Issue link: https://maltatoday.uberflip.com/i/1225830
26.03.2020 5 NEWS SCOOTER 001 SHARING THE PRESENT, SO WE CAN BUILD A BETTER FUTURE. One app. Over 450 shared vehicles. Pay per minute, per hour or per day. goto.com.mt/download * Rate per minute for Scooter trips on the GoTo Business Plan. Terms and Conditions apply. €1.50 PAGE 2 PAGE 5 Silvio Schembri apologises for 'unfortunate' foreign workers comments Banking customers offered home loan moratorium due to Covid-19 THURSDAY 19 MARCH 2020 • ISSUE 50 WWW.BUSINESSTODAY.COM.MT DAVID HUDSON A rescue package worth €1.8 bil- lion has been unveiled to mitigate the impact of Covid-19 on the economy. PAGE 3 PAGE 2 Editorial PAGE 9 RIDING OUT THE STORM AND SAVING JOBS Coronavirus Government announces €1.8b rescue package to mitigate crisis Robert Abela BOV registers pre-tax profit of €89.2m • Government to pay companies €350 per employee on quarantine leave • Businesses ordered to shut down temporarily, will receive two days of assistance per week per employee Id-dinja dieħla f'riċessjoni? U Malta? www.illum.com.mt ARA PAĠNI 12 u 13 €1.25 IL-ĦADD 22 TA' MARZU 2020 • NRU 701 'Il-Gvern huwa rrassenjat li se nitilfu x-xogħol. Mentri aħna rridu nsalvawh' 'ROBERT GĦINNA QABEL IKUN TARD WISQ' Il-GWU, l-MHRA, il-GRTU, il-FATTA u l-UĦM mal-ILLUM iwissu li jekk il-Gvern mhux se jħabbar miżuri ġodda se jibdew jingħalqu n-negozji u jintilfu l-impjiegi, speċjalment fit-turiżmu, fir-ristoranti u d-divertiment! ARA PAĠNI 4 u 5 PAĠNI 10 u 11 SUNDAY • 22 MARCH 2020 • ISSUE 1064 • PUBLISHED EVERY WEDNESDAY AND SUNDAY €1.95 maltatoday This won't work, Robert EDITORIAL MT2 ROBERT Abela's package does not go far enough and will not work. Malta has entered a war which has destabilised the economy and all its workers. Abela cannot be scared of spending and rack- ing up the necessary government debt needed for a national stim- ulus now: the risks of not acting will be greater than what lies ahead in the next months. He must alleviate economic hard- ship during the epidemic to pre- vent lasting damage to the econ- omy by stopping this recession from turning into the next Great Depression. What Malta needs is a form of universal credit for all, to keep aggregate demand up and so that idle workers at home can return straight to work at the end of the crisis and restore the supply chain. STAY IN, STAY SAFE, WE ARE IN THIS TOGETHER WWW.MALTATODAY.COM.MT/COVID19 Our appeal is simple: Maltese businesses must be sustained by keeping workers in a job with a social insurance that sustains their wages CLAUDIO GRECH 'We cannot allow Maltese businesses to fail. We would be failing society' INTERVIEW MT2 Never before has your support of free and independent journalism been so crucial Support us with a subscription or a donation maltatoday.com.mt/maltatodaydigitaledition THE European employer and trade union organisa- tions have urged EU gov- ernments to make full use of the temporary built-in flexibility in the Stability and Growth Pact targets, including its temporary suspension by using the general escape clause. The European social partners urge the Euro- pean Council of Heads of State and Government to approve all the measures proposed by the European Commission so far, with- out any delay, nor with changes that could weak- en their impact. The European social partners said they sup- ported the set of measures announced by the Euro- pean Commission and the European Central Bank over the last days. ey also called on mem- ber states to avoid single market distortions, includ- ing bans and export re- strictions and especially for export of medical equip- ment and medicines, and stopping closing borders for goods; and to safeguard all freight transport modes is a priority within the EU, also having an essential role to coordinate and inform regarding actions taken in Member States. The ETUC encouraged member states' spending and investment particu- larly to reinforce staff, equipment and means for national health services, social protection systems and other services of gen- eral interest. They also called for the mobilisation of unused structural funds and any other available EU fund- ing to support Member States in ensuring finan- cial and income support for workers affected by unemployment or suspen- sion from work, including non-standard workers and selfemployed. ETUC said that SMEs affected by lockdown and emergency measures will need credit access and financial support with a coordinated intervention from the EU budget, the ECB, the EIB, and national promotional banks. It also called for the acti- vation of a solidarity fund for natural disasters and any other available fund- ing at EU level. "All efforts need to be undertaken to help work- ers, enterprises, economic activities and public ser- vices to survive the cri- sis, so they will be able to come back to their activi- ties when the crisis ends, to keep workers in their jobs meanwhile, to protect from unemployment and loss of income, and to al- leviate financial losses. "The Commission and Member States must en- sure that financial support reaches enterprises, espe- cially all types of SMEs, and all workers, includ- ing the self-employed and those with precarious jobs who are most vulnerable," ETUC General Secretary Luca Visentini said. "e Commission's plan to apply flexibility regard- ing the application of its fiscal and State Aid rules is essential to support- ing public services, which are stretched to the limit, as well as companies and workers hit by the crisis. EU funding invested in protecting workers and enterprises from the worst effects of the crisis should be additional to member states' spending. "Europe must show re- sponsibility, solidarity and efficiency in facing this emergency, by protecting all its affected citizens, workers and enterprises." Coronavirus European unions and employers urge suspension of Stability and Growth Pact targets BANK of Valletta is constantly introducing measures aimed at assisting and supporting personal custom- ers during the coronavirus pandemic, including: Flexible moratoria A minimum of 3 months moratorium on both cap- ital and interest will be applied for home loans and personal loans. e length of the moratorium will be tailored according to customer's situation and needs; Increases in Overdraft and Credit card limits Assistance will be provided to meet the short-term financial needs of customers through temporary in- creases in overdraft and credit card limits subject to eligibility criteria at no extra charge; Waiver of fees No fees will be charged on rescheduling of home loans and personal loans. Late repayment fees on late credit card repayments will also not be charged; Extensions on drawdowns and utilisation of credit facilities e Bank will entertain term extensions on draw- downs and utilisation of loans free of any charges. ese extensions will also apply to the facilities fea- turing fixed term rates. Customers who require more details about these measures should not visit the Bank's branches but should send an email to info@bov.com specify- ing their request, ID number, mobile number and branch where they normally effect their banking. A BOV relationship officer will contact customers to provide the necessary assistance. Alternatively, cus- tomers may call on 2275 3500, Monday to Friday from 8.00am to 4.00pm. Queries sent through email will have a faster response. BoV measures to assist customers