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MT 20 April 2014

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Events 42 maltatoday, Sunday, 20 aPRIL 2014 Firetech augment their marine accreditations HSBC Malta supports the vision of Malta as a major trade hub, CEO tells shareholders Central Bank releases monetary statistics for January 2014 Asthma test helping sufferers gain control Local fire, safety and security spe- cialists, Firetech Ltd are now recog- nised as Marine Service Suppliers by RINA Services. This is yet another certification to add to Firetech's collection of Ma- rine accreditations which includes Lloyds, ABS, DNV, Germanischer Lloyd and Wilhelmsen Ship Serv- ice. Firetech is also ISO Certified in Quality Management. RINA Services is a founding mem- ber of IACS, and is authorized to act on behalf of the Italian Administra- tion in accordance with EU Direc- tive 94/57 and by approximately 70 other flag administrations. Firetech Marine's Department provide servicing, repairs and main- tenance of detection, fire fighting and safety equipment installed on board vessels of any size or nature. "We decided to become a Marine Service Supplier to increase, im- prove and strengthen the range of our marine services," said Simon J. Camilleri. "Amongst many other services, thanks to this accredi- tation, Firetech can carry out in- water surveys of ships and mobile offshore units, survey and main- tenance of portable extinguishing equipment and systems, service of inflatable life rafts, inflatable res- cue boats, inflatable lifejackets, hy- drostatic release units and more." Firetech provide safety and secu- rity solutions to private residences and commercial establishments. The company employs over 50 employees who undergo frequent training in the latest technologies and products. Firetech also has op- erations in Libya. www.firetech.com.mt Mark Watkinson, HS- BC Bank Malta's Chief Executive Officer, dur- ing the bank's Annual General Meeting held on 16 April said that Malta has the opportu- nity to become a major trade hub. "With the third larg- est port in the Medi- terranean and an un- rivalled geographic position that allows it to act as a bridge between the EU and North Africa, the po- tential is very positive. In support of this vision, during the year under review, HSBC launched the €50 million 'Malta Trade for Growth' Fund, designed to meet the aspirations of Maltese companies to find new export markets and to look for more competitive overseas sup- pliers," said Mr Watkinson. Mr Watkinson described 2013 as a year of considerable challenges, during which HSBC Bank Malta has delivered a set of resilient results that compare favourably with the sector. Principal headwinds faced included the continued uncertainty in the Eurozone, significant regula- tory changes and subdued local eco- nomic growth. Despite this backdrop, HSBC Malta has performed remarkably well and delivered a profit before taxation of €90m for the year ended 31 December 2013. "This is a tribute to the hard work of our team on the ground as all three main business lines, Retail Bank- ing and Wealth Manage- ment, Commercial Banking and Global Banking and Markets, were profitable during the year under re- view. We continue to invest in our business to ensure its long term sustainability and strive to provide the highest level of service to our customers and com- munity," said Mr Watkinson. The bank's available-for-sale in- vestments portfolio remains well diversified and conservatively posi- tioned. HSBC Malta's liquidity posi- tion is strong, well capitalized and optimally positioned to support the Maltese economy. The Bank's Chief Financial Offic- er, Josephine Magri, also addressed the shareholders and provided a de- tailed analysis of the 2013 financial results. The AGM confirmed the Directors appointed by the majority share- holder HSBC Europe BV: Mr Sonny Portelli (Chairman), Mr Mark Wat- kinson (Chief Executive Officer), Mr Ranjit Gokarn, Mr Brian Robertson, Dr Philip Farrugia Randon and Pro- fessor Andrew Muscat. Mr John Bonello, Mr James Dunbar Cousin and Ms Caroline Zammit Testafer- rata Moroni Viani were elected as non-Executive Directors. A final ordinary gross dividend of 5.2 cent per share was announced, to be paid on 25 April 2014. The meeting approved a board recommendation for a bonus share issue of one new share for every nine shares presently held by registered shareholders as at close of trading on the Malta Stock Exchange on 29 April 2014. The bonus shares will be available for trading by the share- holders at the opening of business on 30 April 2014. In respect of this, the shareholders approved an increase of the Bank's issued share capital of 32,431,380 fully paid ordinary shares at a 30c per share nominal value against the debit of an equivalent amount of €9,729,414 to the Bank's retained earnings account. All the ordinary resolutions pre- sented during the meeting were approved by the shareholders, in accordance with the company's Memorandum and Articles of As- sociation. The audited accounts for the year ended 31 December 2013 were approved. The shareholders also approved the re-appointment of KPMG as auditors and the maxi- mum annual remuneration of the non-executive Directors. In January, deposits belonging to resi- dents of Malta and held with resident monetary financial institutions (MFI) expanded by €220.6 million, or 2.3%. Consequently, the annual growth rate rose to 10.1%, from 8.8% in the previ- ous month. Growth in deposits stemmed mainly from a rise in overnight deposits, which put on €147.7 million, or 2.6%. This was driven, to a large extent, by higher balances belonging to households, non-financial corporations (NFC) and non-bank financial intermediar- ies. As a result, the annual growth rate of overnight deposits accelerated to 16.2% from 14.3% in December. Deposits with an agreed maturity of up to two years also expanded, rising by €72.5 million, or 1.9%, mostly due to higher balances belonging to house- holds and, to a lesser extent, non-bank financial intermediaries. Consequent- ly, the annual growth rate of these de- posits rose to 3.5%, from 2.7% a month earlier. At the same time, deposits redeemable at notice of up to three months edged up by €0.4 million, or 0.3%. In January, credit granted by resi- dent MFIs to Maltese residents rose by €46.8 million, or 0.4%, on the back of an increase in credit to general govern- ment. Nonetheless, the annual growth rate slowed down further to 0.7%, from 1.4% in December. Credit to general government ex- panded by €74.5 million, or 3.0%, reflecting a rise in banks' holdings of Treasury bills and Malta Government Stocks. However, the annual growth rate of credit to general government slowed down to 5.4% from 8.3% in De- cember. On the other hand, credit to other residents (i.e., all other sectors ex- cluding the general government) con- tracted by €27.7 million, or 0.3%. The decline stemmed mainly from a drop in loans granted to private NFCs, particularly those operating in the wholesale & retail trade and in the in- formation & communication sector. Loans to the construction sector also fell moderately during the month. In contrast, credit to households contin- ued on an upward trend following an increase in loans for house purchase. Year-on-year, credit to other residents contracted by 0.6% in January, follow- ing a 0.4% drop in December. Net foreign assets of Maltese MFIs Net foreign assets belonging to resi- dent MFIs contracted by €24.4 mil- lion, or 0.3%, as a substantial increase in foreign liabilities exceeded a rise in foreign assets. The rise in the latter stemmed mainly from increases in deposits held with foreign MFIs and in securities' holdings. On the other hand, the rise in foreign liabilities mainly reflected higher borrowing from foreign banks as well as growth in non-residents' de- posits with resident banks. Net foreign assets contracted by 21.0% in the year to January, after a fall of 21.2% in the twelve months to December. An online asthma test is helping sufferers identify their level of con- trol over the disease. This is good news for 9% of the Maltese popu- lation who, according to the latest European Health Interview Survey, suffer from this condition. According to the Organisation for Economic Co-operation and Devel- opment (OECD), Malta has one of the highest incidences of asthma in comparison with other European countries. Designed by medical asthma ex- perts and scientifically tested on hundreds of asthmatic sufferers aged from 4 years to 60+, the Asth- ma Control Test (ACT) provides asthma sufferers and medi- cal professionals with a useful score to help determine the best medication strategies for the individual. An estimated 300 million in- dividuals are affected by asthma worldwide and the prevalence is increasing, especially among children. A chronic inflamma- tion of the lung airways that causes coughing, chest tight- ness, wheezing or shortness of breath, asthma can have a seri- ous impact on one's quality of life and, when uncontrolled, can even be fatal. Asthma tends to run in fami- lies, which means that one is more likely to develop asthma if someone in the family al- ready has it. Also, children with eczema or food allergy are more likely than other children to develop asthma. Freely available online at www.asthmacontroltest.com, ACT is intended for two categories of sufferers: adults aged 12 years and over and children aged between 4 and 11 years. Once the category is chosen, a world map pops up. Users in Malta are encouraged to click on Europe and then on Malta. The Asthma Control Test contains just five questions that one can complete online or offline in just 30 seconds. The results can help in- dividuals to determine the level of control they have over their asthma. For greater accuracy, it is recom- mended that one complete the test at different times of the year. The test results should be dis- cussed with one's doctor to contrib- ute to an effective treatment plan. Medical experts now agree that the level of asthma control is a key feature when determining the best asthma treatment required. Asthma symptoms may occur several times in a day or week in affected individuals, and, for some people, become worse during physi- cal activity or at night. Recurrent asthma symptoms frequently cause sleeplessness, daytime fatigue, re- duced activity levels and school and work absenteeism. Although asthma cannot be cured, appropriate management can control the disease and enable people to enjoy a good quality of life. Medications should be prescribed in line with the na- ture and extent of one's symp- toms. Moreover, medication is not the only way to control asthma. It is also important to avoid asthma triggers - stimuli that irritate and inflame the airways. With medical support, each asthma patient must learn what triggers he or she should avoid. More information about asth- ma and proper asthma manage- ment is available on the Global Initiative for Asthma (GINA) website www.ginasthma.org. The Asthma Control Test is available free of charge at www.asthmacontroltest.com. More information can be also obtained from the Malta Asthmatics Society via email at info@asthmamalta.org HSBC Malta CEO Mark Watkinson addressing shareholders with Board of Directors.

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