Issue link: https://maltatoday.uberflip.com/i/618165
46 Events maltatoday, SUNDAY, 20 DECEMBER 2015 46 Central Bank of Malta issues quarterly review THE Central Bank of Malta has published the third issue of its Quarterly Review for 2015, which analyses recent economic and financial developments in Malta and abroad. The Review also includes a number of analytical reports, namely on the relationship be- tween inflation and economic conditions in Malta, the impact of fiscal policy measures on gross domestic product (GDP), as well as an overview of the latest extension to the Bank's macro- econometric model, which covers in more detail the links between the financial sector and the rest of the economy. The Review highlights that, dur- ing the third quarter of 2015 and going into the following quarter, the Governing Council of the European Central Bank (ECB) maintained an accommodative monetary policy stance. This re- flects concerns that euro area in- flation will remain less than the target of below, but close to, 2.0% for a prolonged period. The review notes that the Mal- tese economy continued to ex- pand at a robust pace. The initial estimates for the second quar- ter showed real GDP growing by 5.2% on the corresponding quarter of 2014, driven by do- mestic demand. In contrast, net exports had a dampening effect. During the third quarter, an- nual real GDP growth was 5.4%, down from an upwardly-revised growth rate of 5.8% in the previ- ous quarter. Buoyant economic activity was also reflected in the labour mar- ket. During the second quarter of 2015, employment continued to grow, while the unemployment rate maintained its declining trend. According to the Labour Force Survey (LFS), employ- ment increased by 1.4% in annual terms. Meanwhile, the unemploy- ment rate based on the LFS fell to 5.4%, from 5.8% a year earlier. The annual HICP inflation rate in Malta stood at 1.6% in Septem- ber, up from 1.1% in June. This acceleration was mainly due to developments in the prices of services, non-energy industrial goods and food. In October, the annual rate of HICP inflation re- mained stable at 1.6%. Compared with the euro area, Malta's infla- tion rate is closer to the mon- etary policy target, partly due to stronger economic activity and partly reflecting the impact of the euro depreciation since the beginning of the year on the price of imported goods and services from non-euro area countries. In the external sector, during the second quarter of 2015 the positive balance on the current account of the balance of pay- ments widened, compared to the corresponding period of 2014. This reflected a swing to net inflows on the primary income account and a higher surplus on services. These movements com- pensated for a larger merchandise trade deficit and a decline in net inflows on the secondary income account. As a result, in the year to June 2015 the current account surplus stood at 4.5% of GDP. The third issue of the Quarterly Review for 2015 is available on the website of the Central Bank of Malta at www.centralbankmalta. org. HSBC helps businesses write new trade finance agenda More than 50% of available financ- ing in the Malta Trade for Growth (MTFG) Fund has already been taken up, less than six months af- ter the launch of a second, bigger tranche of €75 million. The €75 million MTFG was launched to provide support for Malta-based businesses seeking new export success after the first €50 million fund in 2013 was com- pletely utilised within a year. The Malta Trade for Growth Fund was established by HSBC Malta as a vehicle to internationalise business- es and support the long-standing entrepreneurship that has been a hallmark of Maltese businesses for many years. The Fund grants busi- nesses with a sound expansion plan access to HSBC's trade and lending resources, as well as its worldwide network of local trade experts. HSBC Malta Head of Commer- cial Banking, Michel Cordina, said: "The speed with which the €75 million fund has been taken up is a testament to Malta's vibrant entre- preneurial spirit. Many of our cli- ents are using the Fund to innovate and transform their businesses into some of Malta's biggest and most powerful." Businesses everywhere face tough decisions in the abundance of mixed economic messages. HSBC believes that continued support and encouragement, through initiatives such as MTFG, can give them the confidence to fulfil their ambitions with renewed enthusiasm. J M Vassallo Vibro Steel Limited is feeling this enthusiasm. The com- pany processes and supplies steel reinforcement and a wide range of products for the local construction industry, and is one of a number of beneficiaries of the €75 million Fund. "HSBC's Commercial Banking team has offered our company their excellent assistance and support in making it possible for us to offer our customers increased and more advantageous credit facilities. This provides support to our custom- ers to better manage their project finances during construction peri- ods," said the company's Managing Director, Raymond Vassallo. Other businesses have used the available funding to create new jobs, scale operations and add new value, with some even crediting the Bank with writing a new trade finance agenda amidst more challenging economic climates elsewhere. For B&B Group, whose core busi- ness is entrenched in the construc- tion industry, MTFG served as an enabler and allowed the company to realise its plans to diversify into steel imports and processing. "The Structured Trade Finance offered to us by the Bank is ex- tremely versatile, offering the same flexibility of an overdraft facility, but with lower interest rates. We highly commend this finance facil- ity as well as the very dedicated and committed team that addresses our needs at HSBC," said B&B Group CEO Ing. Etienne Bartolo. "Another important benefit to our company was HSBC's assess- ment of the suppliers we were deal- ing with for the first time. This is a case of a customer tapping into the Bank's experience in order to make a secure transaction with our new foreign suppliers," added Ing. Bar- tolo. HSBC Malta CEO Andrew Beane said: "Most of the beneficiaries of our fund have been small and me- dium enterprises. These companies are the heart and soul of Malta's economy and we are delighted to have played our part in supporting these businesses to grow" Due to the important role this ini- tiative has played in supporting the Maltese economy, HSBC's Trade for Growth Initiative made it to the finals of the 'Worker of the Year Award' team category. The HSBC Malta team within Commercial Banking that works on the Malta Trade for Growth Fund initiative has been recognised at a national level in the finals of the 'Worker of the Year Award' 2015 held recently Nestlé Malta launch 'Xeni ta' Malta' chocolate series NESTLÉ Malta has launched The Perugina Xeni ta' Malta exclusive chocolate tablet collection at the National Museum of Archaeology in Valletta. The Perugina Xeni chocolate collection follows last year's edi- tion of Xeni tal-Belt Valletta which commemorated the 450th anni- versary of our capital city. This year's collection depicts different scenes from the localities of Rabat (Gozo), Mdina, Valletta, Sliema, Birkirkara, Mosta, St Paul's Bay, Qormi, Birgu and Zabbar on the wrapping of the prestigious Peru- gina milk chocolate bar. The ten Maltese artists col- laborating with Nestlé on this exclusive project are Maria Cas- sar, Stephanie Borg, Antoine Paul Farrugia, Francis Galea, Margaret Farrugia, Catherine Cavallo, Jac- queline Micallef, Daniel Scerri, Ray Grillo and Alex Dalli. Each of the artists is either born, raised or is living in the locality and has a personal and artistic connection to the scene being depicted in the artwork. The 100g milk chocolate bar itself lives up to the name of the prestigious Perugina brand which has enjoyed an excellent reputa- tion throughout the years, and which is a favourite chocolate brand of many Maltese. The ceremony was presided by the Parliamentary Secretary for Local Government in the Minis- try for Justice, Culture and Local Government, Stefan Buontempo. Apart from the artists themselves, the event was also attended by the mayors of the 10 localities being depicted on the wrapping of the Perugina chocolate bars as well as other distinguished guests. Buontempo thanked Nestle for giving local artists the opportu- nity to exhibit their talents, while commended the local councils for their participation in this project. "Through various initiatives, including cultural events, the set- ting up of an information office in Marsaxlokk and St Paul's Bay, the launch of an app to assist people who visit Naxxar and various her- itage trails which have been set up clearly demonstrate the local council's sense of entrepreneur- ship in the cultural and touristic sector," concluded Buontempo. Speaking at the launch of Xeni ta' Malta, Alfred J Borg, Market- ing & Corporate Communica- tions Manager said that, "We are proud to present the second edi- tion of the Xeni collection which is aimed at promoting Maltese art and culture. Through the Xeni collection we have managed to link Maltese artist with one of the most renowned and prestigious chocolate brands in the world - Perugina" He added that "In launching this project we have worked with the local councils who immediately understood the magnitude and prestige of this project and today we are honored to see the result of this collaboration." The "Xeni ta' Malta" chocolate bar series is available for pur- chase at leading stores and super- markets in Malta and Gozo. As part of the 150 years celebration of Nestlé, Nestlé Malta is giving the opportunity to the Maltese to participate in a lottery for the chance to win a number of €500 One4All Vouchers. People can participate by sending in 3 empty Xeni ta'Malta wrappers with their name, address and email address to Nestlé Malta, Pantar Road, Lija LJA 2023, Malta. Further information can be found on the Xeni ta'Malta Face- book page. Maltese photographer among finalists at prestigious portrait prize in London FOR the second consecutive year, a photographic portrait by local photographer Joe P Smith has been short-listed for exhibition at the National Portrait Gallery in Lon- don as part of the prestigious Tay- lor Wessing Portrait Prize. Joe's work (pictured right) enti- tled 'Village Butcher' was included in the final choice of 55 images out of an entry of 5,000 works from over 2,000 photographers. The image forms part of Bank of Valletta's calendar for 2015 that has the theme of traditionally-produced and genuine Maltese delicacies, and features Zurrieq butcher Anthony Vella producing the favourite deli- cacy of Maltese sausage made using traditional methods and according to his own special recipe. The exhibition at London's Na- tional Portrait Gallery runs until the 21 February 2016.