“Brussels to invest €45bn in Latin America and Caribbean by 2027…”

Brussels to invest €45bn in Latin America and Caribbean by 2027

The European Union has committed to investing up to €45 billion in both Latin America and countries in the Caribbean by 2027.

European Commission President, Ursula von der Leyen, said that the money will take the form of concrete investments, including in the green energy sector, with the idea being to counterbalance, among others, China’s influence in the region.

Also, because the EU needs critical raw materials and South America holds 85% of the world’s lithium reserves, among other rare earth minerals.

“What we want to discuss today is how to further connect our people and our businesses, how to reduce risks and strengthen and diversify our supply chains, and how to modernise our economies in a way that reduces inequalities and benefits all,” von der Leyen said on Monday.

“All of this is within our reach if we get the EU-Mercosur agreement over the finish line, and we are committed to resolving any remaining differences as soon as possible.”

In a meeting with von der Leyen, Brazilian President Lula da Silva also showed the country’s commitment to finalising the ratification of the Mercosur trade deal.

But at the same time, he responded to European demands for additional commitments on high environmental criteria for stopping Amazon deforestation, which he considered “unreasonable”.

“Everyone knows that Brazil will do its part on the climate issue. We have a commitment to zero deforestation in the Amazon by 2030,” da Silva said.

“And during this debate we want to make the European Commission understand that there are 50 million inhabitants in the South American Amazon who need decent and dignified survival conditions.”

Besides environmental concerns, the deal is also being contested in Europe for its implications for the agricultural sector, with Austria and France the more critical countries.

Malta:

Lombard Bank to issue new shares

Lombard Bank Malta plc will be issuing new shares in the near future, the bank’s Annual General Meeting was told. 

The meeting considered and approved all resolutions on the Agenda, including also the Annual Report and Financial Statements, Reappointment and Remuneration of Auditors and Remuneration of Directors; a Bonus Share Issue and also authority for the directors to issue new shares.

The raising of fresh capital was intended for the Bank to proceed with extending its activities in line with its vision of becoming a more meaningful player in the local

The Bank returned a record Profit before Tax of €28.8 million, the main drivers being improved interest income streams and the recovery of a non-performing commercial loan.

The shareholders present at the Meeting approved all the resolutions with no abstentions nor votes against. The Bank expressed satisfaction at this outcome and in particular on that which authorises the directors to issue new shares, thereby allowing it to proceed with its plans for growth, in line with its strategic priorities.

Following the AGM, the Board of Directors of the Bank is made up as follows: Michael C. Bonello (Chairman), Graham A. Fairclough, Kimon Palamidis, Peter Perotti and Joseph Said. 

Furthermore, as announced by the Bank, the National Development and Social Fund (‘NDSF’), has, in terms of the Bank’s Articles of Association, appointed Mr Paul Abela and Dr John Bonello as directors of the Bank. They will take office as nonexecutive directors once regulatory processes are undertaken and relative approvals received.

Malta Company Announcements:

HSBC Bank Malta p.l.c

The Board of directors is scheduled to meet on Tuesday, 1^st August 2023 to consider and approve the interim financial results covering the six-month period ended 30^th June 2023. They will also consider the declaration of an interim dividend, subject to approval.

Malta International Airport p.l.c

The Board of directors is scheduled to meet on Tuesday, 1^st August 2023 to consider and approve the interim financial statements for the period ended 30^th June 2023. They will also consider the declaration of an interim dividend, subject to approval.

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