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Charges will apply if e-kick scooters are not parked in specific bays

Nov 29 2022 Share

Minister Aaron Farrugia announced that the government will implement specific parking bays for e-kick scooters and failure to park scooters in these bays will result in charges.

When answering a parliamentary question, Aaron Farrugia explained that if the scooter is not parked in a specific area, the user will continue to be charged the normal rate. This comes after months of debate and multiple complaints from the general public. The minister said that during winter months, in Malta there are around 5,000 e-kick rides per day. This number triples in summer. Aaron Farrugia said that this mode of transport is very important but admitted that the legal system and law enforcement needed improving.

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Data issued recently by the National Statistics Office shows that there are more than 3,000 e-kick scooters registered on the island.

E-kick scooters are regulated by Transport Malta and therefore have road regulations similar to those of other vehicles, including an insurance policy. People riding these scooters need to follow traffic regulations when on the road but can be driven on sidewalks. They cannot, however, be driven in tunnels or on arterial roads.

The regulations state that you cannot be more than one person on a scooter and you must always drive on the left. You cannot drive at a speed of more than 20Km per hour on the roads and not more than 10km per hour when in pedestrian areas.

Up until now, it was not illegal to park e-kick scooters, anywhere, at any time, as long as they didn’t block access to people or cars. It was not against the law to leave scooters away from parking bays but this will soon change.

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World’s biggest active volcano erupts for first time in 40 years

World’s biggest active volcano erupts for first time in 40 years
Nov 29 2022 Share

The largest active volcano on the planet, Hawaii’s Mauna Loa, has erupted for the first time in around 40 years. 

Mauna Loa erupted at around 11:30pm local time, spewing out volcanic ash, lava and sulphur from it’s peak. The scenery would have been considered mesmerising, were it not for the more than dozen earthquakes it triggered. 

By 6:30am local time, the US Geological Survey confirmed that the lava flow had changed from the summit and moved into the North East Rift Zone.

A rift area is a spot where a volcano has cracked open, which allows more lava to seep through to the surface. Thankfully, the volcanic discharge has been contained within the summit and North East Rift Zone. 

Warnings by the US Geological Survey (USGS) were issued to the 200,000 people on the island that eruptions can be very dynamic and that lava flow direction can change rapidly. 

The eruption was a predicted one, 40 years in the making, with scientists saying that Hawaiians and visitors should be prepared to flee if need be. However, indications are that the eruption will remain contained. 

Despite this, people with respiratory illnesses should remain indoors to avoid inhaling ash particles and that anyone outside should cover their moth and nose with a mask or cloth. 

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But what is FinTech? Here’s all you need to know…

But what is FinTech? Here’s all you need to know…
Nov 29 2022 Share

An abbreviation for financial technology, FinTech involves new offerings that are not already widely adopted with the potential element of disruption, putting more emphasis on technologically-enabled innovation within the financial services sphere.

Technology-enabled innovation allowed for a wide array of financial products offered today, ranging from contactless payments to cryptocurrency and digital banking. Why is this important as of right now? Well, FinTech is essentially transforming the way financial transactions are being carried out. In fact, we are living in an era dubbed as the “FinTech” Revolution.

A relatively modern phenomenon with origins going back to the late 1800’s, FinTech is diverse from the Digital Finance practices we might already be familiar with.

Digital Finance generally refers to the digitalisation phenomenon happening within the financial sector and encompasses the utilisation of financial services products, services or processes that are allowed via technology-enabled devices and the internet.

However, there are some exciting linking factors:

Firstly, Digital finance refers to a broader spectrum of digitalisation when compared to FinTech within the financial sector.

Furthermore, Digital finance is more linked to well-established digital processes and products, while FinTech focuses on novel products and business processes that may disrupt and challenge the financial sector and that are not already widely adopted.

Put simply, every FinTech product is classified under digital finance, but not all digital finance products may qualify as FinTech.

But why does this matter to consumers? 

One of the biggest benefits of FinTech is the enhanced level of protection innovative technology has to offer. FinTech offers greater transparency and traceability levels due to the increased volume of data collected from end-users.

As a result of FinTech, at the click of a button, customers no longer need to attend physical bank locations to make the simplest of transactions. Who’s got time for that?

It is also a massively inclusive tool as it provides greater access to different financial products and services for consumers. The need for FinTech has only been more highlighted with the COVID-19 pandemic as financial services companies accelerated the shift to digital solutions.

Is there a catch to any of this?

Well, as with everything, there are always things to look out for. But nothing a little planning ahead and awareness can’t possibly fix!

So here’s a quick check-list you might want to refer to when using FinTech services:

  • Always be cognisant that no financial transaction is entirely risk-free.
  • Make sure you confer that you are dealing with reputable and authorised providers and that you understand the product.
  • Also ensure that fees are clearly stated prior to commitment and that you understand the entity’s privacy policy and security practices. These may include everything from what data it collects, how it is processed and protected as well as who is responsible for financial losses.
  • Don’t download an app unless it comes from a trusted source. Read user reviews and do your research beforehand.
  • Monitor your financial account activity regularly so that you can spot any suspicious transactions.
  • Do not use public wi-fi to access your financial accounts.
  • And of course, don’t use the same password you’ve used since you were 15. Make it strong and impenetrable (tip: the weirder and more specific, the better!)

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The Malta Financial Services Authority (MFSA) is the single regulator of financial services in Malta, regulating banks, insurance operators, pension schemes and investment services companies, amongst others. While the MFSA’s mission is to ensure market integrity and safeguard Malta’s financial stability, it also has a duty to protect consumers of financial services. It does this mainly through a number of educational campaigns aimed at equipping consumers and investors with the right skills to make informed choices about their personal finances.

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Juventus board shockingly resigns en masse amid financial corruption allegations

Juventus board shockingly resigns en masse amid financial corruption allegations
Nov 29 2022 Share

Chaos broke out at Juventus on Monday evening after it was reported that president Andrea Agnelli, vice president Pavel Nedved and the rest of the board resigned by unanimous decision.

The Serie A giant is currently facing a wave of financial issues together with the public prosecution’s investigation into what may very well be accounting fraud. In an email written to Juve employees, Agnelli stated “We are dealing with a delicate moment from a club standpoint.” 

In the meantime, the club’s social media pages have been flooded with comments from fans asking with concern about the board’s sudden resignations.

 

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Back in September, the club registered a record loss of €254.4 million euros. Following the loss report, Italian government regulator Consob intervened, with the public prosecutor’s office investigating looking into statements of false accounting between 2018 and 2020.

In the midst of a World Cup break for the club, managing director Maurizio Arrivabene will continue to helm administrative duties despite his resignation as the club faces a looming period of transition ahead.

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Photo Source: Goal.com