Issue link: https://maltatoday.uberflip.com/i/307854
maltatoday, WEDNESDAY, 7 MAY 2014 9 News Financial transaction tax will drive business away from Malta – Scicluna From left to right: Wolfgang Schauble, German finance minister, with Maltese counterpart Edward Scicluna, Eurogroup president Jeroen Dijsselbloem, and European Commissioner Olli Rehn A common European financial trans- action tax could drive away compa- nies and hurt the growth outlook, fi- nance minister Edward Scicluna told Bloomberg news on Monday. Finance ministers from Germany, France, Italy and eight other countries met yesterday in Brussels to discuss how to design a tax for interested na- tions. Scicluna said Malta, which isn't one of the 11, shares the participants' con- cern that an improperly designed tax could cause economic harm. "Talking to countries who are in fa- vour, we have the same concerns: We both wish that the business won't go elsewhere," Scicluna said in an inter- view to Karl Stagno-Navarra, in Brus- sels. Germany and other supporters have made clear that they'll withdraw support if the design looks likely to drive firms away from the region where the tax takes effect, he said. Work on a transaction tax for the 11 willing nations began 14 months ago, after a European Union-wide proposal failed. So far, the participants have re- mained committed to the cause with- out finding agreement on how the tax could work. "We know that we can only proceed step by step," German finance minister Wolfgang Schaeuble said on Monday. "The possibilities, the situations and the interests of the individual participating states are so different that only a limited taxation of shares and some derivatives is pos- sible in a first step." The 11 nations plan to issue a joint statement after their meeting, said Austrian finance minister Michael Spindelegger. All 28 EU nations will take part tomorrow in a discussion on the tax plan's state of play, allowing non-participating countries like the U.K. to raise concerns about potential spill-over effects. Opposition present bill prohibiting disability discrimination JAMES J. PISCOPO THE Opposition yesterday pre- sented a constitutional amendment to Article 32 to legally prohibit dis- crimination against persons with disability. MP Stephen Spiteri, accompanied by PN deputy leader Mario de Mar- co and Parliamentary whip David Agius, said the party wanted social equity and inclusivity through em- powerment. "We felt the need to be proactive for the safeguarding of rights be- longing to persons with disability. This would follow the Equal Oppor- tunities Act (2000) and the Guardi- anship Act (2012), even though the latter has not been implemented yet," Spiteri noted. It is expected that this amend- ment will provide redress to victims of discrimination in areas which at present do not include an obligation of equality on grounds of disability. "With this amendment, the Op- position is showing it is not simply reactive by utilising the tools at our disposal. We believe that this amendment will bring about a se- ries of positive changes, such as the recognition of the sign-language as well as the introduction of the trusted friend, where the visually impaired may have the assistance of a person of their trust when voting," Mario de Marco said. The Speaker Anglu Farrugia thanked the Opposition and said that this showed that both sides of the House were willing to contrib- ute to the constitutional develop- ment. From left: Mario de Marco, Anglu Farrugia and Stephen Spiteri New €35 million bond issue by Island Hotels Group ISLAND Hotels Group Holdings plc received regulatory approval today to issue 350,000 bonds of 6% interest with maturity in 2024, of a nominal value of €100 per bond issued at par for an aggregate of €35,000,000. Up to an aggregate amount of €2,500,000 of these news bonds shall first be allocated to those who are existing shareholders or Island Hotels Group employees as at close of business on the 9 May 2014. Following such allocations, any remaining new bonds shall be allocated to applications submit- ted by the general public without priority or preference. The company entered into con- ditional private placement agree- ments with Curmi & Partners, and Rizzo, Farrugia & Co (Stock- brokers), allocating respectively €5 million and €10 million of the new bonds. Full details of the issue of the new bonds are included in the pro- spectus dated 6 May 2014 which will be available at the registered office of the company and at au- thorised financial intermediaries from 12 May 2014. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt