Updated 1215
‘New’ Air Malta to be launched on Monday – reports
Following extended and often challenging negotiations with the European Commission, the government is set to unveil the new airline as a replacement for Air Malta on Monday. According to sources with knowledge of the matter, passengers can expect the transition from Air Malta to the new airline to be nearly seamless, with no disruptions to flight schedules, the retention of the existing fleet of aircraft, and no change to the airline’s name. While the current workforce is anticipated to be retained, employees may undergo an integration process into the new airline. Further information will be provided during a news conference by Finance Minister Clyde Caruana on Monday. (Times of Malta)
PM leads calls for tougher EU migration stance
The EU’s migration pact must ensure that the needs of front-line states are met, and co-legislators must agree on the pact before the end of the legislative term, Prime Minister Robert Abela sai at the end of the Med9 Summit. Leaders from Mediterranean countries gathered in Malta to discuss issues such as migration, energy and the economy. “Irregular migration flows impact the whole of Europe. Tackling these flows is a problem for governments across the continent,” he said. Abela called on European institutions to agree on the EU’s Pact on Migration and Asylum before the end of the legislative term. “The pact must ensure that the needs of front-line states are met.” He said the rate of return for illegal migrants should be improved, and remarked that migration should be tackled at source. (Maltatoday)
PN shares its economic vision with social partners
Opposition leader Bernard Grech has led a delegation from the PN (Nationalist Party) to present its economic vision for Malta during a meeting held in Parliament with the Malta Council for Economic and Social Development (MCESD). Dr. Grech emphasized that the PN has been discussing Malta’s economic model for several months, especially during a period of significant pressure due to the current economic plan, which, according to him, primarily focuses on population growth. Despite being in the Opposition, the PN leader emphasized the party’s commitment to consultation and active listening. This is why, in collaboration with the MCESD, they organized this meeting to gain a better understanding of the country’s needs and collaborate on addressing them. He emphasized that consultation is vital because social partners, like the PN, have a deep understanding of the nation’s pulse and the sectors they are closely associated with. (TVM)
Morning Briefing
Deficit drops, but debt levels top EUR9.2 billion
By the end of August 2023, the Government’s Consolidated Fund recorded a deficit of €90.2 million, according to the latest NSO data. This deficit reflects a decrease compared to the same period in 2022, when it was €304.2 million higher. The decrease in the deficit can be attributed to a substantial increase in total Recurrent Revenue, which was €533.7 million higher than the previous year. Interest payments on public debt servicing costs totaled €133.2 million, an increase of €20.8 million compared to the previous year. The Central Government debt at the end of August 2023 stood at €9,203.1 million, reflecting an increase of €644.1 million compared to 2022.
Regulation of construction industry is “bad from beginning to end” – Chamber of Architects President
The President of the Chamber of Architects, the architectural profession’s self-regulating body, has described the system regulating the construction industry as “bad from beginning to end,” raising several points of concern. Perit Andre Pizzuto was testifying in the public inquiry established after the tragic death of construction worker Jean Paul Sofia, who lost his life in a construction site collapse last year. Pizzuto complained about bureaucracy and paperwork that “drives you to desperation” and that there were no national standards or codes for architects to follow. He aruged that a super-authority should be made responsible for standards and codes, because many responsibilities were scattered across too many regulators. (Maltatoday)
BOV gets credit rating upgrade
Standard and Poor’s (S&P) has y upgraded Bank of Valletta’s rating to ‘BBB-/A-3’ with a stable outlook. S&P also emphasized that in their future assessments, they may consider a one-notch rating upgrade if the Bank establishes an additional loss-absorbing capacity buffer that comfortably surpasses their 4% risk-adjusted capital ratio threshold. Dr Gordon Cordina, BOV Chairman, stated that BOV’s upgrade is a clear indication that the Bank continues to head in the right direction to maintain its leading role within the local financial and economic sectors. “The projected outlook of the local economy offers the Bank great opportunities to enhance its market position, whilst providing added value to our customers with strong risk management and regulatory controls. (The Malta Independent)
