Malta Business Review Issue 9 May 2015

Issue 9 – May 2015

cover story Delivering an excellent Service An exclusive interview with Alfredo Munoz, CEO, Middlesea Insurance p.l.c. p.06

focus

interview

special feature

talKinG point

leaders in real estate Patrick Xuereb, Northern Malta Regional Manager on why Frank Salt is Malta’s leading Real Estate agency p.10

Making a Difference in People’s lives Dr. Adrian Trevisan, Founder and Group Managing Director with AAT Research p.16

growing a Practical and innovative Spirit Adriana Zammit, Microsoft’s Country Manager, Cyprus and Malta p.36

the changing landscape Which affects Us all Patrick J O’Brien argues why Christianity’s days as the world’s largest religion are numbered p.64

TODAY’S DECISION IS TOMORROW’S LEGACY. Lasting success goes beyond numbers and percentages.

At HSBC we have a unique global perspective, which allows us to see the extraordinary impact that today’s business decisions can have in the future. That’s why we focus on building long-term partnerships with our clients, so that we can help them move forward in the right way. www.hsbc.com.mt/commercialbanking

IT’S NEVER JUST BUSINESS

Approved and issued by HSBC Bank Malta p.l.c.,116, Archbishop Street, Valletta VLT1444.

Issue 9 – May 2015

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06 cover story Delivering an excellent Service An exclusive interview with Alfredo Munoz, CEO, Middlesea Insurance p.l.c. p.06

focus

interview

special feature

talKinG point

leaders in real estate Patrick Xuereb, Northern Malta Regional Manager on why Frank Salt is Malta’s leading Real Estate agency p.10

Making a Difference in People’s lives Dr. Adrian Trevisan, Founder and Group Managing Director with AAT Research p.16

growing a Practical and innovative Spirit Adriana Zammit, Microsoft’s Country Manager, Cyprus and Malta p.36

the changing landscape Which affects Us all Patrick J O’Brien argues why Christianity’s days as the world’s largest religion are numbered p.64

PuBliSher MBR Publications Limited eDitor Martin Vella

MBR Publications Limited

technicAl ADviSor Marcelle D’Argy Smith

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SAleS Director Margaret Brincat SAleS executive Charlotte Munro Art & DeSign Jessica Camilleri

cover StorY

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ADvertiSing Call: 9940 6743 or 9926 0163; Email: margaret@mbrpublications.net or charlotte@mbrpublications.net

excluSive interviewS

contriButorS

Antoine Bonello; George Carol; Chris Casapinta; David J. Dingli; Jonathan Dingli; Jacqueline Galea; Anamaria Magri Pantea; Patrick J. O’Brien; Steve Tendon; James Vella Clark; Joseph Xuereb

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SPeciAl thAnkS

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FeAture

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“Things turn out the best for the people who make the best of the way things turn out.”- John Wooden

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.

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thinking oF Acquiring the BuSineSS? Are You reADY to riSk? Jonathan Dingli, Managing Partner with kPMg explains some of the main points which tend to steer the accounting for business acquisitions in different directions

oFFiceS 41B, Wayne, Triq il-Herba, Birkirkara, BKR 2322

John Robert Wooden (October 14, 1910 – June 4, 2010) was an American basketball player and coach.

Nicknamed the “Wizard of Westwood,” as head coach at UCLA he won ten NCAA national championships in a 12year period, including an unprecedented seven in a row

MAking A DiFFerence in PeoPle’S liveS Dr. Adrian trevisan, Founder and group Managing Director discusses why AAt research is set to become a key player in the global medical industry,

Print ProDuction Printit

quote oF the Month

leADerS in reAl eStAte Patrick xuereb, northern Malta regional Manager tell us why Frank Salt real estate is a notch above the rest

AAT Research; ARQ Group; AX Holdings Group; Emma Diacono Limited; Deloitte Malta; eie Educational Group; Frank Salt Real Estate; HSBC; JP Advertising; Methode Electronics; MJN Communications Ltd; Microsoft Malta; Middle Sea Insurance plc; Nexos Lighting; Nilara; Modelle International; SmartCity Malta

telePhone +356 2149 7814

Delivering An excellent Service

We take a close look at Malta’s first insurance company, Middlesea Insurance plc and interview Alfredo Munoz, CEO

PerFection iS not A DetAil, But DetAil MAkeS PerFection

Concerts, Major Entertainment Events, Theatre & Stage Performances, and more, Nexos Lighting make the experience a one to remember

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MfCC – the eventS SeRvICeS AnD venue All In one We feature MfCC- Malta’s largest international conference and exhibition venue

our golD PArtnerS

CONTENTS SPeciAl FeAture: woMen leADerS 34

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incluSion, DeterMinAtion AnD PerSeverAnce A unique interview with Ax holdings group of companies female triumvirate leadership with claire Zammit xuereb, Denise xuereb and Jacqueline camilleri

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growing A PrActicAl AnD innovAtive SPirit An interview with Adriana Zammit, Microsoft’s Country Manager for Cyprus and Malta, the first female country manager for the software company in the Mediterranean

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hAve A cleAr SenSe oF PurPoSe! Strategy Affiliate with Impact Consulting, Robyn Pratt tells us why the creation and implementation of strategy and actions is necessary to bring about positive focusing

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Self-DefInItIon, tRuth AnD DIveRSIty We find out the secrets of nilay Camilleri, as she steadily develops her own signature mix of architectural shapes with distinctive prints on her luxurious fabrics label nIlARA

tAlking Point

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the chAnging lAnDScAPe which AFFectS uS All

Patrick J O’Brien argues that Christianity’s days as the world’s largest religion are numbered, as the Muslim population is growing rapidly and will outnumber Christianity by 2070

FocuS

56 61

alterDomus… FroM SMAll BeginningS

We learn why alterDomus is our Financial Company of The Month

Deloitte MAltA PoSt higheSt rAte oF the Big 4 in MAltA

With a 20% growth in revenues, Deloitte Malta posted the highest growth rate amongst the Big 4 in Malta

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Malta Business Review

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editorial

n our society we face situations that are determined by moral courage. Two works of literature that support moral courage are “Truth and Falsehood”, from The Book of Virtues and “Our Heroes”,

by Phoebe Cary. Both these passages indicate that one must be honest to oneself. Either way, being honest with yourself is a great opportunity to build life skills, rise above challenges, gain self-acceptance, and improve authenticity. In the end, the truth defeats all lies.

In “Truth and Falsehood,” temptation is led by Falsehood. “So Truth promised and agreed to go along with Falsehood...” The waiter helps truth back to the side of honesty. Truth decides to go back to his honest ways. He said, “I’d rather starve than live as you do.” It is ironic that you can never find the truth in a lie. “Oh Truth, where have you hidden yourself...” is an example of irony. “And so Truth and Falsehood went their separate ways...” is an example of an allegory. This shows us that in life you choose the direction in which you want to follow.

In life the truth is what strengthens someone. Without it, we are led astray by lies. We begin to lose the battle and become weakened by temptations. Bravery and believing in what is right helps us defeat temptation. “Our Heroes” and “Truth and Falsehood” show us this moral courage.

And this month our feature regarding Women Leaders is based on moral courage. We have some high profile protagonists who showcase their life skills and have risen above great challenges to become what they are. Claire Zammit Xuereb, Denise Xuereb and Jacqueline Camilleri, all female leaders with AX Holdings Group, stress the importance of having their associates throughout the company as they share “a true passion for what they are doing.”

They look for and encourage those who think in an innovative way, because the business environment keeps changing and therefore we have to constantly change and evolve. Adriana Zammit, Country Manager with Microsoft wastes no time in telling us that, in making for a successful leader, “leadership starts at the top and it starts with setting a tone and agenda about where the organisation is heading”. Geraldine Noel, Managing Partner with Acumum, considers “success is a work in progress; an evolution and convergence of many factors. However, hard work and expertise cannot be emphasised strongly enough.”

Robyn Pratt, Managing Director Of Impact Consulting, states that leadership values and skills are important, however “can be lonely at times and you need to motivate yourself to push forward, especially during those challenging times when there is so much to do and nobody to delegate to.” All the women leaders in this issue are true visionaries and all have their own story to tell us. All the team, including sales, have worked hard to provide our readers with these exceptional accounts by women leaders, who are role models with a lot of moral courage.

Turning back to my prologue, Tom Hanks was very candid when he said that, “Truth is, I’ll never know all there is to know about you just as you will never know all there is to know about me.

Humans are by nature too complicated to be understood fully.

So, we can choose either to approach our fellow human beings with suspicion or to approach them with an open mind, a dash of optimism and a great deal of candour.” Winston Churchill may have hit the nail right on its head, though by explaining that, “The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.”

MARTIN VeLLA www.maltabusinessreview.net

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Malta Business Review

COVER STORY

Delivering an excellent Service

by Martin Vella

As Malta’s first insurance company, Middlesea is also the country’s largest insurance group, with shareholders including the Mapfre group and Bank of Valletta. The company while committing to investment in technology and in-house expertise and talent, has recently embarked on a rebranding campaign. Rebranding is never an easy exercise. And when you are trying to do that for an iconic insurance company that has been part of more with Mapfre’s the country’s economic fabric for well over three mission, vision and decades, it is significant. To learn more about values, while the change the implications of the rebranding exercise and of logo and corporate to get an update on the company’s current colours also gave added visibility to the Middlesea initiatives, MBR recently interviewed Alfredo brand.

Munoz, CEO, Middlesea Insurance p.l.c.

MBR: Why was it important for Middlesea Insurance to embark on a rebranding strategy and what does the company wish to project as a reflection of this rebranding exercise?

AM: The main reason behind this change is to have our company benefitting from the advantages that a prestigious international brand can provide in today’s globalised market.

This is done regularly by firms all over the world, including in Malta, and companies tend to benefit considerably as a result of such changes. Since acquiring the controlling interest in Middlesea, it has always been Mapfre’s intention to rebrand Middlesea in order to align it with Mapfre’s global branding.

However, in acknowledment of the fact that Middlesea is a household name in insurance in Malta, the board of directors and management had taken the decision to incorporate the Middlesea element in the brand .

In term of business forecasts, we keep a positive view of the Maltese market in the medium and long term.

The insurance needs of the Maltese population will undoubtedly increase, mainly with regard to personal insurance, as wealth increases, and an interest in having a wider range of services will become more evident.

MBR: What do you see as being the key issues currently facing the insurance industry and how are those issues going to evolve in the future?

AM: The insurance industry remains extremely competitive with a lot of players in the non-life market. This is putting pressure on margins and there must be some kind of tariff adjustment in some classes, but this is the norm in insurance.

MBR: How would you characterize the rebranding within the 2012 calendar-year and what is your business forecast for Middlesea this year and the next?

Another significant challenge will be the regulatory changes underway, mainly because of the introduction of Solvency II, that will oblige companies to reinforce their governance and incur significant costs. The amount of new regulations is currently very extensive. Hopefully, this will contribute to an improvement in the performance of both companies and markets, beyond the heavy workload and uncertainty that these changes imply.

AM: We believe that the rebranding exercise carried out in 2012 together with initiatives to raise awareness of these developments were very successful, since it aligned the company

The introduction of Solvency II and the highly competitive nature of the market can lead to some major changes, including mergers and acquisitions.

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Official launch of B’kara Regional office

MBR: Could you provide more information about your strategic consulting group on rebranding within Middlesea and what is its significance?

AM: We have a very good management team which decides on strategy and we also work in close collaboration with our marketing agency and the Group central areas. This is the second rebranding exercise we have undergone in three years, so we have benefitted considerably from the experience gained. Our priority now is to raise more awareness about Mapfre.

The main reason behind this change is to have our company benefitting from the advantages that a prestigious international brand can provide in today’s globalised market MBR: What sort of new branding efforts will Middlesea pursue to differentiate and separate itself from competition?

AM: Our new brand promise continues to be that of delivering an excellent service to our clients. This is the key to becoming the insurance company of choice. Another factor which helps differentiate us is our 24/7 call centre which provides roadside assistance, home emergency assistance, travel assistance and claims notifications round the clock, among other features. These services provide our clients with invaluable peace of mind, and their importance is attested by the constant positive feedback we receive from clients who use these services.

COVER STORY

MBR: What areas of business do you anticipate the most significant growth?

AM: The insurance market in Malta is growing slowly, and mostly in the classes which are required by law. However, we believe that there is a lot of scope for other classes of insurance which are not mandatory. I think there will be more demand for personal lines insurance since people are now more concerned about their well-being and lifestyles. Life and Health must develop further to cater for an increase in demand.

We want our clients to trust us and to win this trust, we need to convince our clients that they can rely on us MBR: Please tell us about the range of insurance products that you offer. What are some of the benefits of choosing Middlesea Insurance over other insurance agencies?

MBR: So how are you re-positioning the Middlesea brand on the market?

AM: We want our clients to trust us and to win this trust, we need to convince our clients that they can rely on us – and this message will be the thrust of our campaign.

Our brand promise will be substantiated by the introduction of new products and services and by our determination to go that extra mile to ensure that we retain the loyalty of existing clients and win over new ones. We do not plan to increase our advertising spend; we believe that the “proof of the pudding is in the eating” and we will be concentrating our efforts on making our clients aware of how they can make the best use of our services. The loyalty scheme we launched last year was extremely well received by our clients, and we intend to keep on developing this and giving our clients many more reasons to remain loyal.

AM: We offer all types of insurance, both nonlife and life (in this case mainly through MSV Life, which we own jointly with BOV), from personal insurance, such as motor, home, health and travel, to corporate insurance, which caters for the needs of all types of companies, be they small or medium enterprises, or the larger organisations. The biggest advantage we enjoy is the fact that we belong to a global group.

Mapfre operates in 47 countries worldwide and has more than 27 million clients with over 36,000 employees. We can therefore tap into this expertise for the benefit of our clients, who will always have the opportunity to benefit from the most innovative products and services delivered by means of the latest technology.

MBR: Can you differentiate Middlesea’s insurance model from the traditional agency model? How is your model better for customers?

AM: We are a multi-channel provider of insurance services. Clients can opt to buy

Malta Business Review

their insurance products online, through tied insurance intermediaries, agents, or brokers, apart from visiting our head office or one of our regional offices.

MBR: What are your goals for Mapfre Middlesea in the next few years and how do you plan to grow your business?

AM: We will continue focusing on our clients and their needs, because it is only by delivering what they want and expect that we will succeed in business. We will do this by further finetuning our business operations and ensuring the professional development and well-being of our staff. Our distribution network is an integral part of our family and we endeavour to give these the necessary tools to enable them to enhance their relationship with their clients.

On the other hand, our proximity to the Mapfre Group will continue to give us that added impetus to further grow our business and our partnership with Bank of Valletta will be an essential instrument to extend our presence across the country. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE

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.

Middlesea House courtyard

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Malta Business Review

Global CurrenCies

RENMINBI REACHES THE BOARDROOM AS USAGE CLIMBS, GLOBAL SURVEY SHOWS ***Exchange rate volatility marks RMB’s arrival as a major global currency***

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he renminbi (RMB) has become a topic of debate in more than a fifth (22%) of company boardrooms around the world, just five years after China began to liberalise its currency, a new survey from HSBC Commercial Banking shows.

Outside Greater China about a quarter of senior management teams in Singapore, Malaysia, Germany and the UAE have discussed the RMB as a business enabler, according to the poll of more than 1,600 decision-makers in 14 countries and territories. Just under a fifth have done so in the Anglophone nations of Australia, Canada, the UK and the US. “Corporate use of the renminbi reached a watershed last year,” said Simon Cooper, Chief Executive of HSBC Commercial Banking.

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“The currency began to depreciate against the dollar, reversing a multi-year trend and marking a new phase in the liberalisation process. Whereas many companies outside China used to see RMB adoption as a somewhat niche opportunity to gain first mover advantage, they’re now adjusting to it becoming a mainstream tool. If you’re doing business with China, the world’s biggest trading nation, you have to think about doing business in China’s currency.”

RMB usage has soared since China started to dismantle barriers limiting cross-border transactions in 2009. In late 2014 it became the fifth most-used currency for global payments, according to data from SWIFT, after the value of RMB payments more than doubled in a year. Having climbed by 8% against the dollar from January 2011

to January 2014, the RMB has declined by about 3% since the start of this year as the pace of US economic growth accelerated.

Over the past six months it has appreciated against currencies including the euro, pound sterling and yen.

Corporate use of the renminbi reached a watershed last year “The findings confirm the growing importance of RMB as a world currency, as well as China’s growing role in the world economy. As part of HSBC Group, HSBC Bank Malta, which is the only bank in Malta offering Direct Trade Settlement in RMB, is well positioned to assist its customers cont pg 24 >>

Company of the month

Malta Business Review

A drive to your professional career....

With a strong international reputation Methode Electronics Malta Ltd. is a wholly owned subsidiary of Methode Electronics Inc., with global headquarters in Chicago, North America.

Methode Electronics is world-class custom-engineering based manufacturing company that specialises in the design of highly technological electronic devices and components. It services a wide range of industries including the Automotive, Railway and Transportation, Military and Aerospace, Medical, Communications, Consumer and Commercial white goods, Alternative and Renewable Energy and the Heavy industry. With more than 300 patents in technology applications, Methode’s diversified multinational team of in-house expert engineers focus their efforts in four market areas, namely, in User InterfaceHMI solutions, Sensors and Switches, Power, and Data; serving Methode’s globally renowned clients with a diversified and an innovative product portfolio.

The Company has a global footprint with Engineering, Manufacturing and Sales divisions across continents capable of reaching customers anywhere round the globe. This includes Europe (Malta, England, Germany, Switzerland, Italy, Poland, Austria, Sweden and the Netherlands); Methode Malta offices being the headquarters for Methode Europe, stretching also to North and South America, Africa, Middle East, Asia, and Australia.

world-wide, starting from the making of the product tools and machinery to delivering the final product.

Methode Electronics Malta Ltd. alone employs over 1,200 employees, sharing their expertise with over 4,000 Methode employees world-wide. In Malta, the advanced high-end manufacturing and distribution industry employs circa 15% of the total labour force, with Methode Electronics Malta Ltd. being one of the main local companies that highly contributes to Malta’s GDP and its economy, and one of the top 5 local exporters.

Working with Methode Electronics is a distinctive experience.

It gives employees the opportunity to endeavour in creativity, develop leadership and interpersonal skills in their area of specialisation, with the opportunity to work with a multinational and an interdisciplinary team of experts for a diversified client portfolio of world renowned prestigious automotive brands and other industry areas. MBR

Methode leverages a worldwide network of hundreds of engineers and is a trusted partner with a history of delivering unique innovation and superior quality products to the world’s most respected companies. These include prestigious, worldwide renowned automotive brands and other industry brands including some of the top international consumer white goods producers.

The company proudly serves fifteen of the Fortune Global 100 and fifty-two of the Global 500 companies, helping customers win in their end markets by providing an unmatched combination of customer focus, differentiated technology, problem solving and world-class manufacturing under several quality certifications including the ISO 9001, Ford Q1, ISO 14001, and ISO - TS 16949.

Based on a robust quality assurance operational framework created by our own team of experts, Methode is committed to deliver holistic custom-engineered solutions to clients’ requests and ideas in a timely manner, ensuring customer satisfaction in terms of product innovativeness, quality, timely delivery and enduser satisfaction at all times. Our team of qualified engineers provides a professional support for production processes at sites

Methode Electronics Malta Ltd. Industrial Estate, Mriehel, BKR 3000, MALTA T: (+356) 2148 4184 | E: info@methode-eur.com

User Interface | Power | Data | Sensor & Switches

www.methode.com

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Malta Business Review

Real estate

Leaders in Real Estate

by Martin Vella

Frank Salt Real Estate is one of the Malta’s leading estate agencies, possibly the islands‘ best know not only locally but also on an international level. MBR Publishers recently caught up with Patrick Xuereb, Northern Malta Regional Manager, and asked him what is that makes Frank Real Estate a notch above the rest, and the dynamic contageous vibe that is synonymous with Frank Salt Real Estate’s consultants.

Patrick Xuereb thinks the real estate market is ripe for a renaissance. Patrick has been working with Frank Salt for over nine years and has held on as the housing bust rippled through the entire industry.

Frank Salt is today a household name and a nationwide brand. As we sit down chatting over a cup of coffee, I fire my first salvo and ask him what makes Frank Salt Real Estate Malta’s leading estate agency.

“First and foremost the agency has stood the test of time with great character. A lot of agencies have fallen by the wayside. We are still going strong, actually recorded the best year since we were established in 1969,” begins Patrick. “Being a family run business, the agency has always concentrated on individual attention and how to focus its attention to give the best services to our clients,” he explains.

We have managed to built a reputation based on good quality, honest service combined with customer orientated philosophy Pursuant with Frank Salt’s mission to instill integrity and build trust within the real estate community, Patrick continued outlining the main factors which attribute it as the leading estate agency In Malta, saying why, “we have managed to built a reputation based on good quality, honest service combined with customer orientated philosophy. We provide all the services our clients demand and require, basically from the purchasing or letting process to anything which might arise from such an acquisition, whether it is an investment or a retention. We cater a lot for foreign clients through a very thorough span of networking which we have built over the years and is complemented by our quality

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Real estate

service. These services are now being taken up by locals, for example nowadays, we are getting a lot of professionals who are buying property to rent out but do not have time to look after it, so we manage the property for them. We are aware of what the market requires and act upon those requirements,” he declares.

Arousing my curiosity to know more, I ask Patrick to tell me about him and his team, and what makes Mellieha and St Paul’s bay branches significant. Distinguishing what it means to join the Frank Salt network, Patrick states, “I manage two teams here, St Paul’s and Mellieha branches. As opposed to other agencies, since we are a family run business this has given me the opportunity to bring a certain unity to the culture, making it even stronger as regards to positioning in the North.

However, we do not just deal property in the North, as at Frank Salt Real Estate we are not area bound. The fact that we have two teams specifically based and located here who know the area extremely well give us the competitive edge and and makes us stands out. Since we deal with foreigners, we also have two foreign property negotiators working with us, who are British and can relate and interact better with English clients. In St. Paul’s Bay we have a dynamic, energetic team, while at MellIeha we have a more established and experienced colleagues,” he says.

Patrick explains that the core competence as a branch in terms of client profile and property profile is that, “you have to know what’s on the market, know what you are selling and one must have knowledge of core competencies,.

For a consultant to succeed, he/she has to know their inventories and know them inside out. Like in a supermarket, your inventory are the shelves, so one has to know what is on the shelf and keep them well stocked. It is also important to listen to what the client wants and needs. Therefore, getting to know the client more is indispensable.”

So what has been substantial about Frank Salt Real Estate’s forecast in the short and long term? Providing a good understanding of the underlying forces shaping today’s residential marketplace, Patrick emphasises, “Our agency has made a five-year plan as part of the growth strategy. We are exceeding our targets, having had an excellent year in 2014. Our short term strategy is to maintain the excellent growth we experienced last year and keep the momentum going in adherence with our strategy. We intend to expand our operations by investing in more HR and have a cohesive team through this plan engineered by the management to double operate. To do that we have built up a strong HR department, employing the right people who are dedicated and committed to deliver on our reputation as market leaders. I would rather have an empty desk than someone tarnishing our reputation.” As I nod in agreement, I think

that this is not an easy job, it is tough, but it is a job were you can make a lot of money, where one has to be honest and standing upright to be able to focus, think and act.

Certainly, Patrick oozes all that confidence as he starts to highlight the current trend to invest in rental properties. “Across the board there is a demand for properties. We are always in demand for properties for rent. At the moment property is on the rise again. We have a lot of clients but a shortage of properties to rent.

It has to be continually reinforced that it is real estate that is providing a predominant source of revenue Therefore, there is an upward trend, which is mainly attributed to the strong economic performance of our country; the fact that a lot of foreigners are coming here; and the introduction of the exemption of the stamp duty for the first time, brought about by the present government , thus helping us pick-up first-time buyers, which in turn creates second time buyers,” states Patrick.

Capturing the essence of the business I ask him what differentiating factor does Frank Salt offer and he affirms, “Basically it’s our reputation.

People who have experienced other agencies and worked with us can tell you that the level of professionalism Frank Salt property agents exert is unrivalled. The staff and the training we have is another important factor as you need to instil in your consultants the Frank Salt Real Estate philosophy that a client has to trust and rely upon you. For this to happen, you need to be equipped with the technicalities of the purchase process, know your inventory, knowing our Islands very well and also getting to know your clients. That’s what puts us at the forefront of the real estate business. Referrals have also been one of our best adverts and an endorsement to this philosophy .”

I begin to search for a clear, logical reasoning about the present situation with properties in demand and what makes a good quality property. Frank Salt Real Estate have quite a mix and the first-time buyer market, as mentioned picked-up recently. Then there was an influx of EU workers moving here seeking employment and subsequently property. a. On top of that, we witnessed the introduction of the MIIP market, who are looking for upmarket properties. With the British economy on the rise, there has also been a renewed increase in demand from investors from the UK. “Seeking quality, one must know how to look at details regarding the finish, the built, décor, interior design, environment, while value is something else. A good example of value

Malta Business Review

is where restoration is involved, such as a converted house, which has value added to the finished product,” explains Patrick.

So why do some properties sell fast and others don’t? Frank Salt Real Estate do their best to help sell any property fast, says Patrick. There are two main reasons which determines how fast a property moves, which are the price and the demand of the market. The location helps, such as having a sea view or an unobstructed country view.

And what can be done to help saleability?

“We produce dedicated brochures design brochures, draft personal letters, produce videos, invest in photography, and conduct extensive marketing on properties entrusted with us on an exclusive, sole agency agreements. We also try and guide owners on how to dress up their property for prospective viewings, by for example clearing clutter, opening up windows and curtains not to darken the property, add flowers and so on. Another important factor is to assist vendors get their property on the market at the right price,”he maintains.

The foundation for much of our economic strength is how well-understood is real estate. Patrick maintains, “Real Estate and construction has always been a pillar of our economy. The government gets its fair share through stamp duty out of every sale affected, and also through indirect taxes and VAT. Prices are starting to crawl up again and it has to be continually reinforced that it is real estate that is providing a predominant source of revenue. Then there is the job factor – direct and indirect jobs in real estate,” he concludes. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Patrick Xuereb is a Regional Branch Manager at St. Paul’s Bay and Mellieha Branch. Holding a diploma in Hotel Management and a graduate of the University of Greenwich in Occupational Health, Safety and Environment, Patrick has worked in the hospitality industry for a number of years in the early days of his career, holding various positions in the industry, including head chef before moving into management at a relatively young age. Patrick is well grounded in the service industry and customer care and this experience served him well when in 2005 he took up the challenge in Real Estate.

In 2007 he was promoted to Branch Manager and is presently Regional Manager, winning various awards in the process. Patrick’s greatest attribute is undoubtedly customer care. He is always seeking ways and means to ensure that the client’s experience with Frank Salt Real Estate is as satisfactory and as pleasant as possible. Patrick is also a keen photographer, is passionate on football and sports in general and enjoys travelling, nature and experiencing different cultures.

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Malta Business Review

Business ManageMent

The InevITable hyperperformance opTIon

The oncoming global human capiTal crisis ThaT will force you To pursue breakThrough performance innovaTion

by Steve Tendon

Global demographic, technical and cultural trends will have deep consequences on how you structure and manage your business in the coming 10-15 years. A formidable shortage of skills, talent and knowhow will leave you no alternative than to deliver more with less. Simple process improvement is no longer sufficient. What you will need is breakthrough performance innovation. This article will examine why it is so.

a paraDox: massive unemploymenT on a global sCale wiTh massive labor shorTage anD skills gap When writing this article, it is April. We have just celebrated the Festa Frawli (Strawberry Feast) in Mgarr. Who doesn’t enjoy fresh strawberries? Yet, to get these delicious berries on our tables, someone- or something- needs to pick them. Until recently you would see laborers with their backs bent crawling through the fields picking the strawberries. Hard work, no doubt. Tomorrow, though, strawberries will be picked by robotic machines. A single machine can pick as much as 24 workers. Even the most labor-intensive work in the farmland will be displaced by intelligent machines.

Aspiring to become a strawberry picker is not a career path for the future.

On the other hand, those strawberry picking robotic machines contain a lot of advanced technology and artificial intelligence. Cameras with neural network based algorithms can “see” which strawberries are ripe, and direct the robotic arms to pick them. The artificial hand is 12

fine-tuned to pick the berries with just the right amount of pressure, without damaging them.

Talk about vision and soft touch!

People who can design and operate such intelligent machines will be in high demand.

The transportation industry is about to be disrupted by self-driving cars. The street tested self-driving car prototype by Google knows how to avoid unexpected obstacles, like construction work or vehicles parked in the lanes. It knows how to stop at a crossing with railroads, and wait before crossing over until there is clear space on the other side. It knows how to handle random swaying bicyclists. In short, this vehicle is able to drive autonomously.

Of course, the transportation industry will take advantage of this: all transportation will be performed by self-driving vehicles. Bus drivers, taxi drivers, truck drivers and other professional drivers will have to find another job. The car insurance industry will implode as there will be so many less car accidents to process. If you are a professional driver or work in the car insurance industry, you have to start looking for some other job.

On the other hand, people who can design the self-driving vehicles will be in great demand.

Malta’s second national sport, after looking at football on TV, is obviously building houses. A huge number of workers are engaged in the construction industry. In the meantime, at the University of California, Prof. B. Khosnevis is inventing the contour crafting machine. It is a huge machine, similar to a 3D plotter, that is able to literally “print” a house in the three dimensional space, with layers upon layers of a special quick-setting, concrete-like material.

All pipes and electricity wires get installed too.

Even the tiles and the wallpaper of your choice are installed. This machine can erect a complete edifice in 24 hours, rather than the months or years it takes with conventional construction.

All people working in the construction industry, including plumbers, electricians and others, will have to start looking for other options soon. Also, the prices of housing will drop dramatically, and the real-estate sector will be affected to. Any real-estate agent will probably have to sell ten times as many objects to be on par with what he/she makes today. Most real-

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estate agents will have to look for another job.

Like the car insurance sector, even the house insurance sector will be deeply affected. And if you buy a house today, expect its value to drop, because of all the new buildings that will cost a fraction than yours. Real estate will no longer be as safe an investment, as it used to be.

People who can design and operate contourcrafting or similar machines will be in great demand.

It is obvious that with these technologies reaching the marketplace, despite the growth of available workforce, there will be massive unemployment, at a scale never seen before.

The industrial revolution took a century to unroll. The robotics revolution took a few decades. This technology revolution will arrive in a dozen years or less. It will impact a population that is several times larger than the earlier revolutions. At the same time, while we will see this colossal surge in unemployment rates, there will be a huge labor shortage for those highly educated professionals that are able to design and operate the new technology.

There will be an enormous skills gap to fill.

The Disposal of WhiTeCollars The extent of the unemployment tsunami is much greater than what one would infer from the above. In fact, the artificial intelligence that is being built into the strawberry picking robot, the self-driving car and the contour crafting machine, is entirely capable of replacing white-collar workers. The industrial revolution that started in 1830 displaced the majority of farm workers (except for strawberry pickers). The robotics revolution that started in 1962 displaced the majority of blue-collar manufacturing workers. The current revolution based on artificial intelligence, internet-ofthings, big data will displace the majority of white-collar workers. The unthinkable is about to happen: the entire population of whitecollar workers are about to become obsolete!

In today’s world, white-collar workers represent the majority of the workforce. In other words, in a short span of years, the majority of workers are at risk of unemployment.

Innovation is happening at an exponential rate, and these changes will take place in just a few years. Imagine the consequences on the insurance industry, for instance. In addition to the impact of self-driving cars and automated construction, most of the clerks handling insurance claims will get the proverbial “pink slip.” Similar impact will hit the accountancy and business services industry.

In short, the white-collars will become dinosaurs heading for extinction.

The real DemanD will be for “Thinking brains” To fill the labor shortage and the skills gap, social policies of various kinds will attempt to

mitigate the effect by increasing labor force participation. Retirement ages will be raised, immigration policies revised, more women will be encouraged to enter the workforce.

Companies will ask for greater number of working hours. Productivity will be chased through technology. Businesses will have to attract the great people they need, and then keep them. Upskilling will be widespread, with many other education and training initiatives.

Fact is, though, that the skills that will be requested will be those typical of the highest level of education. A university degree will be like elementary literacy. People whose skills will be in demand will have to possess at least a Masters degree, and more likely a PhD - these are all education curricula that need 20-25 years of hard and motivated study to get through. There is no way that upskilling and training programmes can transform millions of strawberry pickers, professional drivers, insurance and real estate agents, white-collars and other endangered workers into PhD scientists.

The unthinkable is about to happen: the entire population of white-collar workers are about to become obsolete The smartest people with the highest level of education will be in great demand. In a few years, individuals with a PhD might command a base salary that is 10 times today’s, because the impact and outcome of their knowledgework will have the economic leverage to justify it. When a team of a few hundred scientists (like those designing the self-driving car) displace millions of workers (like all professional drivers), they are worth a lot to businesses!

While the unemployment at such a grand scale is a scary prospect - and it will certainly have socio-political implications that are beyond the scope of this article- the interesting question is what does all this mean for businesses.

Companies cannot use competition as a strategy, because human labour cannot compete against the negligible marginal costs of robotics, automation and artificial intelligence.

Businesses will have to resort to the strategy of innovation. Yet innovation means getting even more “thinking brains,” even more PhDs into the workforce.

Innovation means transforming into a knowledge-based organization.

The Disposal of managers When dealing with knowledge-workers, delegation of decision making becomes compulsory. As management guru Peter Drucker observed over 30 years ago, knowledge-workers (by definition) know more than their supervisors or managers.

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Providing autonomy to knowledge-workers is unavoidable.

Until recently, knowledge-workers have always been a minority of the work force. Think about the automotive industry, where relatively few engineers engage in product development and in designing factories, and several times more workers are employed to keep the manufacturing plants running. In such modern organizations, managers still had a role as a sort of traffic police, coordinating and synchronizing different parts of the organizational effort- but today, even that function is replaced by the real time, mobile, networked and social communication platforms Yet, the real novelty is not in such networked and social communication platforms. What matters are the effects caused by the technical trends described above. In the not so distant future most businesses will see the reverse materialize: knowledge-workers will become the majority, if not the only work-force employed by businesses.

(Naturally, this excludes services businesses where face-to-face human interaction is required.) When the workforce is entirely made up of knowledge-workers, there will be no need for vast layers of managers. It is not only about command-and-control hierarchies becoming flatter; it is the very nature of management that will become obsolete.

With self-managing organizations, managers will have to find themselves another occupation.

CulTural TrenDs anD The leaDership Challenge The obsolescence of management in new knowledge-based organizations will be exacerbated by the so-called Millennial generation (and the one after, whatever it is going to be called) entering the workforce.

These young people will have grown up with different cultural values, shaped primarily by the free flowing of information and communication of social networks. It is a generation that wants to broaden their personal experience, that values mobility, and is more prone to job hopping. They are natively digital, fluid, fast and transparent; they value soft factors and a culture of appreciation. They are much more educated than previous generations, and will be the natural employees of knowledgebased organizations. Traditional commandand-control management will simply not work with them; given the development of the job market, they will be quick to find another employer. This is where a new kind of leadership challenge becomes evident.

New kinds of organizations will have to develop higher levels of consciousness and a stronger sense of purpose to appeal to these generations.

They are, as author Laloux describes them, the “Teal Organizations.” They need no managers.

They collectively understand what is the right thing to do, and how to do it right. There are no elites and platoons, but fellowships of highly educated and smart individuals. There are no www.maltabusinessreview.net

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Malta Business Review

Business ManageMent

hierarchies of commands; but networks of skills and collaboration, which self-organize around a common purpose and a community of trust. These Knowledge-based organizations will be self-managing, self-organizing, self-directing and self-governing. Leader roles will be replaced by acts of leaderships from all people in the organization, fluidly, depending on the context, and on who has the most knowledge for that context.

The times when management envisioned a future, and the workforce executed and implemented a grand plan, are over. Today’s leaders will not even know what emergent technologies are capable of doing for their own business. They will not be able to envision and guide their organization towards the future. So what remains to do for them? The leaders that want to survive will simply have to become agents that facilitate the creation of the kind of working and social environments that appeal to this new generation of knowledge workers. They will need to nurture and rely upon the collective intelligence of their knowledge workforce, and ensure it doesn’t run away.

Leaders will have to become social architects.

hyper-performance as a sTraTegy What kind of environment are we talking about? Whether such organization will truly be the next ones to dominate the future or not, the challenge posed by the global labor shortage and skills gap must still be met. If you only have 10 software engineers, but you really need 50- and you cannot find them on the market because the competition is paying so much higher salaries than you can afford- the solution is obvious. You need to become a hyper-performing organization; one that is capable of delivering the performance of 50 engineers with only 10.

We mentioned earlier that future businesses will have to abandon the strategy of direct competition and favor a strategy of innovation.

Naturally this means product and service innovation; but what might be ignored is the great opportunity offered by performance innovation.

For the kind of challenges created by the future global labor shortage and skills gap, simple process improvement is not sufficient. Improving the organizational performance by only a few percent will make no difference. What is needed is a significant breakthrough in performance innovation.

Greater performance is necessary not only for the conventional reasons of increasing productivity or being more responsive, reactive and adaptive to the ever changing market conditions. Greater performance will be necessary because there will not be enough knowledge-workers 14

around, and you have to do with what you have. Businesses will be starving to find the skilled knowledge-workers they need, and will have to be very wise about keeping those they have.

High performing knowledge-based organization can only thrive if their own culture and social fabric is built on the same values appreciated by the new generation. It becomes almost a self-fulfilling prophecy that the new generations will outperform the older. This is where performance leadership becomes of essence, where acting as a social architect that designs and creates a high performance knowledge-based organization is a winning strategy.

It is very likely that in the near future even your company will have to become a knowledge-intensive business - no matter how incredible it might seem today. Let’s not forget the examples described earlier: even the transportation industry and the solid “brick-and-mortar” construction industry are destined to become knowledge-intensive.

Therefore, to prepare for this future, now is the time to put in place a deliberate strategy so that you can create a breakthrough performance innovation for your business by the time the global human capital crisis will hit your business. It is not a matter of increasing next year’s sales by a few percent. It is a matter of survival.

Of course, by then, we will always be able to enjoy munching on strawberries -- picked by a robot -- and maybe while we are being transported around by a self-driving car and are living in a new house that was built in a day. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Steve Tendon, MSc., is the Managing Director of TameFlow Consulting Limited (https:// tameflow.com), and the creator of the TameFlow management approach. He helps transforming businesses into high-performance organizations.

He specializes in: business processes improvement and evolution; organizational performance design; performance mindset and attitude development; and breakthrough performance innovation. Steve is the author of the book “Hyper-Productive Knowledge Work Performance, The TameFlow Approach and Its Applications to Scrum and Kanban.” (http:// tameflow.zone/tameflow-book)

banking

Malta Business Review

bank of Valletta reports interim profit of €58.8 million for fY 2015 - Declares interim DiViDenD of €0.039 per share The Bank of Valletta Group has announced a pre-tax profit of €58.8 million for the first six months of the financial year 2015 (FY 2015). This represents an increase of €8 million (16%) over profit registered during the same period last year. The core operating profi stood at €42.9 million (FY14: €40.6 million). These financial statements have been reviewed by KPMG Malta.

The Board has declared a gross interim dividend of €0.039 per share, which is equivalent to last year’s interim dividend when the latter is restated for the bonus share issue of January 2015. The dividend will be paid on 27 May 2015 to shareholders on the Bank’s register of members at the close of business on 12 May 2015.

The highlights of the results are: - Interest margin amounts to €71.1 million. This represents a 15% improvement over last year, mainly attributable to higher deposit volume.

- Net commission and trading income continued to improve across all the Bank’s product lines, registering a year-on-year increase of 14% to yield gains of €40.3 million. Bancassurance, credit card business, investment related services and foreign exchange business were the main contributors towards this result.

- The Group’s share of profits from its associated companies, MSV Life plc and Middlesea Insurance plc, amount to €7.8 million (FY14: €5.4 million).

- Operating expense for the first six months of the FY 2015 amounts to €54.6 million, an increase of 17% over the same period last year.

- Total assets as at 31 March 2015 stood at €9.0 billion (Sep 14: €8.3 billion), while equity attributable to shareholders of the Bank increased by 4% and amounts to €640.9 million.

- Net advances increased by €122 million (or 3%) over the past six months to €4.0 billion. Growth was registered across all segments; however home loans remained the main growth driver.

- During the first six months of FY 2015, the Bank continued to witness an increase in customer deposits which now stand at €7.8 billion Commenting on the results, Group Chairman John Cassar White spoke of the challenges which the Bank had faced over the last six months. These included high levels of liquidity which, in combination with historically low yields, exerted pressure on margins. The Bank is seeking to overcome these and future challenges through a multifaceted strategy which includes the transformation of business processes, driven by a change of the core IT systems. Concurrently, the Bank will seek to strengthen its balance sheet by raising capital levels and introducing reforms to improve the quality of the loan book. The Chairman described these initiatives as the cornerstones of the Bank’s strategy over the next five years. MBR

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54, Oscar Zammit Str, Msida MSD1281, Malta Europe Tel: +356 2136 0038 | Mob: +356 9936 0038 Email: info@orangeservices.com.mt | Website: www.orangeservices.com.mt

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Scientific ReSeaRch

Making a Difference in PeoPle’s lives

by Martin Vella

“Compassion is a quality that inspires and drives many of the enhancements and discoveries in the world of research and healthcare,” says Dr. Adrian Attard Trevisan, Founder and Group Managing Director at AAT Research. In this interview we find out why the AAT group is set to be a key player in the global medical industry, particularly within the neurological sector.

MBR: What led your interests in human physiology and neuroscience matters?

AAT: Although I come from a businessoriented family, I have always had a deep fascination with the mechanisms within the human body especially the mysteries within the mind. Since the age of fourteen, I was more intrigued by scientific modules rather than other subjects.

Initially, I pursued my interests in audio engineering, for which I attended a course at Middlesex University. Upon graduating, I transitioned to London Metropolitan University to read for a Masters by research, and to the University of London to study audiological medicine, as I was extremely fascinated by the auditory system and how the ear apparatus was connected to the brain.

I then moved to France, where I started working in one of Europe’s largest research labs – Orange Labs. As my interest in neuroscience grew, I decided to further my studies under Prof. Paolo Cavallari at the Universita degli Studi di Milano in Italy. I am now completing a second Ph.D. there, this time in human physiology.

MBR: What is the basic focus of your work with the AAT Research Group of Companies?

AAT: I founded AAT Research to commercialise a project I had begun as part of my studies – a novel portable EEG device that, coupled with purpose-built software, serves as therapy for children with autism, calming their minds and enabling them to concentrate, communicate and interact better. This is Mente, our award-winning system that uses innovative techniques to make a difference.

As the AAT Group of Companies continues to expand, with several projects undertaken simultaneously by an ever-growing team, our goal is to maintain the vision I had set when I initially started the company. We aim to continually provide affordable and effective solutions for those suffering from 16

neurologically-based conditions. This is what drives us forward as a team. We take an academic approach in our business by backing this with solid studies, trials and peer-reviewed publications.

MBR: What has been the most exciting, surprising research finding?

AAT: The latest Mente™ clinical trial conducted in collaboration with Universita degli Studi di Milano and Inspire Malta is of great satisfaction to us. This double-blind study observed the progression and overall effects that Mente™ therapy had on users over a prolonged period of time. The users undertook two medical evaluations, at the beginning of the study and at the end. The results exceeded our expectations, showing significantly high statistical improvements in the users’ behavior.

We aim to continually provide affordable and effective solutions for those suffering from neurologicallybased conditions There were significant improvements in attention levels, alertness and social and physical interactions. This outcome, though the benefits were previously observed in users prior the trial, proves to be the most definitive scientific proof produced to date.

While we plan to issue the full-blown study later this year, I have recently presented these outcomes in Singapore at the first Brain Stimulation Conference organised by Elsevier, the world leading provider of information solutions that enhance the performance of science, health, and technology professionals.

It was extremely encouraging to receive very positive comments and interest from a number of psychiatrists and healthcare professionals.

MBR: Tell us more about your current work with Mente and what is the purpose of this product?

AAT: Mente™ is an award-winning EEG device that uses neurofeedback technology to help relax the minds of children with autistim, enabling them to focus better and engage positively with their environment.

It is effective, easy and safe for home use by children with autism. Its unique patented technology creates personalised binaural beats which are therapeutic to those who use it. After each daily 40-minute morning session, it issues a report which records and measures the child’s progress. These reports can be stored, uploaded online to the cloud system and easily shared with medical professionals monitoring the users.

As mentioned before, the results obtained in the clinical trials and the feedback gathered from parents, teachers and medical professionals indicate that a number of positive developments were reflected in the users’ behavior, including improvements in communication, concentration, social and learning skills. The system is FDA-registered and CE Medical certified.

MBR: What was your hypothesis going into studying the prevention and monitoring of epilepsy?

AAT: My first hypothesis was that since epileptic seizures involve altered electrical discharges in the brain, this would be detectable when monitoring EEG signals, which would possibly enable the prediction of these discharges. If seizure onset is somehow predictable, it ought to be possible to interrupt seizure onset by releasing medication before it happens.

MBR: What is the vision for growth of the AAT group?

AAT: The AAT group is set for it to be a key player in the global medical industry, particularly within the neurological sector. We also aim to continue conducting collaborating

Scientific ReSeaRch

on neuroscience research projects. The AAT group has matured significantly and though still considered a startup, we expect considerable and sizeable growth as we beef up our corporate structure and move to the Malta Life Sciences Park in San Gwann. We plan to grow our research facilities while benefiting from additional space to house more employees and functions.

Mente™ is an award-winning EEG device that uses neurofeedback technology to help relax the minds of children with autistim MBR: Are there any further research projects that you and your team are currently working on?

AAT: Another project we are currently very excited about is ‘Sereno’ – a therapeutic device that harmlessly and painlessly stimulates the brain to reduce depression, insomnia and anxiety. The device will be part of a cloud system that will easily allow the patients to use it within the comfort of their homes, while at the same time allowing a clinician to remotely monitor and modify the treatment.

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MBR: You successfully manufacture and export your products overseas. How do you market your products and which are your target markets? Can you tell us about your base operations in Malta and which countries do you reach?

in terms of care-giving as well as medical solutions, devices and treatments. The AAT team derives great satisfaction from the knowledge that we are helping make a difference by improving the lives of sufferers and their families. MBR

AAT: We actively seek to market our products to both end users and medical professionals.

We provide information online and by showcasing the product at medical fairs, congresses and seminars. We work with our authorised distributors in various countries to reach out to the respective target markets in their geography through a variety of means.

A lot of what we do is about education, not only in terms of our offerings but also about the spheres in which we operate.

All Rights Reserved | Copyright 2015

Currently, our operations and distribution network stretches across countries in Europe, the Middle East and the Far East. We also have distributors in Malta.

MBR: In your view, what is the role of compassion in mental health?

AAT: Compassion is a quality that inspires and drives many of the enhancements and discoveries in the world of research and healthcare. While it is hard to quantify, it is a defining factor in many of the advancements that we can observe today

EDITOR’S NOTE Dr 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.

He 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. Adrian 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.

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Malta Business Review

SME InStruMEnt

Novel eU fUNdiNg opportUNities for eNterprises: the sMe iNstrUMeNt

by Anamaria Magri Pantea

For the 2014-2020 period, the EU has gone all out to create better conditions and support instruments to facilitate access to finance for SMEs and enterprises. Various programmes have been rehashed with a view to better support innovation, entrepreneurship, competitiveness, above all Europe’s ability to harness and build upon today’s technological advances to find solutions to the various societal challenges that we face.

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SME InStruMEnt

So, if you are an innovative enterprise, small or large, recent or established, it’s your time to get into the competition and pitch yourself up!

Horizon 2020, COSME, Erasmus+, Creative Europe, LIFE and many other EU programmes have been and are soon to be launched, some operating at a European, others at a macroregional and national level. Some are focused on certain themes (e.g. research, innovation, education & training, arts and creative economy, environment and resource efficiency), new instruments and schemes have been created with a specific focus on SMEs, others have been left with a wider scope, and grants are being complemented by an increasing number of loan financing instruments.

One of the most novel, following a proven American model, is the SME Instrument under the Horizon 2020 Framework Programme for Research and Innovation. Since its launch on 1st January 2014, 837 SMEs from 32 European countries have been selected to receive funding support totalling some EUR 238 million.

This year, the EU will continue to make available grants to individual SMEs demonstrating capability to develop innovative technologies, processes, products, services, solutions, or business models with a strong EU and/or global relevance. Project proposals in the following areas are being called for:

SMEs demonstrating capability to develop innovative technological processes, products, services, solutions, or business models • ICT Open Disruptive Innovation focusing on the application of new sets of rules, values and models which ultimately disrupt existing markets and/or create new ones.

• Low carbon and efficient energy system, in particular with regard to reducing energy consumption and carbon footprint by smart and sustainable use; low-cost & low-carbon electricity supply, including renewable energy; as well as carbon capture, storage and re-use; alternative fuels and mobile energy sources; a single, smart European electricity grid.

• Smart, green and integrated transport, with particular focus on time and cost efficiency, tackling of environmental and mobility deficits.

• Biotechnology-based industrial processes driving competitiveness and sustainability.

• Development, deployment and market replication of innovative solutions for blue growth, like for example: marine biotechnology, aquaculture related marine technologies and services, other maritime and coastal economic activities.

• Resource-efficient eco-innovative food production and processing, with particular focus on achieving a significant reduction in water and energy use, greenhouse gas emissions and waste generation, while at the same time improving the efficiency in the use of raw materials, increasing climate resilience and ensuring or improving shelf life, food safety and quality.

• Eco-innovation and sustainable supply of raw materials, with particular focus on the green, resource-efficient and circular economy.

• Accelerating the uptake of nanotechnologies, advanced materials or manufacturing and processing technologies by SMEs • Clinical research for the validation of biomarkers with prognostic or a predictive power and/or diagnostic medical devices.

Such validation should demonstrate a link to a pertinent clinical endpoint or process, as well as a robust and appropriate analytical method.

• Space, particularly applications connected to the EGNOS, Galileo and Copernicus programmes, application of terrestrial solutions to challenges in space and the development of certain critical related technologies.

• Security and protection of urban soft targets and urban critical infrastructures, covering various aspects like for example: designing buildings and urban areas, protection of energy/water/transport/communication/ finance infrastructure, critical infrastructure surveillance solutions, protecting supply chains, avoiding cyber-attacks and developing cyber resilience systems for critical infrastructures.

• Innovative mobile e-government applications aimed to help the interaction of citizens and businesses with public administrations. Innovative, user-friendly and personalised services that can be accessed easily should be developed by combining open public data and services with information and services offered by the private sector.

• Business model innovation, particularly in traditional sectors, such as manufacturing industries, in sectors rooted in Europe’s history such as cultural heritage, as well as in new sectors including different services and creative industries, and the social economy (small community-oriented companies, using their profits primarily for social objectives).

In a 1st phase, EU funding support in the form of a lump sum of EUR 50,000 is made available for the undertaking of a feasibility study verifying the technological/practical as well as economic viability of an innovative concept with considerable novelty to the sector planned to be applied to. Such concept may refer to new products, technology, process, design, services,

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business models or new applications of existing ones. The specific activities could, for example comprise: risk assessment, market study, user involvement, IP management, innovation strategy development, partner search, feasibility of concept and the like.

As a first in the area of EU centralised funding programmes, an SME can apply for such funding support on its own Under a 2nd phase, innovation projects that that demonstrate high potential in terms of company competitiveness and growth on the basis of a solid business plan and freedom to operate will be supported in their technological and business development activities. Whilst the focus should be on innovation related activities (e.g. demonstration, testing, prototyping, piloting, scaling-up, miniaturisation, design, market replication and the like), some research may also be included. The ultimate aim is to bring the concept to industrial readiness and maturity for market introduction within a period of approximately 2 years. The EU contribution in such development phase is of between EUR 0.5 and 2.5 million (indicative figures), but not more than 70% of the total eligible project costs.

As a first in the area of EU centralised funding programmes, an SME can apply for such funding support on its own, or in association with other SMEs if this is considered commercially relevant.

Applications can be made for phase 1 with a view to applying to phase 2 at a late date, or directly to phase 2.

Moreover, applications can be submitted on an ongoing basis, with 4 cut-off dates for evaluation being established in 2015, the next ones being: 17th June, 17th September and 16th December 2015.

Through the EUR 259 million budget made available for 2015, a total of some 740 new projects are envisaged to be funded under the SME Instrument this year. MBR For further information please visit www.ascendconsulting.eu

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EDITOR’S NOTE Anamaria Magri Pantea is a specialist in EU funding, 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.

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Malta Business Review

gaming

NEW CRUISE CASINO REGULATIONS PUBLISHED MGA to allow casinos on cruise liners to operate while visiting Malta.

The Hon Parliamentary Secretary for Competitiveness and Economic Growth Dr Herrera speaking during the launch of the cruise casino regulations

F

ollowing the publication of the Cruise Casino Regulations by the Malta Gaming Authority (MGA), wherein cruise liners are to obtain prior approval from the MGA, cruise liners will now be able to operate their onboard casinos while berthing in Malta and its territorial waters. These regulations are a result of the policy announced by Government last November during the 2015 Budget speech. The regulations aim to regulate casino operations on board cruise ships, which are either berthed in Malta, Gozo or within Maltese territorial waters.

was announced during the last budget. As such this secretariat has already accomplished three important propositions from their announcement in the budget: the Authority’s branding, the launch of GamingMalta and the new regulations for the cruise casinos, said José Herrera.

The MGA’s Executive Chairman, Joséph Cuschieri said that the MGA introduced the Cruise Liner Casino Regulations to ensure that fair play and player protection processes on board cruise ships are in place.

“Through the implementation of these new regulations, cruise liner operators can apply for approval to operate their onboard casinos. The Authority will be assuring the best principles of fair play and player protection. Therefore the need to regulate arises, to ensure that we build upon the good reputation that our jurisdiction holds,” said the Parliamentary Secretary.

“Through the Cruise Liner Casino Regulations, we will be able to safeguard both the interests of passengers on board cruise ships, as well as those of the Maltese gaming industry. Cruise ships that are issued with the necessary approval by the MGA will be able to operate their casinos in line with the stipulated conditions whilst berthed here,” added Mr Cuschieri.

“Valletta Cruise Port welcomes the publication of the new casino regulations, following our instigation of the process in recent years. These regulations make Malta a more attractive proposition for cruise liners particularly those who do opt to call at Malta for an overnight stay. This is undoubtedly an incentive to encourage cruise liners to include both Malta and Gozo in their Mediterranean itinerary. Valletta Cruise Port has already starting promoting these regulations, and feedback from the cruise liner industry has been positive,” commented Stephen Xuereb, Chief Executive Officer of Valletta Cruise Port.

The Parliamentary Secretary for Competitiveness and Economic Growth José Herrera stated that through the introduction of these regulations the Government has taken into consideration the private sector to incentivise these two industries: gaming and the cruise liners. This measure being implemented by the Government 20

José Herrera praised the Malta Gaming Authority’s commitment that is increasing being pro-active in its efforts to promote job opportunities and investment on our shores.

The Government reiterates its commitment to improve these industries to create more quality job opportunities for our country.

The regulations lay down that a formal application for this purpose must be submitted to the MGA, which, in turn, issues such approval once it is satisfied that gaming on board the cruise liner casino shall take place in accordance with the fundamental principles established by the Authority. Once approval is granted, cruise liner casinos will be allowed to operate for the duration of their stay, in line with the conditions stipulated in these new regulations. The conditions attached to the approval, stipulate, for instance, that only those persons listed on the passenger manifest of that particular voyage can gamble at the vessel’s casino, and that the casino is only operated during the time window specified in the MGA approval.

The Cruise Casino Regulations (S.L. 400.03) are being issued under the Gaming Act (Chapter 400 of the Laws of Malta) and are available online. MBR For more information on these regulations, one can contact the Authority by calling +356 2546 9000 or sending an email to info@mga.com.mt.

Internet BankIng

Malta Business Review

LAUNCH OF A TRAINING PROGRAMME ON USE OF INTERNET BANKING

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he Parliamentary Secretary for Competitiveness and Economic Growth, Dr José Herrera launched a training programme prepared by the Malta Communication Authority and the Malta Bankers’ Association who are also funding the programme. The scope will be to provide internet banking training sessions, for those who have had difficulty in using online banking services. This is another initiative in line with the Guiding Principles and Actions that were identified in Digital Malta, the National Digital Strategy 2014-2020. It is also in line with Budget 2015, where the Minister of Finance announced that a Working Group would be set up to make recommendations to Government on how to increase electronic payments.

During the launch that was held at the Corinthia Palace Hotel & Spa, Dr José Herrera congratulated the Authority not only for the value that such training sessions will provide to the participants but also to the synergies that such initiatives create between Government entities and the private sector. Statistics have shown that there was a 5% increase in usage of internet banking and that 93% of such users are satisfied with the quality of service provided.

Dr José Herrera noted that notwithstanding such positive results, there is still a segment of the population that remains sceptical about its security and efficiency. This programme was designed to

overcome such scepticism that arises from the lack of knowledge.

Dr José Herrera expressed satisfaction on the efforts being done by the Information Society within the Authority that constantly strives to reduce the digital divide.

Dr José Herrera also congratulated the Banks for their active participation in this project and for both parties to increase their efforts so that this programme reflects the political will of this Government to be an inclusive society and include people with special needs in their training efforts. Tacitly this year’s budget declared it ‘the year of the disabled’ with a number of initiatives aimed at addressing those issues necessary to make all citizens feels included.

Besides the Malta Communications Authority and the Malta Bankers’ Association, present for the Launch were representatives from participating banks, that is, APS Bank, Banif Bank, Bank of Valletta, HSBC and Lombard Bank. MBR

Malta Business Review

Accounting Advisory

Thinking of Acquiring A Business?

Are You reAdY To risk?

by Jonathan Dingli

i

n today’s rapidly evolving world, strategic business acquisitions capitalising on growth opportunities and market penetration, are proving to be more evident across a variety of industries. Very often, such transactions are moulded with little consideration to the underlying accounting implications, only to face unpleasant surprises as the acquirer accounts for the acquisition in the succeeding financial statements in accordance with the requirements of International Financial Reporting Standards (IFRS). This article summarises some of the main points which, from our experience, tend to steer the accounting for business acquisitions in different directions if overlooked.

Under IFRS acquirers account for most business combinations following the acquisition method under IFRS 3. In simple terms, acquirers need to measure the consideration transferred and the identifiable assets and liabilities taken over at fair value, and account for the difference between the two measures as goodwill or gain on a bargain purchase (so called ‘negative goodwill’).

Determining what is part of the consideration transferred to acquire a business, and measuring that consideration at fair value, will directly affect the amount of goodwill or gain recognised upon acquisition. While the treatment of cash consideration is often straightforward, measuring other forms of consideration may require effort and expertise. However, this is often not a major obstacle. What is critical at this stage is clarity on what is being exchanged as consideration payable by the buyer to the seller, when, and if contingent upon future outcomes or circumstances, clarity on those future contingencies.

For instance, when part of the consideration depends on future earnings before interest, tax, depreciation and amortisation (EBITDA), it is extremely important to define EBITDA and what should be included or excluded in the determination of such. For example when determining EBITDA for this purpose one has to be clear as to whether one-off

22

non-recurring items are to be included or not and whether certain expense items, such as currency fluctuations should form part of the equation. IFRS do not define EBITDA – clarity and agreement between the parties in that respect is therefore paramount so as not to find oneself in situations which would result in unintended consequences. An exhaustive list of such inclusions/exclusions, attached to the Sale and Purchase Agreement (SPA), would probably mitigate potentially contentious issues.

Payments to employees who are former owners of the acquiree could also form part of the consideration transferred, depending on the circumstances and conditions underpinning such payments.

What is critical at this stage is clarity on what is being exchanged as consideration payable by the buyer to the seller Identifying and measuring at fair value the assets acquired and liabilities assumed (including those that are off the acquiree’s balance sheet) upon the acquisition of a business, can be a laborious process, especially in certain industries which depend heavily on assets that are intangible in nature.

When acquiring businesses operating in such industries, identifying and attributing a measure to the following could be particularly challenging: • Customer lists. A customer list consists of information about customers, such as names, contact information, order histories and demographics. A customer list that is separable might meet the definition of an intangible asset, however not all customer lists are separable. For example local regulations or terms of confidentiality may prevent an entity from selling, leasing or exchanging the information in such a list.

• Internally generated intellectual property (IP). Very often the acquiree is allowed to

capitalise only a certain portion of R&D costs incurred on generating IP, where the cost in the books of the acquiree of that IP is insignificant when compared to its fair value.

• Contingent liabilities. In view of their offbalance sheet nature, identifying and measuring contingent liabilities often requires careful analysis and attention.

• Deferred revenues, loyalty points and similar items. These may be common in certain industries. Like any other obligation assumed in a business combination, these must be measured at fair value. In fact, the fair values attributed to all of the above identifiable assets and liabilities, also directly affect the amount of goodwill or gain recognised upon acquisition.

The above is by no means an exhaustive list of potentially contentious issues and there are many other stones often left unturned in the process of sealing a deal. The concluding message is one – while accounting should not dictate business doings, it merits at least due consideration to avoid unintended consequences and unpleasant surprises in financial statements through which an entity ultimately communicates to the outside world. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Jonathan is a Director in the Accounting Advisory Services (AAS) Unit at KPMG in Malta. Throughout his career he has gained significant experience in assisting local and international clients operating in several industries on the adoption and application of IFRS and on various related complex matters.

He has extensive experience on consolidation issues, having assisted a number of large multinational groups in the adoption of IFRS and the preparation of IFRS consolidated financial statements. He has been lecturing on IFRS for the last seven years, is currently an assistant lecturer at the University of Malta and is reading for a doctorate in financial accounting at Loughborough University in the UK.

Accounting Advisory

Malta Business Review

www.maltabusinessreview.net

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Malta Business Review

Global CurrenCies

wanting to carry out transactions in RMB as well as facilitate trade through this currency, as part of our ongoing Malta Trade for Growth initiative,” said Michel Cordina, Head of Commercial Banking at HSBC Malta.

The Head of Global Banking and Markets for HSBC Malta James Woodeson said: “Aside from creating new trade avenues, the growing use of China’s currency worldwide is also generating capital investment and financing opportunities for companies doing business internationally. The benefits for corporates using RMB include improving working capital, simplifying processes and mitigating payment risks.”

HSBC commissioned a similar 11-market survey in 2014, adding Brazil, Malaysia and South Korea this year. When comparing responses from 2015 and 2014 across the original 11 markets, slightly fewer businesses now expect to gain financial advantages from doing business with China in RMB – 44% versus 47% in 2014. Similarly slightly fewer expect to gain relationship advantages from conducting their China business in RMB – 47% versus 49%.

That said, more than half (54%) of all the businesses surveyed this year expect to

increase their cross-border trade with China in the next 12 months. Of the companies outside Asia with the highest expectations of China trade growth, such as those in the US (65%), the UK (64%), the UAE (71%) and Germany (60%), a fifth to a quarter said their management teams have discussed the RMB as an opportunity.

Moreover, 27% of firms across all 14 markets that aren’t using the RMB today said they plan to use it in the future.

Aside from creating new trade avenues, the growing use of China’s currency worldwide is also generating capital investment and financing opportunities for companies doing business internationally “It’s interesting to see that views about the RMB’s future impact have diverged since 2014,” Cooper said. More businesses in the UK, the UAE, the US and Singapore now think the RMB will be used to settle non-China trade within five years, just as the dollar is

used today for transactions that don’t involve US counterparties. Conversely we’ve seen businesses become more hesitant in Taiwan and in Germany. For me, this is another sign of the RMB maturing as a global currency; one that fluctuates in value and one for which demand can be influenced by developments outside mainland China.”

During 2014 the Chinese authorities made a number of regulatory changes to make the RMB easier for companies to use and more responsive to market forces; including the introduction of two-way cross-border sweeping and a widening of the onshore trading band against other major currencies. Clearing banks were mandated for 10 countries including France, Canada, Thailand, Qatar and the UK to help spur the development of offshore RMB hubs.

For its 2015 survey HSBC polled more than 1,600 decision-makers from Australia, Brazil, Canada, mainland China, France, Germany, Hong Kong, Malaysia, Singapore, South Korea, Taiwan, the UAE, the UK and the US who represent companies that conduct international business with or from China. MBR

The hSBC Group HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,100 offices in over 73 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,634bn at 31 December 2014, HSBC is one of the world’s largest banking and financial services organisations.

hSBC CommerCial BankinG For nearly 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 three quarters of global commerce, we make HSBC the world’s leading international trade and business bank. For more information see www.hsbc.com/1/2/ business-and-commercial

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Car Hire

Car Leasing

www.meligroup.com Limousines

One Stop Shop Car Repair Centre

Meli Car Rentals Ltd. 90, Fremond Street Qormi, QRM 2379 T: 79 03 10 10 E: contactus@meligroup.com

Malta Business Review

Building industry

Resin Liquid MeMbRane Vs ConVentionaL CaRpet MeMbRane

by Antoine Bonello

A good Waterproofing system cost less than 1% of the property value, yet damages from water leaks are responsible for 80% of building repairs. There are various types of waterproofing on the market, but what is the right one for our climate?

Today, resin membranes are growing in popularity, offering advantages over previously traditional systems.

In Malta the traditional bitumen carpet membrane is still considered a solution to waterproof our roofs. These products are mainly dark coloured, made from bitumen and covered with gravel. Soon after its application this material starts to harden, loose cohesion and harm the environment due to the evaporation of oils caused by direct sunlight.

They also tend to break from the sealed seams when subjected to concrete movements. Another important effect is the transmission of heat inside buildings due to their colour and properties, elevating considerably the room temperature and creating a hot and humid environment. This occurrence will inevitably result in making more use of air-conditions and an increase in electricity consumption. In our hot country these products are mostly recommended for use in foundations and in places where there is no direct Sunlight.

Resins and polyurethane membranes are proving to be the future In today’s world technology moves at a very rapid pace with materials being continuously developed and modified to meet today’s exigencies.

Resins and polyurethane membranes are proving to be the future; they are designed to meet our harsh hot summer and sudden climate change.

Their application is simply by roller, brush or sprayed and can be applied easily in corners and obstructed areas. The final result is completely seamless, elastic, resistant to heavy traffic, can withstand direct bonding of tiles if desired and guaranteed to last for years due to their resistance to UV rays. They are light in weight compared to other materials and can become stronger when they are reinforced with fibreglass type matt 225.

Resin and polyurethane membranes also help to reduce heat intake due to their ability to reflect natural radiation and low heat absorption properties. A new thermal resin liquid membrane has now been launched in the market with elevated thermal and reflective properties able to increase solar panels efficiency and intake. A leading producer of these products is NAICI, where they are made with pride in Italy. MBR www.theresincentre.com 26

Global CurrenCy

Malta Business Review

HSBC PROVIDES UNRIVALLED INSIGHT INTO GLOBAL CURRENCY MOVEMENTS

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he US dollar was the best performing currency in the world in 2014 and is likely to continue its bull run and reign supreme in 2015, one of the world’s foremost foreign exchange (FX) strategists has said.

David Bloom, Global Head of FX Strategy at HSBC Bank, was speaking at a Business Breakfast organised by HSBC Malta. HSBC FX Strategy is regarded as the best in the world and has just published long-term FX forecasts up to 2021.

“A stronger USD would help deliver a dose of much needed inflation to those nations facing excessively low inflation.

While the scale of a USD rally required to bring inflation all the way back to target in the likes of the Eurozone would likely be unpalatable to US policymakers, USD strength will still help stave off the deflation threat,” said Mr Bloom.

David Bloom, HSBC Global Head of FX Strategy, addressing business delegates and traders at an HSBC Malta thought leadership event

“It (USD) may not be able to save the world, but it will certainly buy time,” he added.

tool to import inflation or export deflation to ward off threats.

Talking about the role of currency fluctuation in the economy, Mr Bloom said that while historically, currency wars were a battle over market share in export markets, designed to help support a country’s balance of payments position and rebalance growth, they are today a

During the event, HSBC Malta’s CEO Mark Watkinson said: “HSBC’s global network allows it to capture emerging opportunities from around the world and to bring unrivalled insight to its customers so as to allow more informed decisions.” MBR

Malta Business Review

MICE

Perfection is not A DetAil, But DetAil MAkes Perfection

by Joseph Farrugia

Business Roundtable With The Government of Malta, The Economist Events, March 2014 | photo by cngfotography

I

n today’s hectic and competitive world, time is nearly as valuable as money and it is very important for a customer to have the convenience of having multiple needs met in one location. In other words, customers can get all they need in just one stop. And here is where Nexos Lighting and Video comes into its own. After the company diversified and specialised into specific sectors, it always insists on reaching the end goal and executing a fully developed game plan for success, as the company’s motto says ‘’Perfection is not a detail, but detail makes perfection’’.

Nexos Lighting and Video was established in 1993 but nowadays it leads the way not only in the leisure industry but also in the competitive field of corporate events.

This is achieved after Nexos Lighting and Video has diversified into specific sectors such as conference and events, audio visual productions, studio facilities and TV productions, design and marketing, sales and distribution and equipment rental.

Nexos Lighting and Video grew from strength to strength in the organisation of corporate events and is nowadays renowned in producing and facilitating superb production solutions because they 28

are creatively conceived, strategically planned and beautifully executed. The company takes a strategic approach to planning an event by firstly understanding the objectives, the relationships with audiences, the brand vision and wider communications strategy that the client wishes to achieve.

The company has an excellent track record of professional jobs delivered to the highest standards and within tight timeframes

Nexos ensures that this vision and strategy is carried through every aspect of the event so that every element strikes precisely the right note. Nexos Lighting and Video will turn the clients imagination into reality and help them develop the perfect vision, bringing it to fruition. Their experienced staff will work with the client to ensure that the end results are nothing

short of excellent and the client receives the desired return on investment that it is looking for.

This success is highlighted due to the fact that Nexos Lighting and Video provides qualified resources and services that clients need at any and all sites, efficiently and cost effectively. Nexos staff offer years of experience combined with due diligence to the European health and safety practices that are intrinsic to the events industry. For a given market, Nexos Lighting and Vision can provide a single discipline, such as lighting, audio or video, or it can bundle disciplines for an integrated solution that meets the needs of the entire project, including lighting, rigging, staging, video, audio, scenery and automation systems.

Efficiency and professionalism are key elements to Nexos’ success and back in 2011 one of its designers was awarded the 2011 Excellence Award at the International Prolight and Sound Fair in Germany, an international competition for the best lighting design in concerts held throughout the world during 2010. This commitment to detail has helped the company to gain the trust of a wide range of clients with a wide range of needs.

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Malta Business Review

Affiliated with global organisations and partnered with world renowned brands, namely Clay Paky, Philips Entertainment, Arri Lighting, Rosco and Milos, Nexos strives to provide the best service possible, efficiently and cost effectively.

Nexos Lighting and Video has been entrusted with major events held on the island throughout the years. These included the Isle of MTV concerts, the Junior Eurovision Song Contest held for the first time in Malta last year, national celebrations like EU accession 10th Anniversary and Independence Day 50th Anniversary celebrations.

Concerts, theatre performances, corporate events, fashion shows, 3D projections, weddings and TV studio lighting installations are some of the multitude of projects that Nexos successfully engage on a daily basis.

The highlight of success is the attention given to our esteemed clientele. The company has an excellent track record of professional jobs delivered to the highest standards and within tight timeframes.

With great commitment to our clients at each step of their projects, Nexos staff do their utmost in providing the optimum

HSBC Corporate Event at Manoel Island

solutions to our clients, from the initial design stage to post-event analysis.

A good service pays back so the common goal of the company and the client is to have good results that impact the audience in a meaningful way. With each client and each project, the company brings like minds together and our creative team can take the client’s vision and find a way to make it a reality, creating a powerful experience for the customer and guests. So when it comes time for the show, the product launch, corporate meeting, tradeshow or whatever the big event may be, the client has what he wants.

Nexos Lighting and Vision has warehouses fully stocked with the state-of-theart equipment. They own the latest technologies in projection, video, rigging/ staging and lighting.

Realise your vision and once you confide in us, it is the beginning of a new venture together for years to come because ‘’the show must go on’’. MBR Nexos Lighting and Video is a one stop shop for all the needs to organise an event so don’t hesitate to call on 21800144 or send an email on info@nexoslighting.com www.maltabusinessreview.net

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Malta Business Review

MICE

MFCC – The Events Services and Venue All In One

by Nadette Bugeja

From a stunning lighting display, to a mass party in Malta, here is the conference meeting place where brands are built and relationships are forged; where hearts are won and minds are open; and where deals close and new opportunities emerge.

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E

veryone in Malta knows MFCC as the venue in Ta’ Qali, but few know that MFCC is not only a venue but also a service provider to the events industry.

MFCC has always been the largest supplier of events material required for any type of event set up, and continues to be so. MFCC has over the years invested constantly in materials such as marquees, gazebos, seating, exhibition display material, carpeting, barriers and also stages and platforms. Even if MFCC is now under new management these resources and assets are still held by MFCC and are available for hire to promoters and producers of events held in Malta and overseas.

In July 2013 the Right Structures’ (a subsidiary of MFCC) stage was a central feature at the spectacular Coronation Festival in the gardens of Buckingham Palace. The Coronation Festival took place over four days and celebrated the 60th anniversary year of The Queen’s Coronation.

Hosted by the Royal Warrant Holders Association it featured an exhibition showcasing over 200

suppliers to the royal household and a stunning evening gala performance from artists as diverse as The National Youth Orchestra to The Feeling and The National Ballet to Katherine Jenkins. A similar stage structure is used on a yearly basis in Cork, Ireland, for the LIVE at the Marquee festival. This year the same stage has been sourced in Malta for the annual Joseph Calleja concert which will be held at the Luxol Grounds, Pembroke, on the 3rd of August.

The Coronation Festival took place over four days and celebrated the 60th anniversary year of The Queen’s Coronation Marquees and tents are another important item in the MFCC product portfolio. These are essential items in the events industry. MFCC has been on the forefront in the use of such structures and boasts a team of highly skilled

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Malta Business Review

Right Structures in Buckingham Palace Coronation Festival

Another essential and important detail is carpeting. Carpets provide a quick solution to a floor which needs a quick facelift. Another reason to use carpet is to change the colour of an already existing floor area maybe to compliment a brand or to emphasis glamour.

MFCC stocks a large range of carpet suitable for such requirements.

The MFCC Malta Trade Fair remains the original concept as brought over from the predecessor the Trade Fair Corporation

riggers who have managed the set up and dismantling of many events requiring such services, these would include corporate private functions, high profile weddings, political campaigns, temporary shelter for filming crews, solutions for external extensions to fixed buildings, set up of a temporary sheltered area in an external venue and many more.

Seating facilities are also a much needed event solution. MFCC’s seating supply is the largest in Malta, consisting of a combination of flat and tiered seating MFCC can supply a total of over 6000 seating facility.

Exhibition display is a product highly related to fairs and exhibitions. MFCC also provide a turnkey solution to the supply of exhibition stands. Their inhouse designer will meet the client and discuss the requirements. The stand will then be designed according to the clients’ specifications and once approved built by their skilled carpenters. MFCC also hold stock of standardised exhibition display material and can supply stands from the very basic to the very complex customised solutions prepared from designs both created by us and supplied by the client.

Over and above the services provided by, MFCC is also an important venue. MFCC, as a venue, is housed under a TFS (Tension Fabric Structure) providing the largest venue in Malta. A total area of 13000m² inside space provides the canvas for any event imaginable. The area has been home to fairs and exhibitions, conferences, concerts, gigs and the Malta Trade Fair, which is the largest commercial event held in Malta. The MFCC Malta Trade Fair remains the original concept as brought over from the predecessor the Trade Fair Corporation.

MFCC has over the years maintained the concept of providing to the local retailer and service industry the space to expose their goods to the consumer in an environment which allows the consumer to meet with the business to build relationships that will eventually result in loyalty both from a business perspective as well as a consumer one. The MFCC Malta Trade Fair provides this platform for commerce to grow and flourish as has been the experience of many exhibitors who continue to be on the forefront to participate and get involved with eagerness in this event. At MFCC the concept revolves around providing an adequate space for businesses to provide the consumer with a shopping experience that provides the opportunity to compare prices, view new products and build relationships.

This year in fact the fair boasts being better than ever before and has been adapted in a way to provide this unique shopping experience as never before.

Today MFCC is partnered with Catermax.

Catermax being Malta’s leading high-end caterer. This gives us a better competitive edge and makes the service provided complete. Together with Catermax, MFCC is working to provide an increasingly more complete service to provide the events industry with a product that places Malta on the map for conferences and events. MBR All Rights Reserved | Copyright 2015

www.maltabusinessreview.net

31

Special Feature

Women Leaders

Malta Business Review

special feature: women leaders

Inclusion, Determination And Perseverance

by Martin Vella

DenIse XueReB - Construction Director, AX Holdings Group of Companies MBR: What makes the AX Holdings Group of Companies unique in its market space?

DX: This year marks the AX Holdings Group’s 40th Anniversary, and the level of dynamism and activity is what has kept the AX Holdings Group growing stronger year after year. The foundations of the AX Holdings Group have historically rested on three core values – Creativity, Efficiency and Challenge. We later came to realise that ‘Determination’ is also a core value, synonymous with the AX Holdings Group. Whilst being creative, efficient and entrepreneurial have contributed immensely to our collective success, sheer determination and perseverance is sometimes required to get “over the line” and achieve rewarding results beyond expectation.

The AX Holdings Group is constantly seeking to raise the bar in the local markets in which we operate and in anything we do, both in terms of innovative and quality projects, as well as through the running of market-leading operations. We always strive to be market leaders in our core businesses, something I believe we have achieved, but naturally we always face challenges to maintain our position.

MBR: How critical is it that your workforce mirrors your diverse customer base, and have opportunities for women significantly improved?

DX: The AX Holdings Group operates in four major sectors – Construction, Hospitality, Healthcare and Development. These sectors together employ over 600 employees and as you can imagine, our workforce is extremely diverse, and yes they do reflect the diversity in our customer base. The amount of women working across all sectors of the group has also increased tremendously, and we are firm believers of including more and more women in our workforce at all levels.

We are aware of the challenges faced by working mothers in managing to balance their careers with home, and are always open to considering flexible measures to ensure that we source from the widest pool of talent possible, irrespective of gender. As can be seen from this interview, the AX Holdings Group has three women at Executive Management level representing three of the four sectors in which we operate – that says something!

I consider diversity and inclusion as a pathway to promote our recognition of our employees as real people and, in turn, that’s especially important for a hospitality business because our people are the essence of our business.

MBR: Is it even tougher to maintain that entrepreneurial spirit as companies grow larger?

DX: The AX Holdings Group was founded by an entrepreneur and in the early days it was more of a ‘one man band’, however, as the company grew and diversified, it became more crucial for this spirit of entrepreneurship to be absorbed into the group culture. As a group, we actively promote, encourage and commend entrepreneurship amongst our staff.

MBR: How is entrepreneurship learned?

DX: For a few, entrepreneurship is a natural part of who they are, however we have always believed that it is also something that can be fostered as an integral part of the organisation’s culture rather than being the remit of one person or a single department. MBR

ClAIRe ZAMMIT XueReB - Hospitality Director, AX Holdings Group of Companies MBR: Competitiveness long-term will be driven by entrepreneurs and small businesses.

Isn’t this where we need to focus?

CZX: Without the element of competition businesses will never move forward. It all depends on how sensitive we are to the changes around us, as well as how agile we are to move with those changes and drive our business ahead of it, where possible. All of this is not possible of course, without a solid team around you, with constant communication of the way forward.

MBR: From the management team down, how do you address AX Holdings Group’s involvement in community affairs?

CZX: This has been a normal practice for our group for many years now, especially with my mother’s involvement in the AX Foundation.

We have been doing philanthropic activities since 25 years now, ever since the launch of the AX Foundation itself and before. This does not only mean organising the activities but involves our staff at all levels, to donate their own time during the event, in order to raise as many funds as possible. We also get involved 34

in environmental projects like, clean up campaigns, where all our entire group of staff get together and work as a team, with an aim to keep the environment clean and create more awareness. Meanwhile, we gain mileage from team work element. A case in point, we are soon celebrating our 40th Anniversary. Apart from the celebration itself, we are also tying plantation of several trees in the Qawra area to commemorate the event and meanwhile contributing to the environment. Involving yourself in the local community is a must. They must co-exist.

An ambitious woman has greater motivation to reach top levels today MBR: Are there enough opportunities today for women to reach top levels of leadership?

CZX: Ample! It all depends on the will women have to reach those levels and whether their situation allows for that to happen. Today we do not talk about men or women, today we talk about persons, irrespective to gender, race or

age. Where there is a will, there is always a way.

That’s how I have been brought up and believe it wholeheartedly. An ambitious woman has greater motivation to reach top levels today, due to past stigmas or rather challenges, as well as raising-family issues which are a constant battle, and hence, would have prepared herself well for the goal. However, without her family’s support this is not possible. In this process, all the family members need to pull the same rope, so the efforts are distributed. It is unfortunate to see many capable women reach certain levels at work but drop out as soon as they have children, because family responsibilities fall on their lap.

MBR: What continues to excite you about your position and has it been what you expected?

CZX: I love my job with a passion! Today I see our business from a more strategic and creative position, allowing us to change our whole dynamics. I love the constant challenge and of course the dealing with people – without that, life would be so boring for me, now that I am so use to working in such an ever-changing, vulnerable business with people on both ends, as well as a very volatile market. MBR

special feature: women leaders

Malta Business Review

JACquelIne CAMIlleRI - CeO, Hilltop Gardens Retirement Village, AX Holdings Group of Companies MBR: What entrepreneurial leadership skills do you bring to bear over the management and development of The Hilltop Gardens Retirement Village?

JC: Many school of thoughts discuss the role entrepreneurs play within their businesses. Whilst entrepreneurs are often described as innovators, paradigm pioneers, and visionaries, they are confronted with the issue of development leadership qualities in order to grow their businesses and transform them to a level of professionalism.

I believe that entrepreneurial people are those able to recognize and take advantage of opportunities to acquire added value.

The skills that I deem important are many but definitely include (i)

Seeing and clearly communicating a clear direction for the future

(ii) Leading and motivating others (iii) Recognising shortcomings in the team and supplementing those skills (iv) Having the business skills from an education and experience viewpoint (v) Ability to seek opportunities and take risks

(vi) Ability to achieve a set of goals and be innovative All in all I am a firm believer that entrepreneurial behavior is embedded in one’s personality, in a way, the result of one’s upbringing. Thus entrepreneurial behavior appears to be internal, what I describe as a characteristic of a true leader.

All in all I am a firm believer that entrepreneurial behavior is embedded in one’s personality MBR: What efforts do you undertake to ensure the culture is maintained The Hilltop Gardens Retirement Village grows?

JC: Creating a healthy culture in an organization is vital, if an organization is going to be effective in the long term. Bad culture, fosters bad results - especially over the long term.

Whilst leadership praxis is always up for debate, experience has taught me that to create a vibrant, high performing culture within the workplace, the organisation/ group/team needs to embrace the values

of Culture of Planning, Culture of Execution, Culture of a Big Vision, Culture of Referent Power and Expert Power, Culture of Passion and the Culture of Honesty and Integrity.

MBR: Are you surprised by how intense the focus on the mission is, and does that become more challenging as one grows with this development?

JC: A Mission Statement defines the organization’s purpose and primary objectives. Its prime function is internal – to define the key measure or measures of the organization’s success – and explains the company’s core purpose and values.

At AX Holdings the mission is not just a ‘wish’ or a ‘dream’. Over the years, having worked in different subsidiaries and varied business ventures within the Group I have seen and experienced great clarity on the purpose and values of the organisation, the responsibilities of the organisation towards its client and a sound understanding of the main objectives that support the Group of Companies in accomplishing its mission.

This is essentially what has given me the commitment, passion and drive to strive and achieve my objectives over the years I have worked with the AX Holdings Group. MBR EDITOR’S NOTE

Claire Zammit Xuereb’s career started at only fourteen years of age after volunteering to introduce herself in various hotels of her own family business, learning all she needed to know to make it to the top. Ms. Xuereb moved from one department to another until the question in her mind as to whether tourism is her profession was fulfilled. After graduating at the Centre International de Glion, Switzerland with a Bachelor’s degree in Hospitality and Tourism Management, she was appointed Group Hospitality Director with AX Holdings Group. This role included management of the four hotels, namely The Palace, The Victoria Hotel, The Seashells Resort at Suncrest and Sunny Coast Resort & Spa. Prior to her appointment as AX Holdings Group Hospitality, including that of a Revenue Manager at The Seashells resort by Suncrest.

Ms. Xuereb also acted as MHRA treasurer and was its President for the 4 star sector, and then was appointed Chairperson of ITS. Ms. Xuereb forms part of the Malta Community Chest Fund board.

After completing her Bachelor’s Degree in Management from the University of Malta, Denise Xuereb joined the AX Construction’s team during the construction and finishing of Five-Star The Palace Hotel in Sliema. Having caught the project management bug during this hands-on experience, Denise pursued her studies further by embarking on a Masters of Science programme specialising in Programme and Project Management at the Ecole Superieure de Commerce in Paris. Since coming back to Malta, Denise has been busy managing the projects for the construction of the new Parliament Building in Valletta, the Hilltop retirement village in Naxxar, the restoration of various bastions in Valletta and Birgu, together with a number of other multidisciplinary projects. She currently holds the position of Construction Director at AX Construction and oversees the efficient management of the construction division within AX Holdings.

Jacqueline Camilleri was appointed CEO with Simblija Developments Limited, a subsidiary of AX Holdings.

A Certified Public Accountant, Ms Camilleri is a Fellow Member of the Institute of Accountants. she also hold a Masters In Business Administration from Heriot Watt University – Edinburgh Business School. She has held various positions within the AX Holdings Group of Companies including that of Finance and Administration Manager of Capua Palace Hospital. In 1998 Ms. Camilleri joined the Foundation for Medical Services (FMS) as one of the team members responsible for the opening of Mater Dei Hospital. She served as a Directorate Management Accountant at Stoke Mandeville Hospital and acted as Head of Financial Monitoring and Control Unit (FMCU) within the Ministry for Health, Elderly and Community Care. She has also worked with MIMCOL and served as a Board Member of the Foundation for Medical Service and also as Vice Chairman of the Malta International Airport.

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special feature: women leaders

MBR: What does Microsoft have in place to counter the competition in the marketplace?

AZ: Leaders everywhere are looking for breakthrough ways of spurring economic competitiveness, expanding opportunity and tackling the big challenges facing their citizens and societies. Technology has long been a catalyst for progress on these goals, and new waves of innovation are opening up vast new opportunities to accelerate that progress. The connected power of cloud computing, smart devices, natural user interfaces and accessible data are changing how people around the world connect, communicate, and collaborate to create positive change in their communities or around the world. This rapid evolution of innovation holds the promise of dramatic transformation around the world by empowering new innovators, enabling institutions to do more with less, and extending opportunity to millions of citizens. Fully harnessing the power of new innovation across countries and communities requires a holistic approach, focused on outcomes vs. inputs and the tangible impact it can enable for governments, businesses, organisations and ultimately citizens. Together with our local partners around the world, we work with leaders to understand their local priorities and needs, and then find the right mix of flexible solutions, programs and partnerships to best meet their objectives MBR: How does MS over-amplify its new concepts and the culture required for the local market?

Growing A Practical and Innovative Spirit

by James Vella Clark

Every business has to face one prime challenge: remaining relevant.

If a business or an idea stops being relevant, it stops growing. This is what Adriana Zammit, Microsoft’s Country Manager for Cyprus and Malta told me during an insightful interview, stressing that growth comes from successfully reinterpreting your products and services to meet wider audiences. become the first female country manager for the software company in the Mediterranean, Adriana maintains that only by remaining close to your people and your customers you can understand how best to grow and remain competitive.

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AZ: Our ecosystem of around 150 local partners, the vast majority of them small and medium businesses, represents an engine for local innovation, job creation and economic growth. Working with those partners and other public and private sector stakeholders in local market, we aim to nurture and expand cycles of local innovation and expand economic opportunity to help Malta and its communities compete effectively in the current economy. With a collaborative and holistic approach, the focus is on empowering small business, fostering local IT economies, developing workforce skills and advancing public infrastructure & transportation.

We aim to nurture and expand cycles of local innovation and expand economic opportunity to help Malta and its communities compete effectively in the current economy In addition, two years ago we opened the Microsoft Innovation Centre in Malta, which provides state-ofthe-art technology facilities for practical collaboration among students, software developers, IT Pros, entrepreneurs and academic researchers. These hubs help nurture promising technology initiatives, helping innovators bring their transformative solutions to market and launch new local startups.

MBR: With the speed of technological change today, how hard is it to stay on top with new product development?

AZ: We are living in a new and more personal computing era that requires us to be more natural,

special feature: women leaders

contextual and people-centric. We have to anticipate and meet people’s needs in a way that inspires them. Staying on top involves proper commitment to research and development. Microsoft’s investment in R&D is substantial. With average investment of over $10.5 billion, Microsoft is the 2nd largest R&D investor worldwide. In Europe, Microsoft has almost 3000 researchers and engineers and over 20 R&D Centres.

assist. However Microsoft has introduced a very interesting program called DigiGirlz, created specifically to encourage female entrepreneurship. Through DigiGirlz, we meet female students to expose them to the IT world and to show them that IT is open to anyone. Over 2000 female students have been reached through DigiGirlz and the response is being very positive.

MBR: How has the Microsoft Innovation Centre launched at Skyparks Business Centre two years ago, contributed towards the creation of an innovative culture among youth and IT professionals in Malta?

Microsoft has introduced a very interesting program called DigiGirlz, created specifically to encourage female entrepreneurship

AZ: Through our MIC, we helped entrepreneurs and businesses establish and develop their ideas into concrete business projects.

Our BizSpark programme gives them access to our latest development and infrastructure tools, free cloud services, consultancy and partner resources from the MIC’s partners.

Hundreds of developers and IT specialists participate regularly at our events and thousands of students have been hosted at Microsoft’s YouthSpark events. In two years, 60 new start-ups have been helped to kick-start operations by the MIC. MBR: What are the key competitive advantages for Microsoft and how do you communicate these advantages to your audiences?

AZ: Microsoft’s focus on issues such as data privacy and security – and our longstanding commitment to expanding economic and social opportunity in local communities - is not just a reflection of the vision of our founders and the passion of our 90,000 employees. It is also inherent in our Business Model, which at its core puts “People First”. There are a variety of different business models in the technology industry, each with their own merits. From everything from policy positions to local economic development, those business models have important implications in what motivates and drives industry leaders. Microsoft focuses on putting people first and we believe our business model is the one most conducive to supporting countries in achieving their short and long-term national priorities.

MBR: Communications executives have growing prominence in corporate culture and influence over CEOs. How has this changed your role? How does Microsoft encourage female entrepreneurship through the BizSpark program?

AZ: Anyone with a great idea can apply for our BizSpark program be it a male or a female.

If we see potential and determination, we

MBR: As an engineer, what changes have you seen concerning the rate of innovation in the technology sector?

AZ: There are a few “mega” technology trends which are changing how people work today, namely Consumerization of IT, cloud computing, big data and the social enterprise.

As technology becomes ubiquitous, the line between the personal and the professional is blurring. People want to use the same technology at work as they use at home. This is the Consumerization of IT. Through the emergence of cloud solutions users today achieve better agility, realize economies of scale, and drive more robust user experiences.

Looking at government need and the great volumes of data they generate, using big data solutions, governments have the ability to gain new insights, which in turn inform new policies, enable better services, promote engagement, and drive efficiency.

Furthermore, people expect connections to be consistent, personalized, and social across all their experiences: how they work, how they interact with family and friends, how they access government services, how they enjoy entertainment, to how they learn and how they vote. Our technologies enable governments to engage with constituents in new ways while at the same time improving internal collaboration. Using interconnected social and communication tools that meet the expectations of multiple generations of workers can increase productivity, reduce costs, and allow organizations to respond faster to new opportunities.

MBR: As Microsoft’s Country Manager for Malta what measure of success have you had for Malta to truly feel Microsoft’s presence and impact?

AZ: Together with my great team, we have established Microsoft at the forefront in cloud computing, have built a network of over 500 developers and IT specialists with whom we meet regularly and today

Malta Business Review

we have 1000 jobs tied to the Microsoft partner ecosystem. Since 2010 our business has grown over 150%. So much work has also been done in education which is a passion of mine. We have empowered over 3000 students through YouthSpark events, trained over 2000 teachers can now say that 85% of students are using Office 365 for free to help them be more productive and prepare them for the work force. We are also collaborating closely with Government to boost Malta’s education sector and turning Malta into a Lighthouse Country, first in the world.

MBR: What are your challenges as you move forward?

AZ: Our challenge here in Malta is to keep working closely with our business partners, organizations, educational authorities and Government so that Malta can fully harness the power of innovation to meet the changing needs of our country and communities. We are committed to keep bringing flexible solutions, programs and partnerships and a business model that puts People First. Our objective is not innovation for innovation’s sake, but innovation that empowers people to make a real impact for a better Malta. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Under Adriana Zammit’s leadership, Microsoft Malta established itself as a trusted advisor and reliable partner for Maltese customers and the Government. She successfully built a strong and effective team and continuously achieved and exceeded business targets. Adrianna is a Circle of Excellence Gold Club 2011 and Platinum Club 2013 Award Winner. In 2013 she was assigned Country Manager for Cyprus in addition to Malta and was honoured with the Central Eastern Europe Chairman’s Award during Microsoft Annual General Conference.

She is also the Diversity Champ for CEE. Before joining Microsoft, Adrianna worked in a similar role in sales management for Texas Instruments in San Diego, California/USA. She was a key driver for developing and cultivating strategic accounts with customers such as Cisco and Kodak. Adrianna was responsible for managing every aspect of these accounts in R&D, procurement, executive management and contract manufacturers while working closely with company partners and internal flex teams in operations, distribution and product development worldwide. Outside of work she has conducted research for NASA in addition to taking an active role in her community through various outreach and community service events.

Her achievements had been widely recognised by the various awards she had been honored with, such as Top Sales Performance, MVP, Awards for Extraordinary Performance and Outstanding Leadership and Service. Adrianna started her career as an Electrical Engineer for Northrop Grumman Space Technologies.

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Malta Business Review

special feature: women leaders

Success Is A Work In Progress

by Martin Vella

Tenacity, knowledge and passion are the motivating forces behind Geraldine Noel. Geraldine, the Managing Partner with Acumum Legal and Advisory, eschews an unconventional CEO pedigree, characterised by her strong leadership skills and business acumen.

In this interview, we draw some lessons from her career that can be applied universally to anyone’s professional path.

MBR: Tell us about your professional journey and how do you define your role within Acumum?

GN: I have worked within the legal profession since the age of 15, working my way up to managing Barristers Chambers in the UK (cooperative law firms). Since qualifying as a barrister, I have mainly worked in multi-national companies around the world.

Moving to Malta in 2010, I established Acumum thereafter. Acumum itself is a collection of Malta located entities - legal, corporate, tax and accounting, although we do not advise purely from a Maltese, but also from an international perspective.

We also have an associated Barristers Chambers, registered with the Bar Council of England and Wales and also located in Malta.

The cornerstone principle of barristers is independence - we advise on the law, issue Counsel’s Opinions, which are relied on by defendants, plaintiffs and courts as to the merits - factual and legal of a case or matter, as well as being used by corporations as part of good Corporate Governance.

I see my role in Acumum as a practice manager, whilst I have my own clients; my overall role is operational -ensuring that sufficient processes are in place so that there is an efficient flow through of work by other Acumum members.

MBR: As a lawyer, how did you become interested in corporate issues such as tax, accounting, gaming and intellectual property?

GN: My first position was very much in at the ‘deep end’- managing the UK’s largest internet service provider and website design company! Being an in house counsel of companies, you are responsible for the full range of legal issues that the company may face. As no issue stands alone in isolation, you obtain a good grasp of convergent areas such as corporate, tax, accounting and intellectual property - and obviously, the nature of the company itself - for instance working for gaming companies - places you in good stead to learn a 360 degree view of such areas.

MBR: As a European lawyer, do you think you add anything to Malta’s offering?

GN: Yes. Lawyers obtain knowledge through experience and practice. Having worked in a number of jurisdictions around the world, I have gained multi-jurisdictional experience, which assists clients when they ask Why Malta?

Also, I am pleased that I have been able to establish service offerings that were previously unavailable in Malta; such as our legal outsourcing services and the services of the Barristers Chambers.

As Malta is a member of the EU, I sincerely hope that the benefits that foreign lawyers and other professionals such as myself can bring 38

to Malta are acknowledged and the different skills that we have are embraced in order to assist Malta in being a world class player, a true competitor of other financial capitals such as Luxembourg and London.

MBR: Did you know early on that you had the entrepreneurial spirit, and to what do you attribute that?

GN: I would not describe myself as a typical lawyer, definitely not ‘cookie cutter’ as I have always been more business minded.

Personally and proudly I come from a working class background, nothing has ever been given to me and it has been down to sheer hard work to make something of myself- there is no bigger incentive.

MBR: What has been the key to your professional success? What (or who) has helped lead you to where you as a woman CEO today?

GN: Success is a work in progress! Hard work and tenacity - never taking no as an answer and if necessary finding alternative routes to achieve your objectives. It helped that I was lucky to find strong mentors in the early stages of my career- they helped me believe in myself and to realise that it was possible for me to achieve my goals.

MBR: What has been your biggest challenge as a Women Entrepreneur?

GN: I do not think that being a woman can be seen in isolation from my other attributes- I come as a package.

Establishing myself as a lawyer in Malta has been a steep learning curve, but one that I have enjoyed due to the knowledge transfer between myself and my Maltese colleagues- in both directions!

MBR: What in your opinion, is the key to your companies’ success?

GN: As I mentioned- success is a work in progress; an evolution and convergence of many factors. However, hard work and expertise cannot be emphasised strongly enough. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Geraldine, an English barrister – registered in Malta, is a licensed barrister in both jurisdictions and oversees the Maltese operations of Acumum. Having started her career managing Barristers Chambers in England, following being called to the bar of England and Wales, Geraldine has spent over thirteen year’s working in and managing legal departments of multinational corporations as Counsel. Geraldine has on-location experience in a number of jurisdictions, including, UK, USA, Switzerland, the Cayman Islands and Malta, covering legal areas such as taxation, cross border finance and private client.

UNIQUELY INTERNATIONAL UNIQUELY LOCAL Our highly experienced international advisers provide the full range of advisory services in a multi-disciplinary practice.

Representing private individuals, corporations, family offices & other organisations, our services are provided in Malta, the UK, at EU level and throughout the Commonwealth.

Centrally managed in the EU jurisdiction of Malta, Acumum provides superb client service & practical advice at competitive, transparent pricing.

Divisions: Corporate, Tax, Compliance, Outsourcing Managing Director Geraldine Noel UK Barrister – Registered in Malta B.A. (Hons) (Oxford), Pg Dip, LLM (Fordham)

Malta Office: +356 2778 1700 E: info@acumum.com W: www.acumum.com Skype ID: acumum 260 St Albert’s Street, Gzira, Malta, GZR 1150, Malta (EU) Services provided by Acumum Services Ltd

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special feature: women leaders

Making Things Happen

by George Carol

For Anita Aloisio, Partner at Nexia BT, the hard work over the years culminated in being bestowed with the Top Entrepreneur of the Year Award. Thankful for the experience Anita says that this has reinforced her beliefs that diligence is the mother of good luck. Whilst cherishing this moment in her life, she strives to serve Nexia BT with a strong sense of commitment, as she continues to practice good corporate governance.

Anita winning the Top Entrepreneur of the Year Award for 2014

MBR: How do you structure your time as a woman leader with a high profile audit, accounting and consulting firm?

AA: Whilst I focus on the task in hand, I ensure that my diary gives priority to projects in hand, leaving enough room for meetings with clients, planning and reviews meetings with staff and also making time for ad hoc meetings. Naturally, in any leadership position, planning and scheduling take precedence on a daily, weekly, monthly, quarterly and yearly basis.

is one of support and a ‘can do’ approach.

Staff are extremely valued across all the ranks in the firm. As the firm’s primary objective of ‘making things happen’ prevailed, the culture of consultation, knowledge sharing, learning accompanied by an appropriate reward system has remained at the forefront of our growth.

The intrinsic culture of entrepreneurship embedded in the firm was very much aligned to my personal belief for further personal and professional development.

So, I embraced this culture wholeheartedly and I have not looked back since then.

MBR: How has Nexia BT’s culture influenced the leader you have become?

MBR: What are you doing to help women become leaders?

AA: When I joined Nexia BT five and a half years ago, the team was much smaller than today, yet ambitious targets were being set for the firm by the Managing Partner, Brian Tonna. The prevailing culture was and still

AA: I first and foremost share my experience with them and also take them under my wing to guide them and mentor those who show ambition to become the leaders of the future. I strongly believe in

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allowing for reasonable flexibility in one’s timetable, so that the various roles of a woman may be fulfilled, be it at home with their families, at work with their peers or with friends. As more is demanded of one’s role, time becomes very limited.

Mentoring and coaching are so key for those aspiring to reach top most position However, I discovered, that most importantly it is not the quantity of time that one spends on any task or activity but the ‘quality time’ put into whatever one is doing. These are the type of experiences that I share with other woman who may be finding it difficult to juggle the various demands on their schedules.

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Malta Business Review

MBR: What is your core focus for Nexia BT? AA: Primarily, I lead the advisory service line of the firm. Having built this service area from scratch, now my core focus is to continue growing this specialised area whilst ensuring that the foundations that we have built together with the other partners, Brian, Manuel and Karl are retained and are further strengthened. Recently, I have also been assigned the role to manage the mentorship and leadership programmes of the firm. Being in the service industry, this is a key factor for our success, so I have welcomed this new role as it is a pleasure to see promising staff members continue to develop both on a personal level as well as on a professional level.

MBR: Has the business become more complex for you as a female at top executive level and how have you seen it evolve?

AA: Prior to joining Nexia BT, I have worked in a number of complex organisations. As a person, I flourish mostly in resolving complex issues and in leading large scale operations or engagements. So as our business has been evolving, I have brought in my previous knowledge, training and experience to see through the growing and evolving complexities of the firm. I presume that the fact that I am a female in this top executive position brings to the firm a different perspective and a flavour that only a woman can add to any brewing pot.

I am glad that prior to taking decisions, the partners of the firm lend a listening ear to my views on any matters under discussion.

MBR: How critical it is to have a seat at the table for a female director today?

AA: Well. I think it is very critical. Women tend to see things from a different angle and blending in the different views of those around a table might lead to better decision making. In my experience, collection of relevant information and listening to the views of others is key to taking informed decisions. If a female director is not present at the table, the opinions of those around the table may not be taking a 360o perspective.

It is because I am so convinced that women have so much to offer and they might not be given enough opportunity that I am now one of the founding members of a recently set up voluntary organisation to promote women directorships on boards in Malta. This voluntary organisation will seek to prepare and promote women on boards, especially since Malta’s quotas are so low when these are compared to our European counterparts.

MBR: Turning to Anita as a person- How do you build a better working world through mentoring and sponsorship?

AA: Whilst undoubtedly, young leaders must have role models to whom to look up

Anita giving a speech at the Women’s Business Breakfast, March 2014

to for direction; mentoring and coaching are so key for those aspiring to reach top most position. So, I willingly accepted this new role in the firm. Notwithstanding that my time may be rather limited, I always strive to give my personal time to those that are seeking to be mentored. It is walking the extra mile with someone that might actually make the difference. As much as possible, I seek to be there at that crucial moment.

A personal and practical approach makes all the difference MBR: What makes Nexia BT so special and has allowed you to consistently perform so strong year after year?

AA: Ah! Nexia BT is truly special. It is all about the people. We are what we are because we care about who we are, we do what we do passionately and most of all we treasure our staff. Apart from the entrepreneurial flair of the managing partner who is at the helm of the organisation, the partners also share the same vision. A personal and practical approach makes all the difference to clients and to distinguish ourselves. Ultimately, by all of us pulling the rope towards the same direction, we have supported each other and will continue to do so to perform and reach the heights that we set for ourselves. As Aristotle said: ‘We are what we repeatedly do. Excellence, therefore, is not an act but a habit’.

MBR: You were an outright winner of the Top Entrepreneur of the Year last year.

What are your key priorities for the firm to ensure that you maintain your industry leadership in the future?

AA: Eleanor Roosevelt once said, “The future belongs to those who believe in the beauty of their dreams.” Coupled with dreams, my motto in life is a simple one:

where there is a will there is a way. Sharing this mind set, the firm provides a quality service, giving our personal touch and as we continue to give a value added service to our clients, we nurture an attitude of ‘making things happen’.

MBR: Jen Dalitz, Sphinxx Founder and CEO, maintains that, “Men’s careers are often linear, whereas women’s usually are not.” Do you agree?

AA: I would rather put it a bit differently.

Both men and women have a choice of how to move along their career paths. It is really up to the individual whether to this in a linear manner, by taking quantum leaps or in stages, at times with breaks in between. What really matters is that we get where we dream to be in time. I end by quoting Dr Stephen Covey, a top author on leadership and business: “I am not a product of my circumstances. I am a product of my decisions.” MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE

Anita is currently Partner at Nexia BT, leading the advisory services division. She is a reform and restructuring specialist with broad experience in cost-modelling, strategic and operational management, and financial planning. Prior to joining Nexia BT in 2010, Anita held a number of senior management and advisory positions in both the private and public sector.

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Malta Business Review

special feature: women leaders

Have a clear sense of Purpose!

by George Carol

As Managing Director of Impact Consulting Ltd. Robyn Pratt’s purpose is to “create the space” for individuals and companies to think and act differently in order to drive the necessary change which will ultimately lead to improved results. Impact’s mantra is to create a partnership with the clients they work with whether the project be related to development of on brand Service Culture to drive loyalty through strong engagement or developing a tailored Change Management or Innovation program to drive future growth to the organization. In this interview, we discover what it means to have 30+ years’ experience across multiple functions on an international level working with leading international brands including Starwood Hotels & Resorts, Dolce Hotels & Resorts, Sands China, and M. Demajo Group amongst others.

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MBR: Where does your passion for managing change towards achieving measurable results which add value for all shareholders come from?

RP: In my various leadership roles for Starwood whether it was at a hotel, regional or international level I was in charge of implementing various initiatives and changes which involved a lot of time and energy from all involved. If the results of any type of change are not visible or cannot be felt, I would question the reason for the change.

Everyone wants to see results for their efforts and this is no different to implementation of any type of change within organizations.

Making change meaningful is vital to achieving buy in at all levels of the company.

person one is always focused on planning for future opportunities and potential which I believe comes along based on creating a strong credibility amongst clients which leads to word of mouth recommendations which is to date how most of our business partnerships have come about.

A high level of employee engagement leads to high levels of customer satisfaction which in turn creates loyalty and financial success

MBR: Can you tell us about your book “To Build a Lifetime” and its resonance with the power of communication and decision making?

MBR: What are the key initiatives that have made you such a leader in your area (change management/innovation)?

RP: At the age of 40 due to a major allergic reaction to anesthetic during surgery, I lost my memory for a period of six months – I guess I still don’t know what I don’t know!

This experience taught me a real lesson as to the impact of “listening from a blank page”!

Too often we listen and make decisions based on past bias and judgements which are all related to our own experiences and culture.

It is amazing how differently you learn when you truly listen to the message being given to you from another person when you move aside your own listening!

RP: I believe I gained most of my experience and insights as relates to change management and innovation during the period I was in charge of Six Sigma and Operational Innovation for Starwood Hotels and Resorts in Europe, Africa and Middle East. Since launching my own business I have remained an Associate with Strategy Regeneration which is an international company focussed on innovation. I am a person who believes that we never stop learning and am always looking for opportunities to further develop my expertise in these areas.

MBR: How do you bring positive change by focusing on improving internal and external customer engagement and loyalty as key drivers of success?

MBR: What are, from your perspective, the biggest challenges for women in leadership roles?

RP: Our strong belief is that a company or brand’s success relies on the emotional connections created both for internal and external customers when interacting with this brand or company. It is proven through research across industries that a high level of employee engagement leads to high levels of customer satisfaction which in turn creates loyalty and financial success. Impact Consulting works with companies to develop on brand customer experiences through creating service culture driven by company vision and values which are reinforced and tracked on an ongoing basis.

MBR: Do you take time to reflect on your achievements or are you always looking for the next challenge?

RP: Achieving results which are linked to success metrics of any project are important to me, so yes I guess it is part of my DNA to focus on the results and achievements of any project or initiative I take on. I don’t think of myself as someone who is always searching for the next challenge, but of course as a business

RP: Of course there is the obvious challenge being the one where we need to balance all the balls relating to family, husband, career and self however, this can be the same for our male colleagues as well. Sometimes I feel that we as women create issues for ourselves – the best person for a job should be “the best person for that job” whether male or woman.

I would never like to think I was given any preference because I am a woman. I have made many sacrifices to achieve success in my career over the years as have had my male colleagues, so I think it is up to each individual to consider their goals and ambitions, and decide what is required for success. Then it becomes a decision as to the choices to be made to achieve success and sometimes these are difficult decisions to make.

MBR: How would you qualify the progress made to date with regards to how women are being perceived as an authoritative figure?

RP: I believe significant progress is being made in this aspect – I am at present a Mentor for NCPE Mentoring Program to assist in the development of women for future leadership

Malta Business Review

roles in Malta and I feel that with initiatives such as this and more support for woman taking on leadership roles at both corporate and government level, we will definitely see an increase in woman in leadership in the future.

MBR: Do you think that female leaders use an authoritative leadership style more often than male leaders as a mean to impose their authority?

RP: No I don’t. I feel that leaders irrespective of their gender use the style applicable to them and their situation.

MBR: What did you learn about leadership qualities, values and virtues from your experience of developing into owners of your own business and managing the business - Any thoughts on the skill sets?

RP: I have gained many insights and learnings when moving from a corporate position to my own business. It can be lonely at times and you need to motivate yourself to push forward, especially during those challenging times when there is so much to do and nobody to delegate to. I think the key lesson for me that I have gained relatively lately is that successful organisations have a strong sense of “why” (purpose) before anything else. If you don’t have a clear understanding of “why” you are doing what you do it can becomes difficult at times to see the wood for the trees. Set your Vision and Goals in relation to your Purpose and everything else seems to then fall into place. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Prior to forming Impact Consulting, Robyn was Vice President & Brand Leader for Design and Luxury brands for Starwood Hotels, Europe, Africa, & Middle East (EAME) where she lead the change management and innovation efforts of nine brands across 240 hotels.

With 35+ years of experience working in different countries and spanning a broad cross section of disciplines ranging from Sales and Marketing, Operations, General Management, Project Leadership, Change Management, Innovation, Brand Strategy and Leadership. Based on her experience with a six month loss of memory following a medical procedure, Robyn wrote and published “To Build a Lifetime” and shares her learnings from this experience when facilitating workshops related to the power of communication and decision making.

Robyn is a Strategy Regeneration affiliate.

Visit www.impact-consult.org/en/ourteam www.maltabusinessreview.net

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Malta Business Review

special feature: women leaders

More Than Just An Entrepreneur

by George Carol

Emma Diacono has a robust background in PR spanning the past fifteen years, and started her own company 6 years ago. It is now an established Marketing and PR consultancy with an emphasis on Perception Management; she’s even launched her own private events and wedding services under Occasion Café’ and baby products with a difference under the label ‘My Favourite Things’.

MBR: Having known you for some time now, you always tend to look at things from a different perspective and hold on to your dream. A case in point is ‘My Favourite Things’ – a new division at ED Ltd – what’s this all about and how did you create it?

little different to the norm or more practical.

You learn a lot about practicality after having your first child, believe me! Many of the brands we represent today are brands I actually used and fell in love with when I had Max, others are there because of some unique feature we simply thought was wow!

plans we put forward. Over time, clients started to approach us specifically to help them out with the management of their events, product launches, fashion shows and so on. This then led to recommendations for private events and functions.

ED: I am always on the lookout for something new, something to keep things exciting and different. When you spend so many hours on the job each day, I think it’s important.

We are lucky in what we do- that each client brings a new set of requirements and a different perspective to the table so there’s always a new challenge, but My Favourite Things is something a little different.

MBR: Organisation and management of events is a tough, demanding job.

With Occasion Café you took the added burden of catering for personal events and weddings. Can you tell us what is so special about the services to the noncorporate world which you are offering?

I believe any leaders’ focus, male or female, should be on driving business results, strengthening brand and ultimately ensuring there is value in the proposition being put to market

My Favourite Things is about innovative, designed or incredibly practical baby products! The idea behind this venture had been on the cards since I got pregnant with my son and wanted products that were a

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ED: The Occasion Café is the name under which we positon our non-corporate event services. Event management is part and parcel of what we do as Emma Diacono Ltd for a number of our clients as part of their marketing and perception management

Organising and managing a private event or function entails exactly the same skills and resource as a corporate event, so this is something that was easy for us to roll-

special feature: women leaders

out. We offer our private clients access to the same professional services we provide our corporate clients with. This part of the business has pretty much been through word of mouth to date, but we are now working on putting the name Occasion Café out there more visibly.

MBR: You have achieved remarkable success. Would you provide an overview of your career and major accomplishments?

ED: I have always been fascinated by the business world and began working straight out of school and through my university years. After completing my Masters in the UK I was keen to gain some experience working abroad but that was prior to our EU accession and just after 9/11, so the job market was tough and I had financial commitments that meant I could not take my time. I found a position with a UK company but based out of Malta which saw me come home.

I have been lucky to have worked with leading companies here with foreign ownership, or divisions that gave me access to working with people from different backgrounds and with international perspective. I set up Emma Diacono Ltd in 2009 and it has been a steep learning curve ever since. I am lucky to have worked with many different types of clients in various industries. This has exposed me to different ways of working, different points of view and different challenges. Over the years I have also been involved in a couple of IPO’s and Listings which have been a great experience.

Each day presents a new challenge and a new learning experience that continues to shape our careers.

MBR: Would you highlight the role of your female leadership in terms of driving business results, strengthening brand, and bolstering the customer value proposition?

ED: I believe any leaders’ focus, male or female, should be on driving business results, strengthening brand and ultimately ensuring there is value in the proposition being put to market. Otherwise, success would not be possible.

MBR: What role does innovation play in your culture as a female entrepreneur?

ED: We are always looking for ways to do things differently, more efficiently

and effectively. The market is constantly changing and client’s requests are more and more demanding so there is no room to remain attached to old habits!

One of the hardest things is learning to let go, learning to let your team make mistakes or fail at times, as that is the only way they can grow MBR: What are, from your perspective, the biggest challenges for women in leadership roles?

ED: I would say the biggest challenge remains managing personal and professional life balance. Juggling motherhood and fulltime work commitments is not easy. Having said that, we are lucky here in Malta to have access to lots of support and speaking for myself, I can really not complain.

However, generically speaking, whilst I am always a firm advocate that gender plays a minor role in determining the success or otherwise of your career, with attitude and disposition being the major factors, as women we do have to juggle much more.

Malta Business Review

into owners of your own business and managing the business?

ED: I have always been a firm believer of leading by example. You need to roll-up your sleeves and do the dirty work and not bark orders. You need your team to join you and support your vision if you are going to be pulling on the same rope. Leading a team is incredibly rewarding and tiring at the same time. Running your own business or having a leadership position entails more work, more hours, more commitment as opposed to the way some may perceive the ‘perks’ of being in leadership to be. Being sensitive and intuitive to people’s needs, preferences and even moods at times and finding the way to enable them to perform at their best, enabling their strengths whilst at the same time carefully handling or managing their weaknesses is important to get the most out of your team. One of the hardest things is learning to let go, learning to let your team make mistakes or fail at times, as that is the only way they can grow, and in turn become the leaders you need to work with you to help your business grow. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE

MBR: How would you qualify the progress made to date with regards to how women are being perceived as an authoritative figure?

ED: Improvements have been made and technology advances allow for more flexibility which works in women’s favour.

However at board level and in terms of career advancement and leading role appointments, I believe there is still some distance to go.

MBR: Do you think that female leaders use an authoritative leadership style more often than male leaders as a means to impose their authority?

ED: I do not believe that approach would work for anyone, male or female. A leader does not impose their authority!

MBR: What did you learn about leadership qualities, values and virtues from your experience of developing

Emma Diacono is the Founder and Director at Emma Diacono Ltd. The company provides Perception Management and Corporate Concierge Services allowing companies access to a flexible and experienced marketing team without the cost of taking on such a team on a full-time basis. We specialise in strategic marketing and perception management, planning and implementation of integrated marketing and communications strategy.

Emma Diacono Ltd. Tel: 20102070; email: info@ emmadiacono.com; www.emmadiacono.com

www.maltabusinessreview.net

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Malta Business Review

special feature: women leaders

Self-definition,

Truth and Diversity

by Martin Vella

Ever since she launched her eponymous line just over a year ago, business has been growing steadily for Nilay Camilleri. She’s been busy developing her own signature mix of architectural shapes with distinctive prints on luxurious fabrics to make clothes that are elegant and practical. Nilay founded NILARA, her self-named fashion label.

Read on to learn about her journey, and what it’s really like to start out in the fashion industry.

MBR: What inspired you to start the Nilara label?

NC: As women we all find that the dream of finding the perfect dress proves to be quite elusive. Over the years my quest for one such dress became seemingly more impossible, until disenchanted with what was available, I figured that creating my own style, was the way forward. While innovative trends come and go, most women find that just a tiny bit of zesty glamour is always a sure winner. Nothing quite boosts selfconfidence as the way a particular gown flatters one’s figure while downplaying the bits we are not so happy with. This was the initial inspiration behind Nilara – a concept which I faithfully adhere to for the design of each and every new collection.

MBR: Why are the jobs and tasks within the fashion industry more diversified than they appear to be?

NC: The fashion industry is a fast evolving world and is dependent on a myriad of factors; client demand, trends, innovation and while it may seem as a contradiction, even tradition. The design process for example has to take into account the demographic it is catering for, be conscious of new trends and more importantly identifying which of these are relevant, the ability to create something which is original but still wearable... In other words, to survive and more importantly succeed in this highly competitive sector you have to be on top of your game, conscious of even the slightest, most significant shift around you, 24/7.

To survive and more importantly succeed in this highly competitive sector you have to be on top of your game MBR: How has your experience as a female entrepreneur in running the business been different from what you expected?

NC: No, not really. This could be because my target audience is female and obviously I can understand better their concerns and can fully identify with them. That said, operating in such a volatile market could prove quite trying for anyone, regardless of gender. One has to bear in mind that running a business 46

special feature: women leaders

is never a walk in the park and requires solid commitment, without which one would be destined for disaster.

MBR: For women entrepreneurs, what specific advice would you have for young women who would like to become an entrepreneur? Are there specific advantages, disadvantages to being a women business owner?

NC: As women, in general we have a finely tuned sense of intuition which is a huge advantage when conducting business. If women trusted their instincts more, there would be many more female success stories out there and therefore my advice would be this – trust yourself and be confident, these are the main tools towards your success. As a woman in business there will always be the usual ‘traditional’ disadvantages though these are nowadays few and far between. There will be instances where your business acumen will be questioned simply because of your gender, but if you do your homework well and stand your ground, you will finally prove that you are actually a force to be reckoned with; The most satisfying feeling ever!

MBR: How is your design a key differentiator for the brand Nilara?

NC: My designs stem from a simple concept; true elegance, grace and perhaps a light dose of old school charm which unfortunately has become quite rare on the fashion market. This is what makes Nilara designs different; classic designs which can identify their roots from a bygone, more genteel era where women dressed like goddesses and acted like ones.

Designs which showcase a woman’s body in a subtle way, without the need to be overly provocative, tweaked into a contemporary, highly wearable creation. These are the Nilara women – strong, sensual and highly confident in their choices.

MBR: Your fashion vision is very inclusive to female elegance and also includes a philosophy of visibility. Can you tell me how that evolved?

NC: A vision which has to constantly take into account the fact that women are all entirely different, in shape, size and mindset but who are all after one goal; that of looking and feeling the best they can, without sacrificing their individuality and sense of self, with selfdefinition, truth and diversity. Since inception Nilara has evolved to accommodate all this without ever relinquishing on the elegance factor.

Running a business is never a walk in the park and requires solid commitment MBR: As a visionary entrepreneur, how are you feeling about running a company and designing lines of apparel?

NC: It is a dream come true! Coming from a corporate background, I was led to believe that this could be a stumbling block, but this is definitely not the case. I had an immense support from my family and especially from my husband, who has always supported my creativity. My two children (eleven and six year old) sit with me on weekends, and give me their opinion on my designs and I love their input. As a woman, multi-tasking is my forte and I never feel as alive as when I am embarking on the design of a new collection.

Malta Business Review

event on the island is a huge landmark for the Nilara label. We will be judged by the industry’s movers and shakers, so yes it is a significant event and one which we hope will introduce our label to a much wider audience.

MBR: What inspires you?

NC: Inspiration is a fickle thing. You might search for it for hours on end and find that nothing is quite floating your boat until you might get a ephemeral feeling that something is just right.

It could be the most insignificant sight, smell or sound… a song, a lingering fragrance, a colour or shape… It’s like falling in love; an irresistible urge to create something with that fleeting sensation.

MBR: Do you have a business philosophy?

NC: Be true to yourself and the people around you. Believe in your vision and everything else will fall into place. Be fair and ethical and while this practice might not always be reciprocated, your word and reputation will always stand the test of time.

MBR: Could you have imagined in the early days that Nilara would have grown to have such awareness and impact?

NC: When you are just starting out, insecurity and anxiety are part and parcel of everyday life. Today I am grateful that I have had such an impact and that so many people are aware of what Nilara can offer. That said, if someone told me that I would achieve this level of success a couple of years ago, I would have probably laughed out loud! MBR All Rights Reserved | Copyright 2015

MBR: What is the significance that Nilara label will be presenting their fashion wear during the Malta Fashion Week 2015?

NC: Being able to showcase a new collection named “Paint it Black” at the biggest fashion EDITOR’S NOTE

Nilay T. Camilleri has resided in Malta for the past fifteen years. Besides several other academic qualifications, she also holds a Masters degree in EU law. A successful entrepreneur in her own right she is also the Director of several corporate businesses. Nilay is also the woman behind the concept of the ever more recognisable Nilara Designs. Nilay is intimately involved in all details of design, development and prduction of her label. www.maltabusinessreview.net

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Malta Business Review

special feature: women leaders

Building

Personalities

by George Carol

Sue Rossi is Modelle International Director. In this interview, Sue reviews the agency, an established, private modelling agency incorporated in Malta specialising in the business of event management, beauty pageants, licensing of international pageants, product launch.

MBR: Where did your inspiration to start a modelling agency come from?

awarded the license for Miss World Malta from Miss World Jersey Ltd back in 1997, and we proudly retain this to this very day.

SR: It seems that my interest in fashion and beauty commenced since my early childhood. Yet it was in 1986 that dreams came true after my fortunate encounter with designer Ray Ashley. In those days I was a part-time shop assistant convincing customers on the benefits of buying worthy drapes.

MBR: Being beautiful always produces a lot of girl power and empowerment. Do you often use it?

MBR: Could you tell us briefly something about your best pageants and modelling events

MBR: What can your agency offer models?

SR: My work activity is so demanding and all my efforts are directed at achieving the highest standards possible. Having said that I am still very excited about Moda Malta and Miss World Malta. I was

SR: I always emphasise the word “Personality”. I believe in the inward qualities of any being. Of course one’s presence and outlook is beneficial. Both qualities tend to compliment one another.

SR: A transformation in attitude and presence. At times applicants feel timid and shy, however, when a sense of determination takes over the difference is conspicuous.

MBR: How do you distinguish your agency from others?

SR: Without going into the merits of the day-to-day activity of other agencies, I believe that my agency has always retained the highest standards possible at all times. Responsibility and trustworthiness go hand in hand, with both criteria having contributed to a thirty year success story.

MBR: Does the modelling agency get you a lot of positive reactions?

SR:The agency is part and parcel of my worldly existence and it is inconceivable to imagine life without that necessary ingredient.

There are challenging moments which in the long run throw light on the positive outcome of any circumstance encountered in my work.

MBR: Are you also getting negative reactions as the CEO of a modelling agency? And how do you react to those?

SR: Respect towards customers is imperative. My responsibility is to satisfy my clients in the best possible way. In the event of any discrepancy my reaction is to find a mutually acceptable compromise and to take reasonable decisions to finalise matters without much ado. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Sue Rossi’s name is sysnonymous with Modelle International, an established, private Agency incorporated in Malta, specialising in the business of event management, beauty pageants, licensing of international pageants, product launches and special projects both locally and internationally. She has also built a strong reputation in the glamour industry. Sue is a well-known model who has worked with some of the world most fashion photographers such as Mr. Terry O’Neil, Mr. Tim Page and Mr. Brian Rossen. She has featured in the cover of people in Camera International Magazine on several occasions, after being awarded a two-year contract as an exclusive model. Sue was instrumental in obtaining the license for the organization of Miss World, Mr World and recently another licence Miss Mediterranean has been included for this agency. She also acts as a consultant for fashion and beauty fairs, stage designs and other similar activities. Under her stewardship and for the past 23 years, Modelle International has seen models becoming TV presenters, others venturing into modelling assignments abroad and others enrolling their children in the academy.

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events

Malta Business Review

MBR PuBlications liMited leads the caReeRs & education FaiR at GloBal colleGe, sMaRtcity Malta The Hon Dr Jose’ Herrera, Parliamentary Secretary for Competitiveness and Economic Growth, launched the Careers & Education Fair on Friday 17th April, at Global College, SmartCity Malta.

This was Malta’s first private careers and education assembly which offered a platform for all higher education and vocational colleges, together with over 21 leading Maltese companies who participated making this a preeminent career center model for designing and delivering comprehensive, innovative, and inclusive career and employment services in the future.

Dr Herrera highlighted the main objectives of the Career & Education Event were to: • Provide comprehensive career services • Train career service practitioners • Conduct life/career development research and interaction between students and companies exhibiting, including otyer vocational and higher education colleges • Disseminate information about life/career services and issues to the students community, the industry and commercial sector, and the provide the economy with opportunities for economic growth through the development of tomorrow’s leading entrepreneurs In his address to a packed opening at The Career & Education Fair, Dr Herrera said that this event offered employers and students a platform with a plethora of opportunities to creatively developed an effective, collaborative, interdepartmental array of career services for students and other business constituents. Exhibitors such are directly involved in innovative career funding frameworks and sponsorships, including research to enhance the value proposition of this unique event.

Such initiatives will impact virtually every facet of career education and development, including new student recruitment, employer/ community relations, research, and alumni affairs.

Dr Herrera continued by saying that another aim of this event is to inform and support local businesses so that they are able to take advantage of existing opportunities to recruit students and/ or employees, who wish to further their higher education studies with Global College Malta, bringing all the players in an interactive workshop, an open exhibition showcasing business small business administration, business management, finance, marketing, employment, oil and gas, and other academic courses. He said that this is a unique opportunity for businesses to meet and speak directly to students under one roof.

Keynote speakers alternated throughout the day to provide workshops and discussions on various topics (vide programme). Speakers included Prof Louis Naudi, Steve Tendon, Dr Ashok Srivastava, Dr Robert Suban and Mr Kenneth Genovese. Participants, included also students from Sir M’Ang Refalo Post Secondary School Gozo, were provided with a souvenir official programme. This event also provides organisations with solid recruitment opportunities and also combines this with sponsorships, counsellor and advertising opportunities. The event also initiated a range of measures to help local businesses and students with exceptional recruiting and marketing opportunities, including pledging support for small firms keen to set up shop, expand or enter into any trading partnerships, as well as offer opportunities for travel organisations, work and volunteer placement programs. MBR www.maltabusinessreview.net

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Malta Business Review

SMEs

The InTernaTIonalIzaTIon of MalTese sMes

Part 3 – the PreInternatIonalIzatIon Phase

by Ing. David J. Dingli

This is Part 3 in a series of articles covering the various aspects of SME internationalization.This article deals with 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.

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 50

in this article. Companies must muster enough courage to overcome these challenges.

Part 4 iwill discuss “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.

Part 5 will take a look at 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.

InTroducTIon The Pre-Internationalization phase, also known as Export readiness highlights the stage in which a firm potentially transits from a purely domestic firm into an international firm. It is a crucial stage because not all firms become international, although exporting is empirically proven to merit firms on their survival and growth.

Internationalisation is an important leap forward for domestic firms to seek survival and growth.

Tan, Brewer and Liesch (2007) proposed a pre-internationalisation phase model to complement the Uppsala theoretical framework. They introduced the concept of internationalization readiness as a point of assessment that links a firm’s preinternationalisation phase with its initial international commitment.

While it is recognised that there are several paths to internationalisation, this article focuses on those SME firms that follow a traditional Uppsala path to internationalisation. By definition these firms take their first step on the internationalisation path through export rather than through the various other modes of entry (such as foreign direct

SMEs

investment or licensing). Therefore the article is as much about export readiness as internationalisation. In the interests of clarity, I will use the term export readiness within the article, but recognising that, for Uppsala firms, this is synonymous with internationalization readiness.

Internationalization readiness recognises a firm’s potential transition from a purely domestic firm into an international firm.

Liesch and Knight (1999: 386) state that “readiness for involvement in international markets can be interpreted as being a function of its state of informedness on target foreign market(s) and the means for entering them.”

Malta Business Review

minded or biased information search, or due to the firm being confined by preferred or familiar choices and alternatives because of its high level of complacency, uncertainty avoidance or risk aversion.

A decision-maker’s perception regarding a firm’s relative resource strength and attributes is central to the firm’s stimuli response and foreign market commitment decision.

The Uppsala model explains that firms internationalise in stages, and their increasing foreign involvement is the result of interplay between knowledge acquisition and market commitment

The Pre-exPorT Process The pre-export model identifies the importance of a decisionmaker’s exposure to and recognition of relevant information through both internal and external stimuli. They impact on a firm’s initial international involvement as well as its subsequent development. Internal stimuli refer to the driving forces that originate as a result of a firm’s history, its products, or its management characteristics. These include factors such as organisational commitment and managerial aspirations toward internationalisation, the potential for international success due to the possession of unique or innovative products, or having excess capacity to fulfil international expansion goals.

Figure 1:

Uppsala Model’s Theoretical Framework (Johanson & Vahlne, 1977)

Internationalization theory focuses on four aspects that firms should face while going abroad: market knowledge and commitment, and commitment decisions and current activities which are divided into stage and change aspects that interact with each other in what seems to be a cycle.

However, the most relevant internal stimuli that need to be assessed are: • • • • •

Human Resources Finance Production Marketing Research & Development

External stimuli- A firm could be stimulated to commence exporting due to unsolicited orders or inquiries from new foreign customers, through encouragement from its domestic or foreign business partners, or simply due to heightened domestic competition that calls for internationalisation.

From the external environment, SMEs must assess their situation with respect to: • • • • •

The domestic and foreign market The home and foreign government Intermediaries Competition Customers

During the pre-internationalisation phase, the typical psychological/ attitudinal commitment behaviours exhibited by decision-makers as a response to stimuli include information search on potential international markets, holding staff meetings for discussion and planning regarding the possibility of internationalisation and engaging in formal market research programmes to evaluate the alternatives regarding a firm’s future strategies. Resource commitment occurs only after a decision-maker decides to take an additional step into the internationalisation process.

relucTance To move Lateral rigidity could be the result of decision-makers’ limited perceptions of stimuli due to the firm’s unfavourable geographic position or its inactive information search, restrictive reaction to stimuli due to the firm’s lack of appropriate resources demanded, ad-hoc strategies and policies that result in selective, simple-

Figure 2: A Reframed Uppsala-Based Pre-Internationalisation Model (Tan et al., 2007)

Two external problems have been obtained: the environment in which the company has to operate and the uncertainty generated by the lack of support and safety in the company’s international activities; in addition, two internal problems have also been detected: marketing issues as well as the resources required to proceed with internationalisation.

Thus, as the significance of exports in the total profits increases, so does perception and greater importance is given to external and internal factors, such as resources, and bearing in mind marketing problems.

The internationalization process involves risk and uncertainty and they significantly impact upon firm strategy It is inappropriate to approach the internationalization process without formulating a strategy. The internationalization process involves risk and uncertainty and they significantly impact upon firm strategy. In order to internationalize successfully, SMEs has to lower the risks and uncertainty; they can do so by choosing the right strategy and methods.

There are three ways that SMEs may embark on exports when: 1. new overseas customers approach the SME directly; 2. the SME actively seeks new overseas customers; and 3. the SME is introduced to an overseas customer from an existing client. www.maltabusinessreview.net

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Malta Business Review

SMEs

The top three opportunities for SMEs to exporting are spreading customer base, increasing sales, and increasing turnover; meanwhile, the top three barriers to exporting are usually “regulations”, “language/culture issues”, and “time and effort it takes”(Blackburn and Wainwright, 2010).

a FIrm’s PaTh To InTernaTIonalIsaTIon Cavusgil’s (1980) famous I-model effectively summarises a traditional firm’s pathway to grow internationally. It has five stages; namely, domestic marketing, pre-export, experimental involvement, active involvement, and committed involvement.

The two stages of interest should be the pre-export and experimental involvement.

At the pre-export stage various internal and external stimuli are responsible for arousing initial interest in exporting among decision makers. However, at this stage, management lacks important basic information. It is not known what costs are involved, how the collection and exchange risks will be handled, how the distribution is to be arranged, and existing staff has no prior experience (Cavusgil, 1980).

At the experimental involvement stage, firms initiate exporting to one or two countries, typically markets of close psychic distance, and the proportion of exports in total sales is marginal. Many firms only engage in indirect exporting at this stage, shifting some marketing tasks to middlemen.

FIrm classIFIcaTIon The ultimate aim of an export readiness analysis should be to enable the company to categorise itself one of the four categories shown below in figure3.

Firm falling into category “A” have a higher probability for success and require all the assistance possible.

Ultimately, and maybe as expected within an SME context, the entrepreneur of a firm is a key factor for a successful internationalization process. This depends on the awareness that the domestic market is limited with opportunities, which provides the entrepreneur with intentions to seek further expansion to foreign markets at a very early stage. Moreover, it can be concluded that the influential characteristics of an entrepreneur are innovativeness and optimism in combination with previous experiences and a widespread network of contacts.

These factors put together make it possible for an entrepreneur to exploit new opportunities in a short period of time. MBR

reFerences

social research (IJBsr), vol.1, no.1, december 2011

calderón García h., cervera Taulet a, Tubillejas andrés B.; “marketing strategy in internationalisation processes”: an approach to the role of perceived problems

report by the oecd Working Party on smes and entrepreneurship, oecd.

“Top Barriers and drivers to sme Internationalisation”, oecd (2009), selimi a, stodell s.; “PreInternationalization – a case study of the decision to internationalize among small and medium sized swedish enterprises”, Bachelor Thesis, linnaeus university (2012)

strategic marketing, International marketing; internationalisation problems; export public Programmes Internationalization Process of smes: strategies and methods. cavusgil s. (1980) “on the internationalization process of firms” european Journal, vol 8, Pp:273-281

study on support services for smes in International Business Final report client: dG enterprise and Industry; rotterdam, march 22, 2013

Johanson J. and vahlne J – e (1977) “The Internationalization process of the firm: a model of knowledge development and increasing foreign market commitments”, Journal of International Business studies, vol 8, no.1 pp: 23-32

Tan, a., Brewer, P. and liesch, P. W. (2007) “Before the First export decision:

liesch P.W. and Knight G. a; Information Internalization and hurdle rates in small and medium enterprise Internationalization Journal of International Business studies, 1999, vol. 30, issue 2, pages 383-394 masum m.I.,Fernandez a., master Thesis eFo705 mälardalen university school of sustainable development of society and Technology västerås sweden June 2008 Peng cui, a.; Walsh m.F.; Gallion d.; Internationalization challenges for smes and global marketing managers: International Journal of Business and

Internationalization readiness in the Pre-export Phase”, International Business review,16(3), pp. 294-309.

Tan, alvin, Brewer, Paul, & liesch, Peter (2010) measuring export readiness using a multiple-item index.

In: 2010 european International Business academy (eIBa) conference, 9 - 11 december, 2010, Porto, Portugal.

Toulova, m; votoupalova, m; Kubickova, l.; Barriers of smes internationalization and strategy for success in foreign markets; January 2015, International Journal of management cases;2015, vol. 17 Issue 1, p4

EDITOR’S NOTE

conclusIon Research carried out on Swedish SME has shown that firms experience internal drivers to be of higher importance than external drivers in the decision to internationalize. The primary and key internal driver for internationalization is the entrepreneurial manager. By bringing forward innovative ideas and solutions and by being aware of new opportunities, the manager is crucial for the firm’s development and internationalization.

It is also essential for SMEs to have a widespread network in the global marketplace in order to build awareness of the firm and to reach success. Also of interest is the fact that domestic firms are driven by assistance from external organizations that provide expertise and experience those small firms require.

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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: 9943 0196

motoring

A

lexandre Malval, Citroën’s Style Director, had the honour of receiving the “2015 World Car Design of the Year” award for C4 Cactus at the New York International Motor Show. Each year, the “World Car of the Year” jury awards this prize to the new car with the most innovative design that challenges the conventional codes.

C4 Cactus is a cool, optimistic and original car, with a unique personality, that offers a genuine alternative to conventional saloons. C4 Cactus is designed to reconcile practicality and a cool look. Its pure, smooth expanses are animated by graphical features that all serve a purpose, like the Airbump® or the light signature.

Citroën C4 Cactus has joined a list of illustrious prize-winners, which in recent years has included the BMW i3, the Jaguar F-Type, the Range Rover Evoque and the Aston Martin Rapide. And this was not Citroën’s first success in the 11 year-old “World Car of the Year” competition. In 2006, C4 Coupé won the Design prize, and the brand has already figured amongst the finalists on four occasions. These repeated successes further underscore Citroën’s reputation for styling. A unique style that appeals to everyone’s imagination, even in countries where the brand is not marketed, with its immediately recognisable bodyshapes that have forged the history of the automobile.

Linda Jackson, Citroën’s CEO, claimed that, “This prestigious prize rewards all of the Citroën brand’s audacity and creativity. Citroën C4 Cactus does not look like any other car, precisely because it is a Citroën, and because Citroën’s design is different and unique. It forcefully represents the identity of our brand. This is what customers expect from Citroën and this is why we have been so successful for more than 90 years. And there are more surprises to come!”

Malta Business Review

Citroën C4 Cactus won the “2015 World Car Design of the Year” award on Thursday 2 April, on the occasion of the New York International Motor Show.

The jury of the “World Car of the Year” competition rewards the car that stood out in the course of the Alexandre Malval, Citroën’s Style Director year, thanks to a design that challenges the established codes and embodies a bold and innovative style. With its audacious stylistic statements and a design that optimally reconciles the attractive and the functional, C4 Cactus succeeded in winning the most votes. This international award recognizes the creativity and the courage of Citroën’s designs.

The CITROËN bRaNd CITROËN harnesses creative flair and technology to enhance wellbeing. Since 1919 CITROËN has made a major contribution to putting cars within reach of the greatest number, providing practical and purposeful answers to the questions arising in each era. CITROËN cars today place a premium on design, comfort and useful technology. With 10,000 customer contact points and presence in over 90 countries, CITROËN sold 1,266,000 vehicles in 2013. The brand has also amassed eight Constructors’ titles in the WRC and entered the WTCC in 2014.

This major prize is the latest in a series of more than 30 international awards claimed by C4 Cactus since its launch.

Recognition from both professionals and the general public, since more than 60,000 customers in Europe have already ordered a C4 Cactus and expressed their enthusiasm about this model. MBR

www.maltabusinessreview.net

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Malta Business Review

HigHer education

ExcEllEncE in Education

by Antonello Cappitta

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. Our education will help you reach your goals as a highly qualified professional individual to play important roles globally in commerce and industry. All eie’s academic programmes are MQRIC recognised as per requirements of 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 that choose eie to further their English language skills. Courses start every Monday and the duration is up to the student to determine. At the start of the course, students are tested to establish their current level and following a meeting with the school’s Director of Studies, the outcome of the course is established. Some students wish to improve their conversation skills, whilst others want to improve their writing or academic skills. This is then communicated to the teacher so that the client gets what the client is aiming for.

In terms of Academic courses, the institute offers the following Pathways: 46 54

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) IT (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 whose courses are academically recognised by the local MQRIC. To guarantee individual attention, classes are limited to small numbers, so early booking is recommended.

We invite you to call eie on 21332804 / 5 or email on info@eiegroup.com for any assistance. MBR 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

Financial company oF the month

From small small beginnings... beginnings...

From From small beginnings...

The Alter Domus Group is a leading European provider of The Alter Domus Group is a leading European provider of Fund and Corporate Services, dedicated to international The Alter Domus Group is a leading European provider of Fund and Corporate Services, houses, dedicated toestate international private equity & infrastructure real firms, Fund and Corporate Services, dedicated to international multinationals, clients and privatereal debtestate managers. private equity private & infrastructure houses, firms, private equity integrated & infrastructure houses, real estate firms, Our vertically approach offers tailor-made multinationals, private clients and private debt managers. multinationals, solutions private clients andthe private debt managers. administration entire chain Our vertically vertically integrated integratedacross approach offers value tailor-made Our approach offers tailor-made of investment structures, from fund level down to local administration Special Purpose solutions Vehicles. across the entire value chain of investment structures, of investment structures, from from fund fund level level down down to to local local Special Purpose Vehicles.

Special Purpose Vehicles.

Alter Domus Malta opened its doors in 2010 providing Fund and Corporate Services to both local and Alter Domus clients.

Malta opened doors 2010toproviding international To date,itswe are in proud have a Alter Domus Malta opened its doors in 2010local providing Fund and Corporate Services to both and complement of over 70 full time employees. Thanks to Fund and Corporate to both anda international clients.

To Services date, weprofessionalism are proud local to of have the dedication, co-operation and our complement of over 70 time Thanks to international clients.

To full date, we employees. are proud to have a team, Alter Domus Malta is rapidly developing into one the dedication, co-operation and professionalism of our complement of over 70 full in time Thanks to of Malta’s leading providers the employees.

Fund and Corporate team, Alter Domus Malta is rapidly developing into one services industry. the dedication, co-operation and professionalism of our of Malta’s leading providers in the Fund and Corporate team, Alter Domus Malta is rapidly developing into one services industry.

of Malta’s leading providers in the Fund and Corporate Alter Domus expands its depositary services industry. services to Malta Alter Domus expands its depositary services to Malta

Alter Domus Domus hasexpands launched aits depositary service Alter depositary to support the alternative investments industry in Alter Domus has requirement launched a for depositary service services to new Malta meeting the funds captured to support the alternative investments industry in

under the AIFM Directive to appoint an independent meeting the new requirement for funds captured depositary. under AIFMhas Directive to appoint an independent Alter the Domus launched a depositary service Laurent Vanderweyen, CEO Alter Domus said “Having depositary. to support the alternative investments industry been the first firm approved by the CSSF to providein Laurent Alter for Domus said “Having meeting Vanderweyen, the new requirement funds captured depositary services in CEO Luxembourg and also been been first firm approved by we the are CSSF to provide underthe theby AIFM Directive to UK appoint an delighted independent approved the FCA in the to depositary services in Luxembourg and also been launch our depositary services in Malta. depositary. approved by the FCA in the UK we are delighted to We haveour recently madeservices significant investment in the launch depositary in Malta.

Laurent Vanderweyen, CEO Alter Domus said “Having growth of our Malta office and this approval allows been the recently first afirm approved by theto CSSF to provide We made significant investment in the us tohave provide complete solution private equity growth of our Maltaglobally, and this approval depositary services inoffice Luxembourg and also allows been and real estate firms including enabling us to us toonprovide a clients complete solution to approved by the FCA inthat the UK we areprivate delighted to start boarding have selected us asequity their and real estate firms globally, including enabling us to depositary.” launch our depositary services in Malta. start on boarding clients that have selected us as their Alter Domus will provide AIFM depositary services to depositary.”

We have recently made significant investment in the private equity and real estate clients, including those growth of our Malta office and this approval allows Alter Domus will provide AIFM depositary services to investing in infrastructure and debt. private equity and real estate clients, those us to provide a complete solution toincluding private equity The of depositary compliant the AIFMD investing in a infrastructure and including debt. with and role real estate firms globally, enabling us to requirements can be summarised in three main duties: start on boarding clients that have selected us as their The role of a depositary compliant with the AIFMD safekeeping of assets, cash flow monitoring and other requirements can be summarised in three main duties: depositary.” oversight duties such as overseeing fund compliance safekeeping of assets, cash flow monitoring and other and transactions with investors.

Alter Domus will such provide AIFM depositary services to oversight duties as overseeing fund compliance and transactions with private equity and realinvestors. estate clients, including those

investing in infrastructure and debt.

Expansion of Business Office Services inaMalta Expansion of Business Office The role of depositary compliant with the AIFMD requirements can be summarised in three main duties: Services in Malta

Moving to new, largercash premises has allowed to safekeeping of assets, flow monitoring andus other expand our Business Office Services offering in Malta. oversighttoduties overseeing fund compliance Moving new, such largeraspremises has allowed us to and transactions with investors.

Business Office Services providesoffering high inquality, expand our Business Office Services Malta. prestigious executive designer offices to an Business Office Services provides high quality, international clientele.

We are committed to providing prestigious executive designer offices to an international clientele. We are committed to providing

Expansion of Business Office Services in Malta

not just office space but also an entire suite of business not just that officeare space but also an entire suite of business services tailored to clients’ specific needs. not just office space but also an entire suite of business services that are tailored to clients’ specific needs.

We enable to focus on core business in a services thatclients are tailored to clients’ specific needs. prestigious functional environment supported by We enable clients to focus on core business inana We enable clients to focus on core business in a exceptionally trained team of professionals. prestigious prestigious functional functional environment environment supported supported by by an an exceptionally exceptionally trained trained team team of of professionals. professionals.

Alter Domus Malta moving to new Alter Domus Alterpremises Domus Malta Malta moving moving to to new premises new premises

With the expected continued growth in the operation, Alter Domus has taken the initiative to create state With growth in the operation, of the the art expected offices in continued Mriehel, thus, providing our local Alter Domus has taken the initiative create state With the expected continued growth the operation, teams with an environment worthy ofinto one of Malta’s of the art offices in Mriehel, thus, providing our local Alter Domus hasintaken the initiative to create state leading providers the Fund and Corporate services teams with an environment worthy of one of Malta’s industry. of the art offices in Mriehel, thus, providing our local leading providers in the Fund and Corporate services teams with an environment worthy of one of Malta’s industry.

leading providers in the Fund and Corporate services Alter Domus Recruitment industry.

Alter Domus Recruitment

Chris Casapinta, Country Executive of the Malta office, believes that the current and future employees of Alter Chris Casapinta, Executive ofto the office, Domus will have aCountry unique opportunity beMalta part of the believes that the current and future employees of fastest growing international firm on the island. Alter Domus will have a unique opportunity to be part of the “The board of directors Alter Domus have decided fastest growing international firm onofthe island.

Chris Casapinta, CountryofExecutive the Malta office, to invest heavily incurrent the Malta operation.

This willofresult believes that the and future employees Alter board of directors of Domus in“The significant investment in Alter IT and talent.have As adecided result, Domus have ainunique opportunity toThis be part of the to investwill heavily the operation. result employees will be ableMalta to implement the will exciting in significant investment in ITfirm andon talent.

Asinahaving result, fastest international the island. plans of growing the group.

This experience will result employees will be implementlevels.” the exciting exposure at both localable and to international “The directors of Alter Domus haveindecided plansboard of the of group.

This experience will result having Alter provides tailor-made training exposure at bothinlocal levels.” to investDomus heavily the and Maltainternational operation.

This will result programmes, both local and overseas, toAs keep our in significant investment in IT and talent. a result, Alter up-to-date Domus provides tailor-made training teams with the ever changing industry. employees willboth be able and to implement thekeep exciting programmes, local to our In addition, Alter Domus offersoverseas, an attractive ACCA teams up-to-date with the ever changing industry. plans of the group.

This experience will result in having sponsoring package to support employees in obtaining In addition, Alter Domus attractive ACCA exposure at both local and offers international levels.” the necessary qualifications whilst an following a healthy sponsoring package to support employees in obtaining study/work balance programme. the necessary following a training healthy Alter Domusqualifications provides whilst tailor-made “We need fresh ideas from engaged motivated people study/work balance programme. programmes, both local and overseas, to keep our who will help us execute our strategy in a constantly teams up-to-date with the ever changing industry.

“We need fresh ideas from engaged motivated people changing market.” who will helpAlter us execute strategy in a constantly In addition, Domusour offers an attractive ACCA changing market.” sponsoring package to support employees in obtaining

Alter Domus Recruitment

the necessary qualifications whilst following a healthy study/work balance programme.

Chris Casapinta

Country Executive Malta Chrismotivated Casapinta “We need fresh ideas from engaged people Valley Msida, 9020 Country Executive Malta who will help usMsida execute ourRoad, strategy in aMSD constantly changing market.”

Msida Valley Road, Msida, MSD 9020

Chris Casapinta Country Executive Malta Msida Valley Road, Msida, MSD 9020

RESPONSIBILITY EXCELLENCE RESPONSIBILITY INTELLIGENCE EXCELLENCE COLLABORATION INTELLIGENCE COLLABORATION

RESPONSIBILITY EXCELLENCE INTELLIGENCE COLLABORATION FUND & CORPORATE SERVICES

www.alterDomus.com FUND & CORPORATE SERVICES www.alterDomus.com

Malta Business Review

dentisry

dentaL iMPLantS at a gLanCe

Setting the Standard in dentiStry

by Joseph Xuereb

Imagine a scenario where you can have an unsaveable tooth removed and replaced in a day. This is what the standard of care is in today’s dentistry. Gone are the days when long waits in temporary replacements are the norm. Although exceptions remain, detailed planning, modern technology and careful execution now allow dentists to make these scenarios an everyday reality.

Tooth loss carries many important consequences, not least a reduction in chewing efficiency as well as placing a person at a distinct aesthetic disadvantage. Coupled with less obvious effects such as local bone loss, food impaction, tooth drifting and loss of facial muscle tone this makes the arguments for replacing lost teeth stronger. The obvious advantages of the comfort that only fixed replacement teeth can give has given rise to a huge surge in requests from potential patients – however, this has also resulted in the wholesale reduction of healthy teeth to gain support for bridges to replace missing teeth.

The advent of dental implants in general dental practice in the early 1990’s gave dentists a new, albeit relatively expensive, option for replacing missing teeth without sacrificing healthy ones. Over time, demand increased steadily, resulting in exciting developments in the form of immediate placement of implants following tooth extraction and, later, immediate loading of implants with fixed teeth, all accompanied by a steady reduction in the cost of a fixed implant solution.

Hand-in-hand with these dental implant developments, other, quicker and more convenient solutions to physical, bulky impressions for teeth, CAD CAM systems, were developed to take the waiting time down from 2-3 weeks to 1-3 days. It is now possible for anyone to undergo this treatment locally following a short period of testing and planning.

CEREC is a revolutionary system that enables your dentist to design, fabricate and fit a new crown in a single day-visit, a procedure that would normally take at least two weeks, if not more! If the implant has been inserted according to an established protocol, then fitting the permanent replacement tooth can be done within 24 hours of placing the implant.

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Planning – questions to ask your dentIst •

Are dental implants the best solution for me?

•

What, if any, are my options?

•

Will my overall health affect the possibility of me having implants?

•

Does my 5-a-day smoking habit preclude me from having implants?

•

Is a CT scan available in case of difficulty in deciding my suitability for implant treatment?

•

What is my ‘Plan B’ if the implant option fails or runds into difficulties?

•

Does the treatment plan include all the expenses involved?

•

Will I be given a written treatment estimate?

•

How will my natural tooth shade be matched? Is digital shade-matching available?

•

Are any guarantees available?

•

Are follow-up visits planned and programmed for me?

dentistry

Malta Business Review

How mucH does Implant treatment cost?

You would probably think that restorations made with this state-of-the-art technology would cost a lot more than standard labmade crowns. However, there is often very little - if any - difference in price and this depends on the number of implants you require and the complexity of your treatment, Savina Clinic offers interestfree finance plans to help spread the costs of your treatment.

Experts agree immediate implant loading and CAD/CAM is no longer experimental technology, but a technically mature mainstream treatment method with an impressive and proven record of success.

After 5 years 95–97% of implant crowns were still intact. MBR

Dr Joseph Xuereb is a Dental & Implant Surgeon, Principal of Savina Clinic Savina Clinics are in Victoria, Gozo and SkyParks Business Centre at Malta International Airport www.savInadental.com

Zimmerdental® is the world’s largest dental implant company. Since 2007, Savina Clinics have served as International visiting Centres for Zimmerdental® www.maltabusinessreview.net

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Malta Business Review

TrusT & Advisory

Minister Presides Over Rebranding Launch Of A|R|Q Group “The spate of mergers and acquisitions in Malta is a clear sign that the economy is growing,” said the Minister for Finance Prof. Edward Scicluna.

Suggested text: Minister Scicluna was speaking during the official launch of the rebranding of a group of companies providing corporate, trust, accounting infrastructural and advisory services.

A|R|Q Group is a joint venture between Capstone Group, a firm of auditors and accountants, and law firm Fenech Farrugia Fiott Legal. Both firms have rebranded their previous offering in these sectors under a unified brand. Legal and audit services are also available provided by the independent firms, FFF Legal and Capstone Assurance Ltd. The official launch was held at the ARG Group Premises, in the Tower Business Centre in Swatar. Minister Scicluna was also given a tour of the A|R|Q Group premises.

During a brief address, Minister Scicluna expressed his pleasure at witnessing a company that is staffed by both experienced figures as well as fresh and talented young professionals in the accounting, auditing, and legal professions, who together can bring new perspectives and energy to this vital service industry.

He welcomed the joint initiative of Capstone and FFF Legal, underlining that it is an example of the professional synergy that clients and investors have come to expect from the Maltese private sector.

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“When a company begins to combining teams from different industries and professions, they are able to begin offer a wider and more comprehensive package of services to their clients” the Minister underlined.

“This is precisely what investors want to see. Investors are attracted to our shores because they are able to receive here the best accounting, legal, auditing, or even taxation advice, which is of a global standard,” he said.

Minister Scicluna said that Malta is currently riding an investment wave, noting that this wave represents an opportunity for operators to invest, expand, and contribute towards placing the country on a higher plateau of professionalism.

At the same time, Minister Scicluna underlined that the Government will not lose sight of the importance of good governance and good standards in this regard, adding that Malta fully collaborates with the OECD and other international regulatory institutions, and adheres to the principles of transparency and openness.

The Minister augured the A|R|Q Group the very best in its future endeavours. MBR

auDit & finance

Malta Business Review

Deloitte Malta posts highest growth rate of the Big 4 in Malta With a 20% growth in revenues, Deloitte Malta posted the highest growth rate amongst the Big 4 in Malta for the year ending December 2014. This emerged from a review of the Transparency Reports published on 31 March 2015. In 2014 Deloitte Malta revenue was Eur21.0 million.

Deloitte CEO, Mr Malcolm Booker.

Malcolm Booker, CEO at Deloitte Malta said “I am particularly pleased that this growth was organic, and was the fruit of well structured and well placed initiatives across the firm.

Our success in seeking, securing, and servicing business that stems from beyond our shores is second to none.” During the year there were seven new appointments to the Director and Principal group.

With international client work accounting for 63% of the firm’s revenue, Deloitte Malta continued to win new mandates and referrals from a wide range of countries as it continued to promote Malta as an attractive jurisdiction in which to locate business. New significant client relationships were formed with clients from China, Russia, the Middle East, and the USA, amongst others.

Deloitte Malta’s growth is driven by an ambition to be recognised by its people, its clients and its community as the leading professional services firm, driving knowledge, quality, thought leadership, and innovation through the markets in which it operates. In Malta, Deloitte had a staff complement of 262 at the end of 2014 with a further 125 students on its Pathway or Chartered Accountant training programmes.

The firm continued to put talent at the heart of its agenda by making significant investments in its HR function in order to continue to ensure that the its people are trained and developed so as to enable them to fulfil their full potential and to assist them in achieving their professional aspirations. “We believe in the Deloitte experience. Our people matter to us and I believe that Deloitte matters to them.”

Malcolm Booker said.

Tightened regulation, heightened professional standards and more demanding quality controls continue to underpin the daily life of professional services firms. Deloitte Malta continues to focus on quality and the high professional standards it adopts and maintains. Ben Scicluna, National Professional Practice Director at Deloitte Malta said “We are proud of the standards we have in place, and proud of our people, who are the primary asset of our firm. It is a privilege to lead an organisation of talented professionals who are deeply committed to the firm’s ethical principles and shared values”.

The online version of the report may be accessed by visiting: www.deloitte.com/mt/transparency

About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/mt/about for a more detailed description of DTTL and its member firms.

Deloitte Malta refers to a civil partnership, constituted between limited liability companies, and its affiliated operating entities; Deloitte Services Limited, Deloitte Legal, Deloitte Technology Solutions Limited and Deloitte Audit Limited. The latter is authorised to provide audit services in Malta in terms of the Accountancy Profession Act. A list of the corporate partners, as well as the principals authorised to sign reports on behalf of the firm, is available at www.deloitte.com/mt/about.

Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 210,000 professionals are committed to becoming the standard of excellence. MBR © 2015. For information, contact Deloitte Malta. www.maltabusinessreview.net

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Malta Business Review

COrpOrate

SmartCity and naSSCOm tO enhanCe the level Of COOperatiOn

From left and Anirudha Damkey Chief Investment and Financial Officer of SmartCity, Dr. Baju George, Managing Director of SmartCity, Mr. R. Chandrasekaran, Chairman of NASSCOM, Abdullatif AlMulla, Chairman of SmartCity Malta, Minister Chris Cardona and Anthony Tabone, Chief Executive Officer of SmartCity Malta

His Excellency Abdullatif AlMulla, Chairman of SmartCity Malta and CEO of SmartCity Dubai had extensive discussions with the leadership of NASSCOM during the NILF 2015 Leadership Forum entitled ‘The World in 2020: Building the Digital Future’ at Mumbai, India. NASSCOM was represented by Mr. R Chandrasekaran, Chairman and Mr. R. Chandrasekhar, President of NASSCOM while Mr. AlMulla was accompanied by Dr. Baju George, Managing Director and Anirudha Damkey Chief Investment and Financial Officer of SmartCity.

Following the signing of the MOU between SmartCity and NASSCOM in Malta in July 2014, Mr AlMulla and Mr Chandrasekaran agreed to enhance the level of cooperation between the two organisations so that companies operating in SmartCity Malta, Kochi and Dubai and NASSCOM members will mutually benefit. It was also agreed

to form a UAE Chapter for NASSCOM, which will be initially based at Dubai. Both sides decided to form a working group to finalize next steps.

During the NASSCOM conference, one of the sessions was dedicated to SmartCity entitled “100 SmartCities; How to lead the way?” The session discussed the various steps required to recreate and redesign new cities to enable a better quality of life as well as a better and more efficient use of resources. The SmartCity project was showcased as an ideal model by SmartCity Kochi, CEO, Mr. Gigo Joseph.

Panel discussion was moderated by Mr. Govind Ethiraj of PING Network which had Mr. R. Chandrasekharan, Chairman NASSCOM, Ms. Karuna Gopalan, Founder Foundation for Futuristic Cities and Dr. Sumit D Chowdhury, President of Reliance Jio as members. MBR

About NASSCOM NASSCOM® is the premier trade body and the chamber of commerce of the IT-BPM industries in India. NASSCOM is a global trade body with more than 1400 members, which include both Indian and multinational companies that have a presence in India. NASSCOM’s member and associate member companies are broadly in the business of software development, software services, software products, consulting services, BPO services, e-commerce & web services, engineering services off-shoring and animation and gaming. NASSCOM’s membership base constitutes over 95% of the industry revenues in India and employs over 3.1 million professionals.

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company focus

Malta Business Review

Professional Water leak Detection

As CHI Consultants Ltd, the Company has been in operation since 2012. Coming from a background of engineering, and marketing, CHI Consultants Ltd have put together their expertise to focus their attention to take an innovative perspective on the products and services they offer.

CHI Consultants Ltd started their business journey by focusing on various projects, both local and EU based, in the fields of energy efficiency, water conservation and research. While working on projects with an involvement in water conservation, they came across a niche in the market which captured their interest. They realised that there were few services offered in local market which solve water leak problems and these services are rarely successful and carried out professionally. Therefore they shifted their attention and efforts to find a solution to this very common problem.

During the last year, their main focus was to offer an efficient and excellent service to the mundane problem of domestic and commercial water leaks. The water leak detection service offered is a non- destructive testing of the plumbing system, and finding the location of the leak/s present. Leaks can be found through wall tiles, floor tiles, parquet and so on. Non-destructive services for rain water ingress detection and leaky terraces or roofs are also offered. Subsequently recommendations on leak repairs are given onsite and professional plumbing services are also available.

The service is a great success and has also helped the company in developing collaborations with many other professionals in the area to help in solving many of the issues they encounter in this regard. CHI Consultants Ltd have thereafter continued to grow and strengthen their product base. Today, they offer a solid service with regards to non- destructive leak detection using pipe testing, infrared thermography to find the leak area, consultation on repairs, repairing of the leak, reporting of findings and job tracking so that the service runs smoothly. All this for very affordable prices. MBR For further information or an appointment kindly contact Rubyanne on 79839810 send an email on info@chi.com.mt.

WE DETECT WATER LEAKS! Non destructive testing of water leakages . trace

Minimize cost of damage of and access water leakage.

Repairs services.

Call us on 79839810

CONSULTANCY • INNOVATION

Malta Business Review

Religion in Focus

The Changing LandsCape WhiCh affeCTs Us aLL

by Patrick J. O’Brien

Christianity has long been the world’s largest religion by far, but the population of Muslims is growing so fast that they will match Christians by the year 2070 and outnumber them by the end of the century, according to a report released last month that projects the global religious future.

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The report, from the Pew Research Center, projects a vibrantly religious planet, not the withering away of religion predicted by some futurists. The reason is not that religious groups will win significantly more converts, but simply that religious adherents are younger and have more children than secular people.

Those demographic factors will drive the growth of Islam because Muslims are the youngest and have the highest fertility rates of any country Malta will continue to be a fairly analogous country as regards religious affiliation with apparently the same proportion of Christians projected for 2050 as there were in 2010, namely 97% of the total population. Given that the Maltese population in 2010 is given as 420,000 this would mean that in that year there were 840 Muslims and 840 Hindus in Malta. For 2050, the Pew Report projects that the number

of Muslims and Hindus would be 720 of each category out of an overall population of 360,000 In the United States, the spread of secularism will probably continue: Those who claim no religion will make up about a quarter of the population by 2050 an increase from 16 percent in 2010.

Christianity will have the biggest losses, with its share of the American population declining to 66 percent in 2050 from 78 percent in 2010, according to the projections in the report.

The number of Muslims in the United States will surpass that of Jews (at least those who claim “Jewish” as their religious identity) by 2035, but both groups will remain tiny portions of the American religious landscape, Conrad Hackett, the lead researcher and demographer for the Pew report, said in an interview.

In Europe, the percentage of Muslims will rise to about ten percent from about six percent of the

Religion in Focus

from 2010 to 2050 by region and by country. Its projections draw on mortality and fertility rates, age assessments and patterns of migration and religious switching. The data came from more than 2,500 censuses, surveys and population registers from all over the world.

You must take into account that Wars, famines, religious revival and all kinds of things could change that picture.

Demographers, religious leaders and policy makers are likely to pore over the results

population in the four decades from 2010 to 2050. That is a significant minority, but the picture is hardly that of the Muslimdominated “Eurabia” that some nativist and anti-immigrant groups in Europe have warned of.

I just don’t see that happening. Within one or two generations of arriving in Europe, Muslim immigrants like immigrants in general — tended to leave behind the high fertility rates of their home countries and had smaller families, much like other Europeans.

You must take into account that Wars, famines, religious revival and all kinds of things could change that picture.

Demographers, religious leaders and policy makers are likely to pore over the results. This is the most authoritative analysis we’ve had at the global level of the future of the religious population. It will provide a good foundation for debates and give people a clearer picture of what’s likely to happen.

In the next generation or two, those immigrant families increasingly look like other families.

The biggest uncertainty is what will happen in China, the most populous country, whose 1.3 billion people have a tremendous effect on global trends. So many churches there are underground and not approved by the government that reliable figures on religious affiliation and switching are not available, the researchers said.

The report, six years in the making, projects the change in religious affiliation

The shift in Christianity from a faith identified as belonging to white Westerners

Malta Business Review

to a faith belonging to Africans, Asians and Latin Americans in the global south — will intensify in the next 35 years, the report says.

Now, about 25 percent of the world’s Christians live in sub-Saharan Africa, a trend already affecting debates over leadership and direction in churches such as the Roman Catholic Church, the Anglican Communion and the United Methodist Church.

By 2050, four out of ten Christians in the world are expected to live in sub-Saharan Africa. Even though the Muslim share of the population there will grow slightly faster than the Christian share, Christianity will still be the largest faith in the region and an increasingly powerful presence globally.

Already, in a historical reverse, African churches are sending missionaries and priests to the United States and Europe, where faith appears to be in retreat. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Malta remains a very devout nation with large percentages of the population attend church celebrations on a regular basis. Religion is a central theme of public discussion, especially when it comes to attitudes related to marriage, divorce, abortion, IVF and other matters of morality.

It is said that there are around 365 churches in the Maltese Islands; or one church for every day of the year. Every town has its parish church as the focal point and a main source of civic pride.

Churches in Malta are considered to be great works of art, both in terms of architecture as well as their embellished intererior adorned with paintings, sculptures and luxurious artefacts.

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Malta Business Review

InveStMentS

ISACA MAltA ChApter regISterS An offICe At SMArtCIty MAltA The Malta Chapter of ISACA, a nonprofit, independent membership association that helps business and IT leaders maximize value and manage risk related to information technology has registered an office and started holding its board meetings and seminars at SmartCity Malta. ISACA (www.isaca. org) is a leading global provider of knowledge, certifications, community, advocacy and education on information systems (IS) assurance and security, enterprise governance and management of IT, and IT-related risk and compliance.

Speaking about the move of the Malta Chapter to SmartCity Malta, Gian Carlo Millo, ISACA Malta Chapter President, said that “The Chapter’s move to SmartCity Malta in 2014 has signified the start of a new era for our fast-growing association. ISACA’s constituents hold various professional IT-related positions and therefore the move was really a natural one. SmartCity Malta is being developed into a state-of-the-art information technology business park, and the Chapter is proud to form part of this exciting project. Apart from its monthly board meetings, the Chapter also holds educational events at SmartCity Malta on a monthly basis, which are very well attended. I would like to thank SmartCity Malta for strongly supporting the Chapter and its members.”

ISACA’s membership, which exceeds 120,000 worldwide, covers a variety of professional IT-related positions such as IS auditor, consultant, educator, IS security professional, regulator, chief information officer and internal auditor. Members work in nearly all industry categories, including financial and banking, public accounting, government and the public sector, utilities 66

and manufacturing. This diversity enables members to learn from each other, and exchange widely divergent viewpoints on a variety of professional topics.

Another of ISACA’s strengths is its chapter network. ISACA has more than 200 chapters established in over 82 countries worldwide, and those chapters provide members education, resource sharing, advocacy, professional networking and a host of other benefits on a local level. The ISACA Malta Chapter (www. isaca-malta.org) is a voluntary organisation which was officially formed in 2005 and has over 170 members, the majority of whom have earned one or more of ISACA’s certifications.

Educational events are organized on a monthly basis and cover a range of IT-related topics including IT risk, governance, assurance and information security. The Malta Chapter also organizes an annual networking event as well as a biennial conference with the participation of internationally renowned speakers.

Another primary objective of the Malta Chapter is to develop strong relationships with the business, regulatory and academic communities in Malta. MBR

Project ManagMent

Malta Business Review

P roj ec t M a n ag e M e n t

W

hen looking for a company that provides project management, one needs to consider various factors. For starters, it is imperative that the chosen firm carries out feasibility studies, namely studies aimed at defining a possible project in order to verify both its technical and economic feasibility. One should opt for clear and transparent criteria in order to guarantee the objectivity of the study and its outcomes. The final product of the feasibility study serves as a tool which contains instruction on how to realise the project, as well as useful guidelines to define moves, strategies and the working methodologies.

A feasibility study goes hand in hand with a master plan. This means outlining the goals, the competences, the tools and

by Rudolph Spiteri Sacco

individual responsibilities of all those who take part of the decision-making, by organising strategically and efficiently the different aspects of planning.

The final design should be characterised by a series of elements such as an urban insertion study, an environmental impact analysis, specialist technical reports, graphic representations and other reports that successfully describe the activities to be performed and to subsequently obtain the required permission, thanks to an administrative plan.

The aim of project management is to obtain a specific final product. It has to be made within a certain time, using specific and assigned resources and the project must respect the agreed budget

Consequence of these premises is the immediate comprehension about the importance of an efficient management for every kind of project, namely the planning, scheduling and supervision. At Evolve, we supervise the different stages of each project, from a technical, administrative and accounting point of view, in order to guarantee the client an excellent product through the constant supervision of the building site. For more information about our design and architectural services, contact us on info@rsgroup.com.mt or by calling 27805486. MBR Rudolph Spiteri Sacco is the Director of Evolve

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

Malta Business Review

Business Competition

BEST BUSINESS PLAN COMPETTION SUBMISSIONS DEADLINE

by Maria Stivala

The 2015 jci malta team in office

For the 14th consecutive year, JCI (Junior Chamber International) Malta is proud to be hosting its Best Business Plan Competition.

The aim of this competition is to encourage young people aged between 18 and 40 to take the plunge and submit their business ideas (both individually or as a group) and by working hand in hand with professionals, make these ideas happen.

This 14th edition is a revamped version of the competition with a boot camp concept for training sessions and a whole new set of partners who joined JCI Malta on this project.

Sponsored by HSBC Bank Malta PLC and KPMG, endorsed by the ICC (International

Chamber of Commerce), and supported by TAKE OFF (the University of Malta Business Incubator), Funding Support, The Concept Stadium and The Edward de Bono Institute for the Design & Development of Thinking, this year’s edition of the Best Business Plan Competition offers its participants professional support and benefits to be able to develop an initial business idea further, into a concrete business venture.

By enrolling to this competition, participants will benefit from Training & Guidance Sessions, and Financial Assistance.

The deadline to submit the Initial Business Idea proposal is the 17th April 2015 and should include:

JCI Malta believes that the Best Business Plan Competition is the perfect platform to provide aspiring entrepreneurs, with the chance to acquire the basic skills and attributes required to be a successful entrepreneur, such as self-confidence, communication and negotiation skills, networking, initiative and motivation.

• Brief description of the product and / or service you propose to offer

Furthermore, participants will stand the chance of winning up to €2,500. However, JCI Malta believes that the monetary award represents only a token for the hard work and dedication which contributes to a long-term success. MBR

• Brief description of the innovative aspects of your proposed business idea

For more information please contact 2015 JCI Malta LO De La Vallette President Rachel Cassar on info@jci.org.mt or 99235440.

• Title of the Initial Business Idea

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The Initial Business Idea proposals must be written in English and should not be longer than 2,000 words. This must be submitted together with the application form provided in this Info Pack which is downloadable via: http://jci.org.mt/website-pages/businessentrepreneurship/2015-bbp/

illegal immigration

Malta Business Review

EXTRAORDINARY MEETING OF THE FOREIGN AND INTERIOR MINISTERS ADDRESSES THE URGENT SITUATION IN THE MEDITERRANEAN FOLLOWING THE TRAGIC DEVELOPMENTS IN RECENT DAYS. LIBYA DOMINATES THE AGENDA OF THE FOREIGN AFFAIRS COUNCIL << European Union High Representative Federica Mogherini, center, speaks with EU foreign ministers during a meeting at the EU Council building in Luxembourg on Monday, April 20, 2015. An Italian coast guard ship headed toward Sicily Monday to look for survivors of a capsized ship in what could be the Mediterranean’s deadliest migrant tragedy, as EU foreign ministers gathered for an emergency meeting to discuss the crisis. Front left is Spanish Foreign Minister Jose Manuel Garcia-Margallo and front right is Swedish Foreign Minister Margot Wallstrom. (AP Photo/Thierry Monasse)

Rescuers help children to disembark in the Sicilian harbor of Pozzallo, Italy, early Monday, April 20, 2015. About 100 migrants, including 28 children, were rescued on Sunday by a merchant vessel in the Sicilian Strait while they were trying to cross. Another smuggler’s boat crammed with hundreds of people overturned off Libya’s coast on Saturday as rescuers approached, causing what could be the Mediterranean’s deadliest known migrant tragedy and intensifying pressure on the European Union Sunday to finally meet demands for decisive action. (AP Photo/Alessandra Tarantino) >>

Extraordinary European Council Ministers back 10-point plan in response to the crisis situation Foreign and Interior Ministers met today in Luxembourg in an extraordinary meeting during which they gave their full backing to a 10-point plan presented by EU Migration Commissioner Dimitiris Avramopoulous, in response to the situation in the Mediterranean. The 10 actions will be conveyed to the European Council which meets on Thursday in an extraordinary session of the Heads of State and Government. They are: • • • • • • • • • •

Reinforce Joint Operations in the Mediterranean and extend operational area; Systematic effort to capture and destroy vessels used by the smugglers.; EUROPOL, FRONTEX, EASO and EUROJUST to work closely to gather information on smugglers; EASO to deploy teams in Italy and Greece for joint processing of asylum applications; Member States to ensure fingerprinting of all migrants; Consider options for emergency relocation mechanism; EU-wide voluntary pilot project on resettlement; New return programme for rapid return of irregular migrants; Engagement with countries surrounding Libya; Deploy Immigration Liaison Officers (ILO) in key third countries, to gather intelligence on migratory flows.

Minister for Foreign Affairs, Dr. George W. Vella, and Minister for the Interior and National Security, Carmelo Abela attended the extraordinary meeting and welcomed the 10-point plan of action. Minister Vella stressed the importance of tangible action and appealed to the EU Member States to engage fully and be

fully committed in addressing the situation. He said, ‘the EU must try to do its best to avoid another human tragedy, if it is to retain any credibility.’ Minister Abela called for bold decisions and emphasised the need to focus on action to fight against trafficking and smuggling networks in the immediate term, ‘our democracies, the EU are stronger than the smugglers – we need to stop the deaths that are occurring in the Mediterranean Sea now.

There was broad agreement on the need for a comprehensive EU response, in particular the proposal for an international framework to fight against smugglers and traffickers. A number of Member States, the High Representative and Commissioner called for support and solidarity for the front-line states.

Earlier on in the day, Foreign Affairs Ministers opened their Council meeting by observing a one-minute silence in memory of the hundreds of migrants who perished when a boat capsized off the Libyan coast which resulted in the death of hundreds of migrants. The High Representative and Vice-President of the European Commission, Federica Mongherini thanked Italy and Malta for the steps undertaken in the rescue operation. Ministers also discussed the political situation in Libya and reaffirmed their support for the efforts by United Nations Secretary General’s Special Representative Bernardino Leon. They also urged parties to come to an agreement in the coming days.

Foreign Affairs Ministers also held a strategic discussion on the EU’s relations with Latin America and Caribbean, and exchanged views on the current situation in Yemen. The High Representative also debriefed Ministers on the outcome of the Iran nuclear negotiations in Lausanne. MBR

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Malta Business Review

Anti-Money LAundering

LEAD TrAining LAunchEs cErTificATE in AnTi-MonEy LAunDEring/funDing of TErrorisM LEAD Training Services has launched the first accredited qualification, a Certificate in Anti-Money Laundering and Funding of Terrorism, to be organised in Malta. The exclusive MQF Level 5 CPD Award consists of four modules spread over eight sessions of four hours each between 21 April and 1 July, 2015.

To obtain the qualification, issued by the National Commission of Higher and Further Education (NCFHE), delegates must attend all modules and obtain a minimum pass in the final two-hour written examination, held at the end of the programme.

There will also be team-based case studies during each module as a form of assessment.

Commenting on the new accredited qualification, James Grech, Managing Director of LEAD Training Services, said: “This is an ideal course for professionals who want to understand the concepts of money laundering and want to become aware of obligations arising under the Prevention of Money Laundering Act and other relevant legislation and guidelines.

“I am confident we have put together an excellent team of trainers who have developed top notch training material for this specialised programme.”

Module 1, Introduction to Money Laundering and Terrorist Financing, will be delivered by Josette Mallia; Module 2, The Risk-Based Approach and Reporting Requirements, and Module 4, Governance and Training, will be delivered by Claire Gauci; and Module 3, Implementing Customer Due Diligence Procedures, will be delivered by Dr Claire Calleja.

The entry requirements for this programme are five O Levels and two A Levels or a minimum of three years’ working experience in business administration. MBR For more information on the trainers’ profiles go to www. leadtraining.com.mt/short-courses/certificate-anti-moneylaundering-funding-terrorism. The course will be delivered at the LEAD Training Centre, 2nd Floor, Tower Business Centre, Tower Street, Swatar. Other enquiries can be addressed to info@leadtraining.com or tel: 2546-6088.

James Grech, Managing Director of LEAD Training Services – an ideal course for professionals who want to understand the concepts of money laundering and want to become aware of obligations arising under the Prevention of Money Laundering Act and other relevant legislation

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accounting & auditing

Malta Business Review

Chetcuti Cauchi – Maintaining Key StrengthS

by Jacqueline Galea

Chetcuti Cauchi is a law firm serving successful entrepreneurs, business families and institutions using the financial centres of Malta and Cyprus, and their advisors around the globe. With offices in Malta, Cyprus and London, we advise clients seamlessly on their business and private legal needs both at home and abroad. Our unique multi-disciplinary set-up of over eighty lawyers, tax advisors, accountants, company administrators and relocation advisors allows us to provide the full spectrum of legal, tax, company formation, immigration, corporate relocation, Malta Residency, Malta Citizenship by Investment and fiduciary services to clients using Malta and Cyprus in international tax planning, cross-border business structuring and wealth management solutions.

This cross-functional arrangement appeals to discerning clients that range from High Net Worth individuals and families, to entrepreneurs and blue chip companies.

The firm serves as a trusted advisor to personal and corporate end-clients as well

as international law firms, tax advisors, accountants, private bankers and family offices worldwide.

We maintain key strengths in corporate law, international tax, intellectual property, immigration law, property law and trusts. Despite being a top-five law firm by size, the partners and seniors continue the firm’s tradition of providing specialised legal services of unrivalled quality, responsively. This is rendered more valuable through their delivery in a personalised environment built around our clients’ personal or commercial realities.

The firm has built a name for serving today’s and tomorrow’s industries with significant commercial awareness, including the financial services, online gambling, pharma, life-sciences, digital games, aviation and super-yacht industries, combining specialist business law and international private wealth advice.

The firm is strong in asset structuring including Aircraft & Yacht ownership and

VAT minimisation solutions. CCA enjoys a strong financial services practice serving the Hedge Funds, Forex, Investment Services, Binary Options and Electronic Money Institutions EMIs. Besides traditional strengths in IP Law and Shipping, CC runs a good show in the technology law sector servicing the largest players in the regulated Internet Gambling and Digital Gaming sectors. MBR CHETCUTI CAUCHI ADVOCATES Legal Tax Corporate • Malta: 120, St Ursula Street, Valletta, VLT 1236, Malta • London: 259, Temple Chambers, 3-7, Temple Avenue, London, EC4Y 0HP, UK • Cyprus: 75 Prodromou Avenue, 1st Floor Office 105, 2063 Nicosia, Cyprus LinkedIn: https://mt.linkedin.com/company/chetcuti-cauchi www.maltabusinessreview.net

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Malta Business Review

NEWSMAKERS

THERE ARE GREAT OPPORTUNITIES FOR TRADE BETWEEN MALTA AND OMAN - MINISTER CARDONA The Minister for the Economy, Investment and Small Business Chris Cardona is currently leading a delegation of entrepreneurs in Oman. In the first day of this visit, Minister Cardona attended meetings with the Minister for Agriculture and Fisheries Fouad Al Sajwani, participated in a Business Forum organised by Muscat Bank, and visited the Knowledge Oasis and the Russayl Industrial Area.

Whilst addressing the Business Forum, Minister Cardona said that the available opportunities greatly outweigh the challenges that exist for commercial activities to take place between the two countries.

“Malta and the Sultanate of Oman form part of the global village where geographical distances no longer hinder the huge potential that exists in exploring the many avenues of cooperation in different sectors of our economies. This is attributable to today’s highly technological environment that was built along the years” stated Minister Cardona.

Dr Cardona referred to the political commitment and willingness on both sides to enhance cooperation between the two countries, not only on diplomatic and political relations but also in the economic and commercial sectors. He mentioned how the first steps in this direction have already been made since this year around sixty students from Oman have commenced their studies in Malta.

Minister Cardona spoke about the strategic position of Malta in the middle of the Mediterranean and its role in the commercial and maritime sector. Dr Cardona said that the Government is committed to strengthening further this role through concrete initiatives to develop Malta as a maritime and logistics centre.

“Malta stands ready to offer logistical facilities to the Omani business community, particularly SMEs, to tap European as well as African markets.

On the other hand, the Sultanate of Oman, positioned at the mouth of the

TRADE MISSION IN DUBAI ORGANISED By SMARTCITy MALTA A SUCCESS SmartCity Malta and Malta Enterprise recently collaborated to support Maltese companies within the knowledge industry in a trade mission in Dubai. The trade mission, which was attended by companies operating within the knowledge industry, including digital gaming, satellite technology, education, ICT and TV/ Production equipment, was successful in facilitating a number of exploratory leads for these Maltese companies.

During the mission, the Maltese attendees had the opportunity to discuss mutual opportunities with potential collaborators, while gaining a better understanding of the business culture and competitive environment of the UAE market. Over 70 meetings were scheduled for these companies by the Malta Enterprise Office in Dubai. The trade mission comprised of one-to-one meetings based on the participants’ requirements with potential business partners in Dubai, including those within the business parks managed by TECOM. Prior to their departure the delegates were also hosted to a previsit meeting, whereby the participants were given first-hand information on the market by representatives of both entities and also from private enterprises already established in the Middle East. The mission was sponsored by SmartCity Malta. MBR

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Minister for the Economy, Investment and Small Business Chris Cardona with Fouad Al Sajwani - Minister of Agriculture and Fisheries (Oman)

Persian Gulf, provides the perfect launching pad into Asia and could become an entrepôt for Maltese companies looking to tap Asian markets” stated Minister Cardona.

This has been the first visit to Oman by the Minister for the Economy, Investment and Small Business. Minister Cardona’s visit will continue with a series of meetings with ministers, entities and commercial organisations in Oman. MBR

UK DEBATING CHAMPIONS IN MALTA TO EMPOWER STUDENTS AND PROFESSIONALS IN PUBLIC SPEAKING AND PRESENTING

JCI Malta will be hosted a number of masterclass sessions and motivational talks delivered by Patrick McCrae and Michael Steel, both successful entrepreneurs and members of JCI United Kingdom.

The sessions were held to students of MCAST and the University of Malta as well as to corporations including Malta Enterprise, KPMG, HSBC Malta and MISCO. The general public had the opportunity to attend a FREE one-hour motivational talk on their journey to their entrepreneurial success. A half-day interactive training session was also held on the art of public speaking, debating and presenting at the TAKEOFF Business Incubator Centre at the University of Malta.

JCI Malta is a voluntary, non-profit organization aimed at empowering people between the ages of 18 – 40 to be better leaders in their community and is affiliated to Junior Chamber International, a worldwide federation of 150,000 members from over 100 countries and 5,000 communities aimed at bringing about positive change. MBR

BIODIVERSITY

Malta Business Review

MALTA SUPPORTS EU PROPOSALS FOR BIODIVERSITY-LINKED ECONOMIC OPPORTUNITIES

Minister for Sustainable Development, the Environment and Climate Change Leo Brincat addresses the working session for Heads of Delegations at the Informal Meeting of Environment Ministers in Riga.

Malta supports EU initiatives for proposals towards addressing biodiversity loss through the creation of economic opportunities, such as through the joint initiative of European Investment Bank (EIB) and the European Commission for a Natural Capital Financing Facility, as well as other related financial instruments.

Malta hopes that the eventual EU proposals will be cost-effective, innovative and creative, and will best reflect the necessary link between the economy and biodiversity. Minister for Sustainable Development, the Environment and Climate Change Leo Brincat made this statement when addressing a working session for heads of delegations at the Informal Meeting of Environment Ministers in Riga, organised by the Latvian Presidency of the Council of the European Union.

During the sessions that took stock of the current status of biodiversity, Minister Brincat said that with the EU evidently not on track to meet its headline biodiversity targets for 2020, together with the evident implementation gaps, not only was it imperative for Natural Capital to be integrated into sectoral policies but governments also needed to adopt a triple track approach to redress this shortfall.

He added that Member States should rely on their respective good examples and innovative practices that strive at halting the loss of biodiversity and the degradation of ecosystem services. It is crucial that biodiversity considerations are mainstreamed through sectoral efforts and regional policies, ranging from energy to tourism, transport and industry amongst others. Our collective policy responses should better forge the links between Natural Capital, economic growth and employment, ensuring cross-cutting benefits and synergies.

Minister Brincat highlighted that our Natural Capital can only be enhanced through smarter, more sustainable and more inclusive growth, by way of a shift towards:

·

A more resource efficient economy

·

A more climate-resilient, low-carbon economy

·

Proactivity in research and innovation

·

New skills, jobs and business opportunities.

The Minister recalled that we are not short of warning signals.

The European Environment Agency’s latest State of the Environment Report (SOER) shows that the Continent’s Natural Capital continues to erode, while the European Commission’s State of Nature Report that is currently being finalised points in the same direction. The Minister expressed that by the mid-term review of the EU Biodiversity Strategy foreseen for autumn this year, the EU should be prepared to consider possible actions to put itself on track to achieve its biodiversity objectives within the next five years.

Minister Brincat advocated a public campaign to increase awareness on the value of biodiversity, the factors leading to biodiversity loss as well as what actions can be taken to conserve biodiversity. Moreover, the Minister called on the EU to establish whether it can effectively meet its biodiversity targets.

The Minister also attended and participated in a Joint Environment & Energy Ministerial session on biodiversity protection and renewable energy use.

Minister Brincat had various bilateral meetings with EU Commissioners and other Environment Ministers while in Riga. MBR www.maltabusinessreview.net

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Malta Business Review

NEWSMAKERS

HSBC WELCOMES THE FIRST BATCH OF MCAST APPRENTICES

ifs-Malta will continue to offer niche training via a bespoke line-up of courses and programmes to financial services industry professionals

IFS-MALTA CELEBRATES GRADUATING SET OF 2014

The first-ever batch of students graduating in Banking, Finance and IT from the Malta College of Arts, Science and Technology (MCAST) with HSBC Bank Malta CEO Mark Watkinson (centre) during one of a series of training sessions currently underway at the Bank. The group of 20 students form part of a broader HSBC-MCAST apprenticeship programme that runs for two years, whereby young students are embedded in the core operations of the Bank to gain real-world knowledge. The students will spend 24 working days with HSBC during April, and will return for a further 24 working days during their summer break. MBR

THE MINISTER FOR TOURISM AND FILM DR EDWARD ZAMMIT LEWIS VISITS THE FILM SET OF APOCALyPSE SLOUGH

Institute of financial services (ifs-Malta) honoured its graduates of 2014 during a ceremony where the awardees heard that by investing in new skills they have opened doors to professional fulfilment. More than 200 graduates of various courses attended the ceremony as ifs-Malta President Simon Grech commended their achievements amidst a fast changing landscape of the financial services industry. ifs-Malta offers a number of nationally- and internationallyrecognised training courses in a wide range of distinct areas. For prospective candidates, these could be short term courses in fund administration, credit control, and risk management to the more traditional Diploma in Financial Services, a Foundation Degree programme and two Post Graduate programmes. One can also pursue a Chartered Banker MBA or a Chartered Wealth Management qualification. MBR

MIDDLESEA INSURANCE SUPPORTS ST JOHN RESCUE CORPS

Fr. Martin Micallef with some staff members and the Directors

The Minister responsible for Tourism and Film Dr Edward Zammit Lewis visited the set of Apocalypse Slough, a TV drama currently filming in Malta featuring impressive scenes and high profile cast members.

Minister Zammit Lewis said that this year there is an ever increasing number of high profile productions scheduled to take place in Malta. The local film industry keeps showing considerable growth and is becoming a major contributor to the country’s economy.

Apocalypse Slough will debut on Sky 1 later this year.

Apocalypse Slough features a very strong line up of actors, with talent from both sides of the Atlantic, including five time Golden Globe and Emmy nominee Rob Lowe (West Wing), BAFTA Award nominee Mathew Baynton (Yonderland), Emmy Award nominee Jenna Fischer (The Office), Emmy Award winner and four time Golden Globe nominee Megan Mullally (Will and Grace), BAFTA® Award nominee Pauline Quirke (Birds of a Feather), Paterson Joseph (Peep Show) and Joel Fry (Game of Thrones). MBR 74

St John Rescue Corps Truck

Middlesea Insurance has signed a sponsorship agreement whereby it will be providing financial support to the St John Rescue Corps for the coming three years. This sponsorship will assist the Rescue Corps to train volunteers and prepare them in the mission to assist in emergency services. Middlesea will also be assisting the St John Rescue Corps’s insurance needs with regards to their vehicles and public liability insurance, ongoing maintenance of existing rescue equipment and vehicles as well as procurement of new rescue equipment.

Middlesea will also sponsor some refurbishment works.

The St John Rescue Corps is a voluntary organisation that provides rescue services during community events and large scale rescue operations. These include events such as the Isle of Mtv, Notte Bianca, the Beer Fest as well as national rescue exercises organised by the Civil Protection Department. MBR

MONTHLY INVESTMENT PLAN

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BOV Branches / Investment Centres & Licensed Financial Intermediaries Past performance is not a guarantee to future performance. The value of the investment can go down as well as up and any initial charges may lower the amount invested and the amount received upon redemptions. Investments should be based on the full details of the Prospectus, Offering Supplement and the KIID which may be obtained from Valletta Fund Management Limited (“VFM”), Bank of Valletta plc Branches/Investment Centres and other licensed financial intermediaries. VFM is licensed to provide Investment Services in Malta by the MFSA. The Vilhena Funds SICAV plc is licensed by the MFSA and qualifies as a UCITS. Issued by VFM, TG Complex, Suite 2, Level 3, Brewery Street, Mriehel BKR 3000, Malta. Tel: 21227311, Fax: 22755661, Email: infovfm@bov.com, Website: www.vfm.com.mt. Source: VFM

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