Issue link: https://maltatoday.uberflip.com/i/589122
maltatoday, WEDNESDAY, 21 OCTOBER 2015 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Head of Global Banking at HSBC steps down HSBC Bank Malta p.l.c. has an- nounced that James Woodeson has relinquished his post as Head of Global Banking and Markets with effect from 19 October 2015. The Board expressed its gratitude to James Woodeson for his sterling service to the Bank. A new Head of Global Banking and Markets will be announced in due course. Increase in cruise liner calls, passengers during third quarter Total cruise passenger traffic during the third quarter of 2015 amounted to 197,984, an increase of 26.3 per cent over the corre- sponding period last year. There were 102 cruise liner calls during the third quarter, 11 more than last year. At 82.6 per cent, transit passengers accounted for the vast majority of total traffic, reaching 163,624. Around 5,256 passengers visited Gozo, while 4,353 passengers spent at least one night on board their berthed cruise liner. Visitors from EU Member States comprised 77.1 per cent of total traffic, the major markets being Germany, Italy, the United Kingdom and France. The total number of passengers from non- EU countries stood at 45,341, of whom 30.7 per cent came from the United States. On a gender basis, female passengers made up 52.0 per cent of the total. The largest share of passengers were in the 40-59 age bracket and were followed by those aged between 60 and 79. During the first nine months, total cruise passengers stood at 423,861, a rise of 33.2 per cent over 2014. Of these, 76.4 per cent came from EU Member States. The biggest increases were recorded from the Italian and German markets, which advanced by 23,503 and 21,258 passengers respectively. The majority of total passengers were females, amounting to 221,432. Most passengers were between 60 and 79 years old, amounting to 153,856. These were followed by passengers aged 40-59, reaching 140,462. There were 219 cruise liner calls during the first nine months, with an average of 1,935 passengers per vessel, compared to 203 calls and an average of 1,568 passengers per vessel in January-September 2014. World Bank plans fi nancial aid for Syria's neighbours The World Bank is trying to put to- gether a package of fi nancial assist- ance for countries hosting refugees from Syria. Bank officials say there is a substantial financial burden being borne by Lebanon and Jordan. They are discussing help from rich countries and from Gulf nations. They say the idea has been well received by potential contributors and hope to have the first funds paid out in four to six months. The arrangement under discussion is one in which the Bank would make loans to Jordan and Lebanon, with aid donors covering at least some of the interest costs. Millions of refugees are now in countries bordering Syria. The largest number are in Turkey, but it is the much smaller economies of Lebanon and Jordan that face far greater financial strain. In Lebanon the number is equivalent to 30% of the population. In Jordan the figure is 20%. The cost to government budgets comes from the 85% of the refugee population that live in normal housing rather than camps, where the costs are borne by the United Nations. For those not in camps there is a cost in terms of healthcare and education. There is also water supply and electricity. Even if they pay the bills these prices are often subsidised so the presence of the refugees adds to the total cost to the government. Market commentary: European markets close higher despite China's negative outlook European Markets closed higher on Monday, with the Stoxx Europe 600 Index adding 0.3 percent, Ger- many's DAX 30 rising 0.6% and Frances CAC 40 trading marginally higher. A restructuring of Deutsche Bank AG's senior management ranks under new co-CEO John Cryan and positive earnings reports helped push European stocks to a two- month high. The German lender rose 3.7 percent after undertaking the biggest management reshuffle in more than a decade and splitting up its investment bank. Mining, oil and gas names were down after more negative data coming out of China showed the second largest economy expanded at the slowest pace since 2009, growth slowed to 6.9% in the third quarter. This is the first time since the financial crisis that the country's gross domestic product has grown less than 7%. Investors later this week will watch for any comments that European Central Bank President Mario Draghi may have about China and what impact its slowdown is having on the Eurozone economy. In London stocks closed lower, with miners being the worst performers on FTSE 100. Shares of platinum producer Anglo American PLC finished 7.4% lower, bringing their year-to-date slide to 48%. Mining company, Fresnillo PLC gave up 3.3% and Glencore PLC closed down 5.2%. Some positive news stemmed elsewhere on the FTSE 100 with ITV PLC shares finishing up 0.3%, paring off early weakness after the company agreed to acquire UTV Ltd, which owns the television assets of Northern Ireland's UTV Media PLC for 100 million pounds in cash. Shire PLC shares also closed higher with a gain of 2.6%, after the pharmaceutical company said the U.S. Food and Drug Administration has requested an additional clinical study in its new-drug application for lifitegrast, which is aimed at treating symptoms of dry eye disease. Lifitegrast is one of the medicines in development that Shire is counting on to meet a goal of boosting sales to $10 billion by 2020 from about $6 billion last year. The company said the FDA had requested another clinical study and data on product quality, a setback after the drug had won priority review status, shortening the review process to eight months from the standard 12 months. In the U.S, stocks recovered opening losses and were on the verge of turning higher Monday, before commodity and energy stocks dragged down the benchmark. Morgan Stanley also weighed in on the index sliding 5.4% after the bank reported third-quarter earnings and revenue, missing analysts' expectations On a more positive note PayPal Holdings Inc. rose on Monday after Deutsche Bank reiterated its buy rating on the company's shares and raised the stock's price target to $44 from $42. This article was issued by Andrew Cassar Torregiani, Trader/ Analyst at Calamatta Cuschieri. For more information visit, www. cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this newspaper.