakeholders, such as UN bodies and international financial institutions, in order to further strengthen efforts to promote a rights-based approach to development cooperation.

The Bill to amend the General Elections Act (Bill 35), lowering the voting age in Local council elections or Administrative Committees was unanimously approved by Parliament. The General Elections Act is amended in order to provide for the registration of voters that are of sixteen years of age. The right of 16 year olds to vote will apply on the elections of 2015 onwards. The Bill was moved by the Parliamentary Secretary Stefan Buontempo and seconded by the Opposition Whip David Agius.

The Government is confident that this voting right will encourage young people to get involved with their local councils and their fresh ideas, their creativity and innovation will offer numerous benefits to the local community. On the other hand the Opposition argues that this measure increased politicians responsibility for their promotional campaigns since 16 years old would become a target group.

Malta and Austria are the only two EU Member States to have introduced a voting age of 16 years old.

According to Eurostat’s latest publication, Malta and Germany are the only Member States with a steady growth in the employment rate from 2002 to 2013. Eurostat issued this publication which presents all the latest data of 2013 European Labour Force Survey regarding the employment rate for the population aged 20 to 64 years old within the 28 Member States. The survey collects data such as employment and unemployment rates, hour usually worked, part-time employees, self-employed persons and number of persons not included in the labour force.

The employment rate of population aged 20 to 64 rose steadily from 66.7% in 2002 to 70.3% in 2008 and then due to the financial crisis fell to 68.9% and has since continuously decreased to 68.3% in 2013. In 2013 the labour market was affected by the economic crisis and the key rates didn’t improve at all but on the contrary they continued to show a negative trend  or remained relatively stable. The employment rate represents employed persons as a percentage of the population in the same group and it is measured according to ILO definition.  

Malta’s employment rate for 2013 rose to 64.9% and along with Germany are the only countries that in 2013 reached their Europe 2020 targets.  

The European Maritime Day of this year is celebrated in the city of Bremen in Germany. The 7^thedition of the European Maritime Day Conference is organised by the European Commission in partnership with the German Federal Ministry of Transport, Building and Urban Development and the Ministry of Economic Affairs, Labour and Ports of the Free Hanseatic City of Bremen. The 2-day Conference is hosted at the Congress Center of Bremen and is taking place today 19^thMay and tomorrow 20^thMay.

This year’s European Maritime Day will be devoted to innovation and maritime technologies. Maritime economy is a main source for economic growth in the European Union and thus creates jobs . The Blue Economy is really high on the Commission’s agenda since it is believed that oceans and seas can provide sources of food, medicine and energy. The maritime economy is of great importance for EU Member States with more than 5 million employees in various sectors such as fisheries, transport, coastal tourism etc. The Conference will bring together each sector of the maritime economy to discuss how they can co-operate and  invest in new maritime developments while in the same time respecting the ecosystem. Blue Growth is an area which can create employment and business opportunities and drive EU’s economy to a further increase.      

European Maritime Day was created by a tripartite declaration by the Presidents of the European Commission, the European Parliament and the Council of the EU on 20 May 2008 and last year was held in Valletta, Malta.

All the public events as well as the European Maritime Day Conference are free of charge and open to the public.

Recent studies suggest that the advacnment in technology and the change in consumer needs affect the flow of capital.In the same time the movement of funds across international borders and value transfer between asset classes further complicate the financial investigation.

The new subjects involved in the business activity have the opportunity to join the payments market giving rise to alternative means of transferring value, such as new internet-based mobile and card methods of payment. Therefore, new ways of making payments can provide options for anonymous movement of funds.

If technical innovations in business for  driving innovative payment methods and providing options for customers should be encouraged, on the other side a stronger monitoring of the activity has to be conduct.

The social networks have an important role on this general contest. In fact they create increased opportunity for fraud through criminal acquisition of personal details, including financial information such as credit card data.

The University of Malta gets good grades in teaching but has been marked as “weak” in research and knowledge transfer.

An EU funded study called U-Multirank, conducted by Germany’s Centre for Higher Education and the Centre for Higher Education Policy Studies in the Netherlands, ranked 850 Universities worldwide on their performance in a number of areas. Malta’s University was given B grades in teaching and learning, principally on Bachelor and Masters graduation rates and graduating on time.

“U-Multirank received €2 million in EU funding from the former Lifelong Learning Programme (now Erasmus+) for the years 2013-2015, with the possibility of a further two years of funding in 2015-2017. The goal is for an independent organisation to manage the ranking on a sustainable business model thereafter.”

However, when it comes to research, the Maltese institution scored badly. The University was only awarded A grades in international orientation due to the fact that a number of foreign students chose UOM for their courses.

The study tested the Universities against 30 indicators and graded these areas from A (very good) through E (weak). 60,000 students from Universities worldwide were asked to share their feedback on these matters and all feedback was taken into account.

Overall, US universities were still considered to be the best in the world with Harvard, Yale and MIT receiving almost full marks. European universities such as Oxford and London in the United Kingdom, Milan’s Bocconi and Germany’s University of Munich closely match their US counterparts.

This is another aspect that will definitely encourage applicants to consider Malta for citizenship by naturalization under the Malta Individual Investor Programme (MIIP).

The European Commission has welcomed today's definitive adoption by the EU's Council of Ministers of new measures to better enforce EU rules on the posting of workers. The new Directive will improve the protection of posted workers' rights andwill help to ensure that all the rules of Posted Workers Directive are better applied in practice. The Posting of Workers Directive 96/71 EC, adopted in 1996 and came into force on December 1999, puts in place a number of provisions to protect the social rights of posted workers and to prevent fraud and abuse of employers. But not all Member States applied correctly the Directive and therefore the Commission decided to adopt the Enforcement Directive in order to better secure workers’ rights.    

A posted worker is a person who, on behalf of his employer, is sent for a limited period of time to carry out his work in the territory of an EU Member State other than the State in which he normally works.The sector that most commonly uses posted workers is construction but also other sectors such as financial and transport services are exercising the freedom to offer services in other EU Member States and to post their workers for that purpose.   

Member States have to implement the new Enforcement Directive in their national legislation no later than two years and twenty days after its publication in the EU's Official Journal.

Bank of Valletta has been named as the Best Bank in Malta for 2014. Global Finance magazine has announced its annual awards for the World’s Best Banks in Developed Markets and the winners of this year’s awards are those banks that attended carefully to their customers’ needs in difficult markets and accomplished better results while laying the foundation for future success. All selections were made by the editors of Global Finance, after extensive consultations with bankers, corporate executives and analysts throughout the world. Some of the criteria taken into account are bank’s profitability, geographic reach, strategic relationships and innovation in products.  

“Winning this prestigious title gives us great satisfaction and it shows that we employ an excellent team that is dedicated, efficient and that can step up to the challenge of competition” said Mr. Charles Borg, CEO of BOV, commenting on the results.

On January, Bank of Valletta was also awarded by the same magazine as the Best Trade Finance Bank in Malta for 2014.   

Global Finance is an English-language monthly financial magazine covering topics on the international finance sector and each year the magazine publishes a list of world's best banks.

This weekend the European Parliament offices in Strasbourg will host the European Youth Event 2014 (EYE 2014). The aim of the event is to give to young European generation the opportunity to generate ideas, discuss opinions and “set the agenda for tomorrow’s Europe”. In total more than 5,000 participants and 200 speakers will take part on it.

EYE 2014 activities will be grouped in five big themes: digital revolution, future of the European Union, sustainability, European values and youth unemployment. With reference to the latter, they will be discussing  about the recent figures that show how much youth unemployment has risen. Therefore,  European Youth Event 2014 aims to seek ideas for creating employment for the new generation.

Young journalists from all Europe will be in charge of summarising the ideas and suggestions from the event. Moreover a mobile app will help participants to get around to the hundreds of performances and workshops in Strasbourg. Experienced business leaders and young entrepreneurs will also actively participate in the debate, discussing the needs of today's job market and share best practices and success stories.

The EU Commission has approved Malta’s map for granting state aid between 2014 and 2020 within the framework of the Commission’s new regional aid guidelines adopted in June 2013 and will come into force on 1^st July 2014. In a press release published today on the Commission’s press release database, it was announced that Malta’s entire territory is eligible for state aid under the new guidelines. The new guidelines have been adopted in order to strengthen the development of EU countries and create a dynamic and competitive market with EU and in the same time modernise the already existing state aid control.        

The regional aid guidelines define the rules under which each Member State can grant state aid to companies in order to support investments or to extend existing facilities. Economic development and employment are the two sectors to be fostered by regional state aid. Each Member State is to decide how to use the guidelines in favour of as many eligible ares as possible.The maximum level of state aid for investment projects carried out by large companies is 15% until 31 December 2017 and 10% between 1 January 2018 and 31 December 2020. These levels can be increased by 10% for medium-sized enterprises and by 20% for small enterprises.

The Commission’s decision will be made available in the State AidRegister on the competition website as soon as any confidentiality issues have been resolved.

According to the latest European Economic  forecast, Malta’s economic activity is expected to continue to grow strongly over the next two years. The Commission publishes macroeconomic forecasts for the EU and the Member States three times a year, in the spring (May), in the autumn (November) and in the winter (February). The last one, the spring forecast published yesterday, contains the statement of a substantial increases in the Maltese economy.

In 2013, Maltese Economic Activity so an increase of 2.4% of GDP  driven by significant accumulation of inventories and a pick-up in  private consumption. The GDP growth in 2013 was higher than anticipated and it is still forecasted to remain robust over the forecast horizon, reaching 2.3% in 2014 and 2.1% in 2015.

With regards to the general government deficit, the forecast reports a decrease to 2.8% of GDP in 2013 from 3.3% a year before. It happened because of the strong economic growth, the Maltese robust labour market together with some discretionary measures. According to the Commission, the 2014 government deficit will improve further to 2.5 % of the GDP.

Prime Minister Joseph Muscat declared that he is not surprised about these predictions. He also added that if they had taken into account the reduction in energy tariffs, the results would have been even better.

The European Commission today adopted a new regulation (known as PART TCO) introducing a single EU-wide safety authorization for airlines from outside the European Union to fly to, from or within the EU. The authorisation confirming EU-wide compliance with international safety standards will be provided by the European Aviation Safety Agency (EASA) and it will be valid for all EU Member-States. The new regulation will replace the different safety schemes applicable to each Member State by one single authorization and all foreign airlines will no longer be required to make a separate application for a safety authorisation to each EU Member State they want to fly to. Any third-country operator who wishes to perform commercial air transport operations into, within or out of EU requires an authorisation which will be issued by EASA. The said authorisation will not be required for operators only overflying EU countries without intended landing.

The new EU safety regulation will simplify the existing procedures, will contribute to the EU safety regulations and it is a step towards the Single European Sky EU is looking forward to. According to EASA, the new rule is expected to become effective on May 26, 2014. 

The Minister for Culture, Justice and Local Government has announced a call for project proposals under the Malta Digital Games Fund during the University of Malta’s Takeoff Business Incubator. The Takeoff is a start-up development space situated in University Campus that helps innovators and aspiring entrepreneurs to create technology and knowledge-based ventures. The Takeoff business incubator aims to lower start-ups’ costs and risks and to  improve the chances of success. In this way the growing start-up companies will be helped  through the providing of private and shared work spaces, business support, advice and focal connections.

For the first time, Takeoff Business Incubator will be collaborating with the Malta Digital Games Fund in order to provide a complete support to beneficiaries. In fact, “In the space of a few years, the digital games sector had emerged as a very promising dimension of the creative enterprise sector, generating employment, and opening up opportunities for internationalisation and innovation” Dr Bonnici declared.

In total, 100,000 Euro will be offered to help support the development of digital games by Malta-based start-ups and small companies operating in the digital games sector. Companies, partnerships and cooperatives registered in Malta are eligible to apply by  June 27.

On 1^stMay 2004 Malta joined the EU after years of negotiations. A referendum on joining the European Union was held in Malta on 8 March 2003 and out of total 270,633 voters, the 143,094 voted for and 123,628 voted against. The EU enlarged from 15 to 25 Member States as simultaneously Malta, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia entered European Union. The enlargement of EU brought stability and made the EU the world's biggest single market and increased trade between Member States, thus contributing to economic growth and strengthening further Europe's position in global affairs. President Barroso in his statement for the 10th anniversary of the reunification of Europe said that Europe is stronger, richer and safer politically, economically and culturally.

Malta's Foundation for National Celebrations will be organising a number of events to commemorate the 10th anniversary of Malta’s EU entry. The celebrations will begin on April 30 with light projections, fireworks and music at Valletta's Grand Harbor the same place where celebrations took place in 2004 during Malta's accession. As part of the celebrations for the 10th anniversary since Malta’s accession to the EU, Heritage Malta will be opening its museums and sites for free on Thursday 1st May.  

Malta’s accession to the EU in May 2004 and to the euro area in January 2008 led to a strong and stable economy and the implementation of EU law and standards altered Malta from “a corner shop to part of a big super-market”.    

The 2002 Protocol to the Athens Convention 1974 relating to the Carriage of Passengers and their luggage by Sea, entered into force on 23 April 2014. The Protocol was adopted in 2002 and amends the 1974 Athens Convention raising the limits of liability for the death of or personal injury to a passenger to 250,000 SDR and in case the loss exceeds that limit, the carrier is further liable up to a limit of 400,000 SDR per passenger on each distinct occasion, unless the carriers prove that the incident which caused the loss occurred without his fault or neglect. Moreover the Protocol introduces compulsory insurance to cover passengers on ships and all carries, in case the convention applies, are required to maintain insurance or other financial security to cover the limits for strict liability under the Convention. Ships are to be issued with a certificate attesting that insurance or financial security is in force in accordance with the provisions of the Convention. The limit of the compulsory insurance or other financial security shall not be less than 250,000 SDR. Other mechanisms to assist passengers in obtaining compensation such as replacing the fault-based liability system with a strict liability system for shipping related incidents are introduced.

The European Union has already adopted the 2002 Protocol by Regulation No 392/2009 on the liability of carriers of passengers by sea in the event of accidents which came into force on 31^stDecember 2012 and thereby the 1974 Athens Convention is mandatory for all European Union Member States regardless they have signed the Convention or not.

The higher limits of liability will apply to ships registered in the following States which have ratified the 2002 treaty: Albania, Belgium, Belize, Bulgaria, Croatia, Denmark, Greece, Latvia, Malta, the Netherlands, Norway, Palau, Panama, Saint Kitts and Nevis, Serbia, Syrian Arab Republic and the United Kingdom.

The President of the Maltese General Workers Union, Tony Zarb, proposed to the European Parliament  to strive for a more social and fair Europe.

The  Union is asking to the EU Parliamentarians to give particular consideration on the precarious employment conditions. In particular the union pointed out the current state of affairs in Europe since 26.5 million people, including 5.7 million youths, are at the moment unemployed. The aim of the appeal was in particular to bring the EU Maltese Representatives` attention to  “the precarious jobs, underpaid work and austerity measures which are pushing Europeans to the edge” Mr Zarb said.

In the same occasion, among other things, the Union asked to European Parliament candidates to stop austerity measures, a better social justice, combating discrimination, quality public services, human rights and fair fiscal policies.

The Nairobi International Convention will enter into force on 14^th April 2015  following the deposit, on 14^th April 2014, of an instrument of ratification by Denmark, with the International Maritime Organization (IMO). The Convention will come into force exactly 12 months after Denmark’s ratification, the 10^th country to ratify the Convention. Nairobi International Convention on the Removal of Wrecks, 2007, was adopted by an international conference held in Kenya in 2007 and provides the international rules for the removal of shipwrecks that able to affect the marine environment and the safety of lives at sea.  

From 14^th April 2015 it will be necessary for ships of 300 gross tonnage and over flying the flag or calling at ports and terminals of a State Party, to maintain certificate proving sufficient insurance or other financial security, such as a guarantee of a bank or similar institution, to cover liability under this Convention. The Convention will make ship owners financially liable and  will also provide States with a right of direct action against insurers.

The countries have ratified the Convention so far are: Bulgaria, Denmark, Germany, India, Iran, Malaysia, Morocco, Nigeria, Palau and United Kingdom.

A new Legislation that will oblige around 6,000 mostly listed firms across the European Union to provide details on how they treat issues such as bribery and human rights might be approved by EU. In fact, the new EU law would require companies to disclose information on environmental, social, employee, human rights, corruption and bribery matters in their management reports.

The aim of this new legislation is to allow the new investors to find easily all this ethical information about any potential companies in which they would like to invest. Therefore this information would help them better evaluate the sustainability of the companies’ operations.

This new legislation based on the work of academics, investors and politicians, is for the time being still a work in progress since the EU has to establish the rules and  the information to be disclosed.

The International Tribunal for the Law of the Sea delivered its judgment on 14^th April in the case of the M/V Virginia G, an oil tanker flying the flag of Panama, which was arrested by officials from Guinea-Bissau. The vessel was refueling in Guinea-Bissau's exclusive economic zone (EEZ) without proper authorization.  The Tribunal established its jurisdiction over the dispute rejecting Guinea-Bissau’s argument that that the M/V Virgina G lacked a genuine connection to Panama. The Tribunal held that a coastal State such as Guinea-Bissau has a right under the UN Convention on the Law of the Sea (UNCLOS) to regulate activities in its EEZ including bunkering and that the M/V Virginia G had not fully complied with Guinea-Bissau's regulations. However the Tribunal found that due to the circumstances of the case the arrest and confiscation of the vessel and the gas oil on board was not necessary as the Tribunal observes that the failure of the Virginia G to obtain a written authorization was the consequence of a misinterpretation of the correspondence between the representatives of the fishing vessel and the relevant authorities of Guinea-Bissau. Finally, the Tribunal found that Guinea-Bissau also violated UNCLOS by failing to promptly notify Panama of the arrest. Therefore, the Tribunal ordered Guinea-Bissau to pay reparation expenses to Panama.

In a joint declaration with the Argentinian judge Elsa Kelly,  the Maltese judge David Attard referred to the environmental harm to the exclusive economic zone of a coastal zone due to bunkering and they consider that bunkering regulations fall under the jurisdiction of the coastal State.      

The owners of Panama registered vessel “B Ladybug” were ordered on 11^thApril by the Civil Court of Malta, First Hall to pay the amount of €205,694.39 in back dated salaries, bonuses and allowances to the captain, officers and crew of the vessel including the expenses related to the repatriation of the crew. The vessel was built in 2011 and was used to transport vehicles. The crew said in the court that they called several times to the vessel’s owners to pay the amounts owed ​​to them but they informed them that the company was not in a position to pay their wages. The crew contacted the International Transport Workers’ Federation who filed a civil suit on their behalf requesting the payment of their salaries and repatriation expenses.      

Paul Falzon, representative of the International Transport Workers' Federation in Malta, testified during the trial that the vessel’s sister ships “A Ladybug” and “D Ladybug” were also in Maltese territorial waters and the salaries of their crews were also not paid. Moreover, he added, the shipowners had stopped any communication with the federation, not responding telephones or e-mails and they had totally abondoned both crew and vessels so that they didn’t have to pay for the bunkers of the ship including food and drinking water for the crew.

Considering the above and in the absence of any representative of the owners attending the sitting or filing any claim the judge ordered Ladybug Corporation to pay the 22 crew members the total of €205,694.39 to make up for due salaries and repatriation expenses.        

GM Corporate & Fiduciary Services Limited is pleased to announce that Identity Malta Agency has awarded it the licence to be recognised as an Accredited Person to act as an authorised intermediary in accordance with the Individual Investor Programme of the Republic of Malta Regulations.

This licence further strengthens GM Corp’s position to offer a truly comprehensive service to its international clients and re-confirms the company’s drive to stay at the forefront of Malta’s financial services industry.

The Individual Investor Programme of the Republic of Malta, by virtue of Legal Notice LN47/2014, permits the Government of the Republic of Malta to grant, after a rigid and thorough due diligence process, naturalisation by investment to reputable individuals and their dependants who make a significant contribution to the social and economic development of the country.

For further information kindly contact us at miip@gmint.com

The European Parliament backed on Thursday 3^rdApril to cut a significant amount of the customs duties that Ukrainian iron, steel, farm produce and machinery exporters pay at EU borders. This measure is believed to boost Ukraine’s economy during its current economic crisis. This unilateral trade measure will remove 94.7% of EU tariffs currently charged on industrial goods imports from Ukraine and will also remove EU tariffs on over 80% of Ukraine’s farm produce exports. EU imports from Ukraine will have to comply with EU rules and in case the measure threatens to cause serious difficulties to EU producers of the same products due to imports from Ukraine flood the EU market, the European Union is entitled to re-impose the tariffs. Moreover this measure will cease to apply in case EU and Ukraine sign a bilateral liberalization trade agreement.

The measure still requires the formal approval of the EU Council of Ministers and it is set to apply from May 2014 to 1^stNovember 2014.  

The European Parliament voted on 2^ndApril the Commission's proposal to revise the Parent-Subsidiary Directive. The EU Commission proposed amendments to key EU corporate tax legislation, amongst them Parent-Subsidiary Directive in order to tackle tax evasion and avoidance between EU Member States. Following the vote, EU Tax Commissioner said: "This proposal is a cornerstone in our campaign to clamp down on corporate tax avoidance. By closing loopholes and strengthening measures against abusive tax planning, it will help ensure that every company pays their fair share”.

The Parent-Subsidiary directive aims to prevent double taxation of companies in the same group. However some companies have exploited provisions in the Directive and mismatches between national tax rules to avoid being taxed in any Member State at all. According to the amendments to the Directive companies will no longer be able to exploit differences in the way intra-group payments are taxed across the EU to avoid paying any tax at all. EU Commission fights against tax fraud and evasion and to that end they are amending the current EU legal framework and the existing European toolbox with regards to corporate structures.   

EU Member States are expected to implement the amendments by 31 December 2014.

According to the National Statistics Office the tourist arrivals in Malta during February were estimated at 65,299 of which 51,216 visited Malta on holiday and 7,695 for business purposes and most of them are coming from EU Member States. Based on the statistics there was an increase of 6.3 per cent compared to the same month last year. Tourists from non-EU countries increased by 22.5 per cent. The largest proportion were aged between 45 and 64, followed by those within the 25-44 age bracket. The total tourist expenditure for February was estimated at €47 million, an increase of 4.6 per cent over the same month last year.

Malta’s tourism has grown by 16 per cent over the past five years and tourism activities are largely acknowledged as an important source of income for the Maltese economy. Malta’s tourism industry is to continue benefiting in the seven years to come (2014-2020) from EU funding since European Commission acknowledges the importance of the country’s tourism industry and its contribution to the country’s further economic growth.     

Malta has a long and rich history and combined with its warm climate, numerous recreational areas and architectural and historical monuments, has established itself as a favoured tourist destination all around the year.

The statistical office of the European Union The Eurostat, , published the annual report regarding unemployment rates in the  European Union for the year 2013. Eurostat estimates that 26.200 million men and women within EU, of whom 19.010 million were in the euro area, were unemployed in December 2013 and compared with December 2012, unemployment decreased by 173.000 within EU, but increased by 130.000 in the euro area. According to the report unemployment across the euro zone stood at 12% but Malta's rate stood at positive rate 6.7%, and has remained stable since October 2013 while the highest unemployment rates were recorded in Greece 27.8% and Spain 25.8%.

In December 2013, 5.544 million young persons (under 25 years old) were unemployed in the EU, of whom 3.500 million were in the euro area. Compared with December 2012, youth unemployment decreased by 184.000 within EU and by 77.000 in the euro area. Malta's rate of unemployment amongst young persons is the fifth lowest across the EU, 15%.

These figures show that Maltese economy is healthy and continues growing compared to other EU countries.

With reference the sanctions against Russia, Prime Minister Dr Muscat recently declared that the Maltese Government was not part of the group which wanted drastic actions against the country. In particular Muscat`s coalition agreed with the economic sanctions, since they have already made their assessment of the impact of these sanctions.

Foreign Minister Dr George Vella, declared that there had been a lot of hesitancies to impose economic sanctions on Russia because of the evident trade connection with the country. “If Russia does not de-escalate her  action, the EU`s reaction would have to be stepped up, but at the time the annexing of Crimea had not yet happened”. The Opposition joined the government in its condemnation of Russia.

In the upcoming days, Foreign Minister of Moldavia will be visiting Malta. During his visit all the doubts hopefully will be clarified.

Only one fact was made clear during the recent Maltese Parliamentary Debate: Crimea will not return to Ukraine.

The European Parliament and the EU Council reached an agreement on the Commission’s proposal to make bank accounts more accessible , transparent and easier to switch. Anyone legally residing in the EU should have the right to open a basic payment account, which cannot be denied on grounds of nationality or place of residence. Fees and rules for all payment accounts should be transparent and comparable. In addition, switching to another payment account which offers

The new Directive provides for all EU consumers, without being residents of the country where the credit institution is located and irrespective of their financial situation, the right to open a basic payment bank account that allows them to perform essential operations, such as receiving their salary, pensions and allowances or payment of utility bills etc. It is also important that under the Directive, the fees and interest rates should be clear for everyone. It will also be establishing a simple and quick procedure for consumers who wish to switch their payment account with another bank located in the EU.  

The agreement is a step towards a single market for financial services offering many benefits to all EU consumers. To take effect, the new regulations must be approved by Parliament as a whole during the April II plenary session and endorsed by the member states.  

The Valletta Cruise Port won the award for “Best Turnaround Port Operations” for the third consecutive year and the award for “Best Destination Experience (Independent Tours)” for 2013 by the prestigious Cruise Insight magazine. The awards were announced during the Cruise Shipping Convention in Miam Florida,  which was held from 10^th to 13^th March 2014. Cruise Shipping Miami’s annual conference and exhibition, has been the cruise industry's premier global event for the last 3 decades, bringing together all the stakeholders of this industry for a week of networking, sourcing and education. The winner is determined by vote of cruise ship companies thus making it an award from within the travel industry.

The awards for Valletta Cruise Port were presented to Mr. Joseph Zammit Tabona, Chairman of Valletta Cruise Port, and Mr. John Portelli, Chief Executive Officer. The company expressed its appreciation to its staff, local agents, the Malta Tourism Authority, Transport Malta and other stakeholders, who are working in conjunction with Valletta Cruise Port to further develop the cruise sector in Malta.

Congratulations to Valletta Cruise Port and to all who contributed to Malta’s cruise industry continued success.   

The European Parliament adopted on 11^thMarch in plenary session the "Omnibus II" Directive that completes the "Solvency II" Directive and finalises the new framework for insurance regulation and supervision in the EU. The aim is to extend the powers of the EU supervisory authorities (ESMA and EIOPA) to develop technical standards, to substantiate their arbitration powers and to introduce transitional periods for the Solvency II Directive.

The Directive introduces a number of amendments to the Solvency II Directive and to the Prospectus Directive. These amendments include the provision of specific tasks for EIOPA and for ESMA. In particular, it clarifies the role of EIOPA in ensuring harmonised technical approaches for the calculation of technical provisions and capital requirements. In addition the Omnibus II Directive contains a package of measures to provide clarity on the treatment of insurance products with long-term guarantees in order to mitigate the effects of artificial volatility. These measures include: a matching adjustment, a volatility adjustment, extrapolation of the risk-free interest rate, two specific transitional measures, and extension of the recovery period. In this way the Directive ensures that the insurance industry can continue offering long term guaranteed products. 

The European Commissioner for Internal Market and Services Michel Barnier said:“The European Parliament has just taken a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. This long-awaited and vital reform will finally become a reality.

The Solvency II Directive (including the amendments introduced by Omnibus II) should apply as of 1 January 2016. The Omnibus II Directive needs the directive needs to be formally adopted by the Council and be published in the Official EU Journal in order to enter into force.

The European parliament approved new rules on music copyright aiming to make it easier for online providers to get licences to stream music in more than one EU memeber state. Under the new rules, online music service providers in the EU will be able to obtain licenses from collective management organisations representing authors' rights across borders and the licenses will cover more than one member state. Undoubtedly the service providers should find it easier to stream music services across the EU.

Collective management organisations are traditionally set up by authors, performers, and other kinds of rights-holders, to collectively manage their rights. Under the new Directive they will be able to request another organisation to represent their repertoire. There are more than 250 collective management organisations in the EU. Collective management organisations need to modernise their operations to meet the challenges of a fast-evolving digital economy and this is also the purpose of the new Directive. The same legislation will be applicable for the various collective management organizations and as a result will have to improve their standards on governance and transparency and to ensure adequate participation of rights-holders in the decision-making process.All collective management organisations will be required to ensure that artists receive appropriate remuneration for the use of their rights in good time. The royalties will have to be distributed to artists as quickly as possible, and no later than nine months from the end of the financial year in which the rights revenue was collected.

The directive approved by 640 votes to 18, with 22 abstentions, still has to be formally approved by the Council. After that, EU member countries will have 24 months to incorporate the directive into national law.

Marie Louise Coleiro Preca's nomination as President was officialised by Prime Minister Joseph Muscat on 4^thMarch. Ms Coleiro Preca will be the ninth President of Malta and also the second woman nominated for the post after Agatha Barbara. She is currently serving as Minister of the Family and Social Solidarity under the cabinet of Prime Minister Joseph Muscatand she will be the youngest person to be made President at the age of 55.

The Prime Minister addressing Mr. Preca’s Presidency said that she has a lot to offer to the country stating that her presidency "will not be ceremonial."He added that she would be given new social responsibilities as she has a lot to offer to the country.

Ms Preca, obviously moved, accepted her nomination and she said that it never crossed her mind to become President but she is looking forward to be a catalyst to unite the country.   

The new President will officially take the office on 4^thApril.

We wish her evey success to her new task. 

The Committee of Permanent Representatives  on 26^thFebruary endorsed an agreement between Council and European Parliament representatives on a draft directive for the disclosure of non-financial and diversity information by certain large companies. Companies concerned shall be required to draw up, on a yearly basis, a statement relating to environmental, social and employee-related matters, relating to human rights, anti-corruption, bribery and diversity on boards of directors. The statement will have to include a description of the policies, outcomes and the risks related to those matters.

The new rules will be applicable to public interest entities with over 500 employees. Public interest entities are companies such as listed companies, banks, insurance companies and other companies which are of significant public relevance and they are specified by the Member States as so, because of the nature of their activities, their size or number of employees. The new rules will be incorporated into the Directive 2013/34 EU “on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings” which was adopted on 26^thJune 2013. A description of the diversity policy applied for the company’s management and information on the diversity on company’s board of Directors such as age, gender, educational and professional background will be added in the Corporate Governance Statement of the above referred companies as it is described in article 20 of Directive 2013/34EU.

The new rules are aimed to strengthen the company’s transparency on social and environmental information and it part of the EU strategy to promote corporate social responsibility with a view to identify the risks and protect both investors and consumers.     

The agreement needs to be adopted by the European Parliament and by the EU Member States in the Council in order to become a law.

The Maltese airport ranked fifth out of a total 75 European airports surveyed according to the 2013 Airports Council International (ACI) awards. The airport got an overall passenger satisfaction score of 4.17 on a scale from one (poor) to five (excellent). “Malta International Airport has performed consistently well in the ASQ survey, thanks to our constant investment in infrastructure and customer service. The competition may be getting tougher every year but we are more determined to excel,” said airport’s CEO Markus Klaushofer.

The annual Airport Service Quality (ASQ) Awards recognize and reward the best airports in the world according to ACI's ASQ passenger satisfaction survey. They represent the highest possible accolade for airport operators and are an opportunity to celebrate the commitment of airports worldwide to continuously improve the passenger experience.ASQ  is the only global airport survey based on measuring passengers’ satisfaction taken while the passenger is still at the gate. In 2013 over 350,000 passengers were interviewed prior to boarding their flight and asked to rate their satisfaction with the airport that day.This year almost 285 airports worldwide surveyed, an increase of 37 from last year.

Despite a large increase in participating airports, Malta’s overall score has remained in line with previous results.

The U.S. ship Cape Raysailed on 28^thJanuary from Norfolk port in Virginia in route for the Mediterranean Sea, tasked with destroying the most dangerous Syrian chemical weapons. The vessel should arrive at the Gioia Tauro port in Italy in around two or three weeks. Norwegian and Danish ships are in the process of transporting the chemicals from the Syrian port of Latakia to the Italian port of Gioia Tauro, where they will be transferred to the Cape Ray. The ships were expected to stay in international waters off Syria waiting for additional loads.

Some of the most dangerous chemicals from Syria are due to be transferred in southern Italy next month from the  Danish and Norwegian ships onto the US vessel, which has been equipped to destroy them into international waters in the Mediterranean Sea, south of Maltausing hydrolysis technology. According to a  Pentagon spokesman the hydrolysis products will not be released into the sea or air and all the neutralization process will comply with all applicable international laws, regulations, and treaties.

The ship has a crew of 35 civilians operating the vessel and will have a 63-member team in charge of the hydrolysis units as well as a security force on board. The Secretary of Defense Chuck Hagel released a statement calling the mission historic and wishing the crew well on this difficult mission:  “You are about to accomplish something no one has tried, you will be destroying, at sea, one of the world’s largest stockpiles of chemical weapons and helping make a safer world.”

This mission is the first of its kind, led by the Organisation for the Prohibition of Chemical Weapons and the United Nations.

The European Commission’s winter 2014 forecast was published on 25^thFebruary.  The Commission's winter forecast foresees a continuation of the economic recovery in most EU Member States amongst them Malta. The Commission’s Vice-President for Economic and Monetary Affairs and the Euro said: "Recovery is gaining ground in Europe, following the return to growth in the middle of last year. The strengthening of domestic demand this year should help us to achieve more balanced and sustainable growth”.

According to the report Malta will enjoy stable economic growth and a shrinking deficit over the coming two years. Real GDP growth is estimated to have reached 2% in 2013 and is projected to remain largely unchanged averaging 2.1% in 2014-2015. Labour market participation to the GDP is set to remain high reflecting higher activity by women and older workers. The job market is expected to be able to fully absorb this inflow and the unemployment rate is set to decline slightly to 6.4%. the favourable labour market conditions and the positive impact of the announced reduction of electricity tariffs are projected to support a further improvement in household consumption. The domestic demand will mainly lead Malta’s economy to boost.   

Inflation is predicted to remain slightly above EU average levels but based on the analysis the reduction in electricity tariffs is projected to keep price inflation in relatively low level. The budget deficit is expected to decrease to 2.7% of GDP since the corporate profitability and the favourable labour market performance are expected to generate income taxes despite measures to gradually reduce the overall income tax levels. The public debt is estimated to reach 72.4% in 2014 and decrease to 71.5% in 2015, ratio significantly low compared to the 95.9% average ration of eurozone.

The Finance Minister Edward Scicluna welcomed the report saying “This is fantastic news. Finally the commission has recognized our projections”. The Minister, despite the good news, assured that the government will keep working hard so as Malta’s economic sustainability to be preserved.

The Malta maritime flag continues to be regarded as a strong and safe maritime jurisdiction with its efforts clearly reaping rewards. The Malta flag, it has been confirmed, continues to be the largest maritime flag in Europe and the seventh largest maritime flag in the world.  The constant growth of the Malta maritime flag speaks volumes. Mr James Piscopo, Chairman and CEO of Transport Malta interviewed by Times of Malta, said that 2013 was a record year for the Malta Ship Register which climbed to the summit within Europe becoming the European leader in the maritime sector. Malta’s Ship registry grew by 13.6% with respect to the merchant fleet while a growth of 18% was also seen in yacht registrations during the same year meaning that to date some 398 super-yachts (over 24 metres) are flying the Malta flag worldwide. The Malta Maritime Registry now boasts of a total 51.8 million gross tonnes.

During 2013 the Malta flag ranked among the very top performers as confirmed by the Annual Shipping Industry Flag State Performance 2013/2014 launched by the International Chamber of Shipping (ICS). Classified once again on the white list of the Paris MOU, the Malta maritime flag is still one of the best performers to select. The Malta flag also received positive results with respect to Port State Control performance which guarantees the effective enforcement of international rules is in line with Transport Malta’s policy that “safe, clean and secure shipping will strengthen further more Malta Flag’s status as a leading ship registry”.   

Transport Malta and private sector service providers, forming the Maltese maritime cluster, work tirelessly and most importantly hand-in-hand.  It is important to note that the Maltese maritime industry continues to thrive because it is viewed and acted upon holistically and is viewed as a flag that offers stakeholders a sound legal and fiscal regime.

Mr Piscopo concluded that “These record results provide the necessary drive to continue investing in the Maritime sector and consolidating Maritime Malta as an international centre of maritime excellence in the Mediterranean”. 

The European Commission (“EC”) has called for a six-month extension to the February 1 deadline for migration to the Single Euro Payments Area (“Sepa”), despite strong opposition from the eurozone's central banks, including the Central Bank of Malta.

A European Commission statement issued on the 9^th January read as follows:

“The Commission has adopted a proposal to give an extra transition period of six months during which payments which differ from the SEPA format can still be accepted so as to minimise any possible risk of disruption to payments for consumers and businesses.”

Europe’s Internal Market and Services Commission, Michel Barnier, said that whilst he regrets having to take the decision, “There has been evidence in the past few months and I have warned many times that migration was happening too slowly and call once more on Member States to fully assume their responsibilities and accelerate and intensify efforts to migrate to SEPA so that all can enjoy its benefits, that is, faster and cheaper payments across Europe. The transition period will not be extended after 1 August."

Based on this, post February 1 banks and payment service providers would face the problem of having to stop processing payments which are not in Sepa-format which could potentially give rise to major disruptions such as enterprises having their payments blocked.

However, the European Central Bank expressed its disagreement with the extension in its press release of the same day by stating that:

“The most recent information suggests that the pace of migration is high and accelerating and the vast majority of stakeholders will complete their migration on time”.

It is feared that the extension would result in companies losing the sense of urgency of a looming deadline and we could in fact find our self in the same situation a few months down the line.  It could be said that it is human nature to pick up speed as a deadline gets closer and this seems to be the view shared by both the European Central Bank and the Central Bank of Malta.

For more information on the Single Euro Payment Area you are more than welcome to read our article by clicking on the following link:

http://gmcorporateservices.com/en/resources/resources/103/single-euro-payments-area-sepa-as-of-1st-february-2014.htm

It’s not always about work at GM Corporate & Fiduciary Services Ltd.  Whilst we believe it is important to make news items available to our clients, when we get wind of articles being published, be they about culture, food, etc. which we think are an interesting read, we’re more than glad to share them. 

The glowing endorsement by JamieOliver.com author Jim Tanfield is one such article, which begins as follows:

“This little island, set in the Mediterranean twixt Italy and North Africa, has a gorgeous climate, friendly residents, a rich history and architecture to match...”

Enjoy reading the rest of the article be accessing the following link:

http://www.jamieoliver.com/news-and-blogs/blogs/malta-a-lot-of-good/

It is being reported that some Maltese MEPS (Nationalists) had last Thursday 9^th January 2013, confirmed that the presidents of the political groups within the European Parliament decided the debate on 'EU citizenship for sale' will take place in the afternoon of Wednesday 15^th January 2013 with a vote on a cross-party resolution the day at noon.

The outcome of the debate and the subsequent vote could pile pressure on the Maltese Government to change its stance on certain aspects of the Individual Investor Programme (IIP).  The relevant legal Notice, entitled “Individual Investor Programme of the Republic of Malta Regulations, 2013”, was published on the 24^th December 2013, but the opposition party have made their intentions clear to challenge the scheme.

The first CIP (Competitiveness and Innovation Framework Programme) Guarantee Agreement between the European Investment Fund (EIF) and Bank of Valletta was launched yesterday in order to support financing for start-ups and micro-enterprises in Malta.  The financing programme was launched under the name BOV Start Plus.

According to the BOV Start Plus Scheme,micro-enterprises, that represent an important segment of the Maltese economy, will be helped with loans granted under this Agreement.

The EIF is the most important European guarantor for Small and Medium-sized Enterprises (SMEs), as defined by EU law (EU Recommendation 2003/361). Therefore, the European Investment Fund acts in order to help Europe's SMEs to access finance and Bank of Valletta is one of the EIF’s long-term partners.

The agreement reached between the EIF and BOV represents an important step being the first Competitiveness and Innovation Framework Programme (CIP) Guarantee Agreement reached in Malta. The CIP runs from 2007 to 2013 with an overall budget of € 3621 million and aims at providing better access to finance and deliver business support services; two aspects which are very often considered to be the reason why the growth of SMEs is stifled.  The mission is to improve productivity of European enterprises and naturally the European economy as a whole.  The sectors involved in this Program are primarily those related to information and communication technologies (ICT), however it also promotes the increased use of renewable energies and energy efficiency.

The launch of the Agreement is considered to be a resounding success and was unveiled in the presence of Malta’s Prime Minister Joseph Muscat.  Prime Minister Muscat affirmed that “The Government is aware of the challenges being faced by SMEs to access finance, and encourages financial institutions to apply for both centralised and decentralised EU Programmes to help this important segment of the Maltese economy.”

This is very much considered to be another important goal for the Maltese economy  and till further increase investment in the island.

Malta has moved up two places on the Tourism Competitiveness Index of the World Economic Forum.  Malta now places 24^th in the rankings, a gain of two positions since a similar survey in 2011, out of the 140 countries that were classified.  Taking up the top three sports of the list are Switzerland, Germany and Austria.

Malta also ranks ahead of some of its Mediterranean neighbours, considered to be very attractive tourism destinations, such as Italy, Cyprus and Greece.

In the Travel & Tourism Competitiveness Index 2013 for Europe, Malta ranked 17^th out of the 42 European States that were classified.

A record 1.51 million tourists visited Malta between January and November last year.

The European Parliament backed on Thursday 3^rdApril to cut a significant amount of the customs duties that Ukrainian iron, steel, farm produce and machinery exporters pay at EU borders. This measure is believed to boost Ukraine’s economy during its current economic crisis. This unilateral trade measure will remove 94.7% of EU tariffs currently charged on industrial goods imports from Ukraine and will also remove EU tariffs on over 80% of Ukraine’s farm produce exports. EU imports from Ukraine will have to comply with EU rules and in case the measure threatens to cause serious difficulties to EU producers of the same products due to imports from Ukraine flood the EU market, the European Union is entitled to re-impose the tariffs. Moreover this measure will cease to apply in case EU and Ukraine sign a bilateral liberalization trade agreement.

The measure still requires the formal approval of the EU Council of Ministers and it is set to apply from May 2014 to 1^stNovember 2014.  

All eyes are on Panama as the row between Panama and the consortium behind the Panama Canal expansion project escalates.  The consortium known as Gruppo Unidos por el Canal, consisting of companies from Spain, Italy, Belgium and Panama, has threatened to suspend work because of a row over costs.  The consortium has said that the $1.6 billion in cost overruns on the $3.2 billion plan to build a third set of locks for the canal should be met by Panama, Reuters reported.  The new locks represent the biggest part of the canal explosion programme, said to be worth some $5.3 billion.

The consortium confirmed that work would continue throughout the 21 day period during which the Panama Canal Authority (PCA) has to respond to demands, however, the PCA was quick to reject demands and hinted that it would consider third party alternative to conclude the works.

Expansion work on the Panama Canal had originally been scheduled to be completed in October 2004; however that date was moved back to mid-2015.  The PCA said that approximately 70 per cent of the expansion work is complete with about 65 per cent of the locks finished.

The expansion project of the Panama Canal is of interest to the international community at large, in particular those in the shipping community.  The expansion projects seeks to broaden and deepen the canal, allowing larger vessels to transit, bring about considerable changes to maritime economics, for example the way cargo will be transported from West to East USA and beyond.

2013 was a record year for Malta Airport as it welcomed its 3.5 millionth passenger.  The record was achieved some two months earlier than in 2012, when the record was reached in December, Malta Airport CEO Markus Klaushofer recently stated.  Malta Airport celebrated this achievement by welcoming passengers landing and departing from Malta with music and entertainment.

It would appear that the shoulder months proved to have been of significance to Malta Airport achieving this record as the airport saw almost as many passengers in October 2013 as it did in August 2010 (a peak touristic month for Maltese islands).  Between June and October 2013, the airport saw more than 400,000 passengers every month, Malta Airport reported.

Looking ahead, news that the UK flag carrier airline British Airways will return to Malta at the end of March 2014, bodes very well for both Malta Airport and Malta’s Tourism industry as a whole.  Back in 2009, British Airways announced that it was suspending services to Malta as part of a company-wide review of routes.  The airline’s return to Malta is therefore very much seen as a vote of confidence in Malta, especially when one considers the amount of daily flights to and from the UK on a daily basis.

According to data published by Malta’s National Statistics Office (NSO), in the first eleven months of 2013 the shortfall between recurrent revenue and total expenditure of Central Government amounted to €307.2 million, down from €342.0 million in the corresponding period of the previous year.  NSO data shows that the increase in recurrent revenue of €198.8 million outweighed the added expenditure of 164.0 million, resulting in a lower government deficit by €34.8 million.

During January-November 2013, recurrent revenue stood at €2,564.9 million, whilst total expenditure was recorded at €2,872.1 million, up by 8.4 per cent and 6.1 per cent respectively over previous year.

The main contributors to the increase in recurrent revenue are said to be:

·         Income Tax (+€85.0 million);

·         Grants (+€64.9 million);

·         Value Added Tax (+€49.3 million);

·         Social Security (+€29.2 million); and

·         Customs and Excise Duties (+€22.0 million).

Conversely, Miscellaneous Receipts registered a decline of €38.5 million.

The main contributors to the increase in recurrent expenditure were reported to be higher spending on:

·         Programmes and initiatives (+€77.9 million); and

·         Personal emoluments (+€32.3 million).

Expenditure on Government’s capital projects amounted to €339.2 million. The increase of €34.0 million over the corresponding period last year includes an equity injection of €40.0 million to the national air carrier (Air Malta), compared to €20.0 million in 2012.

According to the NSO report, as at the end of November 2013 Central Government debt stood at €5,064.9 million, up by €308.3 million over the corresponding period of the previous year. The increased debt came as a result of higher long-term and short-term borrowing, which added €256.3 million and €74.7 million respectively. Conversely, foreign borrowing went down by €11.1 million.  As a result of consolidation, higher holdings by government funds in Malta Government Stocks (MGSs) brought about a decline in debt of €16.6 million.

*All the above data is as reported by the National Statistics Office - Malta: News Release 27/12/2013.

In a December news release Malta’s NSO reported that the total number of departing tourists who visited Malta between the 11 month period between January and November 2013 exceeded the 1.5 million mark.  This is a new all-time high for Malta and is a 10 per cent over the comparable period in 2012.

The main origin of inbound tourists remained the British market and a significant increase was also recorded in the Libyan, Austrian, Russian, Italian and Swiss markets. On the other hand, the Spanish market dropped by 12 per cent, which one may attribute to the ongoing economic crisis being experience by the country.

NSO data shows that a large majority (83 per cent) of all inbound visitors comprised tourists coming from EU Member States, although the Non-EU tourism market did experience a growth of 24 per cent in the 11 month period of 2013 when compared to 2012 levels.

Tourism stats in figures:

·         80 per cent of tourists visited on holiday.

·         12 per cent visited for business and professional reasons.

·         66 per cent were first-time tourists.

·         52 per cent were male tourists.

·         45 to 64 years of age was the largest age group of visitors.

·         €1.4 billion is estimated to be the total tourist expenditure.

·         9 per cent increase in tourist expenditure was recorded.

·         €917.00 per capita expenditure.

·         7.5 is the average length of stay (nights).

·         55 per cent of tourists stayed more than 7 nights.

*All the above data is as reported by the National Statistics Office - Malta: News Release 30/12/2013.