Economy

Acting IMF chief backs monetary easing by central banks in view of slow growth and global risks

David Lipton, the acting IMF chief, has backed new monetary stimulus by the world’s top central banks to sustain the flagging global economy — in a thinly veiled nod to…

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China’s economy slows down

China's economy grew at its slowest pace since the early 1990s in the second quarter, official figures showed. In the three months to June, the economy grew 6.2% from a…

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Fitch Revises Malta’s Outlook from Stable to Positive; Affirms at ‘A+’

Credit Agency Fitch expects high economic growth in Malta to be sustained in the medium term, and estimates potential growth at around 4%. In its statement, Fitch said that with…

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African leaders launch landmark 55-nation trade zone

After four years of negotiations, African countries agreed to a free-trade deal that will unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new…

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The roots of Italy’s dysfunctional economy

Earlier this month, Italy’s national statistics agency estimated that 1.8m households were living in “absolute poverty”. These families accounted for about 5m people, or 8.4 per cent of the population.…

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Britain’s economy is around 1.3% larger than previously thought

Britain’s economy is around 1.3% larger than previously thought – an increase of £26 billion. Statisticians announced this after a major revision of growth data from the past 20 years.…

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In Malta, 72 out of every 100 persons aged between 15 to 64, are employed – NSO

In Malta, on average, out of every 100 persons aged between 15 to 64 years, 72 were employed. Self-employed persons accounted for 15.1 per cent of all persons with a…

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Malta registers €48.9 million surplus compared to €296.3 million surplus in the comparable quarter of 2018

Provisional figures for Malta’s external transactions show that during January-March 2019, the current account balance recorded a surplus of €48.9 million as compared to a surplus of €296.3 million in…

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Is Putin’s popularity at home plummeting?

"Every year, Russian President Vladimir Putin stars in a big show, an hourslong televised question-and-answer marathon in which the president hears the people’s complaints, promises to tackle their problems and…

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Midday Corporate Dispatch – Financial and Corporate News

Good afternoon, These are the salient Corporate and Financial news for our first edition of the Midday Corporate Dispatch. Bank of Valletta’s last correspondent bank for US dollars transactions…

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Euro zone remains at risk – IMF

The euro zone remains at risk of being hit by debt-crisis-style country-specific shocks, the head of the International Monetary Fund’s European department said on Friday. “Risk to the euro area’s…

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Italy’s problem is a serious problem, not yet a threat to European stability – Juncker

European Commission President Jean-Claude Juncker said Tuesday the EC thought Italy was going the wrong way in fiscal terms and risked an infringement procedure for breaking the deficit and debt…

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UK economy shrinks by 0.4%

The UK economy shrank 0.4 per cent in April as Brexit paralysis took hold following the proposed deadline for departure from the EU. The latest monthly fall was four times larger than…

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Analysis – Italy’s incurable economy (POLITICO)

Italy’s economy is sick and the governing coalition can’t agree on the cure — among themselves or with Brussels. The European Commission said last week that the government's flagship measures…

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Global uncertainties weigh on European economy growth prospects

The recent slowdown in global growth and world trade, together with high uncertainty about trade policies, is weighing on prospects for Gross Domestic Product (GDP) growth in 2019 and 2020.…

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Italy emerges from recession as Eurozone registered stronger-than-expected recovery

Italy's economy has emerged from recession as the eurozone enjoyed a stronger-than-expected recovery during the first quarter. The Telegraph reports that the worst of the eurozone’s economic slump may be over as…

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German government slashes 2019 growth forecast

The German government cut its 2019 growth forecast for the second time within three months on Wednesday, reflecting a worsening slowdown in Europe's largest economy driven by a recession in…

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Italian economy in difficulty – ISTAT

ISTAT, the Italian National Institute of Statistics, on Wednesday announced that the Italian economy is continuing to experience difficulty after slipping into recession in the second half of 2018. The…

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US deficit reaches 10-year-high

A new report on the state of the US economy has dealt a blow to Donald Trump's deficit reduction plan. The deficit between the US and the rest of the…

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German public sector workers secure substantial pay rise

Germany’s public sector workers have secured a substantial pay rise that many expect that it will spur consumer spending and buoy growth. The Financial Times reports that the rise, spread…

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Stockpiling and job slashing as the UK braces for Brexit

A survey issued Friday by the IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI), showed that British factories slashed jobs in February and braced for Brexit by stockpiling goods at…

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Germany, Malta and Netherlands only three Eurozone countries to register lower debt burdens than in 2008 – Moody’s

What do Germany, Malta and the Netherlands have in common? They’re the only three eurozone countries that have lower debt burdens than they did in 2008, according to a new…

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Germany needs 260,000 foreign workers per year until 2060 to meet labour shortages study shows

Germany needs at least 260,000 new migrant workers per year until 2060 in order to meet labor shortages caused by demographic decline, according to a study published on Tuesday. Of that…

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Concerns mount over German’s economy after slump in manufacturing orders

Concerns over the health of the German economy are mounting, after Europe’s largest economy suffered another big fall in manufacturing orders. Germany factory orders plunged by 1.6% in December, new figures…

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IMF downgrades global growth forecasts citing geopolitical issues as the biggest threat to growth

The International Monetary Fund has downgraded its global growth forecasts for the second time in three months, warning that a range of threats from the trade war to a no…

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German finance minister warns that golden “fat years” are over

Finance Minister Olaf Scholz says Germany will have to say goodbye to the tax revenue windfalls it has been accustomed to. International and domestic problems are acting as a drag…

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MISCO HR Developments survey confirms extent of ‘multi-ethnic’ work force

77% of respondents in this year’s MISCO’s annual survey on HR Developments in Malta stated that they recruited EU citizens whereas 44% stated that they recruited third country nationals. “Whilst…

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Nobel Prize for Economic Science awarded to Bill Nordhaus and Paul Romer

The Nobel Prize for Economic Science goes to the great Bill Nordhaus -- the founder of modern environmental economics, joint with Paul Romer, who founded the modern innovation-driven approach to…

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Reduction in German business confidence registered

The Munich-based ifo institute reported Monday its business climate barometer for September had fallen by 0.2 points to 103.7 points, based on a poll among some 9,000 executives in Germany.…

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Libyan businessman, Husni Bey, critical of ‘economic reform package’ announced by Presidential Council

Libyan businessman, Husni Bey, told Libyan Express on Thursday that branding the decrees issued by the Head of the Presidential Council Fayez Al-Sirraj as an economic reform package is an…

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Turkey announces economic plan for country’s recovery

Turkey’s finance minister has lowered the country’s economic growth targets and promised to slash public spending by nearly $10bn as the country seeks to find a path out of a…

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Di Maio denies he’s seeking resignation of Economy Minister, warns that he has to find the resources to increase welfare spending

Italian Deputy Prime Minister Luigi Di Maio on Tuesday denied a media report saying that he had called for Economy Minister Giovanni Tria to resign, though he said the minister…

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UK Labour finance spokesman expected to accuse bankers of profiting from speculation at the expense of ordinary people

London’s vast financial services industry must never again be the “master of the economy”, the opposition Labour finance spokesman will say on Saturday in a speech accusing bankers of profiting…

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Austerity measures in Argentina announced

Argentina has announced austerity measures in a bid to tackle the "emergency" created by the country's currency crisis. In a televised address, President Mauricio Macri said Argentina could not keep…

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Turkey raises tax on foreign currency deposit accounts to support struggling Lira

Turkey has raised a tax on foreign currency deposit accounts and scrapped another on lira savings as it tries to shore up its struggling currency. According to a decision published…

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Argentina increases interest rate to 60 per cent

Financial Times reports that Argentina ratcheted up interest rates by 15 percentage points to 60 per cent on Thursday as the central bank sought to arrest the plunge in the peso…

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Economic Crisis pushes Venezuelan women to sex trade for survival

Venezuelan women are being driven into the sex trade in Colombia in order to survive, a Sky News investigation has found. Scores of women were found touting for business on…

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Erdogan accuses ‘economic terrorists’ of plotting harm to Turkey

President Tayyip Erdogan on Monday accused “economic terrorists” of plotting to harm Turkey by spreading false reports and said they would face the full force of the law, as authorities…

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Di Maio says Italy has no risk of speculators’ attacks

Reuters/TGCOM Italy’s Deputy Prime Minister Luigi Di Maio said on Monday there was no risk of speculators attacking the country’s financial markets and that the government was working to stabilise…

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Germany to increase powers to block foreign investments

The Financial Times reports that Germany is to increase its powers to block foreign investments by significantly lowering the threshold for deals that can be subject to ministerial veto. The newspaper…

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US$ 1.5 billion spent by foreigners during WorldCup

The Moscow Times: Visa has named fans from the United States and China — both of which failed to qualify for the tournament — as the biggest card spenders during the…

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Strong economic performance and growth in the US

New York Times: Tax cuts and federal spending are adding fuel to the already strong economy, putting the United States on a pace for its best year of growth in…

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Unfavourable external environment, such as growing trade tensions with the US, can dampen confidence and take a toll on economic expansion. – EU Commission

Growth is set to remain strong in 2018 and 2019, at 2.1% this year and 2% next year in both the EU and the euro area. However, after five consecutive…

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Insight: The Economics of Migration – Lawrence Zammit

In recent days and weeks the issue of migration has been quite a hot issue in the Mediterranean and in the United States. At times the issue was debated more…

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OECD: Italy once again amongst world leaders in terms of the country of origin of economic migrants

Sole 24 Ore : In the last report on migrants, the Organization for Economic Cooperation and Development (OECD) pointed out that Italy has once again became part of list of…

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Oil Prices push Eurozone inflation

Financial Times: The surge in the price of oil has pushed eurozone inflation above the European Central Bank’s target, but policymakers in Frankfurt are expected to ignore the rise as broader…

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EU Summit Agenda- Economy and Finance

EU leaders are expected to adopt conclusions on several issues recently debated under the Leaders' Agenda, such as digital taxation, tax avoidance and evasion. Trade will be discussed in light of…

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Agreement on an economic reform plan for Libya reached

An economic reform plan for Libya was agreed at the Libya Economic Dialogue meeting in Tunis yesterday. The Libyan Presidential Council (PC) and the Central Bank of Libya (CBL) have agreed…

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Insight – Effects of US sanctions not limited to higher oil prices but could spill over into global trade jitters (Diplomatique.Expert)

Although the immediate response to Tuesday’s announcement of the US withdrawal from Iran’s nuclear deal was a jump in oil prices, most analysts seem to agree that the largest economic…

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