Baxter’s profits are higher than expected

 

Baxter's factory in Malta

Baxter International, the world’s biggest maker of blood-disease treatments which is also based in Malta, beat analysts’ expectations yesterday after it posted profits of $569 million for the last three months of 2008, up from $478 million posted in the same period the year before.

“Baxter is not playing defense, but rather investing heavily [in capital improvements and research and development] to fund future growth,” a source quoted by the Chicago Sun-Times says.

This is yet another case where investment in innovation and constant improvement pays off.

Deutsche Bank to set up shop in Malta?

Deutsche Bank is showing an interest in setting up operations in Malta, timesofmalta.com reports.

The news comes as the same web site reports that Malta’s Prime Minister Lawrence Gonzi is currently in a meeting with top officials of the bank.

Deutsche Bank warned shareholders last week it lost more than $6 billion in the last three months of 2008, sending shockwaves on the stock exchange where its shares lost more than 8% in value.

‘Journey to Gaza’ – Welcome to Malta’s first beat-blog

Finally, a media organisation has launched its first beat-blog.

Media and blogs are not yet in love in Malta. The power of blogging, especially beat-blogging, is in fact underestimated by most, if not all, media organisations in Malta. However, MediaToday has launched yesterday its first beatblog – Journey to Gaza.

Journey to Gaza, penned by Karl Schembri, MaltaToday deputy editor, shall follow the journey of  Sanaa el-Nahhal, a Palestinian from Gaza.She has ‘single-handedly collected humanitarian aid from the [Maltese] public last week’, the blog states.

Just a small comment on the title. There’s an epic feel to the blog title, ‘Journey to Gaza’. It reminds me of The Odyssey. And in fact, the story Karl’s following is living up to the title’s expectations as the Maltese embassy in Cairo took  nothing less than 26 hours to issue a document which the convoy needed to go into Gaza.

I shall be closely following this blog in the following days and encourage you to do so as well.

Malta’s economy to grow just 0.7% in 2009, unemployment to soar to 7.4%, says Commission

The economy is exppected to grow by just 0.7% after that it grew by 2.1% in 2008, said the European Commission today in its economic forecast for 2009.

Unemployment in the southernmost state of the EU is expected to top 7.4%, up 0.9% from 6.5% in 2008.

Deficit is however expected to decrease to 2.6%.

A detailed report compiled by the Commission shows that consumption shall fall while tourism is set to falter in 2009, the export market of semi-conductors, which constitutes the lion’s share of Malta’s exports, shall also take a hit this year. 

When treating inflation, the Commission points out that the Maltese will expect lower food prices in 2009, but the increase in water and electricity rates is set to push inflation, limiting its downward push.

‘The severe economic downturn will have a profound impact on labour market developments and public finances’, said the Commission as it predicts that the European economy will fall by 1.8% during 2009.

The Maltese Government had forecasted a growth of 2.5% in its last budget, presented in November 2008.

This means that with the worsening of the global situation, the European Commission is now expecting Malta to grow much less than it had predicted just less than two months ago.

MFSA to investigate money transfer tariffs

The Malta Financial Services Authority has announced todat that it will investigate tariffs that are charged by banks and financial institutions for money transferred from Malta to other countries, timesofmalta.com reports.

Messages contained in the comment section of the same web site state state that a local bank has raised its online banking fees after it reported an increase in maintenance costs.

Malta is also a soft drink

Malta is also bottled, drunk, trashed, and hopefully recycled.

This is the lifespan of Pony Malta – a Colombian soft drink, also present on Facebook with a 1,200+ strong fan-army. Pony Malta is made from malt and is very rich in Vitamin B, states Wikipedia.  

Now that we are submerged with plastic bottles – be they Virgin or not – from all over the world, would you consider importing a soft drink that bears the name of your country? Will you ever really sell your country?

No need to rush Air Malta – it’s just a customer after all

Robert Zammit makes a case for Air Malta to reduce its fares by entering into a fresh agreement for the purchase of fuel given the low price of oil.

In so doing, Robert asks for Air Malta to ‘wake up’.

I have a message, and a song, for Air Malta: relax, after all it’s just a customer who wants to be treated fairly:

Botswana enjoys greater economic freedom than Malta – report says

Botswana and Georgia enjoy greater economic fredom than Malta, a study carried by the Heritage Foundation and Wall Street Journal shows.

In the 2009 version of the report released today, Malta is termed as a moderately free economy, classifying 46th from 179 countires with corruption, the size of government spending and taxation seen as hindering Malta’s economic freedom.

From the report:

Challenges to overall economic freedom in Malta include burdensome taxation, a high level of government spending, and rigid labor regulations. 

The report on corruption:

Corruption is perceived as present […] Malta still lacks a comprehensive anti-corruption strategy, as well as appropriate institutions to implement and monitor anti-corruption activities in the public sector and specific areas of law.

The report also shows that Malta’s economy was freer in 2002 than today.

The report also shows that Hong Kong, Singapore and Australia are the most free economies in the world. The UK and Ireland are the only EU states classifying in the top ten with the worst performer for the 27-state bloc being Italy, in 76th place.

Italians bet €3.9 billion in 2008

Italians bet €3.9 billion in 2008 marking an increase of more than 50% over the previous year, reports which appeared today on Italian news agency ANSA suggest.

The same report says that online football betting represents 27% of the total sum played.

Malta has a booming igaming sector with more companies choosing to set up shop here.

The growth of this sector in a market like Italy may translate itself to financial benefits for betting companies registered in Malta, should they be capable of attracting customers towards them.

Betting companies registered in Malta yield registration and taxation payments to the Maltese government, which is vociferously opposing EU regulation of igaming together with the UK.

Dubai posts first deficit ever

Shekh Zayed Road, Dubai

 

What goes around comes around.

After years of crazy spending and sensational growth, Dubai has recorded a deficit of nearly €851 million for 2008, The Observer says today. 

It also reports how real estate projects were put under review due to the current economic crisis.

I would love to know if the crisis hitting Dubai is going to affect plans for SmartCity@Malta in Malta.