Issue link: https://maltatoday.uberflip.com/i/1496971
8 NEWS maltatoday | WEDNESDAY • 12 APRIL 2023 JAMES DEBONO A brand new 15sq.m agricultural store is being proposed instead of a hunting structure in a pris- tine location at Fomm ir-Rih in Bahrija, raising eyebrows at the environment authority. The application also foresees the erection of a timber gate to block access to the 4,425sq.m property situated on the coast- al cliffs overlooking Fomm ir- Rih Bay. The application refers to the existing structure earmarked for demolition as an "agricul- tural store", but the claim is being disputed by both the Superintendence for Cultural Heritage and the Environment and Resources Authority who are both objecting to the new development. The SCH which described the existing structure as "illegal" has noted that "the existing shanty structures are clear- ly not an agricultural store as they are being described in the application". The SCH also noted that no such structures existed on this site in 1968 as evidenced in the survey sheets from the time. On its part ERA has described the existing structure as one apparently built for hunting and trapping purposes in view of a 1998 aerial photo indicat- ing that the site was used for this purpose. While welcoming the demo- lition of the makeshift struc- tures, ERA is objecting to their replacement with a store, not- ing that this attempt to develop the site "is just one of the sev- eral applications for such de- velopments in the immediate surroundings". And while acknowledging that "the impacts of each single individual development may be rather limited" ERA is con- cerned "about the cumulative impact of scattered structures, leading to the uptake of fresh land" in an area which has a "relatively unspoilt rural char- acter, adding that "a prolifera- tion of such structures would adversely affect its scenic beau- ty". The area where the store is being proposed is designated as an Area of Ecological Impor- tance (AEI), an Area of High Landscape Value (AHLV) and forms part of the il-Qlejgha Area of Archaeological Impor- tance (AAI). Both applicant Edward Giordmaina and the site are registered with the Agriculture Directorate. According to the rural poli- cy approved in 2014 any agri- cultural structure built before 1978 is legal and can be demol- ished and replaced by a newer structure. The policy has led to a prolif- eration of stores in the coun- tryside. While many of these applications involved genuine farmers, stores are often used for recreational purposes. ERA raises alarm at proliferation of Fomm ir-Rih structures The latest application at the picturesque Fomm ir-Rih foresees an agricultural store instead of a shanty structure previously used for bird trapping purposes THE medirectalk series returns to an in-person format this com- ing 18 April when represent- atives from the specialist fund management firm Liontrust will be discussing the potential ben- efits of investing in high yield bonds during 2023. The event, taking place at the Hyatt Regen- cy Hotel in St Julian's, will start at 6pm and is free to attend, sub- ject to registration. medirectalks offer investors and those interested in the world of finance a unique opportuni- ty to directly hear some of the world's leading experts discuss the main themes affecting the economy as well as various in- vestment strategies. The speakers at this upcom- ing event will be Liontrust's Co-Heads of Global Fixed In- come, Phil Milburn and Donald Phillips. They will be joined by Sharmin Rahman, Investment Manager within Liontrust's Global Fixed Income team to discuss how the current market might be creating an opportuni- ty for long-term investors within the quality end of the high yield bond market. The discussion, which will last approximately one hour, will al- so give participants the opportu- nity to ask questions which can be submitted prior to the event. This will then be followed by a reception during which drinks and canapés will be served and representatives from Liontrust and MeDirect will be available for any additional follow-up questions or enquiries. James Beddall, Head of Inter- national Sales at Liontrust, said, "We are very much looking for- ward to returning to Malta for an in-person medirectalk. Our team will be sharing Liontrust's insights on the overall macro situation, our 2023 strategy and why we think the high yield bond market could provide some in- teresting returns in the months ahead. It will be interesting for us to also hear the perspective of Maltese investors, who tradi- tionally have favoured bonds as an investment vehicle, on how they see the market evolving and what they think about our own views." Ingrid Micallef, Head – Prod- ucts & Marketing Malta at Me- Direct Malta, said, "The medi- rectalk series, whether in-person or online, continues to prove popular as it is one of the few opportunities Maltese investors have to hear from, and ask ques- tions to, some of the most suc- cessful fund and asset manag- ers in Europe. These events are a real learning opportunity for anyone who wants to grow their wealth by understanding how different asset classes behave and what the potential risks and rewards are. I am very confident this will be a very interesting and informative event." To register, free of charge, for the upcoming medirectalk go to https://promo.medirect.com. mt/medirectalk/. medirectalk seminar to explore potential of high yield bonds in 2023