Jānis Zelmenis

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Marie-Louise Coleiro Preca announced as Malta’s ninth President. She is the 9th President following George Abela who served Malta for the past five years.

Malta’s government has approved a controversial plan to attract “high value” people to the island by selling passports for €650,000 (£546,000).

IMO International Maritime Law Institute in Malta announces admission to the 26th Master of Laws (LL.M.) Programme in International Maritime Law in Malta, which will start in October 2014 and will last for one academic year.

Malta has registered a slight decrease in its unemployment rate, making it the fourth country with the lowest unemployment rate.

Finance Minister of Malta Edward Scicluna on October 17 confirmed a plan to raise an extra €50 million in revenue from indirect taxes in the next Budget.

The minister, who pencilled in the Budget for November 4, said the increase was on the cards but “nothing is cast in stone”. Asked how this squared up with Labour’s pre-election pledge not to raise taxes, Prof. Scicluna argued that the Government could not lower revenue (as a result in the income tax cuts announced last year) when cutting the deficit.

Last September, Malta registered the rate of 0.6%. In September 2012, Malta almost had a 3% annual inflation rate

The European Union registered an annual inflation of 1.3% in September 2013, half of the inflation registered in the same period last year (2.7%). According to statistics provided by Eurostat, the highest inflation annual rates in September were observed in the UK (2.7%) and Estonia (2.6%), while the lowest were registered in Bulgaria (-1.3%) and Greece (-1%).

Jānis Zelmenis, attorney-at-law and Honorary Consul of Malta, participated in a meeting of Malta Honorary consuls, which was held on July 28-30 to discuss the ways of increasing the impact of Malta on the international scene. The meeting, which is traditionally held once in two years, was attended by 100 honorary consuls of Malta from all over the world. The topic of this year’s meeting was enhancing international and economic profile of Malta.

As at December 2012, total foreign assets increased by €2.76 billion over the position prevailing at December 2011. Total foreign liabilities rose by €1.62 billion during the corresponding period, resulting in an overall increase in the International Investment Position (IIP) of €1.14 billion.The International Investment Position (IIP) refers to net foreign assets (NFA), and is the balance of foreign assets less foreign liabilities.

An in-depth analysis by the European Commission of possible vulnerabilities of Malta's financial sector found that the island does not face any immediate risks but warns that more monitoring and supervision is necessary to make sure that the property and banking sectors are kept in check.