Category: Archive – 2013

Fitch
Ratings 2013 says that Andorra, Luxembourg and Malta are all small European
countries with large banking systems but that is where their similarity to
Cyprus ends. These
countries not only have healthier banks and stronger sovereigns than Cyprus but
the structure of their banking sector means they are less vulnerable to a
destabilising withdrawal of non-resident deposits and losses from foreign
exposures.            

Andorra's
domestic and total banking sectors at over 5x GDP are too big for sovereign
support to be relied upon given the authorities' limited resources. However,
the large size of the domestic banks stems from their international private
banking franchises rather than credit expansion and has been supported by
comfortable liquidity and strong capital levels. Therefore we do not anticipate
sovereign support being called upon.

The
domestic banks in Andorra, Luxembourg and Malta are currently stronger than
those of Cyprus before the bail-out. Their Viability Ratings are almost all
investment grade, whereas in Cyprus the bank systemic indicator has been
speculative grade since 2011.

The
domestic banks in these countries have lower reliance on non-resident deposit
funding compared to the Cypriot banking sector where foreign deposits fuelled
rapid asset growth. Where there are foreign deposits, these are usually linked
to the banks' investment funds or private banking operations. Asset quality
indicators for these banks also appear adequate despite some deterioration and
their more limited exposure to foreign securities and loans reduces the risk of
losses arising from the eurozone sovereign crisis.

Qala
Primary School is this year's winner of Green Mt's School Recycling Campaign.
Qala Primary School with 123 students managed a collection of 18920 kilos ,
thus a contribution of 153 kg per capita over a period of eight weeks. Gozo
stood out in this year's competition as second and third places were also
schools from Gozo.

Thirty
four Schools and Colleges in Malta contributed an additional 44, 123 kilos of
recyclables to this yearly event. Thus a total of 104, 523 kilos of recyclables
were recovered in this year's School Recycling Campaign, Reduce Reuse Recycle.

It
was amazing to see the support of parents and the community at large working together
with the students to win this competition. The amount recovered this year is
40tons more than last year. Green Mt would like to thank all participating
schools, and all those who were part of this Campaign including Heads of
Schools, students and parents who supported this initiative.

Green
Mt would also like to thank the team behind this event, singer Kristina
Casolani, Zoo Media team, Eco Councilors Romina Schembri and last but
definitely not least the two contractors, Aaron Cordina in Malta and Godfrey
Borg in Gozo, supported by the Green Mt back office staff who were very helpful
in making sure that timely collections were made as planned.

A big well done to all!

Ghall-GRTU
il-holqien tax-xoghol u s-support tal-intraprizi Maltin, li 98% minnhom huma
micro u small, biex dawn jibqghu jhaddmu u jahdmu, ghandu jibqa' l-ewwel
prijorita' fuq l-Agenda tal-Gvern.

L-In-Depth
Review li ppubblikat l-Kummissjoni Ewropeja dan ix-xahar dwar l-izbilanci
macro-ekonomici ta' numru ta' pajjizi membri tal-Unjoni Ewropeja, hu tajjeb
ghall-Malta ghax pajjizna mhux ikklassifikat ma' dawk il-pajjizi Ewropej li
ghandhom problemi serji u hu konfortanti in vista ghal kummenti negattivi li
kienu intqalu dwar Malta. Imma xorta wahda dan ir-Review jenfasizza
l-importanza tas-sostenibilita' tal-finanzi ta' pajjizna minhabba ir-riskji
serji li pajjizna ghandu kawza ta' popolazzjoni li qed tikber fl-eta' u il-piz
qawwi ta' pizijiet finanzjarji li jiffaccja pajjizna. Il-Gvern ghalhekk ghandu
jimxi bi prijorita' fuq dak li hu l-aktar importanti. U ghall-GRTU top of the list jibqa'
x-xoghol.F'dan il-kuntest ghalhekk il-GRTU tibqa' ssostni li l-Gvern ghandu
jzomm bhala prijorita' gholja li l-izbilanci macro-ekonomici jkunu mharrsa u
jitfassal pjan serju  bil-ko-operazzjoni
mal-imsiehba socjali halli dawn l-izbilanci ma jkomplux jitwessghu u jduru
minflok f'bilanci pozittivi. Il-qofol ghandu jibqa' s-sostenn tal-prodotturi
diretti ta' prodotti u servizzi u is-sostenn lill-intraprizi iz-zghar. Il-GRTU
temmen li m'hawnx soluzzjonijiet facli u xejn ma jsir wahdu. Ix-Xoghol jinholoq
mill-intrapriza u l-holqien tax-xoghol bhala prijorita' assoluta jfisser
sostenn serju lill-intrapriza zghira privata. Sostenn bil-fatti u mhux biss
weghdi.

Id-decizjonijiet
minn naha tal-Awtoritajiet iridu jittiehdu bla telf ta' zmien jekk il-qghad
irid jitrazzan u mhux jizdied.

Iz-zmien
tal-kliem u suggerimenti ghadda. Issa, qabel ikun tard wisq, irridu azzjoni.

Fil-Laqgha
tal-MCESD tal-lum fejn saret diskussjoni dettaljata fuq is-servizzi disponibbli
ghall-finanzjament ta' progetti ta' intraprizi Maltin, il-President tal-GRTU,
Paul Abela, ghamel appell qawwi lill-Banek Kummercjali Maltin biex bla telf ta'
zmien inaqqsu ir-rati ta' interessi li l-banek Maltin jimponu fuq self lill-intraprizi
Maltin.

"Ghal
darb' ohra il-Bank Centrali Ewropew qed inaqqas ir-rati ta' interessi biex
l-Ewropa tkun tista tqum fuq saqajha u tikkumbati il-qghad bis-sahha ta'
espansjoni ekonomika iggenerata minn self gdid, f'Malta izda jitnaqqsu kemm
jitnaqqsu l-interessi fuq is-self fil-kumplament taz-Zona Ewro qisu li
ghan-negozji zghar Maltin ma jsir xejn. Is-Sanction
Letters kollha li l-banek kummercjali Maltin johorgu lill-intrapriza
Maltija qatt ma jkunu b'rata ta' intressi ta' anqas minn 6% meta ir-rata
tal-imghax fuq id-depoziti tal-Maltin fil-banek hi mizera. Mhux ta' b'xejn li
l-banek Maltin jiddikjaraw tant profitti." Insista Paul Abela.

"Jien
miniex nghid li l-banek ghandhom jiddajfu izda mhux sewwa li l-banek ihallu
tant depoziti kbar bla qliegh fil-Bank Centrali imbghad jaghmlu il-profitti
taghhom minn fuq l-intraprizi li jhaddmu in-nies u jikrejaw il-gid billi
jimponu fuqhom rati ta' interessi li huma ezorbitanti. L-intraprizi z-zghar
iridu jikkompetu ghal kreditu tal-banek mal-izviluppaturi u progetti kbar, ghax
ghal snin twal ikun aktar komdu ghal banek li jisilfu somom kbar lill-izviluppaturi
u progetti tal-izvilupp bit-tama li l-banek jaqilghu hafna fuq self kbir milli
jifirxu flushom fuq negozji zghar fejn il-qliegh ikun inqas jekk ma jimponux rati
ta' interessi gholjin kif fil-fatt jaghmlu" kompla Paul Abela.

Il-President
tal-GRTU appella lill-Malta Financial
Services Authority (MFSA) u lill-Bank Centrali ta' Malta li bejniethom huma
responsabbli li jizguraw li l-intrapriza Maltija tkun moghqdija b'finanzjament u
bi prezz gust, biex jizguraw li din is-sitwazzjoni tittranga u appella ukoll
lill-MCCAA li ghandha responsabbilta' ghal kompetizzjoni gusta, biex tara li
l-banek dominanti Maltin m'humiex jabbuzaw mill-pozizzjoni dominianti taghhom
fis-suq. Il-President tal-GRTU appella ukoll lill-Gvern biex jizgura li r-Regulaturi
Pubblici jaraw li jsir kull sforz biex ir-rati tal-interessi fuq is-self
lin-negozji Maltin jitbaxxew.

"It-tkattir
ekonomiku ma jigix wahdu. Mhux bizejjed li s-sidien tal-intraprizi Maltin
jinvestu u jhaddmu l-bicca l-kbira tal-Maltin, dawn iridu mill-Banek u hafna
drabi l-imprendituri zghar Maltin qed li flok li jahdmu ghalihom infushom, huma
qeghdin fil-fatt jahdmu ghal banek" ikkonkluda Paul Abela President tal-GRTU fl-MCESD.

Ghall-GRTU
il-holqien tax-xoghol u s-support tal-intraprizi Maltin, li 98% minnhom huma micro
u small, biex dawn jibqghu jhaddmu u jahdmu, ghandu jibqa' l-ewwel prijorita'
fuq l-Agenda tal-Gvern.

F'dan il-kuntest
ghalhekk il-GRTU tibqa' ssostni li l-Gvern ghandu jzomm bhala prijorita' gholja
li l-izbilanci macro-ekonomici jkunu mharrsa u jitfassal pjan serju  bil-ko-operazzjoni mal-imsiehba socjali halli
dawn l-izbilanci ma jkomplux jitwessghu u jduru minflok f'bilanci pozittivi.
Il-qofol ghandu jibqa' s-sostenn tal-prodotturi diretti ta' prodotti u servizzi
u is-sostenn lill-intraprizi iz-zghar. Il-GRTU temmen li m'hawnx soluzzjonijiet
facli u xejn ma jsir wahdu. Ix-Xoghol jinholoq mill-intrapriza u l-holqien
tax-xoghol bhala prijorita' assoluta jfisser sostenn serju lill-intrapriza
zghira privata. Sostenn bil-fatti u mhux biss weghdi.

Id-decizjonijiet minn
naha tal-Awtoritajiet iridu jittiehdu bla telf ta' zmien jekk il-qghad irid
jitrazzan u mhux jizdied.

Iz-zmien tal-kliem u
suggerimenti ghadda. Issa, qabel ikun tard wisq, irridu azzjoni.

Admitting a new member requires the
unanimous approval of all member states and the EU must assess its capacity to
absorb the new entrant/s. Turkey applied to join the EU in 1987. Given Turkey's
geographical location and political history, the EU hesitated for a long time
before accepting its application. Some EU countries have expressed doubts as to
whether Turkey will or should be allowed to join and propose instead a
‘privileged partnership' but Turkey rejects this idea.

How large
can the EU become?

The western Balkan countries are also
turning to the EU to speed up their economic reconstruction and consolidate
their democratic institutions. Potential candidates are the former Yugoslav
Republic of Macedonia, Albania, Bosnia and Herzegovina, Montenegro and Serbia,
Iceland and Kosovo. Despite fulfilling the EU accession conditions,
Liechtenstein, Norway and Switzerland are not members of the EU because public
opinion in those countries is currently against joining.

By the end of this decade, EU
membership could grow from 27 to 35 countries. This however might also require
changes in the way the EU works. During the negotiation period candidate
countries normally receive EU ‘accession partnership' aid to help them catch up
economically.

Public opinion among EU countries is
more or less divided over the question of the EU's final frontiers. If
geographical criteria alone were applied, taking no account of democratic
values, the EU could end up with 47 member states including Russia. Russia's
membership however would clearly create unacceptable imbalances in the EU, both
politically and geographically.

Membership
conditions

1. Lisbon Treaty: Any European state may apply to become a member of the
European Union provided it respects the principles of liberty, democracy,
respect for human rights, fundamental freedoms, and the rule of law.

2. Copenhagen
criteria: Lays down 3 criteria they should fulfil so as to become members:

Geographical
frontiers and Neighbourhood policy

Stability and security are an issue
in the neighbouring regions that border with the EU members regions Action for
example was needed to tackle emerging threats to security such as illegal
immigration, the disruption of energy supplies, cross-border crime and
terrorism. So the EU developed a new European Neighbourhood policy (ENP),
governing relations with its neighbours to the east and to the south.

Almost all these countries have
bilateral ‘partnership and cooperation' agreements or association agreements
with the EU, under which they are committed to common values. On its part the
EU offers financial, technical and economic assistance, easier access to visas,
etc…

Entrepreneurs interested in exploring
business opportunities in Tunisia are invited to submit their application to
participate in a trade delegation with a special focus on the manufacturing
industry, ICT, engineering and associated support services.

The delegation will be visiting the
cities of Sfax; Soussc and Tunis, where B2B meetings will be held. Participants
also have the opportunity to visit the Tunis Medindustrie Fair and the Tunis
Invest Forum taking place in Tunis between the 12th and 15th June 2013.

Further
information and the application form may be obtained by emailing
.

The Trade Delegation to Tunisia will take place on 9th June
 to 14th June 2013

Closing
Date for Application: Friday 3rd May, 2013

The deadline for migration to the
SEPA system (SEPA credit transfer and SEPA direct debit) is 1 February 2014. It is important for companies to
realize that this will entail that they use new formats and procedures when
sending payment information to their banks. Many companies have already been
taking the necessary measures to conform but many are still lagging behind.
Companies that do not take up the necessary changes will undergo consequences
for not being ready.

Under the SEPA End-date Regulation,
banks will not be allowed to automatically convert non-SEPA payments to SEPA
payments after Feb 2014. This means that transactions in old formats will not
be processed by the bank.

It will be however possible for banks
or other providers to offer conversion services – as long as these are
independent of the banks' normal payment chain. This will however constitute an
extra cost for the retailer (if his systems are not SEPA-ready). In addition,
such services will be available only for a limited time.

What is
SEPA?

SEPA stands for Single Euro Payments
Area and is a project managed, supported and promoted by the European Payments
Council. The initiative aims to replace differing cross border payment methods
with a single common system to increase ease, simplicity and efficiency.

In effect, the introduction of the
Euro currency as cash was only the first half of a process. Introducing this
single payments area for digital transfers is the second step in becoming a
financially streamlined area for trade and payments.

Currently it can be a challenge or
even impossible for an Irish person to buy an item online, from France, for
example, using their Irish debit card. Problems also can arise transferring
money or attempting to set up direct debits if they are cross-border. Uniform
SEPA standards for payments and banking will solve this and is a very exciting
prospect for many businesses that will be able to buy and sell services and
goods online to a much wider audience when this comes into effect.

Benefits
and Changes in a Single Euro Payments Area

Specific
requirements for business and consumers

The Council this week adopted a
directive on Alternative Dispute Resolution (ADR) and a regulation on Online
Dispute Resolution (ODR). The new system, which is part of the
"Single Market Act" package, will provide for simple, fast and
low-cost out-of-court settlement procedures designed to resolve disputes
between consumers and traders arising from the sales of goods and services,
without long judicial proceedings.

The efficiency of ODR procedures will
also increase the volume of online shopping, especially those made by traders
in other EU countries.

The directive ADR is a win-win
situation for buyers and for sellers. A mechanism of EU rapid action that is
low-cost will save consumers billions of Euros per year and will encourage
cross-border online trade, a fundamental stimulus for growth.

On the plus side to business, they will
prevent damage to their image and will satisfy the needs of customers in a
simple and effective manner.

Companies that commit themselves to use
this service will be required to inform consumers on their websites and in the
clauses relating to the terms and conditions of sale.

Many Member States have already
introduced systems of alternative dispute resolution, but the lack of
information and uniformity in coverage or overloading of procedures make it difficult
to use.

The new Directive requires Member
States to provide ADR entities for all sectors of activity and introduce
provisions to ensure the impartiality of mediators.

Member States will have two years to
implement the ADR/ODR rules. The ODR platform will connect all national ADR
entities. The ODR platform will be operational at the end of 2015. This
single point of access should provide the facility for an interactive website
that is easy to use, free and available in all official EU languages.

Commercial operators that chose to
utilise the system will also make available on their websites an electronic
link to the ODR platform to inform consumers.

More information on ADR is available
at: http://ec.europa.eu/consumers/redress_cons/schemes_en.htm