Tag Archives: Top News

MALTA, EU ASKS TO INTENSIFY SUPERVISION OF BANKS

The European Commission asked the European Banking Authority (EBA) to conduct a survey which found that the Malta Financial Intelligence and Analysis Unit (FIAU) was violating EU legislation. The European Commission has therefore formulated a formal opinion requesting the Maltese Anti-Money Laundering Supervisory Authority (Financial Intelligence and Analysis Unit) to take a series of precautions including improving its risk assessment methodology for money laundering and financing. terrorism, strengthen its control and monitoring strategy by aligning resources with the risk presented by some recycling institutes, ensure that the authority is able to react quickly to any identified shortcomings, including  through the revision of its sanctioning procedures, to ensure that its decision-making process is adequately motivated and documented, to adopt systematic and detailed registration procedures for non-site inspections. Valdis Dombrovskis, Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said “the EBA will be given the tools and additional resources needed to ensure effective cooperation and convergence supervision. I trust in the cooperation of the European Parliament and the Council to make this proposal immediately a legislative act”. 

 


Source: medNews

EGYPT, NATIONAL ROAD PROJECT

Orascom Road Construction announced that the volume of business implemented as part of  the national road projects amounted to 13 billion Egyptian pounds, the company CEO said.
The National Roads Project is a large Egyptian infrastructure project initiated by President Abdel Fattah el-Sisi in August 2014. The project includes the construction of 39 new roadways with a total length of 4,400 km. The new road network will account for around 10% of the total length of all roads in Egypt. The company is currently carrying out El Tor-Sharm El Sheikh road of 250 kilo meter, in addition to implementing internal roads within the new administrative capital.
El Tor-Sharm El Sheikh road will be completed by the end of end of the current year.(ITALPRESS/MNA).


Source: medNews

MALTA, BLOCKCHAIN SUMMIT TO MAKE POINT ON THE SECTOR

The Malta Blockchain Summit, an international event dedicated to DLTs (Distributed Ledger Technologies), was held in Malta. Over 8.000 people including investors, companies and specialists in the sector participated. The smallest member of the European Union has decided to focus strongly on this type of technology and has established itself as a Blockchain Island, also thanks to the promptness with which the government has approved several bills that regulate the sector.
The presence of a precise legislative framework has attracted the interest of many companies that offer services that are based on this new technology, and that see in Malta the ideal environment to carry out their operations. 

The Summit opened with the presence of Joseph Muscat, Maltese Prime Minister, who stressed that “the blockchain seed landed on fertile soil here. We began watering it to ensure it grows in an organic way, building the blocks to ensure that it will bear fruit when the time is right”.
During the course of the summit, the issues of legislation, transparency, the relationship between decentralization and government, cryptocurrencies, investments in the sector, the protection of operators and the numerous applications of DLTs were analyzed.

The stand area welcomed 300 exhibitors, including cryptocurrencies, cryptocurrency exchange services, government agencies and law firms. The technological part was not exclusively limited to blockchain, as it also extended to the fields of artificial intelligence and quantum technology and the Internet of Things with their application in many sectors, from medicine to agriculture, from transport to customer service.

The Malta Blockchain Summit also featured a Start-up Village, sponsored by Malta Enterprise, the Maltese government agency for economic development, which is also responsible for attracting foreign direct investment to Malta. The Start-up Village gave the opportunity to 40 start-ups to show their technological offer to over 1000 investors. “Malta Enterprise has, among its main objectives, that to promote and support new business ideas”, explained Anthony David Gatt, Malta Enterprise Investment Promotion Manager. 

“We strongly believe that new technologies, such as blockchain, internet of things and artificial intelligence, represent the future for almost all productive sectors. For this reason we have invited 40 start-ups to the Malta Blockchain Summit, and we are confident that many of them will choose Malta as a base for their activities, taking full advantage of the opportunities that Malta offers not only from a legislative point of view, but also specifically from the direct support that Malta Enterprise provides to young companies that invest in technology”.


Source: medNews

ON 24 NOVEMBER ITALY BLOCKCHAIN SUMMIT IN MALTA

 € 20 million is the sum raised by one of the ICOs launched in recent months by a startup of young experts from the Crypto world. On 24 November 2018 in Malta, the Maltese Italian Chamber of Commerce organizes Italy Blockchain Summit.

The event is part of the first Malta Italy Business Forum to be held from 21 to 24 November, organized by the Maltese Italian Chamber of Commerce. 4 days dedicated to Italian and Maltese professionals and entrepreneurs working in internationalization, international taxation, fintech, blockchain and stock exchange quotations.

“Malta has been called Blochckain Island – says Victor Camilleri, president of the Italian Chamber of Commerce in Malta – as from November 1 will enter into force the new legislation that regulates the Blockchain and the Crypto currencies, turning Malta into the first regulated hub in Europe and among the first in the world”.

During the first Italian Blockchain Summit in Malta, Italian entrepreneurs and professionals will compare themselves with the most important lawyers and consultants in the Blockchain sector of the island. The program is very broad and will cover all the peculiarities of Maltese legislation in the sector such as the procedure for starting an ICO, the difference between utility or security Tokens, the taxation of tokens and virtual coins.

“We will try to provide a clear overview of Blockchain in Malta – said Oliver La Rosa, a member of the MICC Council and Blockchain expert – our speakers, one of Malta’s most successful professionals, will address in detail the peculiarities of the new legislation. In concrete cases, participants will have the opportunity to better understand the regulation of the ICOs of the future and how to manage an already implemented before November 1 “.

Places are limited and reservations can be made on the Malta Italy Business Forum website.

(ITALPRESS/MNA)

 


Source: medNews

TURKEY'S UNEMPLOYMENT RATE AT 10.8% IN JULY

The annual unemployment rate in Turkey hit 10.8,the country’s statistical authority stated on Oct. 15. “The number of unemployed persons aged 15 years old and over increased by 88,000 to 3,531 million persons in the period of July 2018 in Turkey compared with the same period of the previous year. The unemployment rate occurred as 10.8 percent with 0.1 percentage point increase. In the same period, non-agricultural unemployment rate occurred as 12.9 percent with 0.1 percentage point decrease,” Turkish Statistical Institute (TÜIK) said.

“While youth unemployment rate including persons aged 15-24 was 19.9% with 1.2 percentage point decrease, the unemployment rate for persons aged 15-64 occurred as 11% with 0.1 percentage point increase,” it added in the statement on its website.

The number of employed persons rose by 507,000 to 29,2 million persons in the period of July 2018 compared with the same period of the previous year, according to the statement.

The employment rate occurred as 48.2 percent with 0.2 percentage point increase.

Employed people in the agricultural sector decreased by 247,000 persons and the number of non-agricultural employment increased by 755,000 thousand persons in this period.

According to the distribution of employment by sector; 19.7 percent was employed in agriculture, 19.5 percent was in industry, 6.9 percent was in construction and 53.9 percent was in services.

Employment in agriculture decreased by 1.2 percentage point and construction decreased by 0.7 percentage point while industry increased by 0.8 percentage point and services increased by 1.1 percentage point compared with the same period of the previous year.

The number of persons in the labor force realized nearly 32.8 million persons with 596,000 persons increase in the period of July 2018 compared with the same period of the previous year.

Labor force participation rate (LFPR) was 54 percent with 0.3 percentage point increase.

LFPR for male was 73.8 percent with 0.3 percentage point increase and the rate for female was 34.7 percent with 0.4 percentage point increase compared with the same period of the previous year.

The number of seasonally adjusted unemployed persons increased by 53,000 to 3.5 million persons in the period of July 2018 compared with the previous period. The unemployment rate was 11 percent with 0.1 percentage point increase.

(ITALPRESS/MNA)


Source: medNews

EGYPT RANKS FIRST AS INVESTMENT-MAGNET AFRICAN COUNTRY

Egypt ranks the first among African countries in 2017 in terms of attracting foreign direct investments, said CEO of COMESA Regional Investment Agency (RIA) Heba Salama. In 2017, foreign direct investments in Egypt were estimatedat $7.4 billion to be followed by Ethiopia, she added.

Salama told African Business Magazine that Egypt took the lion’s share of foreign direct investments coming to the African continent in 2017 with a share representing 42 per cent of total investment in flows to Africa. 

Meanwhile, she made clear that foreign direct investments declined in world states from $1.87 to 1.43 trillion in 2017 and consequently they went down in the African continent to $42 billion. Shelauded the Free Trade Area agreement signed among African states, saying it help ed provide more opportunities for investments, facilitating the movement of citizens and increasing inter-Africa trade. 

(ITALPRESS/MNA).

 


Source: medNews

MOROCCO, 30 BLN DOLLARS IN RENEWABLE ENERGY

Speaking at the opening ceremony of the 11th Arab Energy Conference, minister Rebbah said that investments in the energy sector will reach 30 billion dollars for renewable energy generation projects, which represents great opportunities for the national, regional and international private sector.
To implement these programs, the Kingdom of Morocco attaches great importance to the issue of encouraging investment in the energy sector in general and in the field of renewable energy, in particular, added the minister, underlining in this context that Morocco is committed to efforts in this area through new measures for the development of the legislative framework to improve the climate attracts domestic and foreign private investors.
The minister also noted that the energy sector in Morocco is characterized by an increase in energy demand and an almost total dependence on imports, noting that the total consumption of the Kingdom is equal to 20.8 million tons in 2017, including oil (55.9%) and coal (25.5%).

Rebbah also stressed that renewable energy (wind, hydro, solar) contributes about 5.8%, while it was only 2.6% in 2002. After underlining the diversity of partners in the Moroccan market, Rebbah reported that almost 80 groups are currently interested in the project of liquefied gas at the port Jorf Lasfar, which makes available about 4.5 billion dollars, noting that the ministry is finalizing the final touches before launching the call for tenders.


Source: medNews

CANAL SUEZ SIGNS AGREEMENT WITH PORT OF SINES

Chairman of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCEZ) Mohab Mamish signed a memorandum of understanding with the Portuguese Port of Sines.
The MoU is intended to strengthen parternships and exchange expertise and information regarding the field of ports, according to a statement released by the SCEZ on Thursday.

The statement continued on to highlight that the agreement was signed during a meeting between Mamish and Portugal’s Minister of Sea Ana Paula Vitorino. The meeting was held in order to discuss boosting bilateral cooperation in the port sector. During the meeting, Mamish reviewed a number of key mega-national projects implemented by the country, including the underway Suez Canal development corridor.
Source: Amwal al Ghad.
(ITALPRESS/MNA).


Source: medNews

TUNISIA, THE SCHEME OF THE 2019 BUDGET PROJECT ANNOUNCED

The head of the Tunisian government is reassuring that PLF 2019 will no longer introduce new taxes. Thus businesses and citizens will not have to face new fiscal constraints. He announced that the social component is one of the planks of PLF 2019. Indeed, growth, deficit control and the strengthening of purchasing power for the middle and poor class will be considered as priorities.

Furthermore, the 2019 financial law took into consideration regions and young people. In fact, the project in question takes into consideration the needs of the regions of the inland of Tunisia. Youssef Chahed announced the doubling of the budget for regional development. In addition, a financing line (50million of Tunisian Dinars) for self-financing projects is included in the PLF 2019. It also states that entrepreneurs do not lack ideas but lack self-financing.

He announced that the Tunisians will be able to acquire a popular car whose cost does not exceed 20,000 dinars. The year 2019 will also see the launch of the Bank of Regions.

Moreover, Youssef Chahed said that it would be possible to improve the economic indicators. But “political support has been lacking, the desire for reform does not exist in several partners”, the Prime Minister complains. For him, political negotiations have upset the government’s work and the implementation of reforms.

The companies created in 2019 will benefit from a four-year tax exemption. While in the financial law of 2018, the companies enjoyed a three-year tax exemption. Furthermore, he states that business taxes will be analysed.

(ITALPRESS/MNA).


Source: medNews

JUDICIAL COOPERATION ITALY-ALBANIA IS STRENGTHENED

Bilateral judicial cooperation is a fundamental part of the strong relations between Italy and Albania. At the headquarters of the Ministry in via Arenula, the two justice ministers of the respective countries, Alfonso Bonafede and Etilda Gjonaj, reiterated this concept in a meeting that took place in an atmosphere of complete collaboration.

Fight against corruption, organized crime and terrorism, as well as cooperation in the penitentiary sector were the themes and at the center of the cordial confrontation between the two ministers in the presence of the Undersecretaries for Justice, Vittorio Ferraresi and Jacopo Morrone, the Ambassador of Albania in Italy Anila Bitri Lani and the Italian and Albanian delegations composed of: Natalia Quintavalle, Diplomatic Advisor, Federico Cafiero De Raho, National Anti-Mafia and Counterterrorism Prosecutor, Fulvio Baldi, Head of Cabinet, Raffaella Pezzuto, Head of the International Activities Coordination Office and Francesco Basentini , Head of the Prison Administration, Jonida Gaba and Florion Serjani, respectively Chief of Cabinet and Councilor of Minister Gjonaj and Albanian Attorney General Arta Marku.

The visit took place within the framework of the Pameca V, a project of the European Union that offers technical assistance to the main Albanian police agencies to strengthen their capacity to fight organized crime, of which Italy has the leadership and has articulated yesterday’s meeting at the headquarters of the DNA (National Anti-Mafia Directorate), where the two representatives of the Justice met the national anti-mafia prosecutor Federico Cafiero De Raho.

Giovanni Russo, deputy prosecutor of the National Anti-Mafia Directorate, illustrated the functioning of the DNA database, while Alessandra Cataldi, director general of the automated information systems of the Judicial Organization Department presented the SIDDA – SIDNA project, the basis of a modern and efficient response of the State to organized crime, able to provide a rapid understanding of the phenomenon and its manifestations.

During his visit to Italy, the minister also met representatives of the Superior Council of Magistracy and the National Anti-corruption Authority.

(ITALPRESS/MNA).


Source: medNews

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