Fenlex Offering

Fenlex has been active in servicing the international business sector since the 1980’s. With over 20 years’ experience in the field Fenlex offers company incorporation, accountancy, company secretary, tax compliance and VAT Services amongst others. We offer our clients “hands on” assistance in their day to day needs. To do this, we use cost-effective systems which are assisted by state of the art technology solutions and are closely associated with Fenech & Fenech Advocates, one of Malta’s largest and longest established law firms.

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ECB keeps interest rate steady at 1%

The European Central Bank (ECB) has decided to leave the interest rates unchanged when its governing council met in Luxembourg on Thursday. “The current rates are appropriate”, Jean-Claude Trichet, President of the ECB, said at a press conference in Luxembourg.

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Online gaming: Belgian draft legislation rejected by European Commission

The European Gaming and Betting Association (EGBA) has taken an official line on the European Commission’s detailed opinion against the Belgian proposal for online gaming and betting. The draft legislation is supposed to restrict the online gaming and betting market to operators solely established in Belgium.

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Ryanair to offer online gambling on planes

Ryanair announced that the British discount airline has plans to add online gambling services for passengers enroute. A Ryanair spokesman told the Wall Street Journal: “Ryanair's onboard gaming systems are still in the development-and-research phase with the focus on launching the service in three to five years.”

Last Updated ( Friday, 26 June 2009 07:50 ) Read more...
 
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More guilty pleas in BetOnSports online gambling case

Three former executives of the online sports gambling Web site BetOnSports, including two of the company founder's siblings, pleaded guilty to US federal racketeering charge and agreed to turn over to authorities money secured in Swiss bank accounts which prosecutors say is profit from illegal sports betting.

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EU leaders tackle financial crisis

At a two-day meeting in Brussels, commencing today Thursday 18th June, EU leaders are set to approve tighter rules for supervising the banking industry, including the creation of three pan-European watchdogs who would monitor countries to make sure that they introduce new rules and a European Systemic Risk Board that would monitor risks to economic stability.

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Online Gaming: European Commission Finds US Violates Trade Agreement

The European Commission has found the United States to be in violation of its World Trade Organization (WTO) obligations due to its stance on internet gambling, according to a report which was recently published by the Commission. EU Trade Commissioner Catherine Ashton said in a statement posted on the European Commission’s website: "Internet gambling is a complex and delicate area, and we do not want to dictate how the US should regulate its market. However, the US must respect its WTO obligations. I hope that we will be able to reach an amicable solution to this issue."

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New qualifications for financial services industry will be launched

The Institute of Financial Services Malta (ifs Malta) is to launch a range of new qualifications aimed at the local financial services industry. These will be launched during a business breakfast on June 19 at the Corinthia San Gorg Hotel, in collaboration with the ifs School of Finance (UK), which is actively supporting the launch of the new qualifications.

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Property in Malta: Despite the recession, still a good investment opportunity

Buying overseas property has become one of the defining characteristics of consumer behaviour over the last 30 years. Despite the almost total collapse of some property markets around the world, Malta is still attracting foreign buyers.

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EU requests changes to French online gambling draft law

The European Commission has asked for the clarification and modification of several points in France's draft law for opening up online gambling to competition. The Commission’s detailed opinion addressed the key points of the draft law: the maximum payout ratio operators are allowed to give back to players, the restrictions on the freedom to provide services and the use of sporting events’ names.      

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Successful visit in Malta by a high level delegation from Angola

Malta is being seen as an attractive location by Angola, the fastest expanding economy in Africa. This was pointed out during a two-day visit by a delegation from Angola, headed by HE Mr Joaoqui Duarte da Costa David, Minister of Industry and HE Mr Manwel Pedro Pacavira, Ambassador, in a bid to foster commercial relations between the two countries.

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ECB Governor - Recovery to start in 2010

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.

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AIMA: EU draft hedge fund directive needs rewrite

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).

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Online Gambling increasing in UK

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.

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European Commission approves Maltese temporary aid scheme for businesses

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.

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Business leaders welcome tax payments breather

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)

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Seminar on Swiss business

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.

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Dubai investors eyeing Malta

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)

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ECB cuts rates to 1% and agrees on bond plan

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%.

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USA: Details of online gambling bill unveiled

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”.

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Move to end US ban on online Gaming

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. 

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