Archive for January, 2011

The Malta Chamber of Commerce, Enterprise and Industry

January 28, 2011

 77 Great Estates is a member of the Malta Chamber of Commerce, Enterprise and Industry.

Said Chamber is a powerful voice for the business community.  It provides a central, national organisation for the representation, promotion and protection of all members’ interests, as well as acting as an authoritative medium of communication between members’ sectors, Government, and the EU.  The Malta Chamber also aims to establish and support initiatives which lead to the establishment of new business ventures and employment opportunities.

Real Estate Business Section

This Business Section falls under the Services Providers Economic Group.  It is closely affiliated with the Federation of Estate Agents (FEA), and aims to:

  • Increase communication and interaction with members
  • Increase public awareness of the Business Section and the FEA
  • Launch ‘Estates Malta’ platform
  • Monitor property and capital gains tax issue
  • Work towards self regulation of the sector

 

Networking

The Malta Chamber provides the ideal environment for networking through its frequent organisation of events be it seminars, conferences and information meetings, as well as on a more informal level when events are organised by the Malta Chamber Social Committee.

International Scene

On an EU level, the Malta Chamber is represented by two main organisations, EUROCHAMBRES and BUSINESSEUROPE, of which it is a member. Through its membership, the Malta Chamber is informed about events and upcoming policies on the European front, as well as the representations made on behalf of business.

The Malta Chamber is also represented by the Malta Business Bureau, which through its Brussels office, focuses on EU advocacy work in relation to evolving EU policy, regulatory and legislative initiatives affecting the local business scenario, by liaising directly with several European and local counterparts.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

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High marks for financial services authority – Article by Matthew Xuereb, Times of Malta, 10th January 2011

January 28, 2011

The Malta Financial Services Authority has passed with flying colours an independent assessment of its compliance with the Basel Core Principles on financial sector supervision.

The study by three assessors, led by the International Monetary Fund’s former assistant director Piero Ugolini, revealed “strong progress” over a similar test last carried out in 2003.

The Basel principles are issued by the Basel Committee on Banking Supervision, which provides an international forum for regular cooperation on banking supervisory matters. It aims to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide.

Presenting the findings to Prime Minister Lawrence Gonzi, Mr Ugolini said the assessment showed significant improvement in the MFSA’s overall compliance, mostly due to transposition of EU Directives when Malta joined in 2004.

He said the report also highlighted the resilience of Malta’s financial sector, especially in these times of shocks.

The assessment, carried out last year, covered the MFSA’s sections on banking, insurance and securities. Mr Ugolini said that although Malta’s overall rating was positive, there were some issues which the authority still had to address, primarily the problem of recruitment of staff.

He said MFSA’s recruitment was being hindered by an administrative circular issued by the Office of the Prime Minister in 2005. As a result of this circular, with imposes a “cumbersome process”, the authority’s recruitment process takes several months, with the obvious effect this has on the workload for the authority’s staff.

The report also recommended changes to its legislation in the case of dismissal of a board member whereby the reason is publicly disclosed.

Mr Ugolini’s report said the MFSA was compliant in 21 of 26 principles and largely compliant in the rest. The principles range from independence and transparency to capital adequacy; from liquidity risk to supervisory approach.

In 2003, the authority was compliant in 11 principles and largely complied in 12. Then, there was only one sector in which the MFSA was materially non-compliant.

The MFSA’s banking area saw the most substantial progress since the last report, Mr Ugolini said.

He criticised the fact that the law did not specifically state the MFSA was the competent authority in the supervision of the Maltese financial sector.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.

Relations between Iran and Malta unaffected by ‘marginal issues’ – Article by Kurt Sansone, The Times, 21st January 2011

January 24, 2011

Iran’s Ambassador Seyed Mohammad Ali Hosseini in Valletta soon after presenting his diplomatic credentials. Photo: Jason Borg

UN sanctions against Iran would not affect trade relations between Malta and the Persian Gulf state, according to the new Iranian Ambassador.

Seyed Mohammad Ali Hosseini played down the significance of the sanctions and insisted trade relations with Malta would not be affected by “marginal issues” when asked whether the commercial operations of Iran’s state-owned shipping line at the Freeport would be affected.

Speaking with the help of a translator soon after presenting his diplomatic credentials to Acting President Anton Tabone at the Palace in Valletta, Mr Ali Hosseini described UN sanctions against his country as “unjust and illegal” intended solely to harm the Iranian people.

He said the Iranian people managed to survive despite the UN sanctions over Iran’s nuclear programme. “Sanctions are ineffective to dissuade the Iranian people from pursuing their strategic interests in the world,” he said.

Focusing on relations between the two countries, Mr Ali Hosseini said there were various sectors, such as tourism, where trade between Malta and Iran could be developed. “With 15 neighbouring states, a population of 60 million and strategically positioned in a potential regional market of 300 million, Iran can promote Malta in the Persian Gulf,” he said.

For further information, kindly contact 77 Great Estates on (00356) 2125 2455; (00356) 9944 7444; skype: info.77GreatEstates or info@77GreatEstates.com.