Updated 1220
CBM report confirms robustness of financial system
Malta’s financial system, as indicated by a report from the Central Bank of Malta, remained strong in the past year, with banks consistently increasing their profits and capital. According to Alan Cassar, who leads the Financial Stability Unit at the Central Bank, Malta’s financial system displayed resilience, with strong profits, capital reserves and liquidity levels. Edward Scicluna, the Central Bank Governor, affirmed that the financial system remained stable and resilient, supporting price stability. He stressed the importance of prompt central bank intervention during economic stress to restore market conditions and ensure financial stability. Professor Scicluna further emphasized the need for banks to maintain prudent capital planning to enhance their ability to withstand economic and financial shocks. (TVM)
All development at Ħondoq to be banned under new policy
The Planning Authority announced that it has initiated the procedure to revise the planning policies outlined in Gozo’s 2006 local plan, with the aim of prohibiting any development within Ħondoq ir-Rummien. This decision comes in the wake of a recent court ruling that rejected plans by a company to construct a tourist village in the area. The Authority is suggesting that, in the future, the site should exclusively be designated for afforestation. Ħondoq ir-Rummien encompasses a pristine shoreline and a small beach, situated opposite Comino, as well as an abandoned stone quarry extending along the hill to Qala. (Maltatoday)
PN admits closing Hamrun club after feast incident
Bernard Grech has officially stated that the decision to shut down the Nationalist Party’s club in Ħamrun was due to the club owner’s refusal to grant him access during the St. Catejan feast. Grech emphasized that the PN club should be open to everyone, especially the leader of the PN. This decision stemmed from an incident in August when Nationalist Party leader Bernard Grech was denied entry to the party’s club during the Ħamrun feast, leading to an altercation in which party supporter Noel Mifsud Bonnici was injured, and his wife alleged that he was severely beaten during the confrontation. (Times of Malta)
Morning Briefing
Companies suffering delays in operations due to skill shortages
Nearly 67% of businesses in Malta are encountering delays in their operations due to skill shortages in the employment market, a Eurobarometer survey has found. Conducted in May, the study surveyed 252 employers, highlighting the challenges faced by employers in securing adequately skilled workers. A striking 87% of these employers expressed difficulties in hiring staff for at least one position within their organization, citing either insufficient skills among applicants or a shortage of applicants. This concern places Malta second, following only Austria, in Europe regarding recruitment challenges, well above the EU average of 74%. (Times of Malta)
Suspicious medical certificates found on laptop of former Labour MP
During Tuesday’s court proceedings against Aaron Caruana, a Tarxien resident implicated in a significant social benefits fraud case, Inspector Michael Tabone from the Economic Crimes Unit testified about the discovery of several “suspicious” medical certificates on a laptop owned by family doctor and former Labour MP Silvio Grixti. Caruana, aged 35, stands accused of unlawfully obtaining over €22,000 in disability benefits, allegedly facilitated by Dr. Grixti. In another development on Tuesday, Josephine Spagnol was also charged with fraudulently acquiring more than €25,000 in disability benefits. Authorities have identified over 160 such cases, resulting in over €2 million in misappropriated benefits, with approximately 800 cases currently under investigation. (Maltatoday)
Government cannot shirk its responsibility to facilitate economic change – PN
The PN said that the Government must not evade its role in driving economic change and expressed concerns that the Government seemed to be relinquishing its responsibility in this regard, placing the burden on the private sector. The party noted Finance Minister Clyde Caruana’s recent remarks during a Central Bank of Malta seminar, where he encouraged the private sector to play a more prominent role in shaping Malta’s economic future. However, the PN underscored that the government should still actively participate by providing necessary incentives, reducing bureaucracy, and enhancing the ease of doing business, which would improve the country’s reputation and governance. This holistic approach is essential to create an environment of economic, political, and financial stability vital for private sector success. (The Malta Independent)
