PM meets GWU over ST Microelectronics
The Prime Minister and the Minister of Finance today had a meeting with senior GWU officials on the situation at ST Microelectronics.
The Office of the Prime Minister said that Dr Gonzi and Finance Minister Tonio Fenech spoke on how the government had been holding talks with the firm for the past two years, and the talks intensified recently in view of the international financial crisis.
They said that Malta Enterprise was continuing to work on attracting new investment to Malta while consolidating what it here already.
The GWU delegation was led by General Secretary Tony Zarb and his deputy Geitu Mercieca.
The government made no reference to reports in Paris that ST will dismiss a total of 1,300 workers from its plants in Malta and Cyprus. It is planning to dismiss 4,500 workers worldwide.
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M. Catania
Jan 31st 2009, 06:44
It amazes me that how people take a shot at the Government with worthless comments. Tonio Fenech had said that UNTIL now he had not received any reports of dismissals. Moreover, our manufacturting sector was already vulnerable in normal economic times let alone in a recession!!!
kevin zammit
Jan 31st 2009, 06:35
@Alex ... thanks for the link, very intersting situation
ST will downsize in Europe, our neighbours and the US and increase production in China.
Germany's Qimonda's bankruptcy raises share prices for competing Asian manufacturers.
We keep hearing that the west should not become protectionist ... very hard to beleive in this current situation.
Who buys products made in Asia? I think this question has been answered seeing that Asia is pulling back as well.
A Cardona
Jan 30th 2009, 23:29
Job-cutting has begun in earnest. Let's see how the axe will be swung, sur onorevoli Tonio Fenech.
J Farrugia
Jan 30th 2009, 20:48
Editor, Alex barbara asked you to correct your erroneous report. It was Morrocco not cyprus. Cant you oblige in just this simple fact?
Johnny Tanti
Jan 30th 2009, 19:59
@ Marco Ellul
Whatever government will be doing to keep ST here will be coming from our taxes. Do you think that any administration would just let ST or any similar enterprise leave our islands without doing their utmost to keep them here?
alexander barbara
Jan 30th 2009, 19:46
Marocco not Cyprus.
http://www.fabtech.org/news/_a/stmicroelectronics_cuts_jobs_fabs_and_capex/
Marco Ellul
Jan 30th 2009, 19:20
Wasn't Tonio Fenech reported to have said that there wont' be any problems at ST?