Small boat owners at the Larnaca marina are asking for reduced fees, which were increased by as much as 25% in March by the previous operator. They have not received a positive response when requesting a meeting with the Transport Minister and the transport ministry’s permanent secretary. Boats are beginning to run aground as sand accumulates on the seafloor due to the lack of dredging at the marina.
The government terminated its contract with Kition Ocean Holdings, causing concern among employees about their future. Trade unions met with the Minister of Labour to ensure workers’ continued employment would be prioritized. The government plans to follow labor laws in handling the situation. The Municipality of Larnaca expressed solidarity with the employees, while PEO opposes the privatization of Larnaca Port and demands protection for Kition workers. The General Secretary of OMEPEGIE-SEK stated that the Minister of Labour assured them that the workers would be employed under a new regime to prevent victimization.
Workers at the Larnaca port are awaiting developments after the government terminated its contract with Kition Ocean Holdings for the port’s renovation. Trade union leaders are hoping that the current port workers will continue to be employed and that the port will remain open under state management.
Malta’s attorney general has filed charges of fraud and misappropriation of funds against Central Bank of Malta Governor Edward Scicluna and Deputy Prime Minister Chris Fearne in connection with a hospital privatisation scandal from 2015. Former Prime Minister Joseph Muscat, his chief of staff, and a former health minister also face serious corruption charges related to the scandal. The deal, valued at 4 billion euros, was annulled by Malta’s highest court in February due to fraud. Fearne has denied the charges, while Scicluna has not commented on the accusations. Muscat, Schembri, and Mizzi deny charges of money laundering, corruption, bribery, and more. Muscat resigned in 2020 after a close friendship with businessman Yorgen Fenech was revealed. Prime Minister Abela has defended Fearne’s integrity but has not confirmed plans to nominate him as Malta’s next European Commissioner. No date has been set for the formal court arraignments.
Fact: President of the Cyprus Stock Exchange (CSE) Marinos Christodoulides highlighted the introduction of European Medium-Term Notes (EMTNs) from the Republic of Cyprus into the CSE, adding over €11.5 billion in capitalization to the CSE bond market.
Portugal’s new minority centre-right government plans to maintain balanced budgets, reduce public debt, and privatize flag carrier TAP. The previous Socialist administration saw a budget surplus last year, and the new government aims to continue with the privatization process, attracting interest from companies like Lufthansa, Air France-KLM, and IAG. Prime Minister Luis Montenegro intends to fully privatize TAP, and the government’s program includes proposals from other parties’ electoral programs. The program will be debated in parliament later this week.
– Victorious rowers in Britain’s University Boat Race have been warned not to jump into the River Thames this weekend due to alarming levels of E. coli bacteria.
– Raw sewage was discharged for more than 3.6 million hours in 2023, more than double the previous year.
– The River Thames, which hosts the annual Boat Races between Oxford and Cambridge University students, has been affected by the sewage spills.
– Organizers have put precautionary measures in place to protect the health of athletes, including covering up open wounds, regular hand-washing, and a cleansing station at the finish area.
– British water companies have been accused of failing to invest in infrastructure, leading to routine dumping of sewage in waterways.
– The government has promised to clamp down on the dumping of sewage, which is only supposed to happen during exceptional rainfall to prevent it from backing up into homes.
NatWest (NWG.L) plans to seek shareholder approval for a buyback of up to 15% of its stock from the UK government as part of its privatisation efforts. This request is an increase from the previous limit of 5% per year. The bank, which is about one-third owned by taxpayers following a bailout during the 2007-9 financial crisis, aims to accelerate the government’s exit, planned by 2026. The proposed buyback, based on current market capitalisation, would be worth around £3 billion. The UK government has been reducing its stake from a peak of 84% through sales to institutional investors and directly to NatWest. Finance Minister Jeremy Hunt announced plans to sell stock to retail investors to speed up the process. NatWest’s annual meeting will also include votes on the formal appointments of chairman Rick Haythornthwaite and CEO Paul Thwaite. The bank’s shares have increased by 9% year-to-date, following a report of its highest annual profit since the bailout. However, sales of government-owned stock have been at a loss compared to the bailout price of 502 pence.