Issue link: https://maltatoday.uberflip.com/i/319158
maltatoday, WEDNESDAY, 28 MAY 2014 12 Business Today Study shows Britain leading foreign investment, France trails behind Britain and Germany topped an annual ranking of foreign investment projects in Europe while France lagged behind though its numbers were on rise, a study by Ernst and Young showed. Retaining its top position, Britain saw the number of foreign investment projects in the country rise to 799 last year, a 15 percent increase, according to the study. Meanwhile, Germany - Europe's biggest economy and industrial powerhouse - saw an increase of 12 percent to 701 foreign investments. France appeared to have halted some of its decline in recent years although the number of foreign investments grew more slowly than in Britain or Germany. With a nine percent increase last year in investments to 514 projects, Economy Minister Arnaud Montebourg seized on the study as a sign of the government's success in reviving French firms' competitiveness and improving the country's attractiveness. In a move to improve competitiveness further, President Francois Hollande aims to phase out 30 billion euros ($41 billion) in payroll tax companies pay over the next three years in exchange for commitments to create jobs. Ernst and Young said that the total number of foreign investments in Europe rose five percent to a record 3,955 projects, creating 166,300 jobs, which was down from pre-crisis levels of close to 200,000. While intra-European investment accounted for 54 percent of foreign investment, the United States was the single biggest foreign investor followed by Germany and Britain. In one of the latest examples of U.S. investment in Europe, U.S. conglomerate General Electric is seeking to buy the energy assets of French group Alstom, once an icon of French industry. However, it faces resistance from the French government, which prefers a European tie-up between Alstom and German rival Siemens and which has widened its control of foreign takeovers with a decree giving it powers to veto deals. Google may spend $30 million on foreign firms Google could spend as much as $30 billion acquiring foreign firms over the next few years, the company said in a letter released by the Securi- ties and Exchange Commission last week. In the letter, originally sent in December, the Mountain View tech giant explained that "it is reasonable to forecast that Google needs between $20 to $30 billion of foreign earnings to fund potential acquisitions of foreign targets". Several analysts said Google's statements come as no surprise. Google is already known for making numerous acquisitions in the U.S. Google has "by far been the biggest acquirer of companies among its peers," said Carl Howe, vice president of research and data sciences at Yankee Group, a research firm. "I think this is simply notice being given that they're going to do more of it, and not necessarily just in the U.S." The foreign purchases have already begun. In 2013, Google's largest acquisition was its $1-billion purchase of Waze, an Israeli mobile navigation app. Half of the company's revenue comes from the U.S. So Google may be interested in purchasing foreign firms as a way to grow the money it makes overseas, said Josh Olson, a technology analyst for Edward Jones. Google's "incremental growth within the U.S., outside of mobile, might be slowing," Olson said. Buying foreign firms would also allow Google to keep the money it has stashed overseas from being taxed by the U.S. government, Olson said. "This cash is essentially sitting idle," Olson said. "We see acquisitions as a better use of that cash." But it's unclear what companies Google may be targeting. Secure Investment Secure Investment Issue of Issue of €100,000,000 100,000,000 in Malta Government Stocks in Malta Government Stocks (subject to the over (subject to the over-allotment option of allotment option of an additional sum of an additional sum of €80,000,000) 80,000,000) MALTA GOVERNMENT MALTA GOVERNMENT STOCKS STOCKS _______ _______ (i) (i) 4.3% Malta Government Stock (First Issue) 4.3% Malta Government Stock (First Issue) maturing aturing in 2033, in 2033, and and _______ (ii) Floating Rate Malta Government Stock (Seventh Issue) (ii) Floating Rate Malta Government Stock (Seventh Issue) linked to the six linked to the six-month Euribor month Euribor +90 basis points (bps) +90 basis points (bps) maturing aturing in 2018 , in 2018 , or or (iii) Any combination of the above two Stocks which in the (iii) Any combination of the above two Stocks which in the aggregate shall be aggregate shall be €100,000,000 100,000,000 Malta Government Stocks Applications Applications open open on on Monday Monday 2 nd nd June, June, 2014 2014 at at 8.30 30 a.m. and and close close on on the the time time and and dates dates as as The Treasury announces the issue of €100,000,000 Malta Government Stocks subject to an over-allotment option of an additional sum of €80,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP TO THE DAY OF RE TO THE DAY OF RE-SALE OF STOCK. SALE OF STOCK. SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock.) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana, Malta. Floriana, Malta. The The Price Price for for Fixed Fixed Rate Rate Stock Stock at at (i) (i) above, above, offered offered for for subscription subscription by by members members of of the the public public shall shall be be established established on on Thursday Thursday 29 29 th th May May 2014 2014, based based indicatively indicatively on on the the prevailing prevailing secondary secondary market market prices, prices, and and shall shall be be announced announced through through a Press Press Release Release issued issued by by the the Department Department of of Information Information (DOI) (DOI). Applications Applications open open on on Monday Monday 2 nd nd June, June, 2014 2014 at at 8.30 30 a.m. and and close close on on the the time time and and dates dates as as hereunder, hereunder, or or earlier earlier at at the the discretion discretion of of the the Accountant Accountant General General: •at at5.00 00p.m.on on Wednesday Wednesday 4 th th June, June, 2014 2014 for for applications applications by by any any single single and/or and/or joint joint applicants applicants which which in in the the aggregate aggregate do do not not exceed exceed €100 100,000 000 per per person, person, and and •at at12 12.00 00(noon) (noon) on on Monday Monday 9 th th June, June, 2014 2014 for for applications applications in in the the form form of of sealed sealed bids bids (auction) (auction). Application Application forms forms may may be be obtained obtained from, from, and and lodged lodged at, at, all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers on on the the indicated indicated dates dates. Application Application forms forms may may also also be be downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury treasury.gov gov.mt mt with with effect effect from from Friday Friday 30 30 th th May, May, 2014 2014. Bids Bids on on the the prescribed prescribed forms forms are are to to be be deposited deposited in in the the Treasury Treasury Tender Tender Box Box or or transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application forms forms.