Malta Business Review Issue 18 by Adrian Friggieri

Issue 18 â&#x20AC;&#x201C; February 2016

stUDy the retirement Bounce World-leading independent research study on The Future of Retirement - p.10 oPINIoN the Dark Days and How I Handle them Essay by Leila Janah, Global Leader of the World Economic Forum - p.22 FeAtUre

eurozone: Strengthening the recovery An economic evaluation of the Eurozone by Dr. Alexander BĂśrsch - p.32

Newspaper Post

cover story A Culture of empowerment An exclusive interview with Ivan Bartolo, 6PM Group, CEO - p.06

Issue 12 – August 2015

25 22 FOCUS

Promoting Creativity, Breaking New Grounds Interview with Rafael Carrascosa, MD of the Insignia Group of Companies - p.10

SPECIAL FEATURE

Celebrating Malta’s Best Entrepreneurs of the Year Awards We feature this year’s main protagonists - p.25

FEATURE

The Business of Ecocide Melanie Vella interviews highly acclaimed British lawyer Polly Higgins - p.56

COVER STORY Leadership, Professionalism & Dedication Interview with Julia Chatard, Executive Director with FXDD - p.06

Newspaper Post

MBR Publications Limited

Publisher MBR Publications Limited editor Martin Vella PuBLisher

06 6

28 24

30 32

MBR Publications Limited

technical advisor editor Marcelle D’Argy Smith Martin Vella

MBR Publications Limited

sales directoradvisor teChniCaL Marcelle D’Argy Smith Margaret Brincat saLes direCtor sales executive Margaret Brincat Charlotte Munro art & design art & design Evgeni Anastasov

Jessica Camilleri; Berthrand Pisani advertising

Call: 9940 6743 or 9926 0163/4/6; advertising Email: margaret@mbrpublications.net Call: 9940 6743 or 9926 0163; or admin@mbrpublications.net Email: margaret@mbrpublications.net or ContriButors charlotte@mbrpublications.net Antoine Baldacchino; Abhijit Bhaduri;

Alexander Borsch; Monique Brincau; contributors David Cameron; George Carol; Jean Paul

Anita Demajo; Aloisio; Maurice Aquilina;Leila DavidJanah; Baker; Daniel Goleman; Sankowski; Salanti.George JanicePiotr Bartolo; AntoineAli Bonello; Carol;sPeCiaL Sean Cassar; Charlotte Munro; thanks Malcolm J. Naudi;Press; Melanie Vella Strategy EU; Associated Aviation Deloitte; DOI; Euronews; European sPecial thanks Research Council; ETC; Fimbank; HSBC; MaltaLtd; Gaming Authority; Malta FXDD,Maltapost; Insignia Cards IPPO Malta; NexiaInternational BT; PKF MaltaAirport; National Statistics Office; NCFHE; PBS; RE/MAX Malta; The Malta Independent; Print Production

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Cover storY

cover story

a CuLture of emPowerment leadershiP, Professionalism & dedication An exclusive interview with Ivan Bartolo, 6PM Group, CEO

We interview Julia Chatard, Executive Director with FXDD

taLking Point

focus

seCuring a Better deaL for Britain in euroPe

Disclaimer disclaimer All rightsAllreserved. No partNoofpart this of work by copyright may may be rights reserved. thiscovered work covered by copyright reproduced or copiedorand reproduction in whole or part is isstrictly be reproduced copied and reproduction in whole or part strictly prohibited without written permission of the publisher. AllAllcontent prohibited without written permission of the publisher. content available this publication is duly protected Maltese materialmaterial available on thisonpublication is duly protected byby Maltese and International Law.person, No person, organisation, other publisheroror and International Law. No organisation, other publisher online web content manager anyact way act any upon online web content manager shouldshould rely, orrely, on or anyonway upon any part of the contents of this publication, whether information part of the contents of this publication, whether thatthat information is sourced from the website, magazine or related product without is sourced from the website, magazine or related product without first obtaining the publisher’s consent. Theopinions opinions expressed in the first obtaining the publisher’s consent. The expressed in Malta Business Revieware arethose those of of the the authors and the Malta Business Review authorsororcontributors, contributors, necessarilythose thoseof of the the editor and are are notnot necessarily editorororpublisher. publisher.

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Promoting Britain in Europe grounds

creativity, breaking neW

studY an exclusive with rafael carrascosa, managing director of the insignia group of companies

1022

kames caPital BounCe lists for more funds in the retirement malta The Future of Retirement is a world-leading independent research study into global retirement trends, commissioned by HSBC, providing authoritative insights malcolm J. naudi interviews stephen baines, investment into the key issues associated with ageing populations

manager in the Kames Capital fixed income team

foCus

sPecial 16 eu feature in Crisis

A special report on Britain’s future and the migrant split revealing growing EU

divide celebrating malta’s best entrePreneurs of the year aWards We interview some of the main award-winning protagonists of this oPinion

year’s highly successful MBEOTYA event

quote of the month quote of the month

“to and fro we leap, and chase the frothy Leadership a potent of bubbles, While theisworld is fullcombination of troubles and strategy and character. if you must anxious in its sleep, come away,But o human child, without be without the strategy. to thebe waters and one, the wild” W.B. Yeats: The Stolen Child - Norman Schwarzkopf

British PM David Cameron about how he is working to secure a better deal for

the dark daYs and how i handLe them building a better Working World Leila Janah, CEO and Founder of Sama and Laxmi, and co-author of America’s

We interview Malta’s Overall Best Entrepreneur of the Moment: Creating Opportunity in the Connected Age andYear Young Global Leader of Drthe Adrian Trevisan, CEO AAT Research WorldAttard Economic Forum, onof dealing with suffering

30nterview strong and teamWork ofleadershiP the month 24

Diane Izzo, CEO, Dizz Group, reflects back on her recent remarkable achievement as Dizz Group were proclaimed rising to the ChaLLenge Malta’s Best Entrepreneurial Company of the Year

MBR talks with Alan Borg, Chief Executive Officer at Malta International Airport

our ourgoLd gold Partners Partners

malta business Review

CONTENTS FEATURES & INTERVIEWS

DEloITTE GlobAl EcoNomIc oUTlook Deloitte’s far-flung economists examine the global economic environment and offer their thoughts on the current situation and the likely future path.

EURozoNE: STRENGThENING ThE REcoVERy An economic evaluation of the Eurozone by Dr. Alexander Börsch

IS TEchNoloGy ThE ANSWER To ImpRoVE hIRING? Abhijit Bhaduri explains how technology can help us scale our efforts, make it significantly faster and eliminate human biases when it comes to hiring

DoN’T lET A bUlly boSS AFFEcT yoUR mENTAl hEAlTh Daniel Goleman, psychologist and award-winning author of Emotional Intelligence, discusses Brainpower- Mindsight and Emotional Intelligence in Leadership

NoTAblE SUccESSES FoR R &I pRojEcTS USING NATIoNAl FUNDS ADmINISTERED by mcST We learn more about the national fund which is administered by the R & I Programmes Unit that supports Research and Innovation projects in Malta

ERc SToRIES

REAl lIFE pRoblEmS REAlISTIcAlly SolVED Piotr Sankowski on the ERC-funded research has produced a library of fast, powerful approximation algorithms to tackle and solve problems faster

REpoRT

lINkING EDUcATIoN AND EmploymENT The National Commission for Further and Higher Education study on recruiting and employment

EDITORIAL Traffic congestion in Malta has become severe and pitiful. Respective governments have raised tax on private car owners heavily, yet the money was scarcely used to improve public transportation. Instead of solving our chaotic traffic problems, the government keeps on turning a blind eye to this disastrous situation. One possible solution to this problem is to create a master plan for traffic flow management, improve road networks, including providing adequate parking areas and also construct new road infrastructure. Eliminating the buses to introduce underground commuting will also help us have a nsmoother, consistent traffic flow. Imposing heavy taxes on car drivers, who already have to pay vehicle road licence and hefty insurance fees, with the pretext to use this money to make public transport better is an utter delusion, as much as it is a misnomer. One of the first benefits of such a measures is to also increase the driving age from eighteen to twenty one, thus reducing a substantial number of cars on our roads. This would also mean that this age bracket would begin to make use of public transport instead, thus reducing traffic problems and pollution as well. Much more use would be made of public transport if it was improved. It is often the case that public transport is very poor and mismanagement is the order of the day. For example, we often see buses and old trucks that people would rather not use. In Malta, we have certain local councils in various towns such as Valletta, Ta’ Xbiex, Pieta, Gwardamangia, Sliema, who have allotted ample parking spaces to residents, yet in other areas such as Mosta, Qawra, Bugibba and St Paul’s Bay, we find that residents are being indiscriminately fined time and over again, simply because they have not had the luxury of being allocated parking space. This has given rise to an unfair, discriminatory and biased situation wherein one law abiding and tax paying citizen who lives in one particular area, is treated in a prejudiced way, which implies that the basic rights according to EU Constitution are being broken by our own local councils! The Charter of Fundamental Rights of the European Union (the Charter) brings together into a single text all the personal, civic, political, economic and social rights enjoyed by people within the EU and stipulates that all citizens must impartially enjoy the same rights, equal treatment and uniform laws. And that in turn infers that Maltese local councils are being prejudiced and breaking the EU Charter. At present, taxes and fines are already high for a lot of people, and so further fines would only mean less money at the end of the month for most people who may have no choice but to park on the available space located. To conclude, traffic solutions and revising local council parking fine merits and policies are worth considering to improve the current situation.

Martin Vella

Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s opinion, are written to represent a fair and impartial representation of facts, events and provide a correct analysis of local and international news.

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COVER STORY INTERVIEW

A CULTURE OF EMPOWERMENT AN ExCluSIVE INTERVIEW WITh IVAN BARTOlO • 6PM GrouP, CEo By Martin Vella 6PM is a leading IT health solutions company. It is present in Malta, the UK, Ireland, Australia and Macedonia. 6PM Holdings plc was listed on the Malta Stock Exchange in September of 2007. Like many peers, the company finds itself fighting to hold the line on costs while maintaining quality, attracting the most qualified staff, and providing healthcare products combined with their ability to integrate technology with health care pathways to automate the day-to-day clinical requirements. But its efforts don’t stop there. Established in 2001 by Maltese entrepreneur Ivan Bartolo, its philosophy has been to serve the healthcare sector with a mission, linking patient care, research and education, the company has long been a crucible for experimentation and innovation. Ivan Bartolo has become a household name in the healthcare industry, where he is simply known as Ivan. He is the founder and chief executive officer of the 6PM Group. His customers are spread across a large number of hospitals in the UK. He is a deeply spiritual person and he wields enormous influence. Almost half of the UK population will have benefitted from 6PM’s leading-edge products, which have been developed in partnership with clinicians and NHS Foundation Trusts in the UK. Bartolo, shuns publicity and rarely gives interviews however, I have known him since my childhood days at De La Salle College, so our bond goes a long way. As I sit down in his stimulating and modern office, my first question is inevitable: Why is 6PM so popular, especially overseas? Without any hesitation he replies, “I believe that the popularity has two sides to it. There is the popularity of 6PM as an employer, and there is the popularity of 6PM as a provider. As an employer, obviously

we attract people in Malta, Macedonia, England and Ireland. As a provider, we are dedicated to provide health solutions that help deliver an improved and better quality of life.

We featured with an article on The Malta Independent, about HIV and the way it has grown in Malta in the last two years. There has been a growth of over 40% between 2014 and 2015.”

6PM’s core value is to earn the right to compete in the market place by building trust with our customers

Moving on, I asked Ivan to tell us more about his leadership skills, the challenges he faced over the last fifteen years within 6PM including the most difficult issue he’s faced and the most positive outcome he has experienced. “In terms of leadership, primarily, I do my best to lead the company,” he declares, adding, “I have always harvested a culture of empowerment. I think the most important ingredients in 6PM are definitely its passion, innovation, positivity and focus. We are extremely focused and that is why during the last eighteen months we have made changes to some businesses we have in Malta. There will be further changes this year. The retail outlet has been closed, Agilis has been sold. The leadership and the vision is to become 100% focused on health; we currently stand at around 90%. We are not interested in any other business

Internationally, Ivan sustained that the patient outcome and patient safety is going to continue to improve through technology. “During 2015, we acquired Blithe Computer Systems, now operating as 6PM Blithe. 6PM Blithe is the market leading supplier of IT solutions to both the Sexual Health and Substance Misuse sectors, with over 700 installations throughout the United Kingdom. As from April this year it will be completely rebranded as 6PM, but again, through that we have the largest market share in the UK for sexual health solutions. A lot of people do not stop to think about sexual health.

COVER STORY INTERVIEW Malta Business Review

other than the health business. This is not through arrogance, but I believe that today it’s important to be specialised. You need to be the best at what you do,” Ivan explains, continuing, “Leadership is all about effective communication. I communicate with people every day. I try to walk the floor as much as I can. I try to listen to everybody and this has always been the case at 6PM. I know that I am a person who is really respected in here, by the board, by the executive team, by the employees, and at the end of the day it’s about time that we also start mentoring somebody else. You know, I am 50 years old and we are coming to a point now where succession planning is going to become definitely a very important step in the right direction for the benefit of the company, the customers, and for the protection of our shareholders. One of the things which is private and personal, but I don’t mind sharing it, is that I am a very spiritual person. I feel that throughout the last fifteen years, I have always done my best to understand God’s will, not just for me but also for 6PM. That is definitely there. There is a prayer every day, there is the thought every day, that at the end of the day we are here as long as he wants us to be here. Not just like in living. I have seen 6PM going through so many ups and downs you know, that you realise that you have always become stronger but you have always survived because of a higher being.” “So which were the issues that made you stronger?” I asked him. “I think the biggest, the hardest and the most difficult position I found myself in at 6PM was definitely in June 2010. That was a time where 6PM was either going to close its doors, or continue,” stated Ivan, noting that commitment to diversity is critical, “And that is when we decided to go into product development, which is the third stage, our third business model. To do that I had to create a vision and sell it to stockbrokers and corporate investors. I think that was one of the most difficult times, where I felt I had to really pull all the right strings at the right time, to make it all happen. With God’s will, it definitely happened. I think one of the proudest moments, at 6PM, for me in particular was in 2014 when we won a Ruban D’ Honneur Award for Innovation at the European Business Awards. We were presented with the award at a lovely gala dinner in Greece, obviously there were many companies competing from all over Europe.” During the past fifteen years, Ivan has demonstrated excellent leadership and vision for 6PM, uniquely qualifying him to serve as the first Chief Executive Officer.

I continue by asking him how has he succeeded to manage relationships, stay connected, both internally and externally, and with staff in the other countries? He explains that there are many relationships within 6PM. There are relationships with stockbrokers, the banks, shareholders and internal close working associations. “There are certain relationships that are worth investing in and then there are others that you need to ignore” he points out. In terms of external relationships, Ivan flies at least twice a month to the UK to visit customers. He definitely does his utmost to organise one-to-one meetings with the major stockbrokers in Malta at least once a year. Internally, he meets his executive team once a week with scheduled and fixed agendas. “There is a complete calendar for the year of things that will be discussed. You need to ensure that the team is embracing the shared values.”

I think the most important thing about leadership is that you have to keep on pushing the values of the organisation

you think about it, obviously, when it is a family-run business, there is almost a natural progression in that transition. “Being a public company, 6PM must have a different outlook and by the end of June this year we will definitely have a succession plan. It’s mandatory as a public company to have a very strong succession plan. So yes, now is the beginning of Chapter Two. That is how I’m feeling. If you look at the growth of the organisation over five years, since 2010, it’s been impressive; it’s been incredible”, exclaims Bartolo. “If you look at the way our shares have behaved on the Malta Stock Exchange, it’s been a very steady, stable growth. The shareholders know – as anybody who invested in 6PM, especially those who exercised their rights in the rights issue of 2011, have made serious profits out of the 6PM shares. For the last years, we have delivered dividends to our shareholders. I feel very confident that this will continue being the case for the foreseeable future, he concludes. MBR All Rights Reserved | © Copyright 2016

EDITOR’S NOTE Changing subject, I queried Ivan on the company’s fifteenth anniversary, what does it mean to him personally and what significance does it hold. The truth is that there is a certain amount of emotion in Ivan’s reply, as he remarks “I can only compare 6PM to my daughter Martina. When you are a parent you realise that you are so protective of your children. I think that the most difficult thing that a parent has to face is when you realise that these beautiful young kids are growing and slowly slipping out of your hands. My daughter is fifteen, a very mature looking young girl, and she’s sliding out of my hands.” Ivan maintains that 6PM is definitely an equal opportunity employer, affirming that, “I believe one thing; that the next leader of 6PM will definitely be from inside. We may create a vacancy within the executive team to employ somebody from the outside, but definitely, the next CEO of 6PM will be from within. Having said that, I have no intentions of departing in the next foreseeable future but the truth is that you have to definitely let go. And the fifteen year mark means exactly that to me, that we are now starting the next part of the journey where we need to mould this girl and prepare her for adulthood.” And if

Ivan has been involved in the ICT industry and business since 1985. In 2001 he set up 6PM, an established IT and software solutions Group that today employs over 170 technology consultants in Malta, the UK and Macedonia. With over 30 years of experience in the industry, Ivan has developed into a business leader that appreciates the value of academia and the importance of experience in industry. Throughout his career, Ivan was always involved with methodologies such as RUP (Rational Unified Process), RAD (Rapid Application Development), SSADM (Structured System Analysis Design Method), UML (Unified Modelling Language) and others. In 1995, at the start of the DSDM (Dynamic Systems Development Method) Consortium in the United Kingdom, Ivan got very involved with this method and by 1997 he became a Certified Practitioner, Trainer and Examiner. In 1998 Ivan was elected to the Board of Directors of the DSDM International Consortium and was responsible for International Business Development. Ivan Bartolo is the CEO of the 6PM Group.

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Malta Business Review

Talking PoinT

Securing a better deal for britain in europe The Prime Minister has written for the German newspaper Bild about how he is working to secure a better deal for Britain in Europe.

By david cameron, Prime Minister of the United Kingdom Britain will hold a referendum on whether to stay in the EU. Support for our membership has declined over many years. So I am negotiating changes which will address the concerns of the British people. But these changes will benefit the EU too, and Germany can help deliver them. Let me explain.

want to stop people taking out from a welfare system without contributing to it first. Because like Germany, Britain believes in the principle of free movement of workers. But that should not mean the current freedom to claim all benefits from day one and that’s why I’ve proposed restricting this for the first four years.

First, the problems in the EU that we are trying to fix are problems for Germany and other European partners too. We want to sweep away the excessive bureaucracy and the barriers to trade that undermine growth for us all. We want to establish the clear rules that will allow the eurozone to make changes without damaging noneuro countries. We want to deal with the loss of democratic consent for the EU by shifting power from Brussels to the Bundestag, the House of Commons and other national parliaments, so decisions are made closer to the people. And we

Second, these changes would make a big difference in persuading the British people to vote to remain in the EU. Britain and Germany are key allies in creating a prosperous and secure EU. Whether it is our shared belief in free trade and sound finances, our major contribution to the EU budget, our aid to reduce the suffering that drives refugees into Europe, or our military and intelligence services working together against terrorism, we do vital work together. Securing these changes will mean we can continue our EU partnership into the future. And they will

EDITOR’S NOTE

make the EU safer and more prosperous for generations to come. MBR Creditline: Linkadin / Capital Markets / Breugel

NOTE

This article was written and submitted before Britsih PM David Cameron clinched a deal with other European Union leaders at a summit in Brussels as granting Britain special status. Mr Cameron said he would campaign hard to convince voters to stay in the bloc that Britain joined in 1973. The legally-binding agreement reached late on Friday granted Britain an explicit exemption from the founding goal of “ever closer union”, offered concessions on the welfare rights of migrant workers and safeguards for the City of London. In common with Cameron’s Conservative Party, British voters are also split over membership, opinion polls show, with a significant number of people yet to make up their mind, though perceptions that the EU has failed to deal with the migrant crisis may be turning some towards a ‘Brexit’.

David William Donald Cameron is a British politician who has served as the Prime Minister of the United Kingdom since 2010, as Leader of the Conservative Party since 2005 and as the Member of Parliament (MP) for Witney since 2001. Cameron studied Philosophy, Politics and Economics (PPE) at Brasenose College, Oxford. He then joined the Conservative Research Department and became special adviser, first to Norman Lamont and then to Michael Howard. He was Director of Corporate Affairs at Carlton Communications for seven years. Cameron first stood for Parliament in Stafford in 1997. He ran on a Eurosceptic platform, breaking with his party’s then-policy by opposing British membership of the single European currency, and was defeated by a swing close to the national average. He was first elected to Parliament in the 2001 general election for the Oxfordshire constituency of Witney. He was promoted to the Opposition front bench two years later and rose rapidly to become head of policy co-ordination during the 2005 general election campaign. With a public image of a youthful, moderate candidate who would appeal to young voters, he won the Conservative leadership election in 2005. Following the election of a hung parliament in the 2010 general election, Cameron became Prime Minister as the leader of a coalition between the Conservatives and Liberal Democrats. The 43-year-old Cameron became the youngest Prime Minister since Lord Liverpool in 1812, beating the record previously set by Tony Blair in May 1997. He was re-elected as Prime Minister in the 2015 general election with the Conservatives winning a surprise parliamentary majority for the first time since 1992, despite consistent predictions of a second hung parliament. He is the first Prime Minister to be re-elected immediately after serving a full term with an increased popular vote share since Lord Salisbury in 1900 and the only Prime Minister other than Margaret Thatcher to be re-elected immediately after a full term with a greater share of the seats.

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Focus: The FuTuRe oF ReTiReMenT

Focus: The FuTuRe oF ReTiReMenT Malta Business Review

hsBc report reveals many retirees see an improvement in their health during early retirement Retirees are enjoying a ‘retirement bounce’ of better health according to HSBC’s report, The Future of Retirement Healthy new beginnings. Twenty-four per cent of retirees around the world report an overall improvement in their health since retiring. The survey of more than 18,000 people in 17 countries worldwide found that 45% of retirees globally describe their personal health as good for their age compared to a global average of 42% of working age people who rate their health as good for their age, sinking to a low of just 18% among pre-retirees in Hong Kong and Taiwan. Retirees in Australia (13%), Singapore (12%) and Canada (12%) are enjoying the most pronounced health improvement through retirement, while retirees in Mexico (64%), Brazil (63%) and India (57%) are among the most likely to rate their health as good for their age. The report shows that nearly 23% of working age people aged 45 or above who would like to retire within the next five years want to do so because work is having a negative impact on their mental and/or physical health. Thirty-four per cent of pre-retirees report that being too busy with work commitments prevents them from leading a healthier lifestyle, with working

age people in Malaysia (46%) and Taiwan (44%) among the most affected. However, the findings show that the ‘retirement bounce’ does not last forever, and that the health renaissance experienced by recent retirees fades as they grow older. Poor health and medical conditions prevent 18% retirees from leading a healthier lifestyle. This figure rises to 23% among those who have been retired for 10 years or more, compared to just 16% of those who retired in the past two years. Thirty-nine per cent of retirees worry that poor health will affect their mobility, while 36% are concerned about the impact of pain, and a further 36% worry poor health will affect their ability to take care of themselves. The Retirement Bounce: new retirees experience health boost. Charlie Nunn, Group Head of Wealth Management, comments: “While the sense of freedom and rejuvenation that comes with retirement may not be surprising, a period of improved health can be an unexpected advantage of stopping work for many people. This is a testament to both the stresses of a modern working life and the benefits of a healthier, more active lifestyle in early retirement.

“Though positive, this resurgence can often be followed by a period of frail retirement, when health begins to decline. So it is important to have a financial plan in place to help provide for every eventuality in later life whether this is funding a more active lifestyle during early retirement, or paying for increased healthcare in later retirement.” I would rate my current level of health as good for someone my age % of preretirees

Australia Canada Singapore uSA uK Indonesia China Argentina Brazil France Taiwan Hong Kong India Malaysia Mexico egypt uAe GloBAl AveRAGe

% of retirees

35 43 25 42 31 47 28 50 58 51 18 18 53 33 64 57 57 42

% difference

48 55 37 52 40 54 34 55 63 56 23 22 57 35 64 50 40 45

+13 +12 +12 +10 +9 +7 +6 +5 +5 +5 +5 +4 +4 +2 0 -7 -17 3

hsBc’s research identified four actions that individuals can take to improve their financial well-being in retirement.

START SAvING FoR AN eARlIeR ReTIReMeNT Improve your chances of retiring when you want to, by starting your retirement saving as early as possible.

PlAN FoR A loNGeR, MoRe ACTIve ReTIReMeNT ensure you have a financial plan in place to make the most of this new chapter in your life.

AIM FoR A HeAlTHIeR ReTIReMeNT Don’t wait until you have stopped working to take active steps to improve your health.

CoNSIDeR HoW youR HeAlTHCARe NeeDS MAy CHANGe IN ReTIReMeNT Consider your financial obligations throughout retirement and make sure that potential healthcare needs are included in your plan.

EDITOR’S NOTE

For more information about The Future of Retirement, visit www.hsbc.com

The Future of Retirement is a world-leading independent research study into global retirement trends, commissioned by HSBC. It provides authoritative insights into the key issues associated with ageing populations and increasing life expectancy around the world. This report, Healthy new beginnings, is the twelfth in the series and represents the views of more than 18,000 people in 17 countries and territories worldwide (Argentina, Australia , Brazil, Canada, China, Egypt, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, United Arab Emirates, United Kingdom, United States). The findings are based on a nationally representative survey of people of working age (25+) and in retirement, in each country or territory. The research was conducted online by Ipsos MORI September and October 2015, with additional face-to-face interviews in Egypt and the UAE. Since The Future of Retirement programme began in 2005, more than 159,000 people worldwide have been surveyed. www.maltabusinessreview.net

Malta Business Review

EMployMEnt

ETC ACCEss To EmploymEnT sChEmE

Removing Barriers to Employment

The Access to Employment (A2E) Scheme provides employment aid to enterprises in Malta and Gozo to promote the recruitment of the more challenged amongst jobseekers and inactive people. The scheme is managed by the Employment and Training Corporation and is co-financed by the European Social Fund, the Maltese Government and Employers.

the A2E Scheme facilitates the integration of jobseekers and inactive people in the labour market by: Enhancing opportunities to access the labour market and providing work experience to those furthest away from gainful employment; Bridging the gap between labour market supply and demand; and Increasing social cohesion. Through this initiative we are inviting employers to offer jobs to the more challenged and we will pay a subsidy of €85 per week per new recruit for up to 104 weeks, or a subsidy of €125 per week for as many as 156 weeks in the case of registered disabled persons! Terms and conditions apply. These are available on the ‘Guidance Notes’ which are uploaded on the ETC website www.etc.gov.mt. MBR

ElIGIBIlIty oF DISADVAntAGED pERSonS: DuRAtIon oF ASSIStAncE

tARGEt GRoupS

26 WEEkS

Any person of age 24 and over and who has been unemployed / inactive for the previous 6 months.

52 WEEkS

Any person of age 24 and over and who has been unemployed for the previous 12 months during which he/she participated in a traineeship with the applicant Undertaking.

52 WEEkS

Any person who is living as a single adult who has one or more dependants and is not in full-time employment.

52 WEEkS

Any person of age 24 and over and who has not attained an upper secondary educational or vocational qualification (ISCED 3), who does not have a job.

52 WEEkS

Any person older than 50 years who does not have a job.

104 WEEkS

Any person who has been unemployed / inactive for the previous 12 months during which he/she has not benefited from a traineeship with the applicant Undertaking and who belongs to one of the target groups (3) to (5).

104 WEEkS

Any person of age 24 and over and who has been unemployed / inactive for the previous 24 months during which he/she has not benefited from a traineeship with the applicant Undertaking.

ElIGIBIlIty oF pERSonS WItH DISABIlIty: 156 WEEkS

Any person who is a registered disabled person under national law and is not in full-time employment. Interested employers who want to benefit from the A2E Scheme are invited to contact us on the following details: ETC EU Funded Schemes Division • Access to Employment (A2E) Unit • Ħal Far BBG 3000 Tel: 2220 1399 • E-mail: a2e.etc@gov.mt • URL: www.etc.gov.mt

EMployMEnt Malta Business Review

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HIGHER EDUCATION

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EU in CRisis

EuropE in crisis By special Correspondent

Britain’s future, migrant split reveal growing

Eu divide Britain is thinking of leaving. Greece feels isolated. Austria and Denmark are pushing controversial measures for coping with asylum-seekers despite what their neighbours think.

ensions between European Union leaders at this week’s summit in Brussels have highlighted a gnawing lack of confidence that the bloc of 28 nations can provide timely answers to Europe’s challenges. Rarely has the EU seemed as fragmented and impotent as on that fateful Friday 19th February, 2016, when leaders grappled with a possible British exit and tried to find a united response to the refugee emergency. “The fact that every policy being discussed is strongly contested is fuelling doubts as to whether the EU and its members will be able to match their rhetoric with concrete actions by cooperating more closely,” Janis Emmanouilidis at the European Policy Centre think-tank wrote in an analysis. Still barely recovering from an economic crisis that rivalled the Great Depression, Europe is now struggling with its biggest refugee crisis in well over half a century. The arrival of more than 1 million people fleeing conflict or poverty for better lives in a far wealthier Europe has overwhelmed border authorities and reception capacities. It has stoked unfounded fears of a threat to Europe’s cultural identity and even religion, the arrival of extremism or the theft of jobs. As tens of thousands of people have packed into trains or hiked Europe’s highways north from Greece toward their dream of having a home in Germany or Sweden, nations have erected fences or

tightened border controls unilaterally, putting pressure on their EU partners. The Czech Republic, Hungary, Poland and Slovakia are working together, pushing for a clampdown on borders along the main migrant transit route through the Balkans. And even nations like Austria and Denmark are out of step with other EU nations. Austria has surprised its partners by putting a cap on the number of asylum-seekers it will let in, a move the EU’s Executive Commission maintains breaks European and international law. Denmark, meanwhile, has moved to take

away some assets from asylum-seekers to help pay for their accommodations and food. “The problem is that everyone sees the situation from their individual standpoint and waits for the other to move first in implementing those necessary solutions,” European Parliament President Martin Schulz told leaders in Brussels. “Lamentably, this crisis is exposing serious fault-lines within our union.” The crisis is also hurting Europe on a psychological level, with the refugee response increasingly unworthy of

British Prime Minister David Cameron

EU in CRisis Malta Business Review

Europe’s proclaimed values and possibilities as a powerful, relatively prosperous world trading bloc. Professor Hendrik Vos of Belgium’s University of Ghent, says EU migration policy is hardening along the lines of Hungary’s populist leader, Viktor Orban, who has erected anti-migrant razor-wire fences. “The language may be a bit less aggressive, and there are humanitarian concerns, but the policy is really going in the direction of: How do we keep the refugees out?” he said. The fear of EU migrant workers taking advantage of Britain’s welfare system is partly driving Prime Minister David Cameron’s push for a referendum this

German Chancellor Angela Merkel

Syrian Refugee in Germany summer on whether his country should leave. On that auspicious Friday, he won a hard-fought deal for a less intrusive EU after 31 hours of tense talks with EU partners. The summit was sent into overtime as Cameron pushed his partners for reforms that include limiting benefits to those migrant workers, ensuring that nations like Britain that are outside the euro currency union don’t have to pay for euro needs, as well as simplifying EU bureaucracy. In exchange, he pledged to campaign for Britain to stay in the bloc. But it doesn’t stop with Britain’s future or the refugee emergency. taly’s economic woes have seen Prime Minister Matteo Renzi aggressively take German Chancellor Angela Merkel to task in recent months on the economy, migration and energy policy. While ostensibly Europe’s driving force, Merkel has also become synonymous with the austerity measures imposed on countries like Greece to meet fiscal targets and budget plans.

Through it all the future of Greece, with a communist government elected a year ago, remaining in the euro single currency has been called into question. Poland too is making its voice heard. Riding a populist wave to power, the new right-

leaning government in Warsaw refuses to allow policy to be dictated from outside. It is resisting EU pressure to amend newly passed laws that restrict the media and changes to its constitution that its EU partners argue are not compatible with Europe’s approach to the rule of law. The upshot is that the more Europe bickers, the worse things are likely to get.”In a world of globalization, there is a drive for new narratives. So it’s easy for populist parties to criticize what is happening in Europe,” Daniela Schwarzer, Europe program director at the German Marshall Fund, said Friday. “There are societies in Europe in different stages of development,” she said, adding that some EU countries, in Eastern Europe and the Baltics in particular, have little experience with migration and the influx of new religions and cultures. MBR

Sources: Associated Press/The Malta Independent/Euronews

Italian Prime Minister Matteo Renzi

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Malta Business Review

iGaMinG

Prime minister inaugurates the new mga offices at smartcity malta The Malta Gaming Authority’s (MGA) new offices, at SmartCity Mata were officially inaugurated on 16 February, 2016 by the Prime Minister of Malta Dr Joseph Muscat, the MGA’s Senior leadership Team and other distinguished guests.

PM Joseph Muscat with MGA Executive Chairman Joseph Cuschieri and PS for Competitiveness & Economic Growth Dr José Herrera

ith a floor area spanning over 2,562 square metres spread on two floors, the new MGA offices meet the latest environmental standards, technological infrastructure, corporate environment and modern facilities which have substantially improved the working environment for the 150 employees. Furthermore, the new offices incorporate all the facilities needed for the Authority to carry out its functions and activities in-house being press events, networking events, seminars and training for staff. The open plan and “hot desking” environment also caters for future growth. In his opening address, Joseph Cuschieri, the MGA’s Executive Chairman, highlighted the milestones that have contributed to the success of the gaming authority since its inception in 2004. Mr Cuschieri mentioned the fact that Malta was the first EU Member State to enact comprehensive legislation on remote gaming. He added that industry stakeholders consider Malta as a thought 18

leader and one of the foremost tried and tested jurisdictions in the world. He then extended his heartfelt thanks to the MGA’s employees and all those who lent their support to the success story of the Malta Gaming Authority. Mr Cuschieri mentioned that the most important project of the MGA this year is the new Gaming Act which is expected to be presented in Parliament before the summer recess. The Executive Chairman announced that the new legislation will be a game changer and will include new consumer protection measures as well as simplification in the licensing structure from the current model to a Business to Business (B2B) and Business to Consumer (B2C) framework. Speaking at the inauguration, Parliamentary Secretary for Competitiveness and Economic Growth, Dr José Herrera praised the MGA for another milestone in its success story. “The new offices are equipped with the latest technology so that the Authority will be able to continue to deliver positive results as

reflected in the interim performance report published just a few weeks ago. The gaming industry contributes substantially to Malta’s GDP and it is in our interest to sustain this sector.” In his closing address, the Hon. Prime Minister Dr Joseph Muscat, praised the MGA for having put in place a strategy that emphasises innovation and diversity in order to continue attracting investors to Malta. Dr Muscat concluded by applauding the role of a transparent ad business friendly Authority which is continually reviewing its processes in order to be better equipped to deal with the over-changing environment that surrounds this dynamic sector. MBR

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Malta Business Review

FAShION

“

New Brooks Brothers

collection launched during New York Fashion Week

This season I wanted to play with proportions and dimensions. The classic fabrications used in this collection were pivotal to achieve the final look: rich camel hair, featherweight suede and lush velvet range from day to evening, and autumnal hues are juxtaposed with bold prints. It is my take on the modern Brooks Brothers woman.

Zac Posen, February 14, 2016

Zac Posen

he collection showcases an artful array of daywear that spans from round-hemmed dresses to mix-and-match separates. Often menswear inspired, though always feminine, flannel trousers and tops play with proportions of lengths and cuts for a more sartorial and polished look. The classic camel hair coat, a Brooks Brothers signature, is shown in a new refined silhouette. Original prints, whether geometric or abstract, are presented throughout the collection in different materials and add a sense of fluidity. This season also sees the introduction of eveningwear, including a luxurious brocade coat, a velvet gown and two sharply tailored tuxedos. A full range of accessories is equally modern as it is timeless: Chelsea boots and lace-up oxfords are rendered in the softest lambskin, and handbags breeze through in a plethora of styles and hues, from burgundy to patent black to olive green. Jewelry is bold and geometric in brushed gold finishes. The Brooks Brothers Women’s collection, by Creative Director Zac Posen, is delivered with an effortless, sophisticated allure. Brooks Brothers Women’s collection for Spring /Summer 2016 by Zac Posen is available from Brooks Brothers, Republic Street, Valletta. MBR

BB Presentation Images provided by Daniel King and Dan Lecca. 20

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OpiniOn

The Dark Days, and How I Handle Them By Leila Janah

I struggled with whether to share this, because it’s pretty personal. But connecting with others is cathartic, and we do not hear these kinds of personal stories enough. So here we go.

I witnessed the blatant racism that our Sama students in rural Arkansas face on a regular basis , the kind of thing that keeps me up at night and rattles around in my brain.

The last four weeks have been tough. I was turned down and rejected several times in ways I thought were not possible at this stage in my career. I had a major financial setback. A few important donors decided not to consider an investment in our new grant vehicle. I had a moment at a conference that felt totally demoralizing, throwing me off my game and making me feel invisible. Two weeks ago in the Mississippi River Delta

I am not writing this to elicit sympathy. I am the last person you should feel sorry for — my parents were educated, I was born in a rich country, and I have a healthy body and mind. Globally speaking, I won the birth lottery. I’m writing this to share the struggle so that other people facing rejection realise they’re not alone.

At least once a year I go through Dark Days. The days I wonder what the point is, compare myself to my friends who work in other fields and have normal schedules, families, and healthy routines, and contemplate giving up entirely. The Dark Days used to be really bad. Soul-crushing, weight-losing, insomnia bad. But in the last two years I’ve discovered a few things that help me pull through when I feel totally overwhelmed. Here they are:

Meditation. I’m not a great meditator, but I find that even five minutes of deliberate breathing on my bed in the morning helps a ton. And for the disbelievers, a recent academic study found significant differences in the bodies and brains of those who meditated for a short period. To get started, check out How to Meditate, the book by Laurence LeShan, read about Mindfulness-Based Stress Reduction, or download the app ZenFriend. You can also do a super simple mediation to get started: on every inhale, feel yourself filling up with gratitude for something in your life, and on every exhale, feel yourself releasing something you’re hurt or angry about. This is a version of loving-kindness meditation that a teacher passed along to me a few years ago.

Positive affirmations. I know — you are rolling your eyes right now. But hear me out. There is evidence that our thought patterns impact our body and brain, and that these thought patterns are changeable. One way to change negative thought patterns is to replace them with positive beliefs about yourself, the people around you, and the world. And beliefs start with the words we tell ourselves. Whether you call them prayers, mantras, or affirmations, words become beliefs, and beliefs become actions. Write down positive statements about yourself. Frame your dreams as statements in the present tense, and recite them often. I have not studied the science behind affirmations, but in my own experience, they have helped me release negativity and become less anxious.

3 4

Reading about nature, space, and bigger-than-humanity subjects. My brother is an astrophysicist. When we were kids he used to show me Saturn and the moon in his telescope. I would instantly feel any negative thoughts fade away. Reminding ourselves of our smallness keeps things in perspective. We just discovered gravitational waves emitting from the collision of two black holes. In light of this, do my fundraising abilities or personal losses matter much? No.

Exercise. Kitesurfing, yoga, boxing, salsa, and tap dancing (I started again in early 2014 and fell back in love) have probably saved my life. Music and endorphins, especially when experienced with other people, are an instant happiness cocktail. We know this and we read it all the time, but when we’re feeling down it can be especially tough to take the first step. It helps me to have all my gear organized in certain places in my house — my tap shoes are always hanging in the same spot, near a hardwood floor and a mirror — ready to be used. I hope you give these mostly free tools a try — they have have helped me immensely. And remember, if you are going through Dark Days, that everything will pass. That all life’s beauty and wonder is contoured by suffering, and that suffering is inevitable. All that matters is how you choose to deal with it. MBR

EDITOR’S NOTE

Leila Janah is the CEO and Founder of Sama and Laxmi, and co-author of America’s Moment: Creating Opportunity in the Connected Age. She is the Founder and CEO of Samasource, a non-profit social business that gives digital work to impoverished people around the world. Prior to Sama Group, Leila was a visiting scholar with the Stanford Program on Global Justice and Australian National University’s Center for Applied Philosophy and Public Ethics. She was a founding director of Incentives for Global Health, an initiative to increase R&D spending on diseases of the poor, and a management consultant at Katzenbach Partners (now Booz & Co.). She has also worked at the World Bank and as a travel writer for Let’s Go in Mozambique, Brazil, and Borneo. Leila is a Young Global Leader of the World Economic Forum, a Director of CARE USA, a 2012 TechFellow, recipient of the inaugural Club de Madrid Young Leadership Award, and in 2014, was the youngest person to win a Heinz Award. 22

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INTERVIEW OF THE MONTH

Rising to the Challenge By George Carol

In a frank interview with Alan Borg, Malta International Airport’s first Maltese CEO, we learn why in under a year MIA have succeeded in climbing the ranks to become listed as the second best airport in Europe. Mr Borg tells us that MIA’s intention is to reach pole position and stay there, despite stiffening competition. MBR: Having just released excellent financial results – what does this mean for the company and the tourism industry? MIA: What is more important than excellent financial results is implementing a Vision that continues to enhance Malta’s offering through strategic investment. The results we achieve are not only positive and encouraging for Malta International Airport and its shareholders, but also for the country as a whole. They encourage us to invest more into our country. They encourage us to pursue our €78 million investment plan, which will leave a significant impact on our local economy. As part of this investment we are committing €40 million to the development of SkyParks 2 and €28million for a terminal expansion, scheduled to commence later on this year. Phase 1 of the terminal expansion will see us increasing the number of check-in desks and relocating the security screening area, to double its footprint. These efforts are being done to improve our passenger experience, which in turn ensures we leave a lasting impression on all tourists visiting Malta. After all, we are the first and last impression visitors get of our island. MBR: What are your priorities and strategies going forward to optimize the use of MIA, and monitoring intra-EU and extra-EU connectivity to identify shortcomings?

AB: Last year we welcomed more passengers than ever before, surpassing the 4.5 million mark and registering an increase of 7.7%. With growth registered every single month, it is clear that the island’s strategy to become a year-round destination is working. This is what we want to keep building upon. The traffic development team at

Malta International Airport is constantly working on developing a route network that increases Malta’s connectivity with the rest of the world. These efforts are strategically aligned to the marketing endeavours of the Government and Malta Tourism Authority. At the moment our key focus is on the largely untapped markets around Scandinavia and Eastern Europe. Malta’s climate is a big selling point here, even during the shoulder months which will help us continue to reduce our seasonality and create a truly year-round destination.

we all pull the same rope, we can be incredibly effective. That is why we continue to work closely with all tourism stakeholders. As a small country, we have a competitive advantage here. We can bring stakeholders together easier than our larger counterparts. Together we must ensure Malta offers a unique experience: not just sun and sea – but history, culture, and gastronomy. Our traffic numbers show our collective strategy is working. Every euro we invest in our island is giving substantial returns. MBR: What is the single biggest challenge facing the Maltese Islands with regard to tourism and aviation? AB: I think there are two key challenges. The first is our product. The more visitors we receive, the more we feel the strain on our essential services. We need to tackle this together and find innovative ways of adding more robustness and flexibility to our offering. The second biggest challenge is service excellence. We need a national upgrade of our service levels to create a world-renowned experience for travellers if we are to continue to sustain growth. MBR: How are you gauging customer satisfaction at the airport?

We are also targeting the Iberian Peninsula, with an aim to develop our network with a route to Portugal while working on recovering traffic from Spain to see it reach the same levels we had in the past.

AB: Monitoring customer experience is the first step to bettering it. That’s why we have focused so much energy on this.

As a result of our initiatives, a number of airlines have already extended their schedule into winter for the first time. We also secured three new airlines and two new routes for 2016.

We have invested in tools that allow us to measure satisfaction rates to the minute, throughout the terminal. When you pass the security area or use the washrooms, for example, you can register your level of satisfaction through tablets that allow us to understand how well we are performing.

MBR: How will you continue to improve the coordination and cooperation MIA enjoys with all stakeholders in this all-important industry? AB: One thing the past has taught us is that if

We have also invested in new software which aggregates all our customer feedback, both online and offline into one platform, providing us with an instant picture of our customer’s current sentiment. Understanding all this

INTERVIEW OF THE MONTH Malta Business Review

information, puts us in a better position to take the right decisions and correct any issues immediately. I also take the time to review every comment card we receive at the airport, which helps me keep a pulse on what our guests think about us – whether its positive or negative feedback. This year we have succeeded in climbing the ranks to become listed as the second best airport in Europe. Our intention is to reach pole position and stay there, despite stiffening competition.

At MIA we have made this our number one objective: to offer visitors the best airport experience in Europe. MBR: What makes Malta such an attractive destination for tourism and investments? Why do people fall in love with Malta? AB: Malta is a small island with a rich and diverse offering. You can come here for a day and enjoy activities that would take you a

whole week to experience in competing destinations. With such short distances, and so many things to see and do, travellers can get more done. Valletta is a perfect example which we must continue to capitalise on. It is a fantastic city break for our European neighbours, full of history, culture, entertainment and great food. You could stay for the weekend and never leave the city. MBR: Looking forward, what is the strategic view on how to build and promote the airport? AB: Our vision is to become Europe’s best airport and we will keep working hard to offer our guests a valuable and unique experience. To do this we will continue to invest in a welldesigned, clean and efficient airport which leaves a lasting impression, not only of our airport but also of our Island. Looking beyond our core business, we must continue to diversify our company by investing in our retail and property segment. This is why we are so committed to our €40 million investment in Skyparks 2. With a footprint of 4,000 square metres, Skyparks 2 is intended to house office space for 1,700 employees. Round the corner from the airport, these offices will serve as a prime location for

EDITOR’S NOTE

Alan Borg’s hospitality immersion extends to several years back. He began his career as a manager in Airline Marketing and was quickly promoted to Head of Airline Marketing. He later served as General Manager of SkyParks Business Centre and in 2012 was appointed Chief Commercial Officer and Executive Director of Malta International Airport plc. Alan practices an ingrained customer centric ideology, with a passion for constantly striving to achieve the best visitor experience. During the time he served as the GM for SkyParks Business Centre, he spearheaded the development of this business segment, which was a first for Malta International Airport plc. This was a strategic move to diversify the airport’s revenues and decrease its dependency on the aviation segment. SkyParks Business Centre is Malta’s flagship business centre today, with unparalleled amenities; having reached full occupancy in under 2 years of operation.

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Real estate

RE/MAX 2016 AGM By Monique Brincau

The second session of the 2016 edition of the RE/MAX Annual General Convention hosted top RE/MAX Malta Management who spoke about the performance recorded in 2015 and identified the strategies for 2016.

International Speaker Gil Li-ran hosts a training session with RE/MAX Malta affiliates

he RE/MAX 2016 Annual General Meeting, which was held on the 19th February 2016, this year took on a new format and was divided into two sessions: The first was a convention which saw the participation of two top International Speakers and Trainers engaged through the global RE/MAX network followed by the local Annual General Meeting which consisted of top management overview and insights acquired from 2015 and strategic direction for 2016. A first in the history of RE/MAX Malta was an event built on the theme of Strength, carrying the promise of “I will find the strength to persist until I succeed”. Gil Liran, the first international trainer, spoke of building a “Mind of Steel” to achieve success within the Real Estate business and further. His motivational talk evolved on how to create positive energy, reliving past successes and believing in our own self. “Positive thinking can create life-changing results such as increased happiness, health and wealth” he said to more than 260 RE/MAX sales associates attending the AGM. He added that a Real Estate Sales Associate can only retain his strategic path if the mind is strong and adamant enough to cast away surrounding negativity. Dario Castiglia, Regional Director for RE/ MAX Italia spoke about “How to become 26

Regional Trainer Paul Vincenti speaks to a full house during the RE/MAX Convention 2016

Dario Castiglia, Regional Director for RE/MAX Italy, during a short training session at the RE/MAX Malta Convention.

From Left: Joseph P. Theuma General Manager, Mike Bonello Franchise Owner, Etienne Vassallo winner and Sales Associate, Gordon Valentino Franchise Owner and Kevin Buttigieg CEO.

a successful real estate agent and stay that way over time”. He identified seven highly proactive strategies that a sales associate should adopt to enhance his profession. These strategies were tried and tested in other European markets and success rates and best practices were presented for each.

values that are in line with our strategy”. Other speakers at the Annual General Convention included Edward Agius, Letting Manager who gave an overview related to the letting sector and Joseph P. Theuma, General Manager of the Group, who gave a review of the company’s performance.

Kevin Buttigieg, CEO for RE/MAX Malta outlined the 2016 business strategy, the challenges as well as the opportunities that the company will face in this calendar year. He also revealed that during the first two months of 2016 the company is already experiencing Y-o-Y Growth. Whilst thanking the administration, associates, managers and franchise owners for their excellent performances, Mr. Buttigieg encouraged everyone to remain focused, set their targets and be true ambassadors of the Maltese real estate industry.

In his presentation, Joseph P. Theuma, noted that the company increased market share in all segments, including but not limited to the first time buyers, second time buyers, rental investments as well as the luxury markets for all types of property and all geographical areas of the Maltese Islands. The highest recorded improvement of almost 90% was recorded on foreign investment and a distinctive demand was experienced in the commercial property sector.

Jeff Buttigieg, COO for RE/MAX Malta gave a brief overview of the 2016 strategy for IT, Marketing and the Real Estate Academy. He said “Business year 2016 would be a year of further consolidation, growth and increase in market share. We will be investing heavily in technological resources as well as implementing new training courses based on the various needs for our team, multichannel marketing strategy, as well as, resolidifying and enhancing company core

The accomplishment of 109 top achievers was celebrated by a presentation of certificates followed by 11 performance awards. “Top Letting Associate” was awarded to Mario Caruana, Jeff Debattista & Gordi Felice; “Top Selling Office” was awarded to RE/MAX Alliance Tigne & RE/MAX Real Estate Specialist Tigne Point; “Top Sales Associate” was awarded to Philip Incorvaja and Etienne Vassallo. The full agenda of surprises, successful positivity and awards were celebrated during a networking reception. MBR

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GloBal EconoMy

Deloitte

Global Economic Outlook Q1 2016

In the first-quarter edition of Global Economic Outlook, our far-flung economists examine the global economic environment and offer their thoughts on the current situation and the likely future path. First off, Alexander Boersch examines the Eurozone economy. Alex reports that, despite headwinds from emergingmarket weakness and geopolitical tensions, the European economy has lately benefitted from strong tailwinds. Next, Patricia Buckley offers her thoughts on the US economy. She notes that the recent decision by the Federal Reserve to raise short-term interest rates for the first time in nearly a decade reflects growing confidence in the strength of the US economy. China is the subject of Ira Kalish’s contribution to the quarterly outlook, where he points to evidence that the slowdown in China’s growth has been getting worse. However, he notes that, given the level of policy interest rates, the central bank actually has plenty of room to act in order to stimulate more growth. Next, Rumki Majumdar writes about the Indian economy. Rumki notes the relative strength of India’s economy, with fast growth and modest inflation. She says that consumer spending has led growth, but that it cannot be sustained going forward absent more investment and employment growth. In his article on Japan, Akrur Barua points to new data indicating that Japan did not experience a recession in 2015 after all. Yet he notes that consumer spending and business investment are “far from impressive.” In the next article, Ian Stewart notes the resilience of the domestic side of the British economy. He discusses all of the various headwinds that Britain’s export sector faces and concludes that domestic demand will be key going forward. In the last article, Rumki Majumdar looks at how emerging markets are likely to be affected by the change in US monetary policy. She examines the past experience of emerging-market responses to shifts in advanced-market financial conditions in order to infer what might happen next. 28

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 Technology Solutions Limited, Deloitte Consulting 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. Cassar Torregiani & Associates is a firm of advocates warranted to practise law in Malta and is exclusively authorised to provide legal services in Malta under the Deloitte brand. 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 225,000 professionals are committed to making an impact that matters. MBR The Deloitte Global Economic Outlook Q1 2016 may be downloaded from www2.deloitte.com/mt/geo. © 2016. For information, contact Deloitte Malta.

ISO 9001:2008 CeRtIfICatIOn Malta Business Review

Technoline achieves technoline Ltd is pleased to announce that it has achieved ISO 9001-2008 Certification in December 2015. Following a thorough audit of the company’s Quality Management System involving most team members, the company’s sales, installations, advisory services and technical aftersales services are now ISO 9001-2008 certified. Technoline customers may now feel assured that all processes are managed using an internationally recognised standard that assures quality and promotes continuous improvement. “ISO certification highlights the thoroughness with which we harness Quality within our company’’, explained Simon Cusens, Technoline’s CEO. “This is a testament of our commitment to Quality also instilled in our internal processes and culture at all levels of our operations. This certification is by no means a forgone

conclusion, but represents a dynamic process of continuous improvement”. While the range of brands that Technoline represents allows it to meet all its customers’ needs and expectations, it is the quality of service that permits the company to differentiate its offerings in a competitive market. “We are selling human capital as much as we are selling products. It’s the knowledge of our staff which is really the main asset of our business. The ISO badge on our name now consolidates a company reputation that continues for almost 40 years.” Established in 1978, Technoline is one of the leading life sciences equipment providers in Malta, employing a specialised team who has the necessary technical, IT, medical, and scientific qualifications and experience.

Technoline supplies medical and scientific equipment and consumables to all Healthcare providers as well as to clinical and industrial laboratories backed by the services of a full technical after sales support and maintenance staff compliment. MBR

Malta Business Review

Science & BRoadcaSting

University of Malta and Public Broadcasting Services launch research documentary

scientific breakthrough recently occurred here in Malta. The research team, led by Professor Alex Felice, identified the gene that causes foetal haemoglobin to switch to adult haemoglobin during the early stages of life. This discovery was a milestone on the road to developing a cure for Thalassaemia, a blood disease which affects the lives of many Maltese people and other populations around the Mediterranean. This significant research has now been made into a documentary, the first in a series, Lab to Life, to be produced jointly between the University of Malta and the Public Broadcasting Services Ltd aimed at highlighting the world-class research projects currently undertaken in the various departments of the University. This series, the first of its kind in Malta, is the result of an agreement reached between Public Broadcasting Services Ltd and the University of Malta earlier this year, with which the organisations

will be collaborating to showcase the research that is happening at the University, through the media platforms of the national broadcaster. The first of the series, focusing on Thalassaemia, was launched on Thursday at the Aula Magna of the Valletta Campus. Cav. Dr Tonio Portugese, Chairman of PBS, speaking at the launch, explained that the public broadcaster is proud to be serving as a channel to bring this local excellence to the public. He explained that PBS Ltd, through its international links, intends to disseminate the documentaries amongst foreign broadcasting houses, something which will continue to give an international dimension to Maltese research projects. Professor Richard Muscat, Pro-Rector for Research and Innovation illustrated through a brief presentation, that this series provides a taster of the myriad excellent research projects that are ongoing at the University of Malta. He

spoke about the strong collaboration with top research institutions around Europe and elsewhere and how Maltese researchers regularly publish their work in top academic journals, something that needs to be continuously supported by the state and by the community. He also said that this collaboration was part of the Universityâ&#x20AC;&#x2122;s strategy to communicate its research, both scientific and humanistic, so that society in Malta and abroad can be more aware of the important work of its researchers. THINK magazine, he said, has proved to be a great success both in hard copy and on the internet and this collaboration is a needed extension of this strategy into the visual media. Other areas of study planned for the series range from cancer research to marine archaeology, research in brain function, studies in diabetes, avionics, linguistics and super materials, just to name a few. MBR Photo credit: Edward Duca

BANKING Malta Business Review

HSBC introduCeS the HSBC Select range of funds in Malta

Previously only available to HSBC Group’s Private Banking clients, the HSBC Select range of funds opens up the Bank’s renowned expertise in asset management to its Premier customers through a dedicated management team, drawing on HSBC’s international scope and presence in the principal financial centres around the world. HSBC Select is being offered in five portfolios with varying risk and returns profiles and is subject to a minimum initial investment of €50,000. “HSBC Select is a new investment opportunity for our Premier customers who will benefit from large diversification, and thanks to the five portfolios available, should have access to an investment solution suitable for their individual profile.” said Paul Steel, Head of Retail Banking and Wealth Management, HSBC Bank Malta.

HSBC Malta has introduced HSBC Select in Malta, a portfolio of five funds designed for investors who wish to benefit from the recognised expertise of the HSBC Group as well as regular monitoring of their financial wealth by the fund management team.

The Select funds unlock a new world of asset management opportunities for investors.

As an introductory offer, HSBC Malta is discounting the initial fees for HSBC Select to 1% for applications received before 31st March 2016. HSBC Premier customers can get more information on HSBC Select by calling HSBC Premier Direct on 21489100 or by speaking to their HSBC Premier Relationship Manager. MBR

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Malta Business Review

EU AnAlysis

EurozonE Strengthening the recovery By Dr. Alexander BĂśrsch The Eurozone economy was supported by a variety of tailwinds in 2015, which were enough to offset headwinds such as emergingmarket economic weakness, so that the recovery has been largely on track. However, there are substantial differences between individual Eurozone countriesâ&#x20AC;&#x2122; performance. looking back at 2015 . . . The end of 2015 marks the beginning of the third year of the recovery for the Eurozone. The Eurozone economy was supported by a variety of tailwinds in 2015. These include rapidly falling energy prices, a very expansive monetary policy by the European Central Bank, slowly receding unemployment, and a relatively weak euro value coupled with neutral effects from fiscal policy. These supporting factors and their effects on exports and private consumption were enough to offset headwinds such as the economic weakness in emerging markets and geopolitical tensions, so that the recovery has been largely on track. While the initial phases of the recovery depended highly on exports and therefore on growth dynamics outside Europe, the current phase is based predominantly on private demand. Consumers were the main driver of the recovery in 2015, thanks to higher household spending and lower unemployment. This helped the Eurozone withstand the slower-thanexpected global trade dynamics. Not only has the recovery continued but so have its weak underlying dynamics, making this recovery much slower than previous ones. However, not only has the recovery continued but so have its weak underlying dynamics, making this recovery much slower than previous ones. In 2015, the Eurozone as a whole grew at 1.6 percent, after 0.9 percent in 2014.1 However, this average contains substantial differences (figure 1). The former crisis countries Ireland and Spain bounced back in spectacular fashion. Irelandâ&#x20AC;&#x2122;s strong recovery was based initially on strong exports performance but has since broadened to include private demand and investment; the same is true for Spain. Germany grew very slightly above the Eurozone average, while Italy and France failed to reach the Eurozone average by a substantial margin. The variance of growth rates is very wide, indicating that the Eurozone continues to diverge instead of converge, contrary to the initial aim of the currency union.

. . . And forward to 2016 Corporate expectations at the end of 2015 are not clear cut but demonstrate cross-country differences similar to the 2015 growth rates. The Deloitte European CFO Survey (figure 2) shows that across the EMEA region, corporate sentiment is positive, but, at an index value of 2 percent, only slightly so. Among the big Eurozone countries, the sentiment differs

in unexpected ways. Whereas German and Dutch CFOs are fairly pessimistic about their current outlook, the CFOs of big Italian and Spanish firms are much more optimistic. A big part of the pessimism of German CFOs, especially in manufacturing, has to do with their high export orientation and their focus on China and the emerging markets in the few last years.

EU AnAlysis Malta Business Review

In 2016, some of the growth drivers will likely continue to have a positive impact. Even if oil prices increase, they will probably do so gradually, so that on average they should have a positive effect; the same goes for the continuing expansive monetary policy of the European Central Bank. On the other hand, continuing weakness in China would drag on Eurozone exports. Another risk factor is a potential return of the Greek crisis. European CFOs are quite pessimistic in that regard. Almost half of them believe that the compromise between Greece and the Eurozone countries has actually damaged the prospects for a stable and closely integrated Eurozone in the longer term; one-third of the CFOs are neutral, while 17 percent think it will have a positive impact.2 The impact of the refugee influx is difficult to predict. In the short term, the effect will likely be positive as public expenditure will have to rise. In the longer term, the effects depend on the integration of migrants into the labor market and their skill sets. The short-term impact will be most visible in Germany, which has registered almost 1 million immigrants in the first 11 months of 2015. What could spur investment activity? One of the key questions, if not the most important one, for the Eurozoneâ&#x20AC;&#x2122;s growth in 2016 and beyond will be whether corporate investment activity will finally recover. Despite very favorable financing conditions in 2015 and an ongoing recovery, corporate investment has developed much slower than in previous recoveries and remains below precrisis levels. The low investment activity of European corporates is the main reason

for the very modest recovery, and it is a severe threat to long-term growth. Expansive monetary policy has been shown to not be enough to kick-start corporate investment activity. This holds even for Germany, where a combination of extremely favorable financing conditions, a long-lasting recovery, record-high employment, and rising demand have not resulted in an investment surge yet. According to the German Deloitte CFO Survey, the investment propensity of German corporates is positive but fairly low, even in comparison to the rest of Europe.3 Expansive monetary policy has been shown to not be enough to kick-start corporate investment activity. Three policy levers Three public policy levers have the potential to contribute positively to the investment propensity of European corporates in 2016. The first is the public investment plan of the European Commission. The European Fund for Strategic Investments comprises capital of 5 billion euros from the European Investment Bank and a 16 billion euro guarantee from the European Unionâ&#x20AC;&#x2122;s budget. Through coinvestments by private investors, the fund is supposed to mobilize more than 300 billion euros of investment money for areas such as infrastructure, education, innovation, and renewable energy. While the plan alone will not be able to overcome investment weakness, it could provide valuable impetus. The second lever is the Transatlantic Trade and Investment Partnership (TTIP). Negotiations are scheduled to finish by the end of 2016. While its exact form is controversial, the TTIP would create, by

far, the biggest integrated economic area in the world. It could not only increase the flow of foreign direct investment to Europe; higher competition could also lead to higher investments by European firms in Europe. North America is also a key growth driver for exports from the Eurozone. For example, North America, and especially the United States, is the most important growth market in 2016 for German corporates in general, as well as the most important target for investments by the German manufacturing industry.4 Lastly, the creation of the digital single market could help investment activity recover. Investments in information and communications technology are much lower in Europe than in the United States, limiting the scale of the European digital economy and its growth potential.5 Overcoming the current fragmentation of Europeâ&#x20AC;&#x2122;s digital economy and creating a fully functioning digital single market could result in potential GDP gains of more than 400 billion euros per year, according to estimates by European institutions.6 In all, these policy levers could support and enable corporate investment on a European level. Using them alongside national measures to overcome the investment weakness would help transform the recovery from moderate to robust and self-sustaining. The impact of the refugee influx is difficult to predict. In the short term, the effect will likely be positive as public expenditure will have to rise. In the longer term, the effects depend on the integration of migrants into the labor market and their skill sets. MBR Creditline: Deloitte University Press www.maltabusinessreview.net

Malta Business Review

“

Special RepoRt • agRicultuRe

Food ANd susTAiNAbiliTy chAlleNGes cAN be Addressed ThrouGh NeW PArTNershiP Model sAys rePorT FroM World ecoNoMic ForuM ANd deloiTTe GlobAl

A guide for country-led action on sustainable agriculture and food security

ransforming the world’s food systems through country-led action partnerships will be key to sustainably feeding over 9 billion people by 2050, according to a new report from the World Economic Forum and Deloitte Touche Tohmatsu Limited (Deloitte Global), Building Partnerships for Sustainable Agriculture and Food Security: A Guide to Country-Led Action. The report was launched at the Forum’s 2016 Annual Meeting in Davos. Based on the experience of the Forum’s New Vision for Agriculture initiative (NVA), the report is a practical, user-friendly guide for country-level and global leaders who are working to build and strengthen multi-stakeholder partnerships for sustainable agriculture and food security. It draws on best practices and lessons learned from 19 countries in Africa, Asia and the Americas, where partnerships catalysed and supported by the NVA have benefitted 9.6 million farmers to date. “Many of the world’s most pressing challenges, from poverty and hunger to climate change and social equality, are linked to agriculture and food security,” says Shay Eliaz, a Principal with Deloitte United States (Deloitte Consulting LLP) who leads the team that worked closely with the Forum on the NVA report. “The NVA Partnership Model, which draws on the joint experience of the NVA and Deloitte Global, outlines the NVA’s approach which has already seen success in driving investment, innovation, and collaboration toward the issues of food security, environmental sustainability, and economic opportunity.” The Forum emphasizes that the NVA Partnership Model can be applied beyond agriculture to help address a range of complex, global challenges. Indeed, the UN Sustainable Development 34

Goals recognize multi-stakeholder partnerships as an important vehicle for implementation of all 17 of the UN’s “global goals,” which cover health, education, sustainability, and economic growth. “Achieving transformational change on a global level – on any issue – requires country-led action,” says Lisa Dreier, Head of Food Security and Agriculture Initiatives at the Forum. “After five years of catalysing, developing and supporting partnership activities in 19 countries, the NVA is excited to share with the world its ‘recipe for success.’ We hope it can provide practical guidance to leaders who want to mobilize multi-stakeholder action on any issue.”

The NVA PArTNershiP Model

The NVA Partnership Model has been co-developed with leaders of 19 NVAsupported partnerships in three continents, which are supported by a global network of over 500 organizations. At its core are five guiding principles, which state that partnerships should be locally-owned, globally supported, market-driven, holistic across full value chains, and multi-stakeholder, with open and inclusive engagement across all food system actors. Since 2010, NVAsupported partnerships have mobilized over US$10 billion in investment commitments, of which US$1.9 billion has been implemented. Participating countries include: Benin Indonesia Nigeria Burkina Faso Kenya Phillippines Cambodia Tanzania Rwanda Cote d’Ivoire

Malawi Senegal Ethiopia Mexico Vietnam Ghana Mozambique India Myanmar

Deloitte Global will continue its collaboration with the Forum’s New Vision for Agriculture initiative to help countries implement the guide’s recommendations in a series of regional meetings through 2016.

AbouT The Guide

Building Partnerships for Sustainable Agriculture and Food Security: A Guide to Country-Level Action is a report from the World Economic Forum, prepared in collaboration with Deloitte Touche Tohmatsu Limited (Deloitte Global). It was developed in response to the growing demand for new models of multistakeholder collaboration to achieve food security, sustainable development, and other global goals outlined in the United Nations Sustainable Development Goals. It is based on the experience of the Forum’s New Vision for Agriculture (NVA) Initiative, which has worked since 2010 to support multi-stakeholder partnerships that drive improvements in food security, environmental sustainability, and economic opportunity at the national level.

AbouT The World ecoNoMic ForuM

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic, and other leaders of society to shape global, regional, and industry agendas. Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan, or national interests. More information can be found at www. weforum.org. MBR

For information, contact Deloitte Malta.

SME Malta Business Review

SME oriented

capital markets platform to be launched soon on the Stock Exchange

Yet another measure announced in the Budget 2016 will come into force with the launch of a multilateral trading facility aimed at providing SMEs looking to raise between €1m and €5m to finance their expansion and development with opportunities of direct financing by investors in the market in an efficient and regulated manner and without undue expense. The necessary legislation and regulations that will allow this platform to be set up will be enacted by Parliament soon, Minister for Finance Edward Scicluna announced. The new capital markets platform,

named PROSPECTS, was introduced to stakeholders by the Malta Stock Exchange (MSE) on Wednesday 17th February at Le Meridien, St Julian’s. Minister Scicluna said it is indeed good news to see our banks provide various new financing tools for SMEs. Such laudable initiatives offer a much needed support to smaller businesses, in so doing further stimulating our financial market, generating millions in economic activity. Still, it is a fact that companies are increasingly seeking alternatives to financing through banking, and a listing on the MSE should be one of the main avenues companies actively consider. Minister Scicluna remarked that Malta will soon announce the proper fiscal incentives for family businesses. He added that making firms grow and ensuring family businesses do not break up needlessly is also in the country’s economic interest. Also in the pipeline is the Company Recovery and Resolution

Act, which will eliminate all the current fragmented array of legal procedures associated with company liquidation. He said that businesses need a very clear, transparent and efficient framework for recovery resolution, and that this legislation will be giving companies a second chance and offering them protection as should be the case in any modern country. The draft Bill, he said, has been approved by Cabinet and will be presented in Parliament after further consultation. “The financial landscape has shifted, and the time is ripe for SMEs and familyrun businesses to come out of their safety cocoon, not only to survive but to thrive,” said Minister Scicluna. “We encourage them to take a step forward towards the stock exchange, and platforms such as PROSPECTS - together with other measures that are being introduced make this easier than ever before.” MBR Courtesy: DOI/Ministry for Finance

www.maltabusinessreview.net

Malta Business Review

Banking • Economy

HSBC Malta CEO considers

Maltese economy poised for growth...

alta is an integral part of the story of a changing world, and is well positioned to capitalise on the opportunities the future global economy holds for the country, HSBC Bank Malta CEO Andrew Beane said.

brings together economists, politicians and authors to discuss and predict the economic and technological trends of the year. The headline appearances were made by Gerd Leonhard, an influential futurist and the Prime Minister of Malta Joseph Muscat.

“While of course we need to navigate the immediate challenges right in front of us, we equally need to position ourselves to thrive in a new economic world order driven by the growth of emerging markets and an ever more integrated global economy. This is a transformational and permanent structural change, and I think here in Malta we are extraordinarily well positioned to capitalise upon this,” said Beane while speaking at The Economist’s The World in 2016 Gala Dinner.

According to Beane, the future global economy will be significantly larger and more closely integrated than today and this will create many opportunities for Maltese businesses to grow.

HSBC Bank Malta was the lead sponsor of the signature annual event, which 36

“The global economy will also be a digital economy where it matters far less how big or small you are,” added Beane, while citing from the latest HSBC report Trade Winds. The HSBC Trade Winds report explores how international business has changed over 150 years and looks forward to what

may come next. The report forecasts the eurozone economy to grow by 40% by 2050. It is available at HSBC Global Connections. “If you travel six miles east of Malta you will find yourself in the middle of the primary trading lane between China and Europe. At HSBC, this is something we are particularly excited about and have been since we were founded 151 years ago. As the world’s largest trade bank, we facilitate more than half a trillion dollars of trade each year,” said Beane. MBR Courtesy: HSBC

AviAtion Malta Business Review

EmiratEs rEsumEs flights to Cyprus twiCE wEEkly

Emirates’ Airbus 340-300 will be operating on the Dubai – Malta route from 1st March 2016 Emirates will resume flights to Larnaca twice weekly and onward to Dubai from 1st March 2016, allowing travellers to book tickets between Malta and Cyprus. Under the new schedule, Emirates’ twice weekly flights EK109 to Malta will leave Dubai every Monday and Wednesday at 07:50hrs, arriving in Larnaca at 10:20hrs. It will then proceed to Malta arriving here at 13:25hrs. The return flight EK110 will leave Malta at 14:55hrs, arrive in Larnaca at 18:15hrs, then leaves Larnaca at 19:30hrs and lands in Dubai at 01:25hrs the following day.

Also, from 1st March 2016, five times a week - every Sunday, Tuesday, Thursday, Friday and Saturday, Emirates will operate the Dubai - Malta route on a circular routing via Tunis in Tunisia. The return flight will fly direct from Malta to Dubai. Flight EK 749 will depart Dubai at 0825hrs arriving in Tunis at 12:45hrs. It will then depart Tunis at 14:15hrs and arrive in Malta at 15:25hrs. The return flight EK 749 will leave Malta at 16:45hrs and will land in Dubai at 00:50hr the next day. The flights will be operated by an Airbus 340-300 in a three-class configuration,

offering 12 luxurious seats in First Class, 42 deep reclining seats in Business Class and 213 spacious seats in Economy Class. Emirates customers can enjoy the airline’s world famous service from its multinational cabin crew, gourmet cuisine and its award-winning entertainment system ice, which offers hundreds of channels of audio and visual entertainment, including the latest movies, music, as well as audio books and games. Emirates also offers its customers generous baggage allowance, with 50kg for First Class, 40kg for Business Class and 30kg for Economy Class. MBR

Further information and flight schedules are available from: www.emirates.com/mt

www.maltabusinessreview.net

Malta Business Review

Is technology the answer to Improve hIrIng?

When the new hire turned out to be a poor performer, they blamed the candidate and never for a minute stopped to think that the decision to hire that person was theirs. Poor decisions can often be traced back to lack of preparation by the interviewing panel. There is By Abhijit Bhaduri research to show that more than 4 people interviewing the candidate does not yield better means Hiring erson’s insights. Apart from being better p a n d a bet o xpecte prepared and reviewing research to taking h the e it w n a b jo in improve the hiring process leveraging a d e hir to do erson p f ability technology at every stage of talent e h li c e a b E iency. nts the e s acquisition improves the outcome. e r t profic s p e re b as the ization Here are three things that can help w d e ir organ an son h c r e w p improve hiring success. o e ut h t th

tha

le possib

.B choice sure? we be

have heard of many people who use only their gut to evaluate a candidate. Remember by tossing a coin to make a hiring decision, there is fifty percent chance of the candidate being very successful - statistically speaking. By studying the successful hires made by the C-Suite of a top organization they were horrified to discover that their successful hiring record was far below the coin toss method. How did this happen? They had never tracked the leaders’ skills in interviewing. Leaders were using their own heuristics to choose candidates.

TRack inTeRvieweRs A new hire takes a few months to settle down and find ways to navigate their way around. So when the new hire quits within a few months or without completing a year or worse still remains a poor or at best an average performer, it is an opportunity to rethink the skills of the interviewers. Go back to the hiring panel’s comments about the candidate and see if any interviewer had raised a flag that others missed. When a new hire shows great potential and turns out to be a top performer, (or a poor hire) go back to identify the panel members who made the hiring decision. Very soon you will be able to identify who are your best evaluators of talent. Leverage them as often as possible in hiring. eliMinaTe Biases A decision that is supported by data should aim to eliminate human biases. When musicians were asked to play their audition pieces behind a screen where the judges could only hear them play but had no way of knowing the person playing the instrument, more women and minorities got selected. In several countries candidates are told not to put their photos, disability details, marital status and any other personal information that is not relevant to do the job for which the person is being considered. Google gets hundreds of terrific resumes each years. Each resume is screened by an algorithm to shortlist the candidate pool. The algorithm has been built to look for criteria that successful people

in Google have in common. analyTics By leveraging available statistical tools and algorithms data scientists can predict which candidate profiles have the greatest chance of succeeding in that organization. Many interviewers use the academic performance shortlist candidates at college campuses. There are enough research studies to show that academic performance does not predict success on the job. A professor who has had an enviable academic record may not turn out to be very effective in a classroom. Teaching is not just about transferring knowledge. It is as much about motivating and inspiring the learner to love the subject. This is where talent analytics can help craft models that take into account other factors that could predict effectiveness. Man and MacHine Many websites that teach people how to code have discovered that more than thirty percent of their top coders have no formal education in computer science. They are just curious learners. By tapping into these communities one may have a great view of candidates whose skills have been ratified by unbiased experts. By looking at how much content the person has created, it may be possible to predict the candidate’s written communication skills and their ability to be a team player. Using publicly accessible social media data it is possible to filter people who behave in ways that do not fit in with the organization’s values and beliefs. No matter how fast we run, we can significantly improve our ability to cover long distances in relatively shorter time when we use a vehicle. The same goes for hiring. Technology can help us scale our efforts, make it significantly faster and eliminate human biases. That still leaves enough room for human judgment. The wisdom and insight that an experienced interviewer can bring to the table can become even more powerful with the right tools. Technology cannot replace the human - at least not yet. MBR Creditline: twitter @AbhijitBhaduri

EDITOR’S NOTE

Abhijit Bhaduri works as the Chief Learning Officer for the Wipro group. He lives in Bangalore, India. Prior to this he led HR teams at Microsoft, PepsiCo, Colgate and Tata Steel and worked in India, SE Asia and US. He is on the Advisory Board of the prestigious program for Chief Learning Officers that is run by the University of Pennsylvania.

EuRopEan paRliaMEnt Malta Business Review

OppOsitiOn MeMber Of the ecOnOMic and financial affairs cOMMittee claudiO Grech attends the eurOpean parliaMentary Week 2016 in the eurOpean parliaMent Claudio Grech, Opposition Member of the Economic and Financial Affairs Committee, represented the Maltese Parliament in the European Parliamentary Week meetings which were held in the European Parliament in Brussels on 16 and 17 February 2016. Claudio Grech participated in the European Semester Conference held on 16 February and in the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the EU, also known as the Article 13 Conference, on 17 February. The European Semester Conference focused on the role of the European Parliament and national parliaments in the revamped European Semester and on the policy priorities of the 2016 European Semester Cycle. The Conference was opened by EP President Martin Schulz who argued that a more unified EU translates in practice into a stronger EU which delivers better results for the EU citizens. In his address he also referred to the important negotiations that are being held with the U.K. in the run up to the referendum on the U.K.â&#x20AC;&#x2122;s EU membership. Jean-Claude Juncker,

President of the European Commission, gave an update on the European Fund for Strategic Investments (EFSI) which has so far financed a total of 40 projects in 22 Member States. Nevertheless, despite improvements, investment was 17% less in 2015 compared to 2007 figures. Mr Juncker stressed that the EU should focus on increasing budgetary consolidation, improving public finances, and strengthening investment in order to accelerate economic recovery.

Claudio Grech, opposition Member of the Economic and Financial affairs Committee

Grech also participated in the Interparliamentary committee meeting organised by the Committee on Economic and Monetary Affairs which discussed in detail the follow-up on

BEPS (Base Erosion and Profit Shifting) and the state-of-play with regard to the Banking Union. Claudio Grech intervened during this meeting speaking on the BEPS and the impact of its prospective implementation. He argued that the topic is politically sensitive and the specific characteristics of different Member States must be taken into account when implementing the proposals. He said that Malta agrees with fair taxation and with most of the proposals set out in Tax Avoidance Package. However, he stressed that fiscal sovereignty. On the second day of the EPW, Grech participated in the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the EU. The Conference discussed Parliamentsâ&#x20AC;&#x2122; experiences with enhanced economic coordination and governance, the effects of budgetary coordination and the future scenarios for investments in a competitive EU, including both challenges and opportunities. MBR Courtesy: The House of Representatives/DOI

Malta Business Review

LeadeRship

Don’t Let a Bully Boss Affect Your Mental Health

By Daniel Goleman Brainpower: Mindsight and Emotional Intelligence in Leadership

hat’s what a Brainpower webinar participant asked me and my friend and colleague Dan Siegel during a recent webcast. I would like to expand on the brief response I gave during the webinar. First, let’s be clear about definitions. The Workplace Bullying Institute uses this description in their work: “Workplace Bullying is repeated, health-harming mistreatment of one or more persons (the targets) by one or more perpetrators. It is abusive conduct that is threatening, humiliating, or intimidating, or work interference — sabotage — which prevents work from getting done, or verbal abuse.” Obviously, someone who fits this definition can occupy any position in an organisation. When the boss is a bully, their position enhances the power of their abuse. Bullying can be part of a complex set of dynamics that are more than can be covered in a brief article. However, the four components of emotional intelligence provide useful perspective on and tools for dealing with a bully. The first component is selfawareness. What do you feel when your boss humiliates you or intimidates you? Immediately, you might feel angry or afraid. Your heart races, your vision narrows, and you find yourself in the grip of what I call an “amygdala hijack.” During a hijack, the part of the brain that controls our emotional reactions takes charge. It overrides the calmer, thinking part of our brain. The amygdala triggers a Flight, Fight, Freeze, or Faint response. Or saying something you later regret. With emotional intelligence, we can recognise that hijack and choose to cool down. As Dan Siegel and his colleagues at UCLA say, “Name it to 40

Tame it.” Just acknowledging we are in the midst of an amygdala hijack starts the cooling process. The second component is selfmanagement. Without emotional intelligence, the amygdala is in control and you are off to flee, fight, freeze, or faint. This is the time for self-management tools such as relaxation or meditation. You can simply step away from the difficult situation and take deep breaths. Practiced regularly, these techniques are more easily accessed in the moment. Psychologist John Gottman advises couples having arguments to take a 20-minute time out before continuing the conversation. Taking a break isn’t always possible in the midst of a highpressure work environment. That brings me to the third component, social awareness. The core skill in social awareness is empathy, sensing what others are thinking and feeling without them telling us in words. Are you the only one being bullied by your boss? Or do you pick up signals that your coworkers are having similar experiences? My guess is you are not alone. If so, others are probably having emotional hijacks and feeling the constant strain. Is anyone in the office less impacted by bullying? Pay attention to them. What can you learn from them about keeping your cool? Bullying can feel normal if it happens all the time. Using your self-awareness and empathy, you can remind your coworkers that bullying is not normal or acceptable. Tania Singer and her colleagues at the Max Planck Institute in Germany have developed tools for developing empathy and compassion. What About the Boss? Your job is not to analyze or fix your

How can I use emotional intelligence or Mindsight to manage a bully boss? boss. And, there are many strategies for addressing a bully boss beyond the ones I mention in this article. However, emotional intelligence gives us insight and tools for how to interact with a bully boss. Empathy can help you understand what they are feeling and what triggers them. Relationship management is the fourth component of emotional intelligence. Dan Siegel’s work with Mindsight and the field of interpersonal neurobiology has helped us understand more about the “social brain.” Our brains make unconscious, automatic connections with the brains of the people around us. Mirror neurons are one mechanism for that connection. Simply put, mirror neurons fire in our brains in response to the behavior of people around us, including their facial expressions. They produce emotional contagion, the subject of one of my recent posts. With emotional contagion, the most powerful person in a situation is the “sender” of emotions. The rest of us in that moment are receivers, picking up on the emotions of that powerful person. One way bullies impact us is to project feelings that we pick up through our mirror neurons. Perspective Beyond its specific tools, emotional intelligence provides us with a perspective on ourselves and others. We can be aware of our feelings, manage them, understand other people, and manage our relationships with others. That mindset sets us on the path to skillfully handling all of our relationships, even with a bully boss. MBR

EDITOR’S NOTE

Daniel Goleman, psychologist and awardwinning author of Emotional Intelligence and other books on EI, challenges traditional measures of intelligence as a predictor of life success. Daniel Goleman is an internationally known psychologist who lectures frequently to professional groups, business audiences, and on college campuses. As a science journalist Goleman reported on the brain and behavioral sciences for The New York Times for many years. His 1995 book, Emotional Intelligence was on The New York Times bestseller list for a year-and-ahalf, with more than 5,000,000 copies in print worldwide in 40 languages.

Malta Business Review

R&I

Notable SucceSSeS for

r&I

Projects using national Funds administered by mcst

A half day seminar took place at the Malta Council for Science and Technology (MCST) premises in Villa Bighi, Kalkara today the 17th February 2016. Beneficiaries of three projects presented their research findings on the occasion of the successful closure of these projects funded by MCST. These projects benefited from a national fund which is administered by the R & I Programmes Unit that supports Research and Innovation projects in Malta. Since 2004, MCST has offered the Technology Development Programme (TDP) to entities allowing them to access funds for research. To further instigate potential commercialisation of beneficiary ideas, MCST in 2013, launched the FUSION Commercialisation Voucher Programme which provides mentoring and financial support for studies on Intellectual Property, Market Research, Product Development Costing, Economic Impact Analysis, Risk Profile Assessment and others. Once projects have passed this stage, they may apply for the TDP. The TDP provides opportunities for public and private entities to come together by forming a consortium, allowing knowledge transfer in both directions, being crucial to concretising research to deliver solutions to challenges faced not only within Science, but also within economic growth and competitive impact. Dr. Jeffrey Pullicino Orlando welcomed members present and said that Research and Innovation plays a crucial role within the prosperity of a country and that MCST has been instrumental in creating platforms for the strengthening of Maltaâ&#x20AC;&#x2122;s R & I pillar. Parliamentary Secretary for Research, Innovation Youth and Sport, Chris Agius, congratulated all participants showcasing their projects and added that these projects, as well as commitments on ongoing projects, help towards Maltaâ&#x20AC;&#x2122;s target with the European Commission of reaching a 2 % GDP expenditure on Research and Development. The projects presented at MCST today have successfully achieved their promised deliverables and have made notable steps in advancing the various technologies they have researched.

Eye-Communicate Eye-Communicate which was the first project presented, is a robust costeffective eye-gazing technology for 42

assisted communication. This is especially useful for people with disability, for the analysis of car driversâ&#x20AC;&#x2122; fatigue levels, for diagnosis of medical conditions such as autism and schizophrenia and more. One of the reasons limiting the use of this technology is often its high cost. The University of Malta, being the primary investigator of this project, designed a low-cost eye-gaze tracking system by capturing images using a webcam onboard a notebook computer. The system improves the gaze estimation accuracy by building on well-documented mathematical human eye models. This research also considered methods to handle any involuntary head and facial movements which are commonly exhibited by persons with movement disorders such as cerebral palsy. The Curriculum Management, eLearning Department and also the Access to Communication & Technology Unit at the Ministry of Education and Employment were also part of this research project were they collaborated with the UoM to gather information on how children suffering from cerebral palsy react to a commercially available eye-gaze tracker under different conditions. This information would then help in the design of the low-cost eye gaze-tracker developed at the UoM.

ThermHCB The Digital Mobile Gaming Cloud (DigiMoCloud) project developed a service that allows gamers to play video games from their mobile phones and devices. The games actually run on powerful servers in remote data centres (the Cloud) and are the video is then streamed to the mobile devices. The challenge in this project, through a consortium between the University of Malta and iMovo Ltd, was to compress the video such that it would not be too expensive to stream over the Internet

and mobile connections. However, the video quality has to be high since mobile users, gamers in particular, have become accustomed to high quality mobile displays. MCST aims to carry on working on the promotion of Research and Innovation in the realm of Science and Technology and will continue showcasing such works to raise awareness amongst the public. Currently, a call for the Commercialisation Voucher Programme is open more details can be accessed from the website www.mcst.gov.mt The deadline is the 22nd February 2016. A second call will be launched mid 2016, TDP calls will also be launched twice with the first being in March and the second in the fourth quarter of 2016. MBR

DigiMoCloud Galea Curmi Engineering Ltd, RA & Sons Manufacturing Ltd and the University of Malta have, through funding provided by the Malta Council for Science and Technology, designed a hollow concrete block called ThermHCB. This HCB has the same dimensions and load bearing characteristics as the conventional hollow concrete block but with a reduction in heat transfer by 21% and reduction in weight by 25%. Together with a newly designed rendering material, the heat transfer can be further reduced by 37%. Two important advantages are offered: Improvement in building energy efficiency and the lighter weight without the need for any specialised tools or added training to the builders. Analysis has also shown that the Therm HCB is more economically attractive than a conventional HCB. The latest recast EU Directive 2010/31/ EU on energy performance of buildings implies that all new and renovated buildings must become zero net-energy buildings by January 2021. This cannot be achieved by simply putting up renewable energy systems but by also making use of new materials that would reduce heat losses and gains from the building.

Malta Aviation Networking Conference The Palace, Sliema

Friday, 18th March 2016 NeTworKiNG CoNfereNCe To CelebrATe eU New AViATioN STrATeGY

TrAde Show & exhibiTioN

worKShoP

Malta Business Review

ERC StoRiES

Real-life problems realistically solved By Special Correspondent When you want to tackle a problem that would require a disproportionate amount of time and effort to solve exactly, you can use an approximation algorithm, says Piotr Sankowski of the University of Warsaw. The result may not be as precise as the outcome of an exact calculation, but it will be very close — and, depending on what you need it for, there may be

little point in getting bogged down in details.

individual examples of particular types of problems, but can be adapted to address other questions of a similar nature.

Sankowski has benefited from an ERC Starting Grant for the PAAL project, which produced a library of such algorithms. Together with his team, he designed these approximation programmes to be generic: they don’t just work for

“Our library is easy to install, to use and to modify,” Sankowski notes. “It is based on templates that you can adapt for different use cases.”

permutations, and thus the difficulty of the task.

salesman’s travelling days may well be over.

Of course, using a computer, it is possible to work out the optimal sequence even for large numbers of cities. In theory, it would also be possible to cover additional criteria, such as preferences for different types of transport. But by the time a programme written for this purpose would deliver a conclusive answer, the

Does it matter? In fact, it does. This type of problem arises in areas as varied as transport and manufacturing, e.g., with regard to routing vehicles or drilling holes into circuit boards. Timely, efficient solutions can help businesses to save time and money, and approximation algorithms can help to produce them.

AdAptABlE AlgoRithMS As an example of a conundrum best addressed through approximation, Sankowski points to the notorious Travelling Salesman Problem — the challenge of working out the shortest possible route for a sales rep who wants to visit several cities and then return home. Doable with paper, pen and patience if there are very few cities to consider, no doubt, but as the list grows longer, so does the number of possible

A fRESh AppRoACh to AppRoxiMAtion Sankowski intends to tap this potential in a new enterprising venture following the imminent end of PAAL. The follow-on project, named PAAL-POC, will develop e-commerce support services based on this library, with the eventual aim of setting up a spin-off company. “Approximation algorithms can be used to model trade or customer behaviour. We will work on this aspect with a number of companies involved in e-commerce,” Sankowski explains. “The aim is to predict how the market is likely to react when a company introduces changes — in its business strategy, for example.” Prospective clients of the future spinoff will benefit from another specificity of the algorithms developed in PAAL: their ability to factor in both random and regular structures. Social networks, for example, grow partly along existing

lines of interaction and partly through spontaneous new connections, Sankowski explains. Such interplay between average case and worst-case scenarios is relevant to many mechanisms at play in e-business, he notes. PAAL was backed by an ERC Starting Grant, a type of funding which the European Research Council awards to outstanding research proposals submitted by young researchers with a promising scientific track record. PAALPOC also benefits from ERC support, attributed in this case through the Proof of Concept scheme. This programme encourages beneficiaries of earlier ERC grants to explore the commercial or innovation potential of their findings.

They have helped to establish him as an independent team leader within his university, he notes, and they have also raised his visibility at international level. The establishment of a spin-off should give his career a further boost. Once this is new venture is up and running, he intends to return to his research. Clearly, algorithms and approximation hold endless fascination. MBR Creditline: European Research Council

The grants have advanced Sankowski’s career in a number of ways, he reports.

pRojECt pAAl dEtAilS Researcher (PI): Host institution: Project: ERC call: Max ERC funding: Start date: End date: 46

Piotr Sankowski Uniwersytet Warszawski, Poland Practical Approximation Algorithms Starting Grant , ERC-2010-StG, panel PE6 1,000,000 € 2010-11-01 2015-10-31

erc stories Malta Business review

Studied malaria By special correspondent found cancer treatment Malaria has always been the centre of attention for Dr Ali Salanti’s, a molecular parasitologist and an ERC grantee. With his studies, he hoped to bring new insight into pregnancy-associated malaria, to save the lives of women and their babies in areas affected by the disease. Now, Dr Salanti’s research has shifted to battling against another deadly disease: cancer. This comes after an unexpected discovery yielded ground-breaking results for the diagnosis and treatment of this illness. This is the kind of curiosity-driven research that can lead to ground-breaking serendipitous outcomes. specific carbohydrate receptors that are only found in the placenta and nowhere else in the human body. It came as a surprise to Dr Salanti to find that the carbohydrate receptor in the placenta that binds the malaria protein is also present in cancer cells, where it is involved in establishing tumours in healthy tissues. The biological role of this molecule, exclusively present in these types of tissue, is apparently to mediate rapid cell growth and cellular migration, key features for both the development of a new life and the success of the tumour. Now, taking advantage of his discovery, Dr Salanti is using his ERC grant to develop a new treatment for cancer. He has engineered a drug containing the protein, which targets malignant cells, and a toxin that is able to destroy them. This prototype medicine has already showed very positive results in preliminary tests on mice and culture cells. The

The host-parasite relationship has always fascinated parasitologists and evolutionary biologists. Thanks to simple mechanisms developed over millions of years, the two are intimately competing in an arms race for the most effective measures and counter-measures. This relationship is sophisticated and precise, but it can also prove deadly. Malaria parasites make no exception, having adapted to find ways to enter the human body despite its immune system. Dr Ali Salanti, from the University of Copenhagen, was originally studying one of these adaptation mechanisms: a protein, VAR2CSA, which allows the parasite to adhere to the placenta. This is a mechanism that has evolved to avoid circulation within the blood stream, which eventually would result in the destruction of the parasite by the immune system. VAR2CSA expressed by the malaria parasite allows it to bind

drug appears to affect around 90% of tumours, including common types such as brain cancer, metastatic bone cancer, breast cancer, non-Hodgkin’s lymphoma and prostate cancer. However, questions remain about the treatment with regard to humans and its applications, which may include diagnostic tools. Will it work on different types of cancer, other than those used in tests so far? The project’s next step will be the clinical trials on humans, and Dr Salanti and his team are hard at work to prepare for this important milestone. The biggest issue they will face is the dosage of the new drug: will it prove too invasive for human patients? Nevertheless, because the drug does not affect healthy tissues, and is identical in humans and animals, the team remains optimistic about what the future holds. MBR Courtesy: European Research Council

Project MALoNco DetAiLs Researcher (PI): Host institution: Project: ERC call: Max ERC funding: Start date: End date:

Ali Salanti Kobenhavns Universitet, Denmark Targeting cancer using evolutionary refined pathogen derived antigens Consolidator Grants , ERC-2013-CoG, panel LS7 1,998,800 € 2014-09-01 2019-08-31

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Dental HealtHcaRe

Malta Business Review

A CONFIDENT SMILE! By Jean Paul Demajo

Many years ago you suffered a blow to your front teeth and were forced to seek dental treatment. Back then the options for cosmetic adjustments for severely broken teeth were limited to conventional metal-ceramic crowns. Today the options are endless with a whole new range of materials to choose from. The gold standard of today is all-ceramic metal-free crowns

a case Scenario

before Extra Oral View Before Treatment

after

Young lady in her 40s has had two old anterior crowns on her incisors for the past 20 odd years. She is comfortable

Extra Oral View After Treatment

with her crowns as they do not cause her any discomfort. She is however very conscious of them as they stand out and due to their failing aesthetics, are first to be spotted when smiling.

tReatMent Plan 1

Patient examination and interview.

Photography: a very important tool for the patient to point out the exact characteristics in the current teeth which she/he dislikes.

Computer Projection and visual of final result.

before Intra Oral View Before Treatment

Patient approval of projected crowns.

Choosing the materials for the projected all-ceramic crowns.

Removal of old crowns and preparation of new all-ceramic metal-free crowns and 2 ceramic veneers.

Simultaneous tooth whitening; Laser and home whitening maintenance kit.

Fitting of new crowns and cementation of veneers.

advantages Very short timeframe 1 day. 1 or 2 appointments. May be even done in one appointment using CAD CAM technology and finished within a mornings work. Immediate result. Adjustment of centre-line obtaining near symmetry.

after Intra Oral View After Treatment

Dis-advantages Additional veneers with lifespan limited to 10-15 years. Remaining teeth arenâ&#x20AC;&#x2122;t perfectly straight. Had the patient chosen an orthodontic modality prior to the construction of the new restorations, the midline would have been perfectly placed. Minor tooth preparation of veneered teeth.

Addressing this scenario is always painstaking for the patient. Reliving the trauma of many years ago as well as having to undergo another dental procedure to correct the tooth could be quite a hurdle. Very often people do not undergo the necessary treatment and keep living their everyday life with their front discoloured tooth or crown. It is a real shame as with only a little work and determination the results speak for themselves. To analyze your options for treatment ask your dentist! MBR

Dr Jean Paul Demajo is a Dental and Implant Surgeon trained in London working in private practice in Malta

ARTS & CULTURE Malta Business Review

Orphée et eurydice at teatru ManOel For the first time in Malta Teatru Manoel is presenting, as part of the BOV Performing Arts Festival, a new production of “Orphée et Eurydice” (1859 Berlioz revision) on the 16, 17, 19 and 20 March 2016 at 8pm. Considered as the finest of composer Christoph Willibald Gluck’s operas, “Orphée et Eurydice” is based on the myth of Orpheus and set to a libretto by Jean Louis Molineit. The production is directed by Denise Mulholland and features mezzo-sopranos Hadar Halevy and Lucia Cirillo sharing the male role of Orphée, Maltese soprano Gillian Zammit plays Eurydice and Francesca Aquilina plays Amour. The chorus is made up of predominantly Maltese singers. The Malta Philharmonic Orchestra will be conducted by Philip Walsh. The production also features ZfinMalta Dance Ensemble with choreography by Mavin Khoo.

Tickets can be purchased from www.teatrumanoel.com.mt, by email to bookings@teatrumanoel.com.mt or tel 2124 6389. MBR For more information: Michael Mangion, PR and Marketing Manager, Teatru Manoel T: 2559 5536 E-mail: michael.mangion@teatrumanoel.com.mt

This new production will be re-imagined in the Victorian era and promises to be both moving and visually striking with a set designed by Pierre Portelli and costumes by Luke Azzopardi. The concept of bringing the dead back to life is one that has haunted mankind since prehistory. The mythological story of the disconsolate Orpheus bringing his beloved Eurydice back to life has inspired artists, poets and composers to further immortalise it. There are operas by Vinci, Rossi, Monteverdi and even Offenbach and many more but none of them have the innate pathos of Gluck’s delicate interpretation. Excerpts like The Dance of the Blessed Spirits and Que fais-Je sans Eurydice? have long become standard popular fare and it is this familiarity with the opera that was the inspiration for the Manoel to produce its own interpretation of this glorious piece. The opera will be sung in French with English surtitles. Ticket holders can attend a pre-opera talk at 7.15pm. Performances are on Wednesday 16th, Thursday 17th, Saturday 19th and Sunday 20th March 2016.

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Malta Business Review

HigHeR education

LinkingEducationand

EmpLoymEnt

Recruiting the ‘right’ person within the business environment is quite challenging. What makes the ‘right’ person? Is it skills? Experience? Education? Linking education and eMpLoyMent Recruiting the ‘right’ person within the business environment is quite challenging. What makes the ‘right’ person? Is it skills? Experience? Education? Education is becoming very much diverse, with new forms of programmes, courses and methods of learning being introduced at a very fast pace. Thus employers need to keep themselves informed about what’s going on in the education sphere for the benefit of their recruitment processes. tHe MaLta QuaLifications fRaMewoRk and RefeRencing pRocess The Malta Qualifications Framework (MQF) is a very helpful tool in making the Maltese qualifications system easier to understand and review, and more transparent at a national and international

level. It is a referencing tool that helps to describe and compare both national and foreign qualifications to promote quality, transparency and mobility of qualifications in all types of education. The MQF is referenced to the European Qualifications Framework (EQF) as well as to other non-European qualifications frameworks. This referencing process is explained in the Referencing Report which describes the MQF and the different levels of qualifications in Malta. This referencing process allows the recognition of national qualifications at a European level and the recognition of foreign qualifications from the European Union and beyond. accRedited vs Recognised QuaLifications There are qualifications which accredited or recognised with

are the

MQF. Accredited qualifications would have passed through a process that shows that it has been approved by the relevant legislative and professional authorities after meeting predetermined standards. On the other hand, recognising qualifications entails a formal acknowledgement by a competent authority, in Malta this is the Malta Qualifications Recognition Information Centre (MQRIC), of the value of a foreign educational qualification with a view to access educational and/or employment activities. Accredited qualifications benefit from faster recognition. Accredited or recognised qualifications show that the prospective employee has achieved learning outcomes according to the level descriptors stipulated by the MQF and the number of credits as specified in the Referencing Report for Malta. Learning outcomes are statements of what a learner knows, understands and is able to do on completion of a learning process. On the other hand, level descriptors express the level of knowledge, skills and competences in relation to higher or lower levels of achievements by the individual. It is important to note that it is not mandatory for educational institutions to provide accredited qualifications. Thus, there might be instances where employers require a confirmation of the actual status of a particular qualification, especially if this is foreign. If a qualification is not recognised with the Malta Qualifications Framework, it does not necessarily mean that this is no of value to a specific industry, and quite often such unrecognised qualifications are the industry standard. MBR

MoRe infoRMation The National Commission for Further and Higher Education is the entity in Malta responsible for the accreditation and recognition of qualifications. For further information about the MQF and the Referencing report visit www.ncfhe.gov.mt.

HigHeR education Malta Business Review

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Malta Business Review

Building & ConstRuCtion

GOOD WORKMEN NEVER QUARREL WITH THEIR TOOLS By Antione Bonello

reparation and proper product application are the secret to prevent a piss poor performance. It sounds simple when you read it but it requires dedicated people with a lot of good will and the desire to always learn new things in order to be achieved. The Malta Professional Waterproofing and Resin Flooring Association was established with an aim in mind, to teach all its members proper working modalities and product knowledge. The more you know the better, especially when it comes to waterproofing. Every job is different from the previous one and different supports require different preparations. The ability to know which materials are to be used and for what reason is the secret of a successful Installer. Waterproofing systems are constantly being developed by the manufacturing companies like NAICI. New materials made of resin and polyurethane are created with the purpose to satisfy the ever increasing building exigencies. These materials are designed to last very long, completely reparable and can easily withstand traffic and UV rays. These products can have an undesired effects if wrongly applied or worse applied for the wrong reasons. We know it All… and we have been doing this type of application for many years… This classic phrase is what we usually hear in the building industry by many self-thought applicators and installers who pretend to know everything. The fact that a person is doing the same thing for many years does not qualify it as a good or as the right solution for your needs. Unfortunately materials do not speak so they can’t defend themselves

when someone applies them wrong, and this happens a lot. NEVER let anyone experiment on your property especially by people who are not qualified to do the job. But how can we avoid disappointments? Or worse having to repair the same job twice or three times? How can we identify who are the right installers? The solution is quite simple; always ask if they are affiliated with the Malta Professional Waterproofing and Resin Flooring Association and demand to see their affiliation Card. This way you can determine whether or not the person has the necessary knowledge to do a proper job. The Malta Professional Waterproofing and Resin Association is constantly monitoring to make sure that its members are working according to the trade and provides them with technical assistance should the need arise. Malta is an island with low rainfall and a lot of sun. Many products on the market are mainly designed to meet the northern countries climate exigencies. These are made of Bitumen, plastic compounds and other types of acrylics. They have a very low resistance to UV rays, thus become brittle and flake soon after. Bitumen carpets are considered the worst, they melt at low temperatures, create

heat intake, open from seams and are considered a hazard to the environment. They are not designed to withstand the harsh Mediterranean climate. How to choose the right product? Most waterproofing products come in a variety of decorative cans, promising long life and protection. The truth is almost none of them carry what it is really relevant to have that piece of mind in winter. The NAICI Thermal Fibro Guaina, is a UV resistant resin based fibre reinforced membrane that waterproofs and reduces heat intake by 90%. This membrane can withstand the intensive summer heat and the sudden September rainfall. It is always ready for all the elements. This product can be easily applied by trowel or roller. A complete waterproofing system that once you apply it you will forget it. The NAICI International Academy together with the Malta Professional Waterproofing and Resin flooring Association and The Resin and Membrane Centre are regularly organising seminars with regards waterproofing and resin flooring for those who wish to learn how to implement them. This academy is renowned in Italy for its constant dedication in the trade Industry. MBr For more information visit The Resin and Membrane Centre showroom at 264, Old railway track St Venera, Malta

Before And After ApplicAtion of nAici terMAl refleX

BEFORE 52

AFTER

Malta Business Review

Banking - CSR

FIMBank CSR

focuses on the beauty of the Maltese language

FiMBank

plc has partnered with Public Broadcasting Services Ltd (PBS) in an initiative which has seen the broadcast of a series of 30-second video-spots, focusing on Malta’s linguistic heritage. The series of 100 videos, the production of which was also sponsored by the Bank, traces the meaning of specific words in the Maltese language. The words selected for this series, which is entitled ‘Kelma Kuljum’ (or ‘A Word Everyday’), include both those used every-day, as well as others the use of which has become less frequent.

Commenting on this initiative, FIMBank Chairman Dr John C. Grech stated that “As a Malta-based institution we feel we owe it to the people of Malta to help raise awareness of the Islands’ rich cultural heritage. This consideration has always been a mainstay of our Corporate Social Responsibility programme. The Maltese language is recognised as being an essential part of the Maltese DNA. Its uniqueness, derived from its eclectic mix of Semitic and Romance influences, is appreciated by linguists worldwide. It is also a reflection of Malta’s long

and chequered history, and the Islands’ strategic location at the centre of the Mediterranean. We are proud to be in a position to highlight the beauty of this language.” Maltese is descended from Siculo-Arabic, the Arabic dialect that developed in Sicily and later in Malta, between the end of the ninth century and the end of the twelfth century. Maltese itself is therefore linguistically classified as a unique branch of Arabic that has evolved independently of its source into a standardized language over the past 800 years in a gradual process of Latinisation. About half of the vocabulary is derived from standard Italian and Sicilian; English words make up between 6% and 20% of the Maltese vocabulary, according to different estimates. The original Semitic base (Siculo-Arabic) comprises around one-third of the Maltese vocabulary, and typically includes words that denote basic ideas and the function words. Maltese has always been written in the Latin script, the earliest surviving example dating from the late Middle Ages. It remains the only Semitic language written in the Latin script in its standard form. MBR

FiMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian’s STJ 3155, Malta Tel: +356 21322100 - Email: marketing@fimbank.com 54

TRanspoRT & LogisTics Malta Business Review

Delivers

The DAF brand of trucks, exclusively represented locally by United Equipment Co. (UNEC) Ltd, a subsidiary company of Bonnici Group, is becoming increasingly respected in Malta where a number of leading local companies have chosen to invest in DAF models for their growing fleets. Attrans is in fact the latest transport and logistics company to invest in DAF through the acquisition of four new XF models which have just been delivered completely dressed in the company’s livery. “We are proud that Attrans have chosen to work with us for the first time and we are sure that this investment will be the start of another successful professional collaboration,” said John Bonello from UNEC. DAF Trucks N.V is a subsidiary of PACCAR Inc. and is considered by the industry as one of the most successful truck manufacturers in Europe. “The company does not only build near-perfect trucks but through its local and international dealer network, helps clients choose the right vehicle for their

New DAF Trucks To Attrans Ltd

operations. Through our company UNEC, we have been representing DAF in Malta for almost ten years, providing the best equipment and service in the industry through a meticulous choice of brands, highly motivated trained staff and expert management,” said John Bonello Philip Attard, Managing Director of Attrans said “We believe that continuous investment in our fleet enhances our competitive advantage and helps us provide the best possible transport solutions to our clients. This is why we chose to expand our fleet with these four new DAF trucks. Our fleet today is currently made up of 45 tractor units and over 350 trailers, a fleet that is currently increasing by around 30 units per year.

This new fleet will mean that Attrans can continue to consistently provide the highest quality service to our customers.” DAF’s XF model chosen by Attrans is considered a benchmark in long-distance road transport. Designed for maximum transport efficiency with a newly developed Euro 6 12.9 litre engine, the new trucks are built on a completely new chassis which is complemented by a new and attractive exterior design. Together with a revamped interior, this new model offers operators and drivers the best handling within the most comfortable environment. MBR

Malta Business Review

SUPPLY CHAIN

DHL reveaLs suppLy cHain anD Logistics

as most criticaL success factor in omni-cHanneL business moDeL There is growing recognition by markets and consumers that traditional channelbased approaches are now out-of-sync with the anytime, anywhere shopping behavior and delivery expectations of modern consumers. This is driving the new omni-channel approach in which all sales channels â&#x20AC;&#x201C; brick-and-mortar, online, and mobile â&#x20AC;&#x201C; converge into a single seamless channel of orchestrated product flow. While the omni-channel transformation is well underway, this report reveals that most companies are not yet ready for omni-channel; they are persisting with channel-based approaches that cannot meet new consumer demands. Multichannel retailing aims to optimize the consumer experience in each separate sales channel, whereas the omni-channel approach is holistic, channel-agnostic, and customer-centric.

OMNI-CHANNeL StRAtegY fOR COMPetItIve AdvANtAge Despite the complexity of coordinating and integrating all sales channels, and the investment required to achieve cross-channel fulfillment, early-adopter retailers report significant customer growth, increased customer loyalty, higher profitability, and improved inventory turnover. As companies transform their structures, processes, and IT systems to support an omni-channel strategy, logistics providers can facilitate personalized seamless fulfillment options that unlock new levels of operational efficiency and customer satisfaction.

An omni-channel strategy starts with investment in systems to enable full inventory visibility across all channels. Advanced analytics capabilities are required to make proactive, predictive fulfillment decisions. And flexible logistics networks and services ensure seamless product flows between e-commerce supply chains and in-store operations. Physical assets, including warehouses and stores, will continue to deliver value but with changing roles. To enable flexible cross-channel fulfillment options, warehouses are taking on more direct consumer-facing fulfillment activities, and stores are developing micro-

warehousing capabilities. The last mile of the delivery process is also important to an omni-channel strategy. It provides opportunities to enhance the customer experience and to reduce delivery costs. Omni-channel investment may be unaffordable for small, local retailers. But cities and logistics providers can collaborate to provide access to shared platforms. The report provides a case study example of the Online City Wuppertal project. MBR

DHL Global Forwarding is exclusively represented in Malta by BAS LTD.

ARts & EntERtAinMEnt Malta Business Review

Vivaldi’s The Four Seasons in aid of

brain research

Maltese violinist Carmine Lauri will perform Vivaldi’s the Four seasons at st Publius Church in Floriana on Easter sunday.

Antonio Vivaldi’s The Four Seasons will feature internationally acclaimed Maltese violinist Carmine Lauri under the direction of Michael Laus on Easter Sunday, 27th March 2016 at St Publius Church in Floriana at 19:30hrs. This special performance is being held in aid of brain research and organised by the University of Malta Research Trust (RIDT) in collaboration with the Malta Neuroscience Network, the Malta Chamber of Scientists, the Richmond Foundation and Malta Café Scientifique. A 14-piece string ensemble made up of leading musicians residing in Malta will support Carmine Lauri with Michael Laus at the helm on the harpsichord. Undoubtedly, The Four Seasons is

Michael Laus will be conducting from the harpsichord Vivaldi’s the Four seasons.

Vivaldi’s most popular work. Consisting of four violin concertos, each gives a musical expression to a season of the year. Vivaldi’s The Four Seasons’ concert is the highlight of the brain awareness campaign launched by Malta Neuroscience Network at the University of Malta. The campaign aims to raise awareness on various brain disorders, promote brain research, and to raise funds for research sustainability. Professor Giuseppe Di Giovanni from the Faculty of Medicine and Surgery at the University of Malta and coordinator of the Malta Neuroscience Network said: “There are many forms of brain disorders – such as brain tumors, Alzheimer’s and Parkinsons’ diseases, ALS, epilepsy,

multiple sclerosis, learning depression and many more.

disorders,

The Research Trust has been established in 2011 as a joint initiative between the University of Malta and the Government of Malta and has the objective of raising funds to sustain and bolster research activity within the various departments of the university. www.ridt.eu MBR

Entrance tickets at €60, €30 and €25 may be booked from St James Cavalier on tel +356 21223200 Creditline: BPC Limited

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Malta Business Review

Online ShOpping

Online shOppers

demand

an excellent customer experience... right down to the very last mile

MaltaPost’s Head of Customer Experience Yolande Spiteri delves into the importance of offering a seamless delivery service to clients shopping online and explains how MaltaPost can support businesses execute this successfully.

recent study cited in the Wall Street Journal confirms that 70% of more than 3,000 individuals who have shopped on the internet in the past prefer to shop from their favourite retailer online. Nevertheless, although we may equate online shopping with the purchase of retail items, many are increasingly turning to the internet to purchase commodity products such as groceries. Online shopping offers consumers a huge selection of product offerings from the global marketplace at competitive pricing. Studies also confirm that consumers perceive online shopping to be more convenient, allowing them to compare between offers without having to leave the house. Global carriers are now providing fast, reliable and cost effective delivery options, further encouraging customers to shop with peace of mind from the comfort of their home. Conscious of this, online stores are gearing their delivery services accordingly and alongside offering an excellent shopping experience, product and customer service, are recognising the importance of their last mile service. You may have a brilliant choice of products on sale online, however unless this is coupled with strong after sales service and an 58

efficient delivery up to the last mile, your product runs the risk of losing out to the competition. Bottom line, an inferior delivery service is sure to affect a client’s overall impression your product. Operating a delivery network and maintaining a fleet of vehicles is a laborious and expensive task. It can eat away resources and may require a considerable investment….not to mention the operational costs and risk associated with such an activity. Equipped with a robust delivery infrastructure, including one of the island’s largest delivery fleet, MaltaPost collects and delivers mail items of all shapes and sizes to every address on the Islands, 6-days-a-week. Furthermore MaltaPost operates a comprehensive retail network of outlets, thus providing also an extensive collection, payment and customer service “brick and mortar” network. The company offers an efficient same day and an express delivery service

within Malta and from Malta to Gozo and vice-versa, with the capability of delivering items within a couple of hours of request. For those traditional customers who may still resist the use of plastic money and online gateways, MaltaPost can offer cash on delivery services, collecting payment of the product sold over the internet as it delivers this to the customer. Ultimately, outsourcing your delivery services to MaltaPost will allow you to focus on your true business priorities helping you concentrate your efforts on what you do best – create, source, promote and sell your products! MBR

For more contact the MaltaPost Business Relations team on business@maltapost. com or call on 2596 1720.

Online ShOpping Malta Business Review

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Malta Business Review

PRize LauReates awaRd

â&#x20AC;˘ Speaker a anGlu FarruGia receiveS the pa paM 2015 excellence in the Mediterranean award a both the Algerian and Tunisian Parliaments during the study of updated electoral laws and the Constitution, and highlighted the centrality of coupling intergovernmental initiatives with inter-parliamentary action. From a multilateral angle, the political and technical platform, provided by regional organisations, contributes to strengthen the network of partners and to further promote peace and mutual understanding between the people of the Mediterranean region. . Anglu Farrugia, Speaker of the House of Representatives, has this morning been awarded the PAM 2015 Award at the PAM Prize Laureates Award Ceremony, held during the PAM 10th Plenary Session, which took place in Tirana, Albania. Addressing colleagues and members of Parliament from Member States of the Parliamentary Assembly of the Mediterranean, Mr Speaker wholeheartedly thanked PAM for this award and took

the opportunity to speak on the importance of strengthening ties at parliamentary level. Recognising that Parliamentarians hold the key to promote peace and mutual understanding, Speaker Farrugia highlighted the necessity to encourage greater contacts between parliamentarians at both the bilateral and the multilateral level.

The PAM Excellence in the Mediterranean Award is given annually to individuals who have demonstrated, through their work, strong and visible commitment, outstanding achievement and active promotion of the Mediterranean ideals, as envisioned by the statutes and mission statement of the Parliamentary Assembly of the Mediterranean. MBR

Mr Speaker recalled the Maltese Parliamentâ&#x20AC;&#x2122;s contribution in assisting through the fruitful interaction with

Photo (SPK) Courtesy: DOI/Speaker of the House of Representatives

STAR AwARdS Malta Business Review

STAR AWARDS

RECOGNISING STARS WITHIN THE TOURISM INDUSTRY The Special Thanks and Recognition (STAR) Awards organised by the MTA provides an opportunity for persons working within the tourism industry to be recognised for their hard work and dedication. During 2015, MTA received close to 7000 nominations by tourists highlighting employees who delivered excellent service. MTA CEO Mr. Paul Bugeja presenting Ms Sonia Teuma, Head Housekeeper at the Pergala Hotel and SPA with the Hotel Worker of the Year, together with MTA Chairman Dr Gavin Gulia

Theresa Taliana, Head Housekeeper at the Pergola Hotel and SPA won the Hotel Worker of the Year. In this category, candidates are nominated by hotels and a winner is chosen by the STAR committee composed of representatives from FATTA, ITS, MAHE, MHRA and the MTA. On the night a special recognition award was given to Mr. Stuart Burke for his contribution to the tourism sector. In his speech, MTA CEO Mr. Paul Bugeja acknowledged that every nomination is valuable, not only the winning ones, as each one highlights the quality of service that the nominated individual offers. Mr. Bugeja concluded by saying

The STAR winneRS AT ThiS yeAR’S ceReMony which Took plAce on The 25Th FeBRuARy weRe: charles Abela – Restaurant Manager, The Victoria Hotel; Francis Apap – Taxi Driver; Anna Aquilina – Tourist Guide; Anthony Fenech – Coach Driver, Zarb Coaches; paulina kurowska – Diving Instructor, Paradise Diving Centre; Barbara pucciarmati – Sales Representative, Tours Information; doreen Scicluna – Falconer, Malta Falconary Centre; Sonia Teuma – Front Office, Maria Giovanna Guest House, Gozo. that hospitality has always been a strong national trait and continues to be one of the most appreciated characteristic of our destination.

scheme. Nomination forms can be collected from the MTA or make arrangements to have them delivered. MBR

The MTA encourages more companies and employees to participate in this

Further information on the STAR Awards is available from MTA’s Quality & Industry HR Development Unit on 22915122 or starscheme@visitmalta.com or visit www.mta.com/star-awards

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Malta Business Review

Shipping

ESA’S Group prESEncE in MAltA contributinG in trAnSforMinG GovErnMEnt’S viSion into rEAlity The Minister for Transport and Infrastructure Joe Mizzi said that the ESA Group’s belief in Malta’s potential as a centre of maritime excellence in the Mediterranean is in line with the Government’s national vision, and that the group’s presence in Malta is contributing to transforming this vision into a reality. ESA Ship Management Ltd, an entirely Maltese-owned subsidiary of ESA Genoa, has started operations in Malta; its operations focus on handling vessels’ technical and safety requirements in line with international standards. During his speech, Minister Mizzi said that it is estimated that the maritime sector in Malta assisted in the creation of over 1,000 professional jobs within the ship registration industry alone, which as a sector it contributes about 12% of the country’s GDP. If one were to look into employment within the whole Maltese maritime cluster, it transpires that there are over 3,000 professional jobs. “We have so much to be proud of in our maritime industry. A rich and

extraordinary history, a flag that is respected around the world as a quality jurisdiction and a leading player, one of the main trans-shipment hubs in the Mediterranean, a primary cruise port, and maritime services that are recognised globally for their excellence.” He also said that that the Government is pledging to continue creating a favorable environment in order to attract foreign ship managers to conduct their operations from Malta while complying with international and EU standards and regulations so as to ensure the provision of services of the highest quality to their clients. Our country’s legal and fiscal framework, and the creation of a healthy and strong economy, already provide an attractive proposition for such activities, bringing Malta on a level playing field with other traditional European ship management jurisdictions.

and an accounting, banking and administrative framework that can adequately support ship managers who intend on using Malta as a base for the conduct of their business.”

“Other critical features”, he said, “include a reputable flag, a reliable and efficient regulator which has established itself as a dynamic maritime administration that offers stability, quality understanding and flexibility, a sound ICT infrastructure,

Minister Mizzi encouraged companies operating from Malta to afford opportunities to officer cadets so as to enable them to attain the required seatime onboard their ships. MBR

The minister said that for Maritime Malta to continue to be an attractive location for a diverse range of international maritime business, “As part of our efforts on this, in recent months, Transport Malta signed a Memorandum of Understanding with the World Maritime University with the aim of grooming local talent for maritime and related sectors through education.”

Malta Business Review

BANKING

FIMBank

appoints Group Chief Operating Officer

Howard Gaunt Howard Gaunt’s banking career spans 31 years in senior national and international assignments with Wells Fargo and Company, Citibank, Citicorp, Citigroup and Samba Financial Group. Prior to joining FIMBank, he spearheaded Wholesale Banking Group activities in

the Abu Dhabi, Al Ain and GCC regions at Abu Dhabi Commercial Bank (ADCB), the UAE’s third largest bank as measured by assets. Gaunt’s responsibilities at ADCB, which he joined in August 2007, included overseeing the Group’s fullyintegrated customer coverage business for the UAE’s Capital, Al Ain, GCC region and India Linked Businesses. Under his strategic guidance, the WBG’s industryspecific Client Service Teams were consistently ranked ‘superior’ in terms of their understanding of the clients’ needs and in service delivery as determined by nationally recognized industry analysts. Gaunt has a Bachelor degree in Political Science and International Relations from the University of Southern California (USC), and is a Certified Investment Manager, CIMC, with the Investment Management Consultants Association, IMCA. Commenting on the appointment

FIMBank has also announced the appointment of Michael Davakis as Senior Vice President and Head of Treasury. Mr. Davakis is responsible for the FIMBank Group’s treasury functions, reporting directly to the Chief Executive Officer. reputable financial institutions. Born in Austria, Mr. Davakis started his banking career in Athens as an analyst for Dresdner Bank in 1997, then moved to Bank of America as treasury economist. He subsequently joined HypoVereinsbank on the credit and project finance side before returning to debt capital markets on the origination side at Dresdner Kleinwort Wasserstein, Frankfurt. In 2004, he joined the treasury of Piraeus Bank SA in Athens, where he successfully helped build the retail banking group’s debt issuance platform across a range of products, senior and subordinated, secured and unsecured. In 2011, he was promoted to head the treasury of Piraeus Bank Serbia in Belgrade. A macroeconomist by training, Mr. Davakis holds degrees from the University of Pennsylvania (BA 1990), the Diplomatic Academy of Vienna (MAIS 1993) and the University of Vienna (Magister 1996).

FIMBank plc has announced the appointment of Howard Gaunt as Group Chief Operating Officer. Howard Gaunt is a senior banker with a proven track record in strategic development and end-to-end management in major and reputable financial institutions.

and

Head of Treasury

Commenting on the appointment of Michael Davakis as Senior Vice President and Head of Treasury, FIMBank CEO Murali Subramanian explained that having a senior manager with his background reflects the importance which FIMBank is giving to the treasury side of its business. “We are glad to welcome Michael as a member of our team. We are confident that his extensive experience and expertise in treasury will serve to develop further and boost FIMBank’s service portfolio in this area”, said Subramanian. For more information about the FIMBank Group, please visit www.fimbank.com. MBR

FIMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian’s STJ 3155, Malta Tel: +356 21322100 - Email: marketing@fimbank.com

FIMBank CEO Murali Subramanian explained that the addition of a senior executive of Gaunt’s stature to the management team reflects FIMBank’s commitment to further strengthen its leadership structure, at a time when the Group is pursuing its consolidation strategy to turnaround the core operating business. “We are glad to welcome Howard as a member of our team. We are confident that his extensive experience and expertise will prove invaluable, especially at what is an eventful time for the Group, as we continue directing FIMBank along the road to sustainable profitability and the growth of our core operating businesses”, said Subramanian. For more information about the FIMBank Group please visit www.fimbank.com. MBR

Michael Davakis

AviAtion Malta Business Review

destinations

Air MAltA to fly to/froM 30 destinAtions this suMMer A

ir Malta is planning an enhanced summer 2016 flight schedule that will see improved flight timings on Manchester, Catania, Vienna, Lyon and Marseille and increased frequency on Berlin. The Maltese airline will continue being the largest operator to London and the UK by offering a selection of 30 weekly flights to seven airports. With this schedule, running from the 27th March till 29th October, Air Malta aims to carry over one million passengers. The airline is currently running a promotion offering seats from as low as low as Euro 44 one-way, inclusive of taxes and charges. A number of

changes to last year’s summer schedule were made to maximise opportunities, increase efficiency and make flights more attractive, both for travellers from Malta as well as for the tourists visiting the islands this summer. “This summer our goal is to achieve targets by doing more with less and dedicating all our resources on Malta. We are following a channel rich distribution strategy that includes tour operators, travel agents, group travel and direct selling through our website. We remain the strongest carrier on Malta operating a selection of 135 weekly flights with the best flight timings, best airport selection

and competitive pricing”, said Chief Commercial Officer Ursula Silling. This summer Air Malta will continue being the largest charter operator to/ from Malta and is planning an interesting program for Maltese and foreign operators. Discussions with charter operators are currently underway. MBR

Courtesy: Air Malta plc

For more information visit www.airmalta.com , call Air Malta’s sales office on +356 21662211 or log onto www.facebook.com/AirMalta .

www.maltabusinessreview.net

Malta Business Review

NEWSMAKERS

HSBC Bank Malta and MUBE

sign collective agreement... HSBC Bank Malta and the Malta Union of Bank Employees (MUBE) announced the signing of a collective agreement for the period 2014-2018. The agreement was signed by HSBC and MUBE representatives in the presence of staff members at the bank’s branch in Zejtun. This agreement marks the start of a new chapter in the relations between the Bank and the Union and comes following extensive negotiations which were held over the past months. The new collective agreement, which covers all clerical and managerial Bank employees, stipulates wage increases over the term of the deal as well as other financial and nonfinancial benefits. The proposed package was approved by members of staff during a meeting held recently by the MUBE.

HSBC Malta CEO Andrew Beane (left) and MUBE President William Portelli at HSBC Zejtun branch

HSBC and the MUBE expressed their satisfaction at signing the new agreement and augured that these will help to continue to improve the employees’ conditions and rewards whilst sustaining the Bank’s performance in Malta. “I would like to thank the union and all colleagues for their professionalism during the negotiations. This agreement is a turning point as it enables us to focus on serving our customers and the community in order to grow our business,” said HSBC Malta’s CEO

Andrew Beane. MUBE President William Portelli said, “Whilst I thank the efforts made by the new CEO and his team, through this new agreement, MUBE and HSBC can re-establish good industrial relations confirming stability within its working environment. The agreement offers better working conditions both from a financial and nonfinancial aspect for all employees.” MBR

Audi Malta Motorsport Awards

2016

Dindo Capello, 3 Times Le Mans Champion Audi Malta have reconfirmed their support as main sponsor of the yearly anticipated Awards Ceremony within the motoring community, the Audi Malta Motorsport Awards 2016. The awards ceremony was organised by Malta Motorsport Federation with the collaboration of Audi, TVM2, A&S Billboards, Signs and Events, England Insurance Agency Ltd, Signature Brands and Waterfront Hotel. The event will be hosted at the Magazino Hall, Valletta Waterfront and was compared by Chris Cauchi and filmed by TVM2 for what is certain to be another memorable evening. 66

The MMF’s 2nd Edition of the Audi Malta Motorsport Awards ceremony gathered local champions, officials, teams, and distinguished guests gather together to receive their recognition by the National Sporting Authority. In total there will be eighteen recognitions and two special awards, distributed during the night, including the Audi MMF Special Award to that person who was voted by all member clubs and associations. This year, a special award for Women in Motorsport was also introduced, to enhance the values of full participation of women in all aspects of motor sport which will be voted by all clubs. Tonio Cini, MMF President stated that with the support of our main sponsor, Audi, was honoured once again with another Audi Legend personality, a World Motorsport Icon, three Times Le Mans Champion, Rinaldo ‘Dindo’ Capello, as the guest of honour for the ceremony. The Hon Joe Mizzi, Minister for Infrastructure and Transport, together with PS Hon Chris Agius and Hon David Agius, including other personalities joined in the celebrations.

Mr. Sandro Cauchi, General Manager of Continental Cars Ltd. stated that it is the Company’s pleasure to be the main sponsors for the Malta Motorsport Awards, with the Audi Brand. Continental Cars official importer of Audi will continue supporting the motorsport in Malta. AUDI brand is synonymous with Motorsport and that is why for the second time we are inviting another “Audi Legend” to Malta, Mr. Capello. The ceremony was held on Friday 26th February 2016 from 7:15pm onwards. Limited number of tickets will be made available to the public to attend the ceremony which can be collected from Monday 15th February 2016 from Audi Showroom. MBR

Courtesy: Malta Motorsport Federation

Introducing Special Guests from CIM UK and Marketing Gurus from Highway Traffic USA

Imovo

Speaker TBC