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05.03.2020 3 NEWS FROM PAGE 1 Von Brockdorff said that a prolonged period of fear-driven market correction could seriously impact world econo- mies and Malta will not be immune. "If this continues in this way it will start creating problems as listed com- panies losing value move to cut costs. The situation is still not a crisis but if the coronavirus spread continues it will have a growing impact on the global economy and Malta will not be spared," he cautioned. The coronavirus, known as Cov- id-19, started in China towards the end of last year but spread to more countries across the globe over the past two months. As of yesterday, the World Health Organisation recorded 93,103 cases of Covid-19 worldwide, including 3,202 deaths. The European Centre for Disease Prevention and Control (ECDC) said 3,351 cases were reported in the EU, the EEA, the UK, Switzerland, Mona- co, San Marino and Andorra, includ- ing 85 deaths. Italy has turned out to be a hotbed for the coronavirus with 2,502 cases, including 80 deaths. So far, Malta has not recorded any case. On Monday, the ECDC increased the coronavirus risk level to high as more countries in Europe reported cases. The outbreak has shown no signs of slowing down and has forced some countries to take drastic measures to contain the spread of the virus. Flight restrictions have been im- posed, mass gatherings banned and certain towns placed in lock down. This has had a knock-on effect on trade, markets and business sentiment as fear kicks in among consumers. Global stock markets partially recov- ered this week but analysts believe the coronavirus market correction is still a factor to contend with. Von Brockdorff said the first real im- pact on Malta will likely be felt by the tourism sector, especially if airlines cut flights and travel bans are im- posed. But there is also the fear factor of travelling at a time like this. There have been scheduled confer- ences in Malta by foreign operators that have been cancelled and Maltese companies that have cut down on travel plans for their staff. "Tourism could very well be the first casualty in Malta," Von Brockdorff said. The Medical Association of Malta has asked for a ban on flights from northern Italy for tourists and crit- icised the government for ignoring doctors' advice. However, the Maltese health author- ities have so far resisted imposing travel bans from high-risk regions and countries, sticking to WHO recom- mendations against travel restrictions. But the coronavirus outbreak could also force business people to post- pone investment plans until certainty returns to the markets. "A major factor would be the disrup- tion in supply chains, which could im- pact export orders and imports, even of foodstuffs," Von Brockdorff said, especially if factories are shut down, as happened in China. On a domestic level, an outbreak in Malta will cause problems in the la- bour market as people report sick or have to self-quarantine. Von Brockdorff noted that the coun- try urgently needed guidance on how the quarantine leave will work in the private sector because this could cre- ate a burden on employers. "The problem has not reached the proportions of a disaster but we need to keep a look out because the eco- nomic and social impacts of the coro- navirus are real," he said. The Malta Council for Economic and Social Development will be hold- ing a special meeting today to discuss the coronavirus, Malta's preparedness and mitigation measures to cushion any impact of an outbreak. 'Tourism could very well be the first casualty in Malta' Coronavirus Investor confidence, occupational pensions and the current situation in the local and international markets were some of the topics on the agenda of an Investments Seminar for Bank of Valletta Invest- ments Specialists held recently. 'Our esteemed customers deserve and also expect the best advise by fully trained specialists when mak- ing big financial decisions, especially those related to investments,' said Romeo Cutajar, Chief Officer Investments Services during his opening address at the seminar. 'is and other events of its type help our invest- ment advisors to keep abreast of developments in the local and international markets, new and up- dated products and services and the ever evolving regulatory environment, giving them all the neces- sary tools to be in a position to give the best possible advise to current and potential investors.' Bank of Valletta's dedicated team of experts were also given an extensive overview of regulatory up- dates, emerging risks and topics of general inter- est in global financial markets to assist investors in reaching their long-term investment goals. BOV seminar for investments specialists 'The situation is still not a crisis but if the coronavirus spread continues it will have a growing impact on the global economy and Malta will not be spared' Philip Von Brockdorff

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