Finance

IMF says global economy ‘limping along,’ cuts growth forecast for euro area

The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the…

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Goldman, HSBC join forces with other banks on client disclosures

Goldman Sachs and HSBC are among a group of five banks adopting a common global approach to disclosing clients' stock positions, a move which participants say could help cut costs…

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UK lawmakers launch inquiry into sexism in finance

LONDON (Reuters) - British lawmakers have launched a fresh inquiry into sexism in the country's finance industry, parliament's influential Treasury committee said in a statement. The inquiry will assess issues…

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Vivian Appoints Zampa Debattista As Financial Advisors

Vivian, a leading local pharmaceutical importer and distributor, announced the appointment of Zampa Debattista, a growing firm of accountants, auditors, and tax advisors, as its new financial advisors, a strategic…

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EU vote on human rights ‘due diligence’ looms for financial firms

Financial services companies would be required to take action if their clients were failing to protect human rights and the environment, a preliminary deal due to be voted on later…

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Spain, Portugal urge EU Commission to present proposal for new fiscal framework

Spanish Economy Minister Nadia Calvino on Monday said Spain and Portugal were urging the European Commission to present its proposal on a new fiscal rule for the bloc. EU finance…

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UK’s Hunt pledges to boost growth but won’t budge on tax hikes

British finance minister Jeremy Hunt promised on Friday to tackle the country's weak productivity with post-Brexit reforms to boost growth, but signalled that he would stick to tax rises that…

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Getting digital pound right more important than timeframes – UK Minister

Getting the design of a digital pound right is a bigger priority than a rapid launch, Britain's Financial Services Minister Andrew Griffith said on Tuesday. China has pushed ahead with…

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ECB likely to raise rates by 50 bps next week

The European Central Bank is likely to raise interest rates by 50 basis points (bps) next week on the way to potentially moving beyond a deposit rate of 3% amid ongoing…

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EP reaches deal on new rules to protect consumers from taking on too much debt

MEPs have reached a provisional deal with Council on new measures protecting consumers from credit card debt, overdrafts and loans unsuitable for their financial situation. Negotiators from Parliament and Council…

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Cryptoverse: Messi takes on Ronaldo in fan coin world cup

The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar. Interest in this niche breed of cryptocurrencies, typically linked to…

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Banks face tougher rules on using cloud computing giants

Financial firms in the European Union will have to show how quickly they could recover from a cyber attack as they rely more for key services on 'cloud computing' giants such…

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ФІНАНСОВА ДОПОМОГА – Financial Support

Після вторгнення Росії в Україну ЄС та європейські фінансові інституції підтримали Україну - надали понад 4 мільярди євро фінансової, гуманітарної, екстреної та бюджетної підтримки. Також виділили надзвичайний пакет у розмірі…

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Czech windfall tax would affect energy, banks and maybe another sector -finance minister

PRAGUE, Aug 19 (Reuters) - The Czech government will decide in three weeks whether to impose a windfall tax on large energy companies and banks and may include one more sector if it goes…

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Britain says global sustainability disclosures need phasing in

Proposed global sustainability disclosure rules need simplifying and phasing in to avoid fragmenting how companies report on the impact of climate change on their business, Britain's government said on Monday.…

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Malta’s finances €388 million in the red after four months

By the end of April 2022, Government has already accumulated a deficit exceeding 388 million euro, data released by the NSO has shown. In the first four months of 2022,…

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Greece achieves small budget surplus in January, to repay IMF loan by March

Greece's central government achieved a primary budget surplus of 17 million euros in January versus a targeted deficit, thanks to higher revenues and lower spending, finance ministry data showed on Tuesday.…

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Deutsche Boerse says relocation of euro clearing from London inevitable

Euro derivatives clearing was shifting from London to Frankfurt, showing how ending a heavy reliance on Britain after Brexit is feasible, a senior Deutsche Boerse official said on Monday. Clearing is the process by which a third party organisation…

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Higher taxes are coming and for markets, that could be a good thing

And so it begins: Taxes in the world's wealthiest countries are rising. Inevitable perhaps given the unprecedented COVID-era debt surge and, according to some investors, even a good thing if it helps…

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European Commission gearing up for issuing €250 billion of NextGenerationEU green bonds

The European Commission has today adopted an independently evaluated Green Bond framework, thus taking a step forward towards the issuance of up to €250 billion green bonds, or 30% of…

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Italy expects 2021 deficit to be below 10% of national output

Italy's Treasury sees the 2021 budget deficit coming in at under 10% of national output, well below the 11.8% target set in April, as the economy recovers more quickly than expected from…

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Malta: 24 companies renounced Malta licence after greylisting – PN

Some 24 companies have renounced their licences to operate in Malta since the country was greylisted by the Financial Action Task Force, compounding uncertainty in the financial services industry, the…

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Malta: Three other companies leave Malta’s shores – MFSA

The financial services regulator has announced on its website that three companies have left Malta. Trumpington Street Investments SICAV plc, EMA Capital Limited and Northern Cross SICAV plc informed the…

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Maltese Editors’ Perspectives

Times of Malta says that tax authorities need to adopt a mindset that does not tolerate a kids-gloves approach when dealing with suspected tax evaders if Malta is to be…

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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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Maltese Editors’ Perspectives

Times of Malta says that there should be government campaigns to convince the public to turn to smoother and cleaner modes of transport MaltaToday says that the FATF's grey listing…

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Maltese Editors’ Perspectives

Times of Malta suggests appointing a top official to oversee public cleanliness or giving additional powers to the commissioner for the environment and planning at the office of the Ombudsman.…

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Malta: Publish FATF report, PN insists

The Nationalist Party and its leader, Bernard Grech, challenged the government to publish the FATF’s greylisting report and the action plan it proposed. The action plan was compiled by the…

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Malta: October ‘unrealistic’ target for Malta to get off grey list, Finance Minister says

It is “unrealistic” to expect Malta to be taken off the grey list in October when the Financial Action Task Force meets again, Clyde Caruana said. The Finance Minister ruled…

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Malta: Developers issue rallying cry as greylisting looms

The Malta Developers Association (MDA) issued a rallying cry as the Financial Action Task Force (FATF) decision on whether Malta should be greylisted approaches. “Should this possible threat materialise, despite…

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Malta: Finance Minister says Malta will continue to push for a positive FATF verdict

Finance Minister Clyde Caruana has insisted Malta will continue pushing for a positive result as government approaches the final verdict on a potential grey listing by the international Financial Action…

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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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Euro zone inflation jumps past ECB target in May

Euro zone inflation surged past the European Central Bank's elusive target in May, heightening a communications challenge for policymakers who will happily live with higher prices for now but may face a…

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Malta Government registers €613m deficit in first four months of the year

By the end of April 2021, the Government’s Consolidated Fund reported a deficit of €613.7 million, the NSO said today. Malta's deficit had shot up to 1.3 billion euros last…

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Malta: Ċaqnu will not get paid for Luqa land sale as part of tax settlement

The Finance Ministry has shed light on a property transfer deal that will form part of a tax arrangement struck with developer Charles Polidano, while insisting that all amounts owed…

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Malta: Dedicated FIAU team to enforce €10,000 cash limit rule

A dedicated team within Malta’s anti-money laundering unit, the FIAU, is being set up to enforce a recently imposed €10,000 limit for cash transactions on high-value goods. This limit, introduced in March,…

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Malta: ‘No new or higher taxes,’ Clyde Caruana pledges as deficit soars on back of pandemic

No new taxes will be introduced and no tax increases will take place in the foreseeable future, Clyde Caruana has pledged despite a rising deficit. The Finance Minister insisted this…

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Italy “strongly exposed” due to high debt levels – Bank of Italy exec

Italy's public debt level is sustainable but keeping it very high makes Italy "strongly exposed" to tensions in financial markets and new economic shocks, a Bank of Italy official said on Tuesday. Speaking at…

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ECB signals faster money-printing to keep lid on yields

The European Central Bank said on Thursday it would accelerate money-printing to keep a lid on euro zone borrowing costs, signalling to sceptical markets that it is determined to lay the foundation…

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Maltese Editors’ Perspectives

Times of Malta says Finance Minister Clyde Caruana gave a frank assessment in parliament of what the costs of supporting businesses and employment have been to taxpayers. It says we…

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Formula One revenues dropped by $877 million in 2020

LONDON, Feb 26 (Reuters) - Formula One's revenues took an $877 million hit last year, falling 43% as a result of the COVID-19 pandemic, owners Liberty Media reported on Friday.…

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Maltese Editors’ Perspectives

Times of Malta says that the government should develop viable solutions to ensure that vulnerable consumers are compensated for the increase in costs brought about by the fast-evolving trend of…

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Malta: Minister scraps predecessor’s Air Malta state aid plan

Finance Minister Clyde Caruana confirmed that he sent the state aid plan for Air Malta drawn up under Economy Minister Silvio Schembri back to the drawing board, with the original…

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Malta: COVID-19 cost government €900m last year

The COVID-19 pandemic cost the Maltese government an estimated €900 million last year and the deficit for last year is therefore projected to be higher than 9.4%, Finance Minister Clyde…

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Malta: BOV decreases interest rates for fixed-term deposits

A revision in the interest rates on fixed term deposits will be introduced by Bank of Valletta. The new terms will leave customers with less interest gain when compared to…

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Britain starts work on post-Brexit asset management sector

LONDON, Jan 26 (Reuters) - Britain set out options on Tuesday for increasing the global attractiveness of its 9.9 trillion pound ($13.59 trillion) asset management sector after Brexit put European…

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Vatican denies knowledge of $1.8 billion transferred to Australia

VATICAN CITY (Reuters) - The Vatican and the Australian Catholic Church have both denied knowledge of transfers worth US$1.8 billion which Australia's financial watchdog says have been sent from Rome…

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Malta: Parliamentary committee approves Edward Scicluna as Central Bank governor

The parliamentary public appointments committee on Monday voted to approve the appointment of former finance minister Edward Scicluna as governor of the Central Bank. The Opposition objected to the nomination and called…

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Malta: Corporate services provider fined €261,000

Corporate services provider Credence has been fined €261,484 by the Financial Investigation Analysis Unit for breaches of various money laundering regulations. Credence Fiduciary Limited which offered trustee and fiduciary services…

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European Parliament and European Council reach breakthrough agreement on EU budget

EP budget negotiators and the Council Presidency have reached a compromise outlining a political agreement on future EU financing. After ten weeks of intense negotiations, Parliament’s budget negotiators agreed with…

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European insurers slightly less exposed to risks compared to the beginning of COVID-19 outbreak but concerns remain

On Monday, the European Insurance and Occupational Pensions Authority (EIOPA) published its updated Risk Dashboard based on the second quarter of 2020 Solvency II data. The results show that the…

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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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Malta: MFSA appoints independent panel to look into CEO’s Vegas trip

The Malta Financial Services Authority’s board of governors has appointed an independent panel to “initiate an assessment of the facts reported in the local media to safeguard the interest of…

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Malta: €95 million available in new bonds scheme for elderly aged over 62 years

This scheme benefits elders aged 62 years and older with an investment ranging €500 and €10,000 in government stocks with a 3% rate. The Minister for Finance and Financial Services…

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Malta: Finance Minister denies that Malta is seeking 6-month extension for Moneyval review

Finance Minister Edward Scicluna has denied that Malta will be seeking a 6-month extension for Moneyval’s review of the country’s anti-money laundering regime. Last September, Moneyval, the European branch of…

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Malta: New commissioner forces change in headship at police unit fighting financial crime

The police’s economic crimes unit has a new head in a bid to inject fresh impetus in the fight against financial crime, the new police chief said. Source: Malta Today…

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Malta: Financial scam warnings issued in first six months up by 50% – MFSA

Between January and May 2020, the Malta Financial Services Authority (MFSA) has seen an increase in financial scams and issued 23 public warnings and notices, a figure which is equivalent…

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