Economic recovery in major economies is likely to set in well into 2010, European Central Bank Governing Council member Michael Bonello said on Friday. "Latest projections indeed suggest that most major economies, including those in the euro area, will contract this year and a recovery is only likely to set in well into 2010", Bonello, who heads Malta's central bank, told a conference oganised by FinanceMalta. Bonello added that the Maltese economy was also now expected to shrink this year, despite recent forecasts predicting small scale growth. "Everything now suggests that, barring unforeseen developments, this year is likely to end with a marginally negative growth rate", he said.

The European Commission's draft directive on hedge fund regulation is potentially ambiguous and needs to be rewritten, an industry body told Reuters. "The particular problem with the draft directive ... is that it is written in such an unclear way that it is open to ambiguous interpretation," said the Alternative Investment Management Association (AIMA).

The percentage of adults in the UK participating in remote forms of gambling has risen to its highest level in four years, according to a survey published by the UK Gambling Commission. Remote gambling has risen to 9.9% to March 2009, compared to 9.7%, 8.8% and 7.2% in the last four years respectively.

The European Commission has authorised, under EC Treaty state aid rules, a Maltese measure to help businesses to deal with the current economic crisis. Aid of up to €500 000 per firm may be granted in 2009 and 2010 to businesses facing funding problems because of the current credit squeeze.

The breather the Prime Minister promised companies that fall behind in their tax payments has been welcomed by the business community. "It is a shot in the right direction," Paul Abela, president of the Chamber for Small and Medium Enterprises, said. He argued that companies would be able to give salaries priority, something that was hard to do because not paying VAT on time could lead to hefty fines and even imprisonment. (Source: Times of Malta, 18th May 2009)

Maltese companies and businessmen interested in doing business in Switzerland or with Swiss businesses are encouraged to participate in a seminar being organised by the Malta Chamber of Commerce, Enterprise and Industry, and the Swiss-Maltese Chamber of Commerce. The seminar will be held on 22 May 2009, from 16.00 to 18.00, at the Exchange Buildings, Republic Street, Valletta.

Investors from Dubai are negotiating with government officials of Malta on a number of assets and projects in the Mediterranean island state, despite the current financial situation, a senior official said.

(Source: Gulfnews)

The European Central Bank (ECB) on Thursday slashed its main interest rate from 1.25% to a record low of 1%. It is the seventh time the Frankfurt-based bank has lowered its key rate since October 2008 when it stood at 4.25%.

Legislation aimed at reversing a ban on Americans placing online bets was introduced yesterday by US House Financial Services Committee Chairman Barney Frank. The bill proposes issuing licenses to operators who are ‘‘in good financial and legal standing and of good character, honesty and integrity” and “whose prior activities, reputation, habits and associations do not pose a threat to the public interest or to the effective regulation and control of the licensed activities”.

The US ban on online gambling could be eased under new legislation presented today by the House financial services committee. Congressman Barney Frank, the Democratic chairman of the committee, is expected to reintroduce a bill that would repeal the Unlawful Internet Gambling Enforcement Act of 2006, which prevents credit card companies from processing fund transfers to online-gambling sites.