The Department of Information issued a press release, at the end of January, stating the price of both petrol and diesel would be reduced thanks to several transactions Enemed concluded. This comes after the Energy Minister’s announcement that the hedging agreement is reaching its expiry date.
At the beginning of February, the government granted the Maltese oil company Ratio Malta Limited the access to the offshore Area 5 for exploration. Area 5 is a 8,700 square kilometers sector located approximately 70 km from Valletta to the southwestern part of the country. The contract was awarded according to an Exploration Study Agreement. Ratio Malta Limited is a subsidiary of the Ratio Oil Exploration Limited in Tel Aviv, Israel, one of the biggest oil and gas Israeli companies that also explores the Leviathan gas field in the Mediterranean.
A new Malta’s Premier Marketing & B2B Networking Convention is about to take place in Sliema. Considering last’s year success, the 2015 Convention will be dedicated to small and medium-sized Maltese companies in particular. Malta Enterprise is among the supporters of this year’s event that will focus on knowledge sharing and business assistance for companies in Malta.
According to the IMF’s Balance of Payments and International Investment Position Manual (BPM6), foreign direct investments in Malta, in the first half of 2014, amounted to 136.8 billion euros, while direct investments made by Maltese companies abroad reached to 35.7 billion euros. The IMF’s Balance of Payments report has also incorporated special purposes entities in 2014 compared with reports released in the last years that did not include companies in the financial sector.
The Malta Tourism Authority announced Valletta was chosen among the 20 cities nominated to win the European Best Destination 2015 Award. The European Best Destinations is an European organization that promotes tourism on the continent. The organization has various offices opened throughout Europe and helps countries promote their natural wealth, diversity and quality of services.
The representatives of the Malta Business Bureau and the Malta European Parliament Information Office (MEP) met in order to discuss the EU solutions for the protection of trade secrets. The meeting was organized by the Malta Business Bureau and the debates were conducted on topics like the protection against misappropriation of information and the protection of confidential business practices.
According to Eurostat’s report, the number of companies in Malta implementing innovative processes has increased between 2006 and 2012 from 37.4% to 51.4%, meaning a 14 points increase. Maltese innovative companies have surpassed the firms in the Netherlands and Latvia that had 6.5%, respectively 6.1% increase during the same period. Malta is among the only five EU member states that have had an increase in innovative companies, according to Eurostat.
The Maltese government decided that the issuance of skills cards for the construction workers is necessary starting March 2015. The government has made this decision based on the Building Industry Consultative Council’s proposals. The importance of the White Paper lies within the improvement of the level of professionalism of construction workers, but also in reducing illegalities when it comes to hiring workforce in this domain. As a result to this decision, a working group that will draw up the legislation has been gathered.