Malta Business Review Issue 11 by Adrian Friggieri

Issue 11 – July 2015

feature Behind The World Of Affinity Management Services (Malta) Ltd We feature the corporate organisation of the month - p.20 special feature

Malta’s Best Entrepreneur Of The Year Awards 2015 Presenting the nominees for Malta’s most prestigious entrepreneur awards - p.33

focus

Excellence And Value Interview with Robin McEwen, Manging Director, Foremost Currency Group Ltd - p.46

Newspaper Post

cover story A Determined Attitude Exclusive interview with Jason Mallia, Managing Director of Zheta International - p.06

FOR SOME, THE NEED TO GROW JUST KEEPS GROWING. €75,000,000 MALTA TRADE FOR GROWTH FUND Successful businesses aren’t satisfied by the here and now. They prefer to ask ‘Where next?’ With nearly 150 years of global trade experience HSBC has long believed in businesses willing to push the boundaries and cross borders. That is why HSBC has introduced a €75 million Malta Trade for Growth Fund to help Maltese businesses to trade internationally. As your business seeks growth opportunities the Malta Trade for Growth Fund can help you make it possible. See how we can help your business grow. www.business.hsbc.com.mt/75million

Approved and issued by HSBC Bank Malta p.l.c. 116, Archbishop Street, Valletta VLT1444 which is regulated by the Malta Financial Services Authority.

Issue 11 – July 2015

feature Behind The World Of Affinity Management Services (Malta) Ltd We feature the corporate organisation of the month - p.20 special feature

Malta’s Best Entrepreneur Of The Year Awards 2015 Presenting the nominees for Malta’s most prestigious entrepreneur awards - p.33

focus

Excellence And Value Interview with Robin McEwen, Manging Director, Foremost Currency Group Ltd - p.46

Newspaper Post

cover story A Determined Attitude Exclusive interview with Jason Mallia, Managing Director of Zheta International - p.06

MBR Publications Limited

PuBlIsher MBR Publications Limited edItor Martin Vella

teChnICal adVIsor Marcelle D’Argy Smith sales dIreCtor Margaret Brincat sales exeCutIVe Charlotte Munro

CoVer story

a determIned attItude

Interview with Jason Mallia, Managing Director of Zheta International, corporate brand strategy, social media, and web design

art & desIGn Jessica Camilleri adVertIsInG Call: 9940 6743 or 9926 0163; Email: margaret@mbrpublications.net or charlotte@mbrpublications.net

BusIness leaders 12

PosItIoned for GroWth We sit down with constantinos economides, Managing director with orangefield Group, one of the largest corporate service providers in the world

ContrIButors

Janice Bartolo; Antoine Bonello; Nicole Caruana; George Carol; Chris D’Amato; David J Dingli; Gwen Gomis; Vincent Magri; Anamaria Magri Pantea; Joseph M Vella; Astrid Veld

SAFety, reliAbility & teAMWork Mario camilleri, Md, AMe Health and Safety Services limited, on why workplace wellbeing is paramount

sPeCIal thanks Air Malta; DOI; BPC; Corporate Identities; CSB; eie Institute of Education; HSBC; IIG Bank; MAPFRE Middlesea; Zheta International

a WInnInG Culture alex fenech and robert spiteri tell us exactly why Browns Pharma are the largest retail pharmacy brand in malta

PrInt ProduCtIon Printit offICes 41B, Wayne, Triq il-Herba, Birkirkara, BKR 2322

foCus

BehInd the World of affInIty manaGement serVICes (MAltA) ltd

telePhone +356 2149 7814 quote of the month “always keep in mind the old retail adage: Customers remember the service a lot longer than they remember the price.” - lauren freedman Lauren Freedman is the President of The e-Tailing Group. She is also the author of It’s Just Shopping as well as a recognized and respected figure in omni-channel retail.

From aviation, to yachting and e-Gaming, we feature the corporate organisation of the month

SPeciAl FeAture: MAltA’S beSt entrePreneur of the year aWards 2015 33

We showcase the nominees contesting Malta’s most prestigious and coveted business event of the year

Disclaimer All rights reserved. No part of this work covered by 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, other publisher or online web content manager 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 the publisher’s consent. The opinions expressed in the Malta Business Review are those of the authors or contributors, and are not necessarily those of the editor or publisher.

our Gold Partners

CONTENTS Case study: the InternatIonalIsatIon of maltese smes

Part 5: the InternatIonal entrePreneur & Born GloBal ComPanIes

Part 5 in a series of special articles that will cover the various aspects of SME internationalisation by David J Dingli

exCellenCe and Value

Interview with MBR, Robin McEwen, Manging Director with Foremost Currency Group Limited (FCG) On access to the best currency rates around

feature

deVeloPInG the medICal tourIsm nIChe market In malta

An exceptional situational analysis by Architect Vince Magri

WIndoWs 10

Feature on Windows 10 Available As A Free Upgrade On 29th July

rePorts

noVel eu fundInG oPPortunItIes for enterPrIses: the fast traCk to InnoVatIon PIlot

Anamaria Magri Pantea on EU new funding opportunities for enterprises

Seizure Prediction – A WAy ForWArd For ePIlePtIC PatIents

Nicole Caruana & Chris D’ Amato combine to inform us about Epilepsy

Malta Business Review

editorial omething really magical is taking place this week on the 10th July, at The Westin Dragonara, where my team and I have been cooking up a special night to remember for Malta’s Best Entrepreneur Awards of the Year 2015. Entrepreneurs make a difference. They not only have great ideas, but also the drive to make them a reality. They use their fresh thinking and hard work to create positive social change – bringing new concepts and products to market, and creating jobs and wealth. Our commitment to entrepreneurial companies in Malta, helps ensure that we are working with more of tomorrow’s leaders, today. We want to build a better working world through our own actions and by engaging with like-minded organisations and individuals. This is our purpose — and why we exist as company. I wish congratulate all the nominees of the various categories of these awards. On behalf of MBR Publications Limited, I also wish to extend my gratitude to all the main sponsors and everyone involved in the organisation. We salute all the eminent nominees in the centre special feature dedicated to this years contenders. This year these awards shape up to be better, biggest, the best ever held. Not only is it incredible to see an idea I have dreamed of for so long actually becoming a reality, it’s an inspiration to have so many successful and forward thinking entrepreneurs gathered in one place, doing big things. And we are having so much fun in the process! After the hustle and bustle of this week, I will be going my our annual July sabbatical, and I will be racing to a secluded and legendary holiday resort for some much needed regeneration. This sabbatical gives me the time to reflect and refocus so that we can be of highest service to you. I do still work, but only on the highest level stuff that we need to push forward on. It’s an idea I got from my friend. No matter the size of your business, taking a break is essential to getting to the next level. I believe everyone needs this downtime, but when it’s time to get away from it all, it’s not always easy for entrepreneurs to step back. As Sir Richard Branson said, “Getting too far ahead of yourself is also dangerous. Be flexible, because just as lack of planning can be a problem, adhering blindly to your plan is a surefire way to steer your company off a cliff. A successful entrepreneur will constantly adjust course without losing sight of the final destination.” And as the full convertibility for the Chinese renminbi is on the horizon for the near future and the Greeks face total collapse and mayhem, I wish you an enjoyable read.

58 MARTIN VeLLA www.maltabusinessreview.net

Malta Business Review

Cover Story IntervIew

A Determined Attitude by George Carol

MBR talks with Managing Director Jason Mallia from Zheta International, who develop and execute unique corporate brand strategy through PR, business-minded social media, award winning web design, and strategic networking which takes you directly in front of your target audience.

MBR: What was the vision underlying the creation of Zheta International? JM: The local web industry during the late 1990’s displayed websites that looked untidy and unprofessional; identity and design was non-existent and functionality was poor. In some cases when you visited a website, you could not even tell what industry it belonged to. It was difficult to locate even the most basic information such as a contact number. You could see that there was a lack of proper planning and interest in the end result from the web development company. This was an untapped market, and Zheta was formed to become a leading web and branding company focusing on the creation of unique concepts, backed up by a professional team specialising in research and planning, design, development, branding, content and SEO. Each and every project was to go through a process of precision planning whereby we would study markets and industries to evaluate the client’s position and possibilities. Upon assessing our client’s needs we could then produce a report outlying where we believed we could help the business achieve its goals. We therefore created a new approach and a high level of service within the local industry. We stood out from our competition because we took an interest in our clients’ business; we were hands on from inception to completion, and we valued communication at every step of the project, keeping our clients informed of our progress. Most importantly we enjoyed what we did and took pride in it together with our clients. This combination gave us an excellent reputation in the area of customer care especially concerning product quality, timeliness of product delivery and most importantly, creativity.

Each and every project was to go through a process of precision planning whereby we would study markets and industries to evaluate the client’s position As of March 2010 Yellow Pages Malta Ltd acquired Zheta, rebranded to Zheta International, aiming at a rapid expansion programme. When you take what Zheta International brings to the table and marry it with Yellow Pages’ reputation, larger management team and work force, as well as their management skills and discipline, our clients stand to gain. MBR: You like to grow the people around you and assemble a strong team. How successful has this been? JM: Since the formation of the company the importance of having a great team was one of the most important factors and strengths of the company. 06

Cover Story IntervIew

Originally my education and work experience was in the hospitality industry. With years of experience in international hotels both locally and overseas, I was well aware that product and a high level of service was a combination for a successful business and therefore I preferred to train and educate my own people from inception. A great example is our Studio Manager, namely Steven James Mclean, who started working within the company as a junior developer, who in the period of 4 years was promoted to Head of Development and now holds the position of Studio Manager. There are others in our company who now have a good amount of working years with us and today command high positions within the company. They were rewarded because of their interest, passion, their professional attitudes and desire and to create the successful projects that we now boast of. MBR: Is entrepreneurial ability something that you have to be born with or can it be taught? JM: Most of us are born with it but I think experience, knowledge and observation can help someone to discover this ability throughout their life. An entrepreneur is created when an idea comes together and finds the right balance between creativity and management, able to manage risks and remain responsive and positive. Nobody wakes up with a successful business and brand. With hard work, mistakes and a determined attitude this can be achieved. MBR: What makes Zheta International such a successful company? JM: Zheta International recently celebrated its thirteen year anniversary, and has throughout the years dedicated passion and expertise into creating award winning websites and branding of the highest standards for businesses and individuals, both in Malta and abroad. Zheta International’s portfolio speaks for itself; countless clients have invested in the abundance of services we offer time and time again. Many of Zheta International’s clients who invested in a website design return, ready to indulge in a new branding or marketing project, mobile website, SEO services or even multimedia projects. We have gained a trustworthy reputation on the local market and this has benefited towards the success of the company. Today, web design and branding locally is big business, with freelancers and companies, professional or otherwise, all competing in the niche market, yet Zheta International has always risen above the competition thanks to its dedication to creating custom-built web solutions that suit the needs, timeframe, and budget of its devoted clients. Zheta International excels at meeting predetermined user and business goals, all encompassed within a user friendly and impeccably designed website. Every project is created with enthusiasm, and a vast knowledge of both the product and the particular industry or

Malta Business Review

niche market that the client fits into. These and a stunning eye for detail are clear in the final results. Zheta International has a near 100% client retention rate; we are passionate about what we do whilst offering a true return on investment. We have a proven track record and many successful stories to go on. Furthermore, all of our products focus around delivering a strong central message offering clutter-free, clear sections and instilling a sense of trust and security in all our clients. All in all, with our unique design concepts displayed throughout our portfolio, as well as a wide selection of success stories under our belt, it is quite clear why we stand out and are successful.

Taking a plan and turning it into methodical steps is the key, along with accountability MBR: How critical is the role of a Managing Director as part of business strategy? JM: Your primary objective as Managing Director is to ensure that your business strategy is achieved. Taking a plan and turning it into methodical steps is the key, along with accountability. Words and planning need to be actioned and executed in a timely manner, with the consideration of risks that will come your way. The MD also needs to demonstrate the ability to quickly and effectively make changes/ improvements and to lead by example. MBR: How challenging is it to stay on top in website technology? JM: The web is an ever-changing competitive environment. If we don’t keep ourselves updated with news and trends, we can be caught unaware and miss key opportunities. Being proactive is key. In reality, the technology used to build websites hasn’t really changed that much. It is more the ideas and approach as to how these technologies can be used that is rapidly evolving. A clear example of such foresight is with the introduction of smart phones and tablets as internet devices. At the time Flash animated websites were still in high demand, and internet on mobile use locally was almost obsolete due to the high cost. However, we decided to replace these Flash websites with HTML5 in order to avoid future accessibility issues. To keep in touch with the latest trends we follow authority portals and attend international conferences. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Originally a marketing person with years of experience in the hospitality industry, Jason moved into the realm of web design and branding quite perchance as most success stories happen.

“Client Satisfaction & Communication is a key aspect towards successful business rel ationships" www.maltabusinessreview.net

Malta Business Review

Insurance

Mapfre Middlesea’s Sme Insurance Policy Offers 24/7 Business Emergency Assistance The Mapfre Middlesea SME insurance policy is now inclusive of Emergency services 24 hours a day 365 days a year, in order to help clients in case of an emergency.

Mapfre Middlesea’s Insurance Policy for Small and Medium enterprises is a tailor-made and flexible insurance business solution to protect business risks. Whether one’s a sole-trader, or an established company, Mapfre Middlesea will work to create the ideal cover for each particular business. The SME Insurance policy is the ideal insurance solution for restaurants, bars, offices, retail outlets and other service providers, which provide a service from their premises.

Policy provides cover for Property, Stock and other Trade Contents, Public and Products Liability, Employers Liability, Loss of Income, Money and Personal Accident Cover, Fidelity Guarantee, Equipment Breakdown as well as an Annual Travel Cover for the insured or any other employees. The SME Policy also includes as standard cover, the Business Emergency Assistance to cater for all emergency needs 24 hours a day 7 days a week through the Mapfre Assist Call Centre.

“Embarking or growing a business venture involves hard work, dedication and ongoing investment. Your hard earned achievements should be accompanied by an insurance policy to help to safeguard yourself, your enterprise and your employees. At Mapfre Middlesea, our main objective is to ensure maximum peace of mind and minimum hassle for the Insured,” said Mr Keith Mallia Milanes, Assistant General Manager.

Your hard earned achievements should be accompanied by an insurance policy to help to safeguard yourself, your enterprise and your employees

The Mapfre Middlesea SME policy includes a number of benefits to ensure a business is properly covered if something goes wrong. The policy gives full flexibility to increase cover limits or add on cover to suit each business’ unique needs. Mapfre Middlesea’s SME Insurance

Mapfre Middlesea is the leading Maltese insurer and a member of the MAPFRE Group, the leading insurance company in Spain, one of the leading European Non- Life insurance companies, the leading Non- Life Insurer in Latin America and one of the main Reinsurance and Assistance groups in the world. Mapfre Middlesea offers an extensive insu¬rance product portfolio for both personal and commercial protection. The product range is modern and innovative to meet new, fast-chan¬ging consumer patterns and can be customised for small and large business operations. A specialised team will assist you with all your business insurance needs, guiding you towards the products which are best suited for your business whilst also providing assistance should any claims arise. MBR For more information call us on 21246262 or contact any of our authorised intermediaries. You may also visit our website on www.middlesea.com.

you deserve success

SME Insurance T: 21246262 | MIDDLESEA.COM E: MAPFRE@MIDDLESEA.COM

your trustworthy insurance company Mapfre Middlesea p.l.c. (C-5553) is authorised by the Malta Financial Services Authority to carry on both Long Term and General Business under the Insurance Business Act, 1998

Malta Business Review

Luxury residentiaL reaL estate

Sotheby’s International Realty Brand Enters French Polynesia

Sotheby’s International Realty will now also be present in French Polynesia following the opening of the firm’s new office in Tahiti along the second quarter of this year, to be owned and managed by Jacques C. Menahem. The firm will serve the luxury residential real estate market throughout Tahiti and the islands in French Polynesia.

The crystalline waters and clear blue skies of Bora Bora Island, one of the most well-known islands in French Polynesia

Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC., in relation to this expansion stated that, “French Polynesia has a distinctive luxury residential market and is one of the most coveted vacation home destinations for Europeans and international property buyers. I am proud to welcome Jacques Menahem and his team to our global network.” According to Menahem, French Polynesia benefits from both its location in the middle of the South Pacific and its 118 beautiful islands, of which the most well-known are Tahiti, Bora Bora and Moorea. “As well, the few 280,000 inhabitants make French Polynesia a welcoming destination,” he said. “The luxury residential real estate market in Tahiti is beginning a period of expansive growth and we believe the Sotheby’s International Realty brand will help us meet the needs of high net-worth individuals internationally looking for luxury homes in

French Polynesia and overseas using the brand’s global platform. Our focus is on providing comprehensive service at every stage of the process. The quality of our service is based on detailed knowledge of the market and its dynamic, precise and proven procedures, and a motivated, responsible and skilled team. We are delighted to become part of the Sotheby’s International Realty worldwide network, and look forward to bringing French Polynesia’s extraordinary properties to the far-reaching corners of the world.” In proudly remembering the official launch of the brand in Malta and its success on the Maltese property market so far, Malta Sotheby’s International Realty congratulates and wishes French Polynesia Sotheby’s International Realty the best of luck on this exciting venture. MBR For more information, kindly visit www. maltasothebysrealty.com or direct your request to info@maltasothebysrealty.com.

We Make Light Work Of Trade Finance

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Malta Business Review

Fund ManageMent

Positioned For Growth by George Carol

Orangefield Group as a brand was launched earlier this year, the new face to market as it is one of the largest corporate service providers in the world and one of the fastest growing too. We sit down with Constantinos Economides, Managing Director with Orangefield Group, who reaffirms that while experience, network and resources are both a competitive advantage for the firm and the island, they are hoping to become one of the biggest players in the market in a short period of time.

MBR: What have been the major achievements for 2014, and what is the roadmap for 2015/6 for Orangefield? CE: 2014 was our first official year of operations for our office in Malta. Throughout that period, the Company has managed to consolidate its client base and attract a significant number of new clients. This has been achieved through marketing and other networking efforts aimed at enhancing the visibility of Orangefield among its target clientele. In the coming months, we will intensify the promotion of our services in an effort to diversify the companyâ&#x20AC;&#x2122;s client base in terms of geography as well as service offering. The recent recruitment of our Head of Finance as an addition to the current team, means that the company will be very-well geared to service the influx of new clients in the coming months. In 2016 the company intends to start offering fund administration and trust services in Malta. Orangefield Group is globally renowned for its quality services in the fields of fund administration and fiduciary services. For this reason, a strategic decision has been taken to apply for authorisation 12

from the Malta Financial Services Authority so that our Malta office can start offering these services here. This will also mean that further professionals will be joining the company in order to be able to serve an evergrowing client base. This will also necessitate larger premises, and in fact the plan is to move to a different location in the coming months where we will have larger and more comfortable premises from where to operate and expand. MBR: Why is the Orangefield Group considered as a partner that plays multiple roles? CE: Orangefield Group is an international service provider with presence in 4 continents, 21 countries and 31 financial centres providing a wide range of management, administrative and trust services to private and corporate clients as well as private equity, hedge and real estate funds. The Groupâ&#x20AC;&#x2122;s global network can shorten the distance by offering to its clientele international expansion services from New York and Brazil to Singapore and

Shanghai. Another one of our core and high end services is fund administration. The Group currently administers international funds globally with assets of over USD 55bln. The Group has passed on to Orangefield Malta its advanced knowhow which can be fully deployed in a wellestablished environment such as Maltaâ&#x20AC;&#x2122;s fund industry.

We focus on creating lasting value by providing the kind of services that build longterm partnerships MBR: What is the significance of Orangefield Group Malta Branch presence in Malta and what is your unique selling proposition? CE: Orangefield Group has offices in more than 30 jurisdictions around the world.

Fund ManageMent

Malta Business Review

Given Malta’s increasing significance in the world of financial and related services, it was only natural that the Group decided to establish operations here. In fact, it is very common for existing clients of the Group in other jurisdictions to express an interest in the services which we offer over here. Most of these clients find the jurisdiction relatively less expensive than other more established competing jurisdictions. However, what is even more important is these clients are attracted by factors such as the accessibility of the local regulatory authorities as well as the business-friendly environment which permeates the area of activity of the clients. What makes us even more attractive as a company is the fact that we are very clientfocused and strive to offer excellent service within very good time-frames, the latter factor being a distinguishing trait of our office. Our staff are professionals in their field, and are also well-accustomed to the areas of activity of the clients, making it possible to come up with solutions that are tailor-made both to the legal requirements as well as to the market and business realities within which clients operate. MBR: How does your value strengthen Orangefield Group’s value proposition? CE: Orangefield Malta is part of the Orangefield family, and as such, we apply the same principles and values. Our international standards revolve around our clientele and its best interests. At Orangefield around the world, we focus on creating lasting value by providing the kind of services that build long-term partnerships. We deliver tailor-made solutions to protect and enhance the businesses of our clients. We consider our people as our main asset because they matter as much as our clients (if not more) and we always strive to keep them engaged and happy in the family. MBR: What is Orangefield Group’s growth strategy and vision? CE: Orangefield Group aims at being a market leader in global administrative and business solutions for corporate and fund clients, providing access to operational excellence. Our growth strategy and vision is built on the conviction that outsourcing vital, noncore activities to a specialised partner is more efficient and productive. Therefore when the group expands either by acquisition or organically, we always aim at adding new services which complement existing ones. We use one country’s specialisation and know how across the board by sharing with the rest of the Group. At Orangefield, we focus on constant development of processes,

technology and people. Our highly qualified and experienced accountants and legal professionals always keep track of every change in regulation as well as in economic and political updates.

The key challenge in a business like ours is to stay on top of the everincreasing amount of legislation MBR: What are some of the key challenges and pain points you have experienced from a customer service perspective? CE: The key challenge in a business like ours is to stay on top of the ever-increasing amount of legislation which is rendering corporate and financial services a more complex area of operation. During the last five years we have seen a surge in regulation from within the European Union and the USA affecting our core offering. This means that compliance costs are always on the rise, adding an element of bureaucracy. Having said so, businesses have a natural ability to evolve quickly to meet changing circumstances in an effective way. MBR: What are your current flagship projects in the region? Is this a time of opportunity or a time to wait-and-see? CE: Our belief is that once a good opportunity has been identified, then one

should pursue it and exploit it accordingly. Certain regulatory developments around the world may sometimes force businesses to take a step back and reconsider their options. Having said so, generally speaking, today’s fast changing business environment presents a lot of challenges to the sector, most of which can be converted into opportunities which fuel further growth. Our current flagship project, and the one to which we are devoting most time and attention, is the plan to obtain authorisation to start offering fund administration and trust services in Malta as from 2016. We will therefore be promoting, not just our Maltese office and services, but most importantly the fund industry of Malta to an existing target market - our vast client network - around the world who are currently using other jurisdictions. We are all very excited to launch our operations and to put the Group’s long experience in this sector to good use in Malta. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Constantinos is the Managing Director of Orangefield (Malta) Ltd. He is a Chartered Accountant and a member of the Institute of Chartered Accountants in England & Wales, He holds a BSc (Hons) from Warwick Business School. Constantinos trained with Ernst & Young (London) and Deloitte (Cyprus). He is a member of the International Tax Planning Association, International Fiscal Association and the Society of Trust & Estate Practitioners.

www.maltabusinessreview.net

Malta Business Review

Business Leaders: HeaLtH & safety

Safety, Reliability & Teamwork by Joseph M. Vella

Mario Camilleri, Managing Director, and Aldo Busuttil, Operations Director from AME Health and Safety Services Limited, recognising the importance of achieving and maintaining good standards of Health & Safety, highlights the importance of teamwork. MBR: How has the creation of the AME Health & Safety positioned you for the future?

MBR: What have been the key achievements for you as a Managing Director with AME Health & Safety?

MC: Way back in 2004 when my colleague Mr. Aldo Busuttil and myself were students at the University of Malta, we agreed that it was the ideal time to start up a small company offering health and safety services. In a few years we have grown rapidly and have become one of the leading companies on the Islands.

MC: Every finalised project is an achievement for all of us, from the smallest to the largest. However, it is always very satisfying to add large and intricate projects to our portfolio. Since its conception, AME has been involved in some of the islands most major projects. It gives me a great sense of satisfaction to know that the AME team has seen through some historical developments on our islands.

MBR: As the Directors of AME Health & Safety, how do you plan to go about establishing safety management goals, objectives, and targets? MC: We believe in raising awareness and achieve this constantly through various mediums such as participating on television talk-shows and radio programmes, organising group talks and seminars, regularly updating useful public information on our website and social media outlets among others. With regards to our clients, both Aldo and myself are very hands on when it comes to helping them achieve their safety management goals. We meet with our clients regularly, visit their project, and carry out tool box talks to their workers while they are at the workplace. It is a joint effort to improve the general Occupational health and safety standards across the island. MBR: How did you go about deciding what you wanted to achieve for AME Health & Safety? MC: As we were becoming familiar with the subject at University and were presented with clear pictures of the situation in Malta at the time, it was very evident to both of us that there was a clear gap in the market. We were learning the local health and safety regulations, but were very conscious of the fact that the general public may not have even been aware of these same regulations. That is when we decided that a Health and Safety consultancy company is the right way to go. We wanted to help organisations understand health and safety, and find feasible approaches to achieve health and safety objectives. 14

Our company is a firm believer in continual improvement. We constantly strive to enhance our qualifications and accomplishments. Our first key achievement was the certificate obtained for our Quality Management System from ISO9001:2008 in July 2011. This certificate is proof our ongoing commitment to quality Assurance and is constantly monitored through a cycle of audits. We were recertified in June 2014 after completing the first full cycle of audits.

Our company is a firm believer in continual improvement. We constantly strive to enhance our qualifications and accomplishments Following our success with the Quality Management System we set off to obtain the OHSAS18001: 2007 registration, which is a certificate demonstrating how AME operates an Occupational Health and Safety Management system which complies to the requirements of the standards. This certificate was obtained in September 2013 and, like the ISO certification is monitored and audited regularly. Our latest achievement was one that opened an opportunity door for AME in the area of training in occupational health and safety training. In 2014 we became licenced

by the NCFHE to provide further education training programmes. We have designed a number of in depth and detailed OHS Training Courses which are now accredited by the National Commission for Further and Higher Education, and provide the attendees with a recognised qualification at the level which corresponds to the Malta Qualifications Framework Levels. MBR: How was the learning curve for the company when it comes to understanding safety regulations? MC: I feel fortunate that all the members of our team are passionate about Occupational Health and Safety and have, through the years gained an in depth knowledge of both local and foreign HS regulations. Current regulations are amended and updated regularly, and since we are all registered with the Occupational Health and Safety Authority (OHSA), we receive valuable information about new or improved regulations. Our relation with the OHSA is a fruitful and positive one and we are provided with all the assistance we may require. We hold very frequent discussion meetings between all members of staff during which everyone uses their own experiences to discuss and interpret these regulations. Our team works in close liaison with one another and one of our driving forces is learning from each other. MBR: As the Directors you have a strong focus on growing the people in your company, but what do you consider as a successful team? MC: Teamwork! Everyone within AME is equal and the name belongs to everyone: Employees, associates, clients and colleagues. We constantly learn from each other and share experiences to continually improve the quality of our operations MBR: How do tradition and innovation influence your company? MC: One of the main sectors we work in is the construction industry. It is a well-known fact that, in many cases, construction work is passed on through generations of oneâ&#x20AC;&#x2122;s family and certain traditions are not the safest means of executing oneâ&#x20AC;&#x2122;s work. In a

Business Leaders: HeaLtH & safety

Malta Business Review

broad sense, health and safety management is a relatively new concept for Malta, when compared to other countries and while steady progress can be seen constantly it still proves to be challenging for us to offer guidance on the importance of introducing innovative approaches to replace some of the more dangerous traditional means of execution of certain activities. As the years go by, this is becoming easier as newer generations are becoming more accepting of practical safety measures.

Everyone within AME is equal and the name belongs to everyone: Employees, associates, clients and colleagues MBR: What do you foresee to have achieved with AME Health & Safety by its 9th birthday? MC: We have been working on our own software programme. The results, so far, have been immensely beneficial for our operations. Since we have started making use of this software, designed by our own staff we have drastically improved the way we present different services to our clients in a highly user friendly, easily understandable and environmentally friendly manner. My aim is to continue building upon what already is a successful software programme and keep working toward making AMEâ&#x20AC;&#x2122;s operations more efficient, as well as eliminating paper use to reduce the strain on our environment. MBR: Once you pass on the company, what legacy do you want to leave behind then? MC: Our mission was always to promote health and safety in a simplified; realistic and reasonably practicable way. We want our vast knowledge and experience to be spread to as many people across the world as we possibly can, using the advantage that the modern technology can offer. We are about to launch a website which can provide all information, assistance and documentation to users so that people are capable of managing their own understanding and remain compliant with the legal requirements. The advantage of this website is that people are provided with proper information, step by step guidelines and user friendly documents at affordable prices. We are very positive about this innovative idea and people have already shown interest to start using this system which will be of great benefit to all users., thus leaving a technological based legacy behind. MBR

EDITORâ&#x20AC;&#x2122;S NOTE As graduates from the University of Malta in Occupational Health and Safety, Mario and Aldo are two of the leading experts in Occupational Health and Safety on the Island. Together they set up ame health and safety services ltd in 2006 (the first local venture of the sort) and have since then occupied the posts of Managing Director and Operations Director respectively managing a team of 15 people. Aldo and Mario have been engaged as the OHS experts on a number of projects, both private and public. They have also been invited to deliver presentations and training sessions on OHS, both locally and internationally, on a number of occasions.

Malta Business Review

Feature: Business Leaders

A Winning Culture by Martin Vella

Alex Fenech has no qualms when he states, “We are now the largest retail pharmacy brand in Malta.” For Browns Pharma’s Managing Director, getting here was a gradual, well-thought process engaging the right people and the exact operational processes to sustain growth without compromising our culture and service. In this exclusive interview, Alex explains why Browns Pharma are now enjoying the benefits of economies of scale.

MBR: What was the vision for Brown’s in the early days? AF: We, Robert Spiteri and myself were brought together in business through a shared passion for customer focus and a vision of creating a business culture where like-minded people can flourish and grow the business as a result. We wanted to build an entity that is much bigger than the sum of our competencies and experiences combined. Believe it or not, we had today’s Brown’s pretty much planned out on Day One. We knew from the start, that our success will be dependent on getting customers through the doors, making it easy for them to buy from us, and giving them the kind of service that they can tell their friends about. This demanded the kind of job design that empowers the right people to meet and whenever possible exceed our customers’ expectations. Looking back, we were tad ambitious back then; however by remaining loyal to our vision and creating a unique culture, we are where we are today. 16

MBR: Where did the growth come from and how do you maintain the culture as you grow? AF: Given the nature of our industry, where the opportunity to operate a pharmacy is finite, acquisitions have been key to the growth of the business. However, by investing in our people, our store design, and a relentless pursuit of operational excellence, we have consistently managed to see remarkable post-acquisition organic growth rates that significantly exceed the growth of the industry in general. Maintaining our unique, customer/employee centric culture is a job in itself. Recruiting the right kind of people who fit in the ‘Brown’s way’ of doing things, and investing in their continuous development, is key. MBR: What makes Brown’s unique? AF: Our culture. In an industry where everyone is selling a ubiquitous product at a standard price, we had no choice other than to differentiate our offering through our service offering. Luckily, customer service has always been ingrained in our DNA, so being different is a natural consequence of our unique culture.

MBR: How important is it to remain an innovative organisation in healthcare? AF: It is important to keep pushing the boundaries, keep raising the standards. What we do is not rocket science; well perhaps some is. We work under the assumption that our competition will catch up with us. So, we need to keep focused on raising the bar.

We have always embraced innovation. Brown’s is the result of innovation in what was a staid industry MBR: What are the key industry challenges and are you optimistic the industry can meet those needs effectively? AF: In general terms, finding new ways of being different is a challenge in our industry. Our Panadol is the same as our neighbours’ - we have to keep looking for those little edges that could keep setting us apart.

Feature: Business Leaders

In practical terms, the Government’s pre-electoral promise to deliver free medications straight to peoples’ homes will be very challenging. The people that would be entitled for this service are the ones that probably require pharmacists’ intervention most. However, I am very concerned about the well-being of our staff, if they had to leave the safety of our premises to comply with this requirement. Saying that, the overwhelming majority of our customers are civil, well-meaning individuals. MBR: How do you deal with innovation and maximise the opportunities it brings? AF: We have always embraced innovation. Brown’s is the result of innovation in what was a staid industry. We are restless. Settling for what we have and how we do things is not an option. We are always looking for new ways to challenge ourselves - whether it’s to become better employers or delivering a better customer experience. We have to keep pushing the boundaries - innovation is how we can do so successfully. MBR: What emphasis have you placed on consistently improving service levels? AF: At the risk of repeating myself, improving customer service levels is a must. It starts closer to home, by improving job design, staff training, store-layout, back-office operations, always with the

customer at the centre of whatever we do. We strive to do things better every day. The status-quo is not very popular at Brown’s! MBR: What are you doing to create that next generation of healthcare leaders? AF: The development of our Brownies is one of our proudest achievements. Our General Manager started her career at Brown’s as a pharmacy student. The members of our management team had similarly unconventional routes to their current positions.

We strive to do things better every day. The status-quo is not very popular at Brown’s! In 2015, we have started a process of ‘outsourcing’ certain head-office job roles to our customer-facing staff. We are growing their roles as a result and preparing them for their next challenge. We are pleased with what we are seeing. Succession planning will never be an issue at Brown’s. MBR: How critical is it that wellness be put at the forefront of efforts to manage costs? AF: It’s really a no brainer - keeping our people happy will guarantee happy customers and the costs will take care of

Malta Business Review

themselves. This is a natural outcome of a simple premise that we have always adhered to - “treat people like you would want to be treated yourself”. We have won the Business Leaders ‘Employer of the Year’ award two years in a row now, and we are looking forward to making it three. So, we are on the right track. We have earned our success by surrounding ourselves by great people and taking good care of them. We are indeed lucky. MBR: What is on the horizon for the firm? AF: I am very passionate about Brown’s. I am excited to go to work every single day. There is always a lot going on. We are just getting started. Our dreams and ambitions are truly infinite. We would certainly like to double in size locally in the next three to five years. I am sure that we will see a Brown’s store in the UK soon. At some point in the future, we will seriously consider taking the company public. Our staff would have the option of taking ownership of a significant piece of the action. The same applies to our customers - they could own a stake in Brown’s by buying shares. Everything we do at Brown’s is intended to achieve two outcomes- happier employees and happier customers. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Robert and Alexander that is, were brought together in business through a shared passion for customer focus and a vision of creating a business culture where like-minded people can flourish and grow the business as a result. Fast-forward to date, the plan we crafted on a single sheet of paper in the back-row of one of our MBA classes is falling nicely into place. With a fantastic team of people on board, we have managed to create the leading and most recognisable retail pharmacy brand in Malta. We intend to continue growing Browns Pharmacy in Malta, and overseas at the opportune moment. Our dreams and ambitions are infinite. Watch this space… In management ‘speak’ our mission is “to be a leading Retail Pharmacy business, seeking consistent and profitable growth by engaging highly motivated people with cutting edge technology and business processes to meet and whenever possible exceed customer expectations.”

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Malta Business Review

Business start-ups

Of Owls, Light And Mobile Phone Applications by Janice Bartolo

“We didn’t know we needed a name, so we came up with one in the very last

minute!”

Plenty of laughs follow this outrageous remark by 20 year old Nick, who is part of a team called Otus.

in their museum, elsewhere. Using their application, I am able to observe it and learn about it in detail.

At the Malta Information and Technology Agency’s headquarters, I am told Otus means ‘owl’ in Latin and I instantly approve of the name, because it alludes wisdom. Before me sit down a group of eight young people, whose ages range from 18 to 24. Some are students, but there is also a self-employed designer, a web application developer, an environmental sciences graduate and to my surprise, an assistant scout leader.

Llumi’s development-related application seeks to demonstrate the empowering nature of smart phones for increased citizen participation in planning decisions. I am given a demonstration. The application locates my whereabouts using GPS technology. I am then invited to request information about planning applications, or lodge a complaint. The application also has a feature whereby illegal development can be reported to the authorities.

They form two teams: Otus and Llumi. I also approve of the latter choice for a name, as it immediately evokes thoughts on illumination, enlightenment and freshness. Otus and Llumi are two startups that have been awarded separate grants of €15,000 each, having won MITA’s Start-APP €15K Challenge. Fifteen teams took on the challenge and came up with their own mobile app technology. Their research was backed by public data made specifically available by the Malta Environment and Planning Authority (MEPA) and Heritage Malta. Their applications had to provide solutions for problematic areas in development, planning and cultural heritage. Otus came up with the best cultural heritage solution. They realised that Heritage Malta was facing cumbersome barriers related to language and the amount of information available to visitors. Their mobile application seeks to enhance the visual and cultural experience of those visiting Tarxien Temples. This is done by means of augmented reality, multi-linguality and itinerary planning. Elisa, who is only 18, proudly shows me a 3D rotating representation of an artifact that was removed from the temples and placed 18

It has become quintessential to promote and reward innovative ideas Zach, an information systems graduate, explains that this concept has exciting potential. It may very easily be applied to other geographical aspects, such as agricultural land, water management and road planning. I realise that on both instances, they relied on public data that was already available to the Government but was not easily available to the public at large. This was due to a number of stumble blocks: lengthy bureaucratic processes and underdeveloped IT systems are just a few. Alexander Borg, manager at MITA’s Innovation Hub, explains that it has become quintessential to promote and reward innovative ideas. MITA is in fact inviting startups to conduct their own research and to be the ones to establish what is needed in order to deliver better service across various aspects of modern society. How do you quantify success? Mr Borg believes a local idea is proved successful when

it is adopted off our shores. “An idea is an idea”, he declares, adding that data and objects are mere variables. Perhaps our geographical location is our best advertising tool. Despite being small, the number of people visiting our islands and coming across our innovative ideas is exceptional. Mr Borg points out that a product such as a mobile application is globalised very easily, necessitating only a handful of people in order to update it constantly. A service, on the other hand, requires a much larger work force. I ask what teams Otus and Llumi plan to do with the funds they have been given and their answers are unhesitating. They would like to strive for excellence in their product, conduct further research and strengthen their team. With their visions in mind, I reluctantly let them be, firmly convinced that this is where the future lies. I get in my car, check my mobile phone habitually, as I do before driving. It then dawns on me that the next application I download on my phone might flaunt the credential “made in Malta”. It might very well be the next application that the world would not do without. MBR That would make me very proud indeed. EDITOR’S NOTE Janice Bartolo is a senior journalist for one of Malta’s leading television stations. Having started off at a young age, she has been able to gain experience that has enabled her to gain insight on an array of subjects. She has covered major events that have shaped history, both locally and internationally. She also anchors the news and has presented a number of programmes dealing with current affairs.

Malta Business Review

Corporate ServiCe providerS

Behind The World Of Affinity Management Services (Malta) Ltd by Janice Bartolo

In this feature, we find out why Affinity Management Services (Malta) Ltd has firmly established itself as a premier player in the provision of corporate and fiduciary services in Malta.

Background Affinity Management Services (Malta) Ltd was established with a specific goal in mind: providing comprehensive, reliable management services, priding themselves on comprehensive financial packages—it’s one more indication of their devotion to the business and their commitment to their clients. With backgrounds in a variety of disciplines—everything from aviation, to yachting and e-Gaming, the group is able to pool their skills into a well-rounded, team-oriented approach.

Malta: a sunny island in the middle of the Mediterranean sea. It’s idyllic location, scenic views and hospitable character often have it associated with obvious sectors, such as traditional tourism. These very virtues, however, lend themselves magnificently towards a wider range of services. In 2011, managing director Patricia Slavin paid heed to this potential and established Affinity Management Services (Malta) Ltd, providing a range of corporate services to local and international clients. Affinity’s expansion came about following the success of the Isle of Man Company which was established in 2004. Patricia Slavin has always had full faith in Malta’s potential, stating: “the business has continued to develop and expand year on year, the establishment of our sister company in Malta was a natural progression for the business and allows us to offer multi-jurisdictional services to existing and new clients”. The independently-owned company offers expertise in a range of corporate and trust services. Clientèle come 20

from various sectors, such as aviation, e-Gaming and yachting services. As an EU member state, Malta is an onshore jurisdiction with offshore benefits. It is a highly developed financial centre and offers excellent possibilities for low-cost financing of investment transactions and international activities. The island enjoys a well-regulated banking system and a strong single regulatory body in the Malta Financial Services Authority. Such a setting is nothing short of excellent for Affinity Management Services (Malta) Ltd, that thrives on innovation and efficiency as its staple virtues. The company’s range of management services enables clients to enjoy the rewards provided by the expertise of its highly qualified and knowledgeable staff. In the world of aviation, Affinity works closely with aircraft owners, their legal and tax advisers and aircraft registries. It provides tailored ownership structures to suit each client’s individual requirements, with optimum focus on innovative tax

Corporate ServiCe providerS

Services

Malta Business Review

Aviation | Companies | e-Gaming | Yachting

efficient solutions whist operating within the relevant rules and regulations. Blue skies reflect magnificently on the islandâ&#x20AC;&#x2122;s inviting blue seas. Affinity provides a dedicated team of professionals with many yearsâ&#x20AC;&#x2122; experience in the yachting industry. It owns a large fleet of yachts under management and are widely regarded throughout the industry as one of the leading yacht management companies in Malta. Affinity acts as a link for Owners and Captains, to ensure that both are guided and supported through the many requirements, regulations and legislation associated with owning a commercial charter yacht. Affinity also offers a choice of jurisdictions for the establishment of Companies and Limited Partnerships, which can be used for a variety of purposes. It takes care of the management and administration of structures, ensuring confidentiality, transparency and complete peace of mind.

Affinity continues to expand in Malta. Since May 2014 Affinity Management Services (Malta) Ltd Director, Joanne Fenech, has been approved as an Accredited Person by the Maltese agency Identity Malta. This has enabled Affinity to submit applications under Maltaâ&#x20AC;&#x2122;s Individual Investor Programme (IIP). In February 2014, the Maltese Government launched the programme that is designed to facilitate Maltese Citizenship through Investment by non-Maltese nationals and their dependants. Under the terms of the programme, reputable foreign individuals and their dependants who qualify are entitled to be granted full citizenship in Malta. The IIP is the first programme of its kind to be recognised by the European Commission who have acknowledged the legality of the initiative. MBR

Additionally Affinity can provide Professional Independent Directors to onshore and offshore companies. It offers in-depth knowledge and works closely with the Maltese government and regulatory authorities to ensure the most tax efficient way operation. When it comes to e-Gaming services, Malta is renowned for its welcoming tax policies towards foreign-owned corporations. Its inclusion in the European Union has enabled companies based in Malta to participate in the Single Market, allowing them to operate fluidly with every other member state. Malta Gaming Authority MGA is a governmental body in Malta which controls the activities of both local and international gaming communities. Malta has also been able to offer a number of international gambling congresses and conferences in recent years. The Affinity team has the necessary skills and expertise to manage e-Gaming business and guide clients through the licence approval process.

COMPANY PROFILE Affinity Management Services (Malta) Ltd is an independently owned company offering expertise in a range of corporate and fiduciary services. With offices based in the Isle of Man and Malta, Affinity can provide the experience, professionalism and dedication you need to take full advantage of the benefits available in both jurisdictions. Our innovative and efficient approach to providing a range of management services enables our clients to enjoy the rewards provided by the expertise of our highly qualified and knowledgeable staff.

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Malta Business Review

HigHer education

Excellence In Education by Gwen Gomis

The eie Educational Group (www.eieeducationalgroup.com) is celebrating its 15th anniversary, a long way from the day when it opened its doors to the first local students who found in eie an alternative to the traditional higher education system. The eie acronym stands for – Excellence in Education. Excellence is confirmed by the student and graduate testimonials that eie regularly receives from satisfied students. eie has grown into an established organisation both in Malta and internationally. Apart from locals, the eie Institute of Education (www.eieonline.com) hosts international students who choose Malta as a place to further their education. One can opt to follow part-time, distance learning or lecture based programmes, which are carefully designed to be both enticing and versatile – what our working students require while studying and coping with their busy lives. eie will help students reach their goals as highly qualified professional individuals to play important roles globally. All academic programmes offered are MQRIC recognised complying with local regulations governing tertiary educational programmes. eie Educational Group, also runs an EFL licensed English language school – eie Languages Centre (www.eielanguages.com) – and offers courses in General English, Business English and IELTS preparation. Students hail from various countries and choose eie to further their English language skills. Courses start every Monday, whereby students are first tested to establish their current level and followed up with a meeting with the school’s Director of Studies, where the outcome of the course is determined as some students wish to improve their conversation skills, whilst others want to improve their writing or academic skills. This is then communicated to the EFL teacher so that they work together on achieving the client’s target. In terms of Academic courses, the institute offers the following Pathways: 46 22

Business & Management (Certificate, Diploma, Advanced Diploma, Bachelor, Pg. Diploma and Masters) Finance & Accounting (Certificate, Diploma, Advanced Diploma, Bachelor and Masters) Sales & Marketing (Certificate, Diploma, Advanced Diploma and Masters) I.T. (Certificate, Diploma, Advanced Diploma and Masters) Human Resources (Diploma, Advanced Diploma, Graduate Diploma and Masters) Maritime Management (Diploma, Advanced Diploma, Graduate Diploma) Journalism (Certificate and Diploma) Tourism & Business Studies (Certificate, Diploma Advanced Diploma and Masters) eie collaborates with renowned foreign educational institutions and all academic courses are recognised by the local MQRIC. MBR We invite you to call eie on 21332804 / 5 or email on info@eiegroup.com for any assistance. eie Institute of Education is licensed by the National Commission for Further and Higher Education as an Institute of Further and Higher Education - (License Number: 2005-TC-001), whilst eie Languages Centre is licensed by the EFL Monitoring Board as an English Language School (License Number: 282/MB 42).

Malta Business Review

inTerneT

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Melita offers the best nationwide fibre powered speeds. Your business will benefit from a super-fast connection where multiple users can enjoy the same connectivity simultaneously. The bundle also includes static IP, making it easy to connect to your CCTV cameras and other devices.

For more information of how best we can meet your business needs kindly contact 27273535

*Based on a per 15s charge Prices include VAT. GO prices quoted from go.com.mt as at 19.05.2015. Terms and conditions apply.

Malta Business Review

banking

IIG Bank (Malta) Ltd registers record growth During the financial year 2014 IIG Bank registered significant progress in developing its business strategy which is targeted towards a global presence in international trade and commodity finance. This development was supported by yet another record year of profits and balance sheet growth.

Mr. Karl Vella – Director & Chief Financial Officer, Mr. Joseph Grioli – Chairman of the Board, Mr. Douglas James Nelson – Director & Chairman of the Executive Committee & Mr. Raymond Busuttil – Managing Director & CEO

he Bank generated a profit for the year before tax of $2,838,714, up from $1,005,910 in 2013, and a net (fair value) gain on financial assets before tax of $5,813,860. All the previous year’s revenues attributable to the shareholder were reinvested in the Bank in the form of Tier I capital while the Board has recommended to apply the same policy for the 2014 revenues.

focused on establishing long lasting relationships with clients, ensuring that the service expectations of its discerning customers are met efficiently and effectively.

The Bank’s balance sheet grew by yet another 40% during 2014, from $111 million to $156.3 million, the same percentage growth as in the previous year, and its equity, composed of its share capital, the investments’ fair value reserve and the retained earnings after tax for the year, increased from $14.8 million to $20.1 million.

Reporting on the performance of the Bank, Raymond Busuttil, Managing Director and Chief Executive Officer of IIG Bank (Malta) Ltd, said: “The Bank has gained recognition for the quality of its service to depositors on the domestic market and also as a niche player in the world of international trade and commodity finance. We have achieved a lot in a relatively short time and our prospects are indeed very exciting, however challenging. We continue to expand our presence into new geographical areas with every new business relationship that we take on board.”

IIG Bank has successfully built a loyal customer base supporting both its deposit liabilities and its loan assets portfolio. In its marketing initiatives, the Bank remains

“Looking forward we believe that the Bank has a bright future ahead. The world economic climate is slowly changing from stagnation to one of growth, with

the first positive signs being seen in the United States. This should hopefully fuel growth in other parts of the world. If this continues and becomes sustainable, the resulting increase in consumer demand would foster a better environment for global trade, despite some regional crises that crop up around the world from time to time. We have invested in our operational infrastructure and specialist human resources to be ready and to take advantage of prospective developments. We have just moved into a new and larger office located next to our Qui-si-sana outlet, which offers a better environment to cater for the needs of our loyal clients.” “Our success results from a team effort from our highly motivated staff and therefore I am taking this opportunity to thank my colleagues and our board members for their dedication. I also thank our loyal customers for their trust and continued support.” MBR

Malta Business Review

Audit, tAx & Advisory

Mission, Vision & Values by Martin Vella

Joseph Gauci, Managing Partner of KSi Malta, tells us why KSi Malta is one of Malta’s leading audit, tax and advisory firms providing a wide range of services to both local and international clients. MBR: Having worked in the accountancy profession for the past 30 years, can you tell us about your most significant achievements in Corporate Finance and the most important career positions that you hold close to your heart? JG: There were few accountants in Malta when I started my profession. It was really difficult to specialise in Corporate Finance. That period was also challenging as Malta’s economy was rapidly changing and growing. Due to this economic growth a lot of clients required finance from banks; especially those in the construction business. Consequently, I started to take interest in specialising in Corporate Finance. In fact, when I established my first audit firm I created a corporate services section. Sometime later, my firm merged with E. Bonello & Co to become Grant Thornton, and this section was given more resources to operate better. In 1999 I left Grant Thornton and founded KSi Malta. At KSi Malta we started building the Corporate Services Section from scratch. As the firm grew, we started to offer more diversified services including assistance to clients on letters of credit and bank guarantees. Furthermore, we also started assisting clients in raising venture capital and equity capital. The fact that Malta has become an EU member and an important financial centre made it more possible to offer such services to international companies. As a consultant, I have worked with companies on Corporate Finance from all over the world. The greatest satisfaction is when you assist a small client and through your advice, dedication and hard work you see him grow to become a major player. Over the past 30 years I have witnessed this happening several times.

MBR: Being a people’s business what are the greatest challenges you face to manage all the facets of the various business segments? JG: Today firms have become multi-disciplinary. The key principle that allows a firm to become a successful one is to employ excellent professional staff. Without qualified employees you cannot succeed. In addition, one would obviously have to see that the firm is run in an efficient manner and that the ethics of the profession are adhered to. Today, regulation and compliance have taken over and so, firms must also be extremely organised. As Managing Partner, I supervise the various inhouse committees within the firm and also work hand in hand with all the partners. I also ensure that clients are given an efficient and prompt service. In this way we try to ensure that clients are happy with the service of the firm.

The key principle that allows a firm to become a successful one is to employ excellent professional staff MBR: What kind of corporate culture do you help create and support in your firm? JG: The firm’s Mission Statement is that KSi Malta “is a leading provider of auditing, accounting, tax and consultancy services, whilst maintaining the utmost ethical standards and a commitment to offer innovative valueadded solutions to clients, enhancing employee skills and capabilities and promote the general community interests”. In my opinion, the mission statement reflects our corporate culture. This charted corporate culture has been adhered throughout the years and has contributed to the firm’s success with the result that today we are one of the leading audit firms in Malta. MBR: How do you help grow leaders in your firm? JG: Excluding myslef, two of the partners within the firm are home grown employees. We assist our employees to improve their standard education and we give them the opportunity to learn all that is possible within the profession and in the sector they work in. We send them to specialised courses, provide sponsorship opportunities for relevant master degrees and offer special study leave to aid them in their studies. Moreover, hands-on training and constant vigilance always produced results and our employees have become truly specialised and professional in their line of work. Some of them will of course become very good leaders and will make great headway within the firm or the industry. MBR Joseph Gauci can be contacted on his email: jgauci@ksimalta.com. You can also visit KSi Malta’s website: www.ksimalta.com for further information All Rights Reserved | Copyright 2015

EDITOR’S NOTE Joseph Gauci has been in the accountancy profession for the past 30 years and has held various posts and commissions. He has worked both locally and abroad for local and international firms. Joseph has also worked at the highest levels with top accountancy firms such as Deloitte and Grant Thornton. In addition he was appointed by several local corporations in various roles including Enemalta Corporation, Maltacom and Malta Drydocks. Joseph has wide experience in Corporate Finance and has held various important appointments including member of the local VAT Appeals Board, and consultant to various Ministries and Government Departments in Malta. 28

Sailing

Sette Giugno Cruise To Pozzallo Features A Stirring Attraction! by Wilfred Sultana

Malta Business Review

The Sett Giugno Cruise to Pozzallo organized by the Malta Cruising Club (MCC) was this year on its third edition and once again turned out to be a happy sea-and-land all family event. As on previous occasions a number of non-members joined MCC members for the Sicilian weekend. The Pozzallo section of Lega Navale have once again extended their enthusiastic collaboration to the “3^ Veleggiata dei Cavalieri 2015”, as the Event, held under the Patronage of the Commune of Pozzallo, is referred to on the finish side of the 93Km Cruise. “This Event has served to establish a sound working and friendly relationship between the two sailing communities. This year with the involvement of our school children we managed to bring the ‘Veleggiata del Cavalieri’ closer to the Pozzallo community” remarked Dott. Ing. Luigi Tussellino, President of the Lega Navale Sezione di Pozzallo. This year the Sett Giugno Cruise started on Friday 5th with the boats arriving in Pozzallo in the early afternoon. On the first night in Sicily the traditional Fish Night Dinner was highlighted with popular Maltese sing-along songs like ‘Il-Bajja tal-Mellieha’ which the Italian DJ cordially agreed to download and play. As expected the ‘Sail along the Pozzallo coast’ on Saturday morning was a pleasure to watch indeed where the Maltese yachts joined by other boats from the Lega Navale Sezione di Pozzallo had a novelty addition to their crew. For each boat hosted two young school children from the General Institute of Education Antonio Amore of Pozzallo, all of whom were experiencing their first taste of sailing. The ‘cadets’, aged between 10 and 12 years, all wearing caps and t-shirts of the Lega Navale Italiana. Such initiative prove exciting even to members of their families and friends who followed this sail from the shore. Another delightful appointment for the Malta Cruising Club visitors was a visit to the noted Planeta di Buonivini winery in Noto for a Wine Tasting presentation over a selection of Sicilian delicacies- an appetizing and palatable session indeed. The Clubhouse of the Lega Navale Sezione di Pozzallo on the marina where the MCC yachts berth also served as a gathering hub for the celebration of Mass. Also present on the occasion were Luigi Ammatuna, Mayor of Pozzallo and Giorgio Scarso the Alderman for Tourism and Sports of the Comune di Pozzallo. MBR

5 Year Warranty Parts & Labour. 12 Year Body Warranty.

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ICT

WEB </> MARKETING </

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Malta Business Review

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malta’s best entrepreneur of the year awards 2015

MALTA’S BEST

ENTREPRENEUR OF THE YEAR AWARDS

2015

10th july 2015 exclusively filmed by

Public Broadcasting Services Limited

The Reef Club sunDeCk

Malta business Review

top entrepreneur of the year awards 2015

Honouring Malta’s Best Entrepeneurs

Spurring Job Creation & Economic Growth Recognised nationally, Malta’s Best Entrepreneur Awards of the Year 2015 honours individuals and organisations whose outstanding activities and achievements contribute to the well-being and future of our business community. Congratulations to all the 2015 nominees! A key focus of this year’s EY Entrepreneur Of The Year programme is on expanding into international markets. Under the auspices of HE The President of Malta Marie Louise Coleiro Preca. over 32 entrepreneurs have been chosen for the finals this year. Malta’s Best Entrepreneur Of The Year (MBEOY) is evolving to became one of the major business calendar highlights at National level. Open to high-performing entrepreneurs from every sector, the pawards accepts submissions from entrepreneurs of different growth stages as well as nominations from the general public.

Charles Schiavone

Steve Mercieca

DHL

Quicklets

Malta Country Manager

Charles Schiavone is Country Manager of DHL Express Malta. He joined DHL in 1983, and spent 14 years as Operations Manager and the past seven years in his current post. When he joined DHL he first worked as a courier travelling with customer shipments on the UK and Libya routes. He then spent three years as a ground courier. Among his responsibilities over the years were Customer Service, handling and managing five front-line customer service agents, designing, building and implementing the new Imports Department, Security, Human Resources, Training and Development of all employees and adopting the necessary changes in all aspects of the operation for the migration of Malta into the European Union. He was responsible for the local DHL SPC (Strategic Parts Centre) of a major DHL Worldwide customer.

Steve Mercieca worked as a banker from October 2006 up till November 2011, where he learned a great deal about team building and sales incentives, after the bank he tried a couple of other business ventures that never took off. After experiencing the downbeat side and off-putting adverse conditions with all the trade to barriers, Steve decided to open up a new company. He approached a couple of people that he thought would fit in the roles needed to get this great idea up and running. The company had to be self-sustaining and being intrigued by commission systems, Steve embarked on the mantra ‘that an individual can make a profit out of a simple referral’. He wanted to introduce this concept into the Real Estate industry. After some deep thinking and a hint of innovation, The Virtual Agent was born. Today, Quicklets has three offices, 30 agents, 3500 properties and 450 Virtual Agents! And this is just after having been operating for only twenty-two months!

Best International Trade Media Entrepreneur of theYear

Best Real Estate & Property Entrepreneur of the Year Best Entrepreneurial Ideas Entrepreneur of theYear Best Start-Up Company of theYear

Bernard Mangion Ben Estates

Managing Director Before Ben Estates,Bernard Mangion was involved in the real estate sector as a property consultant. He also previously worked selling upmarket properties specialising in providing plots for development, historical palazzos and luxury seafront apartments. In his current role, Mr Mangion focuses on increasing sales and lowering costs, and growing the Ben Estates brand through trademark sales. As the Managing Director, Ben saw a major opening in the market for a firm to appeal to a younger, new-money set looking for tech-savvy real estate agents. “We were the first to really embrace tech. We understood the power of blogs, social media, having a really good website. Those are things that traditional agencies or brokerages didn’t understand.” Best Male Entrepreneur of theYear Best Emerging Entrepreneur of theYear Best Real Estate & Property Entrepreneur of theYear

Co-Founder & Managing Director

top entrepreneur of the year awards 2015

Malta business Review

David Borg & Diane Borg Silvio Managing Directors

Davide Zenti

MALTA’S BEST

ENTREPRENEUR OF THE YEAR AWARDS

2015

David Borg and Diane Borg Silvio have built Davide Zenti based on successful business synergies with trusted suppliers and partners and excellent staff. They believe in a model that aims towards excellence in product positioning in order to obtain maximum customer satisfaction. They both aim at providing something different to the local menswear sector. David and Diane are also partners in life and in business they complement each other in terms of the skills needed to drive this business to success. David’s main expertise lies within the IT industry, specifically Business Intelligence, with fifteen years of experience in various IT related roles. With a history of family businesses, David is a natural business driver and innovator of davide zenti. Diane comes from a Finance and Banking background and is responsible for the overall management of davide zenti operations and finances. Best Retail & Leisure Entrepreneur of theYear Best Family Business Entrepreneur of theYear

Erskine Vella & Christopher Attard Managing Directors

Best Deal Properties Christopher Attard’s original job was that of a baker. Today, he still has two bakeries to manage. However, property was his second love. Erskin has been in business for over fifteen years, starting off as an agent, later becoming a manager, where he was responsible for identifying acquisition opportunities and investing capital for the firm. Three years ago, he decided to follow his dream he had set-up a developing company with Christopher. Their vision for the company is to make it grow and maximise their market share by targeting more than one segment of the market. We want our brand to stand out by taking what they do seriously and project a positive business image. Best Real Estate & Property Entrepreneur of the Year Best Entrepreneurial Ideas Entrepreneur of theYear Best Start-Up Company of theYear

Marvin Gauci Chef Patron

Chef Marvin Gauci Marvin Gauci is known as Malta’s own dashing gourmet chef who’s flair and ingenuity has earned him an international reputation on the gastronomic charts. Marvin is legendary for his dynamic, polite and smart jolly character, but still, as ever, ravenously enthusiastic about gastronomic perfection: something he pursues to an unprecedented level of detail that would impress a brain surgeon. Today he runs three of the d most iconic and attractive restaurants, Tarragon, Caviar & Bull and now Buddhamann. One of the Marvin’s success factors is his ability to form a team that shares his vision and his passion. He has worked in a restaurant opposite Parliament House in Dublin and attracted the attention of top Irish celebrities and politicians, frequently entertaining dignitaries there. Marvin represented Malta and its gastronomy several times and was featured in many magazines and television programs in Italy, Greece, Ireland, Japan, France, England and other countries, who seek his inventiveness and passion, traits which made him a culinary ambassador who’s name has become synonymous with innovative dishes and Mediterranean hospitality. Best Retail & Leisure Entrepreneur of theYear Best Knowledge Entrepreneur of theYear Award for Excellence

Donna Izzo CEO

Dizz Group Diane Izzo formed the Dizz Group, with her husband Karl in 2000. Whilst on holiday in Hungary Diane had come across the Terranova brand and immediately saw its potential in Malta. It was then that she decided to open their first outlet in Baystreet. Her faith in the location and the brand proved to be correct, and the outlet was an instant success. In the following years that came new outlets were opened for Terranova and other brands were also acquired, including Callliope and Liu Jo in the fashion apparel sector. Other prestigious brands like Caffe Pascucci, Make Up Store, You Vee Sunglasses and an investment in part of a chain owned by Dean Gera, were further subsequent investments made by the Dizz Group of Companies. Thanks to the backing of the franchise owners each sector of the business has grown rapidly over the years and many outlets are open in prominent and prestigious locations in Malta. The group today has majority shareholdings in Dizz Ltd, D’s Ltd, DK Fashion Ltd and DKM Ltd. Diane’s business goal and vision is in line with her belief that and insight to meet new challenges. Best Female Entrepreneur of theYear Best Entrepreneurial Company of theYear Best Retail & Leisure Entrepreneur of theYear

Christine Pace Managing Director

Dorkins

Chrtistine Pace started working in retail at a very young age and immediately felt that working with people in a fast paced environment was very rewarding for me. Quite soon her dream of opening her own retail outlet started and at the age of 22 she opened her first boutique in Sliema, Novecento. A few years later Christine opened an Italian Franchise called Reds with the opening of Plaza. She then secured a contract with Arcadia Group and established Dorothy Perkins, following up with Evans, Topshop, Topman, Wallis and Burtonmenswear. Most important was her Franchise agreement with Clarks, which was an instant success. She continued the rising trend with launching the Ovs brand, turning this into a very popular family store selling extremely well on kids wear. Two years Christine joined the Max Mara group in Italy and opened Marella in Sliema, selling high end Italian clothing for women in the best styling and quality and she also boasts brands such as Cristiano Ronaldo , CR7 fashion and Superdry, the ritish upmarket brand. Today, her company represents eleven brands, and sixteen point of sales plus other distribution.

Best Female Entrepreneur of theYear Best Retail & Leisure Entrepreneur of theYear www.maltabusinessreview.net

Malta business Review

top entrepreneur of the year awards 2015

Dr. Adrian Attard Trevisan

Peter Thorslund Hansen

AAT Research

Time to Eat

Founder & Managing Director

Managing Director

Adrian Attard Trevisan is a neuroscientist. He holds a PhD in Neurosciences and Masters degrees in Engineering and Audiological Sciences. He is currently undertaking a second PhD in Human Physiology at the Università degli Studi di Milano, Italy. Adrian has worked on international research projects in England and France and has lectured at the University of London and London Metropolitan University, as well as giving guest lectures and presentations at the University of Malta, Oxford University, University of London and Università degli Studi di Milano. Dr. Attard Trevisan has conducted research for a number of companies in the biomedical/biotechnology sector. He has benefited from research grants awarded by the Medical Research Council and formed part of research projects under a number of EU funding programmes.

Peter Thorslund Hansen was born and raised in Denmark, and hails from a long bloodline of entrepreneurs going back more than five generations. So it’s natural that his DNA carries entrepreneurial characteristics. Working his way up in the restaurant business, Peter passed an exam with technical specifications as he started his first project at the age of 22. Still very interested in the restaurant business, he started another project in building websites and specialising in online marketing. New possibilities opened up and he migrated to Malta in 2011 to continue his work on online marketing trying to let go of the restaurant business, but ending up merging the two branches into one. Peter is never off and is always working on new ideas or improvements which have brought him a personal saying: Always do better!

Best Technology Entrepreneur of theYear Best Entrepreneurial Ideas Entrepreneur of theYear Best Emerging Entrepreneur of theYear

Best Technology Entrepreneur of theYear Best Digital & IT Entrepreneur of theYear

Maurice Aquilina Founder

M7 Alpha Since his early years, Maurice Aquilina expressed interest in art, design and creativity. At the age of 1ten, Maurice layed his hands on his first computer, discovering the magical world of computer programming in which lines of code could be executed to arrive at a working solution. It was during the web boom in 1999 that Maurice realised how design and computer programming are perfectly infused together in the creation of a website. He soon became aware of the growing demand for technically-advanced and well-designed websites. In 2004, M7Alpha Creative Studios was founded and has since worked with many top local companies and start-ups in creating their corporate websites. After graduating with a First Class BSc degree in Creative Computing from the University of London, Maurice expanded his services to include Digital Marketing. Best Technology Entrepreneur of theYear Best Digital & IT Entrepreneur of theYear

Raphael Arnold CEO

Netrefer Raphael Arnold is a seventeen year iGaming veteran with a strong track record in operations, marketing and player management. Having founded NetRefer in 2005, Raphael leads an award winning team of technologists and service specialists to deliver the industry’s leading high transactional volume, unified performance marketing platform Best iGaming Entrepreneur of theYear Best Digital & IT Entrepreneur of theYear Best Technology Entrepreneur of theYear

Jason Potter, John Catania, Clive Vella & Ian Fenech Conti Directors

The Other Guys The Other Guys is a Digital agency which likes to be different and focuses on all things online and work within the core expertise of Web, Design, Online Marketing and Communications. Created in January 2014 by four close friends, The Other Guys set out to be different in two fundamental ways, mainly to create a relationship based business model that focuses on building long term strategies both through web presence and activity for each and every client; and to build success for both The Other Guys and our clients through genuine interactions based on a flat structure approach, both internally and externally. The Other Guys philosophy is to avoid having barriers and they strive to bring them down should they be in the way of success. The Other Guys currentl client base stretches across Europe, Asia and the U.S. while working in industries such as Travel, Fashion, Philanthropy and Tech. Best Digital & IT Entrepreneur of theYear Best Start-Up Company of theYear

Mario Gauci

CEO & Managing Director

Burmarrad Commercials Ltd. Mario Gauci is the CEO and Managing Director of Burmarrad Commercials Ltd. Coming from an agricultural background, Mario Gauci always had a passion for vehicles. He established the company 30 years ago, importing commercial vehicles from the UK to Malta. Offering top quality vehicles, he built a reputation through the years and continued to enlarge the business and diversify further, making the company the largest and most successful in the market. He is still very much involved in the running of the business, together with the help of his three children. He has been a member of executive management and his unwavering commitment to the company’s mission, vision, and values led to the company being recognised for outstanding client satisfaction. Lifetime Achievement Award Best Family Business Entrepreneur of theYear

top entrepreneur of the year awards 2015

Oleg & Elena Roslavitskiy

Ivan Isola

Multimax

PayMix

Managing Directors

Mr & Mrs Oleg Roslavitskiy are a Russian native family couple who brought in Malta number of new entertainment projects. They bring with them creative ideas which are really unique and new in Malta. Oleg and Elena run MULTI-MAXX Limited, established in 2012, bringing of projects like: LaserMaxx, BumpMaxx and VirtulMaxx. These are avaiable at the Bay Street Shopping Complex on the newly built Level 4. Both Oleg and Elena are proud to offer entertainment as key to happiness and relaxation. Oleg and Elena’s mission is: “To make people happy!” Best Family Business Entrepreneur of theYear Best Entertainment Entrepreneur of theYear

Mario Camilleri Managing Director

Malta business Review

Managing Director

Ivan Isola is a Certified Public Accountant, holding a practicing certificate in auditing and a Bachelor of Honours degree in Accountancy from the University of Malta and a Masters in Business Administration from the University of Manchester. Ivan is also a Fellow of the Malta Institute of Accountants. Ivan started his career in auditing with KPMG. During his employment at KPMG, Ivan was responsible for a portfolio of publicly listed and private-owned local and international companies operating mostly within the financial sector. In 2005 Ivan moved to the financial industry where he held a number of senior management and directorship positions with credit and financial institutions. Prior to joining PayMix as CEO, Ivan was also advising and assisting a number of financial institutions in their licence application process. Best Banking Entrepreneur of theYear Best Emerging Entrepreneur of theYear

AME Health & Safety A graduate from the University of Malta in Occupational Health and Safety, Mario is one of the leading experts in Occupational Health and Safety on the Island. Together with his partner Aldo Busuttil, Mario set up AME Health and Safety Services Ltd in 2006 (the first local venture of the sort) and has since then occupied the post of Managing Director. Mario has been engaged as the OHS expert on a number of projects, both private and public. He has also been invited to deliver presentations and training sessions on OHS, both locally and internationally. Best Knowledge Entrepreneur of theYear Best Entrepreneurial Ideas Entrepreneur of theYear

Aldo Busuttil Operations Director

AME Health & Safety Aldo Busttil is alsoa graduate from the University of Malta in Occupational Health and Safety. He teamed up with Mario Camilleri to set up AME Health and Safety Services Ltd. Aldo has a passion for health and safety and is totally committed to the person’s welfare at the place of work. His past experience as Health and Safety Manager gives Aldo an unsurpassable handson approach in preventing and minimising accidents, injuries and occupational ill-health at the place of work. Aldo’s extensive engagement as the Health and Safety Officer IC earned him the necessary expertise to become an authority in compiling risk assessments, method statements, and onsite inspections. Best Knowledge Entrepreneur of theYear Best Entrepreneurial Ideas Entrepreneur of theYear

Roderick Psaila Managing Director

Agri Bank

Roderick Psaila is a qualified banker, having graduated as an Associate of the UK Chartered Institute of Bankers (ACIB). He read a Masters in highest financial body in Malta, where he held various positions related to Banking, Monetary Policy Statistics and Financial Stability. Roderick was engaged by the European Central Bank in Frankfurt to work as an expert on a specific assignment. He joined Nemea Bank and as COO, he led the management team and was responsible for the setting up of the Bank. He set-up AgriBank after obtaining the bank license. The license was granted in October 2012.

Paul Gostelow Managing Director

Astra Consulting Paul Gostelow is an experienced Financial Manager with a proven track record of success within manufacturing, B2B, IT, telecommunications, entertainment, commercial and not for profit market sectors. He has a Legal Degree from the University of Birmingham, UK and is a qualified UK Accountant. He worked for many years for members of the “Big Four”, mainly in Eastern Europe and Italy. Since 2004 he has run his own consultancy practice firstly in Italy and now in Malta specializing in working with international entrepreneurs providing company setup, management and accountancy services to businesses located in Malta and those that consider basing their activities in this strategic and thriving EU economic hub in the Mediterranean. Best Corporate Financier Entrepreneur of theYear Best Entrepreneurial Company of theYear

Marco Parascandolo Designer

Marco Parascandolo Marco Prascandolo is a Maltese fashion designer based in Birgu. He is the founder-creator of the label Parascandalo Marco. He pursued his career studies in Fashion in London, UK. Already holding a BTEC diploma in arts, crafts and design, Marco has gone on to style various profiles as a stylist, art direct photo shoots and work with London based designers. In February 2014 he reallocated back in Malta and in the following May he made his first Malta Fashion week presentation of his Pre-Fall menswear collection. Here he also designed a line of t-shirts with Maltese popular slang terms such as Faqa’ Sew, Kemm Nhobb, Faqa’ Oht and Skandlu. In October 2014 he presented Fall ‘15 collection titled Seriously Black, an all black collection inspired from the 80’s and 90’s goth scene. Here he also featured new slogans/popular sayings such as X’Gharukaza!, Int bis-Serjetà? and Ommi Ma! This year, at Malta fashion week and awards Parascandalo Marco presented a fresher perspective with the main inspiration consisting of political and environmental issues such as spring hunting and recycling and trends so deeply rooted that they have become part of the contemporary lifestyle. BestYoung Entrepreneur of theYear Best Emerging Entrepreneur of theYear

Best Banking Entrepreneur of theYear www.maltabusinessreview.net

Malta business Review

top entrepreneur of the year awards 2015

Sean Cassar

Paul McKenna

Managing Director

Tax Ways Group

Design Hub

As an individual Sean Cassar was always very artistic and found himself either sketching whatever he could or experimenting with paints and other materials. After studying in the UK since the young age of twelve, he focused on his passion for painting, art into interior and exterior design. After graduating from the UK and having eight years’ experience working as an associate designer for a well-established company in Malta, Sean took the plunge. His vision from the very beginning was to build an exclusive all round Design Company striving to offer high-end design services in Malta, at the level of those found overseas. Award for Excellence Best Male Entrepreneur of theYear BestYoung Entrepreneur of theYear

Financial Officer

Paul McKenna heads Taxways Group financial set-up. Paul’s performances has been a catalyst for the Group’s rapid expanison with outstanding results. Paul’s expertise ranges from company formation, secretarial and administration services, directorships, accounting services, management of multi-jurisdictional corporate and trust structures as well as tax compliance services. Best Tax Compliance and Reporting Entrepreneur/Firm of theYear

Donna Greaves Bonello Auditor & Audit Partner

PKF

Alfred Munoz CEO

MAPFRE Middlesea Alfredo Muñoz Perez, a key official in Spanish insurance group is Middlesea Insurance plc’s chief executive officer. After holding roles with an international audit firm and in an American Life insurance company, Mr Muñoz joined the Mapfre Group in 1998. He brings a wealth of experience to Middlesea, having held senior manager positions in Mapfre Assistencia, the subsidiary specialising in assistance and specialty risks with interests in 43 markets across five continents. Mr Muñoz holds degrees in law and economics from Comillas-Icade University in Madrid, and a Master’s degree in taxation. Best CSR Entrepreneur of theYear Award for Excellence

Donna Greaves Bonello is a registered auditor and Audit Partner. “Having a passion for business is what led me to a career in accountancy¸ and later in auditing¸ and branching out into an eventual specialisation in taxation”, Dona proudly states. Donna is responsible of audit assignments¸ both of private companies as well as governmental entities and NGOs. She has also extensive experience in accounting and she also manages a portfolio of clients. She holds the ACCA qualification¸ is a Certified Public Accountant¸ Registered Auditor and is a member of the Malta Institute of Accountants. After successfully completing the Advanced Diploma in International Taxation with the Chartered Institute of Taxation (UK), she sought to expand her knowledge and expertise in the financial services. Working at PKF Malta, she has been involved in enterprise operation at all stages from their incorporation, throughout their business operation and even at the final stages of an enterprise’s existence. Also, she assists companies to understand local and international tax structures and align the tax function with business objectives. Best Tax Compliance and Reporting Entrepreneur/Firm of theYear

Deborah Schembri Managing Director

STM

Deborah Schembri has over twenty years experience in the financial services, gaming and hospitality industries. In her various senior managerial roles she had formulated new strategic directions and implemented the necessary changes. She has been instrumental in setting up STM Malta.. She is a Certified Public Accountant, holds a Masters in Business Administration from Henley Management College and shortly she will be obtaining the Diploma in Retirement Provision pursued with the UK Pensions Management Institute. She is a Fellow Member of the Malta Institute of Accountants, and a Member of the Malta Institute of Taxation, Malta Institute of Management, Institute of Financial Services Practitioners and Pension Management Institute UK. Best Knowledge Entrepreneur of theYear Best Female Entrepreneur of theYear Award for Excellence

Matthew Bugeja Managing Director

Ecabs

Matthew Bezzina graduated in 2008 from the University of Malta, obtaining a Bachelor of Commerce in Management. He eventually went on to read for a Master in Business Administration from the same University. While researching for his dissertation, he concurrently wrote the eCABS business plan that eventually led him to set up the company in early 2010. Matthew’s main roles within the organisation are business and marketing strategy, business development, systems optimisation, and dispatch operation. He is also actively involved in the IT aspects of the operation, a crucial element that led for eCABS to experience constant, solid, and sustainable growth throughout the past years. Prior to setting up eCABS, Matthew worked in the EFL and transport industries, which experience led him to identify the opportunities present within Malta’s transport industry. Best Male Entrepreneur of theYear Best Entrepreneurial Company of theYear

top entrepreneur of the year awards 2015

Desiree Azzopardi & Andrew Zammit Tabona

Olga Finkel Founder

WH Partners

Managing Director

D&ZT Interior Designers D&ZT Interior Designers is a start-up practice in its second year of operation. It is a partnership formed by interior designer Désirée Azzopardi, who puts the D in D&ZT, and project manager Andrew Zammit Tabona who brings the ZT to the name. Just as the name suggests, both partners contribute differently yet equally to the running of the works to create a perfect balance of services which the partnership can offer to clients. As young individuals, D&ZT is proud to offer a fresh perspective on interior design keeping abreast of today’s market, as well as a high level of personal attention to client’s through a straight-forward company setup. Both Désirée and Andrew believe that success is directly proportional to one’s ability and dedication in building and maintaining a network of professional relationships built on trust, and earned repeatedly. Best Start-Up Company of the Year

Irina Malikova Managing Directors

Malta business Review

Olga Finkel is the founder of WH Law, a law firm which later became known as WH Partners and is now regarded as one of the leading business law firms in Malta. Since its inception in 2006, the firm has experienced tremendous growth in terms of its client base, staff and the range of provided services. The firm has become well known for its solid competence, innovative approach in solving complex legal issues, its impeccable professional ethics and integrity, ‘no-nonsense’ attitude and its true interest in, and knowledge of, the clients’ business. As a result, Olga and her firm have been highly ranked in the most valued international directories (e.g., Chambers and Partners, Legal 500), won prestigious awards (e.g., Global Corporate Provider of the year for the gaming industry in 2014), were selected as the exclusive member for Malta in the Alliance of International Law Firms. Many of the firm’s new clients come through a recommendation from the current clients – a true tribute to the firm’s excellent service. While WH Partners and her two daughters are Olga’s main passion and focus, her keen interest in technology has led her to found several innovative companies, some of which have already became successful. Best Female Entrepreneur of theYear

Ippo Malta

Dame Irina Malikova residing in Malta, is synonymous with charitable and has received number of recognitions from different countries, among them is the medal of the Austrian Society Albert Schwettzer (relief fund to children). Irina is the founder and Director on the voluntary organization – the International Charity Society in Malta, which is under Highest patronage of Great Princess Maria Vladimirovna Romanova. With the Highest Degree of the Chapter of the Russian Imperial House, Irina was awarded with a silver medal « For diligence and the help ». Irina sits also on the Board Member of the Coordinating Committee of the Russian Compatriots Assembly in Malta (CCRCA). Mrs Malikova is also the IPPO Malta President – a voluntary, non-profit, social purpose and non-governmental organisation. With aims of the promotion of cultural heritage studies and assistance in restoration including the preservation of monuments of Christian culture remaining in Malta, Irina also organises scientific, cultural and educational activities in the field of arts and culture, history, and spirituality. BestVoluntaryWork, Culture & Art Entrepreneur of theYear Award

Mario Gauci, Jr Director

Burmarrad Commercials Ltd. Mario Gauci, Jr. is a Board member of Burmmarrad Commercials Ltd and he has been involved in the family business from a very young age. After graduating and obtaining an international honours diploma in business and management, he joined the company in an official capacity and was promoted to his current position. Mario has become a leader in property sector of the company, insurance, group benefits, and has been instrumental in the company’s marketing strategy, widely recognised for its service excellence, sustainability practices, trust, and integrity. Today, he is responsible for the rentals department, business development and sales. Best Family Business Entrepreneur of theYear Best Male Entrepreneur of theYear

Evelina Batey

George Mangion

European Centre for Culture

PKF

Managing Directors

Evelina Batey graduated with excellence from The State Music School of The Ministry of Culture Russia, from The Special Music College in 1989 and Vladimir’s State University Music. In 1998 she moved to Malta and started working in the fields of Culture, Music, Arts and Education. She was a Managing Director of the educational “Perfect English Summer Camp” and became President of the Russian-Maltese Cultural Association with many cross cultural projects and intercultural activities. Evelina is Director of the European Centre for Culture & Arts (Malta) and the Chairperson of EPTA Malta (European Piano Teachers Association). She is regular a judge of many International Music Festivals. Best Entertainment Entrepreneur of theYear BestVoluntary work, Culture & Art Entrepreneur of theYear Award Best Educational & Talent Development Entrepreneur of theYear Award

Senior Partner

George M. is a Senior Partner at PKF Malta Accountants and Business Advisers. George Mangion is also the head of the audit department at PKF Malta. He has over thirty years experience in accounting¸ taxation¸ financial and consultancy services. George’s efforts in the financial services industry have seen that PKF Malta has been instrumental in establishing many companies in Malta and placed PKF Malta in the forefront as professional financial service providers on the Island. Effective communication is always heavily incorporated in George’s work in the field. George is a regular contributor to both local and foreign publications on business, financial services, taxation, mergers and acquisitions, company structure and insurance. He has also lectured and delivered presentations at numerous seminars and conferences worldwide, namely in Europe, South Africa, North and South America, Canada, Australia and the Caribbean on subjects relating to a wide range of topics including taxation¸ auditing and captive insurance. ChairmanValue Award

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SMEs

The Internationalisation Of Maltese SMEs

Part 5 – The International Entrepreneur And Born Global Companies by Ing. David J. Dingli

This is parT 5 in a series of articles covering the various aspects of SME internationalization. This article address the “International Entrepreneur and Born Global Companies”. We are coming across more and more high technology innovative entrepreneurial firms that are set up with the initial intention of going global. They might not even have a domestic market. These firm bypass all traditional stages of the internationalization process. Malta needs as many of these kinds of firms as possible. parT 1 focused on the “Motivation for Growth”. If this driving force is not even present within the firm then there is no point even discussing internationalization options. The article explained the challenges of growth and its inherrent drivers. parT 2 dealt with the “Barriers and challenges for SME Internationalization”. The stubmling blocks that even the best intentioned companies who are wholly motivated for internationalization was covered in this article. Companies must muster enough courage to overcome these challenges. parT 3 was the most recent article. This was about the “pre-Internationalization phase”. Companies must be ready to embrace internationalization and require a set of parameters and characteristics to be present in their organisation in order to reduce the risks that are associated with international growth. In parT 4 the article dealt with “Exporting as a means of Internationalization”. although exporting is not the only means to internationalize it is by far the most common and still the most sought after method, hence it was felt that a section should be wholly dedicated to this approach.

SMEs

Born-GloBal companies – what are they? This article is about start-ups that are born global. It excludes firms that have simply grown to be global after being a domestic firm for a period of time. The entrepreneurs of such born-global firms have a borderless vision and their initial strategy is all about overseas operations. Senior management view the world as their marketplace from the very beginning and this augers well for small nations such as Malta as such companies will never be limited to small domestic markets. Born-global companies merit much more attention than they are receiving but authorities in Malta, as their growth strategies could provide lessons for many Maltese would-be entrepreneurs. The definition of a born global firm is “a business organization that, from inception, seeks to derive significant competitive advantage from the use of resources and the sale of outputs in multiple countries.” Maybe a more realistic definition is “companies who have reached a share of foreign sales of at least 25 per cent within a time frame of two to three years after their establishment”. The critical distinguishing feature that differentiated these organisations from all others who operate internationally is that internationalization was not a result of sequential growth but rather it was present from the company’s origins. A number of large multinationals have followed the path of internationalization by first achieving significant growth and success in their home markets and then expanded, starting with old European companies like BP, Philips and Santander, and continuing with much younger technology companies like Nokia and Ericsson.

BackGround and emerGence of BornGloBal companies Thanks to the Internet and related information technologies (IT) that enable many of them, this new breed of born global firms began emerging in the 1990s. Born global firms are of special interest not because of the size of these organisations, but by the age at which the firm ventures into foreign markets. The whole rationale behind the company set up and formation is internationalization. They are committed and focused on international ventures. Born global firms are entirely unique from other major international organisations because they are born doing business abroad: something that many larger firms operate for years before even considering.

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These kinds of companies require pretty aggressive management to take on the international markets at an early stage. Developing niches is another distinguishing and often competitive advantage that they are capable of creating. Because of specialised resources, born globals can offer specialised and customised products, satisfying a market that is too small to interest larger firms. These companies work closely with partners and alliances from a very early stage. Export is their main method of foreign market entry using courier services such as FedEx, DHL or TNT who organise their international shipments.

Internationalization was not a result of sequential growth but rather it was present from the company’s origins By using these external facilitators, born globals can enter or withdraw from foreign markets quickly and easily. These companies are specialised, deliver superior quality and are often technology leaders in their industry. Such advantages allow them to not only pursue markets around the world, but offer superior products designed for the specialised markets they have made niches out of.

the distinGuishinG characteristics of BornGloBal firms Born global firms can be specifically distinguished from traditional firms for a number of reasons. Below is a list that incorporates the most noticeable characteristics of such firms. •

High level of business in international markets from or near inception.

•

Firms tend to be relatively small.

•

Limited financial human and tangible resources.

•

Many born-global firms are technology firms but are also found in industries such as: metal fabrication, furniture, processed food, and consumer products.

•

Managers have a strong international outlook and international entrepreneurial orientation.

•

They emphasise on differentiation strategy by developing differentiated designs and highly distinctive products that target niche markets.

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SMEs

•

Focus is on producing superior product quality at the leading technological edge of their industry or product category.

•

Offerings complement the products or capabilities of other global players take advantage of global IT infrastructure.

•

They tap into a demand for a product or service that at its core is somewhat uniform across national geographic markets.

•

Leveraging advanced information and communications technology (ICT) to segment customers into narrow global-market niches.

•

Using external, independent intermediaries for distribution in foreign markets.

Born-GloBals: the unique environments from where they emerGe and thrive. The first type of ideal environment is defined by the number of universities and firms operating in the same industry as the “born-global” firm. The benefit of such an environment stems from the flow of technological knowledge, experienced people, and contacts with local investors. This environment provides a global competitive advantage. The second type of environment is based on the strengths developed in the relationships between the local operations of “bornglobal” firms and their foreign sales subsidiaries. These strong networks create a source of knowledge from international experts. It provides a mechanism for winning additional business. The third type of environment is structured around foreign sales subsidiaries and local clients that are important for high-quality service. These contacts help firms to obtain 42

technological knowledge from the client or through the client’s business partners that they would otherwise have to develop themselves.

The benefit of such an environment stems from the flow of technological knowledge, experienced people, and contacts with local investors Maltese potential born-globals should concentrate on the second and third environment as Malta lacks a strong and multiple University environment and it is never easy to find many firms operating in the same niche.

examples of international Born GloBal firms A number of new small and mediumsized companies have been successful internationally right from the start and have quickly gone global. Some of these, such as Norwegian Opera Software, IRTech, Colormatic and Optoflow started life as global organisations. Amazon, e-bay, Drop Box, Linkedin and Instagram are also examples of technology based Born-Globals. Another good example is tiny Seaflex AB of Sweden, (www.seaflex.net) which developed an environmentally friendly elastic mooring system for boats. Founded in 1999, the company quickly generated 98 per cent of its sales outside the country, and it has doubled those sales every year. The whole world is their market. History and Heraldry is a company in England that specialises in gifts for history

enthusiasts. Within a few years it was selling its products in 60 countries, with exports generating about 70% of total production. Cosmos Corporation, Inc., is a young company in the United States that makes binoculars, telescopes, and various other optical devices. Within a few years of its founding, Cosmos began selling its products in Europe and Japan. Soon after that, the firm had expanded its sales to some 28 countries around the world. Logitech, the computer peripherals company, is one of the best early examples of a successful born-global firm. Focusing first on the PC mouse, with its stylish and ergonomic products, Logitech captured 30 percent of the global computer mouse business by 1989. Today, Logitech is an industry leader in the design and manufacture of computer peripheral devices. Skype is a more recent born-global firm. It offers free Internet phone technology, called voice-over Internet protocol, or VoIP. At any point in time, there are millions of users logged in on Skype; the program and service has made such a strong impression that the term “Skype me” has replaced “call me”. Other examples are Open English, a firm that targets Venezuela and other Latin markets, and Idea.me, an Argentine crowdsourcing company, similar to Kickstarter, with subsidiaries in five countries.

enaBlers of fast-track internationalisation For this rapid internationalization process to flourish, these companies require strong enablers to assist them in their quest. Below is a list of such enablers. knowledge intensity: A distinctive feature of born global companies is that they conduct the majority of research and development (R&D) domestically.

Airfreight & Logistics

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Thomas Smith Lufthansa Cargo Silver Award

Thomas Smith awarded the Lufthansa Cargo Silver award Thomas Smith’s commitment to providing industry-leading services in Air Freight and Logistics was celebrated when the Freight Forwarding division was given the coveted Silver Award by Lufthansa Cargo. The award is given out on the basis of achieving a growth in volume registered, as well as the strong support provided to the airfreight and logistics services organisation during the year 2014. Thomas Smith has to date been presented with six Bronze awards, meaning the 2014 reward was the first Silver Award. The award, which was announced in May 2015, was presented by Lufthansa Cargo Regional Manager North East Italy and Malta, Mr. Abré Smit. Mr. Luciano Galea, Senior Freight Executive accepted the award on behalf of Thomas Smith’s Air Freight division. “We were thrilled to receive this award”, says Mr. Bernard Muscat, Assistant General Manager Cargo. “We constantly strive to improve, and are delighted that the Freight Forwarding division is celebrated for the commitment given to Lufthansa Cargo”.

You Can Trust Thomas Smith to Deliver Shipping | Insurance Freight Forwarding | Port Agency With over 165 years of integrity, insight, expertise and experience we make sure that our clients are always in good hands for any shipping and insurance requirement.

Give us a call on 2205 8058

Lufthansa Cargo AG is a cargo airline part of the Lufthansa Group, operating worldwide air freight and logistics services on behalf of Lufthansa, of which it is a wholly owned subsidiary. Founded in 1994, Lufthansa Cargo now ranks among the world’s leading cargo carriers. Thomas Smith Group forms part of the Lufthansa Cargo Forum, which is made up of the top 5 selling agents in Malta. MBR

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SMEs

hard-to-imitate technology: Another important enabler is that these companies’ technologies are typically very difficult to imitate. This protection from imitation provides them with a competitive edge in the global market. competitive advantage: These companies typically compete on differentiation. Another essential factor for many successful companies is a lack of fear of internationalisation. Having a mind-set that “it is not hard” is very important for early internationalising companies, as it speeds up their entry into new, foreign markets. And finally, flexibility of the management team, product and workforce is also an important determinant of successful internationalization. Given the high dynamism of the business world, it is essential for businesses to be flexible to respond to opportunities when they arise, and that, in turn, implies flexibility of the product and employees. The major forces in the macro-business environment that are spawning and nurturing born global companies are concentrated around the following: •

Access and affordability of technology

•

The democratization of innovation

firm level advantaGes At firm level, there are a number of characteristics unique to born global companies. First, they are very active in international markets from or near the beginning. Another feature is that the CEO and leadership team possess an international entrepreneurial orientation. The mind-set of the leadership of born global companies is one that sees foreign markets not as a mere extension or expansion of the domestic one, as do large multinational firms, but as the prime focus of the firm’s core business. This is especially true of knowledge-based industries where the creativity, knowledge and resourcefulness that characterize such companies foster an international entrepreneurial organization, as well. Unlike multinational firms, most born global firms tend to be small and selffinanced while aggressively searching for

angel and venture capital investment. Commercial banks, with their conservative lending orientation, are highly reluctant to lend to born-global companies in those firms’ initial phase of business. Born global firms usually focus on a differentiation strategy. The development of differentiated designs and highly distinctive products that often target niche markets, initially, but with capabilities to roll out to wider audiences and become scalable are another feature of born global firms. Swedish ready-to-assemble furniture firm IKEA and Israel’s M-Systems, inventor of the USB flash drive, are good examples. An emphasis on superior quality is another feature. Born global companies tend to be at the leading technological edge of their industry or product design. Their products and services are not “commoditised” but rather have unique, inimitable characteristics. For example, the Dutch company Microflown

It is essential for businesses to be flexible to respond to opportunities when they arise, and that, in turn, implies flexibility of the product and employees Technologies develops and markets highly innovative products in the field of sound and vibration testing. Finally, leveraging technology is another feature of born global firms — their employment of advanced information and communication technology to increase the efficiency and effectiveness of their manufacturing or services and to engage with partners, suppliers and customers. Spanish clothing giant Zara, a born global company, is often the focus of Business School case studies precisely because of its leverage of technology for design, production and supply chain management. People, markets, technology and networks are the prime drivers of born global companies. Human capital — technical, EDITOR’S NOTE

David J. Dingli is the managing consultant of Resource Productivity Consulting Services, a management consulting firm specializing in strategic planning, Internationalization of SMEs, operational efficiency improvements and management development & training. (www.rpcsmalta.com). He is also an Assistant Professor with Maastricht University, MsM School of Management, The Netherlands and has lectured at MBA level in 29 countries throughout Asia, Africa, South America and Europe. He may be contacted at: djdingli@go.net.mt; or Tel: 99430196

operational and managerial — especially at the start-up phase are the most important determinants of born global firm success.

Born GloBal companies and malta Roughly a fifth of new young companies in Europe are “born global,” but the share varies widely from one country to another. Nearly half of new companies in small countries such as Belgium, Denmark and Romania are born global. But the share is generally much smaller in larger countries. One would therefore expect that a very vast majority of Maltese entrepreneurial firms should follow this trend. Unfortunately this is not the case. Although I have not come across any specific studies on the born-global phenomena in Malta, through my experience and network of business associates, it is evident that we are lacking in this respect. I will share one example that I am aware of and this is Anchovy Luxury (www.anchovyluxury.com). A company set up for international markets from day one. It is a Luxury Digital Marketing agency which assists luxury sector companies and brands with digital media and marketing. Ultimately we need to ask the question: How many born global companies has Malta produced? Now, the above question focuses on past events, maybe the more important question to ask is: What is the likelihood that within the next 10 years a number of Maltese born global companies will become world leaders in their area of specialization? Government and its supporting arm Malta Enterprise should focus resources on supporting such initiatives as these kinds of companies will boost Malta’s economy beyond anything one could imagine. They will defy the boundaries of our small geographical size and the subsequent limited domestic market. These are the companies that could take Malta to a new level of global success. MBr All Rights Reserved | Copyright 2015

references haar J., more and more companies born to be global- 2012 halldin t.; Born Global firms – do they perform differently?, cesis electronic working paper series paper no. 269, march 2012 kudina a & yip G. Born Global- study on firms in silicon fen. solheim e.m.; the internationalization process of Born Global companies; ntnu school of entrepreneurship June 2012 tanev s.; Global from the start: the characteristics of Born Global firms in the technology sector, march 2012

Building - Waterproofing

Malta Business Review

Waterproofing At Its Best by Antoine Bonello

A good waterproofing cost less than one per cent of the property value, yet 80% of buildings damages are always caused by water intake.

A good waterproofing cost less than one per cent of the property value, yet 80% of buildings damages are always caused by water intake. We have all heard of many solutions on how or with what to waterproof our traditional flat roofs. Many of them do not even resist a winter. However, people keep applying them year in year out just because they are used to them, or worse, they think the roof is not worth spending any money on it, when in reality it is the roof that protects you, your family and your belongings from the elements. So what is the right product for our island necessities, and is there a need to do it every year? The truth is that our concrete roofs are continually subject to movements due to cold and hot temperature variations during the year. Products that are made from one part latex and three parts cements fail to deliver when subject to these movements as they are not elastic and not strong enough to hold the concrete movements. Others that are made from acrylics and other plastic compounds do not have enough UV resistance, becoming brittle and begin to flake soon after. They are not designed to resist our harsh hot summer and then be subjected to a thermal shock with our annual September storm- the time of the year were many people usually experience water infiltrations in their properties. Another product that I deem is the worse of them all is the bitumen carpet membrane, which unfortunately is very commonly used in Malta just because it is cheap to buy. The effects of this product can be felt instantly, the heat intake

in buildings increase by up to 80% requiring air conditions to work incessantly, becomes brittle due to the toxic evaporating oils and it ruptures easily from the welded joints when subjected to concrete movements, creating invisible cracks from which water can easily enter creating significant structural damages. What is worse is the fact that you do not realise the size of damages until you remove it so that the water trapped beneath it is freed. A good waterproofing system for our island must withstand heat more than water. Two important products that are leaving their mark are resin and polyurethane. They are environmentally friendly and certified to last very long. Two important companies that produce these products are FUTURA EUROPE and NAICI. Polyurethane can be used as an insulation material for roofs to reduce the heat intake; there are also government grants for this type of application. Another variation is polyurea that applied as waterproofing comes with a 20-30 year guarantee. On the other hand NAICI Resin Membranes are roller applied (perfect also for the DIY, easy to implement and are considered the best solution around, they are elastic, repairable, resistant to UV rays, can withstand heavy traffic, BBQ s, direct bonding of tiles (ideal for bathrooms), reflects sun rays and reduces heat intake. Another important product is the NAICI FIBRO GUAINA reflex, besides the above mentioned it is also thermal up to 91% and can help to increase solar panel efficiency due to its ability to reflect sunrays. There systems are also fibreglass reinforced, therefore stronger and can resist the elements for many years. MBR For more information visit The Resin and Membrane Centre showroom 264 old railway track St Venera Malta www.theresincentre.com www.maltabusinessreview.net

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fx trading

Excellence And Value by Martin Vella

In an exclusive interview with MBR, Robin McEwen, Manging Director with Foremost Currency Group Limited (FCG) explains why they are specialists, with in depth market knowledge and access to the best currency rates around. Robin talks about the company’s new partnership programme with Frank Salt Real Estate and why FCG work harder than your bank to achieve a better foreign exchange rate on every single trade.

MBR: Can you give us some background about Foremost Currency Group RM: Foremost Currency Group Limited ( FCG) was founded by my brother Elliot and myself on the 19th October 20015. We both had a combined 14 years of experience in the currency sector and felt ready to set up our own company. The company has grown by 50% year on year in turnover and staff growth has been strong. To date there are 30 employees. Our clients are both private individuals and businesses. Private clients’ requirements range from overseas mortgage, pension transfers through to multi-million pound property transactions, whilst business clients require tailored FX solutions, helping them save money in an ever more competitive market. The team at Foremost Currency Group are experts on market knowledge, offering a consultancy service, focussed around clients’ needs and circumstances. We have returned to the ‘traditional way of banking’ where clients are allocated an account manager from start to finish, ensuring that not only is the best rate of exchange achievable, but funds are sent to the account of their choice, within their timescales. Our experienced traders give clients the knowledge to take control of the markets and maximise exchange rates. This level of service and knowledge has been of great benefit to our client’s over the past few years, due to the fluctuating movements and unpredictable currency markets, we have been able to help many of our clients save money through well planned and timed currency transactions. MBR: What has been your relationship following your recently new partnership programme with Joseph Lupi, Director of Frank Salt Real Estate and why did you decide to collaborate with FSRE? RM: Both Frank Salt Real Estate and Foremost Currency Group share the same core business values, those being, excellence in 46

client service, trust, transparency and honesty. It is an exciting time for both parties as we can ensure the whole process of purchasing property in Malta from the initial viewing through to transferring funds is handled with the highest standards of customer service. Through a mutual associate we have been sharing stands at Trade shows in the UK for several years and we are active in growing the profile of Malta as a country to buy and invest in. Our marketing department strengthened the relationship and David Worthington our Associate Director is the appointed Frank Salt Currency Broker. David manages, evolves and maintains the relationship with Joseph Lupi, Nick Bilocca and their team.

We are active in growing the profile of Malta as a country to buy and invest MBR: Having worked with Frank Salt UK based clients, what is your opinion regarding FSRE and what do Foremost Currency Group have to offer in this sector? RM: Frank Salt have an unparalleled reputation for going that extra mile for their clients. With 45 years of experience they lead in innovation and are committed to providing a quality service. Combined with Foremost Currency Group and our tailored approach to personalised foreign exchange we are a unique fit ensuring a first class service. Clients can save up to as much as five per cent on typical transactions, which means property is more affordable and there are funds left to furnish the property, and buy a few extra home from home items. As a company we feel ready to be active in promoting Malta on a larger scale to prospective property buyers in the UK and other countries

fx trading

MBR: What is your prime target audience and what is the unique selling proposition which FCG are offering to such customers and also to referrals? RM: British expats are our prime market place and clients range from young professionals seeking to explore Malta’s financial business markets to retirees seeking some Mediterranean sun in their golden years. Our unique selling proposition is the tailored service, the ‘old fashioned way of banking’, no automated call systems- always a human at the end of the phone and a dedicated account manager from the very first call. Of course the savings we can pass onto our clients makes it an attractive reason for clients to utilise our service and this is why market research has shown 98% of our clients would recommend us to a friend or colleague.

Our unique selling proposition is the tailored service, the ‘old fashioned way of banking’, no automated call systems

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Other important Foremost Currency Group facts: • On the 7th June 2007 Foremost Property Group Limited (FPG) was launched, a property portal for Estate Agents and Private clients to advertise as many properties as they wished free of charge cementing our relationships with estate agents around the world. • May 21st 2008, Moved office from Berkhamsted, Hertfordshire, United kingdom to larger premises in Tring, Hertfordshire. • On 3rd December 2008, Efirst FX Limited was launched. The first 24 hour 7 day a week trading platform available to private clients trading sums of money between £500 – £15,000. • 30th September 2009, Foremost Currency Group was given authorisation by the Financial Services Authority to continue providing Payment Services activities as an Authorised Payment Institution under The Payment Services Regulations 2009. • 9th April 2010, Second company move to larger offices Tring, Hertfordshire. • 1st September 2014 saw the launch of another online portal. This time one designed to improve customer interaction and increase straight through processing. FCG Connect. • 8th October 2014 the FCA awarded Foremost Currency Group their E-money licence. Approval to store customer funds electronically to spend at a later date.

MBR: What types of clients are referred to you and from which countries are the majority of clients? RM: We can assist any clients requiring foreign exchange services purchasing in Malta. Obviously the UK expat market but we have also noticed in recent years an increase in clients coming from Scandinavia, Switzerland, South Africa and Australia. MBR: What do you think are the major strengths that your company can offer to clients? RM: We are particularly proud of our long standing reputation as leaders in excellence in customer service through our in-depth market knowledge and buying power of 22 currencies. The large volume of currencies we buy each day enables us to pass on these direct benefits to private and business clients. Over the past few years we experienced an increase in business clients valuing our knowledge and ability to support their business with FX trades, resulting in increased savings and a positive impact on their bottom line. Equally we feel additional strengths are our upgrade of status by the Financial Conduct Authority (FCA) as an e-money issuer. At Foremost Currency Group we have segregated client accounts that are held at Barclays PLC. In addition to this added level of security we hold a 2A1 credit rating from Dun & Bradstreet, the global company ratings agency. This shows both our strong financial strength as well as our extremely low financial risk. MBR: What are the main reasons FCG is considered as a trusted brand all over the world, helping thousands of customers to save money on their currency exchange? RM: We feel our core brand values being -Transparency, Dedication, Trust, in-depth Market Knowledge have provided us with an edge over our competitors. Being a privately owned company it is easy for us to ensure that we stick to these core values religiously. As the Managing Director and founder of the company I am in the office daily working with my team, supporting them with their client’s transactions and ensuring we deliver on our core brand values. I pride myself of the achievements we have made over the past decade and I am committed to ensuring we remain true to our roots and continue to deliver our core brand values daily to the benefit of all our client’s- private and business. This is why I feel we have become a well-recognised and trusted brand globally and we are seeing evidence of this everyday as we help clients from as far afield as South Africa, New Zealand, Australia as well as Europe with their currency requirements. MBR

EDITOR’S NOTE Robin McEwen is the Founder and Managing Director of UK based international currency exchange company Foremost Currency Group. A hands on director he works closely with his extensive team of experienced currency brokers to continue to be leaders in the currency market, offering excellent rates and service to personal and business clients. Robin is also the founder and director of the Foremost Property Group, an online property portal. Robin sits on the executive board of the Association of Foreign Exchange and Payment Companies (AFEP) .

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MEDICAL TourIsM

Developing The Medical Tourism Niche Market In Malta by Vincent Magri

Malta’s intentions

Market segMents

Medical tourism refers to people travelling abroad for medical treatment. Since such visits are usually of a short term and elective nature, they hence form part of the tourism market.

It is also worth exploring other segments of the market that are related to short term stays, for example health related tourism. This segment usually attracts health conscious persons that need a relaxing holiday usually associated with spas and related facilities. Could public authorities improve this segment? For example, in Iceland there is a main tourist attraction called the Blue Lagoon. This facility is a man-made haven which resulted from the coincidental observation of the positive medical effect of water discarded during the production of geo-thermal heating. Could research be carried out in Malta relating to the water being used for the production of electricity from reverse osmosis plants? Sounds odd, but then, if such ideas are not probed, innovation will never take place.

Other countries have already started to tap into this niche market with quite some success. Building on our strong tourism background and outstanding medical professional base, during the past years Malta has also started to promote itself as a medical tourism destination. Plastic surgery, Orthopaedics, Ophthalmic, Neurological, Urological, Oncology, Diagnostic, Bariatric and Cardiac, were already identified as some of our strong areas, all being well covered by the private healthcare sector. These typically imply a focus on medical interventions and short stay periods. Other facets may however also be explored. the Market Persons in need of medical treatment travel to Malta for a number of reasons amongst which could be the lack of local facilities in their home country, or because such facilities and services are not to the required standard or not specialised enough, or else because they are inaccessible. This is done through own funding or by means of public authority subsistence. Developing such a niche market further in Malta therefore entails addressing the above issues in the most complete and quality driven way possible. The public sector cannot and should not rely solely on the private sector. First it needs to assess its own capacity because there may be certain specialisations for which it currently has over-capacity. Secondly it needs to develop policies that incentivise such medical tourism to take place, both on the supply side and on the demand side. 48

Another related segment which is an obvious candidate for more detailed investigation relates to long term stays- more specifically, the

attraction of Malta as a retirement destination. We already know that many senior persons, especially Europeans come to retire in Malta. These individuals usually have two important characteristics that are crucial for the development of this sector – their special needs and their relatively good financial means. Quality The common factor in all the above segments is “quality”. These segments need to be supported by a quality infrastructure – quality facilities, quality equipment, quality professionals, quality provision of associated services, quality accommodation, excellent IT infrastructure, and excellent transportation infrastructure (including public transport and airport connectivity). These are all essential key success factors that still need to be developed and need to complement the ones that Malta already has and which give it its competitive advantage – its climate, natural beauty, cultural heritage and strategic location in the Mediterranean.

MEDICAL TourIsM

The opportunities are clearly there but the associated challenges still need to be overcome – challenges of size, environmental protection, human resource development, and infrastructure. The role of public authorities in the development of this niche market is crucial. Managing Medical tourisM Projects The macro-level outlined above needs to be followed by a very important microlevel – the level of the individual projects. Project management assumes paramount importance at this stage. Experience in project managing both tourism and medical projects plays a very important part since hospital related projects include complicated engineering services while tourism projects require a very high standard of finishes. Hospitals are unique. They usually have a complicated infrastructure, include specialised machinery, and necessitate higher safety requirements depending on the treatment being provided and the type of patients. In general, hospitals demand higher operational standards. Tourism projects also have their particular requirements. Usually catering for the higher category market, they need to have a very high standard of design and an even higher standard of finishing. Medical tourism projects require a combination of both aspects, are therefore more demanding than both, and are even more challenging through their integration. They thus need to be given an even higher level of attention and the equivalent expertise in project management. avoiding Pitfalls The project owner usually hails from the private sector. The control structure is

usually more flexible and decision making is fast. The challenge is to carry out proper planning and identification of needs since these usually take time whilst commercial exigencies dictate short timeframes.

The wrong choice of project manager will drastically influence quality, cost and time of the project

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action to incentivise both the public and private sectors to work in tandem to realise the strategy. At the project implementation level, high quality development and infrastructure is needed. To be successful in ensuring this, appropriate project management expertise is essential. One can only ignore these “abstract” needs to the detriment of the development of the sector and to achieving the required quality, within time and at the right cost for specific projects. MBR All Rights Reserved | Copyright 2015

The Project Manager should be the first person to be engaged on the project. This is one of the most important decisions that the project owner will take and making the right choice is essential. The wrong choice of project manager will drastically influence quality, cost and time of the project and hence affect short term and longer term profitability. The project manager will highly influence the choice of all things to come, from the choice of other consultants and on to the final completion date. He/she will guide on the work breakdown structure of the project, the award of contracts, value engineering and time management. The project manager will carry out the overall coordination - with the project owner, and between this and the consultants and contractors. Past experience is essential and for large projects the support of a good project management team is a must. the challenge It all starts with someone’s vision, which is then followed by a strategy. Malta is currently at this phase and needs to get it right, as has been done for other sectors. Strategy is however only the start of the road and needs to be followed by concrete

EDITOR’S NOTE Perit VINCENT MAGRI has studied at the University of Malta, the University of Newcastle-upon-Tyne and the Maastricht School of Management. He has been involved in strategic planning and in the management of projects for the past 25 years, including the drafting of local plans, the refurbishment of 5* hotels both locally and abroad, and the project management of hospitals. He is currently Client Representative and Project Manager for the new Sir Anthony Mamo Oncology Centre at Msida. www.maltabusinessreview.net

Malta Business Review

ICT

Windows 10 Available As A Free Upgrade On 29th July The Return of the Start Menu Plus Innovative Features Create a More Personal, Productive and Fun Windows Experience

Microsoft announced that Windows 10 will be available as from 29th July in 190 countries. Windows 10 will help people be more productive and have more fun, with a personal and natural experience that works across all their devices. Familiar, yet better than ever, Windows 10 will deliver ongoing feature innovations and security updates. Windows 10 will be available as a free upgrade to people using Windows 7 and Windows 8.1,* enabling hundreds of millions of people around the world to upgrade to Windows 10 for free. “Windows 10 is a new generation of Windows designed to empower you to do great things,” said Terry Myerson, Corporate Vice President, Microsoft. “Windows 10 starts to deliver on our vision of more personal computing, defined by trust in how we protect and respect your personal information, mobility of the experience across your devices, and natural interactions with your Windows devices, including speech, touch, ink, and holograms.”

Familiar and Better than ever Windows 10 brings back the Start menu people know and love, while enabling them to easily find their files, pinned applications and favourites. Windows 10 starts fast, resumes fast and enables batteries to last longer than ever. Providing the most secure platform, Windows 10 includes Windows Defender for free antimalware protection, and a commitment to deliver free ongoing security updates for the supported lifetime of the device. Optimized for both keyboard and touch, the Windows 10 upgrade is designed to be compatible with Windows device and applications.

a more Personal and natural exPerience Windows 10 adapts to people for a more personal experience. Cortana, the world’s first truly personal digital assistant, helps people get things done across all of their devices.** Cortana learns individual preferences to provide relevant recommendations, fast access to information and important reminders via talking or typing. Windows Hello*** greets people by name and lets them log in to their PC without a password – providing instant, more secure access to their Windows 10 devices through biometric authentication. Windows 10 also lets people interact with their device via the traditional mouse and keyboard, or through more natural ways such as voice, pen or gesture.

ICT

Malta Business Review

Be more Productive Windows 10 will help people get more done with less effort than ever before. Microsoft Edge, the all-new browser designed to get things done online in new ways, offers built-in inking, sharing, and reading view. With Cortana integrated, Microsoft Edge offers quick results and content based on individual interests and preferences. Fast, streamlined and personal, Microsoft Edge empowers people to focus on just the content that matters to them and actively engage with the web. And with Office†, Windows 10 offers a consistent, touch-first experience across tablet and PC with new versions of Word, Excel, PowerPoint, OneNote and Outlook. Designed from the ground up to run on Windows, Office enables people to easily create and edit Word documents, annotate slides in real-time with inking features or easily present PowerPoint presentations, and create or update spreadsheets without a keyboard or mouse with new touch-first controls in Excel. Of course, the Office 2016 desktop suite will also work great on Windows 10.

Work and Play the Way you Want across devices

aBout microsoFt

Windows 10 offers a familiar and consistent experience across devices. Continuum enables devices to transform, enabling elegant transitions of a tablet into a PC, and back—and for a Windows phone to provide a rich desktop experience.# Xbox on Windows 10 brings the expansive Xbox Live gaming network to both Windows 10 PCs and tablets. People can communicate with their friends on Windows 10 PCs and Xbox One while playing any PC game, and share content using Game DVR. People can also stream games directly from their Xbox One console to their Windows 10 tablets or PCs. Games developed for DirectX 12 in Windows 10 will see improvements in speed, efficiency and graphics capability.

Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential. For more information, news and perspectives from Microsoft, please visit the Microsoft News Center at http://www.microsoft.com/news.

*Free upgrade available for qualified devices. See windows.com/windows10upgrade. **Cortana available in select markets at launch. uPgrade availaBility On 29th July, people can get Windows 10 for PCs and tablets by taking advantage of the free upgrade offer, or on new Windows 10 device retailers. New Windows 8.1 devices will also easily upgrade to Windows 10 and many retail stores will help upgrade new devices. Starting today, people can reserve their free upgrade if they choose. More information is available at Windows.com. Windows 10 for other devices will be available later this year.

***Windows Hello requires specialized illuminated infrared camera for facial recognition or iris detection or a finger print reader which supports the Window Biometric Framework. †Office sold separately. #Continuum for phone available on select models at launch. MBR Courtesy of Corporate Identities & Microsoft

10:24AM 7/5/2015 www.maltabusinessreview.net

Malta Business Review

HSBC GloBal ForeCaSt report

TRADE SET TO ACCELERATE ON EMERGING MARKET REBOUND, POLITICAL ACCORDS **Merchandise trade growth to rely on developed markets in the near term** **Faster expansion from 2017 on south-south commerce, liberalisation deals ** **Special focus on the ITA: electrifying trade in next generation ICT products**

Advanced economies look set to sustain global commerce through 2016 before an emerging market recovery, and potentially a series of game-changing trade liberalisation agreements, accelerates growth back to levels last seen before the financial crisis, the latest HSBC Trade Forecast shows. From an average of 1.5 per cent annual growth between 2012 and 2014, world merchandise trade should increase by about 8 per cent a year from 2017, according to the report. Although that’s still below the 9 per cent pre-crisis pace of expansion, the conclusion of additional World Trade Organisation accords – plus the proposed Trans-Pacific Partnership (TPP), Transatlantic Trade and Investment Partnership (TTIP) and Regional Comprehensive Economic Partnership (RCEP) – could have a significant additional impact. “In the short term an increasingly robust US economy, aided by cyclical upturns in Europe and Japan, are likely to provide the greatest cross-border opportunities for businesses,” said Simon Cooper, Chief Executive of HSBC Commercial Banking. “Further out, demographic trends in emerging markets will undoubtedly fuel greater ‘south-south’ trade, meaning companies should adopt a diversified strategy spanning both developed and developing markets. If ratified, the international trade deals currently under negotiation could also have a major catalytic effect - one that’s hard to quantify but that should give businesses plenty of reasons for optimism.”

Amongst the 25 economies analysed for the HSBC Trade Forecast, trade expansion is expected to be strongest in India and Vietnam over the medium term. The value of goods exported from these countries may increase by an average of more than 10 per cent a year from 2015 to 2030 as Asian nations, plus other emerging market economies such as Turkey, Egypt, Mexico and the UAE, drive trade growth. Demand for capital goods, particularly in emerging markets, bodes well for companies that make and trade in machinery and transport equipment. “Our latest economic forecast indicated that Malta will register one of the highest economic growth rates in the EU this year. Combined with a cyclical recovery in several of our traditional trading partners, this means that Maltese businesses can be confident about our near-term trade prospects. Through initiatives such as the Malta Trade for Growth Fund, we are focused on connecting our customers to international opportunities, help these businesses to thrive and the economy to prosper,” said Michel Cordina, Head of HSBC Malta Commercial Banking . Downside risks to the outlook include delays to the negotiation and implementation of trade liberalisation agreements and the continued shortening of global supply chains; such as the trend to re-shore production and so reduce cross-border traffic in intermediate manufactured goods. Given that some studies show free trade measures contributed around 20 per cent of the growth in global commerce in the decade to 2004, this HSBC Trade Forecast places a special focus on plans for the electronics industry.

HSBC GloBal ForeCaSt report

Malta Business Review

eleCtriFying trAde The Information Technology Agreement (ITA), signed in December 1996 under the auspices of the WTO, has proven to be one of the world’s most significant trade liberalisation accords. Exports of information and communications technology (ICT) products have almost tripled in value since that deal was struck, reaching an estimated US$1.4 trillion. Now signatory countries are discussing whether to expand the original ITA to add to the zero-tariff and duty-free guarantees it already provides on 250 electronics products from calculators to printers. This second phase of the agreement would include an additional 200 products, such as new generation communications, data and medical devices, helping to boost exports, encourage R&D and increase access to ICT goods – tools that support productivity, innovation and competitiveness throughout an economy. ICT trade has thrived in the liberalised environment provided by the ITA. In 2000 China’s electronics exports accounted for just 7 per cent of total trade in these products amongst the 25 nations included in the HSBC Trade Forecast. Today that share has grown to 35 per cent and it is forecast to reach 43 per cent by 2030 as China capitalises on the agreement,

produces higher specification products and promotes awareness of Chinese brands. Beyond the ITA, negotiations are underway on a number of important inter-governmental accords: *The WTO’s Trade Facilitation Agreement (TFA) is awaiting ratification. By reducing red tape and streamlining customs requirements, the OECD estimates it could reduce trade costs by 12 per cent or more. * The Trans-Pacific Partnership (TPP) proposes to slash trade barriers between 12 countries on both sides of the Pacific. Research by the Peterson Institute indicates the TPP could boost world income by US$295 billion over a decade. * The Transatlantic Trade and Investment Partnership (TTIP) proposes to eliminate tariffs and harmonise standards between the US and the EU, potentially adding billions of dollars to both regions’ economies each year. * The Regional Comprehensive Economic Partnership (RCEP) proposes to create a free trade area linking the 10-member Association of Southeast Asian Nations (ASEAN) with six Asia-Pacific partners including Australia, China and India.

About the hSbC trAde ForeCASt – Modelled by oxFord eConoMiCS Oxford Economics has tailored a unique service for HSBC which forecasts bilateral trade in goods, based on HSBC’s own analysis and forecasts of the world economy. A topdown approach is employed, with Oxford Economics’ suite of models used to ensure consistency between HSBC’s forecasts for economic growth and exchange rates in key countries and the more granular projections for bilateral trade flows presented here. Oxford Economics employs a global modelling framework, with headline bilateral trade forecasts constructed as a function of final demand in the destination market and the exporter’s competitiveness (as measured by relative unit labour costs). Exports, imports and trade balances are identified, with both historical estimates and forecasts for the periods 2014-16, 2017-20 and 2021-30. These headline bilateral trade forecasts are also disaggregated by sector, using Oxford Economics’

Industry forecasts to inform future production trends. Sectors are classified according to the UN’s Standard International Trade Classifications (SITC) system at the two-digit level and grouped into 30 sector headings. Oxford Economics produces a global report for HSBC, as well as country specific reports on the following 23 countries: Hong Kong, China, Australia, Indonesia, Malaysia, India, Singapore, Vietnam, Bangladesh, Canada, USA, Brazil, Mexico, Argentina, UK, France, Turkey, Germany, Poland, Ireland, UAE, Saudi Arabia, and Egypt. The analysis also includes trade with Japan and Korea for a total sample of 25 key trading nations. All trade flows data are reported in nominal US-dollar value terms (using market exchange rates) unless otherwise specified. This means that fluctuations in a country’s terms-of-trade due to relative price and exchange rate effects are reflected in the data.

About HSbC CommerCiAl bAnking For 150 years we have been where the growth is, connecting customers to opportunities. Today, HSBC Commercial Banking serves businesses ranging from small enterprises to large multinationals in almost 60 developed and faster-growing markets around the world. Whether it is working capital, trade finance or payments

and cash management solutions, we provide the tools and expertise that businesses need to thrive. With a network covering more than three quarters of global commerce, we make HSBC the world’s leading international trade and business bank. MBR For more information see www.hsbc.com/1/2/business-and-commercial

Courtesy: HSBC/BPC www.maltabusinessreview.net

Malta Business Review

EU FUnding

Novel EU Funding Opportunities For Enterprises:

The Fast Track To Innovation Pilot by Anamaria Magri Pantea

This is a second article in a series focused on new funding opportunities for enterprises being put forward by the European Union over the 2014-2020 period. As highlighted in the first article, the EU is now very much focused on enterprises as the actual engine behind the sustainable and renewed economic growth that Europe so badly needs today. The aim is to move beyond the traditional support offered for R&D and facilitate the actual market uptake and commercialisation of such. Innovative approaches to the integration of existing technologies or their application in new areas, the development of new products, services, solutions or business models with potential to address todayâ&#x20AC;&#x2122;s economic needs and social challenges is being prioritised. Funding and other support in this sense is being provided not only to academia and research labs but also more and more to enterprises. They are the ones that actually operate on and know the market conditions, hence should be actively involved in and driving RDI initiatives. With this in mind, as well as building upon the huge interest shown in the SME Instrument, the European Commission launched in January 2015 the Fast Track to Innovation (FTI) pilot. This is also aimed at facilitating and supporting increased innovation within Europe, but it goes beyond SMEs and targets industry in general. Large enterprises are now encouraged to further leverage upon their private RDI expenditure and to lead specific innovations from the lab benches to real-life operating 54

conditions and the market. This should be done however in small, business-driven consortia of min. three and max. five partner organisations from across the EU. Universities, research and technology centres, cluster organisations, industrial associations, incubators, investors, or the public sector can also participate as necessary, with first-time industry applicants and SMEs being particularly welcome.

Large enterprises are now encouraged to further leverage upon their private RDI expenditure and to lead specific innovations from the lab benches to the market As regards the scope of the sought innovation projects, the FTI is a fully bottom-up programme, funding proposals being invited for any ideas of developing innovative products, processes and services, as long as they are sustainable, address nowadays societal challenges and have the potential for high competitiveness in the global markets. These aspects must be underpinned however by a clear business plan based on a strong market potential and a concrete, feasible commercialisation strategy. Enabling technologies, integrated multi-disciplinary approaches and cross-sectoral solutions are particularly encouraged given their catalytic effect. Thus, the FTI pilot targets relatively mature new technologies, concepts, processes and business

models that need just a last technical and market development step to reach commercialisation and/or wider deployment. In this line, the focus is on supporting innovation projects not farther than 3 years from market launch. A maximum EU contribution per project of EUR 3 million (but not more than 70% of the overall project cost) is being earmarked for demonstration, piloting, test-beds, systems validation in real working conditions, validation of business and commercialisation models, pre-normative research, and standard-setting. Given the EUR 200 million budgeted by the EU for the 2015-2016 FTI pilot, approximately 100 projects are envisaged to be funded under this programme. The first application cut-off already took place on 29th April, but other deadlines lay ahead, the next ones this year being 1st September and 1st December 2015. MBR EDITORâ&#x20AC;&#x2122;S NOTE Anamaria Magri Pantea is founder and managing consultant of Ascend Consulting, specialised in access to finance, innovation management and business development. Holding an Honours Degree in Economics with specialisation in Finance and a Master in Business Administration with Distinction, she has over fourteen years of experience in structuring, funding sourcing, management, coordination, supervision and evaluation of projects at both macro and micro level. For further details, she can be contacted on anamaria@ascendconsulting.eu

IT SupporT

Malta Business Review

Kinetix Launch New Service To Provide Visibility On IT Support Costs - IT Support At A Fixed Cost Are IT Support costs creeping up on you? IT powers your business, so can you afford to compromise on IT support? This is the IT support conundrum that most are faced with, balancing the cost of the service and reliability and stability of your infrastructure.

An effectively managed IT infrastructure should allow for a more productive workplace, less downtime , fewer ugly surprises, but most importantly should simply let you get on with it. Reliable and cost effective IT Support is critical to the success of a business. Streamlining your IT infrastructure allows you to manage your systems more effectively and efficiently. In our experience and from feedback we have received from our clients, the only pain that would then be left to tackle would be the lack of visibility when it comes to IT support related costs. These are typically billed by the number of hours spent and can at times creep up on the business. In order to address this, we have launched a new service offering, a managed IT support service at

a fixed cost. Once processes are streamlined, this model allows our clients to have full visibility on what their IT solutions and infrastructure costs them. No more ugly or hidden surprises! Technology should work in the background facilitating everyday communication and supporting the future growth of the business. The simpler the administration becomes, the more effective and efficient your IT managed service becomes. At Kinetix we pride ourselves on making things simple for our clients – simple yet effective. Kinetix IT Solutions, is a local leading IT Systems Integrator. Kinetix are HP, Cisco, Microsoft, Kerio, Trend Micro and Symantec certified partners. MBR

www.kinetix.com.mt | t: 2013 2000 e: info@kinetix.com.mt

uk Based Company Foremost Currency Group partners With respected Malta Business, In providing International Currency Exchange Services For Their Clients And raise The profile of Malta In The uK. UK based currency exchange company The Foremost Currency Group, recently visited Malta to speak to businesses about the benefits of choosing a specialist currency exchange company to help them and their clients make the most of their currency. Robin McEwen founder and director of Foremost Currency Group is excited about the opportunities ahead for Malta businesses and private clients needing specialist currency services. Trading in 22 major currencies including; Sterling, Euro, US Dollar, South African Rand, Australian Dollar and NZ Dollar to name a few. Founder and Managing Director Robin McEwen spoke to me about how Foremost Currency Group has grown in the last 10 years: employing 30 staff, a £283 million turnover last year and how he anticipates their new partnership with Frank Salt will strengthen the relationship between Britain and Malta on a business level. As Robin explained the ways in which Foremost Currency Group has recognised the potential growth of opportunities in Malta, the benefits for both client and company are blatantly obvious; “Malta being such a small island means land is always at a premium, and having not experienced a property crash means investing in Malta is a wise choice.”

Private and business clients in Malta can read a dedicated Euro blog or follow Foremost Currency Group on twitter to keep up to date with the latest trends in currency that could affect them. Assisting approximately 20 Frank Salt clients last year in Malta and Gozo, Foremost Currency Group is proud to partner with such a well-established Real Estate company that shares strong core values of “trust, transparency and customer service”. Robin and Joe Lupi (Managing Director, Frank Salt), envision a long and “fruitful” partnership which benefits the presence of both companies in the UK and Malta, prosperously widening client markets with a premium service. Complimenting this Maltese vision, the launch of Foremost Property Group 5 years ago, an international property website marketed to predominantly UK buyers, the listings of Frank Salt Real Estate are sure to thrive. Generating leads to estate agents which in turn refer clients back to Foremost Currency Group for the currency element, the partnership goes hand in hand. MBR www.maltabusinessreview.net

Malta Business Review

EU - YoUth

What it means to be young in the european union today Facts and Figures on y outh and children in the eu How many children live in the European Union (EU)? And how has their share in the population evolved and is expected to change in the future? Are the youngest children in your country cared for more often by their parents, relatives, a child-minder or through a day-care centre? How do young people make the switch from school to work? How are they affected by information and communication technologies in their everyday lives? Answers to these questions and many more can be found in the flagship publication “Being young in Europe today” issued by Eurostat. This new Eurostat publication provides an overview of the wealth of information related to children (those aged 0- 14) and young people (15-29) that is available on Eurostat’s website. These statistics play an important role in evaluating progress toward the EU Youth Strategy. As Mariana Kotzeva, Deputy DirectorGeneral and Chief Editor of Eurostat, says in the foreword of the publication: “This flagship publication on children and young people, focusing on their concerns and interests, also illustrates Eurostat’s efforts to be closer to EU citizens by addressing specific

themes that are highly relevant for the general public. It aims to provide an insight into the past, current and future situation of our youngest fellow citizens. The objective is to shed light on what it means ‘to be young in Europe today’, ranging from attending school and participating in sport and leisure activities, to leaving the parental home and entering professional life”. “Being young in Europe today” is divided into seven chapters covering demography, family and society, health, education, access to and participation in the labour market, living conditions and the digital world. This publication is released together with an interactive infographic on young Europeans. This playful tool can be accessed on the Eurostat website. On the occasion of the launch of “Being young in Europe today”, a few days before the start of the 2015 European Youth Week, Eurostat, the statistical office of the European Union, presents in this News Release a small selection of the indicators about children and youth in the EU that can be found in the publication.

Evolution of the share of children aged less than 15 in the EU, 1994-2080 (in % of total population)

Largest share of children in Ireland, lowest in Germany

Share of children aged less than 15 in the EU Member States, 2014 (in % of total population)

In 2014, the EU registered 10 million fewer children aged less than 15 than in 1994. The share of children in the total population decreased over the last twenty years in all Member States, except Denmark. The largest reductions in the proportion of children in the population were observed in Cyprus (from 25.2% in 1994 to 16.3% in 2014, or -8.9 percentage points), Poland (-8.7 pp), Slovakia (-8.2 pp) and Malta (-8.0 pp). In 2014, Ireland (22.0%) recorded by far the largest proportion of children, followed by France (18.6%), the United Kingdom (17.6%), Denmark (17.2%), Sweden (17.1%) and Belgium (17.0%). In contrast, in 2014 the lowest shares of young people where observed in Germany (13.1%), Bulgaria (13.7%) and Italy (13.9%). At EU level, children accounted for 15.6% of the total population in 2014, down from 18.6% in 1994. MBR 56

Courtesy: EuroStat

Air TrAvel Policy

Malta Business Review

Air Malta Updates Policy On Carriage Of Assistance Dogs – MgDf Consulted In Update Process Assistance dogs can now travel with their owners on every Air Malta flight according to the latest update to the national airline’s Policy on Carriage of Assistance Dogs.

Malta Guide Dogs Foundation Chairman Leone Sciberras and his guide dog Aval at the Air Malta check-in desk in the Departures Lounge at Malta International Airport with Air Malta General Manager, International Affairs, Dr. Nadia Giordimaina (on his left), Passenger Handling Executive Fabian Mizzi and two checking in clerks, Michelle Nisevic (on left) and Graziella Cutajar.

he updated policy comes after discussions held between Leone Sciberras, Chairman of the Malta Guide Dogs Foundation (MGDF), and Fabian Mizzi, Air Malta’s Passenger Handling Executive. Various internal meetings within the airline were held including Commercial, Ground Handling, International Affairs and the Cabin Safety Action Group. This led to a number of revisions of various airline manuals. The discussion to allow assistance dogs on Air Malta flights started a number of years ago under the first Chairman of the MGDF, the late Ron Colombo. As Mr Sciberras explained: “When Air Malta first allowed guide dogs to travel in the cabin of their flights, there were very few

such dogs in Malta but the figure has now gone up to 13 in Malta and Gozo, and that figure is set to rise in the coming years. We thank Air Malta for having made this step forward and I have no doubt that the policy can be reviewed to keep up with the times.” There was also consultation with the European Guide Dog Federation and the Assistance Dogs Europe, represented by Mark Van Gelder. Mr Mizzi said the airline felt the need to update its policy because it is confident that, so long as the dog meets the full membership criteria of the International Guide Dog Federation or Assistance Dog International and the dog is well trained, it will pose no risk to other travelling passengers.

“Recognised Assistance Dogs include guide dogs, hearing dogs and service dogs that assist persons with disability or reduced mobility other than visual or hearing impairment.” The policy, which aims to ensure best industry practices, outlines the procedures that have to be followed to request the carriage of an Assistance Dog in the cabin and where the handler is allowed to be seated. Air Malta’s Call Centre needs to be notified at least 48 hours before the flight’s published time of departure (in the case of travel to the UK this is seven days). The same applies for a return flight. MBR For a full version of the policy go to http://www. airmalta.com/information/customer-support/ special-assistance/carriage-of-assistance-dogs Courtesy: Air Malta www.maltabusinessreview.net

Malta Business Review

EpilEpsy

By Nicole Caruana and Kris D’Amato - AAT Research

An epileptic seizure is one of the most frightening phenomena one can experience and witness. Potentially characterised by uncontrolled jerking movements and loss of awareness, and accompanied by feelings of helplessness, the unexpected occurrence of an episode is the daily fear of the 65 million diagnosed with epilepsy and their families (Thurman et al., 2011). The administration of high doses of antipyretics and anticonvulsants can effectively control seizures in about 70% of cases but patients frequently suffer side effects (Eadie, 2012). For the remaining epileptic patients, medications are not effective and may even cause more harm than good (Cook et al., 2013). Advances in the field of seizure forecasting systems, whereby an audible alarm is raised to warn user of possible seizure occurrence, might help epileptic patients and their families lead more normal lives providing some peace of mind from the persistent anxiety. It can also reduce the risk of injury or death following loss of consciousness or motor control. Predicting an epileptic seizure may be compared to predicting an earthquake in terms of sheer complexity. Indeed, although studies on predictability started in the 70s, until very recently the consensus among scientists was that reliable prediction was uncertain at best.

These past few years, however, it has become increasingly possible to predict seizures when they are focalized. Most techniques make the assumption that prior to seizure onset, changes occur in the brain which can be detected through EEG. Advanced mathematical and statistical tools are applied to the data to determine if the brain is in a preseizure or normal state. Based on this science, some experimental systems have shown promise in predicting seizures up to several minutes before they actually occur. AAT Research is a Maltese neuroscience company working in this field. Its MEPS (Mobile Epilepsy Prediction System) prototype system will predict seizures and raise alarms up to 40 minutes before they occur. The system consists of a portable head-worn device that continuously measures EEG brain activity from the scalp, and that can be used in the comfort of one’s home or while out and about without requiring medical supervision. Epilefree, a separate project, is a three-year collaboration between the University of Malta, AAT Research and the University of Cardiff, leading to an implantable chip in rodents that gathers data from a limited region in the brain. Inspired by the fledgling field of optogenetics, when a seizure is predicted this device will stimulate genetically modified neurons using light to release serotonin and stop the seizure

from happening. A human-implantable variant of this technology can then be developed that would offer highly accurate predictions and the convenience of a permanent solution. MBR EDITOR’S NOTE Nicole Caruana a neuroscientist, is Head of the Clinical Team at AAT ResearchResearch. Following a BPsy degree, Nicole went on to achieve a distinction in a Master’s degree in Cognitive Neuroscience from Durham University in the UK. While her main area of interest is attention and its respective link to consciousness and eye movements, past projects have also focused on neuroplasticity and its role in sensory brain area recruitment following loss of a different sensory modality. Nicole is now due to publish research about the brain area involved in color constancy, after evidencing color constancy as an automatic process, that can be carried out in the absence of both attention and awareness. Kris D’Amato has a background in the physical sciences. He graduated with a degree in Mathematics and Physics in 2008 and was subsequently employed as a software developer in a research and development (R&D) environment. There, he developed successful artificial intelligence (AI) and computer vision algorithms for vehicle detection. Kris has a keen interest in computational neuroscience and he enjoys creating biologically accurate simulations of brain neurons in his free time. As software R&D lead at AAT Research, he has worked on the mathematics behind Mente and epileptic seizure prediction algorithms, with the aim of publishing on seizure prediction in the near future.

The best reputation built on the best equipment for the best prices!

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MRA48A Marsa Industrial Estate Marsa MRS 3000 Malta M: 7954 5458, 7947 5880, 9940 6234, 9949 8226 E: sales@nexoslighting.com

Malta Business Review

company focus

eVere Group is one of the world’s leading independent financial advisory firms and works to provide British expats and international investors from around the globe with sound, expert and bespoke investment advice on issues such as savings, bonds, life insurance, education fee planning, pensions and structured products. Launched in 2002 by its founder and current CEO, Nigel Green, the company has witnessed year-on-year growth every calendar year and has now more than $10 billion of funds under its advice and administration. Moreover, deVere Group has over 70 offices worldwide and more

than 80,000 clients around the globe further expanding its international reach. Green started off in London – in arguably one of the most competitive and exciting financial arenas in the world - and was based there for 15 years. It was, in fact, here that he found his feet and made the move to establish the Luxembourgregistered company, deVere & Partners, with the aim of offering financial services to expats. Originally established in Hong Kong, deVere Group continues to be bolstered by Green’s willingness to consider any potential market. With an increasing number of expats in need of professional

financial advice – and guidance on how to understand the jurisdictions of the countries in which they are residing – deVere Group is set to maintain its unique global position as the company that expatriates can turn to, no matter where they are in the world. Our office in Malta, provides all our other offices with vital, back office support such as IT, administration, marketing, accounts and the company’s legal and compliance services. With the company continuing to grow around the world, the Malta office now employs over 150 staff, 90% of whom are Maltese. MBR Visit www.deVere-Group.com to find out more.

ACHIEVING A PERFECT BUSINESS EVENT IS NO EASY FEAT. This is why we take pride in assisting you every step of the way and ensure that your business event does indeed become one to remember. Surrounded by breathtaking views of the Mediterranean Sea, the Paradise Bay Resort Hotel’s unique position, make it the obvious choice as an ideal venue for your next business event. The hotel offers a number of halls, suites and outdoor venues, including halls with sea views and natural daylight, which can host various tailor made functions, conferences, business meetings or other related events. The property’s extensive grounds and outdoor venues also make it the perfect venue for larger events. Our conference rooms, equipped with all requirements, come in a variety of sizes and guarantee efficient working conditions. Our food and beverage team can also assist you in choosing the right catering requirements to compliment your event.

Contact our events department now on 21 521166 or events@paradise-bay.com

www.paradise-bay.com

Methode Electronics Malta Ltd., Industrial Estate, Mriehel, BKR 3000

T: (+356) 2148 4184 info@methode-eur.com

Malta

User Interface | Power | Data | Sensor & Switches

www.methode.com

Malta Business Review

Automobiles

DS Week, In Paris - Celebrating 60 Years Of History DS WEEK kicked off in Paris running through on 24th May. The DS brand has organised this major event to celebrate the 60th birthday of the DS and the world launch of the new French automotive brand. The brand is welcoming its global network and is also invited the general public to visit the DS Exhibition in the Tuileries garden on Saturday 23 and Sunday 24 May. Over nearly 4,000 m2, visitors will be immersed in the world of DS and travel in time between the past, the present and the future. Fans, meanwhile, had a unique experience on Sunday 24 May as more than 700 DS parade along the Champs Élysées. These could be admired on Saturday at the historic Linas-Montlhéry track (near Paris), at the international gathering for the 60th anniversary of this legendary car. This was the largest concentration of DS collectors in the world this year. Launched in 1955, the DS is still one of the most popular French automotive icons of the 20th century. Made popular by its commercial success, as well as its political career, particularly with General De Gaulle, its cinematic appearances and its sporting success, the DS made its mark on the lives of many people in France and spread French know-how around the world. Building on this exceptional heritage, the ambition of the DS brand, created on June the 1st 2014, is to perpetuate the avantgarde spirit of this legendary car and allow the French vehicle market to reconnect with 62

luxury. Commenting, Yves Bonnefont, CEO of the DS brand, said: “We are building the DS brand today by drawing our inspiration from the outstanding heritage of the historic DS. The legendary car upholds the values of innovation, excellence and avant-garde – values that we have made our own. Today’s DS models combine remarkable styling and technology, comfort and vitality, premium

attended by more than 700 cars. These made the journey to Paris on Sunday 24 May to process along the banks of the Seine and the Avenue des Champs-Elysées to the Place de la Concorde, where they remained for much of the day. This international gathering was organised by Le Monde de la DS, an association of fans supported by the DS brand, Michelin and Total. MBR

materials and refinement. We aim to perpetuate the story and ensure that these two letters continue to embody French know-how in luxury automobiles around the world and for a long time to come.”

Courtesy: Michael Attard Ltd

To celebrate the 60th birthday of the original DS and the launch of the Brand, DS organizes the “DS WEEK”, a major event at Tuileries garden in Paris. A place that echoes the announcement today by the brand which becomes sponsor of the Louvre Museum. The Louvre is a true standard of French culture abroad, with which the DS brand shares the same values that combine art, culture and excellence, and also the balance between history and modernity in the image of the famous Louvre Pyramid. The DS WEEK continued through Sunday 24 May 2015. For the first four days the Brand is welcoming its global network and on Saturday and Sunday the general public were invited to visit the DS Exhibition. Meanwhile, the largest meeting of the year of original DS vehicles was held on Saturday 23 May at the Linas- Montlhéry race track,

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NEWSMAKERS

TNT Opens New Air Route To Malta Express delivery company TNT this week launches a new air route between its main European air hub in Liege and Malta, making it easier to trade with and invest in this dynamic economy. Benefits to customers include shorter transit times for Economy consignments, later departure times for exports, earlier arrival times for imports, and the ability to send larger and heavier consignments. The flight will run five times a week on a Boeing 737-400 aircraft, with a stopover in Marseilles on both outbound and inbound journeys. The flight arrives at Malta International Airport in the morning and departs in the evening, allowing for afternoon pickup in Malta and next day delivery to all of Europe. “The addition of Malta to our European air network increases the choice and flexibility of delivery options for businesses that send parcels and freight to and from the country. It also gives us the capacity to further grow our business in and out of Southern Europe and the Mediterranean,” said Diana Cassar, Managing Director TNT Associate, Malta. Malta is home to several industries, including electronic, medical and pharmaceutical production. According to the IMF, Malta’s GDP growth has been one of the highest in the euro area in recent years, supported by relatively diversified exports, a recent recovery in domestic demand, and a stable banking sector. Growth is expected to remain robust in 2015 at 3.1%. TNT continues to improve its delivery service to customers, a priority under its Outlook strategy, by strengthening its air and road networks.

Air Malta Celebrates 40 Years At Amsterdam’s Schiphol Airport

Air Malta is celebrating 40 years at Amterdam’s Schiphol Airport. The airline started operating to the Netherlands around a year after commencing flight operations on the 1st April 1974. To celebrate this milestone Schiphol airport launched the video on youtube www.youtube.com/watch?v=T ewkmjnZrQw&feature=youtu.be This summer Air Malta is operating daily flights to Amsterdam. Commenting on this milestone Joe Galea, Deputy Chief Commercial Officer said, “We are excited to have reached this milestone. 40 years ago we have opened up this market and throughout the years we have invested heavily on this route on which we have carried over 2 million passengers. We look forward to continue operating to Amsterdam and achieve further milestones for the benefit of both Dutch tourists visiting our islands and Maltese who regularly visit this beautiful city.” Amsterdam’s Schiphol airport has recently been named 9th best airport in the world at the 2015 World Airport Awards, organised by consumer aviation website Skytrax. MBR 64

The new route to Malta follows the recent start of flights to Venice and Tel Aviv and additional road connections to Turkey and the Balkans. About tNt TNT is one of the world’s largest express delivery companies. On a daily basis, TNT delivers close to one million consignments ranging from documents and parcels to palletised freight. The company operates road and air transportation networks in Europe, the Middle East and Africa, AsiaPacific and the Americas. TNT made €6.7 billion in revenue in 2014. MBR Courtesy: Corporate Identities

President’s Foundation For The Wellbeing Of Society: World Refugee Day At San Anton Palace

Marie-Louise Coleiro Preca, President of Malta, met migrant-led organisations to mark World Refugee Day on 20th June 2015. During the meeting that was organised by the President’s Foundation for the Wellbeing of Society, NGOs spoke about what contributed towards the wellbeing of the migrant population. NGOs attending the meeting included the Migrant Network for Equality, Migrant Women Association, Ethiopian Community Association of Malta, Malta Migrants Association, African Media Association, Habesha Community and the Oromo Group. The NGOs spoke about the aims of their respective organisations and shared experiences about the work and projects they have carried out so far. Expressing their concerns, the NGOs mentioned the negative effect of the press when incorrectly reporting incidents related to migrants as “illegal migrants”. Other issues raised included the lack of access to visiting people in detention, the rights of children whose parents have had their refugee status rejected, access to healthcare, the absence of a long-term plan for asylum seekers and support for all migrant associations. The NGOs spoke of the situation of migrants and their families. According to the UNHCR the number of people forcibly displaced at the end of 2014 had risen to a staggering 59.5 million when compared to 51.2 million a year earlier and 37.5 million a decade ago. MBR

Malta Business Review

Manufacturing focus

EcoPure Limited

Set up in 1995, EcoPure Limited bottles and distributes San Michel Table Water in 18.9 litre and 10 litre Bottles and provides water coolers for rental or purchasing. The company offers door-to-door delivery to homes and offices.

t Eco Pure we know how important water is. We have been supplying homes and businesses throughout Malta and Gozo with a convenient, healthy source of San Michel table water for the past fifteen years. Yet Eco Pure is more than just water, Eco Pure is your source of well-being. The importance of water in the body is well known; all of the body organs and functions depend on it. Maintaining the bodyâ&#x20AC;&#x2122;s adequate hydration throughout the day is essential to good health. San Michel is moderately mineralised table water, originating from strictly controlled water sources. It is laboratory tested to conform to very stringent chemical and microbiological purity criteria. Over the years, San Michel has become an established and trusted household name, suited to the healthy requirements of all the family. MBR

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NEWSMAKERS

A Celebration Of Commonwealth Culture The Commonwealth Heads of Government Meeting (CHOGM) External Culture Programme was launched this afternoon at an event organized in conjunction between the Ministry for Foreign Affairs, the CHOGM Taskforce, and Arts Council Malta. CHOGM takes place in Malta in November with 53 leaders attending, and the arts play an important part in bringing Commonwealth countries together. Among the artists lined up for the Culture Programme are Malta’s national dance company, Zfin Malta, who will perform to audiences in India and Malaysia. Maltese folktales will be set to contemporary music to enthral young people in South Africa. Cosmos Wind Ensemble will play in Australia while jazz musicians will travel to Canada. Isle Landers photographic art project will be held in Australia, while the Valletta International Baroque Ensemble will perform in London. Minister for Foreign Affairs, Dr. George W. Vella said that “The Commonwealth is a multi-national realty comprising of 53 countries from all over the world. Maybe this explains why this organisation emphasises multiculturalism as an excellent tool which enhances wealth, and safeguards peace amongst nations. Economic globalisation has brought all nations working together on a competitive level determining our quality of life, however there is another form of globalisation, which has and is still leaving its mark on how we perceive ourselves and others. This is the cultural globalisation which paved the way so that all nations can understand each other in ways that are not insular, but as part of an enhanced and wider experience”. “The Commonwealth is a fantastic organisation – bringing together 53 countries to speak with one voice, but it celebrates diversity too, and nowhere better can this be seen than in the arts”, said Phyllis Muscat, Head of the CHOGM Malta 2015 Taskforce. Albert Marshall, Chairman of Arts Council Malta said that, “Designed by Arts Council Malta, the CHOGM taskforce and the Ministry for

EU Ecofin Endorses Lifting Of Excessive Deficit Procedure Against Malta Today the Economic and Financial Affairs Council (Ecofin) ratified the Commission’s recommendation that the Excessive Deficit Procedure opened against Malta is lifted. The Government welcomes this ratification. The Deputy Prime Minister Mr Louis Grech sees this as a strong vote of confidence from the European Union that the current Government’s policies are driving Malta and the Maltese economy to yield positive results. These results were achieved without taking any austerity measures whilst incentivising economic growth. The deficit is expected to continue declining in 2015 and the following years. This is because of prudent fiscal management, as well as of higher GDP growth. Malta reduced its deficit to 2.1% of GDP in 2014. According to statistics from the NSO, GDP grew by 4% in the first quarter of this year. Furthermore the Central Bank of Malta sees the Maltese economy growing by 3.6% this year. The Excessive Deficit procedure comes after good news from Eurostat statistics that shows Malta had the second highest vacancy rate in the first quarter of the year amongst the EU-28, second to Germany, as well as the second highest increase in vacancies after the Czech Republic. The Government is committed to seek more investment to our country from foreign based investors and creating new markets which benefits the Maltese economy and contributes to the creation of new jobs. MBR 66

Foreign Affairs, the programme emerged from a collaborative process that should be celebrated in its own right. Not only were lasting relationships created which will survive even after the event - but this creative dialogue between entities, artists and audiences should also serve as a model for the future.” CHOGM Malta 2015 Taskforce Artistic Director Ray Calleja said that, “the Commonwealth platform has provided entities and artists with the opportunity to collaborate within the CHOGM Malta 2015 framework and produce a Maltese Culture Oriented Initiative for export purposes. Our historical and social context, gives this EXTERNAL Culture Programme an advantage when conceptualized from a Global Value perspective. Together, entities and artists will endeavour to share our experiences, learn and appreciate from the others we are sharing with and finally come back with knowledge, experience and expertise others have shared with us. The end result is a collective enhanced cultural wisdom from which everyone can partake.” MBR For more information, visit www.chogm2015.mt

Air Malta Launches Wicked Wednesday Offer

Air Malta has today launched a one-day promotion offering 15 destinations at a 20% discount on its lowest fares, with prices starting from Euro 51 to/from Rome. The offer is available for travel this June. Tickets can only be purchased on Wednesday 20th from www.airmalta.com, the airline’s Sales Office at Malta International Airport and the call centre on 21662211. Seats are subject to availability. Ticket prices are one-way including taxes and charges. Terms and conditions may apply. Air Malta Chief Commercial Officer, Ursula Silling said, “We are delighted to be launching yet another offer for travel next month. This is another great opportunity to grab a bargain flight to/from 15 Air Malta destinations at great value prices. We fly to main European airports and our fares have no hidden charges and include a 20kg luggage allowance. Through this offer we are yet again positioning ourselves as a value for money dynamic carrier able to compete in the tough aviation environment. We’re confident that this offer will be another great success!” The promotion is available on flights to Athens, Berlin, Brussels, Budapest, Dusseldorf, Frankfurt, Geneva, Hamburg, Marseille, Milan, Moscow, Paris – Charles De Gaulle, Paris – Orly, Prague and Rome. MBR For more information visit www.airmalta.com, or log onto www.facebook.com/AirMalta .

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