Issue link: https://maltatoday.uberflip.com/i/667669
44 Events maltatoday, SUNDAY, 17 APRIL 2016 Central Bank releases annual report THE Central Bank of Malta has just released its Annual Report for 2015, with Governor Josef Bonnici noting that global eco- nomic activity remained subdued during 2015. While the euro area economy continued to recover, growth in emerging markets and develop- ing economies decelerated. Glob- al developments were influenced by the slowdown of the Chinese economy, declining commodity prices and the incipient normali- sation of US monetary policy, which contrasted with the con- tinued easing by several other major central banks, includ- ing the European Central Bank (ECB). This monetary policy di- vergence contributed to the de- preciation of the euro vis-à-vis the US dollar. The depreciation of the euro, along with lower oil prices and the accommodative stance of monetary policy supported the euro area economy. In fact, real gross domestic product (GDP) in the euro area grew by 1.6% in 2015, compared to 0.9% in 2014. The ECB is projecting the euro area economy to grow by 1.4% in 2016 and 1.7% in 2017. Inflation in the euro area re- mained close to zero during the year, and dipped into negative territory on several occasions. However, the ECB demonstrated its determination and readiness to deliver on its inflation man- date. In March, the ECB intro- duced a Public Sector Purchase Programme (PSPP) adding pur- chases of public sector bonds to its existing asset purchase pro- gramme. In December, it then ex- panded the duration and scope of the programme and also reduced the deposit facility rate to -0.30%. Additional monetary policy measures were announced in March 2016, when the Govern- ing Council lowered the deposit facility rate to -0.40%. The main refinancing operations rate and the marginal lending facility rate were both reduced by 5 ba- sis points, to 0.00% and 0.25%, respectively. Additionally, the monthly purchases under the asset purchase programme were augmented from €60 billion to €80 billion, and will include in- vestment grade euro-denomi- nated bonds issued by non-bank corporations established in the euro area. A new series of four targeted longer-term refinanc- ing operations with a maturity of four years will also be launched, starting in June 2016. Although it is premature to as- sess the effectiveness of these measures, credit to the euro ar- ea private sector has improved, partly reflecting lower funding costs for business. The PSPP has also helped to lower risk-free yields. At the same time, ongoing adjustments in banks' balance sheets and high non-performing loans in some countries continue to hamper loan growth. Despite the unstable external environment, the Maltese econo- my showed remarkable resilience. Real GDP grew by 6.3% in 2015, exceeding the euro area average by a wide margin. Domestic de- mand was the main driver behind this growth, primarily through higher consumption and private investment. The Bank's projec- tions point to an increase in real GDP of approximately 5% and 4.2% during 2016 and 2017 re- spectively, on the back of strong domestic demand. www.centralbankmalta.org HSBC Malta supports Earth Hour HSBC Malta joined more than 200 global sites of the Bank and marked the annual W WF Earth Hour, whereby all non-essential lights at the Qormi Operations Centre and the Swatar UK Con- tact Centre were switched off for one hour. Since 2009, HSBC has been a high profile supporter of the Earth Hour. During last year's Earth Hour, 600 employees and their families took part in the Dubai Earth Hour Walk, whilst in Mexico, staff members lit up the W WF Earth Hour logo by pedalling stationary bikes to generate power. HSBC Malta also sponsored an information stand of the Min- istry for Sustainable Develop- ment, the Environment and Cli- mate Change (MSDEC), which joined other countries around the globe to switch off non-es- sential lights for 60 minutes and hold special events. The stand, manned by Nature Trust, was stationed at Republic Street for three days and later moved to Castille Square on the day of Earth Hour. Nature Trust volunteers distributed f lyers and sold candles, the proceeds from which will be directed to the 'Rainbow Ward ', the cancer unit for children at the state hospital. HSBC Malta CEO Andrew Beane said: "HSBC is a leader in providing sustainable financing to help build a low-carbon fu- ture. Private finance is essential to achieving the goals set out in the universal climate change agreement signed in Paris last year." The Jura, golden wines with an ancient history THE Henri Maire range of Jura wines, has recently been added to the wines portfolio of Far- sons Beverage Imports Company (FBIC) Limited. Located in the east of France, between Burgundy and Swit- zerland, the Jura wine region is named after the Jura mountains. The Jura built its reputation on the precious vin jaune, made from the local Savagnin vari- etal. The wine spends six years in the barrel with no topping up, and is known as a vin de voile, in reference to the veil of yeast that forms on the surface of the wine. At the heart of the region is the star appellation, Château- Chalon, with an exceptional ter- roir. The wine is bottled in ves- sels known as clavelins, which hold 62cl, the quantity that re- mains of a litre of wine after its long ageing. The region's other distinctive wine is vin de paille, or straw wine, which is made from grapes that have been part- dried to concentrate the sugars – a practice once done on straw, hence the name. These two wines are very sought-after for their individuality. The Henri Maire company was founded in 1939 and has an ex- ceptionally long history. As far back as 1632, a certain Maire owned vines and cellars in Ar- bois. Three centuries later, the young Henri Maire inherited the modest family property at the age of 22. Passionate about the wines of Jura, he set about bring- ing them to a wider public. To accomplish this, he expanded his vineyards until today, the com- pany is the biggest proprietor in the Jura with some 240 hectares. Henri Maire wines are availa- ble in selected restaurants, wine boutiques and the Wine Shop at Farsonsdirect in Mriehel www. farsonsdirect.com. FBIC Ltd is a member of the Farsons Group. Maltese retailers can now sell their products on Amazon THE Malta Communications Au- thority is pleased to announce that following discussions with Amazon, Maltese individuals and businesses can now sell their products on the Amazon websites. Sellers with Amazon have several advantages, such as joining a net- work of over two million active sell- ers, generating billions of revenue on Amazon every year, access to securi- ty and fraud protection systems and access to powerful reporting tools to monitor and improve the online presence. Furthermore, Amazon has built selling tools that empower sellers with the ability to reach cus- tomers in 189 countries. Amazon.com opened on the World Wide Web in July 1995. The company is guided by four princi- ples: customer obsession rather than competitor focus, passion for inven- tion, commitment to operational excellence, and long-term thinking. According to an MCA official, this development is another important milestone in realising the objectives of the National e-Commerce strat- egy which was launched in 2014. One of the most important pillars of the strategy is to address the chal- lenges that microenterprises are facing in light of today's digitally driven world. The MCA has already launched a series of initiatives aimed at facilitating the proliferation of eCommerce activity and this meas- ure will give the opportunity to local enterprises to compete at the same level as other enterprises across the globe.