Issue link: https://maltatoday.uberflip.com/i/521559
maltatoday, WEDNESDAY, 3 JUNE 2015 11 Business Today ECB Monetary Operations On Monday, May 25, the European Central Bank (ECB) announced its weekly main refinancing operation (MRO). The auction was conducted on Tuesday, May 26, and attracted bids from euro area eligible counterparties of €100.10 billion, €11.71 billion higher than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.05%, in accordance with current ECB policy. On Wednesday, May 27, the ECB conducted a three-month, longer-term refinancing operation to be settled as a fixed rate tender procedure with full allotment, with the rate fixed at the average rate of the MROs over the life of the operation. The auction attracted bids of €40.43 billion from euro area eligible counterparties, which amount was allotted in full in accordance with current ECB policy. Also on Wednesday, May 27, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.62% and did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91- day and 181-day bills maturing on August 28 and November 26, 2015, respectively. Bids of €26.00 million were submitted for the 91-day bills, with the Treasury accepting €6.00 million, while bids of €40.00 million were submitted for the 181-day bills, with the Treasury accepting €4.00 million. Since €0.50 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €9.50 million, to stand at €204.05 million. The yield from the 91-day bill auction was -0.004%, down by 0.3 basis point from bids with a similar tenor issued on May 22, 2015, representing a bid price of 100.001 per 100 nominal. The yield from the 181-day bill auction was 0.00%, unchanged from bids with a similar tenor issued on May 15, 2015, representing a bid price of 100.00 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 91-day bills maturing on September 4, 2015. EU Competition Commissioner Margrethe Vestager has confi rmed that a number of probes into Google are continuing. The commission is pursuing the US giant for alleged anti-competitive behaviour over its shopping service. But Vestager says there are still active investigations into its mapping, travel, flight, third party data and advertising businesses. The Danish politician explained why she was starting her investigations around the area of Google's shopping service, rather than any of the other of the company's activities. "I found it was just prudent to take one of the first areas in which there was complaints, and then of course to refresh the case when it comes to the data," she said. "But also to find a way to move the case forward." In April, the European Union filed a complaint against Google over its alleged anti-competitive behaviour. Announcing the decision at the time, Vestager said any action against Google was aimed at helping consumers and innovative companies in Europe. Google has been under investigation for the past five years after allegations that the firm's promotion of its own shopping links amounted to an abuse of its dominance in search. www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Tobacco giants vow to fi ght Canadian judgment handing C$15bn to smokers Three tobacco companies are ap- pealing against a "historic" deci- sion by a Canadian court to award smokers C$15.6billion in dam- ages. Quebec superior court justice Brian Riordan said the companies had put profits before the health of their customers, as he issued his long-awaited decision in what is thought to be Canada's largest class-action lawsuit. Bruce Johnston, a lawyer with one of the firms that took on the tobacco companies, called the ruling "historic – not just for the compensation for victims but also for public health and accountability". More than a million smokers and former smokers in Quebec were seeking damages, on the grounds that the companies knew they were selling a harmful product but concealed the risks. The case covered two groups of plaintiffs: those who became seriously ill from smoking and those who said they could not quit. Riordan found for the plaintiffs in a scathing judgment against three tobacco companies – Imperial Tobacco Canada, a subsidiary of British American Tobacco; Rothmans, Benson & Hedges, a subsidiary of Philip Morris; and JTI Macdonald Ltd, part of Japan Tobacco. "The companies earned billions of dollars at the expense of the lungs, the throats and the general well-being of their customers," he wrote in a 276-page judgment. "If the companies are allowed to walk away unscathed now, what would be the message to other industries that today or tomorrow find themselves in a similar moral conflict?" Although the cases were launched in 1998, the trial did not begin until March 2012. Proceedings concluded in December 2012 after the court heard from 76 witnesses and reviewed more than 43,000 documents. One lawyer for the plaintiffs, Andre Lesperance, described the ruling as a great victory for the plaintiffs and society. "These three companies lied to their customers for 50 years and hurt their right to life," he said. The three firms must now split the damages according to the responsibility assigned by the court: Imperial Tobacco Canada has been ordered to pay two-thirds of the total, C$10.5bn, while RBH has been allocated a 20% share (C$3.1billion) and JTI Macdonald Corp must pay 13% (C$2billion). All three tobacco firms said they planned to contest the decision. EU Competition Commissioner says Google investigations continue Notice of meeting to be held in public e Malta Environment & Planning Authority will meet on ursday 4 th June, 2015 at 14:00 hours at the MEPA boardroom, St. Francis Ravelin, Floriana, to discuss the following: D E T E R M I NAT I O N O F P L A N N I N G C O N T RO L A P P L I C AT I O N : PC 0022/09: Site at, Triq is-Seneskalk/in-Nafra/A Savoia/Markiz Depiro/Konti Manduca, Naxxar. Road formation and division of properties; terraced housing 3 oors and semi-basement; terraced housing 2 oors and semi-basement and receded oor; semi-detached dwelling 2 oors and semi-basement. Subject to the maximum seating capacity, seats can be reserved on request for the applicant and registered objectors. Remaining seating is lled on a rst come rst served basis. RESERVATIONS: 2290 2018 29 th May, 2015 www.mepa.org.mt Burning money - a smoker puffs away Probing Google over its shopping service - Margrethe Vestager Money Market Report for the week ending May 29, 2015