25 November 2004
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The good news and the bad news

Toon This week

Malta Today

Search Malta - Gozo and Comino too!

Budget 2005 unleashed with draconian measures and pension reform proposals
It was bound to happen. With four years left before the next general election, the Prime Minister, also acting as Minister of Finance, announced new measures that will add new burdens on the consumer, while covering little ground in boosting consumer confidence. READ MORE >>

Alarming stats:
• Deficit at Lm98.2 million • Level of savings down by Lm 21 million • Unemployment up to 7,382 or 5.1% • Tourism up by 2.3% • GDP growth at 0.6% • Imbalance in trade flows, at Lm319 million • Inflation at 2.57% up from 1.1% • Investment in manufacturing down by 0.6%

Bad News:
• Consumption tax surcharge on water and electricity of 17% • A duty of 3% on mobile telephony • Registration of VAT registration for those constructing buildings • Cigarettes up by 5 cents • Kerosene up to the price of diesel • Public transport tickets 5 cents up • Eco tax on more products • Proposal to bring pension age up to 65 • Proposal for average pension to be worked over 40 years • Passenger departure tax up to Lm20. • Holidays on Saturdays and Sundays not to be added to leave

• Sale of shares in Interprint • Strategic partner in Tug Malta • Sale of shares in Malta Dairy Products • Sale of 20% in MIA • Sale of three hotels belonging to Air Malta • Strategic partner in the distribution gas at Enemalta

Good News:
• Tax incentives for research • Tax incentives for getting women back to work • Aiding the underprivileged • Stopping application of tax on subventions to cultural entities • Incentives for e- commerce • Venture capital fund of Lm900,000 • Children’s allowance threshold increased • Aid to parents with children with special needs

From Lewis and Clark to Malta and Gozo
Jack Uldrich - writer, speaker and consultant to Fortune 500 companies, US government agencies and venture capital firms – is to be a keynote speaker at the 7 December seminar on Business Leadership at the Foundation for International Studies. Here he answers some questions about his latest book and how its lessons can be applied to the business environment in Malta

Competition law: recent developments and the way forward
Competitiveness and Communications Minister Censu Galea addresses Monday’s conference on competition law organised by the Consumer and Competition Division


Mixed reactions to Budget 2005

Labour leader says taxes would increase by 8.4 per cent

Pensions White Paper proposes higher retirement age, three-pillar system

Pensions White Paper – Adequate and Sustainable

A deficit reduction drive with little good news for the middle class

Third quarter GDP grows 2.2 per cent

New partnership between Creditinfo Malta and D&B

BOV named Heritage Malta’s first corporate patron

Small business through the wringer

Co-operation strengthened against currency counterfeiting




Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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