Updated 1230
CrediaBank Vows to Retain All HSBC Malta Staff After Takeover: CrediaBank CEO Eleni Vrettou has pledged to retain all 900+ HSBC Malta staff and current management following the bank’s planned takeover. The Greek bank, recently named preferred bidder after a year-long process, also plans to expand its workforce by bringing in-house operations currently outsourced within HSBC, potentially creating up to 2,000 new roles split between Greece and Malta. Staff guarantees, covering jobs, salaries, allowances, pensions, and collective agreements, will remain in place for two years after the deal. The Malta Union of Bank Employees has adopted a cautious but cooperative stance. Finance Minister Clyde Caruana said CrediaBank could begin operating in Malta early next year, pending regulatory approval. (Times of Malta)
Over €750,000 in Unpaid Wages Recovered as DIER Resolves Majority of Industrial Disputes: Between January and July, the Department of Industrial and Employment Relations (DIER) recovered €750,000 in unpaid wages for workers. During this period, it registered 724 investigations, with around one-third resulting in financial claims successfully settled through DIER’s intervention. Director General Diane Vella Muscat highlighted that the department also handles individual cases from non-unionised workers, while collective disputes are classified as industrial disputes. In the first seven months of the year, DIER mediated 25 such disputes, over 90% of which were resolved. Vella Muscat stressed the need for ongoing communication between employers and employees to prevent conflicts, noting that disputes often arise when workplace changes are introduced without proper consultation.
Malta International Airport Proposes Dedicated Lane for Ride-Hailing Vehicles: Malta International Airport (MIA) plans to redesign its main public car park, adding 66 spaces and a dedicated lane for Y-plate taxis and ride-hailing vehicles. The upgrade, based on a traffic study, aims to ease congestion on the airport ring road and improve passenger flow. Under the new system, taxis and ride-hailing cars will use a perimeter lane with pick-up and drop-off points inside the car park. Passengers will be guided via a tunnel to a designated area on level -1, clearly marked in ride-hailing apps. Temporary measures introduced in July, including a new pick-up point, will remain until works are complete. The move mirrors global airport trends to reduce congestion and streamline transport access. (Maltatoday)
Morning Briefing
CBC Requests More Time to Repay €3.2 Million Bond
Central Business Centres (CBC), a publicly listed real estate company, is asking investors for an extension to repay a €3.2 million bond due on August 31. The company owns six commercial properties valued at €75 million, including Valletta’s Savoy Arcade and a Lidl supermarket in Żebbuġ. CBC has called a meeting on August 28 for investors to vote on the request. In a company statement, CBC said it is “actively pursuing” a long-term financing plan to cover recent acquisitions, outstanding debts, and a July promise-of-sale agreement for another property. The plan was originally expected to be in place by the bond’s maturity, but “practical and procedural factors” have delayed implementation, according to a spokesperson. (Times of Malta)
Ombudsman Recommends Changes to Malta’s Planning System
Alan Saliba, Commissioner for Environment and Planning at the Office of the Ombudsman, said Malta’s planning reforms must ensure transparency, accountability, enforceability, and fairness for residents and third parties. In his submission to the Government’s public consultation, he proposed suspending development permits while appeals are pending to avoid irreversible impacts. He also recommended establishing a dedicated tribunal panel for third-party appeals, granting third parties the right to appeal other authorisations, and introducing a reward system for successful appellants. Saliba emphasized that appeal procedures must be fair, consistent, and accessible, with safeguards against unequal deadlines and unrealistic timeframes, echoing proposals his office had made in previous consultations. (The Malta Independent)
Inflation Stable at 2.4%, Food and Beverages Lead Increases
Malta’s inflation rate remained steady at 2.4% last month for the fourth consecutive month, according to the National Statistics Office (NSO). The rate is one percentage point higher than the same period last year, when it stood at 1.4%. The highest annual inflation was recorded in beverages and tobacco and food, both at 3.8%, with food prices driven up by more expensive takeaways. Transport and communications rose 0.39 percentage points, while recreation and culture increased 0.25 percentage points due to higher air transport and education costs. The lowest inflation rates were in utilities and fuels (0%) and furnishings and household equipment (0.4%).
