FROM CHAMBER NEWS
9th April 2020
With the setting up of this Business Section, the Chamber is once again being proactive in representing a new sector, in terms of giving it a unified voice to propose ideas and solutions for such a sector which is having challenges in its embryonic stage.
FROM COVID-19
The Malta Chamber was taking leadership by establishing a ‘Post-pandemic Strategy Group’ that will be tasked with creating various scenarios of what the post-pandemic landscape might look like, and develop strategic initiatives to address the ‘new normal’.
FROM BUSINESS NEWS
Importation of goods in February dropped by almost €200 million in value while exports grew by just over €27 million worth of goods.
8th April 2020
Compared to a previous survey conducted on 20-23 March, the forecasts for redundancies as extrapolated on a national level appear to have attenuated by almost one half. In fact, the latest forecast now stands at around 23,000 workers as compared to 45,000, two weeks ago.
Partnership agreements intended to strengthen the organisation’s work, in theme-focused areas of specialisation
The seasonally adjusted index of industrial production decreased by 2.6 per cent, when compared to the previous month.
7th April 2020
Malta Chamber presents proposal for further economic stimulus to counteract the COVID-19 crisis
In the interest of good governance and of all concerned, the sooner the country has full and official clarity on this project, the earlier all unnecessary speculation and suspicion is eliminated.
Statistics from the NSO recorded an increase in inbound tourists of 16.5 per cent over February 2019
The MBR has pledged to work in concert with the MFSA, MGA and SMB, with the provisions of the MoUs allowing the entities to share information and enter into operational arrangements, press statements have said
PUBLICATIONS
Manager - Transaction Advisory Services, Grant Thornton Malta
April 2020
Companies which report their financial statements under IFRSs, and are undergoing their 2019 audit, must now comply with the new lease standard – IFRS 16. This standard, which came to effect as from 1st January 2019, will require companies to bring most, if not all, of their leases on-balance sheet.
VAT Manager, E&S Group
The novel COVID-19, which has been officially declared as a pandemic by the World Health Organisation, has brought with it concern and uncertainty for everyone. Inevitably, it resulted in a disruption to the operations of business and most organizations are now struggling with unprecedented financial and economic realities.
President, Malta Chamber
March 2020
As you are aware, the country is going through unprecedented times, which are requiring unprecedented action of us. We shall not forget the experience we are living very quickly. At this juncture, I feel duty-bound to write to you today to inform you of the latest updates.
Junior Legal Associate, PKF
Over the past year, the Cypriot Citizenship by Investment (CIP) scheme has endured a thorny chain of events which ultimately led to its very recent suspension. From the tough berating of the European Union, to the decision (and ultimate failure) of the Cypriot authorities to revoke the passports of its 26 rogue investors – the “golden passport” scheme has been at the centre of controversy for stakeholders in the citizenship-by-investment arena.
Senior Manager - Risk & Compliance, ARQ Group
An REQ (‘risk evaluation questionnaire’) is an annual regulatory submission related to Anti-Money Laundering. In 2019, the first year of the REQ, organisations generally struggled with the deadline and the FIAU sent no less than 207 letters to subject persons who had failed to submit in time!
Head of Risk & Compliance, ARQ
February 2020
On 5th February the MFSA published a discussion paper containing proposals to update Malta’s corporate governance framework. Once implemented, the new measures will apply to locally licensed and listed entities. This paper is a serious attempt to address some of the issues which are most prevalent in Malta businesses.
6th April 2020
Once again, The Malta Chamber is reaching to its members better understand the impact in their respective segments, as the ones being directly affected by the current developments.
Rebecca Anastasi - 6th April 2020
“This is another measure being implemented to deter the spread of COVID-19,” Bank says
The Government paid out almost one billion euros for 2019, amounting to an increase of over 32.7 million euros over the previous year.
FROM INTERNATIONAL FINANCIAL NEWS
The MSE Equity Total Return Index (MSETRX) opened this morning with a slight increase over last Monday’s figures – at 7,862.22, compared to 7,761.13 recorded on the 30th March.
4th April 2020
It is out of a sense of social responsibility, that the Malta Chamber has been vociferous in encouraging businesses to be ethical in this regard.
“There is no doubt that the economic, social and environmental landscapes will change permanently and these will have an effect on how all entities, will carry out their business in the future”
National health services around the world are struggling to source enough ventilators to meet anticipated demand
3rd April 2020
When compared to February 2019, Malta registered a yearly increase in total retail volume of 4.8 per cent - higher than the EU average of 3.2 per cent
Rebecca Anastasi - 3rd April 2020
The scheme provides loan guarantees to commercial banks backing up working capital lending to aid local businesses during the crisis.
