Value of residences in Malta higher than euro area average

Times of Malta 21/12/2013: A survey which compared households in Malta and the EU has found that  77.7% of households in Malta owned their residence in 2010, as opposed to 60.1% in the euro area.

And while the median value of the Maltese households’ main residence was estimated at €186,643, the median value in the euro area stood at €180,300.

The Central Bank survey found that while almost a third of Maltese households (31.4%) owned other forms of property, including second homes, garages, commercial premises and agricultural land, the corresponding proportion of euro area households was less than one-fourth (23.1%).

While the percentage ownership of vehicles was moderately higher for Maltese households, the share of households reporting business ownership was comparable with that reported for the euro area.
In contrast, Maltese households’ ownership of valuables was significantly lower...read on.

79% of Maltese households have broadband connection

MaltaToday 24/12/2013: Malta is performing better than the EU average in terms of usage amongst those with medium and higher levels of education and by the younger generations as shown in Figure 1 below.  On the downside however, internet use amongst the least educated and the older generation remains considerably lower than that reported across the EU.

As a result of this gap, 66% of Maltese reported to have connected once a week or more, against 72% of Europeans.

In terms of use by gender, whilst females are the most avid users in the lower age brackets, this trend is reversed amongst the older generations, with more males making frequent use of the Internet. This trend, which is...read on.

Towards sustained economic growth

Malta Independent 15/12/2013: From the provisional estimates provided by the National Statistics Office (NSO), the Gross Domestic Product (GDP) in Malta climbed by 1.9 per cent in the third quarter of 2013. Malta’s GDP is influenced by a variety of business sectors, such as remote gaming, ICT and shipping that also contributed to this pleasant increase.

The remote gaming industry in Malta also affects the GDP. This is a multi-million euro business for Malta. Hundreds of licences have been issued, and thousands of jobs depend on it.

Malta is strategically positioned to attract remote gaming companies and it is our intention to maximize on our attractiveness in this sector. Having said that, we are fully aware that previous achievements in this sector are not essentially a guarantee for its future success. This is why we intend to embark on new strategic initiatives to boost this sector and take it to the next level. We want to maintain our competitive edge and keep on differentiating ourselves from...read on.

We’re off to Eurovision Island, Maltese Style!

ESC Insight 18/12/2013: “The European Broadcasting Union is delighted to announce that the 2014 Junior Eurovision Song Contest will be held in Malta!”

Well that didn’t take long. Just eighteen days after Malta won the Junior Eurovision Song Contest, the EBU have confirmed they will host the twelfth edition of the Contest at the end of 2014. This will make them only the third winning country to host the subsequent Contest – while JESC does go out to tender the new procedure gave the winning country first refusal/preferential bidding status.

As expected, Malta have grabbed this with both hands, as quickly as possible.

This will be the first Eurovision event that Malta has hosted, and a major event for the...read on.

Malta E-Gaming Review 2013/14

Tax News 17/12/2013: In the autumn of 2000 the Maltese government passed legislation enabling online betting centres to be set up in the country, and this legislation, coupled with provisions from the Income Tax Act written specifically for international companies, made Malta an attractive location for casino and sportsbook operations.


Malta became the first EU member state to regulate internet gaming in May 2004 with its Remote Gaming Regulations under the Lotteries and Other Games Act 2001.

A large number of companies from around the world expressed interest in Malta, including Stanley Leisure, William Hill, Ladbrokes, Paddy Power, Unibet, GC Sports, International Allsports, and Eurofootball; in 2012, PokerStars launched Pokerstars.eu under the group’s new Maltese license.
Malta's economic policy encourages information technology operations, and the territory has invested heavily in state-of-the-art telecommunications. With the e-gaming sector using an estimated 50 percent of Malta's available bandwidth, there are now four high-capacity fibre-optic submarine cables linking the island with mainland Europe. As a result of this investment, there are already a number of Internet Service Providers in Malta, with clear interest being shown in...read on.

Ship registration in Malta grows steadily, maritime study shows

Times of Malta 15/12/2013: A study carried out by Maltese maritime consultancy firm Combined Maritime Services has found that there is no one single maritime flag which is most competitive for all types of vessels, irrespective of the age of the vessel.

The third edition of a study gives a comparative breakdown of the costs involved in the registration of a vessel.

The publication benchmarks registration rates applicable to a selected number of flag states, subjectively determined to be Antigua and Barbuda, Bahamas, Cyprus, Hong Kong, Liberia, Malta, Marshall Islands, Norway and Panama.

Combined Maritime Services has expanded the comparison to include relevant criteria, such as manning scales, the issue of registering mortgages and registration of bareboat chartered vessels, among others. Various flag administrations have supported the study’s publication by contributing facts and figures. The Malta flag has grown considerably from 1,421 vessels under its registry in 2007 to 1,764 ships in 2012, with a registered gross tonnage of 44 million tons, making the Malta flag the seventh largest flag of registry on a worldwide...read on.

Awaken the Spirit of Christmas with Air Malta

Looking for a Last Minute Christmas Present?

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STORM the Musical features timeless songs in modern genres on contemporary subjects. Give a gift voucher from iTunes and other popular download stores to your cousin, friend, niece, and colleague...

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. more about STORM

Tackling the green skills gap

Times of Malta 14/12/2013: Launching the public consultation on the Green Economy last month, Ministers Leo Brincat and Evarist Bartolo emphasised the need to address the green skills gap in the process leading to a Green Economy strategy and action plan.

It is estimated that 20 million jobs will be created in the Green Economy between now and 2020 within the European Union. Capacity building is the greatest challenge: ensuring that more working men and women are adequately equipped with green skills.

The Green Economy includes activities in different sectors. It is possible to go about activity in these sectors in a manner which reduces their environmental impacts, is socially inclusive and economically rewarding.

Various sectors have been identified as being of key importance in the transition to a Green Economy. The basic characteristics which distinguish the Green Economy are a reduction of carbon emissions, the reduction of all forms of pollution, energy and resource efficiency, prevention of biodiversity loss and the protection of...read on.

Maltese temples bear superb testimony to Neolithic culture

Times of Malta 10/12/2013: The prehistoric temples of Malta and Gozo have been described as “architecture in its purest and most original form”.

They are sometimes called megalithic, meaning “of large stones”. But the temples are much more than that: they are the remains of ancient monuments that are older than the pyramids of Egypt.

The first use in all history of a very special way of building happened in Malta and Gozo without the use of any metal tools or wheels. It was real living people who made and used the temples. They were so advanced for their time that some scientists believe they were the earliest civilisation in the whole...read on.

Mobile penetration in Malta at 135%

DI-VE 11/12/2013: The mobile penetration rate in Malta stood at 134.8 per cent during the third quarter of this year, indicating that a share of individuals had more than one mobile account, statistics released by the National Statistics Office shows.

As at the end of September, internet, mobile and TV subscriptions registered increases while fixed telephone subscriptions declined, when compared to the corresponding period last year.

During the reference quarter, broadband internet subscriptions numbered 143,659, up by 5.8 per cent compared to the corresponding period last year. High speed internet connections exceeding 10 Mbps reached 117,603 and accounted for 81.9 per cent of total subscriptions. On the other hand internet subscriptions with speeds ranging from two to 10 Mbps dropped by 24 per cent. The internet subscription index as at the end of the third quarter stood at 154.4, increasing by 5.8 percentage points compared to last year’s levels.

Television subscriptions totalled 149,166, up slightly by 0.2 per cent over 2012. Digital subscriptions continued to dominate the market with 94.8 per cent of total share. Analogue subscriptions numbered 7,796, declining by 12.8 per cent when compared to...read on.

Beneath Malta’s Beauty, a Tangled History

Elisabeth Eaves for New York Times 06/12/2013: Nicholas de Piro doesn’t look like a warrior monk. As the bespectacled grandfather padded around his 16th-century palazzo, pointing out curiosities like a gilded sedan chair and silver medical tools, he appeared more likely to offer me a cup of tea than slay anyone in the name of Christ. And yet that is the sort of thing Mr. de Piro’s order, the Knights of Malta (officially the Sovereign Hospitaller Order of the Knights of St. John of Jerusalem, of Rhodes and of Malta), were known for in their heyday. Drawn from the most noble families of Europe, they left their homelands, took vows of chastity and obedience and dedicated themselves to fighting infidels. The order no longer wages war, focusing instead on caring for the sick and poor. Until I arrived at Mr. de Piro’s doorstep on the Mediterranean island-nation of Malta, though, I’d had no idea that the Knights of Malta still existed.

The history of Malta — actually an archipelago that includes three inhabited islands, just 50 miles south of Sicily — is peppered with violence and disorder. Today, though, it is hard to find a corner of the country that doesn’t feel peaceful and safe. Its crystal-clear, intensely blue waters make for some of the best snorkeling and scuba diving in Europe, while its beaches, rocky coves, arid hills and warm weather have long attracted northern neighbors in search of cheap sunshine. And yet not even 2 percent of visitors come from the...read on. (recommended)

MaltaIndependent 08/12/2013: Malta welcomed yesterday’s historic agreement at the World Trade Organisation, where a deal was struck in Bali to boost global trade and which was approved by the WTO’s 159 member economies for the first time in nearly two decades, keeping alive the possibility that a broader agreement to create a level playing field for rich and poor countries can be reached in the future.

Commenting yesterday from Bali, Economy, Investment and Small Business Minister Chris Cardona expressed Malta’s satisfaction with the deal, “We want to thank the Commission for the very positive stance that was taken during these negotiations. We feel that our interests have been respected throughout the process. Malta also wants to reaffirm its gratitude to the Director General of WTO, Roberto Azevedo, for the tremendous work he has carried out in recent months.”

Dr Cardona added, “As an island state, and with an economy that is very dependent on international trade, our view is that the Trade Facilitation Agreement will have economic benefits for all including...read on.

Achieving Malta’s potential growth in challenging times

Speech given by Central Bank Governor Prof. Josef Bonnici at the annual ifs dinner
 

The ECB has played an important role in averting risks
Malta Independent 05/12/2013: As you will all be aware, many of the member states of the euro area are going through fundamental reforms that would over time promote sustainable growth. This can occur only with the support of a healthy financial sector, including a banking system that provides the needed volume of credit at interest rates that reflect the European Central Bank’s provision of ample and low-cost liquidity.

Over the course of the crisis the ECB has launched various measures to avert the risk of more severe ramifications of the financial crisis. In July, the ECB introduced forward guidance, assuring the financial markets that its policy stance will remain accommodative and interest rates low for as long as necessary. As a matter of fact, the recent cut was consistent with this forward guidance.

Throughout the crisis, the ECB has played an important role in ensuring, within its price stability mandate, the proper financing of the euro area economy in a context of subdued credit dynamics. A series of measures were introduced to ensure that banks can pass on low policy rates to the real economy, in particular where they are needed the most. These measures include providing ample liquidity to euro area banks, reviewing...read on.

Scuba Diving in Malta/Gozo

Reefers and wreckers 28/11/2013: On a map of the Mediterranean Sea, if you let your eye fall to the center – just South of Italy’s heel and to the West of the Mediterranean’s heart, you will find an enchanting archipelago comprising Malta, Gozo, and Comino, along with the smaller, uninhabited islands of Cominotto, Filfla and St.Paul.

Serving as the administrative capital for all the islands, Valletta is on Malta itself under the watchful gaze of impressive fortifications commissioned by the Knights of St. John in 1524. For such a small geographical area – the entire group covers only about 320 square kilometres/120 square miles – the population is relatively dense at around 350,000.

As is typically in the Mediterranean, Malta really has only two seasons – a hot, dry summer and a short, cool winter. The summer season runs from a windy April to a milder October, with average high temperatures on the year of 21° C/71° F. Average low temperatures, however, only drop to 9° C/49° F in January and February so it’s not surprising that the Republic’s climate was selected by International Living as the best in the world...read on.

UK remains Malta's main tourism market

Times of Malta 03/12/2013: A total of 174,225 tourists came to Malta in October, 13.2 per cent more than in the same month last year, according to Tourstat data published by the National Statistics Office.

Total nights spent here went up by 6.1 per cent to almost 1.3 million.

Excluding the 919 passengers who stayed overnight on board a berthed cruise vessel, 173,306 were departing tourists - an increase of 14 per cent when compared to 2012 levels.

The number of tourists visiting Malta for holiday purposes rose by 13 per cent to 147,825, while business tourists increased by 18 per cent to 15,442. First-time visitors advanced by 21 per cent.
Inbound tourism from EU states rose by 10 per cent, comprising 82 per cent of departing tourists. Non-EU tourists went up by 39 per cent to 31,298.

The UK remained Malta’s main tourism market, with a share of 30 per cent, despite a drop of five per cent. The German market came second, with 11 per cent. Upward shifts of 37 and 11 per cent were also registered in the French and Italian markets, respectively.

Total nights spent during October were estimated at 1.3 million. The average length of stay stood at 7.4 nights, down by 0.5 of a night when compared to October last year...read on.

Malta positioned with stronger economies - CBM governor

MaltaIndependent 30/11/2013: Various indicators place Malta with the stronger performers with a growth rate for Malta that generally exceeds the corresponding rates for both categories of countries. A similar conclusion can be drawn from the unemployment rate. Similarly the level of unit labour costs is lower in Malta than in both the weaker and stronger groups.

Central Bank Governor Josef Bonnici was speaking last night at the annual Institute for Financial Studies at the Hilton.

In the first two quarters of 2013, the Governor said, Malta’s GDP growth rate stood at 2.7%. Net exports have been the main source of expansion. The outlook is for stronger growth in 2014 as Malta continues to benefit from its competitiveness.
The economy continues to diversify, creating high value added job opportunities. While some sectors have had to downsize, there has been a compensating expansion in other sectors, such as financial and other services.

An aspect that may go unnoticed is the role of the financial sector in the resilience of the Maltese economy and its alignment with the stronger group of...read on.

MCA hosts third edition of eBusiness awards

MaltaIndependent 28/11/2013: The Malta Communications Authority (MCA) hosted its third edition of the eBusiness awards where 12 enterprises which successfully implemented or developed innovative ICT solutions were identified.

These awards have become an important showcase for local entrepreneurship, innovation, investment and business acumen in the eBusiness field.

Parliamentary Secretary Edward Zammit Lewis explained that events like this should serve to spur other businesses to follow suit, to learn from these successes and strive to keep up with the pace of technology; today no business can afford to ignore technology.

“Malta has managed to establish a strong ICT industry and undoubtedly, your drive to reach such high levels of excellence in the area, helps put Malta on the global ICT map.  The message you are sending beyond our shores augurs well for a strong Maltese digital economy in years to come.” read on...

Malta to serve as Med. port of departure for Mein Schiff 3 for 2014

MaltaIndependent 27/11/2013:  TUI Cruises today announced that Malta is to be Mein Schiff 3 - the agency’s newly built ship - Mediterranean port of departure for 2014.

The ship can carry up to 2,500 passengers which should make up for lost revenue after a number of cruise liners had decided to reduce their port calls to Malta.

Speaking in the presence of SMS Shipping Managing Director Simon Mifsud, TUI Cruises CEO Richard J. Vogel, Valletta Cruise Port chairman Joe Zammit Tabona,  Malta Tourism Authority CEO Josef Formosa Gauci, Tourism Minister Karmenu Vella said that Tui Cruises does not only use Malta as a port of call but also as its homeport for its ships.

Malta has been serving as TUI Cruises’ Mein Schiff 1 and Mein Schiff 2 port of call since 2010.

He said that the cruise liner industry is vital for Malta’s economy since it serves as a first-hand preview of Malta’s product to visitors which may lead to visitors revisiting the island a second time around.

Mr Vella said that the success of TUI operation consolidated Malta’s reputation as a reliable partner for cruise liners, adding that the fact that TUI Cruises have confirmed it will be homeporting again in Malta in 2014 and 2015 further consolidates the country’s relationship with the cruise liner company. (source)

MaltaIndependent 27/11/2013: The coming year may be exceptional for Malta Freeport as business is expected to boom in the already successful shipping operation, which flourished from its early days way back in the early 1990s.

Sources close to the shipping industry revealed with this newspaper that following the setting up of a consortium among three of the largest container lines in the world: CMA CGM, Maersk Line and Mediterranean Shipping Company, business passing through the Mediterranean transhipment hub will increase since CMA CGM has 50% shareholding in Malta Freeport. The Freeport employs some 1,200 people and ranks twelfth among the top European ports and is the third transhipment and logistics centre in the Mediterranean region.

The Danish, Swiss and French carriers, now dubbed as P3, plan to start operations in the second quarter of 2014, subject to obtaining regulatory approval.

Over the next few weeks, news is expected on the proposed P3 Network as regulators in the US, Europe and China decide whether the massive vessel-sharing agreement among the world’s three largest container shipping companies is anti-competitive and therefore...read on.

Malta with 2nd highest population rise in EU, mostly from migration

MaltaIndependent 24/11/2013: In 2012, Malta registered a 9.1 per cent increase in its population, which on 1 January 2013 amounted to 421,400, the second highest population increase among EU member states of which, no less than 7.4 per cent increase was due to migration.

This was revealed in a Eurostat special release on European demography, published on Monday.
On 1 January 2013, the population of the EU28 was estimated at 505.7 million, compared with 504.6 million on 1 January 2012, Eurostat said.

This means that the population of the EU28 grew by 1.1 million in 2012, an annual rate of +2.2 per 1,000 inhabitants, due to a natural increase of 0.2 million (+0.4‰) and net migration of 0.9 million (+1.7‰).

In 2012, 5.2 million babies were born in the EU28. The crude birth rate was 10.4 per 1000 inhabitants, stable compared with 2011.

The highest birth rates were recorded in Ireland (15.7‰), the United Kingdom (12.8‰), France (12.6‰), Sweden (11.9‰) and Cyprus (11.8 per cent), and the lowest in...read on.

Economy faring better than it did last year – Scicluna

Malta Today 21/11/2013: As the finance minister brought down the curtain on the 2014 Budget, Edward Scicluna said that the main thrust of the opposition's criticism of his second budget was that it was dishonest and concealed cuts and tax increases.

"If you believe this you would imagine people were desperately tearing their hair out following the budget. However, this certainly does not reflect the people's sentiments."

Scicluna said the budget was not only welcomed by civil society but a MaltaToday survey showed that the majority of people had judged the budget positively and only 3.5% said they were negatively...read on.