Updated 1145
Malta Business Confidence Slips as Uncertainty Rises, Despite Modest Growth Signals: Business sentiment weakened across most sectors in February, while uncertainty rose, according to the Central Bank of Malta. Construction confidence dropped sharply, though data was affected by low responses. Services and retail sentiment also declined but remained above average, while consumer confidence eased slightly. Industry was the exception, showing improved outlook driven by stronger production expectations. Employment expectations fell below average, and economic uncertainty turned positive. Despite this, overall economic activity showed slightly stronger annual growth. The labour market remained tight, and property activity improved year-on-year. Data predates any impact from the Iran war. (Maltatoday)
Malta E-Money Firm Declared Insolvent as Clients Struggle to Recover Funds: A Malta-based e-money firm, MTACC, deemed “technically insolvent,” has left clients struggling to recover funds while administrators face blocked access to its systems. The Malta Financial Services Authority revoked its licence over governance failures, missing financial statements and failure to safeguard client funds. Appointed administrator PwC reported a €740,000 shortfall and limited access to records due to lack of cooperation from directors. Clients worldwide have filed lawsuits over frozen accounts. The regulator has moved to liquidate the company, warning it is unlikely to meet its obligations. (Times of Malta)
Youth Initiative Launched to Amplify Voices on Education and Reform: Ethics teacher Luke Fenech has launched ‘Żgħażagħ għall-Bidla’ (Youths for Change), a new initiative giving young people a platform to voice their ideas and push for change. Open to those aged 13+, it will host discussions on key issues, starting with Malta’s education system on 8 April, followed by topics like mental health and the arts. Fenech said the project responds to young people lacking a voice, aiming to foster debate, skills like public speaking, and eventually evolve into a pressure group influencing policy. (The Malta Independent)
Morning Briefing
Freight surge forces businesses to raise prices amid Middle East tensions
Rising freight costs linked to instability in the Middle East are already pushing up prices for Maltese businesses, with consumers likely to feel the impact soon. A survey by the Malta Chamber of SMEs found that nearly half of respondents have seen import costs increase, largely driven by higher shipping charges. Many firms reported price rises of up to 10%, though some are facing increases exceeding 20%. Only a small minority are absorbing the additional costs, while most say they will pass them on to customers, with a significant share expecting substantial price hikes. The disruption is largely due to shipping routes being diverted away from the Suez Canal, adding time and cost to deliveries. Businesses also warned of delays, highlighting growing pressure on supply chains and the wider economy. (Times of Malta)
Parliament backs ‘right to be forgotten’ for cancer survivors
Parliament has unanimously approved new legislation granting cancer survivors the “right to be forgotten”, aimed at tackling discrimination in employment and financial services. The bill, introduced by Amanda Spiteri Grech, establishes clear timeframes after which individuals are no longer required to disclose a past cancer diagnosis. Adults will not need to declare their illness 10 years after completing treatment, provided there has been no recurrence, while those diagnosed before 21 will benefit from a shorter five-year period. After these limits, institutions will be prohibited from requesting or using such medical data, and must delete existing records. The law also provides for a review board to handle disputes, marking a significant step towards protecting survivors’ rights and ensuring fair access to jobs, insurance and financial services. (Maltatoday)
Employers call for end to cannabis authority role in children’s football
Four employers’ associations have issued a rare joint statement calling for the immediate withdrawal of an agreement linking a children’s football programme to the Authority for the Responsible Use of Cannabis. The bodies, represented within the Malta Council for Economic and Social Development, described the arrangement as inappropriate, arguing that youth sport should promote health, discipline and positive values. The scheme, run in collaboration with the Malta Football Association, provides financial support for children attending football nurseries, including those from disadvantaged backgrounds. While acknowledging the social intent, the employers warned that associating such initiatives with cannabis risks sending mixed messages to young people. Caritas Malta also expressed serious concern, adding to growing criticism of the initiative and increasing pressure for it to be reconsidered. (Newsbook)
