HSBC Bank Malta has announced that as a result of the ECB interest rate change, it is reducing its Home Loan Base Rate (HMLR) from 4.25% to 3.75%. The HMLR is the base for the banks variable mortgage lending. Reflecting the prevailing market conditions, HSBC has also adjusted its base rate for all other lending to 3.95%. These revised base rates are effective as from this coming Monday, the 13th of October 2008. HSBC has also reduced its savings rates in line with the ECB rate cut, with the exception of the HSBC On Line Savings Account which remains at 3% p.a. The bank said that this is in line its policy to encourage the use of electronic banking and its ... Read more...

The Minister for Gozo, Giovanna Debono, was reconfirmed vice-President of the Political Bureau, during the 36th General Assembly of the Conference of Peripheral Maritime Regions of Europe, which was held in Aquitaine, France between the 2nd and 3rd October. The Minister for Gozo participated in this assembly during which various themes were brought for discussion from a regional perspective. The debate also had the participation of authorities and experts in their respective fields, including the European Commissioner for Maritime Affairs and Fisheries, Dr Joe Borg, representatives of the European Commission, the European Parliament and Regional Authorities. The Conference of Peripheral Maritime Regions of Europe (CPMR) was set up in 1973 with ... Read more...

Monsignor Giovanni Battista Gauci, vicar general for the Gozo diocese, has been awarded €9,000 in damages from Il-Gens, following the Church newspaper's publication of a libellous article on April the 21st of last year. The offending article was titled "Nafu x'ahna naghmlu?" and was anonymously written under the pen name "asterisk." Magistrate Silvio Meli, noted that by approving the article for publication, Nicholas Baldacchino, the editor at the time, allowed the newspaper, as well as the Archdiocese which owned it, to be used to spread serious and unfounded allegations against Mgr Gauci and his relatives. The court further noted that Mr Baldacchino had not appeared before the court, and had not sought an agreement despite being given every opportunity to do ... Read more...

Provisional data for international trade show that the visible trade gap in August 2008 stood at €102.8 million, up by €8.3 million compared to the same month last year. There was a decrease in imports of €16.9 million and a decrease in exports of €25.2 million. The decrease in imports was due to fuels and lubricants and consumer goods. Machinery and transport equipment, miscellaneous manufactured articles, food and semi-manufactured goods accounted for the decrease in exports during August 2008 when compared to the same month last year. During the first eight months this year, the visible trade gap widened by €41.7 million, to stand at €922.8 million. This came about because of a decrease ... Read more...

Following the decision taken yesterday by the European Central Bank to lower its refinancing rate by 50 basis points, Bank of Valletta announced that, with effect from the 13th October, 2008, it is lowering its Bank Base Rate to 3.75%. With effect from the same date, interest rates on all deposit accounts denominated in euro will decrease by 0.50% per annum. Similarly, interest rates charged on commercial loans and overdrafts, personal loans and mortgages will be revised downwards by 0.50% per annum. Debit interest rates on credit card accounts will also be lowered by 0.50% per annum, with effect form the 13th October 2008. Further details may be obtained ... Read more...

Last Saturday over 10,000 persons visited Heritage Malta museums and sites in Valletta which were opened free of charge. The most popular venue was the National Museum of Archaeology which was visited by nearly 4,000 persons. Visitors had an opportunity to handle original artefacts and learn about their uses and purposes during the evening. The Palace Armoury was also very popular with nearly 3,500 visitors. The National Museum of Fine Arts was visited by over 1,500 persons. The Heritage Book Fair at the Heritage Malta Head Office also proved to be a success as many took the opportunity of viewing Anthony Catania's painting exhibition 'The Pied Piper' which will remain open to ... Read more...

The latest labour market data, provided by the Employment and Training Corporation (ETC), for the month of May 2008, shows that the labour supply increased by 2,271 persons over the same month in 2007. The full-time gainfully occupied population increased by 2,833 persons, whereas the registered unemployed decreased by 562 persons. In this way, the labour supply amounted to 150,034 persons. Of these, the full-time gainfully occupied population amounted to 144,016 persons, whilst the registered unemployed amounted to 6,018 persons. Full-time employment in the private sector increased by 3,278 persons, whereas full-time employment in the public sector dropped by 445 persons. In the twelve months to May 2008, the areas of the private sector which increased its full-time ... Read more...

A tragedy was narrowly averted on Sunday the 5th of October in St.Paul's Bay after a ceiling cave-in had the owner clinging from a wall while falling slabs injured his wife who happened to be in the hallway below. The property next door was recently demolished and excavated, following which, damage was noted to the walls of the adjoining house where the roof later caved in. Although Flimkien ghal Ambjent Ahjar (FAA) is waiting for technical experts to submit their reports on this serious incident, the organisation comments, yet again, that it is unacceptable that notwithstanding past tragedies and several other cases where the contractors have been found fully liable and grossly negligent, MEPA still ... Read more...

Euro area (EA15) GDP declined by 0.2% and EU27 GDP was unchanged in the second quarter of 2008 compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the first quarter of 2008, growth rates were +0.7% in the euro area and +0.6% in the EU27. In comparison with the same quarter of the previous year, seasonally adjusted GDP grew in the second quarter of 2008 by 1.4% in the euro area and by 1.7% in the EU27, after +2.1% and +2.3% respectively in the previous quarter. In the second quarter of 2008 and among the Member States for which seasonally adjusted GDP data are available, Slovakia (+1.9%) recorded the highest ... Read more...

Emma Borg, a mother from San Lawrenz, rediscovered her artistic flair through the peace and tranquility of Gozo, where she has been living for the past seven years. Her first personal exhibition entitled 'Dawn' was inaugurated at the Banca Giuratale in Victoria by the Minister for Gozo Giovanna Debono. The Minister augured that this exhibition would indeed be the 'dawn' of Ms Borg's artistic career with the future holding projects of more art from her brush and imagination. Emma is preparing to hold her second exhibition in the beginning of 2009.