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4 NEWS 04.08.2022 INFRASTRUCTURE Malta has lifted into place the first of sev- en steel structures that will form part of the new flyover deck of the Kirkop Tunnels and Airport Inter- section Project, which will create a direct lane from Ħal Luqa towards the Kirkop Tunnels. is new flyover will be 400 me- tres long and made of seven pieces of steel weighing 300 tonnes. Transport minister Aaron Farru- gia, parliamentary secretary for EU funds Chris Bonett, and the CEO of Infrastructure Malta, Ivan Falzon, followed the overnight works. e €18 million project is enter- ing an intensive phase with most works being done during the night. e project will create easier and safer connections to Luqa, Gud- ja, Birżebbuġa, Kirkop, Imqabba, Qrendi, Żurrieq and Safi as well as other areas in the vicinity. e project also includes the rebuilding of the Gudja rounda- bout, to introduce a new tunnel to Birżebbuġa and new facilities for alternative means of travel, and to improve access to the Malta Inter- national Airport and the Freeport, two crucial destinations for various sectors of the economy. "With this ambitious project, we are not only continuing to improve connectivity around our country but also strengthening road safety, easing traffic and reducing trav- el time. is is one more link in a chain of projects that are being carried out to ensure our country is equipped with infrastructure suitable for the 21st century and government's economic model," Farrugia said. A total of €25.6 million in EU funds – €21.9 million specifically from the Connecting Europe Fa- cility – are funding both the Luqa Junction Project and the Airport flyover in Gudja. "We are committed to invest more in such projects to have bet- ter infrastructure and accessibility. Residents living in Gudja, Luqa, Birżebbuġa and localities close by will have their trip reduced by 74%," Bonett said. e rest of the steel structures of the Gudja flyover will continue in the coming days. After the entire deck is joined, IM will begin com- pleting the last necessary works on the flyover which is planned to be opened for use by the end of the year. AT the livestreamed presentation of the Finan- cial Results for the Half-Year Ended 30 June 2022, APS Bank plc announced that it is removing the high-balance fee on significant deposits held by financial corporates. Following the recently announced increases in interest rates by a number of central banks, the Bank decided to reduce the high-balance fee from 0.5% to 0% with effect from 1 August 2022. Marvin Farrugia, Head of Asset Liability Man- agement stated, "With this action we are effective- ly passing a benefit to those clients, namely cor- porate, financial and institutional, that hold high liquid balances from time to time. While we were always very selective in the application of a main- tenance fee, this is now being removed altogether." IN June 2022, the seasonally adjusted volume of retail trade decreased by 1.2% in the euro area and by 1.3% in the EU, compared with May 2022, according to estimates from Eurostat, the statistical office of the European Union. In May 2022, the retail trade volume increased by 0.4% in the euro area and by 0.2% in the EU. In June 2022 compared with June 2021, the calendar adjusted retail sales index decreased by 3.7% in the euro area and by 2.8% in the EU. Monthly comparison by retail sector and by Member State In the euro area in June 2022, com- pared with May 2022, the volume of retail trade decreased by 2.6% for non- food products, by 1.1% for automotive fuels and by 0.4% for food, drinks and tobacco. In the EU, the volume of retail trade decreased by 2.6% for non-food prod- ucts, by 1.4% for automotive fuels and by 0.2% for food, drinks and tobacco. Among Member States for which data are available, the largest monthly de- creases in the total retail trade volume were registered in Denmark (-3.8%), the Netherlands (-3.4%) and Estonia (-2.4%). Increases were observed in Ire- land and Malta (both +0.5%), Finland (+0.3%) and Austria (+0.2%). Annual comparison by retail sector and by Member State In the euro area in June 2022, com- pared with June 2021, the volume of re- tail trade decreased by 4.8% for non-food products and by 3.1% for food, drinks and tobacco, while it grew by 2.0% for automotive fuels. In the EU, the retail trade volume de- creased by 3.9% for non-food products and by 2.3% for food, drinks and tobac- co, while it grew by 2.7% for automotive fuels. Among Member States for which data are available, the largest yearly decreas- es in the total retail trade volume were registered in Denmark (-9.5%), Germany and Ireland (both -8.8%) and the Nether- lands (-6.1%). e highest increases were observed in Slovenia (+22.1%), Poland (+9.3%) and Cyprus (+8.4%). In June 2022, the seasonally adjusted volume of retail trade decreased by 1.2% in the euro area and by 1.3% in the EU, compared with May 2022, according to estimates from Eurostat, the statistical office of the European Union. In May 2022, the retail trade volume increased by 0.4% in the euro area and by 0.2% in the EU. In June 2022 compared with June 2021, the calendar adjusted retail sales index decreased by 3.7% in the euro area and by 2.8% in the EU. Volume of retail trade down 1.2% in euro area Airport flyovers: 300 tonnes of iron decks being put into place APS Bank removes high-balance fee on financial corporate deposits

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