Issue link: https://maltatoday.uberflip.com/i/651042
maltatoday, WEDNESDAY, 9 MARCH 2016 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 Market commentary: China leads the way as shares rally European shares fi nished lower on Monday, as they proved unable to maintain the momentum that saw Asian equities reach a two-month high. Investors admitted that a rebound in stocks seemed worn out, as they looked ahead to the highly anticipated European Central Bank meeting, expected to deliver more stimulus to the economy. Meanwhile, sharp gains in energy and materials stocks lifted the main US indices, which are now on track to extend Wall Street's winning streak to five straight sessions. Monday was a good day in China, with shares rallying for a fifth consecutive day. Investors focused on China's plans to prop up the slowing economy, boosting stocks in sectors such as construction, technology and pharmaceuticals. Prime Minister Li Keqiang spelled out a new five-year economic plan that included an average growth target of 6.5 to 7 per cent. One of the big winners of the day was iron ore, as prices for this commodity soared to the highest ever recorded. This surge came as a result of Chinese policymakers signalling their willingness to support economic growth and boosted the outlook for steel consumption. Shares of Cliffs Natural Resources, a leading iron ore supplier, soared 19% on Monday, and Brazilian miner Vale, another major iron ore company, jumped 10%. Monday's surge was accompanied by a rally in producer stocks. Oil prices reached this year's high, as prices peaked about $40 a barrel. Brent crude rose over 5%, to $40.73 a barrel as producers sought a new anchor price for oil, after a sell-off that lasted long enough. Companies such as Rio Tinto Group and BHP Billiton both climbed over 5% on the day. Other stocks trading in the green included Chesapeake Energy and Southwestern Energy, with shares in both companies jumping more than 8% in early trade, making them the top gainers on the S&P 500. Another mover on Monday was SeaDrill Ltd, as shares surged impressively. The chief executive of the Norwegian oil drilling company told Reuters he expects refinancing from banks to come through during the second quarter, and said that short sellers are "beginning to panic" at the prospect. There is a sense of apprehension and anxiety in the air over the policy meeting of the European Central Bank, set to be held on Thursday. ECB President Mario Draghi is about to take on the 11th round of the ECB's fight against inflation. With inflation falling back below zero, investors are expecting further stimulus from the central bank to reignite price growth in the Eurozone. Since becoming ECB President in November 2011, Draghi has announced no fewer than eight interest-rate cuts, two long-term loan programmes for banks, and an asset purchase programme that has been both expanded and extended, citing the risk of weak price growth. He has also introduced forward guidance on rates, eased refinancing operations and created an emergency bond-buying plan for stressed economies. This article was issued by Rebecca Naudi, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt .The information, views and opinions provided in this article are 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 Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website. This article was issued by Rebecca Naudi, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt .The information, views and opinions provided in this article are 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 Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing in this article. Microsoft Malta reaches out to 800 students on International Women's Day When three years ago, Micro- soft established Codess, it was a way to promote gender diversity in software engineering. Today, this global community for female coders helps women achieve their professional goals through world- wide networking events, mentor- ing and support, whilst exposing the opportunities that Microsoft has to offer. "Microsoft Malta has always been at the forefront in the promotion of gender equality especially in a local IT sector that is still very predominantly a male-dominated one," says Angela Micallef from Microsoft Malta. Microsoft Malta this year decided to celebrate International Women's Day by supporting local non-profit organisation BPW Careers Day which was attended by 800 Form 4 female students. During this event, Angela Micallef, Jacqueline Harvey and Carlota Rodriguez from Microsoft Malta attended the event as business mentors, met the students and shared their life and work experience with them whilst giving them general career guidance. "However, we are not interested in just promoting gender equality. Stopping at that reduces this important topic to a simple exercise in making sure the numbers match. We are not here to honour some obligation. Our commitment at Microsoft Malta is to make sure that females realize their true potential in IT and to change the common misconception that IT is only a sector for men," said Angela Micallef. Minister for Education Evarist Bartolo said "The numbers for both girls and boys are not good enough in terms of uptake in ICT and other science subjects. The skill-set that these subjects create are crucial in a modern economy and schools have invested considerably in taking classes into the 21st century. "It is important to understand that technology plays an important role not just in the subject itself, but also in other subjects like mathematics and languages. From an early age, in primary schools, we are introducing basic programming techniques such as logic through games in order for students to understand the basic concepts of ICT without the heavy burden of programming languages at an early age." Micallef added, "for many years, we have been witnessing an 'ICT gender gap'. Whereas the ICT industry contributes an average of 5% to the national GDP - one of the highest rates in the EU - on average only one in three of our ICT graduates are females, while just over one third of the gainfully employed in ICT are females. "This gender gap needs to be bridged in order to strengthen the country's ICT industry and offer more job opportunities to the increasing amount of female students who would like to pursue a career in IT. One way of bridging this is by making ICT more attractive to our youths, especially to our young female students." "We want to use these events to show that contrary to the common misconception, ICT offers a lot of the flexibility that is necessary. We are living in a world that is becoming increasingly connected. Microsoft understands this and all our employees enjoy all the necessary flexibility that enables them to work productively and effectively," concluded Micallef. Every year, Microsoft hosts events at its Microsoft Innovation Center where it meets students and listens to their ideas and learns more about the aspirations. Corinthia announces €40 million bond issue The Board of Directors of Corin- thia Finance p.l.c. has submit- ted an application to the Listing Authority of the Malta Financial Services Authority requesting the admissibility to listing of €40 million in bonds redeem- able in 2026 (the "New Bonds"). Furthermore, the Company announces that the Board of Directors has resolved to redeem the €39,927,600 6.25% Unsecured Bonds 2016-2019 (ISIN: MT0000101239) (the "Exchangeable Bonds") on 24 September 2016 in accordance with the terms of the prospectuses dated 28 August 2009 and 12 February 2010. Subject to the Listing Authority granting its approval to admissibility to listing of the New Bonds on the Official List of the Malta Stock Exchange and subject to their effective admission, the net proceeds from the New Bonds will be used to redeem the Exchangeable Bonds. The Company will be granting preference to holders of the Exchangeable Bonds to subscribe to the New Bonds by surrendering the Exchangeable Bonds. The Company therefore announces that the Cut-Off Date for such eligibility shall be 15 March 2016. The last trading date in the Exchangeable Bonds shall be 11 March 2016 and trading in the said Bonds shall be suspended as from 14 March 2016 until further notice.