Features
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The EU directive on copyright in the information society
The EU directive on copyright and related rights in the information society protects the reproduction rights of authors, performers and producers in relation to their audio, visual and audio-visual material. Yet the directive allows private copying...
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Bond redemptions in the final quarter of 2010
During the final three months of the year, the market will experience five bond redemptions. The government of Malta, Simonds Farsons Cisk plc, Dolmen Properties plc, Bay Street Finance plc, and P G Finance plc (formerly Big Bon Finance plc)...
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US dollar back in support as QE looms
The EUR/USD pair reached an eight-month high of 1.4159 last Friday. It gained momentum following Thursday’s move by Singapore to widen currency trading bands, but the immediate push to reach the 1.4159 came shortly after Fed chairman Ben Bernanke...
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The world in 3D: an analysis of Malta’s performance
It was a pleasure to have been among the invitees for last week’s business breakfast organised by HSBC Bank Malta plc. Many were evidently fascinated by the simple but very effective presentation delivered by HSBC’s senior global economist Karen...
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Gender is an irrelevant risk factor
Taking the gender of an insured person into account as a risk factor in insurance contracts is incompatible with the EU’s fundamental principle of ensuring non-discrimination on grounds of sex. To this end, member states must not be permitted, even...
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Weekend meetings fail to address Forex matters
During the weekend, various G7, IMF and World Bank meetings failed to prop up any specific agreement on Forex matters and left countries contemplating on engaging in “currency wars” (a term coined by the media) as still free to manoeuvre. The term...
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Healthcare without frontiers
A series of rulings by the European Court of Justice (ECJ), beginning over a decade ago, established that healthcare could be sought by EU citizens in any member state, while patients seeking such cross-border healthcare were entitled to have their...
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Bay Street seeks to repurchase €6.5 million worth of bonds
In a first for the local financial market, Bay Street Finance plc announced last week that it will be seeking to repurchase all its outstanding bonds amounting to €6.5 million at a price of 102 per cent. This offer will be valid between October 15...
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Safer use of medicines
A number of measures guaranteed to enhance the safe use by consumers of medicines found on the EU market have finally seen the light of day. The recent vote of approval taken by the European Parliament on a substantial number of amendments to EU...
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FimBank announces new short-term bond issue in EUR and USD
FimBank plc issued a company announcement last week informing the market that it had applied to the Malta Financial Services Authority to issue a new bond amounting to an equivalent €25 million subject to an over-allotment option of up to a further...
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RBA keeps rates on hold and BoJ eases further
Last Tuesday the Reserve Bank of Australia (RBA) unexpectedly kept the policy rate unchanged. Markets were expecting a 25bp rate hike given the RBA’s recent hawkishness, so inevitably, the Aussie suffered selling pressure and fell against its major...
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The prospects of further QE weigh significantly on the USD
EUR/USD trading was generally bullish up till early this week, even though the pair suffered some corrections. On Monday EUR/USD trading pushed the price for the pair up to 1.3505, which level had only been seen back in April 2010. This bullish...
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Local equity market underperforms international markets in Q3
As the third quarter of the year comes to a close, the local equity market is heading for a slight decline during the summer months. While the third quarter was off to a strong start on the Malta Stock Exchange with the Index for local share prices...
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Parental leave allowance
In Malta, working parents, including adoptive ones, have the individual right to be granted parental leave on the grounds of birth, adoption or legal custody of a child to enable them to take care of that child for a period of three months. This...
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Japan intervenes to curb JPY strength
On Wednesday of last week the Bank of Japan intervened in the currency markets, selling Japanese yen and presumably buying US dollars, in an effort to stop the strengthening of the yen. Intervention came just below the breach of the 83.0 level...
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The growth of the local corporate bond market
The number of new issues in the local bond market during the past two years indicates that the Malta Stock Exchange is now being widely recognised as a source of funding complementary to bank financing for those companies aiming to grow, develop and...
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More on the gaming industry
The ire of the European Court of Justice against those member states which seek to impede companies established in other member states from penetrating the gaming market in another state, has now turned onto Austria. Following the recent ruling...
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Risk aversion eases but Swiss franc still enjoying support
Risk aversion eased earlier this week as China reported upbeat industrial activity and retail sales. Even the financial sector had a sigh of relief as banking regulation, agreed upon over the weekend, was more accommodating than what had been...
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Online gambling operations
The last months have been characterised by a series of legal developments at EU level: landmark judgements were delivered by the European Court of Justice, an increasing number of preliminary cases were filed, and several opinions of Advocates...
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Growing concerns over level of bond yields
Bond yields have touched record low levels in recent weeks, and there is growing evidence of concerns in the international press on the effects of a return to higher yields when this materialises. Investors have been seeking refuge in fixed-interest...
