Issue link: https://maltatoday.uberflip.com/i/1223727
19.03.2020 2 NEWS MALTA will be shutting down all air travel from Saturday as it ramps up restrictions to combat the spread of the coronavirus. e order by the Public Health Superintendent was communicat- ed to airlines late on Tuesday and the ban on incoming flights will enter into force on Saturday. In a notice to airmen (Notam), the aviation authorities said that all inbound passenger flights "are temporarily suspended" but an ex- emption applies to flights depart- ing before 11:59pm on 20 March. is effectively means that the ban comes into force on Saturday. e ban does not apply to ferry flights, cargo flights, humanitarian flights and repatriation flights. e authorities may in special cases ex- empt individual flights. Coronavirus: All incoming flights banned from Saturday SILVIO Schembri has apologised for comments he made about foreigners working in Malta and has said that no work permits will be terminated. On Tuesday the Economy Minister said in Parliament that foreigners with work permits who lose their jobs due to the economic impact of the coronavirus should go back to their countries. In a video statement re- leased Wednesday after- noon, however, the Econ- omy Minister backtracked on his comments and said his choice of words was "unfortunate". "My choice of words was unfortunate and I apologise if I hurt or offended anyone. Myself and the government are united in our respect to all workers, no matter their nationality," Schembri said. "I would like to assure anyone who thought oth- erwise that we will not be terminating any permits of third-country nationals who are in employment." "I was neither referring to any European citizens working and living in Malta legally. I therefore urge all Maltese citizens who rent out their properties to be considerate in the present circumstances and be more flexible with rent rates un- til the economy regains its momentum," he added. Schembri's remarks yes- terday were ill-received by thousands of foreign work- ers who have made Malta their home over the past few years of exceptional economic growth. His comments also prompted Equality Par- liamentary Secretary Ro- sianne Cutajar to call for "respect and empathy" for all workers. Silvio Schembri apologises for 'unfortunate' foreign workers comments BANK of Valletta has registered a pre- tax profit of €138.1 million, adjusted for its litigation provision and trans- formation costs. The increased litigation provision was of €25 million and transformation costs were €23.9 million, bringing the profit before tax to €89.2 million. The results come shortly after the appointment of Rick Hunkin as CEO, who is tasked with a significant de-risking programme and improve- ments in risk, governance and control frameworks. BOV's capital strength registered an improvement in the CET1 ratio, which now stands at 19.5%, an in- crease of 120 basis points over last year. The board is recommending a net dividend of 1.71 cents per share, subject to regulatory approval. A strong performance in the local economy helped net loans and ad- vances to increase by €88 million, pri- marily in the consumer finance port- folio, which includes home loans. Customer deposits grew by 2.1% to €10.6 billion; local retail economic growth has driven up domestic bal- ances whilst international corporate deposits have reduced by 24%. A new core banking system was suc- cessfully rolled out, the culmination of a three-year programme to simplify and enhance the IT architecture. "2019 was a pivotal year for the BOV Group, with strong results being re- ported. We successfully delivered the implementation of the new Core Banking System, continued with our de-risking initiatives and strength- ened our control functions. At the same time we continued to provide our customers with innovative digi- tal banking services and supported a wide range of businesses across the Maltese economy," Hunkin said. "At the current time, all of our minds are on the extraordinary challenges brought about by COVID-19. So far at Bank of Valletta, our staff have con- tinued to serve our customers and we have kept all our branches and opera- tions going with their help and com- mitment. My thanks, as always, go to our loyal and hardworking teams here at BOV." Hunkin said there was no doubt the next few months were very uncertain and undoubtedly everyone in Malta will be affected in some way. "The outbreak is expected to have a substantial negative impact on both global and local economies. BOV's capital buffers, together with meas- ures made available by the regulatory authorities provide significant mitiga- tion against the additional challenges of this unprecedented event." Hunkin said an adverse influence on 2020 performance is highly probable but a clear determination of the over- all financial impact cannot be made at this early stage. "There are uncertainties on both the duration of the crisis and the extent of the impact on the local economy as well as the scale and effectiveness of mitigating measures provided by local and EU authorities. The Bank has already taken steps and intends to launch further initiatives to continue to support the local economy as well as to help safeguard the well-being of its employees and its customers. "Against this uncertain background, our strategic priority remains the long-term sustainability of the Bank underpinned by a strengthening cap- ital base. "In 2020 we will focus on growing the business in line with the revised Risk Appetite Framework and en- hancing the customer experience by simplifying our processes and invest- ing further in our digital channels. We will also continue to strengthen the internal risk culture through the Risk Transformation Programme and re- lated de-risking activities." BOV registers pre-tax profit of €89.2 million Silvio Schembri