Issue link: https://maltatoday.uberflip.com/i/1472486
8 NEWS maltatoday | WEDNESDAY • 6 JULY 2022 IN the first quarter of 2022, the EU seasonally adjusted cur- rent account of the balance of payments recorded a surplus of €16.6 billion (0.4% of GDP), down from a surplus of €52.2 bil- lion (1.4% of GDP) in the fourth quarter of 2021 and down from a surplus of €126.4 billion (3.6% of GDP) in the first quarter of 2021, according to estimates released by Eurostat, the statistical office of the European Union. In the first quarter of 2022 compared with the fourth quarter of 2021, based on seasonally adjusted data, the goods account turned from a surplus to a deficit (-€15.4 bn compared to +€9.9 bn), while the surplus of the services ac- count decreased (+€46.6 bn compared to +€54.2 bn). The surplus of the primary in- come account increased (+€4.6 bn compared to +€4.3 bn), as did the deficit of the second- ary income account (-€19.3 bn compared to -€16.1 bn). The deficit of the capital ac- count decreased (-€1.1 bn compared to -€11.4 bn). Main partners In the first quarter of 2022, based on non-seasonally ad- justed data, the EU record- ed external current account surpluses with the United Kingdom (+€40.6 bn), the USA (+€27.1 bn), Switzerland (+€22.2 bn), Canada (+€7.5 bn), offshore financial centres (+€6.4 bn), Hong Kong (+€4.1 bn), Brazil (+€3.9 bn) and Ja- pan (+€1.4 bn). Deficits were registered with China (-€54.5 bn), Russia (-€34.0 bn) and In- dia (-€1.2 bn). Financial account Based on non-seasonally ad- justed data, direct investment assets of the EU increased in the first quarter of 2022 by €52.8 bn, as did direct invest- ment liabilities by €25.0 bn. As a result, the EU was a net direct investor to the rest of the world in the first quarter of 2022 by €27.9 bn. Portfolio investment recorded a net in- flow of €79.9 bn and for other investment there was a net out- flow of €53.3 bn. Current account of Member States (including intra-EU flows) As concerns the total (in- tra-EU plus extra-EU) current account balances of the EU Member States, based on avail- able non-seasonally adjusted data, eight Member States re- corded surpluses, eighteen re- corded deficits and one coun- try had the current account in balance in the first quarter of 2022. The highest surplus- es were observed in Germany (+€52.3 bn), the Netherlands (+€20.2 bn), Ireland (+€17.0 bn), Sweden (+€5.5 bn) and Denmark (+€5.3 bn). The larg- est deficits were recorded for France (-€10.0 bn), Poland (-€8.9 bn), Greece (-€6.5 bn), Italy (-€6.4 bn) and Romania (-€5.3 bn). EU current account surplus €16.6 billion ON Tuesday, the Malta Gaming Authority (the 'Authority') issued the National Lottery licence to the Maltese company National Lottery plc, enabling the latter to take over the operation of the National Lottery in Malta for the next ten (10) years from the previous operator, Maltco Lotteries Limit- ed. Following a Request for Proposals issued by the Government's Privatisation Unit in July 2021 and pursuant to the evalua- tion of Proposals, National Lottery plc was granted the exclusive right to oper- ate the National Lottery. In March 2022, a Concession agreement was signed to this effect between the Ministry for the Economy, European Funds and Lands and National Lottery plc. Pursuant to the Concession Agreement, the National Lot- tery licence was issued by the Authority and shall be valid for a ten-year term. The operation of the National Lottery shall be subject to the regulation and supervision of the Authority. Whilst addressing the event, the Minis- ter for the Economy, European Funds and Lands, Silvio Schembri said "I'm sure that the new National Lottery licensee shall continue to enhance the popular National Lottery Games, such as the Lotto and Su- per 5, among others, as well as introduce other games which will further enrich the games portfolio. Together, we have ensured that National Lottery plc will be committed to promoting, designing and putting into practice the principles of ac- tively responsible gaming, while protect- ing the personal well-being of players. The national economic profit that translates from gambling should be given impor- tance, but not at the expense of the player. Carl Brincat, MGA CEO said "The Au- thority is confident that the Concession- aire shall dedicate all resources necessary to maintain the very highest level of oper- ational and compliance standards, and as has already been made clear, will invest in taking care of its players and doing its ut- most to avoid gaming-related harm." "Today marks a new era for the Nation- al Lottery of Malta. The licence attained from the Malta Gaming Authority affirms the hard work that we have been under- taking and our commitment to deliver an innovative, forward looking and above all, fair and transparent, national lottery ser- vice" said Johann Schembri, CEO of Na- tional Lottery plc. MGA grants National Lottery licence to National Lottery PLC MGA CEO Carl Brincat