HSBC Malta CEO Alan Richards told an HSBC Premier Breakfast meeting that the financial situation worldwide is slowly stabilising but the road to recovery will still be long and winding.

The meeting was one of a regular series which HSBC Premier organises for clients in Malta. This meeting was also addressed by Head of Premier and Wealth Management, Martin Scicluna and Head of Global Banking and Markets, Charles J Farrugia, who gave a detailed overview of the world economy and how the financial crisis was impacting on markets, jobs and wealth.

Guest speaker Winston Zahra Jr, Director Island Hotels Group in Malta, discussed the financial situation from a tourism point of view putting it into a European context. Mr Zahra said that between January and April 2009 Malta, like many other destinations around the globe, experienced a drop in tourist arrivals, guest nights and tourist expenditure and the outlook for summer and beyond was difficult to foresee mainly due to economic uncertainty, shorter lead times and price sensitivity. Despite this however he stressed the importance of remaining positive and continuing the hard work together to ensure the outcome is the best one possible for the Maltese economy.

“Airline seat capacity and marketing funds have been increased to boost tourist arrivals for summer and all parties are working closely together to achieve the best possible result, but the ride is still expected to be rough and volatile,” said Mr Zahra. “In these challenging times, it becomes increasingly important to manage any operation diligently and creatively, maintaining a positive attitude, taking the bold decisions necessary, focusing on strengths while pruning what is unprofitable, and resetting employee and partner expectations through healthy communication,” said Mr Zahra.

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