“New Bond Issue – 5.8% Unsecured Subordinated Bonds 2028-2033…”

New Bond Issue – 5.8% Unsecured Subordinated Bonds 2028-2033

APS Bank has announced a bond issue of up to €50,000,000 – 5.8% Unsecured Subordinated Bonds 2028-2033. These bonds will be listed on the Official List of the Malta Stock Exchange.

The offer period will be open between Monday 30^th October 2023 and Friday 17 November 2023, and may close earlier at the Bank’s discretion.

Applications will be accepted from Monday 30 October.

Allocation preference will be given to existing holders of the Bank’s ordinary shares or the 3.25% Subordinated Bonds 2025-2030 as at Monday 23 October 2023.

The bonds will mature on 1^st December 2033. However, APS Bank reserves the right to redeem any or all of the bonds on any date between 1^st December 2028 and 1^st December 2033 subject to MFSA approval and also giving bondholders at least 30 days’ notice.

Minimum Subscription Amount – €10,000 and in multiples of €1,000 thereafter.

COLA for 2024 will be €12.81 per week, Finance Minister says

The cost-of-living adjustment for 2024 will be €12.81 per week, Finance Minister Clyde Caruana said Tuesday.

The expenditure on pensions will be rising by €100 million a year as a result, given that pensioners receive the COLA in full.

The government, will continue to invest €350 million to subsidise energy and fuel, but admitted that such a subsidy cannot continue to be given for eternity.

He said that the budget for 2024, to be presented on Monday, will sustain the lower sectors of society. But there is no agreement yet on an increase in the minimum wage.

Caruana acknowledged that tensions over the massive influx of third-country nations risked reaching breaking point.

Malta cannot keep importing foreign labour at the rate it has been doing in the past years, he said, hinting at plans to introduce financial incentives for higher-value sectors.

“We need to strike a balance between what the business community needs, and what people expect,” he said. “But it cannot keep going as it has been going in the past few years, full stop.”

That change would take time, he added, and people should not expect any significant changes over the short and medium term as any dramatic, sudden shifts risked grounding the economy to a halt.

Bilateral discussions between Malta and Austria

Minister for Foreign and European Affairs and Trade Ian Borg went to an official visit in Vienna, Austria, for bilateral discussions with Minister for European and International Affairs of Austria Alexander Schallenberg.

During the meeting, Minister Borg said that while the two countries enjoy excellent bilateral relations, there is still room to improve and strengthen these relations in the future, particularly in light of the neutrality clause that both countries embrace. The two Ministers agreed that it is an honour that the two nations have both served as points of discussion for peace talks and will continue to see this role sustained and enhanced.

On the agenda for these discussions were the latest developments and the various escalations we are witnessing in Europe’s vicinity. Malta and Austria concurred that these challenges require more multilateral discussions, primarily within the framework of the United Nations. The two countries emphasised their belief that these issues can only be resolved through peaceful dialogue and not through armed conflicts or military means.

Malta and Austria also discussed how they can further collaborate, particularly in the cultural field, with the aim of benefiting both nations. Immigration and the growth of the European Union were also topics discussed during this meeting.

It should be noted that this meeting was also preparatory for other upcoming meetings that will take place in the near future between the two countries.

During his visit to Austria, Minister Ian Borg also met with the staff of the Maltese Embassy and Permanent Mission in Vienna, led by Ambassador Natasha Meli Daudey, and expressed his gratitude for the excellent work they are doing on behalf of our country.

World oil, gas, coal demand to peak by 2030, IEA says

World fossil fuel demand is set to peak by 2030 as more electric cars hit the road and China’s economy grows more slowly and shifts towards cleaner energy, the International Energy Agency said, undercutting the rationale for any rise in investment.

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment.

In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments’ current policies – the first time this has happened.

“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us,” said IEA Executive Director Fatih Birol.

Malta Company Announcements:

MedservRegis plc

Following the approval of a shareholder cicular by the Malta Financial Services Authority, it will be holding an Extraordinary General Meeting on Thursday, 16^th November 2023 to approve the reduction of the share premium account to offset losses of the company.

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