MiddayDispatch – Corporate and Financial News – 6th August 2019

Inbound tourist trips for the first six months of 2019 amounted to 1,208,068, an increase of 3.9 per cent over the same period in 2018. Total nights spent by inbound tourists went up by 2.4 per cent, reaching nearly 7.9 million nights. NSO (MALTA) reports that a total of 251,747 inbound tourist trips were carried out for holiday purposes, while a further 15,545 were undertaken for business purposes. Inbound tourists from Non-EU countries went up by 17.1 per cent when compared to the corresponding month in 2018. Most inbound tourists were aged between 25 and 44 (42.2 per cent), followed by those within the 45-64 age bracket.

U.S. stock market futures recovered from steep early losses Monday night, in a reassuring indication following the biggest selloff of the year for Wall Street. Market Watch

Bank of Valletta can no longer promise super profits as it embarks on a more prudent business model, the bank’s CEO Mario Mallia said. Presenting the financial results for the first six months of 2019, Mallia said the bank was pulling out of businesses wholly based abroad. “Businesses that have no ties with Malta have had their accounts closed in a de-risking process. This means a loss of income but this was replaced with new income in 2019. We are getting out of businesses that we qualify as risks that we are not ready to tolerate,” Mallia said, insisting that all major correspondent banks were de-risking.  Business Today 

The yen’s surge beyond a key threshold against the US dollar has sparked speculation among traders in Tokyo that Japan’s $1.6tn government pension fund could engage in “stealth intervention” to soften the currency over coming weeks. Financial Times 

A panel monitoring U.N. sanctions says North Korean cyber experts have illegally raised money for the country’s weapons of mass destruction programs “with total proceeds to date estimated at up to $2 billion.” Market Watch / NBC

Almost a third (30%) of European businesses admit they are still not compliant with GDPR, according to a survey conducted by the European Business Awards on behalf of RSM, one of the largest audit, tax and consulting organisations of advisers with a focus specifically on the middle market. Despite it being over a year since GDPR came into effect, and a raft of fines from regulators only 57% of businesses are confident that their business follows the rules, with a further 13% unsure either way. RSM 

The New Development Bank, a lender owned by Brazil, India, Russia, China and South Africa, is aiming to almost double its lending this year and shift its loan book away from the US dollar to emphasise lending in local currencies. The NDB, or Brics bank as it is often known, has approved more than $9bn in loans in its member countries after being founded four years ago. It is seen as a challenger to established lenders such as the World Bank, Asian Development Bank and IMF. Financial Times 

Giuseppe Conte told a meeting of trade unions and business representatives on Monday that his government will enter ‘phase two’ focused on boosting Italy’s sluggish growth the 2020 budget law. ANSA 

Japanese electronics manufacturer NEC Corporation unveiled a prototype flying car that stayed in the air for almost a minute during a test in Japan this week. Reuters 

Corporate Dispatch via CiConsulta BeInformed Service