Economy

Maltese Editors’ Perspectives

Times of Malta says the country must take good care of nurses, describing them as the guardians of people's health MaltaToday says that the army of delivery workers in Malta…

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Vaccine delays push European stocks to two-week low

European shares closed at two-week lows on Monday as a slump in German business morale underscored the damage from tighter COVID-19 restrictions, while investors feared a slow vaccine rollout could further…

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Commission takes further steps to foster the openness, strength and resilience of Europe’s economic and financial system

The European Commission today presented a new strategy to stimulate the openness, strength and resilience of the EU's economic and financial system for the years to come. This strategy aims to better…

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Inflation stable but food prices rising – NSO

In December 2020, the annual rate of inflation in Malta as measured by the Harmonised Index of Consumer Prices (HICP), remained at a constant rate of 0.2 per cent the…

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Greek companies incur losses of almost 35bn euros due to pandemic

eKhatimerni - All Greek companies, and not just those that were forced to close during the lockdown, suffered losses in revenue reaching almost 35 billion euros in the period from January…

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UK’s Sunak warns economy will get worse before it gets better

LONDON, Jan 11 (Reuters) - Finance minister Rishi Sunak warned on Monday that Britain's economy would get worse before it got better, with the country now in its third national…

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European shares mark best close in 10 months on Brexit, vaccine cheer

Dec 28 (Reuters) - European shares marked their strongest close in 10 months on Monday, with German shares hitting a record high as relief over long-awaited U.S. coronavirus relief, a…

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China to leapfrog US as world’s biggest economy by 2028 – think tank

LONDON, Dec 26 (Reuters) - China will overtake the United States to become the world's biggest economy in 2028, five years earlier than previously estimated due to the contrasting recoveries…

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Turkey lowers tax on tobacco products to ease pressure on inflation

ANKARA, Dec 25 (Reuters) - Turkey lowered the special consumption tax on cigarettes and tobacco products to 63%, the Official Gazette showed on Friday, a move that could help ease…

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Oil at 9-month high above $52 as vaccine rollout continues

NEW YORK (Reuters) -Oil hit a nine-month high on Friday and was headed for a seventh straight weekly gain as investors focused on the rollout of COVID-19 vaccines and looked…

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In rare move, Japan sells gold to fill budget hole

TOKYO, Dec 17 (Reuters) - Japan has sold 80 tons of gold used for minting coins to another arm of the government to fund part of its huge stimulus package…

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Canadian cannabis producers to scale back investments in Europe

Canadian cannabis producers are likely to scale back their investments in Europe as they come under pressure to cut costs and deliver profit, according to a joint report by two…

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Biden names top economic team to focus on recovery from pandemic

U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for…

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Malta: Food registers increase in prices during October 2020

During last month, October 2020, the annual rate of inflation as measured by the Retail Price Index, RPI, was 0.35%, according to the latest statistics published by NSO, the National…

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EU approves Malta Budget but forecasts lower growth than Govt for 2021

The European Commission has green-lighted Malta's budget for 2021, noting that it was largely in line with Council recommendations made earlier this year, with most initiatives intended to supporting economic…

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Malta- Business, consumer confidence remain dim – CBM Report

Economic growth prospects remain dim according to the latest Sentiment Indicator surveyed by the European Commission and published by the Central Bank of Malta, possibly reflecting the rise in COVID-19…

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Germany plans 22 billion euros in COVID aid for companies in first half of 2021

Germany expects to pay out 22 billion euros ($26 billion) in COVID-19 relief aid from January through June 2021 to companies and self-employed people, people close to the matter said,…

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Malta: Centrecom expansion to create 320 new jobs over the next two years

An expansion plan announced by the economy ministry will see Centrecom creating 320 new jobs in the local economy over the next 24 months. During a visit to the company’s…

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Formula One’s support series revise schedules to cut costs

Formula Two and Formula Three, support series for Formula One, will no longer feature on the same weekends next season as part of a cost-cutting move after a year battered…

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Second Covid-19 wave disrupts EU economic recovery

Economic rebound was interrupted as the second wave of the Covid-19 pandemic hit Europe, the European Commission found. Economic activity in Europe suffered a severe shock in the first half…

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Malta: PM inaugurates new €470 million project – Indis Malta

Prime Minister Robert Abela has inaugurated Indis Malta that has replaced Malta Industrial Parks and over the coming eight years will carry out projects worth €470 million, with new spaces…

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Amazon withdrawing French Black Friday campaign

Amazon is withdrawing advertising for pre-Black Friday discounts in France, after the government said the campaign was unfair to small shops at time when a coronavirus lockdown has forced them…

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Reuters poll shows global economic rebound at risk from rising coronavirus cases

There is a high risk the resurgence in coronavirus cases halts the global economic recovery by year-end, according to Reuters polls of around 500 economists, a majority of whom expected…

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Euro zone banks curtail credit access amid fresh pandemic worries

Euro zone banks are tightening access to corporate credit amid a resurgence of the coronavirus pandemic, fresh data showed on Tuesday, adding to already numerous arguments for the European Central…

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Oil prices recover some of lost ground

Oil prices registerd small gains on Tuesday after recent sharp losses, but sentiment remained subdued as a surge in global coronavirus cases hit prospects for crude demand while supply is rising.…

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Malta: President warns we are close to losing the balance between environment and economy

President George Vella has appealed for people to live sustainably in their everyday lives as he warned that the balance between the economy and the environment risks being lost. Vella…

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Euro zone economic activity risks double-dip recession

Euro zone economic activity slipped back into decline this month as a second wave of the coronavirus sweeps across the continent, heightening expectations for a double-dip recession, surveys showed on…

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Malta: 81% of vouchers have been used, leaving €52.6 million in the economy to date

Th Economy Minister Silvio Schembri said that to date the vouchers have left more than €52.6 million in the economy while almost 19% of the vouchers issued have not yet…

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Malta: Government to make ‘substantial’ state aid request for Air Malta

Malta will be seeking the European Commission’s approval to provide “substantial” amount of state aid to Air Malta in light of the Covid-19 pandemic, Economy Minister Silvio Schembri confirmed on…

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Third of Tunisia’s business threatened with bankruptcy

The coronavirus pandemic has plunged Tunisia into an economic crisis that has cost tens of thousands of jobs and collapsed the country's important tourism industry. Despite initially containing the spread of Covid-19 during…

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Expats working in Saudi declined by 19,000 after lockdown measures

Saudi Arabia’s General Authority for Statistics (GaStat) said the number of expats in the labour market declined by 19,000 on a net basis in Q2 as lockdowns forced many out of work, local…

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UK workers in businesses forced to shutdown to get two-thirds of salaries paid by government

Workers at businesses forced to shut due to stricter lockdown measures will have two-thirds of their salaries paid by the government. Chancellor Rishi Sunak unveiled the expansion of the Job…

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Renew Europe MEPs react to Eurogroup’s male-only list of candidates to ECB Board

Renew Europe deplores the decision made by the Eurogroup to present, once again, a male-only shortlist of candidates for the position of new member of the ECB's executive board and…

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Malta: COVID-19 wage supplement to be extended beyond October, Prime Minister says

The COVID-19 wage supplement introduced as part of government’s economic rescue plan will be extended beyond October, Robert Abela said. The extension will form part of the budget for 2021,…

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Gig ‘delivery’ platforms treated workers ‘unfairly’ during pandemic – study

Gig economy platforms like Uber, Deliveroo, Bolt and Glovo failed to compensate workers enough for lost income during the coronavirus pandemic and many companies still don't offer sick pay despite…

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Comuniq.EU – Economy

by Keith Zahra European economy suffers double digit shrink Gross domestic product (GDP) in the eurozone shrank by 11.8 percent while the employment rate decreased by 2.9 percent in the…

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Malta: Central Bank says conditions in trade improved in August

For the month of August, conditions in trade improved when compared to July. This was announced during an economic announcement from the Central Bank of Malta. The Central Bank said…

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Malta Development Bank reaches agreement with BOV for delivery of Small Loans Guarantee Scheme

The Malta Development Bank has announced Bank of Valletta as the first bank to sign up to its Small Loans Guarantee Scheme (SLGS), with a number of other commercial banks…

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Deutsche Bank: Global GDP to hit pre-COVID-19 levels in mid-2021

World economic output will return to its pre-pandemic level by mid-2021 after a stronger-than-expected economic bounce in recent months, Deutsche Bank said on Monday, but bloated debt levels and a…

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Hungary to decide Saturday whether to extend loan moratorium -PM Orban

Hungary's government will decide on Saturday whether to extend a moratorium on loan repayments for companies and households that is due to expire at the end of this year, Prime…

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Dutch government increases spending to secure jobs in coronavirus crisis

The Dutch government will maintain heavy spending in an effort to counter the effects of the coronavirus pandemic despite its finances worsening rapidly, the 2021 budget states. "In these insecure…

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Malta: People expected to revert to previous consumption patterns – EY Malta Consumer Survey

Although spending has decreased as a result of the pandemic, going forward, the expectation is that people would revert to their previous consumption patterns, an Ernst and Young (EY) Malta…

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Malta: Malta’s deficit will carry on into 2021, no plans to increase taxes – Finance Minister

The deficit Malta experience in 2020 due to the COVID-19 pandemic will carry on into the next year but there is no plan to increase taxes in the upcoming budget,…

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Italian retail sales drop by 2.2% in July

Italian retail sales fell 2.2% in July from the month before, data showed on Tuesday, following a 10.2% rise in June. National statistics institute ISTAT revised down June's data from…

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Luxembourg raises €1.5 bln in Europe’s first ‘sustainability’ government bond

Luxembourg became the first European government to sell a 'sustainability' bond on Monday, which raised 1.5 billion euros ($1.77 billion), according to a lead manager memo seen by Reuters. The 12-year bond…

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Malta: Companies must keep workers in employment, as economy will recover – Minister Abela

Throughout the pandemic, both the government and the social partners must continue to work together in order to save jobs, said the Minister in the Office of Prime Minister Carmelo…

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Pope tells leaders post-pandemic economic models must change

Pope Francis said on Friday that the coronavirus pandemic had "toppled the shaky pillars" of a world economic model built on the idolatry of money and domination by the rich…

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Malta: €25.8m in government vouchers used until 1 September, with consumers spending additional €11.5m

Until 1 September, consumers had spent €25.8 million in €100 vouchers issued by the government plus an additional €11.5 million, for a total of €37.3 million, Economy Minister Silvio Schembri…

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Italy’s GDP will fall slightly more than 8% in 2020

Italy's gross domestic product (GDP) will shrink by not much more than 8% this year, Economy Minister Roberto Gualtieri said on Wednesday, reiterating that output in the third quarter would…

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Deutsche Bank CEO warns of slow return to pre-pandemic economy

The economy's return to pre-pandemic levels will take longer than generally anticipated, the chief of Deutsche Bank warned on Wednesday. The grim outlook from one of Germany's top bankers comes…

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Germany sees economy recovering faster than expected in 2020

Germany expects the economic devastation caused by the COVID-19 pandemic to be less severe this year than originally feared, but sluggish foreign demand is likely to weaken the rebound in…

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Oil prices struggle to break through to demand uncertainty

Oil prices were little changed on Monday, with Brent slipping from a five-month high as global demand struggled to return to pre-COVID levels in a well supplied market. Brent crude…

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Senior Israeli Finance Ministry official resigns over Covid-19 management

A senior Israeli Finance Ministry official resigned on Sunday and said the government was grossly mishandling the fallout from the coronavirus crisis by making "short-sighted" decisions and ignoring economic norms.…

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Croatia’s economy posts record contraction

Croatia's economy shrank by 15.1% in the second quarter of 2020 compared to the same period last year, posting the steepest contraction since 1995 when the quarterly gross domestic product…

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Spain retail sales fall 3.9% y/y in July

Spanish retail sales fell by 3.9% in July from a year earlier on a calendar-adjusted basis, after falling by 4.7% in June, the National Statistics Institute (INE) said on Friday.…

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Malta: Deficit hits €1 billion mark as COVID-19 causes havoc in public finances

A sharp drop in revenue and an increase in expenditure have pushed the deficit beyond the €1 billion mark, figures out today show. Between January and July government revenue dropped…

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Weaker German consumer morale casts some doubt on strong recovery

German consumer morale worsened heading into September, casting some doubt on whether household spending in Europe's largest economy is powerful enough to drive a strong recovery from the COVID-19 shock,…

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