This state visit was a follow-up meeting to the visit the Prime Minister of the Czech Republic paid to Malta last August when the two leaders discussed matters related to immigration.

“Cooperation between Malta and the Czech Republic, as well as the good relations between the two countries and on a personal level between the two prime ministers, is the essence of the European Union,” said Mr Muscat. “Despite the many different features between Malta and the Czech Republic, sitting around a table helped us to understand each other better,” Mr Muscat added.

In addition, he explained that this year marks the 20th anniversary since the first direct flight between the two countries. Mr Muscat also underscored the importance of continuing the development of these connections.

Mr Babiš acknowledged the similarities between the two countries; that both countries joined the European Union at the same time and also that both Malta and the Czech Republic have open economies, as the press release says. Consequently, he announced that a business delegation will be sent to Malta to explore further potential business cooperation especially in the fields of innovative technologies and education.

In addition, Mr Babiš noted that 22,000 tourists travel from the Czech Republic to Malta on a yearly basis, according to the press release.

The post Maltese, Czech PMs discuss ties and cooperation first appeared on The Malta Business Weekly.

Mr Muscat gave a keynote speech at the Cannabis Europa conference on Tuesday 25t June 2019 in order to express the medical cannabis story in Malta, explaining the economic context in which it operates. 

“Malta is a country open for business. The government has had an open-door policy to those coming with great ideas. But our strength does not come from open doors only. It comes from being straightforward with businesses. We lay down the rules, strict and transparent regulations that offer a level playfield, without surprises,” said Mr Muscat.  

“That is what we did with the medical cannabis companies that approached us to set up their business in Europe, through Malta. This sector in fact already contributes to Malta’s economic growth,” he added.  

“Just over a year ago, in April 2018, we enacted the bill of law to provide for the ‘Production of Cannabis for Medical and Research Purposes’. This made us the first EU Member State to provide a holistic regulatory framework for medical cannabis,” continued Mr Muscat. “Some would claim regulation might scare off business. To the contrary the regulations attract business. The right kind of business.”

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“The purpose of the meeting is to update its members on the developments that have occurred over the past few weeks, the progress made on its public consultation document A Modern Building and Construction Regulation Framework for Malta following its publication in May, closing talks held over recent months with government about the updated Periti Act, and to consult on the draft regulations to be published on Monday by government following the temporary suspension of demolition and excavation works,” the press statement says.

At the same time, the Kamra tal-Periti says it is in talks with various industry stakeholders about its reform proposals. The consultation meeting with the Malta Developers Association (MDA) originally scheduled for the end of the month has been moved to an earlier date of 18 June. “The Kamra tal-Periti and the MDA have reached an understanding that in this critical juncture for the industry, it is important to converge towards a common position for the good of the country. Further meetings are also scheduled to take place with the Chamber of Engineers, the Chamber of Commerce, and the BICC,” the press statement says.

The Kamra tal-Periti tags these times as a “crucial moment” for the industry, urging players to come together and seek convergence, while the “the Kamra will continue to take a leading role in ensuring that this takes place”.

In the light of the happenings of the past few weeks, the Kamra says that “the issues we are facing are complex, and the fast pace of the industry is stretching resources beyond capacity, yet none of this justifies the relaxation of standards and lack of diligence,” according to a press statement.

Malta’s Prime Minister Joseph Muscat announced on 13 June that all excavation and demolition works must stop until new construction site regulations come into force by the end of the month. Fines for those ignoring the halt are expected to jump from €2,000 to €50,000. This comes after the walls of standing buildings collapsed nearby construction sites during excavation and demolition works.

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Ryanair hopes to expand its presence in Malta with the transaction and access non-European Union markets — such as North Africa — from Malta.

Following the transaction, Ryanair will switch six Malta-based aircraft — worth over $600m (€530m+) — to the Maltese register, move a crew of 200 under the Maltese jurisdiction on contract hence paying taxes in the island nation, create over 350 jobs and brand its Malta-based fleet with Malta Air livery as of the summer of 2020.

As a second step, Ryanair will also move aircraft from France, Italy and Germany onto the Malta AOC, hoping to raise the number of aircraft based in Malta to ten in the upcoming three years. Ryanair expects this to allow crews to pay their income taxes locally in France, Italy and Germany instead of Ireland where they are currently required to pay income taxes under Ryanair’s Irish AOC.

“Ryanair is pleased to welcome Malta Air to the Ryanair Group of airlines which now includes Buzz (Poland), Lauda (Austria), Malta Air, and Ryanair (Ireland),” said Ryanair CEO Michael O’Leary today, speaking in Malta.

Connecting Europe

The CEO also praised the partnership with the Malta Tourism Authority, which “will help drive forward the vision of Prime Minister Joseph Muscat and tourism minister Konrad Mizzi to grow year-round connections to all corners of Europe which will support increased tourism, business and jobs in Malta,” Mr O’Leary said.

“Ryanair appreciates the expertise of the Maltese Civil Aviation Directorate (CAD) in licencing Malta Air to operate the B737 aircraft and we look forward to working closely with the Maltese authorities over the coming years as we hope to add over 50 more aircraft to the Maltese register,” the Ryanair CEO added.

“The relationship between Ryanair and Malta has evolved into a successful collaboration. We welcome Ryanair’s commitment to operate and grow a fully fledged Malta-based airline which will contribute in a large way to the country’s development,” Malta’s Minister for Tourism Konrad Mizzi said.

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The show brought together key players from the sectors of artificial intelligence (AI), blockchain, cryptocurrencies, and other emerging technologies to discuss and shape the future.

Prime Minister of Malta Joseph Muscat said in his keynote speech that emerging technologies should not be feared but rather embraced and utilised for offering a better life. He also said his government will keep supporting these verticals.

“The results have been overwhelming. We are staying a step ahead, helping the government bring all these great minds to Malta, fueling the Maltese economy by supporting the tech ecosystem,” commented Eman Pulis, Founder of Malta A.I. & Blockchain Summit and CEO of SiGMA Group. “There are plenty of incentives for A.I. and blockchain companies to relocate to Malta, so what better forum than a summit like this to bring everyone together. I think it is safe to assume that it is the largest show in its category worldwide so far this year.”

The list of VIP speakers included Brock Pierce, Ben Goertzel, Larry Sanger, Patrick Chang, and Noel Sharkey, all sharing valuable insights and enriching the audience in the process. Moreover, keynotes from industry giants Noel Sharkey and Bobby Lee had a fundamental meaning for the audience, with Bobby Lee emphatic on bitcoin’s staying power, saying he believed it would eventually go up to a million dollars, as the press release says.

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The prime minister said that Malta is investigating ways to provide assurances through blockchain and distributed ledger technologies (DLT) not only for the island nation but also for Europe.

He said that moving beyond the initial “buzz”, Malta indeed is becoming the “blockchain island”. Tagging Malta as the first country that provides certainty and assurances in the sector, the PM mentioned that since the three landmark bills were passed last year the blockchain space has gone through rapid development.

Mr Muscat said that unfortunately automation is often received with scepticism, however artificial intelligence-based solutions enable services to operate more efficiently and accurately. Emphasising the importance of technology, the prime minister said that within the next five years, there will be more than five billion internet of things devices.

‘High-flying’ sector

Taking the floor after the prime minister, Junior Minister for Financial Services, Digital Economy and Innovation Silvio Schembri started by tagging the blockchain sector as a “high-flying” one, confirming that Malta has changed since the first blockchain summit was held in November 2018.

The junior minister emphasised that both the Malta Financial Services Authority (MFSA) and the Malta Digital Innovations Authority (MDIA) have rolled up their sleeves to work on helping businesses and startups enter and navigate in the sector.

In order to make sure that businesses looking for investors are safe, virtual financial asset (VFA) agents and auditors are being appointed by the related authorities, who will serve as gatekeepers in the space.

Mr Schembri praised the “diverse pool of talent” Malta has, expressing his high-hopes that these players will help boost Malta’s economy. He said the government is committed to upskilling talent, and mentioned the recent launch of the first DLT Masters course at the University of Malta.

Times today experience a fast digital revolution happening, which will not stop at blockchain, according to the junior minister, therefore Malta is committed to exploring further emerging technologies.

Mr Schembri once again stressed their work for turning Malta into an AI launchpad where businesses can prototype their products before springboarding them to the world. He also mentioned the commercial potential related to space, hence the set up of Malta’s Space Task Force.

He further elaborated on the emerging importance of eSports, ensuring that Malta is already investigating the sector’s potential and is ready to make related steps.

The post Technology should be embraced not feared, Maltese PM says first appeared on The Malta Business Weekly.

“At GO, we believe that the only way to future proof Malta and to be able to handle the phenomenal growth in data, is to invest in a state-of-the-art, fibre-to-the-home network. Simply put, a fibre network delivers data to you at the speed of light. There is nothing faster in science today. GO is the only company in Malta that delivers a true fibre network right up to your living room,” said Nikhil Patil, CEO of GO Plc, when announcing the investment.

Currently more than 85,000 homes in Malta are equipped with true-fibre technology. “We are working around the clock to expedite the rollout of true fibre so that every house and business can benefit from the best technology on the market. We expect at least 100,000 homes, the equivalent of approximately 50% of Malta and Gozo, to be covered by the end of 2019, with full nationwide coverage by 2024,” the CEO added.

“Communications services are the backbone of today’s thriving economy. They underpin every sector, every industry,” Prime Minister Joseph Muscat said when the investment was announced. “Our vision can only be attained if all stakeholders pull the same rope and harness every opportunity to push Malta forward. GO has a long-standing history in its contribution to Malta’s economy. Not only has GO taken these opportunities, but it is now creating opportunities for further growth,” the prime minister added

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“Seeing the news about the plans of the Maltese government once again shows the importance of electromobility [eMobility] and its demand in the markets,” Porsche AG tells Business Malta when asked how they feel about Malta’s recent EV buzz.

Prime Minister Joseph Muscat announced during the first eMobility Summit in Malta that the government nurtures unique plans for getting rid of traditional cars in the future. The prime minister mentioned the possibility of running a pilot on the sister island Gozo, turning it into a completely electric vehicle zone, and trying to replicate the project in Malta to set an example for countries worldwide.

For Porsche, electrification and hybridisation play an essential role in the product portfolio, and they systematically expand their offering in this field, BM learns from the car manufacturer. “If the markets continue to develop as they have been doing, then up to 50% of the entire Porsche product range could be available as electric or partly electric petrol hybrids by 2025,” the manufacturer says about its global plans.

Hybrid models already account for over 60% of vehicles from the Panamera range sold in Europe, while the first fully-electric sports car — the Taycan — will roll out onto the markets at the end of 2019, possibly reaching Malta by 2020. This would be followed by its first derivative: the Taycan Cross Turismo, Porsche AG says.

“By 2022 we will have invested more than €6bn in electromobility, focusing on both plug-in hybrids and purely electric vehicles. Once again a clear signal that we will continue pursuing this technology,” Porsche tells the BM when looking into their near future.

The cover image shows the Mission E concept car; the starting point of the first fully-electric sports car Porsche Taycan, which will be available in Malta in 2020. (source: Porsche AG Media)

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The first international eMobilty summit could not have come at a better time, according to the prime minister. Malta has experienced unprecedented economic growth in the past six years; the landscape is transforming, so are businesses, which at the end of the day are changing the country, Mr Muscat said.

“We are facing challenges stemming from the progress that we see as opportunities … We are here to discuss these opportunities … We do not shy away from challenges,” Mr Muscat said addressing the auditorium of market players and industry professionals.

He mentioned that two years ago the government started working on a total revamp of the local road infrastructure as part of a €700m project. He added that in the past six years, nationwide emissions have been reduced by 50% due to the changes the government started.

Mr Muscat also voiced certainty that the tunnel between Gozo and Malta will be built, and the government is making efforts to provide free public transport for people passing through the tunnel. At the same time, the Maltese government is planning to launch a pilot on Gozo, trying to turn the sister island into a zero-emission zone.

After turning Gozo into a zero-emission zone, the government would like to replicate this pilot in Malta, which Mr Muscat hopes will serve as a pilot for the whole European Union and the world for introducing electric vehicles in a country, going completely free of CO2 emissions. The prime minister, therefore, appeared to be an advocate of a “nation-wide changeover”.

He acknowledged that the country is heavily-reliant on cars; hence actions are needed to be taken with urgency, to put a stop to pollution. The government has commissioned PwC Malta to carry out a study to see how the changeover can be carried out in the archipelago. Mr Muscat said this study should be published in the upcoming weeks.

Questions that need to be answered comprise of the affordability of electric vehicles, whether a government can restrict the import and purchase of non-electric vehicles, whether the government can incentivise the import and purchase of electric cars and whether the national power grid is ready for an influx of electric vehicles. “People should be able to charge electric cars at home with sensible fees,” Mr Muscat said.

“There are barriers, but innovation should be the key to break down such barriers … We want to be trendsetters in Europe and the world in how we live and work; transport is one key factor,” the prime minister said referring to the government’s commitment to electric mobility.

He once again reiterated that this has to be done accompanied by — if not mixed with — the country’s efforts in being at the forefront of the blockchain, artificial intelligence and other disruptive developments. “We want to see how we can synergise these sectors with eMobility,” Mr Muscat concluded.

The post Malta vows to become flag-bearer in eMobility first appeared on The Malta Business Weekly.

“Customers may now once again make use of BOV services through the Bank’s branch network across Malta and Gozo, ATMs, Internet Banking, Mobile Banking and by making use of their BOV cards when effecting purchases. Payments to third parties is currently the only service not yet activated. Developments in this regard will be communicated through future press releases,” the statement issued by BOV says.

BOV says the customer deposits and customer accounts of the clients stayed unaffected by the cyber attack, adding that the bank’s contingency plan and preventive measures safeguarded the bank, customers and stakeholders.

Upon apologising for the inconvenience, the bank asks for the patience and support of the general public and media. At the same time BOV thanks its internal and external staff for their hard work in this matter.

“The bank reminds its customers to be wary of any requests for their personal or account details. Bank of Valletta will never ask for customer details through any channel such as social media, emails or telephone. Should there be any such requests, customers are to contact the Bank’s Customer Service Centre on +356 2131 2020,” the bank statement adds.

Service shutdown due to cyberattack

BOV announced early Wednesday morning that the institution’s system fell victim to a hacking attempt, and operations needed to be shut down. The breach was discovered during reconciliations the bank regularly performs.

After running investigations in the matter, BOV found that eleven payments had been initiated to foreign payment accounts in a total value of €13m, the Malta Independent reported. BOV immediately requested the international banks involved to halt transactions.

Later on Wednesday, Maltese Prime Minister Joseph Muscat confirmed that the attack falsified transfers in euros, American dollars and British pound sterling — with a total worth of €13m — to foreign banks in the UK, the US, Czech Republic and Hong Kong, according to another report by the Malta Independent.

Answering questions by Opposition Leader Adrian Delia, PM Muscat said that the money of the bank’s clients “was safe”, and an internal enquiry will be called for. Mr Delia said he considers the hacking attempt as an attack against the whole country.

The Malta Independent notes that as BOV accounts for approximately half of the country’s transactions, the short hiatus in bank services can have an impact on Malta’s economy both domestically and abroad.

The cyberattack is followed by police investigations, as well as a Magisterial enquiry.

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