The Malta Chamber of SMEs received feedback on Black Friday outcomes, indicating a mixed picture. Some businesses reported highly positive results, while others noted a decline in sales compared to the previous year, as stated by the chamber. Sectors typically linked to Black Friday, such as electronics and appliances, showcased the most favorable outcomes. Many of these sectors ran promotions throughout November, contributing to their success on Black Friday. Nevertheless, the performance of this occasion, the Chamber noted, also hinges on specific locations, with some areas experiencing notable negative impacts, particularly in localities where significant infrastructure projects are still ongoing, such as Mosta.
Winds batter Malta, ferry suspended
The Gozo ferry service was halted on Saturday due to severe winds causing damage across parts of Malta. Gozo Channel suspended the service that links Mġarr harbor in Gozo to Ċirkewwa due to adverse weather conditions shortly after 3 pm. The high-speed ferry, operating from Valletta Grand Harbour, only made one trip from Mġarr in the early hours of Saturday. Normal service is anticipated to resume on Sunday afternoon. Saturday saw Malta experiencing force 8 northwestern winds as temperatures dropped following an extended period of dry and warm weather.
Subsidies should be targeted and temporary – CBM Governor
CBM Governor Edward Scicluna said that energy subsidies in Malta are upholding domestic demand, potentially offsetting a decrease in price inflation. Scicluna, formerly a finance minister, emphasized the need for targeted and temporary energy subsidies. Both the IMF and the European Commission have urged Malta to gradually reduce these subsidies and bring its deficit to below 3% of GDP. During his annual speech at the Institute of Financial Service Practitioners, Scicluna mentioned that while post-pandemic supply bottlenecks seemed to be resolving themselves, Malta’s €320 million in subsidized energy and fuel prices might counteract a disinflationary impact.
