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USA UK and Malta News
17/02/2012 - 21:55

Malta news: appointment ceremony

Malta news: appointment ceremony - King Carnival falls overboard - La Valette fund directors not excluding legal action - All set for tomorrow's Cardinal appointment ceremony.

Malta news: appointment ceremony
King Carnival falls overboard
King Carnival has fallen overboard this year, literally. The largest float in the défilé shows King Carnival in a rubber ring, being rescued by a tug boat, in the form of a turtle. This photo shows the float being reflected in the mirrors of a medicine chest, of all things As gale force winds blew yesterday morning and in the afternoon, Carnival enthusiasts were making the last preparations on their floats ahead of this afternoon’s opening défilé. King Carnival too was still in his Marsa warehouse. This year, he fell overboard and the float shows him being rescued by a tugboat – in the form of a turtle. The king, the turtle and their creators were visited by Tourism, Culture and the Environment Minister, Mario de Marco, who congratulated float makers for their work, dedication and the great sacrifice that goes in for them to create unique, gigantic floats, every year. According to weather forecasts, Dr de Marco said the weather should improve over the weekend and called for families to participate in the activities organised, mainly in Valletta and Floriana.(inependent.com.mt) This is not because a char falls through the festivities are failed, we can even think it's to encourage us to continue the party.

La Valette fund directors not excluding legal action
Irate investors this evening demanded explanations over the La Valette Multi Manager Property Fund that went belly up after it invested in high-risk sub funds that went bust. The fund was managed by Bank of Valletta and Valletta Fund Management, the bank's investment arm. The bank suspended trading in the fund's shares in August 2008, leaving investors high and dry. The investors, who were attending an annual general meeting, demanded explanations and responsibility for the losses they incurred. They hurled insults at the fund's directors with the meeting becoming so noisy at one point that chairman Salvino Busuttil repeatedly threatened to suspend it. His declaration wasmet with boos and more insults. Prof. Busuttil was the only independent member of the fund. He was faced with a series of questions from Finco Trust Group managing director Paul Bonello, who has been representing aggrieved investors against BOV. Mr Bonello accused Sicav and VFM of having invested the money in property funds which had debt levels that were too high to cover the value of their assets. He also accused BOV of issuing "false" annual reports for four years in a row. He asked whether investors could have peace of mind that similar reports were not being issued on the other 12 funds managed by VFM.(timesofmalta.com) It is normal for investors to be angry but it is abnormal that they insult those who put them in this state. This is not a sign of good education.

All set for tomorrow's Cardinal appointment ceremony
Archbishop Prospero Grech, an Augustinian scholar and professor of hermeneutics, is less than 24 hours away from being made Cardinal by Pope Benedict XVI. He will be Malta’s second-ever Cardinal as well as the first Augustinian Cardinal in over a century. A discreet man who relatively few Maltese had heard of prior to his nomination to become Cardinal, he is a renowned theologian within Vatican circles. Archbishop Grech was one of 22 men nominated by the Pope last month. He was ordained as Archbishop two weeks ago at St John’s Co-Cathedral by the Archbishop of Malta, Paul Cremona. 21 of the men will be appointed during tomorrow’s consistory. The 22nd appointee, German Jesuit Father Karl Josef Becker, will not be present due to ill-health and will be made Cardinal privately at a later date.(timesofmalta.com) Here is a perfect example of stability, the crisis does not affect Malta except the degradation of his note?

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