Economy

Eurozone November growth surprisingly strong but outlook darkens

Euro zone business growth unexpectedly accelerated this month but another wave of coronavirus infections and new restrictions, alongside price pressures, are likely to put a dent in December's expansion, a…

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Biden advisers say pandemic, not policies, fueling inflation

WASHINGTON, Nov 14 (Reuters) - U.S. President Joe Biden's economic advisers defended his policies on Sunday amid rising inflation that they said was a global issue related to the COVID-19…

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One taxonomy to rule them all? Investors face myriad of green investing rules

After years of complaints that there were no rules to determine what constitutes a "sustainable" investment, investors now fret there will soon be too many to navigate easily. More than 30 taxonomies…

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IMF cuts global growth outlook as supply bottlenecks hobble pandemic recovery

Persistent supply chain disruptions and pricing pressures are constraining the global economy's recovery from the COVID-19 pandemic, the International Monetary Fund said on Tuesday as it cut growth outlooks for the United…

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Growth is biggest challenge for emerging economies -World Bank chief economist

Lack of growth is the biggest economic challenge facing developing economies, the World Bank's chief economist said on Monday. Economic growth was essential for poverty reduction, as well as creating government revenues to use for fiscal space, social…

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Irish COVID-19 wage subsidies to be extended into second quarter of 2022

DUBLIN, Oct 11 (Reuters) - Ireland will extend its COVID-19 wage subsidy scheme into the second quarter of 2022 as part of Tuesday's budget announcement, which will also meet a…

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End of government assistance brings uncertainty for UK jobs and economy

More than a million British workers face an uncertain future this week as the UK becomes the world's first big economy to wind up its COVID-19 jobs support scheme. The…

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Malta: Two thirds of Maltese satisfied with Malta’s economic situation

According to the latest Eurobarometer survey, Maltese are among the most satisfied with the economic situation in the country and the financial situation of their family. They continue to consider…

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Malta must address its insularity issues for Maltese businesses to be competitive – SME Chamber

The Malta Chamber of SMEs has been highlighting the big problem Maltese businesses have with the inability to compete both outside Malta and in Malta itself, with online purchases. The weakness in being competitive with prices comes as a result…

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Malta, Croatia only two EU countries to experience negative growth in Q2

In the second quarter of 2021, seasonally adjusted GDP increased by 2.2% in the euro area and by 2.1% in the EU compared with the previous quarter, according to an…

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China culture crackdown a sign of ‘profound’ political change

China's crackdown on celebrity culture and its moves to rein in giant internet firms are a sign of "profound" political changes under way in the country, a prominent blogger said in a…

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Central Bank revises 2021 growth projection for Maltese economy upwards

The Central Bank of Malta said today that it expects that Malta's gross domestic product (GDP) will grow by 5.1% in 2021, by 5.9% in 2022, and by 4.7% in…

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Maltese Editors’ Perspectives

Times of Malta says that ratings agency Moody's confirmation of their rating of Malta at A2 is a welcome event, but the government needs to examine why the outlook has…

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Euro zone banks left flying solo by new glitch in ECB payment system

Several euro zone commercial and central banks were left flying solo by a new glitch in the European Central Bank's payment system late on Monday as they lost access to their online…

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Pandemic recovery to push emissions to all-time high – IEA

The global rebound from the COVID-19 pandemic is set to drive emissions of greenhouse gases that stoke climate change to all-time highs, the Paris-based International Energy Agency said in a report on Tuesday.…

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IMF urges countries to shift from economic rescue to reforms

The International Monetary Fund's No. 2 official on Tuesday called on countries to pivot from saving their economies from collapse to reviving growth-oriented policy reforms to boost their recovery prospects and make…

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Euro area real yield falls to record low on Delta fears

July 19 (Reuters) - Euro area "real" yields, representing the cost of borrowing after stripping out inflation effects, tumbled on Monday to a new record low as a resurgence in…

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The great exit: central banks line up to dial back emergency stimulus

The U.S. Federal Reserve is projecting a faster timetable for interest rate rises and Norway's central bank is preparing markets for four rate hikes by mid-2022, the latest signs policymakers are preparing…

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Global corporate tax overhaul faces rocky road to completion

A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though 130 of them have…

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Greek economy won’t close again because of COVID-19, PM says

ATHENS, July 4 (Reuters) - Greece's economy would not close again because of the coronavirus pandemic if it was just to protect an unvaccinated minority, Prime Minister Kyriakos Mitsotakis said…

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Malta: €500 fine for misuse of vouchers

Any business or customer that misuses the government vouchers can be fined €500, according to the latest legal notice on COVID-19 temporary government financial support measures regulations. Businesses found in…

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Malta: Elderly tourists to get €100 vouchers

In another move to lure more visitors and boost the tourism industry so badly hit by the pandemic, the government will be handing out €100 vouchers to elderly visitors travelling…

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Measures for social and cultural activities to be relaxed – Malta News Briefing – Friday 11 June 2021

Updated 1300 Covid-19 Update: Health authorities reported two new cases of coronavirus on Friday, while five patients recovered. Active cases now stand at 68. 1,817 swab tests were carried out…

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UK risks Italy-style decline as economic challenges mount – think-tank

Britain faces a decade of major public policy challenges that could reduce economic performance to nearer that of struggling Italy than Germany, Europe's powerhouse, a think-tank said on Tuesday. The…

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Tunisia’s economy shrank 3% in the first quarter of 2021

Tunisia's gross domestic product shrank 3% in the first quarter of 2021 from a year ago, the State Statistics Institute said on Saturday, showing the impact of the coronavirus pandemic…

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UPDATE – Time for change: Queen sets out UK Johnson’s post-pandemic agenda

British Prime Minister Boris Johnson promised to tackle inequality and "level up" the country on Tuesday with a post-pandemic raft of laws presented by Queen Elizabeth to parliament. In a ceremony stripped…

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U.S. has long way to go to recover from pandemic -commerce secretary

WASHINGTON, May 9 (Reuters) - Many Americans are still struggling to return to work after the coronavirus pandemic and last week's lower-than-expected jobs numbers were a reflection of that, Commerce…

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Finland’s government agrees on new budget, increases debt

HELSINKI, April 29 (Reuters) - The Finnish government on Thursday evening reached an agreement on future public spending after difficult mid-term negotiations that lasted nine days instead of the planned…

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Many Republican voters agree with Biden – ‘trickle-down economics’ has failed

April 29 (Reuters) - A majority of Americans support measures favored by President Joe Biden to substantially redistribute U.S. wealth, according to an Ipsos poll for Reuters released on Thursday,…

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Malta: Tourism license fees cancelled for 2021 in government bid to prop up industry

Operators in the tourism industry have been excempt from paying any licenses and fees due to the Malta Tourism Authroity for all of 2021, tourism minister Clayton Bartolo announced today.…

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City of London Brexit hit worse than expected, says study

LONDON, April 16 (Reuters) - Over 400 financial firms in Britain have shifted activities, staff and a combined trillion pounds ($1.4 trillion) in assets to hubs in the European Union…

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Malta: Country had EU’s biggest February retail slump

Malta recorded the biggest slump in retail volume within the EU in February while most other member states made a recovery, according to Eurostat. While retail trade within the EU rose…

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66 new cases and 44 recoveries reported Malta News Briefing – Sunday 11 April 2021

Covid19 Update Malta's health authorities have reported 66 new coronavirus cases. There were 44 recoveries. https://www.facebook.com/sahhagovmt/posts/317227819995768 Political Speech by PM Abela A summer of tourism will be crucial for Malta's…

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Malta: Financial handouts for tourists booking directly through local hotels

Tourists booking summer holidays to Malta directly through local hotels will receive a financial handout, Tourism Minister Clayton Bartolo said on Friday. Addressing a press conference, Bartolo said the…

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Euro set for biggest monthly drop since mid-2019 on economy fear

The euro languished below $1.18 on Monday as the prospect of tougher coronavirus curbs in France and Germany weighed on the short-term outlook for the European economy. The common currency is headed for…

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Government reports deficit of €327m in two months

By the end of February 2021, the Government’s Consolidated Fund reported a deficit of €327.7 million. Data published this morning by the NSO showed that in the fi st two…

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British inflation rises rapidly

British inflation is on course to rise rapidly this year, to well above its 2% target, throwing into sharper relief splits at the Bank of England about how vulnerable Britain…

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Italy’s Draghi says will take AstraZeneca shot, approves new spending plan

ROME, March 19 (Reuters) - Italian Prime Minister Mario Draghi said on Friday he would personally take the AstraZeneca COVID-19 vaccine but defended this week's temporary suspension over concerns about…

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US: Cannabis entrepreneurs, celebrity investors light up as legalization blooms

On any given day, more than a million dollars worth of cannabis products are on the move at the Nabis warehouse in Oakland, California. Products like cannabis-infused chocolate bars and berry-flavored vape cartridges…

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Eurogroup Finance Ministers warn against premature withdrawal of financial support

Eurozone Finance Ministers agreed yesterday that respective Member States will ensure that until the health crisis is over and recovery is firmly underway, they will continue to protect economies through…

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Promising people vaccine shots and cash payments, Biden kicks off stimulus tour

With a promise of "shots in arms and money in pockets," President Joe Biden kicked off a week of promotion and travel to herald and explain the $1.9 trillion pandemic…

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510 new cases as Malta shatters Covid-record: Malta News Briefing – Wednesday 10 March 2021

Updated: 1232 - Covid-19 Update Health authorities reported a staggering 510 new cases of coronavirus, by the highest-ever reported since the onset of the pandemic on the island. With 316…

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Tax rises to pay for 60% of UK deficit reduction

Finance minister Rishi Sunak aims to balance Britain's public finances by relying 60% on tax rises and 40% on spending cuts, a sharp reversal of the government's approach after the…

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Oil prices rise on expected economic recovery, likely drawdown in oil stocks

Oil prices rose on Tuesday on expectations of a recovery in the global economy after the U.S. Senate approved a $1.9 trillion stimulus bill and on a likely drawdown in crude oil inventories in…

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PM Draghi pledges to speed up jabs, pull Italy clear of COVID crisis

The Italian government is going to "significantly step up" its vaccination campaign in the coming days to help pull the country out of the coronavirus crisis, Prime Minister Mario Draghi said on…

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Construction workers least paid in Malta

Construction is the lowest paying sector in Malta, a study by Eurostat has found. The European statistical agency has looked at earnings in different economic sectors in every Member State,…

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UK’s Sunak will set out plans to raise income tax by 6 billion sterling – The Times

(Reuters) - British finance minister Rishi Sunak will set out plans to raise income tax by 6 billion pounds ($8.36 billion), The Times reported on Sunday. The chancellor will say…

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Maltese Editors’ Perspectives

Times of Malta says that herdsmen and milk producers must find common ground to protect the traditional Maltese cheeselet, or ġbejna The Independent says that we need to understand why…

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Maltese Editors’ Perspectives

Times of Malta says that Moody’s and the European Commission’s economic analysis should give rise to optimism with a hefty dose of caution. MaltaToday says that we should not lower…

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GDP down by 0.6% and employment up by 0.3% in the euro area

In the fourth quarter of 2020, seasonally adjusted GDP decreased by 0.6% in the euro area and by 0.4% in the EU, compared with the previous quarter, according to a…

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Turkish unemployment edged up near 13% in November

ISTANBUL, Feb 10 (Reuters) - Turkey's unemployment ticked up to 12.9% in the November period, from 12.7% the previous month, and participation slipped to mid-2020 levels as a second wave…

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Spain to strengthen support for company solvency soon

The Spanish government expects to prepare additional measures to support companies' solvency soon, Economy Minister Nadia Calvino said on Tuesday. "We can go one step further to support solvent companies,…

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Chinese demand helps German manufacturers weather COVID-19 pandemic

BERLIN, Feb 8 (Reuters) - Germany's industrial sector avoided a contraction in December despite coronavirus lockdowns at home and abroad as strong demand from China helped export-oriented manufacturers in Europe's…

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Euro zone recovery delayed, to gather pace from mid-year – Lagarde

FRANKFURT, Feb 7 (Reuters) - Europe's recovery from a recession induced by the COVID-19 pandemic has been somewhat delayed but should pick up pace from mid-year, European Central Bank President…

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UK plans to tax firms that profited from pandemic: Sunday Times

LONDON, Feb 6 (Reuters) - Britain plans to tax retailers and tech companies whose profits have soared during the COVID-19 pandemic, the Sunday Times reported, citing leaked emails. The government…

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New lockdown would cost Spanish firms 1.8 bln euros a week, study says

MADRID, Feb 1 (Reuters) - Spanish companies would lose 1.8 billion euros ($2.2 billion) a week in revenues if a new nationwide lockdown was ordered, with small and medium size…

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British government working on COVID recovery plan for economy

LONDON, Jan 31 (Reuters) - Britain's government is working on a recovery plan for the country's COVID-battered economy, a source said on Sunday, as ministers direct their attention to trying…

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