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EU Council Allows Adoption of the Euro for Malta in 2008 GMT

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EU Council Allows Adoption of the Euro for Malta in 2008 GMT Newspaper post 24c / €0.56 “Tourism between Portugal and Malta is an “EUROMEDITI reaffirms the government’s commitment area which needs to be enhanced” to strengthening IT in the Mediterranean” Antonio Russo Dias INTERVIEW ■ PAGE 10 Lawrence Gonzi POINT OF VIEW ■ PAGE 9 Business Today ISSUE NO. 494 www.businesstoday.com.mt WEDNESDAY 11 July 2007 Private equity EU Council allows adoption fi rm acquires Melita Cable plc GMT Communications Partners of the euro for Malta in 2008 (“GMT”), the leading European independent private equity group focused exclusively on the com- Gerald Fenech munications sector, has signed an agreement to acquire Melita Cable At an ECOFIN meeting in Brussels, plc (“Melita”), the leading provid- the European Council yesterday er in television, broadband and decided to allow Cyprus and Malta telephony services in Malta, from to adopt the euro as their currency, Nasdaq listed Liberty Global and thus enlarging the euro area to 15 the Gasan Group of Companies. member states, as from 1 January The Maltese television, 2008. broadband and telephony It also adopted regulations setting services sector has grown permanent conversion rates for rapidly in recent years, due to an the Cypriot pound and the Maltese increasing customer base and a lira against the euro2 and adjusting continually developing product certain technical provisions on offering. Melita’s management introduction of the euro3. team’s experience in driving Cyprus and Malta will issue euro forward and maximising growth notes and coins at the same time as opportunities include heavy adopting the euro. The conversion investment in Melita Cable plc to rates are set at 0.585274 Cyprus expand and upgrade its network pounds to the euro and 0.4293 and to develop new services. It is Maltese lira to the euro, which now regarded as the leader in its correspond to the current central field and has continued to grow rates of both currencies within despite fierce competition in this the EU’s ERM II exchange rate ALL SMILES: From left Parliamentary Secretary Tonio Fenech, Prime Minister Lawrence Gonzi and Central Bank Governor sector. mechanism. Michael Bonello holding the designs of the Maltese euro coins in Brussels yesterday after the ceremony held to commemorate GMT will acquire a majority Speaking to Business Today just Malta and Cyprus as new members in the single currency zone as from January 2008 shareholding and the Gasan Group after the conclusion of the meeting, will retain a minority interest. Parliamentary Secretary Tonio “Apart from the positive decision to means that we can go ahead with consumer as much as possible”. Melita Cable plc is in a strong Fenech said that this decision was adopt the Euro, another important transactions in a stable manner. Fenech explained that the next position to keep on expanding and of great satisfaction to all after point was the fact that the Council We now have to do our utmost step is the publishing of the 4th improving its service portfolio the hard work put in to reach this accepted the convergence rate of to ensure that the changeover stage of the Euro changeover and market share and to carry out important stage. 0.4293 currently in force which also will bring positive benefits to the master plan !page 3 the necessary !page 3 Today public policy think tank launched see page 5 Tourism players outraged at anchoring of rig in St. Paul’s Bay Interministerial group has ‘failed miserably’ - MHRA The decision to anchor a large oil along a stretch of coast which is Authority responsible is trying to rig in St Paul’s Bay in full view of extremely tourist sensitive. It is impart to both the general public the shoreline in the peak of the ironic that FATTA has constantly and the tourists currently visiting tourist season has provoked out- lobbied with MTA and the Ministry our islands. rage amongst the major tourism of Tourism that sensitive tourist “Such insensitivity towards the associations, the Federated Associ- areas should be kept in pristine tourism zones and the tourism ation of Travel and Tourism Agents condition at least during the industry is even more glaring since (FATTA) and the Malta Hotels and peak summer months, free of FATTA and other NGO’s have been Restaurants Association (MHRA). construction debris and eyesores”, actively lobbying to move the In a press release, FATTA said that the federation added. position of current Fish Farm pens it is astounded by the fact that an oil FATTA insisted that the berthing even further offshore to avoid both platform has been given permission of this oil Platform at ST Paul’s Bay environmental damage as well to anchor in St. Paul’s bay, one of is highly insensitive, especially as the visual pollution that such Malta’s more picturesque areas. given the fact that Malta is passing artefacts produce. The berthing of “Not only has this been done already through a bad period for the platform can only exacerbate during one of the peak tourist incoming tourism and wonders the already negative effects being months of July but the area is a what image the Ministry or the suffered in the !page 5 New Enemalta CEO expected soon David Spiteri Gingell, currently the Consultancy Division of the heading the Malta Council for Sci- Management Systems Unit and ence and Technology is shortly later the Management Efficiency to be appointed CEO at Enemalta, Unit between 1994 and 1999. He was Business Today can reveal. then appointed Chief Information Spiteri Gingell will replace Ing. Management Officer (CIMO) for Antoine Riolo who steered the the Public Service. In May 2000 he national energy carrier for a moved to MITTS as Chief Executive number of years before taking up a Officer. In February 2002 he was more lucrative post as CEO of the concurrently re-appointed CIMO. Malta Resources Authority a few He left MIITS in July 2006 where he months ago. The position of CEO took on the appointment of CEO at at Enemalta has been vacant for MCST. It still unclear whether he some time now. will retain his current position in David Spiteri Gingell headed light of the new duties. David Spiteri Gingell.
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