After Maltese company FLASC – Integrating Offshore Energy Storage made it to the regional final of the PowerUp! by InnoEnergy Competition in 2017, this year’s winners have now been announced as Zubax Robotix from Estonia. The team presented their project, which provides 10% more energy-efficient electric motor controllers for aerospace applications. Their technology allows electric vehicles (especially aircraft) to travel further using less energy from the battery, thus alleviating one of the most significant obstacles in the way of total electrification of all kinds of transport. Zubax was awarded € 30,000 and a chance to be invited to the prestigious InnoEnergy Highway® accelerator.
Addressing the conference ‘Leveraging EU Funds: A Development Bank Perspective’, Parliamentary Secretary Aaron Farrugia said the SME Initiative is already achieving significant success in Malta, “so far, EUR 50 million have been committed in loans to 460 SMEs”. Dr Farrugia added that for Malta to get more value, more ‘bang for our buck’, in the next MFF post 2020, leverage is crucial. “Across the EU it is likely that the traditional mix of ESIF and government- owned funds to finance projects will not be enough to sustain the growth momentum, especially as most governments remain fiscally constrained. Even though my government’s position is that financial instruments should complement grants, we recognise that the use of financial instruments will assume greater importance in the next EU budget”. On the future role of the Malta Development Bank, Dr Farrugia said, “I am pleased that the Government of Malta is now working to address the market failure and funding gap through the establishment of the Malta Development Bank. National development bank models have long been used across Europe – Germany, France, and the UK are the obvious examples – but also successfully in smaller member states, particularly Hungary. There can be no sustainable growth if infrastructure development is slowed down or paused. EU cohesion funds have and will continue to play an important role in this. However, leveraging of scarce resources through better finance blending from the Malta Development Bank and private sector will play an important part in keeping our growth momentum”
Minister for Transport, Infrastructure and Capital Projects Ian Borg addressed a conference on ‘Improving through Change’, held by the Office of the Permanent Secretary of the Ministry for Transport, Infrastructure and Capital Projects Christopher Cutajar. Ian Borg referred to the theme of the conference, and said that while the concept of change is an important one, it is also important to look back at what has been achieved and how this was implemented. He expressed his satisfaction at the achievements of the Ministry throughout this past year and mentioned the added relevance which the Ministry achieved in its duration. He said that this brought with it certain challenges, but he commended and thanked the Ministry’s employees for their good work. Minister Borg stressed the importance of the country’s economic wealth, but reminded those present that this also means that we need to work harder to maintain and further improve the momentum gained. The Minister said that a lot more remains to be done and referred to the forthcoming setting up of Infrastructure Malta, which will be implementing the unprecedented investment of €700 million in road infrastructure. He spoke about the need to continue seeking to further improve upon the achievements by Transport Malta. Continue reading
T he 4.4 per cent growth of the Maltese economy during the first quarter of this year translated into a €78 million increase in workers’ wages and a €70 million increase in gross profits of enterprises. These increases boosted private consumption which recorded a healthy increase of €34 million or 3.1 per cent. This increase in economic wealth was experienced in both the Continue reading
“As Malta’s first national space dedicated exclusively to contemporary art, MICAS aims to positively energise Malta’s cultural ecology. It will play a pivotal role in Malta’s cultural development as an active player on the world stage, connecting communities and audiences whilst also promoting internationalism and cultural diplomacy”, stated Minister for Justice, Culture and Local Government Owen Bonnici. Continue reading
In all, 316 Certified Public Accountant (CPA) warrants and Practising Certificates in Auditing (PCA) were presented by the Minister for Finance Edward Scicluna, during a ceremony held at Hastings Gardens, Valletta. THREE HUNDRED SIXTEEN ACCOUNTANTS AND AUDITORS RECEIVE CPA AND PCA WARRANTS AND CERTIFICATES Continue reading
World’s largest voluntary food retail chain enters Malta with established Maltese partner the Azzopardi Group SPAR International has announced its entry into the Maltese retail market. Partnering with Malta’s leading FMCG company the Azzopardi Group, Continue reading
Minister Chris Cardona launched Malta Enterprise’s new scheme aimed at startups, ‘Start-Up Advance’, as part of the government’s commitment to drive innovation and encourage growth, during the first B2B Malta Expo. Qualifying start-ups can be granted up to a gamechanging €100,000. Malta Enterprise offers a large number of grants and support catering from the ground up and to nurture it along the way with financial help and advice. Continue reading
The MCA is hereby publishing the findings of a survey gauging consumer perceptions based on their experience in using fixed telephony services offered in Malta. The survey, which was limited to residential users, was carried out by Grant Thornton via telephone interviews. A total of 824 randomly selected respondents participated in this survey.
During the closure event of the LIFE BaĦAR for Natura 2000 project, Minister for the Environment, Sustainable Development and Climate Change José Herrera announced that Malta has increasing the protected marine areas from 3,487 km2 to 4,138 km2, reaching over 35% of the Maltese waters through the designation of an additional eight Marine Protected Areas (MPAs) for Malta. These areas are being afforded Continue reading