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3 NEWS 9.12.2021 HSBC Bank Malta and e Malta Chamber recently organised a webinar titled 'e Post-Covid Outlook', which investigated global economic and finan- cial trends in light of the pandemic. e event was the latest in a series of joint events designed to help Chamber mem- bers navigate the current economic sce- nario. e webinar examined how the pan- demic has impacted every aspect of business and the different strategies adopted around the world to mitigate its impact. e event also looked at the fact that, while uncertainties still exist, the progress of the global economy and the increasing vaccination rates offer a silver lining. Marisa Xuereb, President at e Malta Chamber, said: "ese are some of the most interesting and challenging times in recent history. During the pandemic we witnessed one of the deepest reces- sions, followed by one of the quickest recoveries. As businesses try to navi- gate this environment and plan for the future, e Malta Chamber, supported by HSBC Malta, will continue to offer support and practical insights" James Pomeroy, Global Economist at HSBC in London, said: "ese are inter- esting times for the global economy. As vaccination rates are growing, we can try and live with the virus. We need to keep an eye on restrictions. Any further business closures may result in a signifi- cant setback to economic activity. Households have accumulated money, and they are spending it, which sup- ports economic growth. Growing retail sales are, however, creating supply chain bottlenecks. e tighter labour markets we are experiencing are giving bargain- ing power to job seekers, which will drive wages higher. All in all, while it is still relatively early for a certain global outlook, we expect growth to be solid enough over the next couple of years." Daragh Maher, Head of Research Americas at HSBC, said: "From a cur- rency perspective, the US Dollar is like- ly to gradually strengthen, driven by the deceleration in global growth and the FED's policy relative to many other major central banks. e contrast in the outlook for US policy is particularly ev- ident when compared to the ECB, and points to further downward pressure on the Euro Dollar rate through 2022. From an interest rate and external bal- ance point of view, the British Pound Sterling currently is a vulnerable cur- rency." HSBC Malta, Malta Chamber discuss post-Covid outlook Screen grab during webinar titled 'The Post-Covid Outlook' recently organised by HSBC Malta and The Malta Chamber FROM PAGE 1 "Part of the gas deal was for the Elec- trogas shareholders, including the person accused of masterminding my mother's murder, to receive a huge pay- out once a gas pipeline is constructed," Caruana Galizia said, referring to Tu- mas magnate Yorgen Fenech, accused of masterminding the late journalist's assassination. Caruana Galizia had discovered that Yorgen Fenech, a key shareholder in the Electrogas consortium, had set up a secret offshore company, 17 Black, to funnel payments to Panama companies held by government officials, including former minister Konrad Mizzi and ex- chief of staff Keith Schembri. She had been then investigating Electrogas's operations when she was murdered in 2017. MEPs Claudia Gamon (Renew) and Marie Toussaint (Greens), who joined Caruana Galizia in the press con- ference, are co-rapporteurs for the European Parliament on fossil-free 'TEN-E' funds, and expressed concern on the possibility of EU funds which could be linked to corrupt energy fe- als. "I don't think we can accept a situa- tion whereby European taxpayer mon- ey flows into a pipeline that benefits people who are accused of the murder of Daphne Caruana Galizia," Gamon said. She said the rapporteurs and shad- ow rapporteurs of the TEN-E Regula- tion had received a letter from energy minister Miriam Dalli, praising the pipeline project but ignoring the alle- gations of corruption tied to the Elec- trogas project. "I find it particularly offensive that there was no word on the allegations made on what are transparent connec- tions between the murder allegations and this pipeline project," Gamon add- ed. Electrogas were contracted in 2014 to build a 200MW power plant as well as procure LNG via a floating terminal. Malta bound itself to buy LNG from Electrogas for 10 years, the first five years at a fixed price. at first phase comes to an end in 2022. Malta obtained a derogation in 2020 to have its request for funds under the Connecting Europe Facility - recently refused for the pipeline's dependence on fossil fuel - to be reconsidered for funding by converting it into a hydro- gen-ready pipeline. e Maltese government has argued that the EU funds will see the pipeline constructed by 2028, at which point the 10-year agreement to buy LNG from Electrogas would have terminated. While Malta would not necessarily have to pay Electrogas for buying gas from other markets, Electrogas's gas plant would be the sole user of any gas imported through the planned Melita gas pipeline. Unless the plant is renationalised, or handed to another company, Electro- gas will remain the entity tasked with transforming the gas into energy for Malta. If the pipeline is constructed earlier, and government opts to purchase gas from the international market, the pro- ject could trigger an exit-price payout to the Electrogas shareholders. "Our position has always been that the contracts around Electrogas, in- cluding conversion term agreement, were obtained through corruption," Caruana Galizia maintained. "On that basis, the government can have the agreements unnulled by the court." "It has never replied to our position, whereby government should have that contract rescinded. It's legally possible, it's just up to the governemnt to try," he said. The Electrogas Malta team with their advisers MEPs stand by Caruana Galizia in call for EU to refuse Malta cash for gas pipeline

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