Malta’s July inflation expected to hit 6.5% / Malta News Briefing – Friday 29 July 2022

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1745- Latest News update

Times of Malta says Alfred and George Degiorgio have complained about conditions in prison and argued that they have already been condemned as guilty, despite the presumption of innocence.

MaltaToday says the Malta Police Union is continuing with its campaign to highlight the dismal state of police stations with the spotlight being cast on the Msida station.

Newsbook says with Friday marking a year since the publication of the damning report of the public inquiry into the assassination of Daphne Caruana Galizia, Repubblika is not only unimpressed by the government’s inaction – it is also concerned that the government is repeating old sins.

TVM says the Raymond Zerafa, known as il-Perżuta, is the man who ls fighting for his life after he was run over by a car yesterday in Qormi.

Mid-Day Briefing

Malta’s July inflation expected to hit 6.5%: Malta’s annual inflation is estimated to rise to 6.5% in July, according to Eurostat’s flash estimate for the euro area released today. In June, inflation as measured by the Harmonised Index of Consumer Prices (HICP), stood at 6.1%. The figures show that Malta’s inflation remains the lowest in the Eurozone. The European statistical agency expects the euro area’s annual inflation in July to increase to 8.9% from 8.6% in June.

Covid-19 update: There were 88 new cases of Covid-19 as the number of active cases now stands at 2,168.

Morning Briefing

BOV registers loss after massive compensation agreed

Bank of Valletta registered a €76.6 million loss in the first six months of 2022, after it forked out a significant payment related to the Deiulemar case. The bank said that while it had made a pre-tax operating profit of €26.1 million, the settlement dragged it to a €76.6 million loss. The net loss post tax was €51.1 million. CEO Rick Hunkin said the bank’s main income lines continued to show steady growth, despite the negative interest rate impact. “Offsetting this, we continue to face rising costs driven in particular by rising staff costs and the increasing contributions we have to make to the deposit compensation scheme, which grew in line with our significant deposit growth,” he said. (Times of Malta)

Bolt couriers on strike today
Bolt Food couriers will be strikiing today over issues with their working conditions. The couriers joined forces after a food courier was beaten up in Zabbar while picking up an order from a pizzeria. The strike was confirmed by a Bolt spokesperson, who said the company has kept regular contact with the couriers while “informing them of our new steps.” “We are working towards optimizing the pricing that should have a positive impact on courier earnings within the next few days,” the spokesperson said. “Our goal is to provide high quality service to our customers and best earning opportunities to our couriers.” (Maltatoday)

Unemployment falls further

Malta’s unemployment rate for June 2022 stood at 3.0%, the NSO said today. This reflected a drop of 0.1 percentage points from the previous month. For the month under review, the unemployment rate for males was 3.3% while the rate
for females stood at 2.6 per cent. The unemployment rate during June 2022 for persons aged 15 to 24 years (youth unemployment
rate) stood at 6.8%. During June 2022, the number of unemployed persons was 8,627, with the 25 to 74 age group being the
major contributor to the overall level of unemployment. The seasonally adjusted number of unemployed
youths amounted to 1,831, whereas those aged between 25 and 74 years stood at 6,796.

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