Malta Business Review Issue 17

Issue 17 – January 2016

CORPORATE INTERVIEW Driving Business Success Information technology with Jaime Debono, Director, iGaming Academy - p.16

COVER STORY

BUSINESS MANAGEMENT Why 2016 is the Greatest Time Ever to Start a Business Sir Richard Branson discusses Virgin’s StartUp loans A - p.24

Investing For Excellence

INTERVIEW OF THE MONTH Drive and Determination

Interview with Christian Sammut, CEO, BMIT - p.06

Interview with Ozosystems Limited’s Managing Director, the visionary Mario Muscat - P.28

Newspaper Post

Malta Business Review

02

Malta Business Review

www.maltabusinessreview.net

03

6

16

MALTA’S BEST

ENTREPRENEUR OF THE YEAR AWARDS

2015

we now have established a data centre presence in Italy and Germany, in addition to our two data centres in Malta.

We have designed the network to provide unparalleled performance and reliability

MBR

David Cameron Prime Minister of the United Kingdom

we need to sweep away poorly-understood and ineffective rules, and do away with the creep of similarly pointless regulation in the future.

MBR

MBR

Custom made street furniture

Wall decorative lighting

Bar running lights

Street Signage Lighting

Over the past 7 years our clients gave us the opportunity to break boundaries in the field of energy efficient lighting... ... we gave them the opportunity to be unique while saving real costs!

www.smartlightsystems.com E: info@smartlightsystems.com T: 27022901 / 77777101

Solar Park Lighting

MBR

CORPORATE BRIEF

Trust remains a big issue amongst Maltese online buyers, especially when they come to have their purchases shipped to Malta and delivered to their home.

MBR

Whatever the cargo, Wherever the destination, No matter the logistic risks, We can be trusted.

We are Orange.

We Deliver Trust!

EXPRESS TRAILERS IS THE LEADING LOGISTICS COMPANY IN MALTA OPERATING THROUGHOUT EUROPE AND THE REST OF THE WORLD

Express Group Malta Velbro House, Qormi Road, Luqa LQA 9040, MALTA

Tel: (+356) 21 242311 Email: info@expressgroup.com www.expressgroup.com

MBR

Doing business in this kind of way – giving it a go, listening to your audience - is just altogether more democratic and effective.

So many entrepreneurs, sales professionals, and leaders believe that the greatest enemy in business is the market, the economy, or the competition.

MBR

Active managers change a portfolio’s investment strategy from value to growth in an effort to outperform the market.

MBR

MBR

MBR

MBR

MBR MBR

MBR

EDITOR’S NOTE

Like Wilde however, the researchers from Harvard Business School have called sarcasm the “highest form of intelligence

MBR

My ideal model is to consolidate and maintain a very scalable business.

MBR

The only way you can get best level of quality is to invest in your employees.

MBR

EDITOR’S NOTE

By Special Correspondent

MBR

By Martin Vella

MBR

Going out means going on the stock exchange, getting a bond, getting participations of other shareholders, getting outside board governors

Malta Business Review

EDUCATION

MBR

30

The eie educational group is an acknowledged leader in international education

We specialise in providing the following

Malta Business Review

ANALYSIS

Werner Jung writes about the refugee problem from the foothills of the breath-taking Bavarian Mountains.

He ponders what will happen within the EU in five to ten years period? It seems completely predictable by taking into account irrationality: the German economy will be doing very well compared to other economies within Europe thanks to their improved demographic conditions.

32

ANALYSIS

Malta Business Review

MBR

The continuing Euro crisis tells us, that a Euro zone without a common fiscal policy will not work

EDITOR’S NOTE

www.maltabusinessreview.net

33

Malta Business Review

FINANCE / TAX

By Martin Vella We follow-up on the 2015 KPMG Biennial Financial Services Conference with Tonio Zarb Senior Partner at KPMG, as the KPMG’s biennial financial services conference questions ‘what’s next?’ for Malta’s financial services industry.

MBR

EDITOR’S NOTE Tonio is the firm’s Senior Partner and also heads KPMG’s advisory services function in Malta. Tonio has extensive experience in financial advisory services, particularly in Transactions and Restructuring. He has led several engagements relating to valuation, debt and equity financing, financial due diligence, financial reviews, and advising on financial structures and strategy. He is the lead partner on a number of financial sector clients and has worked extensively for clients in this sector. Tonio has also advised and assisted various entities in equity and debt transactions including a significant number of corporate entities that have listed securities on the Malta Stock Exchange. He is a past President of the Institute of Financial Service Practitioners and of the Malta Institute of Accountants as well as an ex-council member of the Fédération des Experts Comptables Européens (FEE). He currently sits on the Council of the Malta Institute of Accountants.

34

Malta Business Review

By Lorna Cassar

MBR

www.maltabusinessreview.net

35

Malta Business Review

MEDIA & PR

Ahead of the Curve

By George Carol Creative agency BRND WGN recently appointed of Chris Sykes, Chief Executive of Volume Global, as chairman. Mr Sykes joins BRND WGN as the agency’s first chairman in line with the company’s #2020 vision. In this interview Chris’s vast expertise comes to the fore as he addresses various topical media and PR issues, which give us a clue as to how he envisions Brand Wgn to grow and position the brand internationally.

MBR: What can you tell me about the role that BRND WGN are playing in Malta and you role as new Chairman?

CS: As Malta’s best creative agency BRND WGN is already working with Malta’s biggest companies such as GO plc, Malta International Airport & P Cutajar Ltd and more recently European organisations such as DAN Europe. The agency has amassed a strong talent pool and blend of capabilities that will enable it to compete at an international level, my role as Chairman will see me helping the BRND WGN management team navigate an international range of opportunities.

MBR: Can you tell us about your previous experience handling large forms of data, making decisions based on brand trends and forecasted outcomes, and which programs, if any, were used to make determinations and collect data?

CS: Traditionally, I’ve worked with large organisations such as Oracle and Dell, who have global installations of CRM systems. Traditionally these systems contain structured data of variable quality. Today the challenge is that most of your data is unstructured from myriad channels, we’re now moving from working with traditional CRM Systems to cognitive systems using Artificial Intelligence MBR: Understanding marketing, media and PR core concepts is key in this work. How have you implemented successful marketing, PR and digital strategy in the past?

CS: Been working with global leaders since 1997 based on the principal of delivering tangible return on investment from any marketing, media & PR spend.

36

Our long term relationships with leading sales drive organisations are a testimony to realising success from all campaigns and projects.

minimize the cost of goods sold while improving efficiencies; and how the brand can grow at both community and national levels?

MBR: What business crises have you faced, and how did you respond to them?

CS: Technology is key, along with smarter working methodologies mean our relationships particularly the international ones are virtual relationships via digital platforms. This means we have less requirements to travel, we produce less waste, reducing our overall impact on the environment.

With BRND WGN’s goal of working with large international organisations, these corporate entities have a higher expectation on their vendors to contribute to their Corporate Social Responsibilities and activities, which means, its at the top of our agenda.

CS: First crisis was the Dot.com boom bust followed by 9/11 and more recently the Global Financial Crisis, within the banking sector. We have always been customer focused and have worked hard to create dynamic dependencies within all our key clients. As many clients were forced to downsize, reducing headcount significantly, we benefited from providing the resource that clients were forced to lose.

MBR: How do you deal with adversity in your businesses?

CS: We believe in bounded empowerment which means that everyone in the business has full visibility and understanding of our business values and vision. This clarity combined with a degree of entrepreneurial spirit means that our core values provide consistency and continuity in any instance of adversity or crisis.

MBR: How should business leaders demonstrate a vision when it comes to growing the brand and sustaining its value through innovation?

CS: As per previous question, ensuring that everybody in the business has full clarity of where the business is going, their role and contribution to the vision, with a degree of freedom to deliver on it.

MBR: As Chairman, how do you intend to address societal issues, like going green and producing less waste; how to

MBR: How are marketers, and a company such as BRND WGN, be able to take a large amount of data, synthesize it and create a strategy based on brand trends to take the company where it wants to go?

CS: Analysts predict that by 2020 we will be producing 44 ZetaBytes of data (that’s equal to 44 trillion Gigabytes), 80% of which is unstructured data. We are one of the first companies to work with Cognitive Computing platforms such as IBM Watson to gain sense and insights from unstructured data.

MBR: What can you tell us about the

MEDIA & PR

Malta Business Review

value of marketing, public relations and digital strategy as social media and the Internet gain continued momentum and traction in today’s marketplace.

CS: One could argue that rather than continued momentum we have reached a hiatus, where marketing in general has become more commoditised. The drive to automate through artificial intelligence will see a new era where passive websites and social instances become cognitive, creating a new depth of insight and analysis.

MBR: There are few companies—and almost no “traditional” advertisers—that have the kind of holistic approach to brand experience that ensures every expression, from product to corporate culture to communications. Why has this been an essential part BRND WGN’s master creative vision?

CS: BRND WGN has a 360 degree creative methodology which takes into account a brand experience across multiple touchpoints and channels, with the advance and the evolution of virtual assistance and cognitive consultants the brand experience extends to us, creating personalities to drive our immersive brand experience.

MBR: How do you boil down the brand’s essence now—what does BRND WGN stand for?

CS: People connect with brands through reputation and experience. We work with brand owners to create lasting relationships with customers with a 360 degree methodology that supports personal and virtual interactions - for the love of brands. MBR All Rights Reserved | © Copyright 2016

CORPORATE BRIEF BRND WGN is an ISO certified, strategic creative powerhouse, employing 35 people with a portfolio spanning across a diverse mix of European markets. Clients include, amongst others, GO Plc, DAN Europe, Malta International Airport Plc, P. Cutajar and Miller Distributors. BRND WGN’s work has been featured on several international design platforms and nominated for various design awards. This year it was named National Champion in the Elite Award for Growth Strategy within the European Business Awards.

www.maltabusinessreview.net

37

Malta Business Review

EMS

By James Redford Simple file storage is not what’s on offer. This is an all round online enterprise solution, designed with productivity and efficiency in mind!

W

hen you think of the term document management you probably think of a dusty filing cabinet, where someone goes to the basement to retrieve your requested document or file. Well then you are in for a pleasant surprise because this has been revolutionized by Cygnet Cloud.

a modern compliant browser to get started. Let’s be honest for smaller organisations it can be a big investment getting their local IT setup and managed, for these companies an online solution like Cygnet Cloud is the way to go. Not only is it easy to get started and use but scales to your requirements on the fly.

Cygnet Cloud proves that Information management is a lot more than simple storage of information. Cygnet Cloud allows you to manage the complete workflow of your day to day business and communication.

And what else?

You are probably familiar with storage and sharing solutions on the market today, such as: Google Docs, which is a great solution for personal usage and specifically focused on documents.

Other business related aspects such as email management, roles and rights on their information, synchronisation of local folders and a central calendar require on-site servers and or professionals to deal with this information.

An online cloud solution like Cygnet Cloud solves these bottlenecks as all you require is a internet connection and

38

Cygnet Cloud has high end functions that outweigh the functions in a lot of the competitive solutions. Apart from the traditional information management possibilities you can use the Dashboard to manage your media files, such as e-books, music files, videos and photos.

All changes and edits you make are immediately available to the correct users and stored in the correct location.

Sharing files doesn’t get any easier than this.

Conclusion Cygnet Cloud is a nicely integrated and extensive cloud solution, with apps for smartphones and tablets. The apps might not encompass all of the functions available to you in the web application but you can easily access and retrieve

your information and manage your mailboxes with ease.

The Cygnet Academy gives you the knowledge and education to harness all options available to you but you will have to spend some time to utilize these.

On top of these courses there are video tutorials and help files. You will soon realise the package offers more than current competitors on the market and probably always will. Especially if you keep in mind that there is a free version available and that the premium service only costs you 14.95 euro per user/per month. Should you require any custom work you should get in contact as Cygnet Cloud also offer an Enterprise version, which offers extra possibilities such as your own e-mail server and automated invoice processing. MBR

What are you waiting for, sign up now at: www.cygnetcloud.com!

Workflows

WWW.CYGNETCLOUD.COM

Create workflows to manage and track documents and processes.

Scan, check and send invoices to accounts payable to process them quickly and efficiently.

Track and manage all processes for full control and overview.

Email Management Take control of your email with Cygnet EMS. Automatically link emails to contacts, InfoHubs and tags.

Easily access all emails related to a project with a couple of clicks from any device.

View the email correspondence regarding any project or customer file in real time.

MS Office Online Edit documents directly from any computer in the cloud.

Download the free Layar App

Scan this page

This way, you will never have to install an Office package and your documents will be readily available no matter where you are or what device you use.

www.maltabusinessreview.net

39

Malta Business Review

LEADERSHIP

The 6 Leadership Styles: Part 2 of 6...Visionary Leadership Style 2 of 6: Visionary Last week saw the launch of my six part series on The 6 Leadership Styles with an overview of the 6 styles, and a more detailed look at the first style (Directive).

We learned that the style(s) a leader deploys shape 70% of the climate and the climate accounts for 30% of the results. We also learned that a one-trick pony doesn’t cut it as a leader, rather the most effective leaders utilize 4-6 or more of the Six Leadership Styles and can shift gears seamlessly as different situations arise. This week, in the second part of our series, we explore the Visionary Style.

Overview In many ways we are quite familiar with the Visionary Style of leadership. They are the ones taking centre stage in movies and novels, running the show as the story builds around them. Visionary leaders are all about creating long term direction with inspiration, a big picture vision, and strategy. They will tirelessly and repeatedly communicate/sell the vision to others (explaining where we’re headed and why), and ensure that people and actions align with the long term direction. As discussed last week, Directive leaders tell people what to do and often prefer NOT to explain why, whereas Visionary leaders paint the picture, and are happy to explain why we’re headed there. In doing so, they inspire people to want to pursue the vision.

Pros The Visionary approach emphasizes the long term direction, planning the work and working the plan, such that everything supports the strategy. It can be a very powerful style because it unites people and galvanizes them toward a common direction. They will often use scenarios, metaphors, symbolism, stories, or analogies to paint a powerful, inspiring, and compelling picture that energizes and moves people toward the future.

People often get disengaged when they don’t know where things are headed. However, working for a leader who regularly reminds people where things are headed can be quite exciting, energizing, and engaging. They may do

40

this more subtly, or more often with an enthusiasm that is highly contagious.

Although most large-scale change projects (mergers and aquisitions, technology projects, restructuring, etc.) begin with a vision, the vision often gets lost/cloudy partway through the project.

Reminding people of the vision is essential for helping others see the light at the end of the tunnel.

The ground is littered with companies who failed to make a successful transition, usually due to a lack of vision about the future, or an inability to change (in any given 25 year period 50% of the Fortune 500 cease to exist).

This is not a style to be carted out once a year for the AGM and then mothballed.

The most impactful use of the Visionary Style isn’t the highly motivational speech, but rather the leader who regularly takes the time to keep people connected by explaining how a particular task, position, or project contributes to larger goals.

Cons Visionary leaders are at their best when they have one foot in the present and one foot in the future. They can be dangerous with both feet in the future, sometimes becoming too abstract and disconnected from the realities of running core business operations. They must be willing to get down to the operational level to translate the vision and provide clarity. Visionary leaders are sometimes too vague, general, and/or obscure. They may be prone to pontificating about the 10-year horizon without making decisions, creating mass confusion. Think about the leader who has all the conceptual answers at a high level, but who can’t solve a real practical issue.

Equally important for the person articulating the vision is to have credibility with people. This style may not be the best approach to use in a time of emergency. For example, the moments immediately following a serious safety incident are not the appropriate time to review the 10-year safety plan, instead more immediate actions are required.

Finally, consistently operating at 50,000 feet with a lack of follow-through on specifics will eventually frustrate

people (vision without action is just hallucination).

Summary Like each of the Six Leadership Styles, every leader needs to be able to use the Visionary approach at times. The Visionary Style has its rightful place among the Six Leadership Styles and as such, needs to be used in the right time, place, and in the right dosage. Generally speaking however, there are many more pros than cons associated with the Visionary Style, hence the Visionary Style is positively correlated to effective workplace climates and building employee engagement.

Leaders can get feedback on their mix of leadership styles by completing a 180º assessment tool completed by self and team members with a sample screenshot show below: Application There are many practical applications of leadership styles including: Recruitment: Asking behavioural interview questions that discover which style(s) a leader prefers.

Leadership Development: Embedding leadership styles into formal programs via assessment tool, program content, an e-learning module, and coaching.

Culture Assessment: Aggregate data provides insights into organizational strengths and blindspots. Is your organization overly directive? Overly participative? Implications?

Succession Planning: Programs can be strengthened by using objective assessment data and comparisons to global standards of leadership.

Every leader should strive to have a full toolbox of leadership styles. Outstanding leaders use 4 or more of the 6 styles.

The more leadership styles you have comfort with, the more situations you can manage effectively. Next week we’ll explore the Affiliative style. MBR

EDITOR’S NOTE Brent Pederson is a Director with Hay Group, a global management consulting firm, Saskatchewan & Manitoba

AUXILIARY POLICE

Malta Business Review

European Auxiliary Police Association

By Lt., the Chev. Albert Falzon CLJ.,KT.C.SMA., M.D.A., KTJ Michael Order of Knights Malta were both EAPA and the Knights Order will benefit from mutual collaboration has been signed. The Order will support EAPA within Malta and with other partnership agreements they have, while EAPA will be offering its services during charity collection events.

T

he European Auxiliary Police Association (EAPA) is fully registered as a Voluntary Organisation in Malta VO/1147.

The aim of EAPA is to provide support services to the community, the Police Force, the Army and to the Civil Protection in Malta by connecting those people who are devoted to help these organisations with voluntary work.

The precursors to the Auxiliary Police were organised primarily during times of war, when police officers were drafted into service, leaving the city with a diminished police force.

Since our beginning in October 2015, EAPA signed a cooperation agreement with the Malta Kyokushin Federation, a non-profit school in Martial Art, to offer free of charge self-defence training to children, elderly people and our members too. The first event was held at the end of October where over 45 participants attended the training.

Home Affairs & Security Hon Carmelo Abela and his Chief of Staff Mr Anthony Vella Gregory. During the cordial meeting, The Commander Sir Albert Falzon together with his Deputy Sir Andras Stefan and the International Chief Commissioner Sir Robert Bodor explain the main functions of the organization and how cooperation can be done in Malta between EAPA, the Police, Army and Civil protection. From his side the Hon Minister welcomes our aim and organization and further discussion will take place in near future and law amendments to make our work.

In December another cooperation agreement was achieved between EAPA and SkylineCity International, were the later offered their services to take care of all our PR, Marketing, Social Media and Events. It is crucial for EAPA to have professional and qualified partners on board that work on our publicity, and we believe that together with MBR publication and SkylineCity International a great awareness will be transmitted in Malta and globally.

At the same time an agreement was reached with a leading publication company in Malta the MBR publications, which offered support in advertising designs and a bi monthly article on their publication. This is a good achievement for EAPA as this will give us a vast awareness to the general public.

2015 ended for EAPA very well, so far in two months work we reached a total of 50 volunteers from all walks of life. From ex police members and army officers to lawyers, accountant, paramedics, nurses and youth who are ready to give service to the country.

In December 2015 another successful meeting was held with the Minister for

In January 2016 an agreement of friendship collaboration with the St.

Our work in 2016 is going to continue by giving courses in Drug Prevention, First Aid, Accident Awareness and others to our members to train outstanding and qualified volunteers. Other courses will be given to the general public some free of charge and others at a very low fee to compensate the cost. All our trainings are going to be tailor made according to the needs of adults and children.

We can offer all the mentioned services and training only to our volunteers who joined and will continue to join our organization and thus that will offer their services to the community, including but not limited to the local Police forces, Army and Civil protection.As a volunteer within the EAPA, each member has the functions of a normal police officer and can control traffic, assist in accidents, check documents and much more but mostly to inform the citizens of what to do and don’ts.To be able to do all this, we are recruiting volunteers from any path of life as training will be given. MBR

So if you would like to be the change in your country, join us today by visiting http://www.eapa-malta.org/join-eapa. html and fill in your details.

You must be living in Malta or Gozo to join.If you own a business and would like to sponsor us, we accept Maltese and International businesses.

For more information send us an email to info@eapa-malta.eu

www.maltabusinessreview.net

41

Malta Business Review

INTERNATIONAL TRADE

International Trade: November 2015 (€34.0 million), whereas Tunisia (€35.6 million) registered the highest decrease (Table 3) Chart 1. International Trade

€ million 2,000 1,500

January-November 2015

1,000 500 0

Economic

-500 -1,500

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

-1,000 1 000

ation on data:

2009

2010

2011

2012

2013

2014

2015

quarter

telli@gov.mt Balance of trade (€)

Imports (€)

Exports (€)

Table 1a. Trade by period and broad economic category € million

Broad economic category Imports Industrial Supplies Primary Semi-Finished Finished Capital Goods and Others

2013

p

2014

November

p

2014

p

January-November

2015

p

2014

p

2015

p

5,639.1

6,394.9

530.6

408.4

5,927.4

5,567.2

1,549.9

1,410.1

108.5

100.9

1,292.5

1,287.4

95.1

81.2

3.9

2.4

78.8

75.6

1,294.8

1,178.0

92.2

82.6

1,078.3

1,043.1

160.0

151.0

12.4

15.9

135.5

168.7

868.9

1,308.5

174.3

100.3

1,214.1

1,607.0

1,040.7

1,115.3

94.5

100.2

1,024.7

1,087.0

Food and Beverages

451.0

472.6

39.3

38.4

433.6

433.4

Durable Goods

335.5

373.4

33.0

40.6

340.6

398.0

Others

254.2

269.2

22.2

21.2

250.4

255.5

2,179.7

2,561.1

153.3

107.0

2,396.1

1,585.8

3,925.5

3,737.0

290.0

230.3

3,501.2

3,275.0

-1,713.6

-2,657.9

-240.6

-178.1

-2,426.2

-2,292.1

Consumer Goods

Fuels and Lubricants Exports Balance of Trade p

Provisional Note: Totals may not add up due to rounding.

Preliminary figures show that Malta registered a trade deficit of €178.1 million in November 2015, compared to €240.6 million in the corresponding month of 2014.

The decrease in the value of imports was primarily due to machinery and transport equipment (€64.3 million) and mineral fuels, lubricants and related materials (€46.3 million).

Provisional data for international trade show that the trade deficit in November stood at €178.1 million, down by €62.5 million when compared to the corresponding month in 2014.

Both imports and exports decreased by €122.2 million and €59.7 million respectively (Table 1a).

Other decreases were recorded for chemicals, miscellaneous manufactured articles, food, and miscellaneous transactions and commodities.

Regarding exports, mineral fuels, lubricants and related materials accounted for the main decrease (€38.8 million), with food, machinery

42

and transport equipment, chemicals, and crude materials also registering decreases.

During the first eleven months, the trade defi cit narrowed by €134.1 million, to €2,292.1 million when compared to the corresponding period in 2014.

Both imports and exports decreased by €360.2 million and €226.2 million respectively (Table 1a). Lower imports were mainly due to mineral fuels, lubricants and related materials, which decreased by €809.7 million. This was partly outweighed by an increase of €399.0 million in machinery and transport equipment. The decrease in the value of exports was triggered by lower mineral fuels, lubricants and related materials (€220.9 million), and machinery and transport equipment (€47.9 million).

Malta’s trade imports from the European Union reached €3,253.9 million, or 58.4 per cent of total imports. There was an increase of €296.6 million in imports from euro area countries when compared to the same period last year. Main increases and decreases in imports were registered from the Netherlands (€201.8 million) and the United States of America (€317.6 million) respectively. On the export side the main increase was directed to France (€34.0 million), whereas Tunisia (€35.6 million) registered the highest decrease.g. MBR Sources: National Statistics Office; European Statistical System

EU/MALTA

Malta Business Review

Minister for Social Dialogue, Consumer Affairs and Civil Liberties, Helena Dalli

The Netherlands, Slovakia and Malta present their programme for the EU Council for the next 18 months

MBR

www.maltabusinessreview.net

43

Malta Business Review

ICT

Internet of Things: Redefining Industries

By Feroz Shah businesses our lives and our world in countless ways.

Here is an example of bigger picture: Imagine we have an intelligent device such as a smart traffic camera. The camera can monitor the road for congestion, accidents and weather condition and communicate that status to the gateway that combine data from other cameras creating an intelligent city-wide traffic system. Imagine similar intelligent traffic system sharing data to a common system creating a large intelligent system of systems. The possibility comes from analysing data from system of systems and using it in its best possible way to improve living.

Example, this smart traffic camera identified congestion due to an accident.

That insight can be sent to city-wide transportation system which can analyse the impact on other city systems.

Recognising the accident is near the airport and other offices it can inform those systems so that they can adjust flight and office schedule. You can also analyse and derive optimum route around the accident inform people.

I

OT is the evolution of Mobile, Home and Embedded applications that are being connected to the internet integrated with greater computing capabilities on data and analytics to extract meaningful information.This convergence of things, data and processes will transform our life, business and everything in between.

The internet is the heart of this technology and hardware will be the spinal code. Analytics performed on acquired data from sensors are will result in an intelligent system. Of course, the primary value in an IoT system is in

44

the ability to perform analytics on the acquired data and extract useful insights, building a pipeline for performing scalable analytics with the volume and velocity of data associated with IoT systems Today, billions of devices are connected to the internet and soon hundreds of billions of devices. As related devices connected with each other they can become an intelligent system of systems and when these intelligent devices and systems of system share data and analyse it, they can transform our

This is just one example of the potential benefit that can happen when intelligent systems share insights with other systems creating the ever-expanding system.

The possibilities are endless.

So what will you develop to help drive and accelerate the Internet of Things? MBR

Credit Line: LinkedIn/Fingent

www.maltabusinessreview.net

45

Malta Business Review

ERC STORIES

N

atural hazard combined with human error is what makes many disasters especially serious. ERCfunded research led by Professor Gian Paolo Cimellaro from Politecnico di Torino in Italy promises to create a new method to assess the performance of critical infrastructures during emergencies that takes into account the human factor.

The earthquake hit San Giuliano di Puglia, a hilltop town in southern Italian region of Molise, at 11:32 on 31 October 2002. At the time, there were 58 pupils in the local elementary school.

Twenty-seven of them and a teacher died. People across the country were deeply shocked by the tragedy. One of them was Gian Paolo Cimellaro, a student of engineering in Rome. The dramatic events prompted him to study earthquakes engineering.

Professor Cimellaro, now 38, is sharing his time between University of California Berkeley and the Polytechnic of Turin where he carries out his research, which may improve preparedness, response

and recovery in extreme events, natural and human-made disasters including those resulting from terrorist acts. In 2014 he received an ERC starting grant to carry out a research project called “Ideal Rescue - Integrated design and control of sustainable communities during emergencies”.

The most serious disasters are usually caused by a combination of a natural hazard and human error. “Ideal Rescue” is developing a novel method to assess the performance of critical infrastructures during emergencies, taking into account human emotions and behaviour.

“This has never been done before because human behaviour and physical structures belong to two different fields of research – one more to psychology, the other to civil engineering,” says Prof.

Cimellaro.

His multidisciplinary team of civil engineers, social scientists and IT specialists, is now trying to fill this gap.

EDITOR’S NOTE

They look into robotics, psychology and medicine to find best ways to approach human behaviour and code it into a computer model together with the physical structures, transport networks and public services such as police and fire brigades.

“Unfortunately we cannot avoid natural events, earthquakes, tsunamis or fires – they just do happen,” said Prof.

Cimerallo. “But what we can do, as earthquake engineers, civil engineers or disaster managers, is to limit the effect of these disasters on population.”

The long-term goal of “IdealRescue” is to develop a user-friendly tool, which city mayors could use before, during and after emergencies to simulate the effect their decisions have on the population. MBR Courtesy: European Research Council

ERC STORIES

R

adio astronomy has now entered a “golden age” with new facilities paving the way for significant discoveries on the early universe and the formation and evolution of galaxies.

Working on faint radio-signals, Dr Vernesa Smolčić’s research may lead to significant advances in the area.

Her goal is to provide the first census of high-redshift star-bursting galaxies, also called “submillimeter galaxies”, and a full census of galaxies hosting supermassive black holes.

Understanding how galaxies formed in the early universe and how they evolve through time is a principal goal of astrophysics. Dr Smolčić is leading two major sky radio surveys - conducted with the Jansky Very Large Array (JVLA), the Australia Telescope Compact Array (ATCA) and the Giant Metrewave Radio Telescope (GMRT) - that will push the frontiers of knowledge in this field. These surveys are unique for their deep radio

measurements, the wide sky area under observation and because they use the most state-of-the-art radio telescope facilities.

During the CoSMass project, Dr Smolčić and her team, based in Croatia, will work on the massive data sets collected by these two large surveys.

The new generation radio surveys have an increased sensitivity compared to surveys conducted to date. These novel measurements and observations, complemented by infrared and X-ray data from NASA’s Spitzer and Chandra space telescopes, are essential to study the evolution of galaxies at early cosmic times. In particular, Dr Smolčić will look at the dust properties in the early universe and how they affect the star formation history.

The results of this project are essential for the preparation of future large radio sky surveys that will be conducted with interferometers like the ASKAP (Australian Square Kilometre Array

Malta Business Review

Pathfinder) and the SKA (Square Kilometre Array), the world’s largest and most sensitive radio telescope. The final goal is to unveil the mechanisms that shape galaxies over cosmic time. MBR

Courtesy: European Research Council

PROJECT DETAILS

Malta Business Review

M

LOGISTICS

edserv has been awarded two full service logistics contracts, one with STX Heavy Industries of South Korea and one with EMAS-AMC Pte Ltd of Singapore.

The contracts require Medserv to utilise both their Malta Base facilities and their Libyan Branch in the supply of full logistics and hookup support services for the installation of the GAZA Floating Storage and Offloading (FSO) vessel.

Gaza will replace the existing Sloug FSO on Mellitah Oil and Gas’ Bouri field, 120 km (74.6 mi) northwest of Tripoli. Installation and

hookup is scheduled to begin Q2 2016.

Services to be provided by Medserv include servicing of supply vessels, warehousing, provision of lay down and open storage areas. Medserv will also provide trained personnel, shipping, customs and procurement services.

EMAS AMC and STX Offshore & Shipbuilding are EPIC contractors for Bouri’s new offshore facilities, which aside from Gaza include a single-point mooring system, a subsea pipeline with a tie in to the Bouri DP4 platform and the FSO, and a power cable from DP4 to the FSO.

“We are delighted to have been entrusted with a part of this major project. The total value of the EMAS/STX contract is approximately $400 million and we estimate the value to Medserv of these two contracts with STX and EMAS to be in the region of 2 to 3 million Euro over six months.” said Neil Patterson, Chief Strategic Development Officer at Medserv. MBR Courtesy: Medserv

6PM acquires emCare 360

MBR

48

HEALTHCARE

Malta Business Review

LUXURY BUSINESS DEVELOPMENT

IT Support Network Installations Backup Solutions PABX | CCTV Email us on corporate@klikk.com.mt or call on 7777 2750

WE HAVE A SOLUTION!

Klikk Main Store, Birkirkara Bypass, Birkirkara | Klikk Concept Store, Tal-Barrani, Zejtun

/klikk

www.maltabusinessreview.net

49

Malta Business Review

TERRITORIAL COOPERATION PROGRAMMES

European Commission adopts new ENI CBC Med Programme 2014-2020: over €209 million for cross-cooperation in the Mediterranean Sea Basin

A

s the national coordinator of the 2014-2020 Territorial Cooperation Programmes, which includes the ENI CBC Med Programme, the Funds and Programmes Division within the Parliamentary Secretariat for the EU Presidency 2017 and EU Funds, Ministry for European Affairs and Implementation of the Electoral Manifesto, is pleased to announce that on the 17 December 2015, the European Commission approved the adoption of the 2014-2020 cross-border cooperation (CBC) “Mediterranean Sea Basin” Programme with over €209 million of EU funding under the European Neighbourhood Instrument (ENI).

The cross-border component of the European Neighbourhood Policy is made up of 17 programmes, worth €1 billion, which aims at supporting social and economic development in regions on both sides of the Eastern and Southern external borders of the European Union. As one of these programmes, the ENI CBC Med Programme aims to foster fair, equitable and sustainable economic, social and territorial development in regions placed around the shores of the Mediterranean Sea. “Cross-border cooperation plays a key role in avoiding the creation of new dividing lines.

This new funding will further contribute to a more integrated and sustainable regional development in the neighbouring border regions and to a more harmonious territorial cooperation on EU’s external borders,’’ said Commissioner for European Neighbourhood Policy and Enlargement Negotiations Johannes Hahn.

50

The programme provides a framework for implementing cooperation projects in four main thematic objectives: Business and SMEs development, through support to start-up enterprises and the enhancement of Euro-Mediterranean value chains and clusters. Diversification of tourism into new segments and niches is also part of this objective.

Support to education, research, technological development and innovation, with focus on technological transfer, commercialization of research results and links between industry and research.

Women and young people are key target groups of the new Programme Promotion of social inclusion and the fight against poverty, addressing the NEETS category (Not in Education, Employment or Training) as well actors from the social and solidarity economy.

Environmental protection, climate change adaptation and mitigation, including efficiency in water, waste and energy management as well as conservation of coastal areas.

Women and young people are key target groups of the new Programme while people to people cooperation and institutional capacity building are considered as cross-cutting issues

to guide the implementation phase. Same as for the 2007 – 2013 programming period, the Autonomous Region of Sardinia will once again be the programme’s Managing Authority, which is the institution in charge of the day to day management and implementation of the Programme on behalf of the European Commission and the participating countries.

14 countries, namely Algeria, Cyprus, Egypt, France, Greece, Israel, Italy, Jordan, Lebanon, Malta, Palestine, Portugal, Spain and Tunisia, form the Joint Monitoring Committee, which is responsible for designing and implementing modalities of the new Programme. Other eligible countries under the ENI will be able to join at a later stage.

Support to projects (grants) will be awarded through calls for proposals expected to be launched starting late 2016, following the signing of the Financing Agreements between the European Commission and the Mediterranean Partner Countries. Further information will be communicated by the Funds and Programmes Division to the general public nearer to the time when the First Call for Proposals shall be launched.

For more information about the programme, please visit the FPD website http://eufunds.gov.mt/ and the programme website www.enpicbcmed.eu.. MBR Sources: DOI/The Parliamentary Secretariat for the EU Presidency 2017 and EU Funds

Malta Business Review

Multi Packaging Limited Corrugated Packaging Solutions From Original Design To Finished Carton

50 YEARS

IN BUSINESS

Packaging Designers Sample Making Corrugated Sheets and Conversion Plain and Printed Cartons Point of Sale Display Cartons

C

M

Y

CM

MY

CY

CMY

K

Contact Us

t 2552 2601 a Bulebel Indust. Estate, Zejtun Malta

w www.multipackaging.com.mt e info@multipackaging.com.mt

www.maltabusinessreview.net

51

Malta Business Review

QUARTERLY ACCOUNTS FOR GENERAL GOVERNMENT

Quarterly Accounts for General Government: Q3/2015 Table 1a. Trade by period and broad economic category € million

Broad economic category Imports Industrial Supplies Primary Semi-Finished Finished

2013p

November

2014p

2014

p

January-November

2015

p

2014

p

2015

p

5,639.1

6,394.9

530.6

408.4

5,927.4

5,567.2

1,549.9

1,410.1

108.5

100.9

1,292.5

1,287.4

95.1

81.2

3.9

2.4

78.8

75.6

1,294.8

1,178.0

92.2

82.6

1,078.3

1,043.1

160.0

151.0

12.4

15.9

135.5

168.7

868.9

1,308.5

174.3

100.3

1,214.1

1,607.0

1,040.7

1,115.3

94.5

100.2

1,024.7

1,087.0

Food and Beverages

451.0

472.6

39.3

38.4

433.6

433.4

Durable Goods

335.5

373.4

33.0

40.6

340.6

398.0

Capital Goods and Others Consumer Goods

Others Fuels and Lubricants Exports Balance of Trade

254.2

269.2

22.2

21.2

250.4

255.5

2,179.7

2,561.1

153.3

107.0

2,396.1

1,585.8

3,925.5

3,737.0

290.0

230.3

3,501.2

3,275.0

-1,713.6

-2,657.9

-240.6

-178.1

-2,426.2

-2,292.1

p

Provisional Note: Totals may not add up due to rounding.

I

n the third quarter of 2015, the General Government recorded a deficit of €6.5 million.

Quarterly non-financial accounts (t/t-4) During the period July-September 2015, total revenue stood at €879.3 million, an increase of €88.5 million when compared to the third quarter of 2014. This increase in revenue was mainly triggered by higher proceeds from Current taxes on income and wealth (€42.7million) and receipts from Market output (€37.3 million). Moreover, Net social contributions receivable and Taxes on production and imports also registered increases whereas income from Current transfers and Capital transfers recorded a decline.

Total expenditure in the third quarter amounted to €885.8 million. The largest increases were recorded in Gross capital formation (€20.9 million), Social benefi ts and social transfers in kind (€19.8 million) and Compensation of employees (€16.7 million). In addition, Intermediate consumption, Subsidies payable and Capital transfers payable also registered increases. Conversely, the major decline

52

was recorded in Current transfers by€16.3 million.

In order to achieve compliance with the provisions of ESA 2010, adjustments to the Consolidated Fund data were made. In the third quarter last year, these adjustments resulted in an increase of €2.8 million to the deficit of the Consolidated Fund.

Quarterly financial accounts (t/t-1) During the third quarter, in relation to financial transactions in assets, Currency and deposits were registered at €58.5 million. Moreover, Other accounts receivable stood at-€53.9 million, down from €77.1 million in the second quarter of 2015. Additionally, Long-term loans and Equity and investment fund shares fell to €0.3 million and €0.1 million respectively.

With regard to fi nancial transactions in liabilities, Short-term debt securities recorded the largest amount of transactions at €22.1 million.

Concurrently, Long-term loans and Currency and deposits both witnessed positive transaction amounts of €2.5

million, whereas Other accounts payable and Short-term loans were registered at €1.7 million and €0.1 million respectively.

Conversely, Long-term debt securities recorded a negative transaction value of €5.3 million.

Quarterly Debt (t/t-4) Total General Government debt outstanding at the end of September increased by €55.3 million over 2014.

General Government debt amounted to €5,687.7 million, of which €5,683.4 million related to Central Government.

The increase in Central Government debt was underpinned by higher Longterm debt securities of €119.0 million.

Conversely, Short-term debt securities, Long-term loans and Short-term loans declined by €56.0 million, €11.5 million and €2.3 million respectively. The euro coins issued in the nameof the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €65.4 million, a rise of €5.9 million over the euro coin stock recorded at the end of September 2014. In addition, the Local Government debt stood at €4.2 million.

The Government guaranteed debt amounted to €1,345.5 million at the end of September 2015, an increase of €47.7 million when compared to September 2014. MBR

Source: External Cooperation and Communication Unit, National Statistics Office

ASIAN INFRASTRUCTURE INVESTMENT BANK

Malta Business Review

Speech given by Minister for Finance Edward Scicluna at the inaugural meeting of the Board of Governors of the Asian Infrastructure Investment Bank

MBR

www.maltabusinessreview.net

53

Malta Business Review

Oil

A

new wave of oil from Iran will flow into a global market awash in oil where prices are plunging to depths not seen in a dozen years. With a historic nuclear deal between Iran, the U.S. and five other world powers set into place this weekend, a European oil embargo on the world’s seventh-largest oil producer will end.

The impact may be felt widely when crude begins trading in Asian markets Monday, but the return of Iran to global energy markets created tremors even before the first trade was made. Saudi Arabia’s stock market plunged more than 5 percent Sunday. Saudi Arabia is the biggest oil producer within OPEC, the oil cartel with waning influence to which Iran also belongs.

Saturday was dubbed Implementation Day, when Iran was freed from international sanctions after being deemed as having dismantled most of its nuclear program under the deal established last summer.

“Implementation Day for the nuclear agreement means a new oil day for Iran,” Daniel Yergin, vice chairman of research firm IHS and author of a Pulitzer Prizewinning book on the history of oil, said Sunday.

The oil market has anticipated the unchained tide of Iranian oil for months, and some of that may be reflected in new lows foroil prices in the past week.

U.S. crude oil prices have trended down for a year and a half, and have fallen almost 40 percent in just the past three months. On Friday, the price 54

slid 6 percent to $29.42 a barrel. That compares with a high of over $100 a barrel in the summer of 2014, and close to $150 per barrel before the U.S. recession.

There are predictions of barrels going for $20 soon. Falling crude prices have led to lower prices for gasoline, diesel, jet fuel and heating oil. This has helped boost consumer spirits and encourage spending, but may also have slowed the overall recovery of the U.S. economy last year as major energy companies slash investments and jobs. The astonishing fall of oil has created jitters globally as economic growth for a major consumer, China, ebbs. That has rippled to U.S. stock markets as well over apprehension that the economic contagion will spread.

For Iranian oil, a big question is how much and how fast. Already, some 38 million barrels of oil are in Iran’s floating reserves, ready to enter the market, according to the International Energy Agency. Iran has signaled it aims to put as much as 1 million to 1.5 million barrels daily into the market. But the IEA estimates that 400,000 to 500,000 barrels a day is more likely; some experts see 300,000 or so barrels coming in during the next six months.

In any amount, “it’s coming at a time when the market is still oversupplied,” said Larry Goldstein, director of the Energy Policy Research Foundation, who predicted a decline in oil in 2014. That could mean even more acute pressure on U.S. oil drilling companies to cut back on new projects and jobs.

It’s hard to know precisely what shape Iran’s oil fields are in. The IEA estimates that Iran’s crude oil production capacity at 3.6 million barrels a day, which is 800,000 more than current levels produced.

“We will try to maximize our crude export capacity to Europe and restore 42 percent to 43 percent share in the European market before the sanctions were imposed,” Mohsen Qamsari, director of international affairs at Iran’s national oil company, was quoted as saying in Iran’s official news agency.

The fight for control of global oil markets in OPEC and outside of the cartel is entering a new phase, according to Yergin. Nothing is certain, however, as a new global landscape for energy emerges. Among the biggest wild cards right now is OPEC member Venezuela, which “is about to fall apart,” said energy economist Philip Verleger.

New economic data from the country’s central bank shows an economy in shambles and annualized inflation surging into triple digits. Experts say Venezuela is dangerously close to just breaking even on the oil it produces, which accounts for 95 percent of export earnings. A major power failure in the fall knocked out its biggest oil refining complex. Lost production could offset a 300,000-barrel-per-day increase by Iran, Verleger said. MBR Credit Line: Associated Press; Bloomberg; BBC

Malta Business Review

Courses

During the month of April, the Building Industry Consultative Council (BICC) is launching another training course on how to maintain and care for old houses and houses of character.

This course is starting on the 3rd of April at the BICC Hall in Valletta.

The course is spread over 8 sessions of two hours each where students will learn more about the old houses of the Maltese Islands. During this course the students will learn about how these old houses were built, the roof slabs, the beams and the wood work, what kind of trees you need to plant in the courtyards or on roofs, how to improve energy efficiency and health and safety in the home.

If you are an owner of an old house, tempted to buy an old house or whether you are a student who is pursuing a diploma in restoration this course is for you. As places are limited bookings are on first come first served basis against a payment of â‚Ź 80. Certificate will be awarded to each student at the end of the course. MBR For more details call 2247 9300/9.

Maintenance of

Old Houses

For more details call 22479309 or visit www.bicc.gov.mt

Starting 5th April 2016 At BICC Hall 36, Old Mint Street Valletta 8 sessions of 2 hours each â‚Ź80

www.maltabusinessreview.net

55

Malta Business Review

FINANCE AWARD

T

he European Cluster Excellence Initiative has honoured FinanceMalta, a public private initiative established to promote Malta as an international financial centre, with the Silver Label for excellent cluster management. To date, FinanceMalta is the only organisation in Malta and the first European cluster operating in the financial services field to obtain this award.

The European Cluster Excellence Initiative (ECEI) Label awards were launched by the European Commission to facilitate the comparison of success factors and future perspectives of industry clusters across borders on the basis of objective criteria. As far as possible, regionally specific influences such as tax law, local infrastructure, and the level of political support are neutralised in evaluation for the award. Instead, the assessment concentrates on organisational factors such as the structural and personnel structure of the network, member activity, the frequency of personal networking and exchange, the scope of research projects, internationalisation efforts, financial security, and the long-term strategy of the cluster.

The quality labelling system consists of three levels – Bronze, Silver and Gold. The Silver Label of the European Cluster

56

Excellence Initiative is a quality label in its own right and confirms the successful implementation of improvement processes that were initiated by FinanceMalta following the award of the Bronze label in December of 2014.

The assessment was undertaken by the European Secretariat for Cluster Analysis (www.cluster-analysis.org), with senior management at FinanceMalta, Dr. Bernice Buttigieg, Head of Administration and Mr. Ivan Grech, Head of Business Development.

Our objectives for the future is to intensify our efforts and to continue strengthening our cooperation with members of this cluster “Being awarded with the Silver Label for excellent cluster management shows that FinanceMalta’s activities at promoting and growing the financial services sector in Malta are being recognised throughout Europe,” said Dr Bernice Buttigieg, Head of Administration at FinanceMalta. “The award

is a huge motivation for us, and at the same time a confirmation that we are on the right path with our strategy. But we also know that the potential for Malta to enter new markets and offer new services and products still exists. Therefore, our objectives for the future is to intensify our efforts and to continue strengthening our cooperation with members of this cluster for the benefit of the industry and the country.”

Thomas Lämmer-Gamp, Director of ESCA, concluded after the assessment that “FinanceMalta is a well-managed professional cluster organisation with a committed team. It is a good example of a cluster organisation that puts the industry’s interest at the center of its activities.

Discussions with senior management of FinanceMalta and the results of the Silver Label audit as such suggest that FinanceMalta is one of the small, but very beautiful cluster management organisations that can make a real difference for the development of an industry.” MBR Credit Line: Montaldo/FinanceMaltam

Malta Business Review

We detect Water leaks! o Non-destructive water/ drainage leak detection by qualified engineer o Through walls, ceilings, tiles, wood etc - using cameras o Repairs o Call us for appointment

190, Mystique Court, Penthouse Q, Triq is- Saghtar, Mellieha. Tel: 7983 9810 / 7932 4179 Email: info@chi.com.mt Web: www.chi.com.mt

www.maltabusinessreview.net

57

Malta Business Review

NEWSMAKERS

Support Us Support Malta The European Auxiliary Police Association (EAPA) is a fully registered Voluntary Organisation in Malta VO/1147.

The aim of EAPA is to provide support services to the community, the Police Force, the Army and Civil Protection in Malta by connecting those people who are devoted to help these organisations with voluntary work.

The precursors to the Auxiliary Police were organised primarily during times of war, when police officers were drafted into service, leaving the city with a diminished police force.

We can only do this by volunteers who joined and will continue to join our organization and thus will offer a full package of services to the community and to all local police forces, Army and civil protection.

Bank of Valletta has launched the 15th edition of the BOV Investor Education Programme, a series of informative sessions in the area of finance.

The programme is aimed at educating various segments of the public about different topics ranging from bonds and shares to life assurance, interest rates and collective investment schemes.

“The main goal behind this Programme is to provide an induction course to anyone

Two HSBC customers, Yana CardonaVella and Martina Vella have each won €1000, two of the four €1,000 prizes in HSBC’s Spend and Win competition, which got underway on the 15th November 2015.

The winners were presented with their prize at the HSBC Head Office in Qormi

by HSBC Malta’s officials Kenneth Barbara and Joanna Bajada, as well as Global Payments’s Stephen Teuma.

58

wishing to have a better understanding of the financial services world. To this end, the Bank asks its own people who have specialized knowledge in their respective areas to break these topics down in layman’s terms,” explained John Paul Abela, Investor Relations Officer at Bank of Valletta.

This year’s BOV Investor Education Programme will be split into four courses, of five sessions each. The first

As a volunteer within the EAPA, each member has the functions of a normal police officer and can control traffic, assist in Accidents, check documents and much more but mostly to educate the citizens of what to do and don’ts.

To be able to do all this, we are recruiting volunteers from any path of life as training will be given. MBR

So if you would like to be the change in your country, join us today by visiting http://www.eapa-malta.org/join-eapa. html and fill in your details. One must be living in Malta or Gozo to join.

If you own a business and would like to sponsor us, we accept Maltese and International business. For more information send us an email to info@ eapa-malta.eu

course, starting on the 5th January 2016 will be delivered in English.

The other three courses will be delivered in Maltese. Further details about the courses available may be obtained from the Bank’s portal www.bov.com. MBR Places are limited so it is important to reserve a place. Anyone interested is invited to call the Investor Relations Officer on 2275 3556 from Monday to Friday between 09:00and 16:00 or by sending an email to iro@bov.com Courtesy: Bank of Valletta

All HSBC customers can take part in the competition to win the remaining two €1000 prizes simply by paying for their shopping, restaurant bills or other services with their HSBC Debit Cards on Global Payments’ point-ofsales terminals in Malta and Gozo. The competition comes to an end on the 15th January 2016. MBR (from left) The first two winners of the ‘Spend and Win’competition with HSBC and Global Payments officials

MALTA YOUR KEY TO EUROPE & AFRICA Unlock your potential & discover a world of opportunity

Corporate ServiCeS - aCCounting - taxation

www.ejz.com.mt No. 217, Suite 4, Level 1, 21st September Avenue, Naxxar NXR 1013 Malta Tel: +356 2149 1127 | Fax: +356 2540 1093 | Mob: +356 9949 0796

A Two-Note Melody Similarly to the two-note combination used in the tuning of the horn, the Income and Growth Funds provide investors with finely tuned Investment Solutions that combine both capital gains and regular income* objectives.

This provides investors with a diversified portfolio of investments in both the equity and bond market.

INCOME AND GROWTH FUNDS

INCOME AND GROWTH FUNDS

80072344 I vfm.com.mt

BOV Branches/Investment Centres & Licensed Financial Intermediaries

*The income that the assets of the fund generate in relation to their value or market, and the frequency of payment may vary and are not guaranteed.

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