 25-31 October 2000 |
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EURO INFO Opinion The benefits of standardisation Prof. Josef Bonnici, Minister for Economic Services, recently addressed a seminar titled ‘The Benefits of Standardisation to Industry' in which the minister lays out the current role of the Malta Standardisation Authority and its anticipated evolution In Focus: Vilhena Funds AGM "Assets under management in the Vilhena Funds SICAV plc. have increased by an impressive 42% from Lm36.19 million as at 30 June 1999 to Lm5l.58 million as at 30 June 2000. The number of shareholders has tipped the 3,500 mark." Chairman Dr Remigio Zammit Pace announced during Vilhena Funds’ Annual General Meeting. FEXCO Investment Services launched amid expanding industry FEXCO Investment Services (Malta) Limited was recently launched. The company has been licensed to conduct Investment Services business by the Malta Financial Services Centre. At a reception Finance Minister John Dalli welcomed this new initiative by FEXCO Investment Services (Malta) Limited. |
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GRTU calls for fairer pension scheme
The Association of General Retailers and Traders is seeking a
fundamental change in the way that pensions are annually reviewed
in its Budget 2001 submissions.The association’s director general, Vince Farrugia, told The Business Times that the GRTU believes the current system to be highly discriminatory against proprietors of small businesses, since their pensions are non-reviewable. "When the self-employed retire, their jobs die with them," he explained, "so whatever income forms the basis for their pension, that’s what they will have, irrespective of cost of living increases, and the length of time they get to enjoy their retirement." Mr Farrugia pointed out that many former self-employed continue working to supplement their income, even taking part-time jobs sometimes. "What we want is a national scheme through which former self-employed, like employees, will have their pensions revised," he said. "We are asking that every year, an average national income is established and that any changes will be reflected in all pensions, for everyone." He also pointed out that the system would be fairer, since the payment of social contributions is calculated on a percentage basis. "Everyone pays out 10% of their income to a maximum figure, and that figure is more than the average income in the country, so since the more you earn, the more you pay, then you expect your pension to be reviewed," he said. Mr Farrugia said this information should be easy to establish, especially since the Central Office of Statistics is now conducting surveys on income distribution. "At least if such a system is introduced, all pensioners will get a fair deal," he concluded.  Not taking part in Expo would have been a big mistake
German officials have commented on the importance of seeing Maltese participation in the Expo 2000 currently being held in Hannover, Germany. "This is one way of promoting Malta and of telling people of your dynamic country," explained a senior official from the Federal Press Office, "not to have done so would have been a grave mistake." Malta has one of the smaller stands at the Expo, unlike other small nations such as Lithuania, Estonia and Monaco. The small state of Monaco, a small principality on the French coast, in fact has a huge building surrounded by real life models of yachts and super-sized sunseekers in a water canal. The building offered a spectacular audio-visual presentation - but it could only talk of 1.95 square kilometres which also included a yacht marina the size of Msida creek. Malta’s stand is far from being a protagonist but nevertheless it is presented rather professionally - to match the Monaco stand would have meant spending more than just the Lm1 million earmarked for the project - a figure that has been severely criticised by both the Labour party and the GWU. Other countries with far less impressive economic situations and this includes countries such as Yemen and Ethopia have their own separate outdoor buildings, unlike Malta’s, which is found in an enclosed hall. Yemen, for example, recreated a mud–like structure to realise a replica of a Sanaa building. But German journalists present in the Expo press centre commented that they would have welcomed more material on the political and European accession process in Malta. "To many, Malta is simply a romantic island in the Mediterranean." The cold spell of weather has not stopped the crowds that are flocking to see the Expo in the last few days before its closure. The Expo has welcomed over 18 million visitors while, last Sunday, 300,000 visited the exhibitions. The Expo had started off with a very bad opening as a result of local bad press, the German government has spent millions of Deutsche Marks in upgrading the Expo park and the infrastructure that leads to it. The Expo literally needs more than simply one or two days to visit. To attend to the running of the Expo, 23,000 employees can be found in this buzzing city which has welcomed over 20,000 VIPs. Malta is one of 173 countries taking part in the Expo. | ||||||||
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The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07 | Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075
Editor: Saviour Balzan
e-mail: [email protected]