Minister for Finance Edward Scicluna stated that there is need for a fair and balanced approach to the application of EU rules governing the public finances in order to ensure that they work in the interest of citizens. Minister Scicluna was speaking to the press on the sidelines of a meeting of euro area finance ministers (Eurogroup) in Brussels. “There is a very thin line between unravelling the rules, [thus] making them ineffective, and being draconian [and encouraging] euro-scepticism,” stated the minister, as he pointed out that a balanced approach does not imply that the rules are ignored altogether. “Definitely there must be a middle way, but we [also] cannot just bend the rules for the sake of bending them”. Minister Scicluna pointed out that there is enough flexibility built into the rules to ensure that responsible fiscal policies do not rely exclusively, for their compliance, on draconian sanctions which could cause more harm than good to national economic reform programmes, at the cost of the livelihood of citizens. The same applies to state aid rules, which should be applied fairly. The Eurogroup meeting, which focused its discussions on the budgetary situations in Portugal and Spain, as well as the euro area’s general fiscal stance, was followed today, 12 July 2016, by a meeting of all EU finance ministers, known as the ECOFIN Council. 

The meeting discussed an anti-money laundering proposal which will make it more difficult to finance terrorist activities through illicit means. Other issues which were discussed included the implementation of the Stability and Growth Pact, the fight against tax evasion and tax avoidance, and a proposal for a European Depositor Insurance Scheme. This scheme is expected to strengthen the guarantee given to citizens that they would not lose their savings should their banks collapse. 

While in Brussels, Minister Scicluna held several other meetings, including those regarding preparations for Malta’s Presidency of the Council of the EU in the first semester of 2017. These included a meeting with the European Parliament’s Budgets and Economic and Monetary Affairs Committees, and a meeting with the current Slovak Presidency, the UK which is – to date – scheduled to hold the Presidency following Malta, together with the European Commission and the European Parliament

Minister Scicluna was accompanied by Ambassador Marlene Bonnici, Permanent Representative of Malta to the EU and the Permanent Secretary for Finance, Mr Alfred Camilleri, during the ECOFIN Council meeting. Preliminary fi gures show that Malta registered a trade defi cit of €256.3 million in May 2016, compared to €424.0 million in the corresponding month of 2015.
(ITALPRESS/MNA).

Source: medNews

MHRA commissioned Deloitte to carry out a survey as to the performance of the Malta’s tourism industry following the Brexit decision. The sample sentiment analysis survey indicated that hoteliers and restauranteurs remain confident and positive about the performance of the tourism sector as a whole. MHRA reiterates however that the success of the tourism sector cannot and must not be taken for granted as it is very sensitive to political and economic changes that can happen both at a local and international level. Indeed BREXIT is the latest development at an international level that may impact the tourism sector however safety and security still rank highest in order of importance and sensitivity. From a local perspective Air Malta is probably the major challenge that Government is currently facing and decisions on this front definitely have an impact on the future performance of the tourism sector. MHRA asserts that Government must ensure that the decision making structure in any potential business arrangement that AIRMALTA may embark upon in the current restructuring process must remain within Maltese control. Indeed it is when the going gets tough that such control becomes critical and appreciated by the wider tourism sector in Malta.

Furthermore, MHRA insists that AIRMALTA is a critical variable in the success formula of our tourism sector and accordingly also calls upon the AIRMALTA pilots association (ALPA) to act with prudence and refrain from short-sighted actions or threats that may lead to damaging the confidence of the tourist traveling to Malta. MHRA reminds ALPA that the consequences of their actions, motivated by requests for further improved financial and working conditions, are already threatening the industry and livelihood of thousands. This is unacceptable. Let’s not take success as some given right. We must all remain focused and seek solutions to ensure that Malta remains successful.
(ITALPRESS/MNA).

Source: medNews

The reduction of electricity tariffs in Malta has been lauded by the Vice-President of the European Commission Maroš Šefcovic. In his intervention at the Informal Energy Meeting hosted by the Slovak Presidency of the Council of the European Union in Bratislava, attended by Minister Konrad Mizzi, Vice-President Sefcovic said that households in Malta have the lowest electricity costs in the EU as a percentage of their income. This is in contrast with the increasing tariffs across the EU since 2008, which have increased by 4% per annum for households. 

Addressing the meeting Minister Konrad Mizzi said that energy costs make a real impact in people’s lives, and prices are directly correlated with economic growth, and people’s prosperity. Minister Mizzi said that Malta fully supports the energy union and electricity market design, while stressing that taxation should remain the remit of national governments. Mizzi also commented that work on route identification of the Malta – Gela gas pipeline is progressing.

The meeting stressed on the importance of cheap and affordable energy, on optimisations of the energy mix and cost structure, and investment in new gas-fired plants and floating storage units. LNG is becoming a global commodity and this is attributed to technologies such as Floating Storage Units, which is leading to more affordable LNG facilities. This further confirms that Malta’s energy policy for secure, sustainable and affordable energy mirrors the EU’s Energy Union strategy.  
Permanent Secretary Mr Ronald Mizzi is accompanying Minister Konrad Mizzi in Bratislava.  (ITALPRESS/MNA).

Source: medNews

Enel launched its hub for innovation in Israel in Tel Aviv, in the presence of the Group CEO Francesco Starace, Italian Ambassador in Israel Talò Francis, the managing partner of the fund Genesis Partners Jonathan Saacks, Saul Singer, co author of the book Startup Nations and Anya Eldan, head of Early Stage Incubator Programs and the Israeli Ministry of Economy. The inaugural event was held in the headquarters SOSA. Enel is the first Italian company to create a center for the innovation of this size in Israel.

Enel has chosen to partner with SOSA & The Junction, a community of innovation the most successful in Israel, with the goal of creating a one stop shop that can offer solutions to the Israeli start-ups willing to develop and produce products and cutting-edge services with social and economic impact.

Enel Innovation Hub aims to do scouting every year to identify up to 20 Israeli start-ups with high potential by offering them a dedicated support program.

“We are in a very interesting environment in the energy sector – said the CEO of Enel, Francesco Starace – companies like Enel, which make technological innovation a pillar of its industrial strategy, they face great opportunities. Our Innovation Tel Aviv hub represents an important milestone in this new environment. We adopt the philosophy of open innovation by working with the best start-ups around the world and providing our technological and engineering expertise to foster new uses of energy, new ways to manage it and make it accessible to more people. Israel is one of the most innovative countries in the world that every year sees the birth of hundreds of start-ups. I am confident that our presence in this country allow us an acceleration in innovation in the field energy”.

“We are proud of the exceptional opportunities for collaboration that we have been offered by a market leader such as Enel. Under the program, SOSA & The Junction analyze Israel’s tech sector according to the strategy and criteria set by Enel, bringing together the company with the most promising technologies and revolutionary, “said Jonathan Saacks, managing partner of the fund Genesis Partners and co-founder of SOSA.

In Israel, the Group will adopt the business model that has been tested in other areas such as Latin America, a model that is already giving results and that has enabled Enel to identify 30 start-ups which strategic projects are currently running.

More specifically, the start-up will be selected by an advisory committee made up of senior representatives of Enel, which will evaluate compliance with the strategic objectives of the Group and the business potential. Every start-up that will work in the overall Group will have alongside a figure of inner link that will facilitate interaction with global business lines and the Group’s market units.

In addition, the start-up selected will benefit from a number of resources such as: tutoring provided by senior Enel and SOSA & The Junction, a high-tech and comfortable place to work, test benches to improve their solutions, ability to execute projects pilot in the countries in which Enel is present and access to the Group’s sales channels that reach millions of customers every day.

Start-ups that will work with Enel will have the opportunity to receive additional funding from the Israeli Ministry of Economy which, under an agreement with Enel, will provide assistance in an amount equal to the support made available by Enel.

The Group aims are to be an active player Israeli ecosystem by working with universities, venture capital funds, institutions and other enterprises, in order to enrich the network of Israeli innovation and link it to other ecosystems in which Enel it is part.

(ITALPRESS/MNA).

Source: medNews

The Minister for the Economy, Investment and Small Business Dr Chris Cardona addressed the Libya British Business Council in the House of Lords of the UK Parliament. Minister Cardona stressed the long-standing and significant relationship between Malta and the UK, and highlighted Malta’s association and role with Libya. Libya as a near neighbour, has a long relationship as a trade partner with the island. Malta has been a link for Libya and Europe, keeping communications open and bringing parties together. 

Minister Cardona stressed that the business community should strive for future and further stability and security in Libya. Enhanced stability will guarantee the future prospects of Libya, with investment being allowed to flow in and the country to prosper. Malta has historically acted, and will continue to be seen by both parties as a kind of ‘second home’ where business relationships may be brokered. This Government has committed itself to create a legal and administrative robust structure which nurtures and supports such transactions to take place. Malta at current has a rate of economic growth that outstrips most European countries, with one of the lowest rates of unemployment and adoption of a pro-active strategy that diligently seeks investment and nurtures companies that get started in Malta. “We offer political stability, with agreement across the political divide on the issues that really matter. Malta is open for business and we hope to build further on our relationships with the U.K. and Libya,” said Minister Cardona.

The meeting was hosted by the Rt. the Lord Trefgarne PC and was also addressed by Mr Ahmed Kashadah, Managing Director for the Libya Africa investment Portfolio. The Libya British Business Council expressed its intention to organize a delegation to Malta later this year. 

(ITALPRESS).

Source: medNews

Royal Air Maroc, the national carrier of the Kingdom of Morocco, received on 9 July, its third Boeing 787 Dreamliner (the first two were delivered, respectively, in January and March 2015). With this new unit, registered with the acronym CN-RGS, the fleet of RAM reaches the total number of 54 aircraft and in the coming months, is to take the other two B787 Dreamliner. The new device will operate on the routes Casablanca – New York and Casablanca – Montreal, reducing the average duration of the 25-minute trip. The Boeing 787, equipped with engines that consume less than the other devices that operate on long-range, faster and quieter, offer to 274 passengers (including 18 in business class) more comfortable spaces and touch screens for entertainment on board . Royal Air Maroc is the first company in the Mediterranean to acquire these latest generation equipment. RAM buys almost exclusively Boeing aircraft, as pilots and maintenance crews are specialized on such equipment. Another reason for this choice is the fact that Boeing – whose vice president of worldwide marketing, Ihssane Mounir, is Moroccan – suggests favorable conditions in terms of price.

(ITALPRESS/MNA).

Source: medNews

The prospects of EU enlargement in the Balkans after the referendum in the UK on Brexit, but also immigration, terrorism and challenges to international security – these were the main themes that characterized in Tirana, the inaugural event of the annual conference of the Albanian ambassadors in the world, attended as guest of honor of the Italian Foreign Minister Paolo Gentiloni. 

The Gentiloni Minister stated that “Italy has tried to cooperate on judicial reform, which is now the country’s current challenge and a challenge that half the world sees with great attention. It is a goal to which I appeal for responsibility. Italy is working to speed up the European integration process for Albania”. 

The opening work was the Albanian Foreign Minister Bushati that Ditmir all the current major geopolitical challenges have repercussions in the region that can be identified as Europe Adriatic. Also the last summit in Paris, stressed Bushati, has produced important results: the creation of the Fund for the Western Balkans and the establishment just in Tirana Office for the regional youth cooperation.

(ITALPRESS/MNA).

Source: medNews

Tunisia intends to produce 30% of its electricity from renewable sources by 2030. And how is provided for the ambitious goals set by the Tunisian government, which just examined the energy development plan with specific emphasis on clean sources, particularly those derived from the sun.

According to reports from the government through a presidential statement, the objective of the strategy is to create growth and jobs by exploiting renewable energy. In this sense, the Council of Ministers stressed the need to adopt as soon as the new law on the production and sale of electricity from renewable sources. The sector has good development potential also for Italians entrepreneurs, in view to the completion of the submarine power cable to connect Italy and Tunisia which should carry Terna.

On May 20, the CEO of Enel Green Power, Francesco Venturini, and the director of the Tunisian institution of renewable electric division Steg, Moncef Harrabi, signed in Rome a cooperation agreement in the energy field to strengthen the Italian presence in Tunisia and support the economy at this stage of social and political transition. The agreement was signed on the sidelines of RES4MED, the annual conference dedicated to renewable energy sources and investment in the Mediterranean and in 

(ITALPRESS/MNA).

Source: medNews

The Slovenian Premier Miro Cerar did not accept the resignation that Foreign Minister, Karl Erjavec, had presented last week in connection with the arbitration proceedings on the border between Slovenia and Croatia. In a statement released by the Office of the Prime Minister it is highlighted that “with the presentation of the resignation of Foreign Minister Erjavec has proven to be aware of the considerable importance of the arbitration proceedings and the fact that the activity in the sphere of the Ministry of Foreign Affairs – for which the Minister is responsible for objectively – there were wrongdoings “and there is therefore no reason for the disengagement from the Minister functions”.

(ITALPRESS/MNA).

Source: medNews

The Council of Ministers approved the opening of four new offices of Promotion Center of Exports (CEPEX) abroad in 2016, it was announced by Trade Minister Mohsen Hassan, during a visit to Monastir.

Three of these new offices will be opened in Africa and fourth in Poland, in addition to eight existing offices abroad, he said, warning that his department has decided on emergency measures to finance these activities, with the aim of increasing exports.

“Public banks provide exporters’ financing plans and other insurance measures in exports, especially to the Libyan market”, he said, adding that the promotional campaigns will be organized for Libyan and Algerian markets.

The Ministry of Commerce, on the other hand, provided that the necessary logistical arrangements for establishing new sea and land transport routes to Russia and airlines in Canada and soon in Erbil (Kurdistan, Iraq) and several African countries. “The African market is of strategic importance in the Tunisian economic diplomacy”, said Mohsen Hassan, stating that the ministry will organize an African forum in December 2016 with the participation of over a thousand exporters of the continent.

The deficit of the trade balance reached nearly 444 million dinars in the first five months of the year, the minister said, but is preparing the ground for the boost in exports to reduce the deficit.

In addition, the Ministry of Commerce announced during his working visit, the proposed development of the wholesale market of fruits and vegetables Moknine (governorate of Monastir) will begin soon, with a cost of 3.5 million dinars.

(ITALPRESS).

Source: medNews