Saturday, April 29, 2017
Trust Barometer | Muscat’s trust dips to Panama levels as PL leads by 4 points
At 3.5 points, the trust gap between the two leaders is the narrowest registered in MaltaToday's surveys since the 2013 general election
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Will he or won’t he call an election?
There's no doubt that the country has moved into election mode and the big question on everyone's mind is whether the Prime Minister will be calling an early election tomorrow in his 1st May address in Valletta.
Three Sundays ago, The Malta Independent on Sunday quoted government sources as saying that a snap election before the end of summer could be on the cards. The Egrant allegations had not yet fully surfaced back then but it was clear that the Prime Minister was building up the momentum that we are so used to before an election is called.
The revelations that followed in the Pilatus Bank leaks and the magisterial inquiry in which the Prime Minister himself is under investigation continued to push the country into early election mode, with many thinking that a snap election will end this crisis.
Dr Gonzi, who was far more willing to speak his mind than Dr Sant, said, "These are not normal circumstances." He said that under normal circumstances there would be no reason to call an early election. However, he cautioned that these are not normal circumstances and "something, therefore, needs to be done, but this does not necessarily mean an early election".
On his part, Dr Sant said that as he does "not have all the information, perspectives and assessments that the Prime Minister would possess about the current situation, I cannot have a meaningful opinion regarding what the Prime Minister should do about calling an election ASAP".
Other personalities from different fields gave The Malta Independent on Sunday their assessments of what they believe the Prime Minister should or should not do.
So what will the Prime Minister do? Will he call it or will he not?
He will
One of the main reasons why Dr Muscat might call an early election tomorrow is the uncertainty that has gripped the country with the risk that economic activity grinds to a halt. Business is suffering with major investors holding their breath to see if the wait will last until November or, even worse, March 2018 as announced by the Prime Minister earlier this year. Families are holding back on significant retail purchases until it is clear when the election will take place. The country is in a state of suspended animation awaiting the next revelation to emerge from the Egrant/Pilatus crisis which has the Prime Minister and his wife at the centre of it all.
He won't
The Prime Minster might not call an early election tomorrow because if he does he would be the first Prime Minister to go for an election while he is under investigation. The Prime Minster may opt to wait for the magisterial inquiry to be concluded and, depending on its outcome, call an election with a clean bill of health. Should the inquiry determine that Egrant is effectively his and his spouse's, he would resign and give time to his successor to call the election in due course.
He will
The Prime Minister might call an early election tomorrow irrespective of the magisterial inquiry in which he is under investigation because he has played all his trump cards. He has a budgetary surplus, something of a novelty given our recent economic performance. He closed the Marsa Power Station and opened the new ElectroGas facility, albeit two years later than promised. Unemployment is at a record low and he has just presided over an agreement on a minimum wage rise. Should he wait to call an election, these deliverables might very well have fizzled out by November.
He won't
The feel good factor potential of calling an election just after new budget measures are announced cannot be discarded. The government cannot be seen calling an election too soon before it's time up to go to the polls. Now that it has a surplus, the government can put forward a budget for 2018 that will stun people to the point that it gives them good reason to retain the present administration for another five years.
He will
While he may have dented his trust ratings in the polls due to the current crisis, the Prime Minister still enjoys a lead over Simon Busuttil. He will surely want to strengthen that lead before the PN leader takes the lead himself. An election campaign will give him the best platform to consolidate his achievements and use his power of incumbency.
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Election: Should he or shouldn’t he?
Lawrence Gonzi: The decision to call an early election is obviously the Prime Minister's prerogative. Under normal circumstances, I would have argued that there are no reasons whatsoever for an early election to be called. I would also have argued that the overriding consideration should always be tied to the national interest – as opposed to the personal interests of the PM himself and his party. But these are not normal circumstances. Recent events (factual or alleged) have shaken the very core of the country's moral fibre, placing at risk the "serenity" of a stable and mature democracy that should be able to boast strong democratic institutions. Something therefore needs to be done, but this does not necessarily mean an early election.
Alfred Sant: As I do not have all the information, perspectives and assessments that the PM would possess about the current situation, I cannot have a meaningful opinion regarding what the PM should do about calling an election as soon as possible; even less can I second-guess him – nor would I wish to do so. Calling an election is his prerogative.
Archbishop Charles Scicluna: Now it is time to leave politicians to deliver their arguments to the public. When the temptation to comment is big, I take a step back. This decision is a deliberate one and I feel that the Church should not interfere in any political argument during the election campaign. But it needs to remind people of the principles we all embrace to ensure the common good.
Mario Mallia – Alternattiva Demokratika
The claim that the Prime Minister will be calling for an election when he feels it is in the national interest to do so is nothing short of a farce; the Prime Minister had actually thrown the national interest to the dogs long ago when he chose to keep his chief of staff and minister in his circle.
Things have been exacerbated by the latest which implicate practically the prime minister himself in huge secretive money transfers in personal bank accounts. A magisterial inquiry is currently under way. People deserve to know the truth before casting their vote so that the their judgement is based on the truth or as close to it as can be given the fact that this mess is shrouded in so much secrecy and with lame institutions reluctant to catch up.
Perceptions should not be the ultimate yardstick in politics. The truth should.
Fr Joe Borg: An election determines who governs but does not necessarily guarantee that the corrupt get what is coming to them. Neither does it guarantee that he who runs the institutions like Pilate loses his power. An election can bring about absolution or indictment and not necessarily clarity and certainty. As Cardinal Barbarin said about the French presidential election, the political winners are not necessarily the most competent or rational.
Tony Zarb: It is the Prime Minister's prerogative to decide when to call an election. I believe that he will call one when he deems fit in the interests of the country. Whoever is creating this instability is simple doing it to destabilise our county. Dr Muscat made it clear that he will not allow anyone to undermine our country and I agree with his call for people to remain calm.
Bernard Grech: Since the situation is very dynamic, and new facts are constantly hitting the media, one must specify that this reply is being drafted as soon as we learnt that the whistleblower has testified. For me, the situation was always very clear. Nobody should hold any public office while being investigated. Although the allegation of the ownership of Egrant has been tied to the Prime Minister's wife, the Prime Minister could also be the owner due to his half share in the community of acquests (unless they have a prior dated separation of assets). Nobody is, or should be considered to be or appear to be above the law. The position of Prime Minister, which is the highest constitutional position in the Executive, should never be shadowed and the only correct decision for Dr Joseph Muscat should have been for him to step down to avoid further damage to the position itself, the country and his party."
Gejtu Vella: Unequivocally "No", the Prime Minister should not call an early general election: firstly, because the government won the last general election with an overwhelming majority. The Prime Minister, who is now also embroiled in the alleged Panama Papers scandal, should at minimum step aside until his name and that of his spouse are cleared by the competent authorities. Since Malta is currently holding the EU presidency, an early general election will further tarnish Malta's credibility with the rest of the EU member states. This will impinge negatively on the well-being of our society. The result of an early general election, whatever that may be, should not be used to sweep under the carpet any alleged cases of corruption in which politicians, their spouses and high-ranking officers are allegedly involved. It is time for the Prime Minister to lead by example and deliver on the promises of accountability and transparency.
Robert Musumeci: It is undisputed that this government has, over the past four years, registered an unprecedented success on several fronts. At the same time, one cannot ignore the fact that the country has been hit by an election fever which one should under no circumstance prolong indefinitely. This is particularly so when our economic performance depends heavily on the summer months. I would therefore not dampen the rate of our economic performance during these crucial months. In the given circumstances, I do not discount the benefits the country would reap from calling an election at this juncture, but it is ultimately up to the Prime Minister to be so convinced. Either way, I am confident that he will take the right decisions at the most appropriate time.
Andrew Azzopardi: It seems that this issue of whether or not an election is called seems to excite us and take precedence over a number of other fundamental issues, namely that the perception of people is that some or many of our institutions are tainted and this in itself is incredibly serious. I believe that calling an election is not enough to clear the air, however the result goes. This in a way vindicates, for example, the need to have a number of key institutional positions in our country appointed through consensual agreement in the House and the much-awaited reform of the Constitution that has been thrown on the back burner (not even simmering). So if this situation will in any way be cleared by an election, I hope it happens tomorrow. However, in all this hullabaloo, what we really need to focus on is reassuring the citizens that justice will prevail and that the institutions are operating autonomously and thus any sludge or grubbiness is filtered.
Charles Flores: An early election would always be on the cards for a government that has generated a dynamic economy, reduced taxes, got rid of cancer-causing energy sources, improved social benefits and students' stipends, given long-overdue rights, broken all employment records in employment and foreign investment among other notable achievements while retaining its healthy majority. Circumstances do occur when the process is triggered at an earlier stage than anticipated. I'd say 'yes', but the timing cannot be dictated by anyone other than the Prime Minister. Ask Theresa May!
NGOs and organisations
SDM/Pulse – Both university political groups, SDM and Pulse, think that the Prime Minister should call an election. According to SDM, the political climate in Malta at the moment is charged. Without going into the legitimacy of the claims being made at the moment by both camps, we believe that the Maltese electorate deserves the opportunity to make its judgement on the governance of our country. Notwithstanding this, we also believe that youth participation in the election is fundamental for the future of the country and, as such, calling an election in June would result in a huge blow for young people to be active on a national level, with their exams clashing with the election. Our eagerness to involve as many students in political participation has been proved year after year by contesting the KSU elections and presenting ideas aimed at changing not only the university, but society. Considering everything, we think that the Prime Minister should assume responsibility for the climate that is currently pervading the country and move forward with an election on a date that will benefit the general public – which, at the end of the day, is the whole point of entering politics. Creating stability in the country and putting it back on track should be the main aim of the decision that the Prime Minister has to make, at this crucial stage.
According to Pulse, in the light of the recent allegations and overall political situation in which Malta currently finds itself, calling an early general election would, in our view, be a wise choice. From the government's perspective, the ongoing milestones achieved in relation to the country's economy, employment percentage and social poverty serve as a positive certificate, and calling an early election will ensure continuity in this aspect, also inadvertently waving away the mentioned allegations during the process itself. From the Opposition's point of view, this would be beneficial considering the possibility that if the allegations brought against the government are proved to be true, the electorate is susceptible to substantially swinging in favour of the Nationalist Party, especially when referring to the 'switchers' and neutrals found in the 36,000 cleavage from the last general election four years ago.
MHRA, Tony Zahra: Our electoral system calls for elections to be held every five years, or when the Prime Minister asks the President to dissolve Parliament and hold a general election, or at certain other times such as when a government loses a vote of confidence. Therefore the Constitution is quite clear on this point and I believe it would be presumptuous of the MHRA to suggest to the PM what he should or should not do, even given the present circumstances. The MHRA has so often remarked – and repeated only last week at the presentation of its quarterly results – that we cannot take our economic success as a given, but have to work hard and continuously to ensure that the success that has been achieved to date is maintained.
Moviment Graffiti, Andre Callus: Moviment Graffitti believes that the Prime Minister should resign because there are strong indications of very serious misconduct and possibly corruption. It should also be borne in mind that two people very close to the Prime Minister – Minister Konrad Mizzi and Mr Keith Schembri – had hidden offshore companies. However, we are also of the opinion that holding an early election is no solution since it would further reduce this issue to partisan rivalry. Moreover, it is important that those claiming that they have hard proof of the Prime Minister's misconduct release this proof immediately. This should not be a political game played for partisan advantage; if hard proof beyond circumstantial evidence exists, we fail to see any valid reason for postponing its release.
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Pope Francis warns of broad destruction if Korean tensions escalate
Pope Francis is warning that "a good part of humanity" will be destroyed if tensions with North Korea escalate, and he is calling for diplomacy and a revived United Nations to take the lead in negotiating a resolution.
Francis was asked as he traveled back to Rome from Egypt on Saturday about North Korean ballistic missile tests and U.S. warnings of "catastrophic" consequences if the world fails to stop them. He was asked specifically what he would tell U.S. President Donald Trump, who has sent a U.S. carrier to conduct drills near the Koreas, and other leaders to try to diffuse the tensions.
Francis says he would urge them to use diplomacy and negotiation "because it's the future of humanity."
"Today, a wider war will destroy not a small part of humanity, but a good part of humanity and culture. Everything. Everything, no? It would be terrible. I don't think humanity today could bear it," he told reporters.
His comments came at a moment of particularly high tension: Hours earlier, a North Korean mid-range ballistic missile apparently failed, the third flop in a month.
On Friday, the U.N. Security Council held a ministerial meeting on Pyongyang's escalating weapons program. North Korean officials boycotted the meeting, which was chaired by U.S. Secretary of State Rex Tillerson.
North Korean ballistic missile tests are banned by the United Nations because they're seen as part of the North's push for a nuclear-tipped missile that can hit the U.S. mainland.
Francis said the U.N. should regain its leadership in conflict resolution, saying it had been "watered down" over time.
Trump has sent a nuclear-powered submarine and the USS Carl Vinson aircraft supercarrier to Korean waters, and North Korea this week conducted large-scale, live-fire exercises on its eastern coast. The U.S. and South Korea also started installing a missile defense system that is supposed to be partially operational within days, and their navies began joint military drills on Saturday.
Tensions with the North presumably would be on the agenda of a Trump-Francis meeting.
The White House has said it would reach out to the Vatican to arrange an audience when Trump travels to Sicily at the end of May for a G7 summit.
Francis said no official request for a meeting with Trump had been received "but I welcome every head of state who requests an audience."
Francis recalled he has frequently lamented the "world war in pieces" that is raging in countries around the world. Now, he says, those pieces are getting bigger and more concentrated.
"This thing about North Korea missiles, it has been a long time that they've been doing this. Now it seems it has gotten too hot," he told reporters on the papal plane.
"I always call for problems to be resolved via the diplomatic path, via negotiations."
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FinanceMalta taking the next quantum leap to sustain the promotion of Malta as a financial centre
7 May will mark the 10th anniversary of FinanceMalta. In fact, Malta had only been a member of the EU for a few years when the industry felt the need to initiate the process to set up a body that would be tasked to communicate Malta's value proposition as a European financial centre.
FinanceMalta was actually set up as a Foundation reflecting a partnership between the Government of Malta and the financial services industry as represented by the various financial services associations each having equal representation on the Board of Governors. Over this decade, together with its members, FinanceMalta has worked incessantly to position Malta from a modest domestic financial centre to a European financial centre that is today underpinned by clusters of financial service providers, the majority of which are international operators, operating across a number of key sectors such as asset management, insurance and family wealth, among others.
Over this period, the industry has experienced a paradigm shift from a domestic led financial centre to one which is driven by international business. These developments have brought about a significant GDP contribution with the financial sector today accounting for 13% of our national GDP where the various operators in the industry collectively employ over 10,000 workers. A quick look at the various financial services sectors from insurance to asset management, pensions and family businesses will reveal that the industry is supported by a growing number of service clusters that are well rooted within the financial services industry and that are actively conducting international financial services business.
Just to cite some examples, today there are over 150 investment services licence holders in the investment services industry and just under 60 operators in the insurance sector Malta which highly contrasts with the relatively small number of operators in the industry 15-20 years ago which primarily just focused on the domestic market.
FM is a member based organisation and is today represented by over 270 members operating in various sectors of the financial services industry. The members view FM as their "support partner" with an aligned interest in not only the organisation of initiatives to promote Malta as a financial centre outside our shores, but also a means of creating networking opportunities for them in their business development thrusts.
At the outset, it was strategically felt that it would be opportune to promote Malta within the European marketplace and the EEA. However, over these last two years, the events that FM organises are now being extended to countries beyond Europe. As a result the strategic focus has been widened in a way so that while we sustain initiatives in the European market with events being organised in a number of EU member states, FM also initiated the process to organise events and initiatives beyond the European borders. In effect, last year FM organised a number of events in the US market which saw initiatives held in New York to promote Malta and its financial services industry. These initiatives focus mainly on the insurance and asset management sectors and will also be extended to family offices/family businesses over the course of this year.
FM has also started to organise events in the Gulf with a number of events held in Dubai and Abu Dhabi. Last year a Memorandum of Understanding was also signed with the Abu Dhabi Global Market (ADGM) as the national regulatory and promotional body for Abu Dhabi's financial services industry, with the first event planned to be co-organised with ADGM in May. Through this event delegates will be provided with information about Malta as a financial services jurisdiction for European business and at the same time to introduce Malta-based operators to Abu Dhabi as a financial centre for financial services operations in the Gulf.
Over the course of this year, FM is also planning to hold events in Turkey, Singapore, Hong Kong and China. These are two relatively "new" markets where FM has in place plans to organise various initiatives to strengthen the visibility of the industry in these countries.
In parallel, FM has also initiated the process to co-organise events with its members particularly those members that also have a presence in FM's target countries.
Apart from the organisation of its own events and participation in a number of third party events, FM is also very active on the social media channels such as Linked-In, Facebook and Twitter. FM's social media presence is integral to its strategy to ensure that Malta's financial services industry is also visible and present on the key digital channels. Moreover, FM has set up and continuously invested in a dedicated website which is underpinned by the latest technological developments. This portal has a highly rich information content not just at a generic level but also provides technical information at the level of the key financial sectors that FinanceMalta promotes beyond its shores. In fact, the website enables its users to download numerous publications and fact sheets forming part of the marketing toolbox supporting the main industry's sectors. Multilingual versions are also available - in Spanish, Arabic, German, Italian and Chinese to facilitate the dissemination of information in other languages.
Apart from the aforementioned initiatives, FinanceMalta is also active on the educational front. In fact FM has organised numerous Educational Clinics covering regulatory and industry related matters. Incidentally, just a few days ago FM organised a clinic on Blockchain Technology which was very well attended and very engaging. This is one of the new sectors that is being actively followed up by FinanceMalta.
One of the key annual events organised by FinanceMalta is its Financial Services Conference which is the largest domestic financial services conference to be organised in Malta which last year attracted over 400 delegates. This year's 10th annual conference, which features a high number of carefully selected local and international experts, will address delegates on contemporary and current topics affecting the financial services industry. The conference will be addressed by the Hon Dr Joseph Muscat, Prime Minister of Malta and will be moderated by Michael Imeson, Senior Content editor, Financial Times Live and Contributing Editor, The Banker, FT Group. This year's programme primarily revolves around the new and emerging sectors which in the view of the Board of Governors of FinanceMalta will sustain the growth of the industry going forward. The themes to be discussed will in fact include international pensions, Blockchain Technology and Malta as a potential international test bed, crowd-funding, crypto currencies, family wealth and securitisations.
Another theme that will take centre stage during this year's conference will be Brexit and the implications this will have on the UK, Malta and the rest of Europe. The conference will also address the opportunities that might potentially arise within the Commonwealth countries as a result of Brexit. It is interesting to note that Malta is one of two Commonwealth member states that are also EU member states and developments that will eventually shape the strategic direction of the UK insofar as initiatives undertaken within the Commonwealth countries might potentially create opportunities for Malta as a conduit to Europe for financial services operators in Commonwealth countries. In order to address this interesting topic, FM has invited the Rt Hon Lord Marland of Odstock to speak about this development.
This year's conference will also feature a women-only panel discussion on crowd-funding as well as a panel of international and domestic speakers that will address Malta's positioning as a centre for international family businesses where among others information on the Family Business Act will be provided during this panel discussion.
Going forward, Malta is very well positioned to sustain the growth it has achieved so far. Clearly the onset of expats that are travelling to Malta to work in the financial sector and other industry sectors is creating a number of infrastructural and service demands. Consequently it was welcoming to note that plans are in hand to turn a former hospital in Mtarfa to a school for children of foreigners that are residing and working in Malta. Equally so the high level of our health sector is also an important criterion that is assessed when foreigners are considering to set up an operation in Malta and relocating workers to Malta in the process. Other factors, where Malta needs to sustain its focus, relates to the accessibility and efficiency of our regulatory authority when processing the applications of new licences and in attending to the ongoing requirements of licence holders, as this creates an important competitive advantage, the ongoing presence of a comprehensive legal and regulatory framework, ensure that the responsiveness of the industry practitioners to the needs of international investors remains competitive and last but not least the need to ensure that innovation remains a key driver of business growth. These are all highly important pull factors for Malta.
We must all recognise that the face of Malta's economy has changed over this past decade as the country has in the process continued to open up to international business. In the process, we need to ensure that we live up to our value proposition and ensure that we are adapting to this new reality and at the same time adopting strategies to support this industry. Malta's small size is a huge advantage which we sometimes tend to underestimate. Consequently, we must ensure that this reality is being effectively leveraged to the benefit of the financial services industry and the wider national economy.
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Pharmacies opening today between 9am and noon
Valletta: Chemimart, 20/21 Republic Street; Ħamrun: Darwin Pharmacy, 152 St Joseph High Street; Sta Venera: Fatima Pharmacy, 82 Train Street; Birkirkara: St Paul's Pharmacy, Brared Street; Msida: Regal Pharmacy, 39B, Antonio Bosio Street; San Ġwann: Mensija Pharmacy, 92 Mensija Street; Sliema: Brown's Pharmacy Unit 22, Tigné Street; Balzan: Balzan Pharmacy, 70, St Francis Street; Naxxar: Victory Pharmacy, 16 Victory Square; Mellieħa: Brown's Village Pharmacy, High Street; Paola: Brown's Paola Square Pharmacy, 64/65 Antoine De Paule Square; Cospicua: Verdala Pharmacy, 57 Bull Street; Żabbar: Polymer Pharmacy, Xagħjra Road; Marsaxlokk: Pompeii Pharmacy, Fishermen's Wharf; Luqa: St Andrew's Pharmacy, 51 Dun Pawl Street; Żebbuġ: Plaza Pharmacy, 86 High Street; Rabat: Ideal Pharmacy, 63 High Street.
Malta International Airport: The '8 Till Late Pharmacy' is open every day from 8am to 10pm
Gozo: 9am to noon
Victoria: Palm Pharmacy 2, Palm Street; Marsalforn: Tony's Pharmacy, "Egret Court", Valley Road.
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