Figures released by ArabNet, a digital content-focused research firm, show that investment funds in the Middle East and North Africa region (MENA) have led to 37 technology investment start-ups in Lebanon for a total of $ 56 million in 2016. In addition, Lebanon attracted 31 investments totaling $ 30 million in 2015, 21 offers totaling $ 26 million in 2014 and 11 investments totaling $ 7 million Dollars in 2013. Lebanon has attracted 17% of the number of investments in technology start-ups in the MENA region in 2016. This figure was 15.4% in 2015, 10.1% in 2014 and 7.8% in 2013.

Lebanon has attracted the second highest number of technology start-ups in the 14 MENA countries in 2016. It ranked third in 2015 and fifth in 2013 and 2014. In addition, Lebanon has attracted the second highest investment value in the MENA region in 2016 and 2015, while it attracted the fourth in 2014 and the fifth in 2013. ArabNet has indicated that it has examined six venture capital funds (VCs), five companies, two seed funds, two funds VCs in growth, two angel investors’ networks and an accelerating fund in Lebanon.

At the same time, funds from the MENA region invested a total of $ 119 million in technology start-ups in Lebanon between 2013 and 2016. The number of investments in Lebanese technology start-ups was the fourth highest one, among the 14 countries MENA, behind the UAE (234), Jordan (118 transactions) and Egypt (101 investments) in the covered period. In addition, the amount of investment in Lebanese technology start-ups was the third highest in the MENA region for the period 2013-2016, behind the UAE ($ 1.1 billion) and Egypt ($ 251 million) .

Lastly, the number of investments in Lebanon accounted for 13% of total investments in the 14 MENA markets between 2013 and 2016, while the value of investments in Lebanon accounted for 6.9% of total equity investments during the period covered. ArabNet said that Lebanon’s Intermediate Circular 331, issued by the Central Bank of Lebanon, supported the VC’s business in the country. The results are based on data collected by 75 investors and accelerators in Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Palestine, Saudi Arabia, Tunisia and the UAE.
(ITALPRESS).

Source: medNews

Children from different tennis schools across the country joined the fun for the first stage of the Kinder+Sport tournament hosted last weekend by the Malta Tennis Federation at the Marsa Sports Cub with the support of Kinder Ferrero. Kinder+Sport project is aimed at instilling core values such as trust, integration, friendship and respect in the future generation. The tournament saw over 30 participants placed in groups according to their age which ranged between U10- category to U16. This made the tournament a success as most the matches were balanced and played in culture of healthy competition and fair play. The matches were unique as they were played without umpires with the young players having the possibility to enjoy themselves and give their very best guided by a highly educational fair play code. The Kinder+Sport international circuit forms part of an international circuit with similar tournaments being held in Austria, Bulgaria, Germany, Italy, Israel Luxembourg, Monaco, Hungry and Malta, before a final tournament held in Rome to determine the overall winners.  The winners of each category were chosen to represent Malta in the International Masters in Rome between the 20th and 25th August. “The Kinder+Sport Tournament in Malta has been a resounding success,” Robert Tarpey, coordinator of the programme, said. “To see such levels of enthusiasm from everyone involved is encouraging. Through Kinder Ferrero and Italian Tennis Federation we are able to continue enjoying this eagerness of children to play the game”. The second stage of the Malta Kinder+Sport Tournament will be held between July 3 and July 9 at the Pembroke Tennis Club. On may obtain more details by sending an email on info”maltatennisfederation.com or visit the Federation website (www.maltatennisfederation.com).
(ITALPRESS/MNA).

Source: medNews

The Maltese Prime Minister Joseph Muscat triumphed once again with a landslide victory with a majority of more than 34,000 votes as in yesterday’s general election held in Malta he was reconfirmed to lead the country for the next five year electoral mandate  at the detriment of the opposition Nationalist leader,  Simon Busuttil.

The Labour Party gained 54.9 percent of the votes against the PN led National Coalition that included the Democratic Party founded by former Labour MP Marlene Farrugia who had resigned from the Labour parliamentary group on charges of corruption against the government achieved 43.8 per cent.

In his first reaction, Prime Minister Joseph Muscat declared: “It is clear that the Maltese people have chosen positivity against negativity. People have chosen to stay the course. The people voted for Malta”.

The Leader of the Opposition Nationalist Simon Busuttil conceded the defeat in a tweet message: “I have just called Joseph Muscat to concede. As always we respect the decision of the electorate”.

The Maltese Prime Minister replied to the tweet by thanking Busuttil and wishing him well.

In yesterday’s general election 92% of eligible voters totalling around 340,000 cast their votes.

The convincing victory for Muscat came despite the Panama Papers scandal, where it was alleged that the Prime Minister’s wife owes a secret company in Panama and confirmation that two other companies are registered on behalf of Konrad Mizzi, Minister within the Prime Minister’s office and Keith Schembri, Chief of Staff to Joseph Muscat.

Joseph Muscat called an early general election because of these allegations and ordered an independent magisterial to investigate the accusations that his wife owes the secret company registered in Panama.

(ITALPRESS/MNA).

Source: medNews

As widely predicted, the Bank of Israel will leave the interest rate unchanged at 0.1% for the 26th consecutive month. The economic newspaper Globes announces it. The Monetary Committee of the Central Bank links the decision to the expectations of an increase of the annual inflation rate, albeit always below the planned inflation rate between 1 and 3%.

These are linked, on the one hand, to a nominal increase in wages and robust economic activity, on the other hand to the appreciation of the shekel, to the acceleration of economic competition and to the measures taken by the government in fiscal policy.

In spite of the fact that the result of the first quarter growth has halved to 1.4%, export and investment indicators are positive. Only private consumption slows down and the labor market continues to be close to full employment.

As far as the world economy is concerned, the Bank underlines a steady trend of growth with a tendency to improvement also due to a decreasing political risk in Europe.

From the point of view of monetary policy, the US interest rate may rise in June, while Europe and Japan will continue to resort to soft policies.

(ITALPRESS/MNA).

Source: medNews

Abdelghani Mebarki, Director General for Small and Medium Enterprises (SMEs) at the Algerian Ministry of Industry and Mines, said that many measures for the development of SMEs will be introduced in the 2018 Budget Act (PLF 2018), in the implementation of the new SMEs Development Guidelines Act, which was endorsed at the beginning of 2017. These measures include, in particular, funds to reshape SMEs, as well as the SME Development Agency, which will change statute. According to Mebarki, this reorganization will ensure coherence between all the operators in the SME sector.

(ITALPRESS/MNA).

Source: medNews

Following a short and fierce campaign, the Maltese will decide between the Labour Party, led by the current Prime Minister, Joseph Muscat and The National Force led by Simon Busuttil, leader of the Nationalist Party as the country holds the general election this Saturday 3rd of June.

According to the latest opinion polls, the undecided and those who refuse to state their intentions that in all account for around 22% of the electorate will decree the final verdict of this election. However eliminating this 22% out of the analysis, the Labour Party is expected to achieve 52.7%, the Nationalist Party 46.3% whilst the other minor parties will garner 1%.

The election campaign ended on Thursday at midnight with massive mass meetings held by the two main political parties during which both leaders reiterated their key messages.

The Prime Minister highlighted the milestones achieved by his government whilst admitted the mistakes done and pledged that he has learned from those mistakes. He compared his party that put forward concrete proposals with the Nationalist Party that has banked its campaign “on criticism and negativity”.

On the other hand, the Leader of the Nationalist Party, Simon Busuttil vowed that he would purge the country from corruption and scandals that have grasped the governance of Malta in the last four years. This claim was made in the light of the serious allegations that Michelle Muscat, the wife of the Prime Minister Joseph Muscat owns a secret company registered in Panama.

Other claims involve Keith Schembri, the Chief of Staff in the Office of the Prime Minister who besides owning a secret company in Panama as Konrad Mizzi, Minister in the Prime Minister’s Office, is also involved in alleged cases of bribery through the sale of Maltese passports and other shady personal business done in the recent past.

“We need to lead the country by example. We need to be an example of honesty, the truth, integrity, justice, transparency. Let’s close our EU Presidency by telling the world, Malta has cleaned its name and that we are proud to call ourselves Maltese”, the Nationalist Party leader said.

During the last week of the election campaign, the Prime Minister, Joseph Muscat persisted on the key proposals as he emphasized that these will lead to create further wealth among workers, families and pensioners as under his leadership in the last four years, Malta has registered almost full employment and the strongest economic growth ever.

Furthermore, the Prime Minister obtained the support of European left politicians including that of former Italian Prime Minister Matteo Renzi who addressed the Labour mass meeting during the last Sunday of the campaign. Renzi who is a personal friend of Muscat said, “Muscat achieved better results than me” referring to the extraordinary results attained in the Maltese economy combined with very low statistics of unemployed people. He appealed to those gathered to choose Joseph Muscat and retain this positive season for Malta.

In a recorded message, broadcast just two days prior to the general election, even the current Italian Prime Minister, Paolo Gentiloni praised the Maltese Prime Minister’s skills. He made specific reference to challenging issues such as immigration that Europe is facing and that were aptly tackled by the Prime Minister during the Maltese Presidency of the Council of the European Union.

These international testimonials that also included that of former British Labour Prime Minister Tony Blair all had one common message; to choose Joseph Muscat in the general election of Saturday 3rdJune following the economic success for Malta and in view of the remarkable achievement obtained in civil rights for the LGBTIQ community.

(ITALPRESS/MNA).

Source: medNews

Malta is almost a week away from the general election, instigated by the Opposition Nationalist Party following a number of corruption allegations pointing to people involved in the highest leadership positions of the Labour government.

The strongest accusation directed at the wife of the Prime Minister Joseph Muscat, Michelle Muscat alleges that she has a secret company registered in her name in Panama. Other claims involve Keith Schembri, the Chief of Staff in the Office of the Prime Minister who besides owning a secret company in Panama as Konrad Mizzi, Minister in the Prime Minister’s Office, is also  involved in alleged cases of bribery through the sale of Maltese passports and other shady personal business done in the recent past.

According to public opinion surveys, these allegations have already damaged the Labour Party who won the last general election with a staggering 36,000-vote majority; nevertheless, a decline in votes will not be enough for the opposition Nationalist Party to win the election on the 3rd of June. The ongoing surveys place the Labour Party ahead with 8 percent although 20 percent of the electorate is refusing to respond or is still undecided.

Two magisterial inquiries following the Nationalist Party allegations are currently taking place; the parties concerned have categorically denied these accusations.

One of the inquiry is about ‘Egrant’ a secret company registered in Panama, and alleged to belong to Michelle Muscat, wife of the Maltese Prime Minister Joseph Muscat. Following these allegations, the Prime Minister himself immediately ordered an investigation and called an early election, nine months ahead of the five-year electoral mandate that would have expired in March 2018.

The international publication IntelligenceOnline.com reported that the whistleblower in the Egrant allegations, a Russian national, was connected to these allegations against Michelle Muscat.

Addressing the media, Prime Minister Joseph Muscat said he is conscious of information from foreign intelligence services, alleging Russian meddling in the run-up of Malta’s general election. IntellegenceOnline.com reports that British and American agencies are “concerned about possbile interference in the Maltese election process.”

Muscat said he could not state, as claimed in the international online magazine whether the whistleblower in the Egrant allegations was connected to these claims. “All I know is that we were told to expect retribution for our role in hastening the visa waiver programme for Ukraine and after we stopped the refuelling of a Russian warship on the way to Syria,” Muscat said. 

Since the beginning of the electoral campaign, the Opposition Leader Simon Busuttil has submitted evidence to the two investigating magistrates respectively conducting the Egrant case and the allegations of bribery by Keith Schembri. The allegations of bribery by Keith Schembri include kick-offs made through the sale of passports operated by the audit company Nexia BT led by Brian Tonna who is a personal friend to both Schembri and the Prime Minister. Another allegation concerns a transaction of 650,000 euros made by Adrian Hillman, former Managing Director of Allied Newspapers to Schembri’s secret company registered in the British Virgin Islands.

These accusations are playing a key role in the campaign of the Nationalist Party led by the leader Simon Busuttil who is even making continuous claims that the institutions of the country have failed following the lack of action to take the necessary steps by the Police Force in the light of the ongoing allegations of corruption and bribery.

This unwarranted situation has led the Opposition Leader Simon Busuttil to establish a National Force to combat corruption in this general election.  Joining him in this fight are two former Labour Members of Parliament: Marlene Farrugia, who founded the Democratic Party, and her partner Godfrey Farrugia, former whip of the Labour parliamentary group. Both are contesting the general elections for the Democratic Party but under the Nationalist Party list.

The proposals of both major parties is being based on a competition between them concentrating on who will reduce the most taxes in the various sectors including workers, employers and pensioners and how to strengthen the economy without harming the environment.

The issue of Brexit is also on the agenda of the Labour Party, as it is the only party proposing to set up a task force to ensure the maximum advantage for Malta out of this situation. Reports in the international media are indicating Malta as the ideal county to win over i-gaming companies after leaving Gibraltar. However, Muscat’s plans can be damaged as all international eyes are following closely the corruption allegations with Muscat accusing the Nationalist Opposition of being the culprits in disseminating such bad reputation for Malta.

In a country where corruption is tainting its leadership, simultaneously Malta in the past four years has recorded the lowest unemployment rate and is among the EU countries with fewer people registering for work, has an absolute record of employment and for the first time recorded surplus in government finances after 25 years. Therefore, the indications so far remain in favour of a majority for the Labour Party despite losing votes that will not be enough to reverse the outcome of the last general election of 2013 in favour of the Nationalist Party.

(ITALPRESS/MNA).

Source: medNews

Amidst a fierce campaign leading to the general election on the 3rd of June, the Labour Government and the Opposition Nationalist Party have found themselves united on a common front.

Both the Government and the Opposition have taken the same position, categorically rejecting an extensive report nicknamed ‘Malta Files’ issued by the network of investigative journalists, ‘The European Investigative Collaboration (EIC)’. This report describes Malta as a base for rich people and oligarchs to exploit the taxation system consequently avoiding and evading taxes due.

The Prime Minister Joseph Muscat and the Opposition Leader Simon Busuttil insist that there is nothing illegal in the Maltese tax system. Moreover, they maintained that the information published in the Malta Files is public information and accessible through the register of the companies held by the Malta Financial Services Authority.

The Maltese taxation system charges 35% tax rate to companies but permits its foreign shareholders to claim a rebate of 85% on tax already paid. Through this system, Malta approximately generates over € 240 million per year.

Both the Maltese Prime Minister Joseph Muscat and the Opposition Leader Simon Busuttil rebuffed accusations that in Malta there are offshore companies.

In the past days, whilst addressing a joint press conference together with the Prime Minister of Malta, the Finance Minister of Malta, Edward Scicluna described this attack as ‘bullying’ from other European countries who are envious of the Maltese taxation system and the regulatory framework for remote gaming. They appealed for a unified position against this unprecedented assault to defend Malta and safeguard investments and employment.

Minister Scicluna affirmed that neither the European Commission nor the Organization for Economic Cooperation and Development (OSCE) has ever criticized the taxation system in Malta, besides the fact that no reference was made to Malta in the recent report on the avoidance of taxation systems in the EU.

Unofficial sources in Brussels, have declared that France and Germany are behind these claims on Malta’s taxation system. France is currently experiencing a period where it wants to develop and strengthen its financial sector. 

The French authorities want to lure big companies willing to leave the UK following Brexit and so exploit mechanisms that have brought success in the financial services sector in small countries such as Malta and Luxembourg.

On several occasions, Germany requested Maltese authorities to provide information on particular German companies, and the Maltese authorities concerned responded with full documentation. The Maltese Minister of Finance was recently in Berlin where he met with the media and explained that there is no secrecy in the Maltese tax system.

The Maltese Prime Minister declared that he would defend the interests of Malta against all odds, “Malta is a full-time member of the EU, not part-time. And a basic point of the single market is freedom of establishment. So I have no difficulty to defend the system. We’re not alone in the European Council – a prime minister I speak to, told me ‘the day they touch our taxation is the day we’ll say no to everything.”

According to the transparency criteria applied by the Tax Justice Network, Malta ranks at number 50 whilst Luxembourg and Germany are at 54 and 55 respectively whereas Panama and Switzerland both hit the bottom of the list.

(ITALPRESS/MNA).

Source: medNews

In the presence of King Mohammed VI, agreements were signed concerning the beginning of the project of the Nigeria-Morocco pipeline. During the ceremony held at the Royal Palace in Rabat, the Moroccan Minister for Foreign Affairs and International Cooperation, Nasser Bourita, illustrated the main lines of this south-south energy development and cooperation project. Once realized, the pipeline will have a positive impact on over 300 million Africans, enabling acceleration of electrification projects in the western part of the continent. The beginning of such collaboration had been discussed during an official visit to King Mohammed VI in Nigeria last December. The agreement for launching feasibility studies for the gas pipeline was signed by the National Hydrocarbons and Mines Office and, for Nigeria, by the National Petroleum Company. Nigeria, which has the highest GDP in the continent, is the 22nd global gas producer, the fifth global exporter and the 1st exporter in Africa. The gas pipeline project would be 4,000 kilometers long and would cross 15 West African countries, then move on to Europe via the Strait of Gibraltar. 

Morocco, in continental terms, is a country with recognized infrastructure capacity, thanks also to the large logistic port projects of Tanger Med and solar energy, with the Noor central station in Ouarzazate. Western Africa has an important energy potential, with almost 31% of natural gas reserves in the continent (3.6 billion cubic meters). The gas pipeline project would allow all the countries in the West African Economic Community (CEDEAO) to dispose of energy with a low environmental impact (as it produces less greenhouse gases than coal and oil).

(ITALPRESS/MNA).

Source: medNews

At the conclusion of the meeting of the Council for the Internationalization of the Slovenian Economy, Foreign Minister Karl Erjavec announced the opening of three new diplomatic offices in the United Arab Emirates, Morocco and Bulgaria. At present, the Slovenian diplomatic-consular network is made up of 53 seats.

(ITALPRESS/MNA).

Source: medNews