Issue link: https://maltatoday.uberflip.com/i/780138
maltatoday, WEDNESDAY, 1 FEBRUARY 2017 11 In the second half of 2016, the number of counterfeit euro banknotes reported to the Central Bank of Malta amounted to 639 pieces, bringing the total number of counterfeits withdrawn from circulation for the whole of 2016 to 3,010 pieces, which is a 38.9% decrease when compared to the figures of the previous year. When compared with the number of genuine euro banknotes in circulation in Malta (slightly above 9.7 million on average for the second half of 2016), the proportion of euro counterfeits remains insignificant. It is also low (0.18%) as a proportion of the total number of counterfeits seized in the euro area as a whole over the same period, amounting to 353,000 pieces. Of all the fake euro banknotes seized in Malta over the second half of the year, the €10 continued to be the most counterfeited denomination with 36.9% of all counterfeits seized. During this period, the share of the €50 note increased while that of the €20 denomination continued to decrease. The table provides a percentage breakdown by denomination, of the total number of counterfeits withdrawn from circulation in the second half of 2016 compared to those withdrawn in the euro area as a whole. The Bank reminded the public that the new €50 banknote, with its innovative security features, will be launched on 4 April. Banknote equipment manufacturers will continue to receive support from the Eurosystem in adapting their machines and authentication devices to the new banknote. If their equipment is still unable to accept this banknote, operators/ owners should contact their suppliers or manufacturers without delay. Notwithstanding the low figures of counterfeits reported locally, the Central Bank of Malta continues to advise the public to remain alert with regard to the banknotes received in cash transactions. Genuine banknotes can be easily recognised using the simple "FEEL-LOOK- TILT" test, which is described on the Bank's website: www. c e n t r a l b a n k m a l t a . o r g / e u r o - banknotes-counterfeit-notes. The Bank is available to provide any support, including training to any local entities which may require such assistance. 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2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Over 3,000 fake banknotes withdrawn from circulation in 2016 Eurozone infl ation at highest in four years Infl ation in the eurozone has jumped by more than expected to 1.8% in January from 1.1% in the previous month, Eurostat said. The inflation pickup came on the back of a sharp rise in energy prices. Eurostat data also showed the jobless rate fell to 9.6% in December, the lowest rate since May 2009. GDP growth edged up to 0.5% in the final three months of 2016, up from 0.4% in the previous quarter. The rise in eurozone inflation last month was driven by an 8.1% jump in energy prices in January compared with the year before. The spike in the rate takes it up to the European Central Bank's inflation target of close to, but below, 2%. Some have called for the European Central Bank to further scale back its bond-buying programme. However, the ECB also looks at core inflation, which excludes energy and unprocessed food prices, in its policy decisions, and this rate remained unchanged at 0.9% in January. The eurozone's unemployment rate of 9.6% in December was down from 9.7% in November and compares with a rate of 10.5% a year earlier. The countries with the lowest unemployment rates in December were the Czech Republic (3.5%) and Germany (3.9%), while countries with the highest levels of unemployment were Greece (23.0% in October 2016) and Spain (18.4%). Despite the pick-up in economic growth during the final quarter of 2016, across the year as a whole eurozone GDP rose by 1.7%, which was down from 2% in 2015. Analysts also questioned whether the recent improvement could be sustained. "While recent economic news points to improved growth, we suspect the eurozone may find it difficult to sustain this momentum amid appreciable political uncertainties during 2017 and likely reduced consumer purchasing power due to higher inflation," said Howard Archer, chief UK and European economist at IHS Global Insight. "Consequently, we suspect that eurozone GDP growth in 2017 will be no more than 1.6%. We also see growth at 1.6% in 2018." IHI appoints Numis Securities to explore new fi nancing options Matthew Vella International Hotel Investments plc has announced that it has ap- pointed Numis Securities to help the company explore fi nancing op- tions. IHI, which runs the Corinthia Hotels, appointed Numis to search for potential capital-raising to enable IHI and its subsidiary developments and operating companies to take advantage of its growing pipeline of potential development project opportunities. Numis Securities is a boutique investment banking firm that offers financial advisory services on mergers and acquisitions, public bids, initial public offerings, and fundraising. It caters to aerospace and defence, real estate, fast moving consumer goods, media, metals and mining, non- life insurance, oil and gas, retail, technology, and travel and leisure sectors. In March 2016, Corinthia Finance plc released a €40 million bond issue while IHI plc released a €55 million secured bond in June 2016, secured by the Corinthia Hotel Budapest. IHI, the publicly traded company of Corinthia, owns 11 five-star hotels in several countries as also offers hotel management services to third parties. IHI recently acquired Island Hotels group, which ran the Radisson SAS hotel in St George's Bay and Ghajn Tuffieha, and is now planning its own high-rise towers on the site of the Radisson SAS hotel at St George's Bay. In 2015, IHI had announced a six-star luxury hotel project, but without any hint of high-rise, which was expected to comprise a €400 million investment spread over the 76,000 square metres of land occupied by the Raddison and Corinthia hotels. The Radisson was part of the collection owned by the Zahra family's Island Hotels, the group acquired for €50 million by IHI plc.