Issue link: https://maltatoday.uberflip.com/i/535515
maltatoday, WEDNESDAY, 1 JULY 2015 17 Events Local sailors compete in the Citadel Ragusa Regatta A f leet of 24 yachts set sail from Tigné Point on Friday 26 June, signalling the start of the Cita- del Ragusa Regatta. They raced to Marina di Ragusa to prove themselves against Italian crews over the weekend. "We are committed to encour- age sporting events and, given Malta's strong nautical history, it is natural for us to sponsor events like the Ragusa Regatta," Angela Tabone, Citadel Insur- ance's managing director, said. "The event is organised by the Royal Malta Yacht Club and we are proud to be its sponsors for another year." While in Ragusa local crews could compete in the Trofeo Achille Boroli Challenge or the Hyblea Cup, both organised by the Circoli Velici Iblei. Then, on the 29 June, the crews will once again race back to Malta, rounding off four days of com- petitive sailing in international waters. Citadel also supports the yachting community with com- prehensive insurance policies that feature innovative add-ons. Regulated by the MFSA, Citadel also offers a full range of insur- ance solutions including home, motor, life, business and travel insurance. For more informa- tion visit www.citadelplc.com. ALIVE cyclists receive a surprise visit from the President of Malta A group of 47 cyclists and back- up team, currently training for the Daikin ALIVE2015 Cycling Challenge for Cancer, received a surprise visit from President Marie-Louise Coleiro Preca on Sunday. The cyclists were on their last training session before departing for Liechtenstein on 9 July for a gruelling challenge across seven countries in seven days finishing in Sutton, UK, on 18 July. The ALIVE team is raising funds, which will be facilitated through the University of Malta Research Trust (RIDT), to fi- nance a Ph.D. student in cancer research for children. The student will join other researchers led by Senior Lecturer Pierre Schembri Wismayer from the University of Malta Department of Anatomy of the Faculty of Medicine and Sur- gery and the Department's Head Jean Calleja Agius. University of Malta Pro Rector for Research and Innovation Pro- fessor Richard Muscat and RIDT CEO Wilfred Kenely were also present. ALIVE Charity Founda- tion President Nicky Camilleri thanked President Marie-Louise Coleiro Preca, the University's Pro Rector Prof Richard Muscat and Kenely for making time to meet them on a Sunday. He said "Your support and dedication will further boost our spirits. Our aspiration is to make our third cycling challenge a suc- cess and to raise as much money as possible for an extremely wor- thy cause." Daikin ALIVE2015 Cycling Challenge for Cancer is being held in collaboration with Puttinu Cares, the Anatomy Department of the Faculty of Medicine and Surgery of the University of Mal- ta, Mater Dei Hospital and RIDT. This year's edition of ALIVE2015 Cycling Challenge for Cancer is sponsored by Daikin and is powered by Wurth Malta, Made Good, Valletta Cruise Port and Garmin Malta. Other commu- nity sponsors include Owner's Best, Impressions Print Possibili- ties, Danusan, Ricetti.com, PAVI Shopping Complex, Springbox Media, Go & Fun, KPMG, Cusch- ieri Group, Carmelo Caruana Co Ltd, Mothercare, Express Group, MSV Life, UVIA, Autobahn, Fal- zon Group, Atlas Insurance and Satariano. Donations to ALIVE 2015 can be made online www.alivechar- ity.com or via SMS on 50617364 - €2.33 / 50618081 - €4.66 / 50618913 - €6.99/ 50619208 - €11.65 HSBC leaves imprints in mural with 500 tiles at Hamrun Primary GP MINISTER for Education and Employment Evarist Bartolo and MEP Therese Comodini Cachia draw into a slab of clay at Ħamrun Primary GP as (standing centre) HSBC Corporate Sustain- ability Head Josef Camilleri and school principal (second right) David Caruana, as well as oth- ers look. The tiles will eventually be part of a mural which is being installed in the primary school's entrance under the theme of "Ix-Xibka fil-Baħar ta' Tagħlim" (Learning from a net of sea). The HSBC Water Programme – Catch the Drop was invited to be part of the wave-shaped mu- ral, which upon completion will feature approximately 500 tiles, each symbolising the wisdom and legacy of its many different crea- tors. Some of the tilework will have water conservation themes in line with the HSBC Water Pro- gramme – Catch the Drop's mis- sion. Central Bank issues latest economic update ECONOMIC activity in Malta con- tinued to expand robustly in the first quarter of 2015, with real gross domestic product (GDP) increasing by 4.0% on a year earlier, driven by net exports, as domestic demand declined. Indicators for manufacturing and tourism point to further growth in the second quarter of 2015. Growth in economic activity is being re- flected in the labour market, with employment expanding and the un- employment rate remaining at his- torically low levels. Price pressures remain contained. The annual rate of HICP inflation eased to 1.3% in May. I In April, Maltese residents' de- posits increased on a year earlier, but credit to residents continued to fall. As regards fiscal developments, the general government deficit nar- rowed to 2.1% of GDP during 2014. In the first four months of 2015, the deficit on the Consolidated Fund also decreased compared with the same period of 2014. On the external side, the surplus on the current account of the bal- ance of payments widened during the fourth quarter of the year. Growth was driven by net exports. While exports fell on a year earlier, imports declined at an even faster pace. As a result net exports turned positive, and contributed 4.2 per- centage points to real GDP growth, outweighing a drop in domestic de- mand. Exports dropped by 5.5%, year- on-year, mostly due to lower foreign sales of goods, while services exports dropped only slightly. Reflecting the reduction in exports and the drop in domestic demand, total imports fell by 7.9%. Domestic demand contracted by 0.3% on a year earlier, dampening real GDP growth by 0.2 percentage points. Investment fell sharply when compared with the first quarter of 2014. It dropped by 18.3%, reversing the increases registered in the previ- ous five quarters. Thus, investment reduced real GDP growth by 4.1 percentage points. The fall in investment can be largely attributed to lower spending on non-residential construction and machinery. Conversely, investment in dwellings rose, as did expenditure on transport equipment. Private consumption continued to rise, sustained by further growth in employee compensation, contribut- ing 1.3 percentage points to GDP growth. However, at 2.3%, the an- nual growth rate halved compared with the last quarter of 2014. Government consumption growth also slowed down significantly, with the annual growth rate down to 3.6% from 8.3% in the previous three- month period. The deceleration reflected more moderate growth in both compensation of employees and intermediate consumption. At the same time, changes in in- ventories had a large positive impact on growth. Nominal GDP growth moderated slightly in the first quarter of 2015, standing at a rate of 6.0%, compared with 6.4% in the last quarter of 2014. The annual rate of growth of gross value added (GVA) remained un- changed, at 5.2%. Sectoral data show that services continued to drive the expansion in GVA. The strongest contribu- tions came from the sectors incor- porating professional & scientific activities and public administration, health & education, which together accounted for almost half of the in- crease in GVA. Strong increases were also record- ed from the sectors incorporating wholesale & retail trade, financial services and utilities. Meanwhile, GVA in the construction sector in- creased marginally, whereas that in manufacturing declined. Data going into the second quar- ter of 2015 show signs of recovery in manufacturing and continued growth in tourism. President Coleiro-Preca at her surprise meeting with ALIVE2015 cyclists Twenty-four yachts took part in the Citadel Ragusa Regatta