archives
Published on the Business Today, issue Wednesday, 17 February 2010 Some optimists argue that this year should see grass shoots and that the world economy is steady on course towards recovery, following the global financial crisis, but volatility remains because of lingering uncertainty. Read article..
Published on the Business Today, issue Wednesday, 10 February 2010 Malta has a nascent yet established industry concerning the online betting and casinos. In the past years this has been developed to become the envy of other EU states. With the enactment of the Lotteries and Other Games Act, 2001 this saw the start of a comprehensive legislative instrument thereby providing the necessary tools to implement effective regulation. Read article..
Published on the Business Today, issue Wednesday, 03 February 2010 Last week I published the first part of an article commenting on the reform of public transport. Here is my final and last episode. It appears that no tears were shed by commuters in the direction of the transport workers following the termination of their licences. Read article..
Published on the Business Today, issue Wednesday, 27 January 2010 It looks like a pitched battle is looming ahead with government wanting to reform public transport and the bus owners wanting more for their business. As always its the poor taxpayer that will foot the bill for whatever compromise is reached. We recall how the Mid-Med bank with its dozens of high street properties and good business record was sold for a song and dance on the pretext that it was loaded with extra workers. Read article..
Published on the Business Today, issue Wednesday, 20 January 2010 Parties on both sides of the global-warming debate have called the UN Climate Change Conference recently held in Copenhagen, a failure. Instead of producing a legally binding treaty to reduce greenhouse gas emissions, a majority of participating nations merely agreed to “take note” of the Copenhagen accord as a non-binding agreement to commit to significant emission reductions by next year and to fund environmentally “vulnerable” countries. Read article..
Published on the Business Today, issue Wednesday, 13 January 2010 The impression one might get from hearing the New Year resolutions by the ruling party is that of a biblical allegory when a latter-day Moses alias the Prime Minister, has led the Maltese people to the promised lands and defied the raging waters by miraculously providing a means of access right through the turbulent valley of global recession. Read article..
Published on the Business Today, issue Wednesday, 06 January 2010 Many are still hopeful that the worst effect of the 2007/9 recession is slowly residing and there will be an economic reprieve this year. This shows from the encouraging rally in shares over the New Year and the fact that optimism is linked to fluctuations in dollar value and rising oil prices. Read article..
Published on the Business Today, issue Wednesday, 30 December 2009 Last week I wrote a short article about how to survive Christmas debts and commented briefly on the addictive powers of credit cards that give us ostentatious power to spend beyond our means. Not surprisingly I have not received any feedback from banks. But then again I hardly ever receive any feedback, having written 52 weekly articles on Business Today. Read article..
Published on the Business Today, issue Wednesday, 23 December 2009 In the US and Europe, the tradable goods sector of the economy faces a cold shower as growth slows. We may not be heading for a depression anymore but a recovery is weak and may even turn out to be a double dip one. In the US, signs of sluggish growth and low inflation in the economy has discouraged market investors and recently increased the likelihood that the Federal Reserve might cut interest rates again. Read article..
Published on the Business Today, issue Wednesday, 16 December 2009 With less than ten days to Christmas, it is sad to note that the European financial scene is not geared up for the usual cheer and bonanza associated with the season. Too much turbulence has hit the headlines while political leaders are struggling to steer confidence and shy away from the people’s perception of doom and gloom.
Read article..
Published on the Business Today, issue Wednesday, 09 December 2009 Over the last few years, public confidence in the auditing of company accounts has been seriously shaken by corporate scandals such as Enron in the US, Dutch retailer Ahold, Italy’s Parmalat and Societe Generale in France (just to name a few). Read article..
Published on the Business Today, issue Wednesday, 02 December 2009 The news concerning the Dubai debt repayment crisis as announced last Thursday, was certainly not unexpected but few predicted its impact on the world financial markets. Thus, it was not so surprising that the U.S. dollar edged up from 14-year lows against the yen as renewed risk aversion prompted investors to shed riskier assets. Read article..
Published on the Business Today, issue 25 November 2009 A lot of hubris was in the air last week when government proudly announced an investor creating 350 jobs over a five year span. The business has relocated from the Ireland where it employed over 1,000 but due to internal restructuring it needed a more cost-effective domicile. This success scored by Malta Enterprise augurs for more jobs in the near future.
Published on the Business Today, issue Wednesday, 18 November 2009 Returning from a three-day estate planning seminar organised by PKF in North America, I admit to having enjoyed the ambience in San Francisco. The conference was hosted at the Grand Hyatt which is just one block away from Union Square, famed as the central hub of San Francisco’s well heeled crowd. Read article..
Published on the Business Today, issue Wednesday, 11 November 2009 A bold message was delivered by the Finance Minister last Monday when apart from other things, he exhorted us to be courageous and to be prepared for the new dawn of post recession bliss. Yes, small business was targeted in particular for financial aid with initiatives like micro-financing and this has long been the siren call of GRTU.
Published on the Business Today, issue Wednesday, 04 November 2009 It is not surprising that next week there will be a deep sense of deja-vu when the Budget for 2010 is announced. A lot is expected by citizens but realistically, very little can be delivered.
Published on the Business Today, issue Wednesday, 28 October 2009 Invited as a speaker at the London conference organised by Butterworth’s this week, I was asked about Malta’s future as a premium regulatory centre for remote gaming companies. The panel of speakers tackled a number of subjects but the one topic that interested Malta directly was the complexity surrounding the regulation of remote gambling in cross-border services.
Published on the Business Today, issue Wednesday, 21 October 2009 One cannot tackle the subject of pensions without analyzing the economic environment that are prevailing. Many consider pensions and their sustainability during the current meltdown of global economies as the last problem on the list of troubled finance ministers.
Published on the Business Today, issue Wednesday, 14 October 2009 When the going gets tough and international business hits rock bottom, these islands cannot expect to avoid their share of flak. We are inundated with national statistics showing a drop in imports with a corresponding drop in export performance of our main industries. This does not mean that productivity has plummeted. Its the recession.
Published on the Business Today, issue Wednesday, 07 October 2009 Everybody held his or her breath last weekend waiting for a positive outcome on the Irish referendum on the Lisbon Treaty. This came out with a resounding “yes” vote of almost two thirds majority having surprised even the most optimistic EU lobbyists.
Published on the Business Today, issue Wednesday, 30 September 2009 A lot has been written of late about the need to balance our books and lower the deficit. This has been the main battle cry from the opposition hinting that the 20 year rule of the incumbent party has led the island finances into the doldrums. Read article..
Published on the Business Today, issue Wednesday, 23 September 2009 A siren call by the Prime Minister urged us all to take courage and look hopeful for a brighter future. This was very much the cornerstone of his key speech given at the close of celebrations marking the 45th anniversary of Malta’s independence. The Prime Minister announced new investment which is currently under negotiation and this should translate into hundreds of jobs.
Published on the Business Today, issue Wednesday, 16 September 2009 A well attended business debate at the Intercontinental hotel yesterday saw the finance minister confronted by tough questions about the current state of the economy and the implications for next year’s budget . “Do you sleep at night?” was the brusque question put to Tonio Fenech by host Vanessa McDonald. “Sure,” was his prompt reply with a smile, adding that “if otherwise I would not have enough strength to face the day.”
Published on the Business Today, issue Wednesday, 09 September 2009 Yes, as it was widely predicted, the second quarter has shown a contraction in GDP growth. In fact the official NSO report states quite clearly that GDP shrank by 1.3 per cent compared to the same three months of last year.
Published on the Business Today, issue Wednesday, 02 September 2009 In the pre-budget discussions much will be emphasised about the merits of brinkmanship by the ruling party on setting the country‘s finances in the black and protecting jobs. The magic solution is an efficient competition and regulatory policy which are vital for a recovery when the market economy in recession. Read article..
Published on the Business Today, issue Wednesday, 26 August 2009 During a recession weird things happen. Particularly, heavy casualties are reported by the weakest players of the economy. Take the drop in tourism. We have been regaled by the media with news of a constant drop in tourist arrivals (a 20,000 drop in June). Surely when the flock of teenage tourists depart next month this will in turn add more pressure on hoteliers and tourist operators when the cash lake starts to dry up.
Published on the Business Today, issue Wednesday, 19 August 2009
Yes we are living in uneasy times. The latest Central Bank review announced a negative dip for two consecutive quarters which technically leads to a recession. Today, despite some signs of financial and economic improvement reported by Germany and France in the second quarter one recognises that Malta is late to enter in recession and hence it will take longer to exit.
Published on the Business Today, issue Wednesday, 05 August 2009
This week, we will know what is in store for us in the budget for 2010. Much of the same or are we to expect something new, perhaps some belt tightening which in the aftermath of the recent increases in gas, water and electricity prices do not trickle pleasing tunes to our ears?
Published on the Business Today, issue Wednesday, 29 July 2009
Many can be excused to think that social and economic progress experienced in the past two decades has filtered through seamlessly and without its attendant cost. Yes, we have forgotten the old parsimonious days when the government of the day opted for an infrastructure of a second hand grade and the water taps did not always fill our kitchens with running water.
Published on the Business Today, issue Wednesday, 22 July 2009
It is not everyday that a prime minister has the honour to introduce to his captive audience the unveiling of a regenerative project for Valetta designed by world-class architect Renzo Piano.
Published on the Business Today, issue Wednesday, 15 July 2009
The title of this article coins two words depicting contrasting situations. This vaguely reminds me of the late Michael Jackson’s popular song black or white. In his case he cheerfully sings that it does not matter if it’s black or white. In this article it is painfully that it does matter if one welcomes an economic recovery or sows the seeds of destabilisation.
Published on the Business Today, issue Wednesday, 08 July 2009
Not a popular subject to treat during the start of the silly season, when attitudes are slowly starting to tone down and are possibly more focused on the summer holiday routine.
Published on the Business Today, issue Wednesday, 01 July 2009
They say that ‘when it rains it pours’ and this is very true when mammoth scandals such as the ‘Madoff’ and ‘Ponzi’ schemes surface. The Madoff scandal, which is thought to have costs investors as much $65bn, has led to a litany of lawsuits around the globe, as investors seek to recoup their losses that in some cases stretch into hundreds of millions of dollars.