The European Commission is considering proposing a law to start phasing out the small 1 and 2 Eurocent coins, and round prices off to the nearest 5 cents
The European Commission is once again assessing the use of 1c and 2c euro coins and considering the possibility of following the examples already set by Finland, Netherlands, Ireland, Italy and Belgium by introducing rounding rules or the discontinuation of these two coins altogether.
The commission “will carefully study the economic, environmental and social consequences of introducing uniform rounding rules.
The Malta Chamber of SMEs is in favour of a system whereby the final total bill at the till, not the individual items, would be rounded up or down as necessary to the nearest 5c. Meaning sometimes customers would have a discount of 2c and sometimes an increase of 2c, depending on the case. It is therefore a very balanced approach and something that is many times done for practicality reasons.
The Malta Chamber of SMEs CEO, Abigail Mamo said “the cost of producing and administering these coins outways their value by far. There would be on impact of inflation.”
In Belgium, shops have been obliged to round up or down the total amount of purchases to the nearest 5 cents if the client pays in cash since December 2019. However, paying with 1 and 2 cent coins is still possible.
Rounding just at the point of the final bill would mean the coins could be phased out without retailers having to re-label items and allowing them to offer competitive prices, especially in the price-sensitive world of groceries, she pointed out. Card transactions would, however, still charge the exact amount.
A spokesman for the European Central Bank said there were many ways to phase out the two small coins.
“Ceasing the issuance of 1c and 2c coins would not be likely to have a noticeable impact on inflation, provided that the rounding is done to total payments in cash and to the nearest 5c, as currently applied in some member states,” he noted.
The last time a consultation was initiated was in November 2017.
Future Realised Week will take place over four days from 20th to 23rd October 2020
Former European leaders, futurists, investors, CEOs, academics and NGOs from Malta and the world will gather virtually in October to discuss how Malta can get the next 10 years right.
Future Realised Week replaces what was previously known as the EY Annual Attractiveness Event and will take place over four days from October 20 to 23. It is free to attend and open to all.
Organised by multinational professional services network EY, the event is intended to trigger new ideas, challenge perspectives and explore different possibilities for Malta post-COVID-19.
The date of the 2021 Budget has been announced as the 19th October 2020.
The announcement was made on Monday afternoon as a meeting of the House Business Committee, ahead of the first sitting of the House of Representative following the summer recess.
The budget would be announced on October 19, with the Opposition leader’s reply a week later on October 26. The remarks by the prime minister will follow on the next day.
All the financial estimates debates will be held by not later than November 6, with the House meeting twice or three times daily.
Members of the public will not be allowed in the strangers’ gallery in line with COVID-19 restrictions.
Last month, the Malta Chamber of SMEs has published its full set of 19 Budget proposals that mainly focus on the required urgent response mechanism to counter the effects of the Covid 19 pandemic on businesses.
Tomorrow, the Malta Freeport Terminal will be closing between 12pm and 4pm as Christ Zahra will be laid to rest
Christ Zahra, a Malta Freeport Employee was killed on the job on Tuesday 29th September
The Malta Freeport Terminal will tomorrow, Tuesday 6th October close temporally as a sign of respect towards Christ Zahra, 36-year old, a Malta Freeport employee who was killed on the job on Tuesday 29th September during a tragic accident when a container fell from a height and hit Zahra whilst he was operating a forklift.
Tomorrow, the Malta Freeport Terminal will be closing between 12pm and 4pm as Christ Zahra will be laid to rest.
Earlier today, the Malta Chamber of SMEs informed the Malta Freeport Terminal hauliers about this temporary closure.
Our thoughts are with Mr Zahra’s family and friends at this extraordinarily difficult time.
The Malta Chamber of SMEs met Partit Laburista Economic Forum to discuss new economic ideas.
The SME Chamber mentioned the importance of new incentives for SMEs, the SME Chamber 2021 Budget proposals and the economic growth post Covid-19.
The forum is coordinated by MEP Miriam Dalli and Mr Steve Ellul and will draw up a set of policies by year’s end in a project called 100 ideas.
Paul Abela, Marcel Mizzi, Abigail Mamo, Philip Fenech, Michael Galea, Noel Gauci, Chris Vassallo and Fabian Demicoli participated on behalf the SME Chamber during this meeting.
EU figures show that the impact of cybercrime is increasing at an alarming level with the absolute majority of businesses having experienced at least one cybersecurity incident.
Malta Chamber of SMEs President Mr Paul Abela and Director of Cybergate Ltd Ing. Keith Fitzpatrick signing the partnership agreement
Covid has hit the economy hard and the negative impact has been felt by all economic sectors. One area that has unfortunately flourished during this difficult time is cybercrime. Businesses going through difficulty have also been targeted by increased online threats and the number of victims is unfortunately on the increase. Hackers and malign actors, seeking to harm our systems and steal our data, have taken advantage of the Covid situation that has provided more opportunities due to increased online activity.
October is the European Cyber Security Month. During 2020, this EU campaign focuses on addressing the need for behavioral change and helping users recognise cyber risks. The Malta Chamber of SMEs has therefore partnered up with Cybergate International, in a quest to raise the bar in Malta on cyber security and increase businesses’ level of protection.
The absolute majority of threats are easily avoidable with better knowledge, education and taking the necessary safeguard. Businesses, especially SMEs, not having personnel, in-house or outsourced, that specialise in cybersecurity, are currently very exposed to online threats. It only takes one person within an entire business clicking on a disguised link, or taking instructions from what looks like a normal communication at first glance.
As our partner, Cybergate International will assist the SME Chamber in championing this mandate in Malta on behalf of SMEs, backed by its long years of experience working in the area and a professional outreach strategy. Through this partnership an educational campaign will ensue on cyber security for business.
Malta Chamber of SMEs President Mr Paul Abela and Director of Cybergate Ltd Ing. Keith Fitzpatrick following signing of the partnership agreement
SME Chamber President, Mr Paul Abela said “we are very pleased to be taking a tangible step forward on the subject through this partnership, with a partner that shares our good intentions and ambitions for businesses. He stated that as a Chamber of SMEs we continuously encourage businesses to increase their online activity and we want them to do this in a safe manner”.
Ing. Keith Fitzpatrick, Director of Cybergate International stated that he wants this partnership to make a difference to businesses, especially SMEs. “As an experienced service provider in the sector we will put our knowledge at the disposal of the SME Chamber’s members in the form of free training and online resources to increase businesses’ capability to win over this injustice”.
EU figures show that the impact of cybercrime is increasing at an alarming level with the absolute majority of businesses having experienced at least one cybersecurity incident. Among companies in the EU 69% are reporting no or only basic understanding of their exposure to cyber threats. With an accelerating digital economy and society and the dependence on technology, cyber security has become more relevant and essential for businesses than ever.
Further information:
Cybergate International is a service provider in cyber security services with over 10 years of experience. Cybergate Limited has had the opportunity to work with diverse sectors, including the financial, gaming, banking, insurance, legal, wholesale and retail sectors and with sizes ranging from small to large enterprises.
Malta Chamber of SMEs President Mr Paul Abela and Director of Cybergate Ltd Ing. Keith Fitzpatrick signing the partnership agreement
Following problems flagged by members on accessing the MDB loan scheme, the Malta Chamber of SMEs discussed the matter with the Parliamentary Secretary for Financial Services and the Digital Economy, Hon Clayton Bartolo and discussions ensued. The revised system has now been given green light by the European Commission and the first local commercial bank has now signed up to MDB’s Small Loans Guarantee Scheme (SLGS), with a number of other commercial banks soon to follow suit.
The MDB COVID-19 Small Loans Guarantee Scheme (SLGS) is intended to support smaller businesses in taking out loans under the MDB COVID-19 Guarantee Scheme (CGS) without the need to provide high levels of soft collateral in the form of personal guarantees.
Through the SLGS , the MDB provides additional protection to the banks by subordinating its rights to those of the banks in respect of the 10% of the loan which is not covered by the 90% guarantee under the CGS. In return, the MDB is obliging the banks not to request soft collateral in excess of 20% of the loans extended to SMEs.
The SLGS is therefore a carefully thought equitable solution that addresses the concerns of smaller businesses regarding the high levels of soft collateral requested by banks (normally in the form of personal guarantees), while giving due regard for the risks faced by the intermediary banks.
The SLGS applies to loan contracts of up to €250,000 that are concluded under the scheme as from 29 July 2020. Existing loan contracts of up to €250,000 that were concluded before this date are also eligible to benefit from this new scheme provided that the banks amend these contracts to reflect the new conditions.
The MDB is holding discussions with the banks intermediating the CGS in this regard.
The list of banks signed up to SLGS is updated on a daily basis on the MDB website on this link.
On October 5, 2020, from 10:30am to 12pm, EUROCHAMBRES, in collaboration with BEUC and SMEunited is organising a Stakeholders’ workshop in the framework of CONSUMER LAW READY project.
Consumer Law Ready (www.consumerlawready.eu) is a specialist training programme for SMEs, supporting them in complying with the latest EU Consumer Laws. The training enables you to gain knowledge of the important aspects of Consumer Law, which will help to improve customer service and increase consumer trust in your business.
This event will take the format of a panel with Q&As along the following objectives:
discovering more about the programme and its opportunities, getting feedback on how to further develop it;
sharing views of SMEs, consumers and EU representatives on what COVID 19 means for entrepreneurs;
discussing about possible responses to the current crisis and suggesting instruments for dealing with
informing about upcoming initiatives in the field of consumer law: Consumer Agenda; Empowering consumer for the green transition; Review of Consumer Credit Directive; Review of General Product Safety Director.
Key points from von der Leyen’s state of the union speech
Photo: REUTERS European Commission President Ursula von der Leyen addresses her first State of the European Union speech during a plenary session of the European Parliament as the coronavirus disease (COVID-19) outbreak continues, in Brussels, Belgium September 16, 2020.
EU chief Ursula von der Leyen promised a new target for cutting greenhouse emissions in Europe, delivering her first landmark State of the Union address on Wednesday.
The European Commission President said Europe must protect lives and livelihoods amid a resurgence of the coronavirus pandemic.
Outlining the Commission’s priorities for the coming year, she also addressed human rights, migration, Brexit and tomorrow’s technology.
Key points from von der Leyen’s state of the union speech
On greenhouse emissions, von der Leyen set a reduction goal of 55% by 2030, significantly higher than the current target of 40%.
She promised to protect lives and livelihoods, stabilise the economy and rally the global response to the coronavirus pandemic.
The Commission president proposed building a stronger European Health Union with various measures to strengthen cross-border coordination.
Von der Leyen said there would be a new approach to migration with a “new pact”, calling on member states to “step up too” and take responsibility.
The president promised a more assertive EU response to global events and not to compromise on human rights, discrimination and hate.
The EU will take more leadership in the digital transformation, especially on data, technology and infrastructure.
On Brexit, she had a warning for the UK over the agreed and ratified divorce agreement: “It cannot be unilaterally changed, disregarded or disciplined. This is a matter of law and trust and good faith.”
The speech came at a time when the challenges facing Europe and the European Union are enormous. The coronavirus pandemic is continuing to cause havoc across the continent, threatening a major health and economic crisis in the winter.
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