Updated 1030
Hili Ventures acquires 4.99% stake in Bank of Valletta
Hili Ventures has acquired a 4.99% stake in Bank of Valletta from Unicredit, making it the bank’s third-largest shareholder after the Maltese government and Unicredit itself. The deal, dated July 10, marks the Malta-based group’s first known investment in the bank. The transaction involved over 32 million shares, with a market value of around €59 million based on Tuesday’s closing price of €1.84. As a privately owned company, Hili Ventures is not required to disclose the price paid. Regulatory approval would be needed if it were to exceed the 5% ownership threshold. The group said the move supports its strategy to expand its asset management division and diversify its investment portfolio. (Times of Malta)
Elderly at higher risk during heatwaves, warns Commissioner
High temperatures can pose a serious threat to older adults, especially those living alone, warns Elderly Commissioner Alexander Attard. He stressed that older people are more vulnerable to heat-related illnesses than younger groups, particularly if they lack family support. Social services, he said, should proactively identify and monitor individuals at risk, especially those who are socially isolated or have limited mobility. Without such support, worsening health conditions in the heat may go unnoticed. Attard also highlighted financial barriers, noting that pensioners on limited incomes may be unable to afford air conditioning or travel to cooler locations, increasing their risk during extreme heat events. (Maltatoday)
Arraignment of homeless individuals condemned by Anti-Poverty Forum
The Anti-Poverty Forum has condemned the arraignment of 17 homeless individuals on charges of loitering and begging, calling it a failure to tackle poverty at its roots. The charges followed police raids in Marsa and Ħamrun after complaints about rough sleeping and begging. Twelve people, including foreign nationals and two Maltese, were brought to court in early June, followed by another five weeks later. Representing 20 NGOs, the Forum criticised what it sees as a punitive approach to homelessness in a country enjoying strong economic growth, arguing that criminalising poverty is both unjust and inconsistent with Malta’s available resources. (Newsbook)
Morning Briefing
Lilu King rearrested after bail revoked
Mohammed Ali Ahmed Elmushraty, known as Lilu King, has been rearrested after the Attorney General successfully appealed a court’s decision to grant him bail. The AG’s office argued there remained a real risk he would commit further crimes, with several cases still pending against him. Despite higher bail sums and a proposed third-party guarantee, the prosecution claimed these measures were insufficient. They noted Elmushraty’s lack of meaningful ties to Malta and described him as untrustworthy, stressing the risk of absconding. The court accepted the argument and revoked bail. Defence lawyer Franco Debono insisted the conditions were unusually harsh, even compared to those imposed in homicide cases. (The Malta Independent)
June brings hot start to summer
June was warmer and sunnier than usual in Malta, according to the Met Office. The mean air temperature reached 26.3°C, over two degrees above the seasonal average. A peak of 35.6°C was recorded on 9 June, while the month’s lowest, 15.8°C, was observed on the first day. Malta experienced its first heatwave of 2024 between 24 and 27 June, with highs consistently exceeding 33.8°C. The island also saw no rainfall, higher sea temperatures, and more sunshine than normal. With 374.3 hours of sunshine recorded — 40.2 above average — June continued the global trend of intensifying summer heat. (Newsbook)
ITS opens second campus in China
The Institute of Tourism Studies has launched its second satellite campus in China, located at Zhengzhou Tourism College. The opening follows last year’s launch in Shanghai and is part of ITS’s international growth strategy. Deputy Prime Minister Ian Borg, in China for an official visit, described the opening as a “major milestone.” The new campus will offer a three-year Tourism and Hospitality Management course, admitting up to 40 students annually. Graduates will receive a dual qualification recognised by both Malta and China. The programme aims to deliver industry-relevant education aligned with international standards. (Times of Malta)
