For more than a decade, global economic growth has benefitted from low interest rates as many economists prematurely declared that inflation was dead. Central bankers shifted their attention from ensuring price stability through orthodox monetary policy to promoting economic growth by providing ultra-cheap money to businesses and households. The changing dynamics driving the economy are now forcing central banks to take a more hawkish view on the risks of stagflation – increasing inflation and sluggish economic growth. The European Central Bank has paved the way for an interest rate hike of a quarter point in July and a potentially larger increase in September. Some economic observers argue that this move is long overdue. Others doubt whether this increase will be effective in dousing accelerating inflation. The increase in interest rates may not be enough to mitigate the pain of stagflation but it will restore some sanity to financial markets and the real economy. For too long, entrepreneurs and investors have underestimated the importance of pricing risk into their decisions. Businesses offloaded large amounts of debt on worried institutional investors and private investors...

Non-Maltese make up over a quarter of the total labour force on the island, the employment agency JobsPlus says in its annual report. The employment agency put the overall percentage of foreign workers in the labour market at 27.9% as of September last year. This reflects the extent of the government’s policy to import non-Maltese nationals to make up for gaps in the local labour supply. The policy has seen the number of foreign workers in Malta shoot up from 9,500 in 2009 to around 67,000 a decade later. In the private sector alone in 2018, 30 per cent of employees were foreign nationals. By the end of 2021, the number of employed foreign nationals across all sectors amounted to 77,825, JobsPlus says on its website. “Since the joining of the Maltese Islands in the European Union, employment of foreign nationals increased drastically,” the agency says in a section titled ‘Foreign Nationals Employment Trends’. In its annual report, JobsPlus says the increase in non-Maltese nationals has been reflected in employment positions across all sectors. The gambling and betting sector came out as the top employer of foreign workers last year, with 58.6% of people in the industry being...

Fontana celebrates the titular feast of the Sacred Heart of Jesus on Sunday. On Saturday, the parish marks the 29th anniversary of the coronation of the titular painting. Mgr Rosario Borg will lead the solemn translation of the relic at 6.30pm, followed by High Mass led by Mgr Joseph Zammit. The Te Deum will be sung. At 9.30pm, the La Stella Band will play marches, followed by a fireworks display synchronised with music and an audio-visual feature about the feast. On Sunday, Gozo Bishop Anton Teuma will celebrated Pontifical Mass at 9am. Biblical scholar Mgr Laurence Sciberras will deliver the homily. The Missa Fons Vitae, by Mro John Galea, will be executed with the participation of the Chorus Urbanus and orchestra directed by Mro Galea. Solemn vespers will be sung at 6.30pm, followed by the procession with the relic of the Holy Cross and the statue of the Sacred Heart by Agostino Camilleri. La Stella Band of Victoria will play L’Inno al Sacro Cuor, penned by Fr Accursio Xerri, OFM, with music by Mro Vincenzo Ciappara.

Birkirkara St Joseph Sports Club hosted the second race of the four-part race series Go& Fun Sprint Triathlon in Salina last weekend.  Luke McCarron and Danica Bonello Spiteri took the win home.  McCarron exited the water after 10 minutes and eight seconds, nearly a minute ahead of Galea who came out of the water together with Danica Bonello Spiteri. The latter went on to proceed to a 20km bike just seconds ahead of Galea. Third out of the water was Joseph Azzopardi.  Out on the bike course McCarron kept the lead ahead of Galea and Azzopardi, these positions were maintained until the end of the race, which was won by McCarron.  Bonello Spiteri produced a good race, improving on the time she registered in the first race of the series by nearly two minutes. Continue reading this article on SportsDesk the sports website of the Times of Malta

With its zero-tolerance cannabis laws, deep social stigma against the drug and moves to tighten rules on consumption, Japan is no stoner's paradise. But you wouldn't guess it watching Ai Takahashi and her friends twerking, body-rolling and lighting up to the weed anthem "Young, Wild & Free" at a tiny, packed club in Tokyo. What they're smoking isn't illegal marijuana, but a joint containing cannabidiol (CBD) - a non-intoxicating component of cannabis that has become trendy worldwide and is fast catching on in Japan. Video: AFP "When I was a child, I was taught at school and everywhere else that marijuana is an absolute no-no, and that's what I believed too," Takahashi told AFP. "But being a huge reggae fan, I had a chance to smoke it when I travelled to places where it's legal." The 33-year-old dancer later became interested in CBD, which is legal in Japan if extracted from the plant's seeds or fully-grown stems, but not other parts like the leaves. It is sold in vapes, drinks and sweets at specialist cafes, health stores, and even a shop in Tokyo's main airport. When Takahashi encouraged her mother, who was struggling with depression, to try CBD, it made a big difference, she...

A 60-year-old man who lives in St Paul’s Bay died early Friday morning following an argument at an establishment in his home town in what the police are currently considering as a murder. The police said the argument took place in Triq it-Turisti at 1.30am. The victim died shortly after at Mater Dei Hospital.  Police investigations established the victim fell down the stairs during the argument. Photo: CMRU, Malta Police Force They are trying to establish whether the victim fell down the stairs to his death, or if he was pushed.  The police said a man is assisting them in their investigations. Sources said this man had been arguing with the deceased inside the bar. The victim was then asked to leave.  Police have spoken to the bar owner and are searching for CCTV cameras that may have caught the incident. An inquiry is being held.  Photo: Chris Sant Fournier

An Ethiopian artist, exhibiting for the first time in Malta, is portraying the obliterated childhood of those affected by war. Dereje Shiferaw’s exhibition at the Christine X Art Gallery, in Sliema, is about the complexities of war and its effects on children. The artist draws from experience as he has seen children traumatised in his own country and wants his deliberate bold strokes and mixed media paintings to reveal their cry for help. Shiferaw believes not only in stopping wars but also in “deactivating child soldiers’ memories of the brutal war and the trauma of violence”. “Children are the nexus of humanity and must be kept safe,” he says, adding that “they must never be used to obliterate peace”. Born in Asmera (Eritrea) in 1978, Shiferaw is an intuitive and self-taught avant-garde painter from Ethiopia who has a “combined love of art and nature”. His signature lies in the melanated figures with lush illustrious lips and stylised facial features and huge contorted hands, speaking volumes, especially with backdrops contrasting from tranquil environs to others in turmoil. Shiferaw interrogates life through his art and gathers inspiration from everywhere. At times, it’s from...

Students of economics learn that economics is a social science that analyses the production, distribution and consumption of goods and services with the objective of meeting private and social goals. It is interesting to note that it is described as a social science and, therefore, concerns itself with human behaviour. Something else that students of economics learn is that one of the fundamental principles of economics is scarcity of resources. Whether it is an individual or a business or a country, there are never enough resources to meet the needs and wants. This forces individuals, businesses and governments to make choices in the use of such resources, reflecting their policies on a number of issues. Again this implies that economics is more than just numbers. However, it is sometimes forgotten that resources are scarce and one assumes that the good times go on forever. History has shown that the economic cycle has never been beaten and a boom, at some point or other, is followed by a recession. We also forget to make the distinction between what is referred to as the ‘real economy’ and what is referred to as the ‘financial economy’ and which of the two is the driver.

A man is fighting for his life after a fight in St Julian’s early on Friday while two others suffered injuries in a separate argument, also in St Julian’s, late on Thursday. The police said officers on the beat spotted an injured man lying on the ground in Triq San Ġorġ at 2am. A medical team and an ambulance were called on site and the 26-year-old man, who lives in Marsa, was transferred to Mater Dei Hospital, where he was certified to be in a critical condition. Police investigations established he was involved in a fight at an establishment in the same street. An inquiry is being held. A few hours earlier, at 11.45am, three men were involved in a fight in Triq Santu Wistin. Two were injured. A medical team assisted the two injured men, both French and aged 61 and 58, on site before they were transferred to Mater Dei Hospital. The older one suffered grievous injuries, the younger slight. The third man, a 36-year-old Polish national, escaped but was found by the police some time later. He is currently being held at the police headquarters in Floriana.

Rabat FC were founded in 1938 and as far as we can ascertain, they played their first game on October 23, of that year against the Royal Engineers. Rabat lost that friendly match 0-1. That same season, Rabat joined the Third Division League and they played their first game against Balzan Youths on December 26, 1938. Rabat celebrated their league debut with a 5-0 victory. In season 1944-45, Rabat FC were in the Second Division. Those were years of plenty and Rabat, like many other teams of that era, had in its ranks many fine players. The future of the club seemed secure and this was evident when they finished their commitments with the same number of points as Ħamrun Liberty at the top of the table. However, in a play-off for promotion to the First Division, Rabat lost 0-1. Continue reading this article on SportsDesk, the sports website of the Times of Malta

In the Ukrainian port of Izmail, on the Danube river that marks the border with Romania, rows of trucks filled with grain stand in line. Dozens of kilometres from there, at Romania's port of Sulina, where the river flows into the Black Sea, ships are waiting to be loaded.  Sailors say there have never been so many ships of all kinds and under so many flags dotting the horizon at Sulina. Video: AFP They are waiting to reach Ukraine to be loaded with food - ever since Moscow's blockade of its neighbour's seaports has paralysed grain exports from one of the world's largest producers. "The alternative is the Danube. The big problem is the capacity of the infrastructure on the river," Yuriy Dimchoglo, former vice-president of the Odessa regional council, told AFP. Since Russia invaded Ukraine in February, only 1.5 million tonnes of grain have been exported via the Danube, he said, while 20 to 25 million tonnes are blocked in the country, according to the government. 'Feed the world' Some 35 kilometres from Izmail port, farmer Vyacheslav Zyabkin said he had still not shipped any of his produce - "not even a kilogramme" - via the Danube because purchase prices were below operating...

Paul McCartney turns 80 on Saturday and a week later becomes the oldest headliner to play at the Glastonbury Festival. There’s even been talk of the ex-Beatle being made a lord before the year is out. Not bad for a kid from a working-class family in Liverpool after almost 60 years topping the charts. Between his years with the Fab Four, his work with Wings and his solo career, McCartney has written or co-written more than 50 top 10 singles. During lockdown in 2020, “Macca”, as he is affectionately known, recorded McCartney III on his own and it became his first UK solo number one album since 1989.  The Beatles at the height of their fame. From left, Paul McCartney, John Lennon, Ringo Starr and George Harrison. Photo: Jiji Press/AFP McCartney and The Beatles returned to the spotlight last year thanks to director Peter Jackson’s eight-hour documentary Get Back about the making of their 1970 album Let It Be. With a string of 80th birthday events planned in Liverpool, British media have reported that McCartney could be made a peer of the realm – 25 years after he was first knighted. ‘Grandude’ His knighthood from Queen Elizabeth II was upgraded five years ago to admit Sir Paul to...

Elon Musk pitched a vision Thursday to Twitter staff of a one-billion-user platform, but was hazy on potential layoffs, free speech limits and what's next in his chaotic buyout bid. The Tesla chief talked of letting people say pretty much whatever they want on Twitter while at the same time keeping it a friendly place that users enjoy visiting. While fielding questions in his first meeting with staffers, the Tesla chief offered no updates on whether he will go through with a proposed $44 billion takeover deal which he himself has called into doubt. A transcript of the employees-only virtual meeting posted at website Recode indicated Musk professed "love" for Twitter, joking that while some people express themselves with hair styles he does so on the global messaging stage. Musk said he wants to have "at least a billion people on Twitter" in what would be massive growth for a platform that has about 229 million now. Musk told Twitter employees he favours moderate political positions, but that users should be able to say outrageous things.  He qualified that by saying that freedom of speech doesn't mean an intrinsic freedom for comments to reach far and wide. The Tesla chief has...

Olympic champion Lamont Marcell Jacobs can resume training after recovering from a thigh injury a month before the world championships, the Italian athletics federation FIDAL said on Thursday. In a statement, FIDAL said that Italian Jacobs underwent tests on Wednesday which assessed his recovery from the muscle injury diagnosed in May. “The outcome of the tests... are positive, allowing the athlete to regularly resume training,” FIDAL added. Jacobs, a shock winner of the 100 metres in the Tokyo Olympics last year, has only raced at the distance twice since his stunning win in Japan, both underwhelming runs at a meeting in Savona last month. He picked up his injury at that low-key meeting on the Italian Riviera, and Jacobs suggested on Instagram that he might not be able to compete before the worlds in Eugene, Oregon, which take place between July 15-24. Continue reading this article on SportsDesk, the sports website of the Times of Malta

A search is currently under way for a missing woman in the Għajn Tuffieħa area. It is understood that the police and the army are searching for 17-year-old Doaa Kasem, reported missing by the police on Thursday. She was last seen in Sta Venera. An army helicopter and the police K-9 Unit are involved in the search. An AFM helicopter could be seen hovering over Golden Bay from early on Friday as the officers and their dogs searched the surroundings.  Photo: Chris Sant Fournier Photo: Chris Sant Fournier

The Superintendence of Cultural Heritage has greenlighted is-Suq tal-Belt’s application for new canopies in its outdoor dining area, provided that the central open space be left unobstructed.  In May, Arkadia Marketing Limited, the company that operates the Suq tal-Belt food court and supermarket in Valletta, filed an application to install new permanent canopies over its outdoor seating venue, more than two years after it was hit with an enforcement notice for installing canopies without a permit. In its latest comments on the proposal, the SCH said that, following assessment, the canopies would be deemed “acceptable”, provided that any structural pillars emulate the original Victorian pillars supporting the existing building, the space between the dining area be kept open and that the canopies be manufactured in a single-colour material, preferable stone colour.  “This will ensure that part of the historical façade of the Valletta market can be viewed without any items covering the façade design,” the SCH said.  However, heritage NGO Din l-Art Ħelwa has strongly objected to the application, arguing that it diminishes appreciation of the scheduled building and its unique...

The British government on Thursday said a European rights court should not have blocked the removal of migrants to Rwanda, promising legislation to override some of the court's orders. The government says it has been forced to respond with drastic action to record numbers of migrants crossing the Channel because the costs associated with housing asylum seekers are unsustainable. A charter plane was on the tarmac at a British military base on Tuesday night, ready to take the first batch of claimants to Kigali, when the European Court of Human Rights (ECHR) stepped in. The Strasbourg-based court ordered British judges to first examine the legality of the removal scheme in detail, before making any deportations. Justice Secretary Dominic Raab said the UK High Court, Court of Appeal and the Supreme Court had all already rejected urgent arguments brought by rights campaigners. "I think when three courts - and I have got great respect for the judiciary in this country - considered and dismissed the issue, it is not right for Strasbourg to intervene in the way it did," he told Sky News.  The ECHR is Europe's top human rights court and serves as a court of last instance in cases where...

For a Disney film called The Princess, Joey King’s new movie has a lot of R-rated violence, death, and even the odd use of the word “bitch”. But from the moment her tough-as-nails royal heroine stabs a hairpin into a henchman’s eyeball, it is clear 20th Century Studios’ The Princess – out July 1 on streaming platforms – is not your typical family-friendly fairytale. “I mean it wouldn’t be fun if it wasn’t violent, you know!” King told AFP on the red carpet at Thursday’s premiere in Hollywood. “I was constantly telling our producer Toby [Jaffe], I was, like, ‘we need more blood on the dress!’” Described as Rapunzel meets action-thriller The Raid, the live-action film begins with King’s sleeping princess, clad in a wedding dress, awakening as a prisoner at the top of a dizzying tower. Disney introduces ‘The Princess’, a bloody action movie for adults, whose title character is a ‘very feisty" princess, proud to be a woman’ and very happy to ‘fight’, says actress Joey King at the film premiere in Hollywood. Video: Romain Raynaldy/AFPTV/AFP A series of highly stylised, female-led fight scenes unfurl as she bids to escape from nemeses including former Bond girl Olga Kurylenko (Quantum...

After three years in turbulent waters, swimming starts to regain some stability with an extra edition of its long-course world championships in Budapest starting on Saturday. On the podium, some continuity is assured as two American 25-year-old stars Caeleb Dressel and Katie Ledecky continue their relentless pursuit of medals. As in other sports, the Covid pandemic caused chaos with the global swimming calendar, with its world championships in odd-numbered years. Covid delayed the 2020 Tokyo Olympics a year and the world championships, also in Japan at Fukuoka, were initially put back to this May and then to July 2023. To fill the gaps in their schedule, and coffers, world swimming’s governing body FINA wants to move the theoretical 2023 championships to January 2024 in Doha, Qatar, and has added a special edition for this year. Continue reading this article on SportsDesk, the sports website of the Times of Malta

The son of the sculptor who crafted the bronze statue of Grand Master Jean de Valette, located in Valletta, is calling for better protection of the work of art after a photo showed a man climbing it and standing on the sword. Christopher Chetcuti, son of the late Joseph Chetcuti who sculpted and cast the statue, is concerned that such acts would jeopardise the work. “If a person climbs onto the back of the statue they are placing weight at the ankles. Such an action may have weakened them already. If this happened again and again the statue may just, one day, fall onto the next person who climbs it,” he said adding that his father, who passed away three years ago, would have been “very disappointed” at such a sight. Sculptor Joseph Chetcuti working on the "bozzetto" for the La Valette statue He was reacting to a photo, taken by Times of Malta photographer Jonathan Borg earlier this week, showing a man standing on the sword of the statue while holding onto the statue’s shoulders. “My father was in favour of people enjoying his art and was happy so see children playing around the statue. But here we have adult men and women showing disrespect towards art,” he said adding: "We are...