Morning Briefing
Major local firms behind possible HSBC bid – reports
A group of mostly local businesses, including Azzopardi Group, Gasan Group, and Virtu Holdings, along with Lombard Bank CEO Joe Said, has submitted a bid for HSBC, sources say. The group consists of 10–12 companies and private investors, including some foreign backers. It features prominent Maltese business leaders, though Said’s role remains unclear. Azzopardi Group, known for Miracle Foods and Spar, operates in food retail and importation. Gasan Group has interests in cars, insurance, and property, while Virtu Holdings runs Virtu Ferries. When contacted, Azzopardi Group, Gasan Group, and Said declined to comment, while Virtu Ferries claimed no knowledge of the bid. Said ended a call abruptly and did not respond to further inquiries. (Times of Malta)
Public finances see decrease in deficit, increase in debt
By the end of December 2024, the Government’s Consolidated Fund recorded a deficit of €432.7 million. Despite the deficit, the fund showed a positive change of €373.2 million compared to the previous year, as recurrent revenue increased by €1,446.6 million, exceeding the €1,073.4 million rise in total expenditure. The largest contributor to the increase in revenue was Income Tax, which rose by €957.0 million. On the expenditure side, Programmes and Initiatives accounted for the most significant increase, totalling €525.5 million. Central Government Debt stood at €10,467.6 million by the end of December 2024, marking an increase of €727.7 million compared to December 2023. Public debt servicing costs also rose, with the interest component reaching €261.4 million—an increase of €47.2 million over the previous year. The figures reflect ongoing fiscal pressures, with rising revenues helping to offset increasing government spending and debt obligations.
Government to pay teens to delay driving licence
The government is considering offering a €6,000 grant to teens who delay getting a car driving licence until they turn 21 and opt for a scooter instead. Under the proposed plan, 17-year-olds could receive €1,500 per year if they forgo obtaining a car licence. To support mobility, authorities are also exploring lowering the minimum driving age for scooters to 17, in line with EU regulations. Eligible teens would be allowed to apply for the grant while obtaining a scooter licence. The initiative aims to ease traffic congestion on Malta’s roads. (Times of Malta)
Opposition slams govenrment transport proposals
Opposition leader Bernard Grech slammed the government’s new transport proposals as “short-sighted” and “useless.” Speaking in Kalkara, he accused Prime Minister Robert Abela’s government of failing to address major issues like traffic and the cost of living. Grech mocked Abela’s “expertise in U-turns,” saying he expected better proposals. His criticism followed Transport Minister Chris Bonett’s announcement of new transport initiatives over 18 months. Bonett said measures would be introduced every three months, but the Nationalist Party dismissed the plan, arguing it fails to tackle key problems such as excessive cars, poor infrastructure, weak public transport, and lack of alternative transport support. (Maltatoday)