Business

Malta: Most SMEs expect to fold within a year if situation persists, survey suggests

Only 30% of SMEs expect to remain in operation for more than a year if the current economic situation – brought about largely as a result of the Covid-19 pandemic…

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Tesla “very close” to level 5 autonomous driving technology, Musk says

U.S. electric vehicle maker Tesla Inc is "very close" to achieving level 5 autonomous driving technology, Chief Executive Elon Musk said on Thursday, referring to the capability to navigate roads…

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Retail trade in Malta and euro area shows signs of recovery in May

In May 2020, when Member States began easing the COVID-19 containment measures, the seasonally adjusted volume of retail trade increased by 17.8% in the euro area and by 16.4% in…

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Air Arabia Abu Dhabi to start operations with flights to Egypt

Air Arabia Abu Dhabi will start operations on July 14, with direct flights connecting the capital of the United Arab Emirates to Alexandria and Sohag, in Egypt, the company said…

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Volvo announces its biggest ever recall over seat belt cable

Volvo Cars said on Wednesday it was recalling nearly 2.2 million cars built between 2006 and 2019 to address a potential issue with cables attached to their front seat belts…

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The nexus between business, policy & society

Social wellbeing cannot be reduced to GDP; quality of life, ethical standards, safety systems, and personal achievements are not accounted for by the size of an economy. And in reflection…

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Reinventing business on purpose

by Nathanael Muscat A demarcation lines between industries and offerings become ever more blurred, purpose is fast emerging as a key strategic driver for sustainable growth. Traditionally, high-growth strategies involve…

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Malta-based sports betting companies forecast 40% drop in revenue

Gaming operators involved in sports betting were expected to suffer the hardest hit from the coronavirus pandemic in a survey published by the Malta Gaming Authority. All major international sports…

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EU state aid regulators to ease bailout rules for small firms, startups

EU competition regulators plan to loosen the bloc's state aid rules to make it easier for private investors to team up with EU governments to bail out virus-hit start-ups and…

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British Gas owner to cut 5,000 jobs

The owner of British Gas has said it will cut 5,000 jobs as part of a major restructuring plan to turn around the company. Centrica says half of its 40-strong…

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Boost for direct credits following CBM campaign

Around 9,000 more people who receive benefits from the Social Security Department will now be getting them paid directly into their bank accounts, following a campaign run by the Central…

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EP Transport Committee approves major reform of road transport sector

Transport Committee MEPs endorsed on Monday the deal reached with EU ministers on a major reform of the road transport sector. The revised rules for posting of drivers, drivers’…

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UPDATED: Government unveils €900m economic recovery plan

Updated 0820 - Other reactions Online portal timesofmalta.com reports other reactions from various trade lobbies on the island. The Malta Developers' Association welcomed the fact that its proposals had been accepted…

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Malta secures $7 million investment by AI-powered US firm specialising in digital identities

Trust Stamp, an AI powered authentication company dual headquartered in the United States and United Kingdom, announced its intention to establish and operate a wholly owned subsidiary in Malta. The…

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Debenhams to reopen 50 stores in England on June 15

British department store retailer Debenhams will reopen 50 stores in England on June 15 as the government's coronavirus lockdown measures are eased. The group, which is currently in administration, said…

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SME Chamber shares concerns on piling rental costs

Piling rental costs represents one of the main concerns that businesses are experiencing in this precarious time of Covid. Preserving businesses’ current condition and not let it deteriorate further until…

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Strategic Partnership Announced Between EBO.ai and BMIT Technologies

The whole economy is going through a significant shift and one area that is constantly under scrutiny and focus is the quality of customer support offered by businesses. The need…

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Malta: Businesses doing worse than when closed, Chamber of SMEs says

Businesses are doing worse than when they were forced to close due to the coronavirus pandemic, the Chamber of SMEs said in a statement on Saturday. The Chamber of SMEs…

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EU proposes financial instrument to support private investment

Private industry and investment need to be at the forefront of the recovery, according to the European Commission. In this context, it has proposed a new instrument to mobilise private…

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SME Chamber calls for support on commercial rent payments

The SME Chamber this morning insisted for further Government support, particularly through a scheme which addresses the burden of commercial rental payments. In a statement, the Chamber noted how other…

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Advertising spending in Italy to shrink at double-digit rate

Total advertising spending in Italy is set to shrink at a double-digit rate this year because of the coronavirus crisis and nationwide lockdown imposed in March, research agency Nielsen said…

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Catering on a knife-edge

by Jesmond Saliba - CiConsulta A man walks into a bar and finds it open. Even fans of bar jokes will struggle to see the funny in this one at…

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Malta: Landlords will drive restaurants out of business, catering lobby warns

Landlords who insist on charging full rent “as if there is no crisis” will drive restaurants out of business, the catering industry has said in a plea to the government…

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Britain must defend companies from Chinese state-owned companies take overs

Britain must defend its companies against overseas takeovers in the aftermath of the crisis caused by the coronavirus outbreak, a senior British lawmaker said, adding that China's state-owned companies have…

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Calling for Change

By Lawrence Zammit The post-coronavirus Maltese economy is not expected to be the same as the one we had in the pre-coronavirus times. The new normal will not be like…

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Malta: Restaurants and hairdressers re-open after 9-week lockdown

As from today restaurants, hairdressers, barbershops, nail and beauty salons can re-open as announced early this week by Prime Minister Robert Abela after having closed due to the coronavirus pandemic.…

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Creative thinking needed for Maltese economy to grow afresh – Malta Chamber

“The country is anxious to take advantage of the opportunities brought about by the disruption of the current COVID19 crisis, and grow”, said the President of The Malta Chamber Perit…

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Relaunch Made in Malta

Malta is in the transitional period that began with the reopening of business on May 4 after five weeks of lockdown. Announcing the restart, the Prime Minister spoke about a…

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Oil prices jump more than $1 ahead of WTI June contract expiry

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel…

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Cathay Pacific losing money, says business outlook remains ‘very bleak’

Cathay Pacific Airways Ltd said on Friday it made an unaudited loss of HK$4.5 billion ($580.53 million) at its full-service airlines in the first four months of the year and…

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Morocco’s central bank asks banks to halt dividends during coronavirus pandemic

Morocco's central bank has asked banks to withhold dividends this year so they are better placed to deal with any fallout from the coronavirus pandemic. The request to withhold payments…

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Malta: Malta Chamber appeals to govt to launch a new IIP scheme

The Malta Chamber of Commerce, Enterprise and Industry made a set of proposals aimed at strengthening the Individual Investor Programme (IIP) to ensure it is consistent with the country’s efforts…

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Global investors push for green recovery agenda

The Covid-19 recovery plans should be sustainable and help to reach the goals of the Paris climate accord, according to a number of global investor groups responsible for the management…

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Ireland unveils additional ‘lifeline’ to business

Ireland will allow firms impacted by the coronavirus crisis to warehouse tax liabilities for 12 months, offering a "lifeline" as part of an additional package of business supports that could…

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Italian air transport facing ‘unprecedented’ crisis

The Italian air transport sector is in an "unprecedented" crisis with travellers down 85% to two million in March and down 31.8% to 25.6 million in the first quarter, Assaeroporti…

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Malta Chamber study confirms need for wider support and better guidance to business

This week, the Malta Chamber carried out a further survey among its members to gauge the opinions of business in the face of the continued economic stress and stagnation and…

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HSBC pauses worldwide job cuts despite pre-tax profit drop by 48%

International bank HSBC has paused a planned restructuring programme which would have included the termination of some 35,000 jobs around the world. The initiative had been announced this February, and…

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MEA calls for temporary reduction in VAT to kickstart Maltese economy

Businesses resisting layoffs but will reconsider decisions if situation persists - MEA Survey While most companies were doing their best efforts to keep all employees, 28% had placed a number…

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EPP calls on SME focus in Europe’s recovery plan

The Group of the European People's Party (EPP Group) called on the European Commission to be particularly attentive to small businesses in designing Europe's recovery plan. "Commission Vice-President Valdis Dombrovskis…

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Malta’s wage subsidies scheme approved by EU under State aid rules

The European Commission has approved a €215 million Maltese wage subsidies scheme to support companies operating in the sectors affected by the coronavirus outbreak. The scheme was approved under the…

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Minding our SMEs’ business

by Jesmond Saliba It seems obvious today that there is a symbiotic relation between national health and the economy. What is less immediately obvious is that anxiety is causing as…

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Malta Development Bank and BOV launch financing scheme to assist local business during pandemic

Bank of Valletta, together with the Malta Development Bank (MDB), have launched the ‘BOV-MDB COVID Assist’, a financing scheme aimed at assisting local businesses facing unprecedented disruptions brought about by…

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140,000 UK businesses apply for wage support on first day of job retention scheme

Over 140,000 UK businesses have applied for the Government’s job retention scheme on its first day. The government is committing to cover 80% of workers' wages, up to £2,500 a…

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European Investment Bank pushes businesses to go digital

In the fight against the Coronavirus, digital technology is playing an unprecedented role in the maintenance of daily life and economic and social activities, as well as in the recovery…

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US oil price goes below zero for first time in history

Oil prices in the United States collapsed to below zero for the first time in history as the deepening economic crisis resulting from the coronavirus pandemic placed traders avoiding delivery…

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SME Chamber finds 40% of businesses saw their activity come to a complete halt, asks Govt to accelerate payments process

The Chamber of SMEs has published the second survey related to businesses during the spread of the coronavirus pandemic. Almost 40% of the 360 businesses which took part in the…

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Malta: Government to subsidise up to 2.5% on business interest rates

Businesses which will take out resort to taking out loans due to the coronavirus outbreak will benefit from a 2.5% subsidy on interest rates. The new measure was announced by…

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UPDATED – Government to subsidise interest rates for businesses

Updated 1850 Malta Chamber of Commerce welcomes interest rate subsidy The Malta Chamber of Commerce welcomed the Government subsidy up to 2.5% of interest, on business loans related to the…

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Italy registers less cases for fourth day running

New coronavirus cases in Italy have gone down for the fourth day running, at 2,667 in the past 24 hours. The day before the country had registered more than 300…

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Chamber of Commerce appeals to Government to extend assistance beyond wages, recommends public sector wage cuts

The Chamber of Commerce has today appealed to Government to extend assistance beyond contribution to wages but should look at helping businesses prepare to have a fighting chance of landing…

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Oasis and Warehouse fashion retailers latest victims of pandemic economic fallout

Two of Britain's high street best known retail outlets Oasis and Warehouse are facing insolvency and appear heading into administration. Sky news reports that both women's fashion chain are…

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Consumption collapses in Italy as businesses seek direct financial support

As expected, consumption in Italy has gone down by a staggering 31.7% in March when compared to the same month in 2019. According to data published by ConfCommercio, the Italian…

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Malta: Chamber of Commerce issues proposal for the government to extend support to more businesses

In its drive to support businesses counter the effects of the current crisis, The Malta Chamber of Commerce, Enterprise and Industry has once again presented the government with a costed…

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The public side of the private sector

by Jesmond Saliba It only took a few days of partial lockdown to demonstrate how deeply our separate lives are connected by our consumption patterns. From the fuel we put…

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British government bans banks from requesting personal guarantees for emergency loans

The British Chancellor Rishi Sunak, has banned banks from requesting personal guarantees for emergency loans to small businesses amid growing government concern that lenders have been slow in meeting demands…

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Defining essential business

The restriction of businesses is a painful but necessary measure as the pandemic response strategy enters a critical period. In the middle of the Covid-19 crisis, authorities must walk a…

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Coronavirus – A crisis made for leaders

There are crises and there is the coronavirus crisis. The difference with this crisis, for leaders, is that everything else – not just their companies or industries – hit a…

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