Issue link: https://maltatoday.uberflip.com/i/1292560
9 maltatoday | SUNDAY • 27 SEPTEMBER 2020 NEWS JAMES DEBONO MALTESE businesses are the most likely in the European Un- ion to mention payment delays as one of the main problems they were prior to the COVID-19 pandemic. In the EU, payment delays were the most mentioned problem for businesses in Malta (55%), Cyprus (46%), Greece (45%) and Estonia (34%). At the other end of the scale, only 13% in Sweden mentioned this problem. On the other hand Malta (47%) and Sweden (40%) were the most likely in Europe to mention lack of skills as the second most men- tioned problem. Only 5% of SMEs in Italy mentioned this problem. Maltese businesses were among the least likely to mention regu- latory obstacles and access to fi- nance as the main problems they face. In 21 EU member states. regu- latory obstacles and administra- tive burdens were the most men- tioned problems. The least likely to mention this problem were the Estonians (22%), the Cypriots (28%), the Greeks (31%) and the Romanians and Maltese (33%). The most likely to mention this problem were the Czechs (79%), the Poles (70%) and the French (69%). While only 16% of Maltese businesses mentioned access to finance as a main problem, the percentage rises to 35% in Spain and 33% in Greece and Romania. A total of 201 Maltese busi- nesses participated in the survey which was held between 20 Feb- ruary and 9 March, just before the COVID-19 lockdown. The survey, according to Eurobarom- eter, "provides a benchmark for the pre-COVID period". Payment delays and skills shortage worry Maltese Malta (%) EU(%) Payment delays 56 35 Lack of skills 47 17 Regulatory obstacles 33 55 Access to finance 16 21 Digitisation 9 13 Innovation 8 9 Globalisation 11 8 Access to data 5 7 zi's Sunset Financial provided Mincione with a €26m credit line. Mincione used the money to buy shares in troubled Italian lender Banca Carige and paid Torzi over €1m in consultan- cy fees and loan interest. After Mincione failed to win control of Carige's board, his shares – used as collateral for the Torzi loan – lost their value. In November 2018, the Vati- can's Secretariat of State – which is the Holy See's central admin- istration – asked Torzi to negoti- ate the acquisition of the London building from Mincione. Both men insist this event is uncon- nected to the prior loan. In September 2019, Vatican police raided the offices of the Secretariat of State and suspend- ed several Vatican officials. The Holy See's prosecutors believe there is an "enormous disparity" between the value of the London property and the price the Vatican paid. Torzi is accused by the Vatican of extort- ing €15m in payments from the Holy See after the purchase of the London property was com- pleted. He denies the charges. Torzi insists that the credit line to Mincione's company had no effect on his role as intermediary in the London property deal. Mincione, who has not been charged with any offence by the Vatican, initiated legal proceed- ings in London against the Vati- can Secretariat of State. Gianluigi Torzi (left) owns Maltese company Sunset Financials JAMES DEBONO ONE of Sliema's last terraced rows of townhouses could get the green light for the internal demolition of 10 dwellings, after developers retained the Depiro Street architectural features and timber balconies, in changed plans. A final decision by the Plan- ning Authority is expected on 2 October. The Superintendence for Cul- tural Heritage is still "strongly" objecting to the development, expressing concerns on the in- ternal demolition of houses inside Sliema's urban conser- vation area, and their proposed increase in height. The block will have basement parking, three overlying levels of apartments and a penthouse level. The facades will be retained and reintegrated, together with the timber balconies and the ground floor plinths, including the wooden apertures, wrought iron fanlights and coloured glass windows. But the development will still create a blank party wall on the adjacent traditional buildings. The properties in question form a row of early 20th cen- tury townhouses of traditional vernacular and architectural value inside Sliema's UCA. The proposed internal demolition is being deemed acceptable since part of the site is in a bad state of conservation, and the pro- posed redevelopment would "guarantee an acceptable level of comfort and amenity", the case officer said. There are also high- er commitments on both the left and right sides of the develop- ment, while the entire streets- cape fronts a significantly higher commitment. But the Superintendence reit- erated its concern with the pro- posed increase in height, noting that this exceeds existing com- mitments on both sides, warn- ing this will create blank walls that will negatively impact the UCA value. Revamped Depiro street project set for approval