HSBC Malta Could Be Bought By APS Bank

Sep 11 2024

APS Bank is reportedly in advanced talks to acquire HSBC Malta’s operations, according to sources who spoke to Times of Malta.

HSBC recently announced a “strategic review” of its Malta branch, hinting at a possible exit from the country.

Negotiations between APS and HSBC’s global shareholders have been ongoing for several years, following signals that HSBC was considering winding down its operations in Malta.

International parties are believed to have initiated the discussions, knowing HSBC’s intention to leave. Although HSBC Malta’s CEO, Geoffrey Fichte, stated earlier this year that the bank was committed to Malta, insiders suggest that APS and HSBC are close to agreeing on key aspects of the deal, including its overall price.

The deal would see APS acquiring HSBC’s 70% stake, although HSBC may retain a minor share. Regulatory approvals could delay the takeover’s completion by up to 18 months.

The acquisition would significantly boost APS’s market share, potentially making it a key competitor to market leader BOV.

There are concerns about potential regulatory issues related to market competition, and some government figures favor a foreign buyer. However, it’s unclear if any reputable foreign banks have shown interest in acquiring HSBC’s Maltese operations.

UPDATED PN STATEMENT

The Nationalist Party acknowledges HSBC Bank’s position regarding its operational review in Malta and emphasizes the need to safeguard workers’ rights in any decisions made.

While respecting the choices of private operators, the Opposition has taken note of reports suggesting that another local bank may be interested in acquiring HSBC’s operations in Malta.

In the event of HSBC’s exit, the Opposition calls on the Government and national institutions to ensure that any future management fully protects the rights of employees, shareholders, and consumers, as well as the broader interests of the banking sector, a vital part of Malta’s financial services industry.

Additionally, the Opposition stresses the importance of transparency, urging that HSBC’s employees be kept informed of any developments. The PN remains committed to standing by the workers and their families.

UPDATED WITH HSBC STATEMENT

In response to local media reports suggesting that APS Bank p.l.c. is in advanced talks to acquire HSBC Holdings’ majority shareholding in HSBC Malta, the company clarified that it is not aware of any such negotiations. HSBC Malta confirmed that it has requested clarification from its majority shareholder on the matter.

The company emphasiSed that it will provide further updates as necessary, in accordance with regulatory requirements.

#MaltaDaily

Youtube Restricts Teenager Access to Fitness Videos

Sep 11 2024

YouTube is set to restrict certain health and fitness videos for teenagers across Europe, expanding a policy initially introduced in the United States. The platform will limit recommendations for videos that idealize specific body types, compare physical features, or display social aggression. This move aims to prevent teens from developing negative self-beliefs due to repetitive exposure to such content.

YouTube’s algorithm will no longer encourage repeated viewing of these types of videos for users aged 13 to 17. While teens will still be able to search for and watch fitness-related content, the platform will avoid pushing similar videos repeatedly. This decision follows concerns from YouTube’s Youth and Families Advisory Committee about the impact of idealized body standards on young users’ self-perception.

Experts support the measure but call for a broader dialogue about fitness and health. Dr. Petya Eckler of the University of Strathclyde emphasizes the need for a comprehensive approach to discussing exercise and body image. Additionally, YouTube is enhancing parental controls, allowing parents to monitor their teens’ activities and receive notifications about their uploads and livestreams.

#MaltaDaily

Former Paralympian Thanks Stranger For Helping Change Tyre

Sep 11 2024

Former Paralympian Thomas Borg recently shared a touching story on social media about a small act of kindness that left a lasting impression on him. While driving home, Borg, who was born without a right forearm, hit a pothole in Siġġiewi, which damaged his tyre.

Struggling to change it, he spent 30 minutes lifting the car as hundreds of vehicles passed by without stopping.

However, Hajat, a Pakistani food delivery driver, noticed Borg’s difficulty and stopped to help after finishing his shift.

Despite having a long day, Hajat replaced the tyre and packed everything back, engaging in conversation with Borg throughout. They talked about life in Malta, Hajat’s challenges in supporting his family in Pakistan, and the commonalities between them.

Borg was moved by Hajat’s selflessness, especially when Hajat refused payment for his help. Borg later shared his experience on Facebook, reminding people of the importance of kindness and how society often overlooks those who are different.

His post received widespread praise, with many commending Hajat’s generosity and expressing admiration for both men.

Borg hopes the story will inspire others to extend kindness to strangers, emphasising that compassion transcends cultural and societal boundaries. His message: simple acts of kindness can have a profound impact on others.

#MaltaDaily

Duncan Micallef Finishes In Second Place At Euro Finals

Sep 11 2024

Top Fuel Dragster driver Duncan Micallef, who dominated the FIA European Drag Racing Championship with impressive record-breaking performances, narrowly missed out on the title in the final round at Santa Pod Raceway from September 5th to 8th.

Micallef, who had set a career-best time of 3.79 seconds and a European speed record of 321.4 MPH, entered the Euro Finals with a commanding lead. Despite his outstanding season, he fell just 4 points short of the championship, losing to Switzerland’s Jndia Erbacher.

This close finish underscores the fierce competition and the slim margins that often decide the outcome of a racing season. In addition, Micallef’s son, Jacob, competed in the Euro Series 2024 at PF International Karting Circuit, highlighting the family’s ongoing impact in the racing world.

#MaltaDaily