International News

  • Malta Retains A+ Credit Rating 14th February 2018

    Malta’s credit rating of A+ with a stable outlook has been reaffirmed by Fitch Ratings.

    The positive rating recognizes Malta’s high national income per head, robust economic growth, large net external creditor position, and strong governance indicators, the agency said.

    Fitch Ratings said the structural shift of Malta’s economy towards more service oriented and less investment intensive-sectors will lead to a sustained current account surplus and a healthy external position. Malta’s banking sector was also singled out for its robust capitalization and liquidity ratios, and improving asset quality.

    Welcoming the news, Edward Scicluna, Minister for Finance, commented: “This positive rating, released just after the upward revision in Malta’s growth forecasts by the EU, further confirms yet again that Malta is in for more years of success that will be enjoyed by all.”

  • Gibraltar Worried About Becoming A Brexit Bargaining Chip 5th February 2018

    Gibraltar’s Deputy Chief Minister, Joseph Garcia, has said it would be manifestly unfair if Gibraltar were to become a “whipping boy” in disagreements between the EU and the UK on Brexit.

    In a speech to Brussels think tank the Friedrich Naumann Foundation, Garcia said nobody had anything to gain by excluding Gibraltar from the transition or the future relationship agreement between the EU and the UK. He was discussing the fractious relationship between Gibraltar and Spain, which could seek to block the UK’s exit deal over provisions concerning the neighboring territory.

    Garcia stressed the importance of continued cross-border fluidity once Gibraltar is outside the EU. He said this is important for the 13,000 people who live in Spain and work in Gibraltar, including nationals of all the EU member states, as well as those who live on either side of the Spanish/Gibraltar border, tourists, and others.

    Garcia told the audience that Gibraltar is a European success story and a microcosm of what Europe should be, adding it would be a tragedy if this was lost going forward. He reminded those listening that 96 percent of Gibraltarians had voted to remain in the EU in the June 2016 referendum, but that many were now disappointed following publication of last year’s European Council negotiating guidelines, which appeared to give Spain a veto over whether Gibraltar would be included in any future EU/UK deal.

  • IoM Regulator Cracking Down On Unlicensed Activity 1st February 2018

    The Isle Of Man’s Financial Services Authority says it is cracking down on unlicensed persons carrying on regulated activities.

    Regulated activities include acting as a director or secretary of a company, acting or arranging for another person to act as a nominee shareholder of a company, and providing or arranging for premises for use as a registered office or address for a company.

    A complete list of regulated activities as defined by the Regulated Activities Order 2011 and licensing exemptions can be found on the Authority’s website.

    The Authority said that anyone unsure of whether they are carrying out regulated activities without the relevant license should either seek independent legal advice or contact the Authority.