The Ministry for Finance and Financial Services welcomes the GDP data for the first quarter of this year published by the NSO, which shows that, despite the global pandemic, the Maltese real economic growth managed to remain in positive territory with a rate of 0.5...
On 26th March, the European Commission issued guidelines to ensure an EU-wide approach to foreign investment screening in a time when industrial and corporate assets may be under stress. The aim is to preserve EU companies and critical assets, notably in areas such as health, medical research, biotechnology and...
The European Securities and Markets Authority ("ESMA") just published a statement given the increase in trading activity involving retail clients throughout the COVID-19 pandemic. Unprecedented market circumstances have led to high volatility and an increase in market, credit and liquidity risks. National Competent Authorities (including the...
Of 105 cases opened last year, 25 related to money laundering A new specialised team of international experts has been set up by the financial regulator to combat money laundering, handling 25 new cases last year. In the Malta Financial Services Authority's 2019 annual report, chief executive Joseph...
Finance Minister unveils the government's public finance forecasts The government is predicting a 7.5 percent deficit for this year, but things could change overnight, Finance Minister Edward Scicluna said on Wednesday. Sharing the government’s budgeting for the year with social partners, Scicluna said his outlook of public...
In order to help reduce the effect of the current instability brought about by COVID-19, the Maltese Government has announced measures to assist companies who are the most at risk during these challenging times. Promoting teleworking activities Employers investing in a teleworking set-up may benefit from a...
The last couple of weeks were very challenging and turbulent for all industries and segments across the globe due to the ongoing COVID-19 pandemic. Financial services are not only experiencing the challenges of COVID-19 but also highly-volatile markets. Nevertheless, the current situation has left businesses to rethink...
In recent days, the International Monetary Fund (IMF) and two major credit rating agencies – Fitch Ratings and Moody’s – all published updated reports and analysis on Malta’s expected economic performance post COVID-19. Last month, the other major international credit rating agency S&P had also...
The European Commission has approved a €215 million Maltese wage subsidies scheme to support companies operating in the sectors affected by the coronavirus outbreak, the commission said in a statement. The scheme was approved under the State aid Temporary Framework adopted by the Commission on 19 March 2020,...
BOV-MDB COVID Assist will help finance local firms Bank of Valletta and the Malta Development Bank (MDB), have launched the ‘BOV-MDB COVID Assist’, a financing scheme aimed at assisting local businesses facing unprecedented disruptions brought about by the COVID-19 pandemic. The BOV-MDB COVID Assist (BMCA) has been...