Property & Life Magazine Issue 5 by Adrian Friggieri

PROPERTY & LIFE MAGAZINE Property, Business, Investments & Lifestyle

Issue 05

COVER STORY

SPECIAL FEATURE

INTERVIEW OF THE MONTH

EXCLUSIVE

06 - Sense of Movement

20 - UNDERSTANDING AND REALISATION

26 - A SERVICE PROVISION SYSTEM

28 - BRIDGING THE ATLANTIC

Discover Ralph Laurenâ&#x20AC;&#x2122;s luxury design philosophy as we visit the Portomaso outlet run by Defort.

PLM talks with Professor J. Kevin Corder, Dept. of Political Science Western Michigan University

A Corporate Interview with Christian Volkers, CEO of Engel & Volkers and Publisher of GG Magazine

Interview on International Diplomacy with Kathleen Doherty Deputy Assistant Secretary for the European Affairs

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Contents

EDITOR’S NOTE Many CEOs have identified creativity and innovation as critically important to growing their businesses. My experiences have convinced me that most of what they are seeking is lying dormant in the knowledge and skill of their employees, and that employees are longing for the opportunity to be included, involved and empowered. Several years ago, I listened to a competitive management lecture based on a book titled, “Beep! Beep!… Competing In The Age Of The Road Runner.” The speaker explained that as CEO of a corporate organisation his presentation was the focus of the entire business. Three hours later I walked out of a great address and was eager to learn more, so I immediately purchased the book. After reading the first three chapters of the book I was hooked! The book was based on the Warner Bros cartoon and compared organisations to Wile E. Coyote’s and the Road Runner’s. While Wile E. thinks like a bureaucrat; the Road Runner thinks like an entrepreneur. Roadrunner people want to understand the whole game, the whole company, the whole business – not just their job; people who think like business owners – not like narrowly focused employees who follow rules and crave order. In any enterprise, people must be full players if they are to successfully give, share, and put in a championship performance. There can be no bench-warming second-stringers. There can be no one treated as subordinate or expendable. The next day, I attended an ad-hoc meeting at my freelance consultancy job. In the middle of the meeting, I had my own “cartoon moment” when a visual image of the boss in the room wearing a Coyote head flashed through my mind. Instantly, I realised that I was and had always been a Road Runner. I had been working with companies that taught Coyotes how to speak Road Runner, but who never really understood what it took to create a Road Runner culture.

Enjoy the read! Martin Vella Managing Editor “I once saw a snake having sex with a vulture, and I thought, It’s just business as usual in Washington DC” Jarod Kintz, The Days of Yay are Here! Wake Me Up When They’re Over

Disclaimer All rights reserved. No part of this work covered by the copyright may be reproduced or copied and reproduction in whole or part is strictly prohibited without written permission of the publisher. All content material available on this publication is duly protected by Maltese and International Law. No person, organisation, publication or party should rely, or on any way act upon any part of the contents of this publication, whether that information is sourced from the website, magazine or related product without first obtaining consent from the editor. The opinions expressed in the Property & Life Magazine are those of the authors, and are not necessarily those of the editor or publisher.

Issue 05

COVER STORY 06 Sense of Movement We discover the ornate luxury style that exemplifies Ralph Lauren’s design philosophy as we visit the Portomaso outlet run by Defort. 10 Broadening Horizons We sit down with Mandy Mifsud, GM with Domain Group, who discusses her leadership role with us.

SPECIAL FEATURE 20 Understanding and Realisation PLM talks with Professor J. Kevin Corder, Dept. of Political Science Western Michigan University.

INTERVIEW OF THE MONTH 26 A Service Provision System A Corporate Interview with Christian Volkers, CEO of Engel & Volkers top International real estate company and Publisher of GG Magazine. EXCLUSIVE 28 Bridging the Atlantic A wide ranging interview on International Diplomacy with Kathleen Doherty Deputy Assistant Secretary for the European Union U. S. Department of State.

FOCUS 31 EU-US Trade Relations An overview of the international trade relations between the EU-US.

41 Intrapreneurship is Corporate Entrepreneurship An article by Dr Michelle Gialanze, Founder of IVC Malta.

It is both a privilege and honour to bring my Road Runner tailfeathers to work every day. What a rare and precious treasure to work in a place that values each individual’s knowledge and experiences. Imagine creativity, innovation and joy infusing your organisation and producing unprecedented results. What I have learned since then teaches that while it may seem like “common sense” to think that employees are paid to make a difference, the sad reality is that in many company employees are trained to colour in the lines, to never ask “why” and to “just do and not think.” When everyone in the company is collaborating and working towards the same goal; titles, egos and silos no longer act as roadblocks. Knowledge and creativity are unleashed to produce outcomes that are even greater than Warner Bros can imagine. The most creative and innovative solutions will rarely come from the person with the biggest title or the person with the most impressive formal education. They will come from the collective knowledge and experiences of the employees and the customers.

Property & Life Magazine

45 Malta-based health research company expand into China We report latest endeavours by AAT Research, a Malta-based health research and innovation company on its operations into China.

47 MEDIC: the doc wins! Duncan Dimech, Managing Director of EXOR Group Ltd, and Ana-Marija Zafirovska, Business Solutions Advisor, discuss the Medical Expert Diagnosis for Individual Care,better known as MEDIC.

Publisher: Martin Vella Technical Adviser: Marcelle D’Argy Smith Publication Manager: Martin Vella Advertising: 99260162; 99952660 Email: propertylife2013@gmail.com Contributors: George Carol, Duncan Dimech, Michelle Gialanze, Richard Geres, Roberta Metsola, Johan Ditz Lemke, Luibov Saranchuck, David Walsh, Kenneth Zammit Tabona, Ana-Marija Zafirovska Special Thanks: BOV, BPC, Defort Ltd, HSBC, Manoel Theatre, MJN Communications Ltd, Ogilvy PR, Front Cover: Ralph Lauren Art Director: Ian Farrugia Content: Martin Vella Print Production: Union Print Co. Ltd. Office: PLM Holdings, North Quay Apartments, Fl 4, St Paul’s Street, St Paul’s Bay ©All rights reserved

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

COVER story

Issue 05

Background

e Fort design wear is a marque which represents and operates the Ralph Lauren fashion outlet located at Malta’s luxury residential development-Portomaso apartments. It shares the areas with the five star Hilton Hotel Malta and the Portomaso Casino. It is also adjacent to the Portomaso business tower and the Dragonara resort which encompasses the Dragonara casino and the luxury Westin hotel. There is excellent shopping in the vicinity with brands like Hugo Boss, Versace and luxury shops like Diamonds International and Cleland & Souchet surrounding the development. Ralph Lauren compliments to the extravaganza of these brand names.

What began 40 years ago with a collection of ties has grown into an entire world, redefining American flair and panache. Ralph Lauren has always stood for providing quality products, creating worlds and inviting people to take part in their dream. This world-famous brand has been the innovator of lifestyle advertisements that tell a story and the first to create stores that encourage customers to participate in that lifestyle. The Ralph Lauren boutique just got a whole lot better with floor sections showcasing ladies blouses, menswear, and a variety of clothing apparel to suit everyone’s tastes. The high point of the collection are the men’s coloured t-shirts and women’s garments, which have just the right proportions of signature Ralph Lauren prep and the designer’s seasonal inspiration. But then this is Portomaso and exciting retail spaces are nothing less than you might expect. 6

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What I didn’t count on, however, was that De Fort brings over the spring Ralph Lauren 2013 collection with no exception and the colours are striking more than they have been in past years, taking customers completely by surprise, with the astonishing yet practical style.

“We made the primary investment in men’s but the assortment in men’s really speaks to the guy who is here, short of dressing him for business. These are clothes to wear on the weekend or outdoors, with sweaters and great sport shirts.”

COVER story

Property & Life Magazine Issue 05

“We cater for one of the most discerning, fashion savvy, affluent, fashion-perceptive consumers,” says Maria, Retail Shop Manager. The economy hasn’t put a damper on the store, and sales for Father’s Day this year exceed our expectations as we sold 7% more than we did last year,” she confirms. The men’s area can be accessed through the main entrance and features illuminated ceiling and carriage changing rooms. The line focuses on a more casual assortment. “Ralph really felt bullish about the men’s opportunity and the demand,” she added. “We made the primary investment in men’s but the assortment in men’s really speaks to the guy who is here, short of dressing him for business. These are clothes to wear on the weekend or outdoors, with sweaters and great sport shirts.” And that’s just the retail sections. The ground floor offers sumptuous respite in the form of a cocoon eggshell turning, with its black leather seats and oak finished changing rooms, feels like the kind of exclusive gentleman’s club you would want to gain membership to. Complimented with a wide array of weathered and studded collection of Ralph Lauren fashion wear, they add a louche and luxurious coolness which you could bank on whatever the economic situation. The retail outlet has all the ingredients increasingly emblematic of the designer’s retail network. The store is housed inside a neatly designed built structure with an imposing limestone facade, large square windows and balconies; the residential-like interior has several smaller sections and there is a noticeable spotlight on women’s apparel and accessories. The minute you step through the building’s glass display entrance, you feel as though you are about to experience something new. And, that, I must say, is not quite what I ever expect from a Ralph Lauren store. Protomaso-luxury? Yes. Fine tailoring? Indeed. A sense of being happily marooned in a five-star luxury suite? Nay. But never, ever something new. No expense appears to have been spared, even in this economy. And yet, this is exactly what Ralph’s brilliantly conceived shopping venture offers: a totally fresh take on the ‘colour ‘concept store. With its intriguing mix of luxury curios – cabinets of pastel-coloured folded shirts, ceramic flooring, marble stones and personal attention, luxury is too short a word. This outlet is a glamorous setting to showcase the breadth of Ralph Lauren Summer/Autumn 2103 collections in an exquisitely art-directed opulence.

Along the adjoining passageway is the lodge-style section with underwear with a giant rustic-oak pigeonhole tiers at its heart. And, of course, Ralph has sought to accommodate that all-important post-dinner cigar moment, and fashioned in a beautiful courtyard balconies overlooking the Portomaso Marina.

“Style is very personal. It has nothing to do with fashion. Fashion is over quickly. Style is forever.” Ralph Lauren This is the perfect environment for the smart corporate executive to ponder which one of Ralph’s elegant leather iPad covers would best fit his tablet. My bet is that he will settle on the delectably elegant wallet or fine belts. For Ralph Lauren Malta is a very elegant concept indeed. There are no big seasons for selling with Ralph Lauren. But maybe that’s the idea. Because De Fort is such a master at retail and pre-collections are all about selling, what does it matter whether the press sees it? What matters is that women want to buy it.

fanfare. The GM responds quickly to the needs of the store as a whole and shares successes with staff. He cares about the sales staff and addresses concerns quickly. There is a lot of traffic through the store, which means it generally makes it’s goals. Recovery after closing is well planned as are floor sets. The GM treats everyone as a highly valued member of the team. Ralph Lauren offers a world of luxury and comfort in men’s and women’s clothing. The mix at the store could bring a boost to the overall area, which hasn’t been immune to the recession. “I think any good retailers always help everyone,” said Maria, who manages the De Fort’ Ralph Lauren business. She maintains that, “Ralph’s Lauren store is wonderful advertising in brand awareness. We offer an excellent customer service and an exceptional after-sales service, as well as strive to grant an unrivalled customer satisfaction with every visit.” Ralph Lauren offers a world of luxury and comfort in men’s and women’s clothing. So be inspired and discover the season’s latest clothing, home fashions and gifts at Ralph Lauren luxury boutique in Portomaso.

This year marks the 10th anniversary of Ralph Lauren. The American classics label established its 21st-century credentials in Malta without

ISSUE 5 | PROPERTY & LIFE MAGAZINE

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current affairs / EU

Property & Life Magazine Issue 05

MEPs From Across Political Spectrum Criticise Maltese Government Negotiating Tactics

embers of the Committee on Employment and Social Affairs in the EP and others from across the political spectrum have signed a declaration criticising the actions of the Maltese Government in relation to the methods employed to deal with the influx of migrants in recent days.

Declaration on Maltese Government’s Push-back Policy of Asylum Seekers

hereas the Maltese Prime Minister Dr Joseph Muscat intended to implement a push-back of asylum seekers back to Libya, after arriving in Malta on 9 July 2013; Whereas their deportation would have taken place immediately following their arrival without a review of their asylum applications and with no consideration to their fate should they be sent to Libya; Whereas Libya is not considered stable and poses great dangers for migrants originating from sub-Saharan Africa who are often subjected to inhumane treatment; Whereas such an action would contravene international treaty obligations and European Union law as well as disregard a judgement by the European Court of Human Rights; Whereas on Tuesday 9 July the European Court of Human Rights blocked the deportation of migrants back to Libya through an interim measure following an urgent request by NGOs; Whereas on 5th July 2013 Prime Minister Joseph Muscat threatened to veto unrelated EU measures should his demands on asylum seekers not be met. The undersigned Members of the European Parliament declare: 1. Strong objection to the recent actions of the Maltese government. 2. Reiterate that under no circumstances should EU member states consider implementing

policies that have been ruled illegal by the European Court of Human Rights, or threaten to do so. 3. Understand the Maltese situation and the need for greater EU solidarity. 4. Urge the Maltese Government to address such concerns through diplomacy and dialogue. 5. Deplore the threat of use of veto on unrelated EU measures, considers such a threat, especially prior to any negotiations, to run counter to the spirit of the European Union, to be misguided and counterproductive. 6. Recognise that nations on the periphery of the European Union require greater assistance in dealing with asylum seekers, but emphasise the need to use legal and ethical means to request that assistance.

Signatories David Casa, EPP, Malta Roberta Metsola, EPP, Malta Jean Lambert, Greens, UK Sarah Ludford, ALDE, UK Tunne Kelam, EPP, Estonia Heinz Becker, EPP, Austria Hubert Pirker, EPP, Austria Ana Gomes, S&D, Portugal Anna Záborská, EPP, Slovakia Sabine Lösing, GUE/NGL, Germany Olle Schmidt, ALDE, Sweden Nadja Hirsch, ALDE, Germany Sharon Bowles, ALDE, UK Monica Macovei, EPP, Romania Csaba Őry, EPP, Hungary Gay Mitchell, EPP, Ireland

The declaration: • States that under no circumstances should EU member states consider implementing policies that have been ruled illegal by the European Court of Human Rights, or threaten to do so. • Urges the Maltese Government to address such concerns through diplomacy and dialogue. • Deplores the threat of veto use on unrelated EU measures, considers such a threat, especially prior to any negotiations, to be misguided and counterproductive. It runs counter to the spirit of the European Union. The declaration takes note of need for greater EU solidarity with Malta on the question of illegal immigration and further states that “nations on the periphery of the European Union require greater assistance in dealing with asylum seekers, but [we] emphasise the need to use legal and ethical means to request that assistance.” “No one is denying that we have a serious problem at hand - we are a small densely populated island and thus have our limits. But human lives should not be used as bargaining chips. This behaviour tarnishes Malta’s reputation and is detrimental to our cause,” stated Maltese MEPs David Casa and Roberta Metsola. Signatories to the declaration included Tunne Kelam from the EPP, Ana Gomes from the Socialist Group, Sarah Ludford from the Liberals, Jean Lambert from the Greens and Sabine Lösing from GUE/ NGL. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

EDUCATION

Issue 05

www.propertyandlifemagazine.com

EDUCATION

Property & Life Magazine Issue 05

Broadening Horizons by Martin Vella

e conducted this in-depth interview with Mandy Mifsud, GM of Domain Group, as part of our educational focus. Mandy divulges her insights on how the Group has attracted a wider client base and become a success. Always striving to get the best possible results in the best possible enviroment, Mandy has focused on ensuring that trust is front and centre between her teams and the Group’s partners. Read what Mandy had to say on key programmes, skill-sets and issues shaping her business platform.

PLM: With regards to programmes offered, how good is the range of programmes offered and what impact do they leave on the student? MM: They are quite broad. Since we have four different companies the focuses are different for each company. The most developed is computer domain since it is what started off the company and so along the years, this area continued to develop starting from introductory level ECDL up to Masters Level Degrees; whatever it is related to computers we have it. However, up to four years ago we have been diversifying and broadening our portfolio. Which is how English Domain was born, and it involves teaching English as a foreign language which has been in operation for the past two years, so it is still quite young. The newest sector is Domain Academy, which is still at exploration stage where we are still deciding on what we can do with this latest innovative area. The first two courses we started in this sector are photography and photo editing and an introduction to movie making; very practical hands-on courses, but nowadays both students with the facebook and youtube culture, including also businesses are looking into such courses. For example, if you have a youtube channel, you want to create material and sometimes it could be expensive to outsource all the time, so having internal people who can create a simple video saves time and money. PLM: Why have the programmes been so effective and what role do you play in that affect? MM: Mainly we work in partnership with international organisations, we also have a QA function within the company which is very strict and has a critical role within our operations, where there is constant evaluation, informal evaluation, but also formal questionnaires. We compile reports on these evaluation sheets and one crucial aspect in my opinion apart from the QA function and apart from partnerships, which are of already high calibre is quality lecturers.

Irrespective of whether you have training material, state of the art rooms, or good certification, at the end, if the lecturer you put into class with the students is not of a high level, then the courses will not endure. So my role, to make sure all this is taking place, is to monitor and ask the right questions , moving through corridors, chatting to students over a coffee, checking with clients and seeing what’s being said on social media, and that’s the way I try to monitor the situation.

“I believe that a person who is a workaholic and doesn’t enjoy life will not do their job as well as someone who finds time for everything they wish to do” PLM: How do you engage your business leaders with effectiveness in your role as a GM? MM: First of all yes it is very important that you are always looking outwards, at what is going on when talking to your potential clients or other stake holders. My role as GM is focused a lot on a handson approach and securing the business, which means going out there and socialising with people. So I try to keep myself involved in circles and networks. One of them is BNI (Business Networking International); which is a formal structured way of networking and doing business by word of mouth. The benefit of BNI is that it is international. BNI is helping a great deal in the international aspect. We use a system called BNI connect which basically connects you to the rest of the world. We also have collaborative agreements with the local industry. Collaborative agreements are a brief kind of understanding between us a further and higher Education Institute and Industry, where we share resources and information. Therefore it is a more formal manner of collaboration with the Industry, where we actually sign an agreement. So it’s all about tackling these issues, monitoring and taking decisons, not just talking, but asking questions.

PLM: Is there a cost to all this? MM: There is always a personal cost. At this point in my life it is balancing out so it is worth it. But you always have to keep yourself in check. I still enjoy life and many roles I have had throughout my life have helped me in my job as a General Manager. For example, something not connected with work, but has helped me tremendously with my work is drama. This summer I performed in Circu Malti, as part of the annual Malta Arts Festival, and that is one area I am involved in. I am still involved in youth work; I am a freelance Youth in Action trainer with EUPA. I feel that to be good in what you do, you need to broaden your horizons, because the only way you can be creative and make links and create synergy between things that normally seem unrelated is by experiencing different things. I believe that a person who is a workaholic and doesn’t enjoy life will not do their job as well as someone who finds time for everything they wish to do. All rights reserved | copyright protected

Mandy Mifsud Current: General Manager at Domain Group Past: • Marketing Consultant at STC Training. • Manager - Business Development & Operations at STC Training. • Professional Youth Worker at Foundation for Educational Services. Education: • University of Leicester • L-Università ta’ Malta • The London Academy of Music and Dramatic Art

Corporate Brief Domain Group is a further and higher education institute recognised as a leader within Malta’s educational sector. As education specialists, Domain Group provides educational programmes ranging from introductory training to Masters degrees. Since 1995 when it was founded; the group of companies has evolved into a dynamic and energetic organisation and today consists of Computer Domain, Domain Academy, English Domain and Domain Services.

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

Business news

Issue 05

Young Business Entrepreneurs

Launch & Start-up Masterclass

oung Business Entrepreneurs (YBE), a new non-profit, independent and legally recognised youth platform, was launched at the The Villa, Corinthia Palace Hotel & Spa, Attard, in the presence of Hon. Dr. Ian Borg, Parliamentary Secretary for the EU Presidency 2017 and EU Funds, representatives from the European Union Programme Agency (EUPA), Dignatries, Excellencies and the youth. Mr. Euchar Sultana, founder and Chief Executive Officer of YBE said that the youth platform aims to encourage and assist young adults to transform their innovative ideas into business opportunies. He said that while the youth platform was being lauched, 75 million young people were seeking employment internationally and in Europe close to one in four young people were out of work. He added also that in Malta, 16% of the youth society are currently out of work. He emphasised that among the number of initatives that should be taken to tackle youth unemployment, all decission makers from the private, public and independent bodies, must seriously consider

n an effort to ensure that the local business community is geared up for the eventual standardization and harmonization of electronic payments in euro within the Single Euro Payments Area (SEPA) in 2014, the Malta Bankers’ Association (MBA), in collaboration with the Central Bank of Malta, has been holding regular talks with the local business community. In line with this communication process, the MBA will also be issuing a series of communication messages to inform the general public of the changes which the

young entrepreneurship as key element towards creating more quality job opportunities for youth. He said that the number of young entrepreneurs in Malta only amounts to 0.7% out of the approximate total of 150,000 youth. He invited all stakeholder to collaborate and be part of this platform. The lauch was also addressed by Mr. Karl Engerer, representative of the EUPA which coordinates the Youth in Action programme and underwhich this project was fully financed. Mr. Engerer gave an overview of the Youth In Action programme and the opportunities it provides to youth. He also made reference to the new youth programme 2014 – 2020, Erasmus for all. Hon. Dr. Ian Borg, closed the offical launch ceremony, by saying that the government must believe in young entrepreneurs. He said that young people are creative, energetic and a future of change. He added that the role of the government must be one which facilitates young people’s path as they develop an interest to start their own business, particularly when they require business support, access to liquidity and ownership of capital. He SEPA project will bring about. One such change is the adoption of the International Bank Account Number (IBAN), an international standard for accurately identifying individual bank accounts, even across national borders. Until now, bank customers have normally used, and mostly been familiar with, the 11 to 13-digit account number known as the Basic Bank Account Number (the BBAN). This is the account number which is printed on cheque forms, as well as on all bank statements. The IBAN includes the BBAN, but additionally also contains other alphanumeric characters which serve to identify the particular bank and branch in the country where the account is held. This is why the IBAN is much longer than the BBAN. The IBAN is now assuming a greater relevance when carrying out payment transactions. The reason is that following the creation of a single euro currency, the EU has undertaken a project to create a Single Euro Payments Area (SEPA) in order to standardize and harmonize electronic payments

also noted that the YBE missions statement must be an inspiration for the decision makers. The official launch was followed by a start-up masterclass, addressed by five key business role models who shared their views about starting up. The speakers included Mr. Dean Gera, Founder of Dean Gera Hair studio, Dr. Michelle Gialanze, Founder of the International Vocational College Malta, Mr. Luís Avides Moreira, Director on the board of Banif Bank (Malta) plc, Mr. Steve Falzon, Manager at Malta Enterprise and Mr. Joseph F.X. Zahra an Economist, Founding Partner and Managing Director of MISCO. The event was followed by a reception. This project was fully financed by the Youth In Action programme. For more information about YBE, one can visit the website www.ybe.org.mt or the social media facbook page on, www.facebook.com/ youngbusinessentrepreneurs. in euro within the SEPA area. This means that all credit transfers and direct debit payments in euro within this area will have common features, terms and conditions. As such, there will no longer be any distinction between domestic payments effected within the same Member State, and cross-border payments made by a payer in one Member State to a beneficiary in another Member State. This is where the IBAN comes in, because it is mandatory that all SEPA payments quote the IBAN, and not the BBAN, of the beneficiary of a credit transfer, or the payer of a direct debit. In practical terms, therefore, persons who receive payments directly to their bank accounts by means of credit transfers should be able to advise their IBAN to the payer when this is requested by the latter. This applies equally to domestic payments such as, for example, payments of pensions and social security benefits, salary payments, and the payment of interest and dividends on local investments. Likewise, in the case of direct debits, the service provider will need to know the payer’s IBAN in order to collect payments when due.

In Malta, the IBAN consists of 31 alphanumeric characters, and is printed on all bank account statements (in addition to the BBAN). It should therefore be readily available to all current and savings account holders when required. Moreover, most banks also provide facilities through their electronic channels (websites / internet banking / ATMs) whereby customers can access their IBAN. In case of any difficulty, account holders should contact their respective banks. 12

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Property & Life Magazine

Property investment

Issue 05

Research your way to a

property profit by David Walsh

he property world is divided in to owners, tenants or landlords. I can guarantee you will be one of these things in your lifetime, probably two and increasingly likely all three. Currently the yield on a rental investment within Europe lies somewhere between 4% and 15%, depending on the location and target segment. That’s far better than the average saving rate available in any high street bank, although you will undoubtedly have to lose some of the flexibility cash brings to achieve those returns. When looking for a property investment, it is wise to benefit from the many books, magazines and programmes on the subject, all offering interesting points of view on the matter. However there is only one way to learn about property investing and that’s to dive in and start.

Top Tips for Researching: • Put The Time In: If you saved just €5,000 on the purchase of a property by researching one hour a week for a year, you would have earned €100 an hour return on that investment – that’s better than almost any salary pays – so why not take the time? • Build Relationships: Getting to know the estates agents which cover the area in which you want to buy is vital. You want them to call you over the competition. Flattery can get your everywhere. • Use The Internet: There are a large number of excellent websites, particularly that consolidate all properties for you. Set up searches that run daily and identify new properties to the market. • Speak to Neighbours: Whenever you are viewing a property, arrive before and stay after the agent if possible. Often the neighbours will share more than any sales brochure will include and help you negotiate better. • Keep Records: When did the property get listed? At what original price? The more you know, the better you can negotiate. Knowledge is power and the estate agent will be persuaded you know your stuff if you can prove it. • Understand the Area: Make sure you know the area, if you are buying somewhere you haven’t lived this is very important. What type of people buy here? What is the average property values? How quickly can you get to work from here? Can properties be resold easily? • Features and Value: As part of the record keeping, make sure you are comparing like for like. How large is the house and gardens? What does this equal as cost per square metre? Does the house have a unique selling point? Does the house have all the modern conveniences you expect? • Ask questions: Don’t be afraid to ask the agent questions and make sure you document the answers if they are important. Ask some questions twice in different ways to make sure the answer is believable, if they say they will check and get back to you, make sure they do. • Use you Eyes: Don’t be rushed when reviewing a property, take you time and look everywhere, floor, ceilings, switches, sockets, boilers, in cupboards, behind walls, you need to know what you are buying. • Try Before you Buy: Open doors, windows, test the power of the water in the taps and shower unit, ask for a repeat visit if you find you want to look at something again. Even check if your car goes in the garage – you would be surprised.

The biggest issue is of course finding the right property to begin the process. I often speak to people who tell me how lucky I was to find such good value rental properties - adding them to my portfolio - or the perfect home in which to live. I can confirm however, that whilst luck plays its part, many of the tips I am sharing are better ways of securing the perfect property for you. Ultimately finding the perfect property isn’t about luck, it is about three things, research, research and more research. Did you know? According to a UK study, the average house hunter spends around 96 minutes looking at property before making their first offer – that’s 43 minutes longer than people typically spend deciding on their next holiday. This results in a whopping 49% of buyers later feeling some level of unhappiness at their decision, here are 10 ways to make sure you are not one of them.

The 7 Golden Rules of Property Development: 1. When buying for profit, check your emotional baggage at the door. Don’t allow ego to get in the way, particularly if buying at auction. Know at which point you are going to walk away, there will be another property if this one doesn’t work out. 2. Before buying, view the property if possible and put together a basic budget, this will help establish the potential profit. 3. First time developers are overly optimistic on schedule. Build in enough slack for issues which may arise, try to get advice on planning each trade (e.g. Electrician) in the right order, to avoid doing work twice. Add an extra 10% in time to the budget for unforeseen issues as a minimum. 4. Keep the décor neutral. Don’t over personalize the designs you use or the colour scheme. A blank canvass is unlikely to put people off and can only help attract the widest interest in the property. 5. Maximise the space available with the clever use of layout. It may be worth spending additional budget on removing walls to create adaptable living space or an additional bedroom. Modern layouts can make much better use of space. 6. Keep a tight rein on expenditure. Keep all receipts and documentation regarding the redevelopment. In most countries you are able to offset the expenditure against any profit and in some instances carry them forward to future years. 7. Don’t cut corners, finish the job properly. It may be tempting to save on the finished product, but quality sells in any market. Make sure you review the property before sale as you would a new home and ensure any ‘snags’ are sorted out before perspective viewings. 14

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David Walsh is a hobby developer, buying primarily in London and the UK. He started developing in 2010 with his first purchase at auction and has now built an 8-property portfolio. David is also the Director of two large developments in London, ensuring their smooth day-to-day running. In his professional life David is a Chief Marketing Officer who has worked at some of the world’s largest online companies including eBay and PayPal.

arts & Culture

Property & Life Magazine Issue 05

Valletta International Baroque

Festival 2014 programme announced

t a press conference held at Teatru Manoel on Thursday 20 June, the programme for the second edition of the Valletta International Baroque Festival 2014 was officially announced. In his welcome introduction, Teatru Manoel’s Chairman, Dr. Michael Grech, stated that the aim is to grow this annual Festival into a major international event to place Malta firmly on the global cultural map. Within the baroque setting of the Manoel’s auditorium a taste of baroque music was provided by a performance of the Adagio and Allegria movements from Corelli’s Sonata No. 4 by Sarah Spiteri on violin and Alex Vella Gregory on the harpsichord. Teatru Manoel’s Chief Executive Officer, Ray Attard, reported on the success of the past Festival which had surpassed everyone’s expectations. The 2013 Festival consisted of 18 different events over 17 days in 5 different Valletta venues with over 200 performers and an audience of over 6000. This included around 700 overseas visitors who travelled to Malta, in what is traditionally a lean month for tourism, specifically for the Festival. Ray Attard thanked the Teatru Manoel team behind this mammoth event as well as the external supporters

without whose help and assistance the scale of the Festival would not have been reached. Leading this list is the Government of Malta which is the largest financial supporter and the Malta Tourism Authority which was, and continues to be, pivotal in promoting the Festival through its overseas network. The Phoenicia Hotel was singled out for the in-kind support it gives by hosting the overseas artists. Other significant sponsors are Tipico, St. John’s Co-Cathedral Foundation and Alberta. Kenneth Zammit Tabona, the Festival’s Artistic Director, then presented the 2014 programme highlighting specific events and explaining the artistic aims and objectives behind the choice of programme. One of the most exciting projects is the world premiere of the parody of the opera Hippolyte et Aricie performed with live singers and musicians and with (almost) life-size marionettes. This is a result of a collaboration with the renowned Centre de Musique de Versailles. As 2014 is the 250th anniversary of Rameau’s death there are three other performances featuring the music of this great French 18th century composer notably Airs Enchantèes by the Kolner Akademie featuring instrumental and vocal highlights from Rameau’s most famous operas; notably Les Indes Galantes. Celebrated religious works include Handel’s Messiah which opens the Festival at Ta’ Giezu Church as well as Monteverdi’ Vespers performed at St. Paul’s Anglican Pro-Cathedral, both these venues are new ones for the next Festival. The third religious work is Bach’s great B Minor Mass performed by the world-famous The English Concert at St. John’s Co-Cathedral. Bach also features in an astounding concert featuring all six Brandenburg Concertos by Concerto Koln and Music from the Habsburg Court by the Viennese Concilium Musicum. The 2014 Festival includes twenty-three great performances, three Toi Toi sessions and a Baroque Costume Ball in just over two weeks. Performers include artists such as Max Emmanuel Cencic, one of Europe’s leading countertenors and Malta’s own home-grown talents including Gillian Zammit, Clare Massa, Nicholas Mulroy, Albert Buttigieg, the Anon and Goldberg Ensembles under the direction of Michael Laus and the Malta Philharmonic Orchestra. One important legacy of the Festival is the formation of the Valletta Festival Baroque Ensemble which will be performing twice during

the Festival. The aim of this ensemble is to nurture local musicians to perform on baroque instruments and gradually begin to revive the numerous baroque musical works by Maltese composers. Parliamentary Secretary for Culture Jose Herrera closed the conference by reiterating the Government’s support of the Baroque Festival and the Ensemble and its aims. Dr. Herrera stated that this festival is a cultural gift to the people of Malta and celebrates the architectural beauty of Valletta through the Manoel Theatre, St John’s Co Cathedral and other religious and secular venues. Having a baroque music festival in an intrinsically baroque city is a logical progression. The Festival coincides with an enormous baroque revival in Europe and therefore the time was ripe especially as the Festival was devised to kick off the celebrations at the beginning of 2017 (EU presidency) and 2018 (Capital of Culture). Dr. Herrera concluded by stating that there is legislation planned to strengthen the role of culture within the economic sector and for Malta to maximize its potential as a cultural tourist destination. The full programme of the Baroque Festival can be found at www.vallettabaroquefestival.com.mt. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

real estate focus: RE/MAX Malta

Issue 05

Background

here must be a reason why for the 9th consecutive year RE/MAX Malta has experienced exponential growth. Property and Life Magazine talks with Kevin Buttigieg, CEO, to disclose why RE/MAX, the fastest growing real estate organisation in Malta and Gozo, built on a strong foundation of a highly experienced management team, franchisees, partners as well as professionally educated property sales and letting Associates. Buttigieg attributed the success registered mainly to the group’s investment in training and education for agents, the coaching of local RE/MAX trainers, and the adaptation of new programmes, such as Exclusive Listing, to the culture of the Maltese market, positioning RE/MAX in pole position. PLM: Can you give us a snapshot of the real estate market in Malta now and your insight on the Global Residence Scheme recently launched by the Government? KB: Martin, as you know we have been facing a buyers’ market for a number of years now. This does not mean that the market is experiencing a down turn like many people may assume. In fact, a buyers’ market occurs when there are more properties available on the market compared to the amount of buyers that are actually looking to purchase a property. Traditionally, when a buyers’ market is being experienced, there is a price correction in the market which according to our statistics creates a positive upturn in the first time and second time buyer’s and rental investment markets due to properties becoming more affordable. The Global Residence Programme will provide the market further growth due to the fact that this will incentivise property purchases from NON-European Nationals which has been lacking for the past 24 months. PLM: Why are RE/MAX considered as the most productive and most profitable agents in real estate?

“There are more properties available on the market compared to the amount of buyers that are actually looking to purchase a property” KB: Our agents are the most productive in the real estate market because we provide a complete holistic approach to nurturing our sales associates into a productive career. The company invests thousands of Euros in the best training programmes and technology so that they can continue to grow their knowledge of the market and stay in tune with the changing trends. Besides hiring the best trainers in the world, as well as 16

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by Martin Vella

real estate focus: RE/MAX Malta

Property & Life Magazine Issue 05

our own real estate trainer, we also have an online university where agents may continue learning outside their normal working hours. Our technology suite has been developed in Canada by experts in the real estate market and thus we have the most comprehensive tools available to enhance their productivity If an individual has what it takes and is made for a real estate career RE/MAX is the best option for him/her because they will certainly have excellent opportunities available to advance their career. PLM: You have created an innovative and modern, family style business philosophy designed to encourage team work, out of the box thinking and use of new and cutting edge technology. Can you explain how this works and how it contributes to the record profit and targets? KB: To be leaders in a market you must act as leaders and this is not only done by providing innovative services to our associates, but also by providing ground-breaking facilities to our customers. Our team is always thinking out of the box and how we may be able to maximise our service offering to our clientele. One of our most utilised customer service is our automatic buyer match, which is a tool for buyers that enables them to receive property updates of only properties that are within their search criteria. Buyers will receive a professionally designed email when a property’s price falls within their price bracket or a new property is put on the market. Enjoying the largest database available on the market, the beauty of this service is that buyers are able to stay in touch with the market without having to endlessly search on several websites. We recently introduced a new service to our homeowners which is called the Exclusive Listing. This by no means describes that the listing is a luxury property. In actual fact Exclusive Listing actually means that we literally transform a property so that it becomes exclusive to its market. When an owner signs an Exclusive Listing agreement, we at RE/MAX bring out all the stops to make this happen; by staging the home, taking professional photography, creating a unique website and by printing a personalised brochure amogst other marketing materials. After the marketing material is created we ensure sure that the home gets maximum exposure and the end result is that the home sells within a very short period of time. Another service we provide to our homeowners is Street Text Marketing©, which is another service that is only offered by RE/ MAX and is innovative. We basically create innovative signage with an SMS number attached to the property. A customer may send an SMS to that number with a specific predefined code to receive full information about this property. The client will receive a description and link to the property so they can browse the details on their smart phone in a mobile format. This has been launched only recently. We will be launching a new product called the Seller Portal. This is innovative because owners may search our database to see if we have potential buyers for their property and decide to list their property with us online.

Other products in the pipeline include a complete mobile suite where we will have an Ipad, iPhone and Android as well as a Windows Mobile application. PLM: How do you define the role of CEO with RE/MAX today and what are the key characteristics for the job? KB: My role as CEO has become a more dynamic role in today’s market. I get my fingers dirty and I am very much a handson CEO. I mingle and blend with the associates and franchise owners and am always available with my open door policy.

“One of our most utilised customer service is our automatic buyer match, which is a tool for buyers that enables them to receive property updates of only properties they are within their search criteria” PLM: How critical is it to maintain that innovative edge in a company of this size? KB: As you will see from my elaborate answer above we have taken the role as the innovator in the real estate industry. We are the rule makers. All rights reserved | copyright protected

Corporate Brief RE/MAX Malta is an International franchise with local direction that provides Real Estate related services in the form of residential and commercial property rentals and sales, home seller guidance, temporary accommodation in hotels and corporate apartments, as well as a fully comprehensive relocation service. RE/MAX Malta’s team consists of a combination over 192 self employed and employed individuals of which over 130 are sales associates and 23 are letting associates. The company has 14 franchised offices located around the Maltese Islands. The overall mission is not only to be a leader in our market but it is to set standards in our industry by providing to our people innovative real estate specific training programs, state of the art technology and necessary mentoring so to empower them to thrive in their own real estate careers by delivering an unsurpassed real estate service to the Maltese public. Recruiting, retaining and building careers for ambitious individuals that are customer oriented is our philosophy. For further information log on to RE/MAX Malta website www.remax-malta.com or send a general email to info@remax-malta.com. If you are interested in joining RE/MAX go to www.join-remax-malta.com ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

European Business Awards

Issue 05

PM plc has been selected as a National Champion representing Malta in the 2013/14 European Business Awards.

6PM beat off stiff competition to be selected as one of the five National Champions and will now compete for Ruben d’Honneur status in the next round of the competition. The Final Category Award winners will be unveiled in April 2014. The European Business Awards has identified some of Europe’s brightest businesses based on their ability to demonstrate the three core principles at the heart of the Awards programme. The esteemed panel of judges were looking for organisations to represent Malta who exhibited levels of innovation, business excellence and sustainability.

“The selection of 6PM as one of the National Champions representing Malta at the European Business Awards makes me proud and confirms the achievements that my team has made in the past 17 years. 6PM is one of the leading IT and software solutions companies in Malta. Together with partners such as the National Health Service in the UK, 6PM has developed a suite of health, clinical, HR, data management and mobile health solutions. These include, among others, CareSolutionsTM ClimateHIV and Strokepad. Another product is iFIT, a paper management solution, developed in collaboration with Motorola and FileTrail. The company will soon be offering clinical health solutions in the area of dementia and hepatitis. While many of the solutions have been sold to NHS Trusts in the UK, other European countries, the Middle East and North Africa are amongst the new target markets for 6PM.

Ivan Bartolo, CEO of 6PM said: “The selection of 6PM as one of the National Champions representing Malta at the European Business Awards makes me proud and confirms the achievements that my team has made in the past 17 years. We, at 6PM, do not simply create a concept, but identify market needs and gaps and develop technological applications to address such gaps and deliver what businesses need.” The European Business Awards is dedicated to raising the visibility and progress of companies who excel in delivering innovation twinned with successful commercial results whilst acting responsibly and positively affecting the social environment they operate in. Last year’s competition saw entries from organisations with a combined turnover of over €1 trillion across the 28 EU countries plus emerging nations. Together these businesses employ over 2.7 million people across the continent. Adrian Tripp, CEO of the European Business Awards says: “Over the past seven years we’re received an incredibly high standard of entries from organisations that are passionate about

their business. However, very few get the chance to 6PM Ltd more fly the flag for their country and compete across Europe to be recognised as one of Europe’s finest. It really is an exceptional accolade to be picked as a National Champion and together with our sponsors and supporters we’re looking forward to seeing Malta in the next round.” Jean Stephens, CEO of RSM adds: “6PM and the four other National Champions have yet again raised the bar for dynamic, inspiring and quality business across Europe. We wish them every success for the next stage of the competition, which this year includes an exciting two-phase video voting round.” To advance in the competition this year, all National Champions have to submit a video entry for viewing and assessment by a judging panel. In addition, the public will also be able to vote online for their favourite National Champion from each country. These companies become ‘National Public Champions’ and will go on to be ‘European Public Champion’. Voting begins in November 2013.

Corporate Brief Established in 1996, and employing over one hundred technology consultants, 6PM offers a full range of products and services around Data Warehousing, file tracking with RFID technology, Electronic Document Management, Agile delivery and Infrastructure Services. The company’s “Can do” attitude and pragmatic partnership approach enables them to successfully deliver solutions within the NHS that focus on realising business benefit. 6PM Holdings plc floated on the Malta Stock Exchange in September 2007. Information about 6PM’s products and services can be found at www.6pmsolutions.com 18

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Property & Life Magazine Issue 05

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

POLITICAL SCIENCE

Issue 05

Understanding

and Realisation by Martin Vella

EXCLUSIVE INTERVIEW – With Professor J. Kevin Corder, Dept. of Political Science Western Michigan University

Backdrop

r. Corder is a Fulbright-Schuman Research Scholar in Belgium and Luxembourg. As part of the Fulbright Program, he is assigned to the Institute of Criminology at the University of Malta and is conducting research on the financial crisis in Malta and the United Kingdom. Prof Corder has a long and distinguished career in academics, politics and law. Prof. Corder’s research interests in Malta are related to politics and the economy (monetary policy, bank regulation, financial crisis and forecasting), American electoral politics and public policy.

PLM: You are currently working with Christina Wolbrecht (University of Notre Dame) on a project that uses ecological inference to investigate the voting behaviour of women in the 1920s. What voting patterns can you draw and are there any similarities between today’s voting behaviour of women? JKC: My work on elections and voting is focused on the US, particularly the period when women were first given the right to vote. What we observe today is women in the US tend to be more democratic, tend to be a little bit more left-leaning and liberal and tend to participate more in terms of voting. The men tend to pay a little bit more attention to politics and read a little bit more political information, but are more conservative and republicans.

“…unlike Malta, Americans tend to move frequently and long distances for work or education. This means that your identity reflects influences from a lot of different political contexts” Those differences emerged within the past 30 years. When women first came onto the scene they were much less likely to vote due to many kinds of barriers and norms with regards to cultural ideas about women’s roles. However, if a woman was voting for the first time in a town or a state that was primarily republican, then she would vote republican, or if the town or state was primarily democrat, she would vote democrat. It was only after decades that you began to actually witness men move to the right and become more republican, whilst women kind of stayed with 20

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the Democratic Party. So Barak Obama and other previous democrats got more support from woman, whilst republicans got more support from men, and that has been persistent for over 30 years. Also, and unlike Malta, Americans tend to move frequently and long distances for work or education. This means that your identity reflects influences from a lot of different political contexts. People may grow up, attend college, and eventually work in areas with very different political traditions. PLM: Your research interests are politics and the economy (monetary policy, bank regulation, financial crisis and forecasting), American electoral politics and public policy. There’s a lot of talk in the media right now about the state of economy and the ongoing recession within the Euro zone. What is your opinion of the current financial crisis? JKC: The most alarming part of the crisis seems to have passed in the sense that it doesn’t seem that financial markets will completely fail. That was the fear in 2008 in the US and 2011 in the EU. So we seemed to have passed the worst symptoms of the crisis, but some of the symptoms persist in the inability of small medium-sized enterprises to get loans and that’s just vital to make the economy work. So it slowed down bank lending, although it eased up a little bit for consumers but not so much for small enterprises, that’s going have to be fixed before the economy thrives gets traction again. The recovery from the financial crisis has been very slow in the US and even slower in the EU. The EU is taking a much larger scale and is much more ambitious in the financial reforms to emigrate financial services in a way that might actually be very good for the European economy.

political science

Property & Life Magazine Issue 05

During the great depression in the 30s, the human impact was so catastrophic because we didn’t have the kind of safety net and the kind of underpinning and support for people who are unemployed, that there were people who couldn’t even afford to buy food.

“Some of the symptoms persist in the inability of small medium-sized enterprises to get loans and that’s just vital to make the economy work” PLM: The study of bureaucracy within political science has an intellectual history that harkens back over a century. From your research, can you say that this work has had a profound impact on our theoretical and scientific understanding of how superior-subordinate relationships within civil organisations and government departments actually play out? JKC: The origins in the study of bureaucracy emanated in sociology and how people interacted together. That was a rich understanding and realisation that we really needed to observe of what bureaucrats were doing in order to understand them and look at their motivations and what types of rules they were following, and how those were impacting people. Then there was a detour for about 50 years mainly driven by economics that looked at the exchanges that bureaucrats made with their variety of clients and their superiors, which kind of took us away from understanding what bureaucrats do to kind of assume they want more power and more money. And that was not a very productive detour. The economic perspective encouraged us to think about bureaucrats as self-interested and costly. But to understand the bureaucracy, we need to look at what bureaucrats pay attention to, how they understand their job as social problem solvers, a kind of positive view. Governments may come and go, but bureaucrats will do their work. Many of them are highly professional and very well trained, and they have a particular interest in making the public sector effective. All rights reserved | copyright protected

Dr. Corder has published work on the federal credit programs, macroeconomic forecasting, nonprofit sector innovation, and monetary policy. Corder is the author of The Fed and the Credit Crisis, published by Lynne Rienner Publishers in 2012. He is currently working with Christina Wolbrecht (University of Notre Dame) on a project that uses ecological inference to investigate the voting behavior of women in the 1920s. Dr. Corder has a Ph.D. from Washington University. His research interests are politics and the economy (monetary policy, bank regulation, financial crisis and forecasting), American electoral politics and public policy.

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine Passion, Competence, Exclusivity S Q M 5

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S IV E

Issue 05

S IV E

Zurrieq €1,115,000 W-01EI8P 4 bed HOUSE OF CHARACTER, flatlet, pool, terraces, 2 car port.

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Manikata €675,000 W-01HA4W Semi-detached 3 bed VILLA, views, garage, garden, walk-in wardrobe. V IE

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St.Julians €650,000 W-01EJ0K DUPLEX APARTMENT overlooking gardens, 3 bedrooms, 1 car space.

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Siggiewi €610,000 W-01FIN4 7 bed HOUSE OF CHARACTER, garage, pool, library, gardens.

Engel & Völkers Sara Grech, Rue D’Argens, Msida Visit our Lounges: Portomaso, Sliema, Fgura, Attard & St.Paul’s Bay Phone: +356 2347 0000 · +356 9949 4884 Malta@engelvoelkers.com www.evsaragrech. com · 22 www.propertyandlifemagazine.com

M Q S 0 11 0

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Dingli €950,000 W-01DHLU Newly built furnished FARMHOUSE, views, 3 bedrooms, pool, deck area.

St.Julians €497,000 W-01CZ7A 3 bedroom PENTHOUSE, huge terrace, roof, optional 2 car garage.

Qormi €1,910,000 W-01DADK 5 bedroom FARMHOUSE, fountain, tower, 2 garages, garden, pool.

Bahrija €695,000 W-01CYZH Detached VILLA, views, 3 bedrooms, surrounding garden, 3 car garage.

Mellieha €470,000 W-01GZLE Sea front 2 bedroom APARTMENT, communal pool, 2-car garage.

Sliema €350,000 W-01DVYK New sea front, spacious 3 bedroom APARTMENT. A perfect investment.

Kappara €2,000,000 W-01CMMI Detached VILLA, 20 car garage, 3 bedrooms, pool, wells, outdoor bar.

Ibrag €1,200,000 W-01F5O2 Corner detached VILLA, 4 bedrooms, pool, garden, 4 car garage, 5 drive.

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Madliena €4,500,000 W-01EATX Detached 4 bedoom BUNGALOW, views, garage, flat-let, garden, pool.

St.Julians €1,544,000 W-01DBCV Double fronted TOWNHOUSE, pool, 3 bedrooms, flat-let, optional garage.

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Mellieha €310,000 W-01FVR2 3 bedroom APARTMENT, gardens, communal pool, yard, terrace, garage.

St.Pauls €184,000 W-01D6G0 Luxurious APARTMENT, 2 double bedroom , balcony, back terrace.

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Rabat €370,000 W-01FO4X Corner TERRACED HOUSE, 3 bedrooms , 2 car garage with office.

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Mosta €295,000 W-01FU8Y Unique HOUSE OF CHARACTER, courtyard, garden, well, 3 bedrooms.

Mgarr €1,600,000 W-01DFKP (Gozo) Furnished 2 bedroom VILLA, fantastic views, pool and 1 car garage.

Attard €1,900,000 W-01H10V PALAZZO, 3 entrances, 4 bedrooms, garden, views, 2 wells and cellar.

S.Tat-Targa €1,400,000 W-01DK2G Detached BUNGALOW, 3 bedrooms, 3 car garage, garden, pool and well.

Madliena €1,295,000 W-01H9UH Semi-detached VILLA, garden, pool, 4 bedrooms, 2/3 car garage. E X C LU S

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Birkirkara €575,000 W-01D6UK HOUSE OF CHARACTER, 2 car garage, 3 bedrooms, wine cellar.

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Sliema €512,000 W-01DEKY 1 bedroom PENTHOUSE, airspace, massive corner terrace with views .

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

Eating Out Focus: Fine Dining

Issue 05

by L. Saranchuk

rabian tastes, scents and flavours, from the Maghreb to the Middle East, combine with Indian cuisine in an interesting selection of exquisitely prepared, colourful, individual yet separate dishes at the newly opened Shakinah restaurant in St Julian’s. Strategically situated on the seafront, within walking distance from Balluta Bay and parking facilities there, the directors of Shakinah, Alex and Berta Aquilina, Steve Aquilina and Manwel Xuereb have created a modern ambiance with class. Manuel’s interior design expertise has been put to excellent use. The end result is a highly contemporary yet elegant living room-style décor that is entirely co-ordinated. Allow yourself to be transported on a magic carpet ride to the exotic orient, with subtle Indian-Arabic soundtracks in the background, and mood lighting depending on the time of day.

“We have had excellent initial reviews and look forward to continuing to spread the word not just for people to try it once but to continue to return” Starting with the logo graphic that is reproduced on the doors and the menu, this extends to the choice of colours and fabrics, including the acid green coloured velvet with which the corner benches are snugly upholstered, to the comfortable chairs, down to the least detail of the mirrors, flooring and wall finishes. Similar attention to detail was paid to the choice of the fresh ingredients, oriental spices, interesting flavours from all these ancient cultures, the design of all the main dishes and, thanks to Manuel’s expert input, the exceptional dessert options. There were lots of sampling and in-depth research to create the fabulous menu, including options for take out. 24

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The chefs at Shakinah hail from Egypt and India, with the affordable fine dining menu taking in dishes from Morocco, Tunisia, Libya, Egypt and Lebanon, apart from popular Indian cuisine. There is a choice of Indian and Arabian starters, including soups, and warm and cold mezzes. There are eight Indian Clay Oven Tandoori dishes, Indian Tandoori and Platters, and a comprehensive list of Indian main courses with side dishes. You will find Arabian Grills and Tajine, main courses, side dishes and rice, and a host of Indian and Arabian Drinks, not to mention six sumptuous desserts. After you have explored the menu, there is also the opportunity to try the specials of the day. According to Alex, the name Shakinah is common in both Indian and Arabian cultures. In India the word means “dwelling or settling of the divine presence of God”; in Arabian cultures the word means “a spirit from God that speaks”. It is a term associated with peace of heart, warmth, companionship and strength. Although this is Alex and Berta’s first venture into the catering business, they have put together a strong package, built on a sound business strategy that leaves room for expansion and further growth in the field. “Shakinah is an intimate restaurant with 30 covers, allowing the staff to offer a special, personalised service, ensuring a consistent, memorable dining experience thanks to the richness and diversity of flavours on offer,” Alex said. “We have had excellent initial reviews and look forward to continuing to spread the word not just for people to try it once but to continue to return.” Shakinah is open six days a week, including the weekend (closed on Tuesdays), from 7 to 11.30 p.m. for dinner. Reservation is recommended on 27318000 or 7731-8000. Diners benefit from two hours of free parking. You can also visit their Facebook page at www.facebook.com/shakinahmalta.

Authentic Arabian & Indian Flavours

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Property & Life Magazine

INterview of the month

Issue 05

Backdrop

roperty & Life Magazine Interview with Christian Völkers, CEO of Engel & Völkers , top international real-estate company, and Publisher of GG Magazine, who explains how selling exclusive residential properties allowed him to learn a great deal about what clients are looking for and a lot about the value of real estate. PLM: What is your background in real estate and how long have you been involved in the field? CV: I have been in the business of real estate for practically my entire working life. Together with my former partner Dirk Engel, I founded and built up Engel & Völkers. That is now 35 years ago. Everything began with a small office in the Blankenese area of Hamburg, a famous part of Hamburg in the west of the city situated directly on the River Elbe. During my career I have focused in particular on the development of residential property and in private I have modernised and restored my estate on Majorca over many years and with a great deal of loving care – making it that which it is today: a second home. Once a year it is also the venue and meeting point for many partners and employees from around the world. The most important focus for me, of course, is the structure and expansion of our company. At its core, this is about systemising successful services for the brokerage of real estate in such a way that partners and employees can use this system to effectively broker properties wherever they are based in the world.

“With the help of the professionalism and expertise of our employees, we have been able to create a brand that stands for high-end real estate in almost all regions around the world” PLM: How did you get your aspirations to market high-end properties, capture and showcase fantastic dream pieces of real estate under the Engel & Völkers brand? CV: I was lucky to grow up in one of the most beautiful cities in Germany, in one of the most beautiful districts, and also to recognise my professional calling. You find impressive and prestigious properties above all in the west of Hamburg, in the co-called “Elbe Suburbs”. It is here that we began brokering large mansions and exclusive apartments. Selling exclusive residential properties allowed me to learn a great deal about what clients are looking for and a lot about the value of real estate. This had a profound effect on me and helped make the many steps clear to me that are needed to broker an excellent home for the right price to a buyer who is satisfied with their purchase. From the very outset, we took advantage 26

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of many different ways to present residential property in a suitable way. Our offices, and later to a much greater extent our residential property shops, represent the character, flair and culture of life in luxurious homes at prime addresses. With the help of the professionalism and expertise of our employees, we have been able to create a brand that stands for high-end real estate in almost all regions around the world. PLM: Can you describe what led to the creation of GG Magazine, its circulation and the inspiration and soul behind it? CV: The original name for our magazine was “GrundGenug”. We changed this name though as it only works in the German language and the magazine is now published in six different languages. “GrundGenug” is a play on words. In German, “Grund” has two meanings – firstly as the word for land, i.e. for real estate, and second as a reason for something. The name expressed how the magazine provides readers with ample reasons for purchasing a property, and at the same time presents plenty of actual properties. At the time of launching the magazine we realised an idea that had never before been seen on the magazine market. For the first time there was a magazine with comprehensive editorial topics about interesting people, art, culture and lifestyle, with the finest properties for sale around the world in the second half. We managed to combine our love of fine living, sophisticated lifestyle and culture with the presentation of our finest properties. As a result, GG magazine also became our showcase to the world. PLM: Having worked in the field of luxury real estate for more than 35 years, I’m sure you have dealt with some interesting people. Can you share a story or two? CV: Of course we are always coming into contact with many interesting people in our business. That is what makes our work so exciting. These people place their trust in us and tell us about how they wish to live. We automatically find out a lot of private things about clients, and their preferences. This requires discretion first and foremost. I must therefore ask for your understanding that we cannot tell you about any stories or anecdotes relating to clients.

with our brand in their respective markets. Malta was one of the last remaining places in the Mediterranean where we were not yet represented. Sara Grech on the other hand saw the opportunity that our network and our brand could offer. Around a third of buyers of property on Malta come from abroad, from Italy, Spain, Scandinavia and, of course, Germany. Together with our network, the chances increase of coming into contact with interested buyers. And this is why we joined forces. Sara Grech is also one of the most experienced and respective property brokers on the island. Back in 1964, her father opened the first property agency on Malta. She herself has more than 25 years of experience in the brokerage of residential property and commercial real estate.

PLM: What is your relationship with local real estate guru Sara Grech and what attracted you to the brand other than other agencies?

PLM: At a time when most agents are battling harsh market conditions, what value do top brand performers such as Engel & Völkers Sara Grech bring to the industry?

CV: Our corporate development involves looking for suitable licence partners in all regions worldwide and to collaborate effectively

CV: Our recipe for success is based on our service provision system and our global network. Our new partners on Malta have the chance as a

INterview of the month

Property & Life Magazine Issue 05

confident that we will see ongoing and fast growth at Engel & Völkers. PLM: How do Engel & Völkers Group encourage and influences international investment? CV: Our network and the fact that we are represented at more than 500 locations worldwide give many interested buyers and capital investors a sense of security when making their decisions. They can expect services on site, market expertise and the right recommendations, regardless of whether it involves the acquisition of a main residence or second home, a property investment or commercial real estate. In this sense, I am sure we contribute to the promotion of international investment.

“We measure the success of our activities according to business management benchmarks of course” PLM: What is your worldwide and domestic perspective on high end housing market?

result to come into contact with more interested buyers around the world. In turn, they can offer their properties for brokerage in a very targeted way throughout the network. Our GG magazine provides an additional and interesting platform for presenting particularly exceptional homes. GG is published on a quarterly basis on all continents in six different languages. PLM: How do you measure success? CV: Like many things in life, success is relative. I feel successful when I enjoy my work, get to meet new and interesting people, and have the chance to embark on new business ventures aimed at developing and expanding Engel & Völkers. In addition, we measure the success of our activities according to business management benchmarks of course. Every partner sets goals that can be compared with what has actually been achieved at any time. We advise and support our partners in the defining of their targets and in the ways they plan to achieve these goals. It will be a particularly resounding success when we achieve our goals throughout the whole company and every partner can say the same thing in their local region.

PLM: How do you see technology shaping the business of real estate in the future? CV: The Internet has changed the property market considerably and meant that previously unimagined possibilities have emerged for presenting properties to everyone around the globe with just a few mouse clicks. At the same time, transparency has also increased immensely. Everyone can quickly gain an overview of the market. The opportunities for exchange and communication are developing rapidly. Nowadays practically everyone has the chance to produce media content and present it to a global audience. Tools for the creation of presentations, films and animations are becoming increasingly easy to operate. Engel & Völkers is currently on a fundamental Social Media offensive and has developed a platform on which our partners can create their content in a convenient, fast and effective way, and where they can exchange with one another. These platforms, the exchanges they bring and the means needed for the development of suitable software tools can only be offered by large networks like our company. So I am

CV: In global terms, the world’s population is growing and the economy is growing in most parts of the world. This means that more and more wealthy people can afford to acquire and own property in desirable locations. These desirable locations are limited in supply however and cannot be enlarged or reproduced. That is why markets for high-end residential property continue to grow regardless of economic fluctuations. Those markets where the political situation is relatively stable will perform particularly strongly here. All rights reserved | copyright protected

Engel & Völkers’ business plan was designed by its majority owner, Christian Völkers (Hamburg, 1955), during a three-month stay in Majorca when he was visiting his parents. The business was founded in 1977 by Dirk C. Engel (deceased 1986). Christian became managing partner in 1981 and, since then, the company has been operating in over 500 offices in 37 countries on five continents. The year 2011 and 2012 had brand revenues worth over 200 million euros. Married, and father of two little children, he also founded the Engel & Völkers Charity to actively support a primary school project in Togo, West Africa. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

INTERNATIONAL DIPLOMACY

Issue 05

Backdrop

rawing lessons from the historical past the U.S. committed itself to liberate Europe during WWII together with its Allies. Many people died on the beaches of Normandy, in the Ardennes, in North Africa, and on the convoys to Malta. We witnessed mass genocide on a large scale in the shape of the Holocaust. Can we trace historical background from that past through to the present age? We see that the EU needs transformation in view of open dissent from its citizens, and possible fragmentation as a result of recent social and political upheavals, and powerful economic forces. We ask U.S. Deputy Assistant Secretary of State Kathleen Doherty to draw parallels to the present time, also taking into consideration such factors as global climate change. In light of the common challenges the USA and Europe face, what are the issues which can bring us together? The present crisis in the Arab and Muslim world is a continuation of the struggle for democracy, for justice, for freedom, and for human rights. In the Mediterranean region, we see injustices in the present day with irregular immigration and its implications, with people working under very poor conditions and breaches of fundamental human rights occurring as a result of armed conflicts on our doorstep. PLM: What are the factors for U.S. and European unity under this scenario? KD: I think we should never underestimate how much we share in terms of values and our democratic traditions, our rule of law and our commitment to freedom, civil rights, civil protection and freedom of speech. We have our differences and we are not totally in sync, but we share many of the fundamental aspects of these areas and we don’t share them with countries in other parts of the world. A lot of things that we take for granted such as fundamental rights, these don’t exist in other parts of the world and that’s where we have to work together. With the trade investment agreement we want to raise standards across the world so that the rest of world sees us as standard bearers, working with our partners to develop a new technology or environmental rules. I believe it is a huge strength and now, with the change in the cultural ties, the interest in the EU remains really high and it’s a very profound and embedded relationship. I think that we face these challenges together- promoting the values of democracy, democratic rule, applying the rule of law, and also sharing issues. There is an absence of issues of real

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INTERNATIONAL DIPLOMACY

Property & Life Magazine Issue 05

contention between the U.S. and Europe. In some areas, we may have different missions and different cultures. But I don’t think I have ever seen such commonality of concerns about what is going on in the rest of the world. Together we need to address some of these big issues. Climate change is an issue, and we share concerns about climate change. Again, approaches may be different but the concern is common and that’s what we really have to work out. PLM: But the previous U.S. presidents were reluctant to sign agreements? KD: Well, the difference is how we approach these things. One of the interesting aspects that may not be realized is that our carbon emissions are actually at 2006 levels as a result of the changes in U.S. legislation. We are one of a few countries whose carbon emissions are dropping significantly, and there is a misperception that the U.S. is not doing anything on climate change. We do it differently. PLM: China has a lot of pollution and the pollution goes right into the jet stream. So whatmeasures is the U.S. taking in that regard for a common global policy on improving climate change especially with its European partners? KD: We are looking into how they do these things in a multilateral environment, but it is difficult to obtain consensus from various countries with varying agendas. A lot of our (U.S.) states have adopted the Kyoto Convention. Because of our federalist system, our states can adapt to these requirements, but they do not actually apply to the whole country. We have to address these things very seriously. We are trying to engage and encourage countries like China to adapt more energy efficiency measures and try to commit to the things that we need to do but this is a challenge not only for the U.S. to deal with. The U.S. and Europe and others have to address and try to encourage countries like China to adopt such measures. How you do it is less important than what is being done and we are addressing climate change. It is really important to know that the U.S. takes this issue very seriously. Now, in this administration, the President said that climate change is going to be a key priority. So we are in the process of trying to figure out how we do it both domestically and multilaterally.

PLM: How do you view current bilateral relations with Malta? KD: Given your geographic position in the Mediterranean, you are a key partner in helping us understand what is going on in the Mediterranean and helping us understand the complexities. The challenges, whether it is economic issues, security issues, or refugee issues, you have the ability to interpret events that will help us and the international community understand what is going on. I think that Malta has always been an important country and is now even more so given the recent events in your environment and in your neighbourhood.

“I think that this is not well known and I believe that the Ambassador is doing a very good job and trying to amplify the message and understand what Malta is all about” Malta, being a small economy, has a role and we hope that we can do more in the trade and investments aspects of it. I know the Ambassador’s mission here is to really look very seriously into how we can promote both U.S. exports and U.S. investments into Malta. There is a disparity in terms of size but I think there is a lot of interest. Given your stability here, of all the eurozone countries you seem to have survived the crisis in a better shape than a lot of places. I think that is the important message to hear back in the States; that Malta is very stable and is surviving the crisis better than people expect. I think that this is not

well-known and I believe that the Ambassador is doing a very good job in trying to amplify the message and understand what Malta is all about. PLM: What’s your viewpoint on the new administration? KD: We think it is very interesting, as we just found during our meeting with the Foreign Minister. We always want to work with whoever is in government and we are very eager to work with this administration. You are part of Europe… PLM: France changed government, Italy changed government, everybody changes government and I think the subject of concern is maintaining economic sustainability? KD: Right. Malta is a member of the EU and as part of the EU, you are a critical partner in the Mediterranean region. Therefore, we certainly want to work closely with whoever is in power. It’s a new government, so I would not want to be in anyone’s shoes and take over in just two months,facing the challenges you just face right here in the Mediterranean region at a very difficult time. We are ready to address any concerns and discuss areas of cooperation with this government and we are interested in deepening our partnership with Malta in every aspect. I think we can expand our political security, economic, commercial, cultural and bilateral relations. PLM: What about a common stand between the U.S. and the EU on the problem with Syria? KD: We definitely share the same concerns and work very closely with the EU. Right now we focus on trying to help with what we call the ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

INTERNATIONAL DIPLOMACY

Issue 05

“We are one of a few countries whose carbon emissions are dropping significantly, and there is misperception that the US is not to doing anything on climate change. We do it differently” Geneva II Process, which is a political solution to the situation in Syria. We are working very closely, obviously under pressure, with key members and partners within Europe and the Gulf States. INTERNATIONAL DIPLOMACY

Presently, we cannot give you all the details as events are unfolding. We have the commitment of some key partners in this, including the Russians, to try and pursue this track as a way to give us the space we need to do what we need to do in Syria in terms of justice and humanitarian issues. PLM: What about crimes against humanity? KD: These are all things that have to be considered. We are focused on the political track and political solution right now and the next few weeks are very critical to the outcome. After that we shall figure out, based on the success, or lack of success of this aspect, our next steps. In the next few weeks we hope to work on bringing members of the regime, the opposition and concerned parties together for discussions and see what happens.

PLM: The political solution is not on the cards or on the table because you are facing a despotic family dynasty who has ruled with an iron fist. A lot of people are dying every day. Children murdered, women raped, even chemical weapons have been used in Syria. Don’t you think it’s two weights, two measures, especially when you compare recent events in Libya which directly influence our nation’s status. I think Malta performed very well during the Libyan crisis. Don’t you think that even the United Nations should act more decisively?

PLM: You spoke of a message back to Washington, I think, that we should become bolder with our actions in future and try to change things as much as possible. One of the ways that Malta could cooperate more with the U.S. is to create a hub in Malta not just for the Mediterranean region, but as a centre to act as a bridge of regional peace between the EU and North Africa and elsewhere so that we can take advantage of opportunities, even with new government ,to create something which was missing or lacking in the past. Do you think this is possible?

KD: Well, this political track, which is our focus for the next few weeks.It will be done under the auspices of the UN process called Geneva II and will examine some of the political aspects of the Syrian conflict.

KD: I don’t know. I would be interested to hear more of your thoughts about this and perhaps share your ideas with the Ambassador. This is a great idea and given cultural diversity, your strategic position in the Mediterranean and close proximity to North Africa, you really can serve

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as an excellent platform. As a small country, you really have the ability to leverage that in a greater fashion and I think it would be really intriguing to hear your ideas on how you can take Malta’s experience and use your position to be that bridge and a benefit to humanity. All rights reserved | copyright protected

Kathleen Doherty, a member of the Senior Foreign Service, assumed her duties as Deputy Assistant Secretary in the Bureau of European and Eurasian Affairs in September 2011. Her portfolio includes responsibility for managing relations with the European Union and Western Europe. Previously she served as the Director, Office of European Union and Regional Affairs. Prior to returning to Washington D.C. in 2010, she was Counselor for Economic Affairs in the U.S. Embassy in London. Her other overseas assignments include Economic Counselor in the U.S. Embassy in Moscow, Economic Officer in the U.S. Embassy in Rome and in the U.S. Consulate in Sao Paolo, and Consular Officer in the Dominican Republic. In the Department of State, she has worked as a senior watch officer in the 24-hours Operations Center; as a Special Assistant to then Deputy Secretary of State Strobe Talbott, and in the Offices of Investment Affairs and Development Finance in the Economic, Energy and Business Affairs Bureau. Kathleen speaks Italian, Spanish, Portuguese, Russian, and has been awarded several Superior and Meritorious Honor awards. She has a M.Sc from the London School of Economics and a B.A. from Colgate University.

Property & Life Magazine

international trade

Issue 05

Focus: EU-US Trade Relations UNITED STATES On 12 March 2013 the Commission decided to request the Member States’ green light to open negotiations for Transatlantic Trade and Investment Partnership with the United States (TTIP), and released an impact assessment on the future of the EU-US trade relations and an in-depth independent study on the potential effects of the EU-US TTIP. A month earlier, following a recommendation by the High Level Working Group on Growth and Jobs - the EU and US have agreed to initiate the internal procedures necessary to launch negotiations on a Transatlantic Trade and Investment Partnership. When negotiations are completed, this EU-US agreement would be the biggest bilateral trade deal ever negotiated – and it could add around 0.5% to the EU’s annual economic output. The European Union and the United States have the largest bilateral trade relationship and enjoy the most integrated economic relationship in the world. Transatlantic Trade and Investment Partnership The EU and US have decided to take their economic relationship to a higher level by agreeing to launch negotiations for a comprehensive trade and investment agreement.

In addition, civil society at large is consulted on the TEC’s objectives and debriefed after its annual meetings. At the 28 November 2011 EU-US Summit meeting, Leaders directed the Transatlantic Economic Council to establish a High-Level Working Group on Jobs and Growth, led by EU Trade Commissioner Karel De Gucht and US Trade Representative Ron Kirk. The High Level Working Group was tasked to identify policies and measures to increase EU-US trade and investment to support mutually beneficial job creation, economic growth, and international competitiveness. Leaders asked the HLWG to work closely with all public and private sector stakeholder groups, and to draw on existing dialogues and mechanisms, as appropriate.

TRADE PICTURE Total US investment in the EU is three times higher than in all of Asia. EU investment in the US is around eight times the amount of EU investment in India and China together. EU and US investments are the real driver of the transatlantic relationship, contributing to growth and jobs on both sides of the Atlantic. It is estimated that a third of the trade across the Atlantic actually consists of intra-company transfers. The transatlantic relationship also defines the shape of the global economy as a whole. Either the EU or the US is the largest trade and investment partner for almost all other countries in the global economy. The EU and the US economies account together for about half the entire world GDP and for nearly a third of world trade flows. EU AND UNITED STATES Given the low average tariffs (under 3%), the key to unlocking this potential lies in the tackling of non-tariff barriers. These consist mainly of customs procedures and behind the border regulatory restrictions.

The Working Group has provided an interim report to Leaders on the status of its work in June 2012 and a final report on 13 February 2013. The HLWG reached the conclusion that a comprehensive agreement that addresses a broad range of bilateral trade and investment issues, including regulatory issues, and which contributes to the development of global rules, would provide the most significant mutual benefit of the various options considered. Presidents Obama, Barroso and Van Rompuy endorsed the recommendation and announced that each side will initiate the internal procedures necessary to launch negotiations on a Transatlantic Trade and Investment Partnership agreement.

The non-tariff barriers come from diverging regulatory systems (standards definitions notably), but also other non-tariff measures, such as those related to certain aspects of security or consumer protection. The Transatlantic Economic Council was set up in 2007 to guide and stimulate the work on transatlantic economic convergence. The TEC is currently the only EU-US high level forum in which economic issues can be discussed in a coherent and coordinated manner. It brings together a wide range of ongoing economic cooperation activities in issues of mutual interest and provides for a platform to give political guidance and direction to this work. At the same time, the TEC provides for a political forum for discussing strategic global economic questions. The TEC brings together those Members of the European Commission and US Cabinet Members who carry the political responsibility for closer economic ties. Three “advisory” groups have been set up to help guide the work of the TEC:

Inevitably for two economies of such size with such a high volume of trade, the EU and the US encounter a number of trade disputes which are handled through the dispute settlement mechanism of the WTO. Although they tend to grab headlines, these disputes currently only affect some 2% of EU-US trade.

Sources: European Commission proposed negotiating guidelines to the Member States and impact assessment on the future of the EU-US trade relations. Transatlantic Trade and Investment Partnership

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

FX MARKETS

Issue 05

US Dollar to dominate for the rest of 2013

olicy makers are holding the keys for the next six month. Given the events, we will most likely see an additional increase in volatility as the currency war continues. The first half of 2013 proved a supportive environment for risk taking as a result of the dovish monetary climate and a slight pick-up in growth sending equity markets to new alltime highs. However, with the Federal Reserve signalling a tapering in asset purchases, the second half could witness a decent sell-off in equity markets and a general strengthening of the US Dollar as a result of the normalisation in risk premia. In the FX markets, we see this going to materialise against the CHF, EUR, GBP and the JPY.

“The efforts by the ECB to stabilise the economy has not paid off so far and the troublesome trend in employment still puts a damper on growth” The Swiss Franc has been moderately offered since the SNB introduced the 1.20-floor in EUR/ CHF, but we still consider it expensive although the Swiss currency is vulnerable to large changes in flow. The SNB has a strong balance sheet and as a result of the constructive growth conditions, we could see flows unwinding into riskier assets, 32

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implying a depreciation of the Swiss currency. Against the EUR, market players are seeing a fair value around 1.35, where cross-selling of the Swiss Franc against the US Dollar supports this view. In the Euro zone, the peripheral countries have seen a pick-up in yields as signs of worry still persist. The efforts by the ECB to stabilise the economy has not paid off so far and the troublesome trend in employment still puts a damper on growth. On the positive side, we have seen a pick-up in confidence in the Euro zone area and the fact that the ECB remains accommodative should be supportive. However with the inclusion of new member states and an overall increase in the pessimism towards the common currency as well as the policy makers, the path towards recovery remains clouded with political tensions also being a significant risk. The German elections in particular, could be the joker in the pack. Against the US Dollar, we could see further downside and market consensus is for a rate around 1.24 in twelve months. GBP-pairs have in the second quarter of 2013 managed to pick up some of the lost ground from the first, but the economy is still struggling and markets are looking forward to the new Bank of England Governor Carney to introduce a more activist approach in order to stabilise the fundamentals and also introduce a forward rate guidance as the Federal Reserve did last year. Despite these new measures, we still regard the economic conditions as weak and given little

chance for a pick-up in demand following a need for a de-leveraging, the most likely path for the Sterling is to head lower. Against the EUR, markets are valuing the GBP relatively weaker, which is why consensus is for a slightly bullish outlook for the pair. The JPY has been selling off significantly across the board since the Bank of Japan introduced the 2% inflation target and we expect this trend to continue with a slight damp on the acceleration. Risk sentiment is the key for the Abenomics to prove successful and there is no doubt that the Japanese government will continue to support the exportrelated economy in order to reach the inflation target. However, the inherent risk will be if demand from the region will be on the weak side and the BoJ fails to take the proper measures. NSFX Ltd holds a Category 3 license I/S 56519 from the MFSA

Johan Ditz Lemche is the Managing Director of NSFX Ltd. and has been over a decade in the financial markets researching and strategizing on trade opportunities, primarily in the G10-space. Prior to coming to Malta, Mr. Lemche was Senior Manager at a SICAV SIF Fund in Luxembourg. He holds a Master of Economics from the University of Copenhagen

Property & Life Magazine Issue 05

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Superbrands Tribute Event

Property & Life Magazine Issue 05

Second Superbrands volume launched at Tribute Event

Giorgia Comollo, Alberto Luxardo and the author of the volume, Malcolm J. Naudi, at the launching of the second volume of Superbrands for Malta and Gozo

alta’s top brands received the status of Superbrands at the gala Tribute Event during which the second volume of Superbrands was launched at the Pavilion Suite of the Westin Dragonara Resort last month. The large majority of the brands that have been included in this volume were present to collect their Superbrands certificate and speak about their brands. In her introduction, Giorgia Comollo, President of Superbrands Italy, whose territory includes Malta and Mauritius, paid tribute to her late father, Maurizio, who passed away prematurely in February, 2012, aged 56.

She listed the benefits of Superbrands status, including the splendidly produced coffee table book, a dedicated website – www. superbrandsmalta.com, the use of the Superbrands seal for their marketing and branding initiatives, and a dedicated YouTube channel, Superbrands TV, which provides brands with powerful 3-minute videos. The Malta edition is the 150th publication by Superbrands worldwide. Some 15,000 presentations have been compiled of the leading

brands in almost 90 countries around the world. A notable inclusion in this second volume is of Professor Edward de Bono of lateral thinking fame, who was named a Maltese Superbrand. No fewer than 12 brands that were in the first edition are in the second edition and some brand owners even increased their presence with a second brand.

The keynote speaker of the evening, Jesmond Saliba, Director of Corporate Identities, tackled the power of branding and his personal experience through his career in the media, as a ministerial communications co-ordinator, brand manager and founder of his PR and corporate communications agency.

Alberto Luxardo, Project Manager of the British Superbrands Group for the Italian market, said the Superbrands list with the strongest brands in Malta had been compiled with the help of Misco and the international research firm Brand Analysis UK.

Among those present were members of the Superbrands Malta Council, headed by Dr Francis Zammit Dimech. The evening came to an end with a dinner. Superbrands was launched in the UK in 1994 and in Italy in 2002.

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

REAL ESTATE

Issue 05

Engel & Völkers sees double-digit growth in first half-year of 2013

he Engel & Völkers Group is continuing on its course of record growth already embarked upon in the first months of the year. After the strongest first quarter in the Company’s history, revenue growth in the second quarter of 2013 is at a double-digit percentage rate. In total, turnover from commission generated by the Group with its licence partners operating in 37 countries on five continents rose by 18.8 percent to 123.9 million euros (period in the previous year: 104.3 million euros). Turnover is increasing particularly strongly in foreign markets where the Group commission revenues have risen by a total of 30.0 percent to 46.5 million euros (35.8 million euros). Group commission revenues from the brokerage of commercial real estate also rose significantly, by 27.4 percent to 28.3 million euros (22.3 million euros). With growth of 6.1 percent to 49.0 million euros (46.2 million euros), brokerage operations in residential property in Germany also achieved a new record result once again. Internationally, Engel & Völkers underwent especially strong growth on the American continent and in Southern Europe. A clear recovery of the property market and the ongoing expansion of the Company’s network with the opening of new residential property shops in the USA led for the licence partners in Florida to a

About Engel & Völkers:

growth in commission revenues of 50 percent, and of almost 90 percent in California. The rate of growth in South America was almost 70 percent. “The intensive efforts to expand our network outside of Europe are having a positive impact,” said Christian Völkers, CEO of Engel & Völkers AG. “We are seeing substantial opportunities for growth abroad, on the basis of the strengthening economic situation on the real estate market. The broadly-based formation of our network puts us in a good position to make extensive use of these opportunities.”

“The broadly-based formation of our network puts us in a good position to make extensive use of these opportunities” Residential shops in southern Europe countries also profited from a further recovery of the property markets. In addition we have had a new Regional market centre open in February 2013 in Malta with 5 lounges strategically placed on the island. They have had a successful start to the year with growth plans in place for 2013. A new Metropolitan market centre in Barcelona recorded a success resulting in overall revenue growth of 65

percent in the first half year of 2013 in Spain mainland. Revenues on Majorca also saw a considerable growth rate of 29 percent. The strong demand for capital investments continues to have a positive effect on the business division for commercial estate, although this potential cannot be fully utilised due to a lack of sufficient offerings on the market. Engel & Völkers is forecasting further strong growth over the remainder of the year, meaning that the Company expects to close 2013 once again with record financial results.

For further information please contact: ENGEL & VÖLKERS SARA GRECH * Malta License Partner of Engel & Völkers Residential, Commercial, Yachting GmbH Sara Grech CEO / President Regional Market Centre The Emporium Rue D’Argens, Msida Phone: 00356 23470000 Email: malta@engelvoelkers.com

Engel & Völkers is one of the world’s leading service companies specialised in the sale and leasehold of premium residential property, commercial real estate and yachts. With its licence system, Engel & Völkers is the only Germany-based firm to rank amongst the top 100 franchise companies in the world.* Around 500 residential property shops specialised in high-class real estate and 44 commercial offices brokering retail, office and industrial space, investment properties, multi-purpose apartment and office blocks and property portfolios offer both private and institutional clients a professionally tailored range of services. Leasing, sales, consultancy and valuations form the core competences of the staff of around 4,300 employees. The Company is currently operating in 37 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the Company’s success. In 2012, Engel & Völkers was named the most valuable property brand in Germany in the category “Property broker” by the European Society for Real Estate Brand Observation (EUGIMB). * Source: Franchise Direct “Top 100 Global Franchises Ranking”

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Property & Life Magazine

AWARDS

Issue 05

HSBC Malta commemorates outgoing Chairman’s loyal service

farewell dinner organised by HSBC Malta celebrated the 14 year contribution of HSBC Malta’s outgoing Chairman Albert Mizzi. “Albert’s loyal and dedicated service as Chairman of HSBC Malta has guided the bank ever since HSBC took over from Mid-Med Bank in 1999. We are extremely grateful to Albert. His outstanding stewardship has been instrumental to build our business into what it is today,” said HSBC Malta CEO Mark Watkinson. Albert Mizzi said: “It has been an honour to chair this company and be a part of such significant developments to the banking and financial services sector. I’m proud to have contributed to this advancement, together with the rest of the team and the HSBC Group, of which the bank in Malta

Bank of Valletta awarded the ‘Straight-Through Processing (STP) Excellence Award by Deutsche Bank

or the second time in less than one year, Bank of Valletta has received an international award for excellence in payments processing. Bank of Valletta has just received the StraightThrough Processing (STP) Excellence Award from Deutsche Bank. This award recognises Bank of Valletta for achieving an excellent level of operational efficiency in the processing of payments. The Bank received a similar award from J P Morgan in September 2012.

is an important part of its European operations. It has been one of the highlights of my long career.” Congratulations went to the newly appointed HSBC Malta Chairman

Sonny Portelli and a warm welcome was extended to HSBC Europe CEO and Director of HSBC Bank plc Brian Robertson, who recently joined the HSBC Malta board.

Phoenicia Hotel Malta scoops Thomas Cook Excellence Award

he iconic Phoenicia Hotel, Malta’s longestestablished 5-star hotel, has been honoured again with an award for excellence by Thomas Cook UK. The hotel’s quality was acknowledged through the “Award for Excellence” prize results from questionnaires undertaken with the tour operator’s clients, based on acknowledged high standards of service and the quality of accommodation. The prestigious Thomas Cook ‘Award For Excellence’ was presented at a luncheon by Mr. Richard Carson, Quality Assurance Support Manager, Thomas Cook Group plc., and the eminent award acts as a symbol for the excellent standard of quality and service provided by Phoenicia during the past year. Every aspect of the accommodation is rated; from service to standards, facilities to food, and the results are used to highlight properties that have excelled in these areas, as Phoenicia has been doing. Built in 1939, The Hotel Phoenicia is a truly unique property, familiar to locals, situated at the doorstep to Valletta, and is a luxury hotel offering guests an unparalleled experience in comfort, service and luxury. The 128 rooms and 8 suites combine elegance with Phoenicia’s strong sense of history

and colonial charm. Several bedrooms and suites have magnificent views of Valletta and the majestic fortifications of the Grand Harbour, while other rooms have views of the stunning 7.5 acre garden. The Hotel Phoenicia provides a varied array of dining options to suit all tastes and requirements from fresh Mediterranean cuisine in the Phoenix Restaurant to signature dining in the Pegasus Brasserie, or the perfect coffee and pastry prepared by resident Barista, Angela, at The Palm Court. The cosy Club Bar with 26 malt Scotch whiskies, various Irish whiskeys, as well as multiple Kentucky and other bourbons is the perfect venue to unwind after a busy day. The prestigious awards were created to acknowledge, reward and celebrate excellence across the recommended properties in Thomas Cook brochures and guides. The world-renowned awards are a trusted mark of quality recognised by consumers and travel professionals alike and represent the finest standards and best value for money in luxury and independent accommodation. For further information see www.facebook.com/ phoeniciahotel or www.phoeniciamalta.com

Charles Borg, BOV’s Chief Executive Office, and Michael Galea, Chief Officer Operations paid a visit to the Bank’s Payments Operations section to congratulate the staff and present them with the award. “Such awards recognise that Bank of Valletta is excelling at what it does best – providing a quality service to our customers,” said Mr. Borg. “The diligence and constant attention to detail of the BOV team ensures that our customers benefit from faster response time in the delivery of the Bank’s services” added Mr Borg. Mr. Galea said,” The STP Excellence Award received from Deutsche Bank recognises the excellent quality of the work delivered by our people at the Payments Operations section enabling BOV to deliver a quality customer experience in the area of payments”. Mr. Galea highlighted how BOV continues to widen its payment services, adopting a flexible approach to respond to customer needs. The STP Excellence Award recognises the excellent standard that Bank of Valletta has achieved in this business function with an average rate of 97.22% of payments processed through the Bank being effected in a ‘Straight-Through’ manner. The global industry average currently stands at 90%. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

education

Issue 05

New college offering specialist

Masters level degrees

Minister for Education and Employment Evarist Bartolo and Professor Brian Smart, Rector of Global College Malta, at the inauguration of the new tertiary teaching facility which will provide high-quality British style post-graduate and graduate education for local and international students.

alta Government Minister Evarist Bartolo has launched the country’s next institute of higher education, Global College Malta, whose campus is located at SmartCity. The new education facility is preparing for its first intake of students in September this year and aims to have 3000 students on campus by 2018, bringing a significant stimulus to the local-area economy and significant new revenue for the South of the island. Professor Brian Smart, a British educator and Rector of Global College, said the new College is a positive step for all Maltese Islanders while presenting the nation, through Minister Bartolo, with €38,000 worth of scholarships. Education and Employment Minister Evarist Bartolo and other dignitaries attended this morning’s gathering signaling the start of increasing education opportunities for the Maltese community, as well as an influx of students from the Commonwealth Countries, MENA and Asia. Malta is set to become a highvalue-added education hub at the centre of the Mediterranean with Global College focused on British style education in key sectors such as Oil & Gas, IT (Cloud Computing) and Management. Malta won the interest of Professor Smart and his British management team, Dr. Ray Donnelly and Dr Howard Kahn, with its English-language credentials, stable economy, EU position, safe environment, open culture towards foreigners, warm hospitality, proximity to MENA and the European mainland combined with excellent

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airline connectivity. Professor Smart agrees with Central Banker Professor Josef Bonnici that education may well become one of the emerging pillars of Malta’s increasingly diverse economy, “There’s a growing demand for higher education, and the Maltese Government’s commitment to post-graduate tertiary education influenced our decision to invest here in Malta. We expect about 20% of our students will be locals and their parents will be saving a lot of money by not having to send their children overseas any longer to get access to best-of-breed post-graduate education in our specialist areas. Our projections show that Malta could attract up to 20,000 international students over the next five to seven years which will help to drive growth across all local institutions. Malta has strong roots in the tertiary sector that can be traced back to 1592 with the founding of the Jesuits College, which became the University of Malta. It’s an excellent heritage to work within,” said Professor Smart. The kinds of unique courses Global College is offering will help boost Malta’s education credentials and profile internationally, boosting its ability to compete in certain business segments. Global College Malta is the first European College offering university degrees according to British standards in SmartCity Malta. “For the international student leaving home for the first time Malta is able to offer a wonderful experience and we expect our campus will be a melting pot from the Commonwealth which will help to broaden the student’s outlook while enjoying this delightful country to the full. I also suspect it will be great for creating a spirit

of regional community through Malta’s various education institutions. Gifted young people with specific career goals will be able to discover what makes Malta and the Mediterranean way of life so special during their time here,” concluded Professor Smart.

“For the international student leaving home for the first time Malta is able to offer a wonderful experience and we expect our campus will be a melting pot from the Commonwealth which will help to broaden the student’s outlook while enjoying this delightful country to the full” In today’s economic environment where countries compete on the basis of human capital, both Global College and SmartCity recognise that strengthening the human resource pool is a key component in fuelling the growth of knowledge industries in Malta. Together Global College and SmartCity aim to create a dedicated education cluster where international students, institutes of various educational fields and hiring companies all operate within a synergetic business environment thereby creating a network of opportunities. For further information visit www.gcmalta.com or call 2180 1252.

Property & Life Magazine Issue 05

ISSUE 5 | PROPERTY & LIFE MAGAZINE

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Intrapreneurship

Property & Life Magazine Issue 05

Intrapreneurship

is Corporate Entrepreneurship

By Michelle Gialanze mployees often see entrepreneurship as something that outsiders do. However, Intrapreneurship is what added value employees do. All companies desire such employees as they empower growth. Individuals are becoming more focused on what they want to achieve and to live their ideals and dreams, if they find the space to do that within your company that is definitely a win – win situation. A question we have been asking ourselves as an organisation is – are you letting your team be Intrapreneurial? I would like to share an experience which I encountered recently, as an example of how not to listen. Like most, constantly chasing time, I went just round the corner to a hairdresser and asked how much it would cost to blow dry my hair, she quoted €10. Perfect, this was just round the corner from my house and cheaper than my usual hairdresser. The appointment came that afternoon and they left me waiting 20 minutes before starting, but I told myself, this is cheaper than my usual hairdresser, so why not? After washing my hair, they were ready to start. Here I was mistaken, the assistant said “you realise that because your hair is so long that it will cost €20”, now my hair had not radically grown in an afternoon. So, I said, I am sorry that is not acceptable, you should have told me earlier and got up to leave. Did she stop me and apologise, did she offer to do it at the price quoted, and did she try and sort out the situation – NO! She lost me as a customer and I have referred this conversation to at least five other people, who will not be visiting the salon. This employee

was not intrapreneurial and resulted in damaging her employers business. Maybe she could have come up with the idea of offering a package – saying that you could have two for the price of one, and approached her manager about such a marketing technique. Possibly this employee had tried in the past, but her idea had gotten shot down at the work place, as her ideas are usually not asked for or respected.

“Individuals are becoming more focused on what they want to achieve and to live their ideals and dreams, if they find the space to do that within your company that is definitely a win – win situation.” Think back to the last time you had a brilliant idea at work, or took on initiative to solve a situation such as the above. How did your manager and peers react to your idea? Did the organisation support your efforts? If you’re like most employees, your answer to all these questions is probably ‘no.’ most employees struggle to move their ideas from initial conception to outputs that have organizational value. They are struggling to be intrapreneurial at the workplace. This hurts both individuals and their organisations; an organisation’s ability to compete and renew itself with its largest human asset is paramount for the competitive

edge to remain there. This could happen because new ideas are either not understood or seen as a threat. Microsoft continued to pour its resources into the Windows operating system and the Office suite of products even as the Internet was revolutionising the industry. As a result, they missed out on the search engine market that was quickly dominated by Google. In Malta we are working on recognising Intrapreneurial companies and what they are offering. On 10th April IVC Malta hosted a conference on Intrapreneurship, please do visit this website for more details and the papers presented www. ivcmaltaconference.wordpress.com International Vocational College Malta www.ivcm.edu.mt All rights reserved | copyright protected

Dr. Michelle Gialanze is the founder of IVC Malta. Previously she has worked for the University of Malta for 15 years and has an extensive profile of experience within the private sector. IVC Malta works with students to build up entrepreneurship skills and abilities. Recently, Michelle has been invited to lecture in Berlin on entrepreneurship skills within the education sector and has been nominated as a Bologna expert. Her areas of interest include innovation and the way people take on new habits. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

FEATURE: PANE E OLIO osteria D’Autore, St Julians

Issue 05

Excellent Dining Experience by George Carol

ane & Olio Osteria d’Autore was formerly an exclusive steakhouse and is now a conceptually dedicated exquisite Mediterranean cuisine offering excellent value for money. I simply can’t say enough about the food and service at this gem of a restaurant! I live in St. Paul’s Bay, where there are many great places for dinner, and we have enjoyed many of them. However, the food at Pane & Olio Osteria is truly outstanding. In November last year, this restaurant, together with Al Molo at Portomaso, went through a drastic concept change from top to bottom. The operating company. The Art of Food Ltd, is part of the RBG Group, owned by Comm. Raymond Bugeja, and the operating managers chosen to run these two establishments report to the renowned Chef Andrew Pace, formerly of Salvino’s in Valletta. The Menu at Pane & Olio Osteria d’Autore, has been redrawn with selections of antipasti, pasta and risotto dishes, fish and seafood choices, as well as a meat lovers’ section, and of course the daily dessert

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selection. Fresh fish and seafood are available from the daily catch with fish prices at a very commendable EUR 5 for every 100gm raw fish weight.

Bay providing a superb sea view during summer adjacent to a downstairs casual dining area with entrance from the terrace on Spinola Bay.

There is a good selection of wines listed, at a reasonably good mark-up. As we were dining on seafood and seafood oriented dishes, our choice fell on a Sancerre White Domain 2011, the fruity flavours and aromas of which paired very well with the dishes chosen. For dessert, one may choose from a varied selection of Pannacotta, Cassatella, Torroni, creme brulee and ice cream, all home-made and very pleasant indeed. The Art of Food wanted to establish this place as a leading restaurant serving excellent cuisine at a reasonably good value for money.

Finally, but equally importantly, the service that the waiters provided was exceptional - there to top up the wine glasses at exactly the right moment, and their advice regarding the menu was top notch. The service at Pane & Olio Osteria d’Autore is excellent with attention given to every table, food served to clients on each table at the same time, efficient and above all unobtrusive.

The restaurant’s interior decor is still retained with inspirational red walls, dark furniture and a large collection of black and white, framed, memorabilia photographs adorning the walls which give the place a very cosy and warm atmosphere, with the outside terrace on Spinola

Contact: Tel: 21384780

I experienced a truly excellent dining experience, one which we will enjoy again in the future, I’m sure.

Restaurant ratings Cuisine quality Ambience Atmosphere Preparation Presentation Service Wine and beverages Value for money

newsMakers

Property & Life Magazine Issue 05

HSBC Malta Foundation donates €100,000 to Notarial Archives

he HSBC Malta Foundation has strengthened its support towards the Notarial Archives Resources Council with a €100,000 donation which will assist in the restoration and organisation of a large collection of historical documents, ensuring they are professionally conserved for future generations.

HSBC Malta CEO Mark Watkinson presented the €100,000 donation to Dr Joan Abela, founding member of the Notarial Archives Resources Council and active volunteer, in the presence of Parliamentary Secretary for Justice Dr Owen Bonnici. The Notarial Archives is home to over 20,000 registers containing historical documents that date back to the 15th century. These manuscripts offer a unique primary source of insights into Malta’s cultural past.

“This financial support is in addition to dedicated voluntary work of more than 150 HSBC employees who are given an extra day of leave throughout the year in order to volunteer their time and energy to carry our projects at the archives in Valletta,” said Mr Watkinson. The Archives’ Digitisation Project, which is currently underway thanks also to the assistance from HSBC Malta employees, will ensure the long-term preservation of the documents while significantly improving public access to a wealth of notarial information. This is part of the Notarial Archives Resources Council’s drive to turn this important archive into a leading centre for both Maltese and Mediterranean historical study that is fully accessible to both the local and international research community.

Tim Clark, flanked by Emirates Cabin Crew collects three awards at the World Airline Awards including ‘World’s Best Airline’, ‘Best Middle East Airline’ and for a record ninth year in a row, ‘World’s Best Inflight Entertainment’.

Emirates takes home 2013 ‘World’s Best Airline’ award

ementing its place as one of the world’s leading international airlines, Emirates has been awarded the highly coveted ‘World’s Best Airline’ award, presented by Skytrax at the 2013 World Airline Awards. In addition to winning ‘World’s Best Airline’ Emirates scooped up a further two awards including; ‘Best Middle East Airline’ and for a record ninth year in a row, ‘World’s Best Inflight Entertainment’. The awards were collected by Tim Clark, President Emirates Airline at the Paris Airshow. The Skytrax World Airline Awards polled over 18 million business and leisure air travellers from more than 160 countries. “Being honoured with these awards is testament to our unrelenting effort to be the

MEP David Casa on the situation in Turkey

he situation in Turkey was discussed during this session of the European Parliament in Strasbourg, adding to international condemnation of events in the country. Commenting on the state of play, in his role as a member of the EUTurkey Joint Parliamentary Committee, David Casa stated: “Turkey has made massive strides forward, and for this we continue to show admiration. However recent events in Istanbul demonstrate that those who claimed Turkey was far from ready for EU accession were proved correct. The excessive use of force as a reaction to peaceful demonstrations, the subsequent arrests, the stifling of social media and the internet are not the actions of a developing moderate democracy.” Mr Casa further criticised the Erdoğan regime, which he claimed has shown clear signs of growing democratic deficit.

world’s best airline,” said Mr. Clark. “We are constantly striving to offer our customers consistent, world-class service that extends from the moment they make their booking to the moment they arrive home at the end of their journey.”

“It is noteworthy that Turkey is a world leader in terms of imprisoned journalists, even surpassing China. The current administration no longer represents the aspirations of the Turkey people. This is not the Turkey we want in the EU and I am confident it is also not the Turkey the Turks want for themselves,” stated Mr Casa.

Last year over 39 million customers flew with Emirates, connecting across the airline’s global network and enjoying the airline’s extensive onboard innovations, including the industry leading inflight entertainment system ice, offering over 1,400 channels of entertainment.

The Maltese MEP also claimed that, should Turkey ever wish to form part of the European Union, it is essential that it fully embraces the values that EU holds dear, including freedom of speech, freedom of religion, due process and the rule of law.

Emirates flies daily from Dubai to Malta via Larnaka, Cyprus using a Boeing 777-200 aircraft.

“The European Union must send a clear message: the events in Turkey are completely unacceptable. And for this reason I call on Štefan Füle, Commissioner for Enlargement, to recommend that accession negotiations be halted,” concluded Mr Casa. ISSUE 5 | PROPERTY & LIFE MAGAZINE

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Scientific Research and development

Property & Life Magazine Issue 05

Malta-based health research company expands into China

AT Research, a Malta-based health research and innovation company, announced today that it is expanding its operations into China. Speaking at a press briefing attended by Parliamentary Secretary for Research and Innovation Dr Stefan Buontempo, CEO Dr Adrian Attard Trevisan said that the company had recently signed an exclusive, fiveyear distributorship with Anseos Group, a leading Medical Sales Agency in China. The Chinese agent will distribute AAT’s patented technology, the Brain Music System and MENTe Headband, which together provide the first commerciallyavailable aid for managing Autism Spectrum Disorder. “The Chinese market is a strategic market for our medical technologies. Last March, Anseos managed the AAT stand at China Med 2013, a major medical instruments and equipment exhibition in China, and we started taking orders soon after. We exported our first headsets to China in April, and are now working to meet new orders and the increased demand,” said Dr Attard Trevisan.

“AAT Research not only has developed an innovative product of immense value to the world medical community and public, but also shows us that local companies can use the islands as a viable base from which to foster world-class R&D and reach global markets.” The AAT autism aid is aimed at children. Dr Buontempo said: “AAT Research not only has developed an innovative product of immense value to the world medical community and public, but also shows us that local companies can use the islands as a viable base from which to foster worldclass R&D and reach global markets.” The Parliamentary Secretary and the government are working to inspire innovative potential within the Maltese industry. The government is working on various fronts to make this a reality

by reducing the bureaucratic hurdles, expanding research funding opportunities, and tapping into new funding opportunities of the Horizon 2020. In July, AAT will be introducing a proprietary mobile app that connects the MENTe headband to a mobile device or tablet. Dr Attard Trevisan explained that following invaluable feedback from the company’s first key customers in Malta, AAT has been able to improve its technologies to ensure they are as easy to operate as possible. “By enabling the headset to operate also through a mobile or tablet, the user experience will be significantly improved in terms of portability and accessibility. It will make both parents’ and children’s lives that much easier,” he said. The AAT Autism Aid is FDA-approved and CEcertified as a medical aid. In 2012, the company was awarded the Malta Innovation Award for Technology for its work on MENTe and BMS. The AAT Autism aid is currently being used by an estimated 40 per cent of children with Autism Spectrum Disorder in Malta. AAT Research is also currently developing an Epilepsy Monitoring System which also uses MENTe technology. The system detects seizures prior to their occurrence and prepares the patient and next of kin for a response to the seizure.

The AAT Research team comprises scientists, engineers, researchers and designers with significant experience in managing internationally funded research projects. In conjunction with its development of cutting-edge medical devices, the company also provides neuromarketing services to universities and blue-chip companies, focusing on advanced sensory usability testing. AAT Research is a member and the Local Chair for the Neuromarketing Science and Business Association (NMBSA), AAT Research Ltd is bound by a the NMBSSA guidelines for Neuromarketing research and services, reflecting the highest ethical standards for the neuromarketing research industry. For more information, please visit www.aatresearch. org or contact Ivan Grima on 21330588 or ivan@aatresearch.org.

AAT Research was set up in 2012. In March 2013, the company relocated its labs to the industrial estate in Marsa. Later this year, AAT will start manufacturing its own headsets on location in Malta.

ISSUE 5 | PROPERTY & LIFE MAGAZINE

Kitchen 21 Restaurant & Cocktail Lounge Il Menqa | Marsalforn | Gozo | Malta

www.kitchentwentyone.com www.facebook.com/kitchen21gozo kitchen21@gmail.com +356 2155 3358 +356 9922 8637 +356 7927 4841

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health and Technology

Property & Life Magazine Issue 05

MEDIC:

the doc wins!

“H

ello Sir, I have analysed your biometric data and you are of excellent health today. I suggest taking it light on the 3 o’clock meeting not to increase your stress level for the day”

answers received, the doctor goes through the knowledge gained to prescribe the best possible cure known to him. Doctors also rely on more sophisticated equipment to get a better insight of the medical condition.

No, this is not a message from JARVIS featured in IRON Man but from Medical Expert Diagnosis for Individual Care, better known as MEDIC. MEDIC is constantly monitoring your personal health with discretion while in constant contact with all medical services on the national and international grid. MEDIC is also connected to the internet collating all of the information about the latest research on any topic of medical interest. As a last weapon against illness, MEDIC is able to learn from other MEDIC units, especially those monitoring your next of kin, to provide the best possible advice in time.

When comparing MEDIC with doctors, we find out that MEDIC works on a similar principle but the knowledge of MEDIC is much greater than that of your doctor as it able to pull knowledge from multiple resources at a blink of an eye and it can also link causes and effects of certain disease and provide medication as a futuristic prevention measure. If we tally the score, MEDIC wins on knowledge and on diagnosis as it perform multiple diagnosis at the same time complete with cross referencing something that doctors require other doctors to perform and they may not be able to meet at the same time apart from having different point of view.

MEDIC is not conceived only to be your health assistant at home but also is an active tool at medical centres and hospitals. Here MEDIC is connected to more advance equipment and is able to perform much more elaborate diagnoses as well as conducting surgeries. However, when feeling ill most people still call the doctor which prescribes medicine to the ill person based on the condition. The condition is analysed by doctors by asking a series of questions and through the

Mr. Duncan Dimech, the Managing Director of EXOR Group Ltd, earned his Masters Degree with the University of Liverpool, home of 9 noble prize winners, and specialised in Information Security. Over the past 15 years, Mr. Dimech has been involved on a number of projects for local and international business entities and is leading a number of IT research projects funded by the European Union. Mr. Dimech is a Member of the British Computer Society and a visiting lecturer at the University of Malta.

“When it comes to compare care and stress, doctors care decreases a bit in relation to the work load while stress increases depending on the cases handled during the day” When it comes to compare care and stress, doctors care decreases a bit in relation to the work load while stress increases depending on the cases handled during the day. This is part of human nature. Medic scores two additional wins here as being a machine it does not know what stress is while the advanced artificial intelligence within MEDIC is able to adjust itself to have a high caring all the time based on the patient condition. Even though with such clear advantages, MEDIC is yet not a system of this day and age but a system that may be found as a standard feature in futuristic homes as the technologies for MEDIC to be a reality are not complex by today’s standards. So why people are not yet ready for a system like MEDIC?

Ms. Ana-Marija Zafirovska, the Business Solutions Advisor at EXOR Group Ltd, earned her Bachelor’s Degree in Sociology with the Ss. Cyril and Methodius University of Skopje, as well as a Postgraduate Certificate in Marketing with The Chartered Institute of Marketing. Ms. Zafirovska was actively involved in the journalism sector at International levels for the past 3 years and is a researcher on a number of European Union funded projects.

We all use search engines and we all know how difficult is becoming to find the content we want. We are being overloaded with information that is aimed to highlight itself in relation to certain keywords or search terms. This same problem can have effect MEDIC in a way that MEDIC can be poisoned with the information being harvested. The artificial intelligence can handle such issue by eliminating sources of no medical relevance but with us knowing that MEDIC is using the internet to harvest information, our subconscious will turn that little red light on alerting us that MEDIC might be giving us poisoned information. Being a computerised system, like other computerised systems, MEDIC will be targeted all the time by malicious people who want to cause harm. This we know it from a fact that high value targets are being bombarded all the time either for fun or to cause serious damage. MEDIC is not just a high value target but the high value target. MEDIC also suffers from a control issue. Doctors are not controlled by anyone and their aim is the health of the doctor. MEDIC has been designed by someone and that someone has the absolute control on MEDIC. The issues raise a high level of trust related problems; the main issue can singly eliminate all of the advantages of MEDIC. It is human nature that if we do not trust is someone or something; we will put that someone or something on the back burner. ISSUE 5 | PROPERTY & LIFE MAGAZINE

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current affairs

Property & Life Magazine Issue 05

Immigration & Asylum:

“The people of Malta expect more and deserve better”

n a hard-hitting speech during a debate on Asylum at the European Parliament plenary session in Strasbourg, on Tuesday 11 June 2013, Maltese Member of the European Parliament, Roberta Metsola said that the Common European Asylum System (CEAS) about to be agreed to by the European Union would do little to concretely help Malta’s situation. The European Parliament was discussing a number of instruments within the Asylum Package that would lead to the establishment of a Common European Asylum System. Commenting on the debate, MEPs Roberta Metsola and David Casa said that while the package as a whole contains a number of long awaited improvements, particularly as regards higher standards for the reception and treatment of asylum seekers; stricter rules on the training of the authorities that are in contact with asylum seekers and police access to the Eurodac fingerprint system, there are still a number of issues that need to be urgently addressed within the revised Dublin Regulation to address Malta’s particular situation.

“G

ozo needs to have a physical representation in the EU. This will help the island to glean more knowledge of what is happening in Brussels and will help maximize the potential offered by the region of Gozo. Gozo has more to get and more to give out of EU membership.” As part of her regular meetings with Gozitan NGOs and civil society, the Dr. Metsola met with the Gozo Tourism Association and the Gozo Business chamber, to discuss those concerns that are most relevant for Gozo’s businesses and families. The interests of Gozo must be better represented at EU level, said Roberta Metsola, Member of the European Parliament from Malta. “As a MEP from both Malta and Gozo, I will work to ensure that Gozo’s interests are always best represented”. During the meeting with Gozitan stakeholders, Roberta Metsola also discussed the projects implemented as a result of the EU funding, saying that “Over the past 7 years, EU funding has been put to work to improve Gozo’s infrastructure, its tourism sector, its potential of its human resources and the Gozitan environment.

The construction of the TEN-T road from the Mgarr Ferry terminal to Victoria, the reconstruction of the capital’s citadel, the upgrading of the hospital’s operating theatre, the installation of photovoltaic panels and the training and higher education courses, were all implemented as a result of EU funding. Nonetheless, the additional 1.12 billion Euros worth of funding negotiated by then Prime Minister Lawrence Gonzi, needs to be fully utilised to ensure that the needs of the people of Gozo are met.” On the issue of accessibility to and from Gozo Roberta Metsola emphasised that a permanent link between the two islands would be the most beneficial outcome and would serve to decrease the double insularity faced by Gozo. However, she underlined that any solution must be feasible and not simply pie in the sky, adding that “certainly blindly accepting a free offer for a feasibility study from a Chinese Government Company that has been blacklisted is not the best way forward”. Other topics discussed included the creation of agri-tourism initiatives, the setting up of a Gozo regional office of statistics, operating fees for Gozo’s industries and the establishing of child care centres.

Speaking about the proposed changes to the EU’s Dublin Regulation, Dr Metsola said that high standards are necessary and respect for human rights and human dignity is essential but action must be taken on solidarity, saying that “we need to take action now to make effective solidarity a European reality. The people of Malta and Gozo, expect more. They deserve better.” She added that the re-cast of the Dublin Regulation is one “where the spirit of solidarity and sharing of responsibility is ignored and as a representative of the Maltese people, I cannot allow this package to go through without emphasising again in the strongest possible terms that the immigration pressures Malta faces persist and remain acute.” Dr Metsola said more work is needed to address the disproportionate pressure faced by Malta, saying that “the re-cast of the Dublin Regulation as proposed by the Commission did not even touch upon the criterion that imposes the requirement that asylumseekers arriving to a Member State must remain the responsibility of that Member State. Rather than see this for what it is – a European issue – countries at the periphery of Europe like Malta are left to bear the brunt alone. The time for baby steps is over and concrete action to alleviate the current situation in Malta is urgently needed.” “Indeed, from the very beginning of our mandate at the European Parliament, PN MEPs have been vociferous in their lack of satisfaction with Dublin II, the current recast remains highly inadequate,” stated Mr Casa. ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

ACtivity

Issue 05

Cruising the waters with Nautica Ltd

autica Ltd was created back in 1988 and is today acknowledged as the leading provider of yacht charter holidays in the Maltese islands, with a fleet of modern boats available either as bare-boat or sailed by our professional and seasoned skippers. In 2010, Nautica Ltd invested in the new Bavaria 45 Cruiser, which was added to our fleet of Beneteau Cyclades charter yachts, available in three, four and five cabin versions. This year, we have also added a new Jeanneau S.O. 509. Our yachts are fully insured for bare-boat and skippered charters, and are licensed by Transport Malta. We also provide a small selection of motorboats. One may charter for a day, weekend or even a week around the Maltese islands or further.

For further information contact: Nautica Ltd tel: 2134 5138/9 | email: info@nautica.com.mt | www.nautica.com.mt | www.yachtchartermalta.com

Environment and cultural heritage

ith summer here, Europe’s most popular museums and historic landmarks will welcome millions of tourists. There is also a strong rise in the popularity of underground, off-the-beaten track attractions such as caves and catacombs.

Technological advances backed by EU funding can help preserve theseunique treasures as well as protect visitors and the environment. The 3ENCULT project aims to integrate the important issue of energy efficiency into the refurbishment of historic buildings in order to reduce greenhouse gas emissions, improve structural protection, visitor comfort and preservation of historic collections. The project brings together conservation, technical and urban development experts as well as industry partners and stakeholder associations from 10 EU countries: Italy, Denmark, Germany, Austria, UK, Spain, Netherlands, France, Czech Republic and Belgium. Date to watch: As part of 3ENCULT’s ongoing activities, the 3rd European Workshop on Cultural Heritage Preservation (EWCHP)

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will take place in Bozen, Italy on September 16–17, 2013. The solution being developed by the EUfunded UNDERSAFE project enables roundthe-clock detection and early warning of situations that could potentially pose threats to tourists and workers in underground sites (carbon monoxide emissions, landslide movements…). It can also calculate the maximum number of visitors a site can accommodate without destroying flora and fauna or ancient drawings. The project is led by Poland and includes participants from Estonia, the Former Yugoslav Republic of Macedonia, Spain and the UK.

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ISSUE 5 | PROPERTY & LIFE MAGAZINE

Property & Life Magazine

NEWSMAKERS

Issue 05

New ERDF scheme to support investment in solar energy

new scheme to assist businesses to invest in photovoltaic systems will be launched by Malta Enterprise in the coming weeks.

The new ERDF Solar Energy Grant Scheme, which is co-financed through the European Regional Development Fund (ERDF) and has a budget of around €5.5 million, is aimed at helping eligible businesses to install solutions that enhance energy efficiency by converting solar energy into clean electrical energy. This will enable businesses to reduce their dependency on fossil fuels and thus contribute to a cleaner environment. The reduction of energy related expenses would allow for such savings to be redirected to business development. Successful applciants will be offered a grant per kWp installed, and the PV system should have a minimum size of 20kWp. The value of the grant shall not exceed 50% of the eligible costs of the funded project, up to a maximum of €120,000 per project.

to successful applicants. The call has now closed and the submissions are being evaluated. The list of the pre-selected suppliers, the Application Form as well as the Incentive Guidlines for the scheme – which establish the eligibility criteria and the process to assign the grants – will be published in due course on the Malta Enterprise website, www.maltaenterprise. com/solar.

interim period to compile the administrative information typically required for such schemes. After the issue of the Call, Malta Enterprise will organise information sessions to provide further details about the ERDF Solar Energy Grant Scheme and assist prospective applicants with their queries. Further information on the scheme may also be obtained by calling Business First on 144 or via email on info@maltaenterprise.com.

It is to be noted that only systems approved by Malta Enterprise as a result of this pre-selection exercise will be considered for funding through the scheme. Potential applicants are strongly advised not to enter into any agreements with suppliers at this stage but to await the issue of the Call and Incentive Guidelines. Applicants m a y wish to ut i lis e t h i s

As part of a drive to facilitate the application process, Malta Enterprise recently issued a call for firms that are interested to supply solar solutions

High turnout at BOV’s investor education programme

ver 500 responded to Bank of Valletta’s invitation and attended the 13th edition of the Investor Education Programme organised by the Bank’s Investor Relations Office. As Stefan Kottmann Soler, Investor Relations Officer at Bank of Valletta explains, “These public talks provide attendees with a basic level of practical understanding about investments. Speakers discuss their subject in a very visual manner, using jargon-free language.” The overwhelming response year on year shows that this initiative goes down well with the general public. This year, five seminars were organised at Villa Arrigo, Malta International Airport, Preluna Hotel in Sliema and at the BOV Conference Hall in Sta.Venera. “The BOV Investor Education Programme has now become a recurrent event in the Bank’s diary. Through these

seminars, the Bank places its knowledge and expertise at the disposal of the general public,” said Catherine Formosa, Company Secretary for the BOV Group. BOV is planning to resume its Investor Education Programme during the forthcoming financial year. Different topics will be discussed. Further information can be obtained from the Company Secretary’s Office on 2275 3556 and on www.bov.com. Contact: Kenneth B. Micallef, Media & Community Relations, Bank of Valletta BOV Centre, Cannon Road St Venera SVR9030, Malta kenneth.micallef@bov.com Tel +356 2275 7570 www.bov.com

Corporate Brief Bank of Valletta is a leading financial services provider in Malta and is licensed by the Malta Financial Services Authority to provide a full range of financial services, including private banking, fund management, bancassurance, stockbroking and trustee services. The Bank serves its clients via a national network of 44 branches, a Corporate Centre, Business Centres, Investment Centres and a Wealth Management arm. The Bank has representative Offices in Milan, Brussels, Australia and Libya. BOV also offers Internet banking, telephone banking, mobile banking and the services of a customer service centre. Bank of Valletta issues bank cards under the VISA and MasterCard brands, and distributes American Express International Currency Cards in Malta. 52

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Property & Life Magazine

Health and fitness

Issue 05

Smart eating out

f you’re following a weight-loss programme or just want to be extra careful with your food intake, you don’t necessarily have to avoid restaurants. Many people think that eating out equates to diet failure, but it doesn’t have to be that way. Below are some tips how you can make eating out a healthy experience, without having to fear an expanding waistline the next day.

1. Be assertive. Dining out is no time to be a meek consumer, notes Michael F.

Jacobson, Ph.D., coauthor of the book Restaurant Confidential. “You need to be an assertive consumer by asking for changes on the menu,” he says. For instance, if an item is fried, ask for it grilled. If it comes with french fries, ask for a side of veggies instead. Ask for a smaller portion of the meat and a larger portion of the salad; for salad instead of coleslaw; baked potato instead of fried. “Just assume you can have the food prepared the way you want it,” says Dr. Jacobson. Very often, the restaurant will cooperate.

(artichoke hearts, red peppers, or mushrooms), and for a change, add in some fruit or nuts. Indeed, fruits such as mango, kiwi and pear are often the secret ingredient in four-star salads.

6. Skip the fancy drinks. If you must order an alcoholic drink, forget the margaritas, piña coladas, mojitos and other exotic mixed drinks. They include sugary additions that only add calories. Opt instead for a glass of wine, a vodka and soda or a simple martini.

2. Ask your waiter to “ triple the vegetables, please.” Often a side dish of 7. Order fish. Just make sure it’s not fried. You can order seafood so many vegetables in a restaurant is really like garnish — a carrot and a couple of lettuce leaves. When ordering, ask for three or four times the normal serving of veggies, and offer to pay extra. You’ll get full, not fat.

Avoid Buffets: When facing multiple counters of enticing food, portion control becomes difficult. Theoretically, you could opt for more vegetables, and use small plates to control quantities, but chances are that you’ll just want to get your money’s worth and end up loading up your plate with more food than necessary, especially if you see other people in your group doing the same. Opt for restaurants with a la carte menus instead.

different ways — steamed, baked, broiled or grilled. Avoid sauces, or ask for them on the side.

8. Drink water throughout the meal. It will slow you down, help you enjoy the food more, and let the message get to your brain that you’re full — before your plate is empty. If you don’t like water , ask for unsweetened tea or other drinks without added sugar.

4. Portion control: If main portions at a restaurant are larger than you want, try one of these strategies to keep from overeating:

9. Choose the dessert wisely. Opt for some sorbet or a fruit salad. That is much better healthwise than the Banoffi pie or a mountain of ice cream topped by a second mountain of whipped cream. Some restaurants offer complimentary assorted chocolates after the main course. Opt for 1or 2 of those just for the taste, and ditch the dessert.

• Order a starter-sized portion or a side dish instead of a main course. • Share a main dish with a friend. • If the portion is larger than you know you should eat, take leftovers home

10. While shopping: If you’re out on a shopping spree, opt for some assorted fruit or some nuts as a snack in between, instead of going for pastizzi, croissants or cakes.

in a “doggy bag.”

• Remember, you don’t have to finish the plate by force! When you’ve eaten enough, leave the rest.

5. Order a salad before ordering anything else on the menu. Research has shown that volunteers who ate a big veggie salad before the main course ate fewer calories overall than those who didn’t have a first-course salad. But remember - Salads shouldn’t be fatty. This is a vegetable course — keep it tasty but healthy. That means avoiding anything in a creamy sauce (coleslaw, pasta salads, and potato salads), and skipping the bacon bits and fried noodles. Instead, load up on the raw vegetables, treat yourself to a few well-drained marinated vegetables

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Richard Geres is an internationally certified Personal Trainer and Nutrition Specialist specialising in weightmanagement and functional fitness. Over the last 18 years he has helped thousands of individuals achieve slimmer, fitter and healthier bodies through lifestyle modifications and personalised exercise programmes. He can be contacted for seminars and individual consultations through his website on www.richardgeres.com.

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