News | Wednesday, 16 September 2009

ST Microlectronics future still in the balance

Karl Stagno-Navarra

ST Microelectronics have not yet concluded talks with government about an assistance package, but prospects are that the multinational will keep its operation in Malta, but downsize it’s labour force.
Finance minister Tonio Fenech yesterday reiterated government’s invitation to ST Microelectronics to “continue talks” but kept a firm position as to how far the state could go in accepting the company’s demands.
“It takes two to tango and I will not create a shipyard out of ST. I will not close a deal just to close a deal,” Tonio Fenech told a business breakfast yesterday when asked about the state of negotiations with the company.
According to the Finance minister, the prospects were that ST would retain its operations in Malta, but he disputed claims that the company accounted for 15% of Gross Domestic Product.
He explained that ST Microelectronics was a significant contributor to exports and imports “but its main contribution to the country was its payroll and the spill-over to other companies that served it.”
ST Microelectronics does not pay any tax in Malta.



Other News

MEA pushing to replace COLA increase with one-off bonus

Co-operative for remaining shipyard workers being studied

MHRA President warns “many hotels already planning to close this winter”

GO publishes interim financial results

GDP contracts to -3.3 per cent in Q2

Forthcoming NSO News Releases

Melita bonds to be listed on alternative MSE listing

31 in court today over €10 million VAT department fraud

Is the latest fuel increase a straw too far for industry and tourism?

Planning Our Semiotics Well in Tourism

New Directive on defence and security procurement enters into force

Mark Lamb: An ill wind







16 September 2009


Malta Today


Collaborating partners:



Copyright © MediaToday Co. Ltd, Vjal ir-Rihan, San Gwann SGN 07, Malta, Europe Tel. ++356 21382741, Fax: ++356 21385075
Managing Editor: Saviour Balzan