More money hand-outs due to high cost of living not excluded says Minister

Mar 14 2022

Finance Minister Clyde Caruana said on Monday that the government does not exclude giving more financial hand-outs later in the year due to rising costs of living and the Ukrainian war impacts.

The Minister said that the conflict has resulted in International impacts on oil and wheat products among other products. ‘The government is closely monitoring the situation as without a doubt, it will have an impact on Malta.’

The minister unveiled the news during a Żabbar press conference, announcing that as of today, income tax refunds as well as cost of living cheques have started distribution. Pledging to aid citizens to address the cost of living issue, the minister also commended the government’s success in protecting the country’s economy during the pandemic.

Caruana explained how the €70 million are set to be distributed. €25.5 million of these will be tax rebate cheques whereas €48 million will be cost of living cheques.

Tax rebates for single people will amount to a total of €16.5 million, whereas couples will receive a total outlay of €3.8 million. Parents will receive €5.2 million and the remaining €48 million will be spread among 361,000 people.

In the meantime, workers and students who receive stipends will receive cheques worth €100. Pensions and people on social benefits will benefit from €200. The cheques will be benefitting 380,000 people in total.

#MaltaDaily

Grech and Abela give their electoral promises to Chamber of SMEs

Mar 14 2022

During a debate between Robert Abela and Bernard Grech organised by the Chamber of SMEs and Malta Daily, the two party leaders gave their respective cases as to why they should govern for five years.

The members of the chamber got the chance to ask the leaders several questions about business related issues. Abela said that his Labour government would be steering away from austerity politics and that he plans to meet with social partners for a meeting by the MCESD.

This would have the aim of preparing for any economic impact brought on by the Ukraine-Russia war. Abela also revealed that he feels impatient with Malta’s banking system, mostly due to the added bureaucracy brought on by increased due diligence.

He said that government due diligence will be centralised, mentioning how the Labour Party will set up a credit review office which gives recommendations on processing business loans.

On the other end, Bernard Grech reiterated the pledge by the Nationalist Party to create 10 new economic sectors. With some already existing, the Opposition leader said that the party will transform the already existing niches into economic pillars. Grech also took issue with excessive bureaucracy, pledging that the party would not increase tax, social contributions or VAT if elected.

Addressing the topic of cashless economies, Abela said that this is not a move that simply happens overnight. Both leaders said that the absolute majority of local companies are clean in their operations. Grech, however, sad that the clean companies are being made to feel like they’re criminals, mainly due to the grey-listing by the FATF.

Grech said that there needs to be a level playing field in the area of third country nationals. Abela insisted that employing third country nationals should be equated to cheap labour. He said that many of them enjoy high salaries, with some coming to Malta and finding jobs such as scientists or software developers.

#MaltaDaily

Russia sanctions Peppa Pig as Elon Musk challenges Putin for duel

Mar 14 2022

If this isn’t the wildest article title you’ve read today, we don’t know what is. The bizarre turn of events kicked off when Tesla CEO Elon Musk challenged Russian president Vladimir Putin to a fight. The SpaceX founder apparently still has time amidst his philanthropic multi-billionaire business deals to challenge the literal president of Russia to a fight over Ukraine.

I hereby challenge
Владимир Путин
to single combat

Stakes are Україна

— Elon Musk (@elonmusk) March 14, 2022

The billionaire took to Twitter to challenge the president, writing his name in Russian and all. This of course comes as Russia pushes into its 19th day of invading Ukraine. Musk has been very critical of Russia’s invasion. Musk has been sending shipments of a satellite-based internet system to Ukraine to help make the internet service more reliable following impacts by the bombing. The acts earned him praise by Ukrainian president Volodymyr Zelenskyy.

It is unclear whether Putin has accepted Musk’s challenge, but he has instead been busy sanctioning Peppa Pig. As other countries impose sanctions on Russia following the invasion, a Russian court has now ruled that businesses can use Peppa Pig’s trademarks without permission nor consequence.

Talked to @elonmusk. I’m grateful to him for supporting Ukraine with words and deeds. Next week we will receive another batch of Starlink systems for destroyed cities. Discussed possible space projects 🚀. But I’ll talk about this after the war.

— Володимир Зеленський (@ZelenskyyUa) March 5, 2022

The Russian government has essentially issued a decree permitting people and businesses ‘to use patented inventions and industrial designs from unfriendly countries without permission or compensation.’ This has some serious consequences however, as the Peppa Pig ruling has sparked concerns that local operators may rebel against their company’s orders and continue business regardless.

#MaltaDaily

The grey-list’s effects will remain well after Malta exits it says SMEs President

Mar 14 2022

During a debate between Robert Abela and Bernard Grech organised by the Chamber of SMEs and Malta Daily, Chamber President Paul Abela said that the effects of Malta getting grey-listed will remain well after the island gets off the list.

Abela spoke about how the increase in prices is impacting the economy and several businesses. The impact of the grey-list will remain with the island because Malta will have to restart a process to reestablish its international reputation.

The president said that he wants to see Maltese businesses getting back on their feet following the hardships they all faced. He highlighted how some businesses work in the mass events sector and are thus suffering immensely due to a lack of work.

Chief Executive Abigail Agius Mamo said that not all businesses recuperated from the pandemic in the same way. She appealed for a removal of the needless bureaucracy which impedes the businesses.

#MaltaDaily