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maltatoday, WEDNESDAY, 11 NOVEMBER 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 Fish landings up 35% in third quarter Fish landings in the third quarter amounted to 455,862 kilograms, up by 35.0 per cent over the comparative period in 2014 During the third quarter this year, the volume and wholesale value of fi sh landings increased by 35.0 and 25.1 per cent respectively over the comparative period in 2014. Fish landings in the third quarter amounted to 455,862 kilograms, up by 35.0 per cent over the comparative period in 2014. This was due to increases in almost all the landings except for shrimp, which registered a decrease of 27.4 per cent. Similarly, the wholesale value of landings increased by 25.1 per cent to €2.5 million. Maltese fishermen landed 390,491 kilograms, an increase of 37.4 per cent over the comparative period in 2014. Landings of Maltese fishermen accounted for 85.7 per cent of total landings. The two main species landed, swordfish and dorado, increased by 72.3 and 17.1 per cent respectively. The wholesale value of fresh fish landings by Maltese fishermen amounted to €2.2 million, an increase of 30.7 per cent over the corresponding quarter last year. Fish landings by Gozitan fishermen increased by 22.7 per cent over the comparative period a year earlier. This was mainly brought about by increases in most of the species, mainly swordfish (48.1 per cent) and dorado (27.1 per cent). In terms of volume, landings by Gozitan fishermen comprised 14.3 per cent of total landings. Wholesale value amounted to €280,057, a drop of 6.1 per cent over the second quarter of 2014. The quarterly All Items fresh fish price index for the third quarter stood at 99.74 points, a decrease of 8.88 points or 8.2 per cent over the comparative period in 2014. The increase in the supply of fresh fish was reflected in the quarterly All Items fresh fish volume index, which stood at 139.90 points, up by 36.30 points, or 35.0 per cent more over the third quarter of 2014. Competitiveness Council calls emergency meeting to address steel industry challenges Minister for the economy Chris Cardona attended an emergency Competitiveness Council meet- ing aimed at addressing the chal- lenges currently being faced by the European Steel sector in terms of growth, jobs, and global competi- tiveness. The extraordinary meeting was convened with urgency following the loss of 3,300 jobs in the past month in the United Kingdom alone, resulting from the closure of several plants in recent weeks. Due to the current situation in the sector, other plants and many other jobs are at serious risk. The EU is the second largest producer of steel in the world, after China. Its output is over 177 million tonnes of steel a year, accounting for 11% of global output and a turnover of around €180 billion, underpinning numerous other industrial sectors such as the car industry, construction, electronics, and mechanical and electrical engineering. The industry has a strong European dimension: there are about 500 production sites in the EU, spread out among 23 member states. During the meeting it was stated that this is not an issue that just affects the United Kingdom but also threatens the whole of the European steel industry, including the steel sectors in France, Spain and Germany. Although steel is an important input in the production processes of a number of manufacturing firms and construction activities, there are only a handful of companies that could potentially be impacted in Malta. The latest EU strategy document addressing the competitiveness of the steel sector is the Action Plan adopted by the Commission in 2013. Malta noted that this Action Plan has not been effective and requires immediate review to address the seriousness of the current crisis, which it has not prevented from taking place. "The review must recognise the new realities being faced by the Steel Industry as a whole today," stated Cardona at the meeting. The economic crisis and the rise in the cost of raw materials as well as energy have resulted in a precarious situation for the steel industry across the EU. Fierce competition from non-EU country producers such as China and Russia is also a factor. During the Council meeting the Commission also briefed ministers on the latest developments as regards the upcoming legislation on new test procedures to measure real driving emissions (RDE) from cars. VW works to appease customers in the wake of emissions scandal Volkswagen AG took new steps on Monday to appease U.S. customers and German union leaders unhappy with the company's response to a sweeping emissions cheating scan- dal that claimed another high-profi le executive. Volkswagen is offering a $1,000 credit, of which half is to be spent at VW and Audi dealerships, to U.S. owners of certain diesel models that do not comply with government emissions standards, VW's U.S. subsidiary said. The automaker said eligible U.S. owners of nearly 500,000 VW and Audi models equipped with 2.0 liter TDI diesel engines can apply to receive a $500 prepaid Visa card and a $500 dealership card, and three years of free roadside assistance services. The move was latest attempt to pacify owners who have been frustrated by how the German automaker plans to fix affected models. The company has warned it could rack up multi-billion-euro costs to remedy the issue and repair the damage to its reputation. The scandal erupted in September when VW admitted it had rigged U.S. tests for nitrogen oxide emissions. The crisis deepened last week when it said it had understated the carbon dioxide emissions and fuel consumption of vehicles in Europe. VW said on Monday it continues to discuss potential remedies with U.S. and California emissions regulators, including the possibility that some of the affected cars could be bought back from customers. In Washington, Democratic Senators Richard Blumenthal and Edward Markey on Monday decried VW's consumer program as "insultingly inadequate" and "a fig leaf attempting to hide the true depths of Volkswagen's deception." The senators said VW "should offer every owner a buy-back option" and "should state clearly and unequivocally that every owner has the right to sue." Late Monday, attorneys general from 47 states and the District of Columbia issued a statement saying the automaker's offer to consumers "in no way diminishes the seriousness of the deceptive practices and environmental harms" being investigated by the states. VW has said about 482,000 cars sold in the United States since 2009 with four-cylinder diesel engines had software installed that allowed the engines to pass government tests for smog-forming nitrogen oxide emissions, but pollute at levels far above government limits in normal operation. The steel industry in Europe is in serious diffi culties, with many plants closing down