Malta Business Review Issue 19 by Adrian Friggieri

Issue 19 – March / April 2016

REAL ESTATE The Continued Rise of Frank Salt Real Estate Frank Salt Real Estate director Douglas Salt talks about the company’s latest achievements

cover story

30 OPINION

A Communications Leader An exclusive interview with Amanda Nelson, Vodafone, CEO

32 EVENTS

Morals and Ethics Werner E Jung analyses latest developments in the USA elections and “Panamagate”

The Customer Experience Insights into the most successful marketing & B2B networking event of the year

Newspaper Post

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PuBLisher MBR Publications Limited editor Martin Vella

MBR Publications Limited

teChniCaL advisor Marcelle D’Argy Smith saLes direCtor Margaret Brincat art & design Evgeni Anastasov advertising Call: 9940 6743 or 9926 0163/4/6; Email: margaret@mbrpublications.net or admin@mbrpublications.net ContriButors Richard Branson; Antoine Bonello; David Cameron; George Carol; Guy Chazan; Jean Paul Demajo; Joe Gauci; Graziella Grech; Xiangqia Jiang; Werner E Jung; Charlie Nunn; Daniel Roth; Florian Striegl; James Vella Clark. sPeCiaL thanks AirMalta; Associated Press; DOI; European Research Council; EIE Educational Group; FIMBank; Frank Salt Real Estate; HSBC; National Statistics Office; Reuters; Simon Estate; Trustmoore Corporate Services; Vodafone.

COVER STORY

A Communications Leader

An exclusive interview with Amanda Nelson, Vodafone CEO

REAL ESTATE FEATURE

The Continued Rise of Frank Salt Real Estate

Frank Salt Real Estate director Douglas Salt talks through the company’s latest achievements

TALKING POINT

Helping to Improve the Life Chances of Millions

British PM David Cameron on the new Help to Save scheme, a national mentoring campaign and increases in the National Minimum Wage

CORPORATE INTERVIEW

Print ProduCtion Printit

Trustmoore: Big enough to provide a seamless global service, yet small enough to stay agile

offiCes Highland Apartment - Level 1, Naxxar Road, Birkirkara, BKR 9042

A special interview with Stefan Sluijter, Managing Director with Trustmoore Malta Ltd

OPINION

teLePhone +356 2149 7814

Morals and Ethics

Werner E Jung analyses latest developments in the USA elections and on washed away by the tsunami of controversy that has hit the Island almost eight weeks ago

quote of the month An innovator is one who does not know it cannot be done.

MICE

- R. A. Mashelkar

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

The Customer Experience

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CONTENTS 34

Malta Aviation Networking Conference and the Oil & Gas Summit 2016

A double-page collage of photos from our latest back-2-back popular corporate events

FEATURES & INTERVIEWS

Want to Be More Productive? Be More Punctual

In this series, Sir Richard Branson shares his secrets to being more productive

Panama Papers: A Step Towards Transparency

Florian Striegl, our budding German intern, pays a tribute to investigative journalism

Bill Gates Just Wrote a Rallying Cry for Clean Energy. Will it be Enough?

Daniel Roth, Executive Editor at LinkedIn on Bill Gates’ annual letter, launched recently, on clean, accessible energy

Quotes from FS Conference

We cover KPMG’s Biennial Financial Services Conference summarising the major speakers during the event

ERC Stories

Treatment for Late-stage Prostate Cancer Patients: Getting Closer to a Solution

Prof. Xavier Salvatella, ERC Researcher on information transfer across macromolecules by concerted conformational changes, (CONCERT)

High Accuracy Measurements to Meet Manufacturing Needs

Prof. Xiangqian Jiang provides us with the advanced technologies designed by researchers working on the SURFUND project

REPORT

Malta “Running Ahead” in Digital Economy and Society Index

We detail why Malta has been ranked as one of the leading countries in the Digital Economy and Society Index (DESI)

EDITORIAL I have been unable to turn a blind eye to the unfolding events which have raptured lately. The opinion pieces being published on this month’s issue provide an eye opener of how foreigners view Maltese current affairs, pointing to the Government’s inability to react swiftly and decisively when confronted with alarming and serious allegations of corruption emanating from close, trusted friends; one a prominent Minister in his cabinet, the other the Chief of Staff within the OPM. This scenario, brought about by the release of the ’Panama Papers’, a disclosure of millions of documents purporting to show how some wealthy people around the world hide their money, uncovered by a conglomerate of worldwide professional journalists, also brings with it an urgent need to monitor, measure and control the financial services sector operating in Malta. The laws should be followed by all, and no change or variance may be allowed. Each time that a case blows over, whether in Malta or abroad, shedding a negative light on Malta’s supervisory levels, this undermines Malta’s good name and the reputation as a trustworthy financial jurisdiction. We cannot allow any ounce of negative suspicion pervading one of our economic pillars, as this may weaken the industry, and the implication is that it will make our economic viability vulnerable. Therefore, both political parties and their leaders should rise above party politics and show enough political maturity to ensure we maintain a robust and credible financial jurisdiction. Unfortunately, our political environment turns political parties into just about everything, and the political intolerance and bigotry is alarming, which is not right for a modern functioning democracy. The actions of the persons in the midst of this scandal and the behaviour of the law firm embroiled in the ‘Panama Papers’ disclosures are grossly unfair to those firms that uphold a strict discipline with clients. We cannot shown lack of sensitivity or respect towards the stringency that governs the building of a reputation in the world of financial services. In these times, it is very easy to get a reputation for sleaze and it is then very hard to shake off such a reputation, even if this is unfounded. The ‘Panamagate’, or ‘Panama Papers’ scandal has put the whole government in disarray. The crisis the government is facing is unprecedented, and Panamagate will stay with us till the election, no matter the dosage of propaganda peppered on the gullible. It is the duty of all Maltese, and of all businesses operating in and from Malta to safeguard Malta’s reputation as a trust-worthy jurisdiction. Supervision and regulation, together with public accountability should be made more stringent. Authorities must prove to be responsible, efficient, functional, operational, thorough and effective. There should be no loopholes. No other route or deviation is acceptable. Our economy cannot have the slightest situation of doubt lingering on all Maltese, or that our Island is riddled with corruption, or that all Maltese are sleazy and corrupt. We neither want to have a negative public perception about politicians and political parties. Recent surveys of public opinion have shown a growing number of Maltese who are sick of all political parties, have joined in a chorus that says “Shame on you, enough of you all”. In the present circumstances, it is sad to note that we are playing with fire whenever we try to turn the clock back, instigating division and creating instability. We certainly can do better than preach to the diehard and avoid the disastrous implications which might result as a consequence of political immaturity and dithering.

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 Communications Leader by Martin Vella

Amanda Nelson, Vodafone CEO with Vodafone Management Team

Amanda Nelson, Vodafone CEO really believes that the main long term strategic advantage any business has is the quality and motivation of its people. In fact, Vodafone group’s new employer brand, launched last year reads out loud: ‘We are at our best when our employees are at theirs”. With over 300 employees, Vodafone stand out for creating a stimulating and dynamic environment where each and every individual can perform to their full potential. In this interview, Amanda tells us why Vodafone offer a progressive and flexible working environment which really promotes a healthy work-life balance for all their staff, how they are investing heavily in training and development and why Vodafone is the only Maltese telecoms company to form part of a leading multinational committed to driving change. MBR: We last spoke to you two years ago, when you had very recently taken up your appointment here in Malta. How do you look back on the last two years? What were the highlights? AN: Yes as you say I was appointed CEO at the end of 2013 and here we are two years later. It has been a fantastic two years. I came to Vodafone Malta with a very positive view of a company with an impressive history of firsts: first mobile operator on the Island, first to launch SMS, first to launch Data services on 3G, first to launch super high speed mobile data on 4G. I was excited to continue taking Vodafone forward and, two years on, I have to say it has been an extremely positive experience. As for the highlights, well, successfully completing our roll-out of 4G to 99% of the population across Malta and Gozo in just under two years was definitely 06

one. Being the first mobile operator in Malta, as well as one of the very first in Europe, to eliminate mobile roaming charges was also extremely satisfying – travelling for business or pleasure has become an increasing priority for the Maltese and this measure is a very tangible contribution to making this easier and more affordable for everyone. On a personal note it has also been great settling into the Maltese way of life with my family and we are all really enjoying our time here. MBR: Vodafone Malta celebrated its 25th anniversary last year making it the longestrunning mobile operator in the local market. What have been the factors of its success? AN: I really pin it down to remaining in touch at all times, both with the latest technology out there as well as with our customers, and marrying the opportunities of the first with

the needs of the second as effectively and affordably as possible.

We have never been content with being ‘adequate’, we always worked to bring the latest advances to Malta We have never been content with being ‘adequate’, we always worked to bring the latest advances to Malta at the same time as they are being rolled out in other developed countries. For example we launched 4G in Malta just a few months after the first 4G network was operational in the UK. I think this commitment always gave us the leading edge and it has not changed. I also think we recognised early on that the quality and

COVER STORY INTERVIEW

robustness of our network was a critical success factor and we have invested heavily in ensuring that our network remains the best on the island. There is also the fact that we are part of one of the leading telecoms companies in the world, with over 400 million customers at the last count. The access this provides to the wealth of experience and services developed elsewhere in the Vodafone Group makes us truly unique in Malta. MBR: And now that the market has opened up, and mobile and communications technology is such a fast-moving sector, where do you see Vodafone going from here?

area of our strategy that we are focusing on so that our customers can get maximum benefit from all their devices. Today we are offering data services for the home or office as well as mobile solutions for when you are out and about, all of which are seamlessly integrated and the highest 4G speed possible. And once 4G+ or even 5G comes in a few years, I am sure that it will be Vodafone investing in it as another first for Malta. MBR: As you mentioned Vodafone launched the first 4G network in Malta in 2013 and you recently achieved 99% population coverage. Do you still feel that the massive investment was worth it and is it bearing fruit?

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a couple of other operators in Europe have eliminated roaming so far. What was the thinking behind this? AN: Well it has to be said that Vodafone Malta has been leading the market for years now in this area by offering best-value roaming packages for our customers, like Vodafone Traveller. However the time had come to redesign our RED plans to make sure they were truly aligned with what our customers’ needs, what they need today but also what trends are indicating they will expect tomorrow. So we not only drastically increased the mobile data allowances under each plan, but fully aware that Maltese are travelling more extensively, and primarily

Vodafone Center, Birkirkara

AN: Vodafone is and will remain a communications leader and our main aim is to ensure our customers are confidently connected at all times, through calling, texting or using data services. This aligns perfectly with where we feel our customers are heading. I think we only need to look at the local and EU statistics on smartphone penetration in Malta to realise just how far the mobile revolution has well and truly established itself here. It has risen from just 32% in 2013 to nearly 70% in 2015 and is clearly increasing in priority not only for personal use but also for businesses. So completely reliable connectivity wherever you are on the Island is where it’s at. Connectivity needs to be fast, plentiful, robust and affordable and this is one

AN: Without a doubt. As I said before our customers deserve no less than the best and most advanced technology on offer and 4G is exactly that. You simply cannot compare the speed of 4G with that of 3G or Wi-Fi. I think the fact that already half of our total data traffic is now carried on our 4G network also proves that customers are really enjoying the benefits of this great new network. MBR: I would like to come back to the roaming issue that you have already mentioned. Vodafone took the step of eliminating roaming charges in February, which was seen as a surprise by some given that EU requirements to do so do not come into force before next year and only

within Europe, we also wanted to remove once and for all that price distinction between using your mobile at home or abroad. That is why we eliminated roaming. Basically you can be connected in the same way and at the same rates whether you are in your hotel room or your living room. This also applies to out of bundle rates so we have removed the stress and worry we have long associated with using our mobile when travelling. MBR: We have recently seen some figures on Malta’s gender diversity statistics released by the Centre of Labour Studies which show considerable room for improvement. What are your views on this, particularly from Vodafone’s perspective? www.maltabusinessreview.net

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COVER STORY INTERVIEW

Amanda Nelson, Vodafone CEO with Vodafone Management Team

AN: Yes I have seen the recent survey results you are referring to and I feel that the situation remains far from satisfactory. We are seeing more women working, that is true and that is encouraging, however what struck me from those findings is that women remain under-represented in more senior positions particularly when it comes to women with children. As a working mother myself I can understand the difficulties that can arise which either force women to give up work completely or, more often, resign themselves to working far below their full potential. This is why I am passionate about supporting mobile and flexible working that enables people to balance family and work commitments properly. We also have the most progressive maternity policy in Malta, making it possible for women to come back from maternity leave into challenging or interesting roles instead of taking a step back or stepping out completely. I think the best credentials for Vodafone Malta in this area however are the fact that 33% of our senior management positions are occupied by females, far above the local average, and 50% of our EXCO is also female, who all in fact happen to be mothers. MBR: We know that Vodafone like other operators caters for both personal and business customers and we know that you recently launched a new prepaid portfolio which understandably caters primarily for personal users. What about your strategy for business clients? How effectively do you feel Vodafone is offering the right services to enterprise? 08

AN: Doing business on the move in a secure, simple and fast manner is vital to any type of business that wants to move forward and this is where Vodafone Malta, with its READY Business concept, can offer the right products and services to make this happen. I already mentioned that we recently redesigned our RED plans. At the same time we also overhauled our RED Business Plans, increasing the mobile data allowances, including EU roaming and worldwide international minutes. Besides our 4G mobile network, we also offer fixed telephony services, DDoS Mitigation services , best in class co-location facilities and an expanding fibre network footprint serving key business localities.

Doing business on the move in a secure, simple and fast manner is vital to any type of business that wants to move forward... MBR: As a business leader, you are resultsoriented and have clear messaging. How do you define success in terms of what Vodafone will become and how will you measure impact? AN: For every CEO of a service-oriented company success is measured by how happy our customers are with that service and how willing they are to recommend us. That’s something we measure relentlessly and that’s by far the biggest driver of how our

performance is judged locally and by my UK shareholders. So we keep the customer very close to our heart at all times. The financial performance of the business will then follow that. And this is not just about providing the best coverage and connectivity, but also about making everything about being a Vodafone customer easier, clearer and delivering some “WOW” factors. MBR: And in terms of the local sector, what do you see as the main challenges ahead? AN: I think a priority should be to ensure that consumers are well served by the telecommunications infrastructure on the island and that we have the future-proof technology in place to allow this. The future lies in ever more unified communications, in the provision of high quality voice, data, business and entertainment services across multiple technologies and screens and our telecommunications infrastructure and services must respond to this. I also have to say that rolling out infrastructure can be notoriously difficult and this is where we need the authorities to facilitate these efforts. I think the time has also come for all telecoms operators in Malta, as well as the Government and the Regulator, to take a long hard look at the economies of scale that are a reality in Malta when it comes to infrastructural investment such as fibre to the home. Sharing infrastructure may be the solution to this. Build the right infrastructure once, ensure fair and equitable access and then compete on service. This would be win-win for operators and consumers alike. MBR

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Malta Business Review

FOCUS: Real Estate

The Continued Rise of FRANK SALT REAL ESTATE By Douglas Salt

Frank Salt Real Estate director Douglas Salt talks through the company’s latest achievements, while underlining the company values on which its success has been built. Malta’s real estate industry may be booming but, make no mistake: this isn’t an easy industry. In fact, it is as cutthroat as they come, with complex challenges and a plethora of potential threats. With this in mind, it may seem tempting to take the easy road; to make dodgy deals, to hide truths from buyers, short-change owners and to pull the wool over our colleagues’ eyes in the hope of making a little more money.

Douglas Salt, Director of Frank Salt Real Estate

But we don’t. In fact, if there is one thing that I am truly proud of, it is that our entire team here at Frank Salt Real Estate strives to maintain the values on which our company was founded. In fact, our strong ethical approach sits at the very centre of everything we do and, while a lot has changed within the company over the decades, our ethics have always held true. Looking at our position today, I would like to think that this principled approach has helped us to really secure our reputation as Malta’s most trusted real estate agency. I am honoured to say that we have achieved a lot; 10

I don’t think there’s a single industry-related idea out there that wasn’t initiated by Frank Salt – from mobile offices and the use of a real estate magazine, to branch offices and aggressively pushing Malta overseas. When it came to innovation we never shy away from change and I truly believe that change is an integral part to business; if you stand still, you die. Even when things have been going well, we found time to look for new ways of doing things and to push the boundaries even further. As a result of this we have grown very sustainably, and that growth has certainly

been a highlight among our achievements so far. Frank Salt Real Estate has doubled our number of branches in the last 10 years and we will be opening a number of new branches in the coming months, in Mosta, Cospicua, Fgura and Ibragg. The San Gwann and Sliema branches are also expanding and doubling in size, to better cater for demand. Having been operational since 1969, we also thought the time was now right to rebrand, and our marketing team has worked hard to modernise the company’s appearance. This fresh visual direction is currently being rolled out – from our new logo, to the uniform

FOCUS: Real Estate

look being given to our branches. So, while preserving the heritage and professional nature of Frank Salt, we have embraced a more modern and linear approach, and one that I believe is a genuine reflection of where we are today. It is also our team that sets us apart, and I am very proud of our people because they really are a cut above the rest. I consider this is, in part, thanks to the very rigorous training that they are given before they actually join the Frank Salt workforce. As stated above, we make our ethical standpoint very clear: it’s absolutely not acceptable to mislead clients for the sake of closing a sale. Honesty is vital in ensuring that our clients – whether buyers or sellers – know that they can trust us. This strong reputation for a trustworthy and professional service places us a far cut above the rest. As directors we also work with our team on a daily basis and are very much involved in the running of the businesses; this means that, if something isn’t being done right, we can correct it right away. Today, property values are so high that I believe our high standards do have an affect

Malta Business Review

on our success. Both buyers and sellers are choosing to use real estate agents more and more, largely because we can help to make the most of their time. Clients want help from someone who knows the intricacies of the market and can deal with it professionally, and at Frank Salt we do exactly that. Now, we’re excitedly looking towards the future of the company and believe the best is yet to come. The opening of the new branches and the investment in an evergrowing team of highly trained sales and letting property consultants will further help to consolidate our leading position within the market. We also have a team dedicated to looking for opportunities beyond our shores, and we look forward to reaping the benefits of this venture too. For the sector it is a case of watching this space, as the best real estate pleasures are yet to come. We will see huge opportunities created for those interested in the sector in the next few years; the whole of the St George’s Bay area is set to be transformed, while many commercial projects will also be coming onto the market. The registered

Frank Salt Real Estate Management Team

growth in the Three Cities is remarkable, an area that I believe has huge potential for investment, especially when it comes to buyto-let. As a company, we are now three years into a five-year plan that we put in place in 2014. We are pleased to have already achieved much of what we set out to, although there are still many opportunities that we have our eyes on. 2016 is set to pose several challenges to the real estate industry, especially in line with the new legislation covering estate agents that is coming into force. But we are very well positioned to bring our systems in line with this, and we are looking forward to this new stage of market professionalism on the island – it is something we have wanted for a long time and which we will be embracing. It is with good reason, that I, in the capacity of President of the Federation of Estate Agents, have been heavily involved in the drafting of the governing white paper. To me, 2016 will present the first step towards a new phase in Malta’s real estate future, and one which I believe will continue to put the island on the map as an excellent choice for international residents and investors. In line with this, I hope and believe that Frank Salt Real Estate will continue to be Malta’s most trusted choice for guidance and results in the industry – in essence the market leader. MBR Douglas Salt is Director of Frank Salt Real Estate T: 2379 4794 fs@franksalt.com.mt – www.franksalt.com.mt

Frank Salt Real Estate Associates

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Malta Business Review

TALKING POINT

Helping to improve the life chances of millions

his week I announced support to help improve life chances of millions, including the new Help to Save scheme, a national mentoring campaign and increases in the National Minimum Wage. I have made it the mission of this government to transform life chances across the country.

That means giving hard-working people the extra support they need to fulfil their potential. I have set out my vision for an allout assault on poverty, insisting people’s lives can be improved at the same time as cuts to benefits and council services. The new generation of high-flying mentors to help struggling teens improve their life chances include: •

Businesses to encourage employees to volunteer as mentors;

•

Chair of the Careers and Enterprise Company and Capgemini UK to oversee new national mentoring campaign to attract high-flying role models;

•

Government to deliver on key social justice reform.

These will be created to help struggling teens fulfil their potential and improve their life chances.

The national mentoring campaign will see schools and businesses encouraged to work together to give these young people the best possible chance to succeed in later life. It is part of a broader strategy aimed at combatting poverty and improving the life chances of the worst off which will be outlined by the prime minister later today.

My Government has earmarked £140m on rehousing and tearing up planning rules, noting that neglect has led to gangs and antisocial behaviour. Reducing poverty is not all about the amount of public money spent on tackling the problem. Of course money has a role to play... but simply focusing on that misses the point.

Many people can look back at their younger selves and point to someone, perhaps a parent or teacher, a sports coach, or their first boss, and say ‘that’s the person who found my passion. They are the ones who made the difference. But if you haven’t ever had someone in your life who really believes in you, who sees your potential and helps bring it to the fore, the sands of time can drain away, and your talents can remain hidden.

I believe Britain no longer had such a problem with “material poverty” but action was needed to address “paucity of opportunity”. I supported the free market but it was important to recognise that a rising tide of prosperity does not lift everyone up and some are left behind. To really defeat poverty, we need to move beyond the economics. We need a more social approach and a richer picture of how social problems combine and reinforce each other, how they manifest themselves and how the opportunity gap gets generated. We need to think big, to be imaginative and open ourselves up to new thinking.

I also hope to tackle social problems and have presented a raft of measures aimed at improving the life chances of those who are “left behind”. My programme includes demolishing council estates, giving £1bn to the National Citizens Service providing voluntary work for teenagers, more funding for mental health services especially for new mothers and people with eating disorders, a “help to save” scheme to encourage budgeting, and parenting classes.

And that’s what these new measures will achieve – helping someone start a savings fund to get them through difficult times, giving people on low incomes a pay rise and making sure teenagers have the experience and networks to succeed. MBR

EDITOR’S NOTE 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 reelected 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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Higher EDUCATION Education HIGHER

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Corporate Interview

Trustmoore

We are big enough to provide a seamless global service, yet small enough to stay agile. By George Carol

Background Stefan Sluijter started as a junior account manager at Trustmoore CuraĂ§ao in 2008 which back then only counted 10 employees. After a few years he started to specialize in corporate services related to the ecommerce Industry which was an amazing opportunity to help build this division of Trustmoore into one of the leading service companies in the industry. Trustmoore went on to open up offices in several other jurisdictions over the years and soon a base on the island of Malta became one of their ambitions. Shortly after the incorporation of Trustmoore Corporate Services (Malta) Ltd. In 2013 the amount of client interest in this jurisdiction triggered a decision to open up a physical office in Malta. Thatâ&#x20AC;&#x2122;s when Stefan decided to pack up his family, mountainbike and windsurf equipment and land on the shores of Malta in November 2014, ready to build up another successful branch in the Trustmoore Group. During the past year he has managed to setup an office in a beautiful old Sliema townhouse refurbished to the highest standards and recruit an amazing team of professionals which has enabled Trustmoore to generate a client base which was previously only dreamt of. Stefan Sluijter, CEO Trustmoore Corporate Services (Malta) Ltd.

Corporate Interview

Malta Business Review

MBR: Can you define your role with Trustmoore Corporate Services (Malta) Ltd. [TMM] and characterise the forces of success that drives you forward? SS: I am managing director of TMM which means that in addition to the daily management my main focus is on business development. Our success on Malta is based on the fact that, as a boutique corporate services provider, we are able to provide tailor made services for our clients with their individual requirements being our top priority. The majority of our clients are high net worth individuals that demand and, we feel, deserve our full attention so we maintain a pro-active approach whereby the ‘wellbeing’ of the client corporate structure is our number one concern. Providing real time attention and professional management to the companies we service has always been of utmost importance to Trustmoore despite an ever changing global financial environment and that is where Trustmoore makes the difference.

With over 70 employees in more then 10 jurisdictions I am proud to say that Trustmoore has grown to be a global family MBR: Could you give us a background on TMM and highlight the operating environment? SS: Trustmoore was incorporated in 2005 in Curaçao and managed to build a global brand in a relatively short period while remaining solely management owned. With over 70 employees in more then 10 jurisdictions I am proud to say that Trustmoore has grown to be a global family wherein we consider our employees are our main asset. Attention for personal development, unlimited career path opportunities, an informal work atmosphere and most importantly FUN! for our employees are our key strengths as employer. Our offices have bbq area’s, soccer pitches, bars, pool tables and we highly promote participation in team sport event. The Malta team is going to

participate in The Grid obstacle run in May! MBR: If you look back five or ten years, what developments have posed the most important new challenges to TMM and what were the major achievements? SS: The financial industry provides a challenging environment with ongoing, sometimes drastic, changes in legislations around the globe. As a small company, Trustmoore is capable of adapting easily due to the professional attitude and knowledge base of our colleagues. Being able to find motivated, experienced, fit and fun people to work with in all our jurisdictions has been one of our major achievements as they are the company and contribute greatly to the determination of our success. MBR: Can you describe how TMM’s services journey has evolved and what are the elements that make TMM attractive to financial services operators? SS: Trustmoore has always believed in focusing on the core business; trust and corporate services. We have a large network of advisors and experts in banking, taxation and other financial services with whom we work very closely. Jointly we are able to provide cutting edge corporate services for private, corporate and ecommerce clients with a personal approach, against a fair price. MBR: How does the organisational design of TMM help foster business development, inducing financial and corporate success? SS: We believe strongly in running an open door organisation whereby everyone becomes part of the companies’ business development. Our offices consist of open

plan setups where account managers, legal, finance officers and management share the same room which creates a vibrant working environment. In this decisions are made within minutes rather than having lengthy e-mail correspondences. This handson attitude is reflected to our clients who definitely appreciate this attention and prompt responsiveness. MBR: What are the criteria you use to decide what programs and assets to invest in versus those you don’t? SS: Our main investments are in people and in IT as the combination of both enable us to provide the best service in the business. Ideally each investment should have a positive influence on the internal knowledge of our employees or on the stability of our systems but investing in a proper BBQ and a good sound system can just be as important! MBR: What is your principles for successfully driving the strategy > planning > execution cycle? SS: Keep it simple and don’t talk about it, just do it! MBR: How does TMM collaborate with financial services operators to improve the sector? SS: Due to the fact that we service quite a number of different industries we obtain a broad vision of general market developments. We work very closely with other financial services experts such as tax advisors, banks and (financial) regulators which knowledge we utilize, in combination with networking, to come up with innovative ideas and efficient solutions. MBR: How can a person apply lessons from the financial industry to their persona life? SS: This does not only apply to the financial industry as industries in general are always looking to improve, whether in quality, quantity or in diversity and I think that is the best ingredient for life; don’t sit still and take things for granted, have no excuses, go out and see the world, live it to the fullest and never stop learning! MBR Photo Credit: Domenic Aquilina www.maltabusinessreview.net

Malta Business Review

Transport & Logistics

Express Trailers diversifies into Express Trailers becomes Manufacturing HAMMAR’s only authorized re-builders of customised sideloaders in Europe

By James Vella Clark

Express Trailers has just been appointed as HAMMAR’s European base for the rebuilding, upgrading and customisation of HAMMAR sideloaders for the global market. HAMMAR MASKIN AB, is a Swedish company, considered to be the world’s largest manufacturer of sideloaders with 80 % market share world wide. Side-loaders, also commonly known as sidelifters, enable transport companies to load and unload containers onto trailer trucks without the use of cranes. Sideloaders can in fact transport a container to destination and unload it on the spot thanks to a hydraulic-powered mechanism installed on its chassis. These hydraulic structures can also be telescopic, adjusting to varying sizes of containers and can handle a minimum of 33 tons without any counter weight. HAMMAR holds the world record for handling 60-ton weight with 3,5 minutes of handling time single-handedly by one operator. Express Trailers’ relationship with Hammar Maskin AB goes back thirty years when in 1985, Express Trailers ordered its first sideloader for its local operations. Since then, Noel Vella, one of the third generation family directors, has been regularly contracted by Hammar to conduct modification and servicing works to existent sideloaders for Maltese clients and for re-export. Mr Vella is also responsible for the maintenance of all Express Trailers’ fleet of trailers and trucks “This new development is a big milestone for our company and one that fills us with pride but also with renewed enthusiasm towards building the Express Trailers brand into a stronger economic player. This new venture by Express Trailers will also entail internal restructuring of our operations, of

our facilities and certainly more employment opportunities for skilled tradesmen,” commented Franco Azzopardi, Chairman and CEO of Express Group following the signing of an official agreement with Hammar Maskin. “Company director and head of fleet maintainance, Mr Noel Vella, has hands-on experience with our products since several decades. He has a flair for mechanics and engineering, and more importantly, a cando-anything attitude. These qualities were instrumental for us reaching this agreement. Moreover, we needed a company with strong work ethics, skilled tradesmen and positioned with logistical advantages. Thanks to this collaboration with Express Trailers, we can offer a competitive high-end product to our global clients and hence our plan for the Malta operation is to double production in the coming year.” said Tommy Tuong Nguyen, Sales Director for HAMMAR Maskin AB. Express Trailers’ new manufacturing arm will be working on side-loaders sent to Malta by HAMMAR and will be responsible for all the rebuilding and upgrading works including structure blasting, the hydraulics, modification of chassis, conversion of chassis to make it telescopic, braking and electrical systems and other alterations as per client specification. Given Express Trailers’ logistics experience

and its wide transport network, it will also be responsible for delivering the rebuilt units to the client, anywhere in the world as instructed by HAMMAR. Express Trailers has since many years captured Malta’s strategic geographical location into the hubbing concept of logistics using both container and trailer offering. So far Express Trailers has rebuilt and upgraded side-loading trailers for HAMMAR and exported them to customers in the UK, Spain, Portugal, and the Caribean amongst other countries. Express Trailers transport operations are supported by a fleet of over tractor units and trailers deployed on mainland Europe. Besides transport, haulage, customs clearance, vehicle transportation and groupage services, Express Trailers is also a strong player in the pharmaceutical temperaturecontrolled transport and warehousing as well as third party logistics including managed warehousing services. “Express Trailers is now at a stage where it is ready to bring this operation under the company’s wings and is willing to invest in growing the prospects further. With this latest venture in collaboration with Hammar Maskin AB, we are effectively diversifying also in the business of rebuilding, upgrading and customising side-loaders for a niche market,” concluded Franco Azzopardi. MBR

Transport & Logistics

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Motor Insurance

MAPFRE Middlesea

wins Best App Award for Motormax app By Therese Bonnici MAPFRE Middlesea is the proud winner of the Best App Award at this year’s Malta Communication Authority’s E-Business Awards. The company won the award for its Motormax app, which was launched in August 2015. Two years ago, MAPFRE Middlesea was the first insurance company in Malta to launch an intelligent insurance product, designed to provide affordable insurance to young drivers, based on their driving performance.

HOW THE APP WORKS

BENEFITS

The Motormax app is fed data from a small car-mounted telematics device which empowers drivers to keep tabs on their driving patterns with respect to parameters such as speed, mileage and time of driving measured on a 1 to 4 scale - with 1 being the lowest and 4 being the highest score. Driving performance is then calculated on a daily basis and diligent drivers are rewarded with up to 40% off their insurance renewal policy.

The MotorMax telematics device enables you to know the exact location of your car and help to track your vehicle if it’s stolen. Should one be parked in a time-restricted zone, the Motor Max app includes a parking timer, which can remind the customer when it is time to move the car. In case of emergency, one can also ask for assistance from the app. The app can be programmed to send email and SMS alerts, for instance if one exceeds the speed limit, he will be informed.

Rest assured that this will have no impact on your privacy. At any point in time, Mapfre Middlesea will only have access to aggregate information, and no access to one particular person’s data. The MotorMax concept reflects the company’s mission in encouraging smarter, better and safer driving. It is a fun concept that allows young individuals to save up, while striving towards becoming better drivers. Since its launch, the MotorMax product has been the most popular among those aged between 18 and 30 years old. “It is an honor and a pleasure to receive this award. We at MAPFRE aspire to lead the markets in which we operate through

innovation and vocation for service. This recognition is testimony that MAPFRE Middlesea has a clear and focused client orientation and utilizes technology as a differentiator to improve the customer’s experience,” the company’s CEO Felipe Navarro said, speaking at the awards ceremony, which was held at Intercontinental Hotel, St Julians, on Wednesday 16 March. The MotorMax App was developed by Handson Systems. The app can be

downloaded from the App Store and Google Play. More information on Motormax can be found on www.motormaxmalta.com or by sending an email to mapfre@middlesea.com MBR

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

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Opinion

The energy challenge by Florian Striegl

The recent oil and gas crisis has definitely changed our common understanding of reliable energy. A few decades ago nobody would have thought that resources like oil and gas, back then often described as a ‘safe haven’, could be endangered at all. Our intern and journalist-to-be Florian Striegl contends that if we want to find a solution for the worldwide energy problem, we should primarily understand where it comes from and which alternatives we have.

specially western countries are extremely dependent on other countries, like Saudi Arabia and Iran, which have a remarkable petroleum occurrence. So whenever the relationship between two of this countries is somehow strained that often causes an impact on the oil and gas prices. As a result it can be said that those prices are often a shaky component on the basis of government relations. For example in the year 2011 the European Union imposed an oil-embargo on Iran, because they had suspected a secret nuclear program. That scared the market, minimized the selection of possible oil and gas suppliers and the prices immediately increased. Right now the European petrol prices are quite acceptable for most consumers thanks to less EU embargos and better external relations than a few years ago. Furthermore the increasing demand for oil and gas definitely pushes the prices up. We want our economy to grow and our manufacturers to be more productive. Every economist knows that this is essential

for all industrialized countries because it makes them remain wealthy. So we have an increasing demand for oil and gas to keep our factories running, even though we know that someday the fossil fuels will run out. This is obviously a very narrow path that our society has chosen. But there is a ray of hope: Global environmental awareness has increased enormously in recent years. Disasters that resulted in a negative effect on the environment - like the oil spill in the Gulf of Mexico that was triggered by the explosion of an oil rig in 2010- have sharpened our senses. Governments as well as many corporations all over the world are starting now to invest in renewable and clean energy sources such as windmills and hydroelectric power stations. It is in particular for the manufacturing branch an important chance to be less dependent on highly variable mineral oil prices and to show their commitment to the environment. There are already some successful examples which show that it is possible for every

individual to get rid of a longtime oil dependency. Many car manufacturers like BMW and Mercedes have changed parts of their assortment into electrically operated vehicles. Although the price of an electric car is often at a dizzying height, it is claimed that this is the future of automobile industry. In addition, several governments all around the world have already joined the so-called ‘energy transition’. Taxes for high pollutant emissions are almost found in every country. If we want to prevent another oil and gas crisis and minimize its impact on our economy, we have to rethink our current position. Would it not be better to be less dependent on other countries and their oil resources? Would it not be better to focus on clean energy sources that do not harm our environment? Every individual has, of course, another point of view on that issue but we should not forget that it is the majority that counts and can make a change. MBR

European Parliament: Panama Papers

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Interview of the Month

FIMBank

Repositioning strategy MBR Publications follow-up the FIMBank AGM with a unique double-take interview with Murali Subramanian, FIMBank Group CEO and Dr John C. Grech, FIMBank Group Chairman

Interview with FIMBank CEO Murali Subramanian MBR: At FIMBank’s last Annual General Meeting, it was evident that the future profitability of the Group hinged on the success of the turnaround strategy announced during the same AGM. What did this involve and how did you go about achieving it? MS: Following the most difficult year in the Group’s history, it was clear that stability to the business, the reinforcement of the governance and risk structures, and the gradual re-building of the portfolios to a sustainable level, would be our priorities. This would be achieved by pursuing a consolidation strategy aimed to turnaround the core operating business.

We have further reinforced the Bank’s leadership structure and strengthened governance across the board throughout the Group. Since then, we have undertaken a series of measures aimed at achieving these objectives. We have further reinforced the Bank’s leadership structure and strengthened governance across the board throughout the Group. This has allowed us to intensify efforts to maximise our resource potential, including a review of certain staff positions, develop enhanced cost management processes, and ensure better utilisation of office facilities across the different Group entities. Meanwhile, the key pillars of the turnaround - an improved origination strategy across our various product offerings, a more harmonised 24

global factoring strategy, continued focus to asset quality and loan recovery management, as well as cost efficiencies and resource optimisation - will remain at the heart of the Group’s operations. MBR: The results announced recently in relation to the 2015 financial year indicate a substantial improvement on those registered in 2014. What are the highlights of the FIMBank Group’s 2015 financial performance? MS: The recently announced Group Consolidated Audited Financial Statements show that for the year ended 31 December 2015, the FIMBank Group registered a loss of USD7.1 million compared to a loss of USD45.2 million in 2014. At 31 December 2015, total Consolidated Assets stood at USD1.44 billion, a marginal increase of 2% over the USD1.41 billion reported at end 2014, while Total Consolidated Liabilities stood at USD1.27 billion, up by 3.5% from USD1.23 billion in 2014. Net income for 2015 stood at USD34.9 million, compared to a loss of USD4.7 million in the previous year. During 2015, net interest income rose by 4%, from USD28.4 million to USD29.6 million. Operating expenses increased by USD7.2 million to USD47.0 million, primarily as a result of various one-off costs related to business reorganisation and the strategic redeployment of resources. MBR: The international factoring side of FIMBank’s business came under the spotlight during the Group’s last AGM. How will the factoring operations feature within the Group’s business portfolio in the future, particularly in relation to the Bank’s core trade finance activities? MS: During the past year we have implemented a steady process of streamlining

Murali Subramanian, FIMBank Group CEO

of our international factoring strategy. This means that the different factoring businesses in Malta and abroad are now aligned towards a common objective. Moreover, additional focus has been given to the structuring of transactions to ensure that this remains robust, and that it provides additional comfort beyond the recourse to the borrower’s cash flows. MBR: And what about the issue of impairments, which had been identified as a primary ‘culprit’ of FIMBank’s poor financial performance in recent years? MS: Significantly, in 2015 net impairments decreased by 80%, standing at USD10.3 million, compared to USD50.7 million in 2014. This is the result of the implementation of a common risk management framework and other supporting measures that are effectively addressing issues which have dogged the Group’s financial performance in recent years. During 2015, we also boosted recovery efforts on impaired exposures across the Group, and a team of executives was assigned with this specific task. MBR

Interview of the Month

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yielding results

Question & Answer FIMBank Group Chairman Dr John C. Grech

MBR: Can you confidently state that the FIMBank Group is now back on track? JCG: The Group is greatly encouraged by the profit registered in the last two quarters of 2015 and the positive performance in the first quarter of this year, a trend which is expected to be sustained throughout 2016. We are now in a position to start seeing the results of the concerted and ongoing effort by management and staff towards the implementation of a consolidation strategy, designed to bring about the planned turnaround of the Group’s core business. In our last Annual General Meeting I had stated that the turnaround would take 18 months. I can confirm that we are on track. MBR: What can you tell us about the macroeconomic outlook with regard to FIMBank’s business operations? JCG: We remain faced with a challenging macro-economic outlook, driven by weaknesses in commodity prices and

emerging markets. Apart from posing external risks to the business, these will exert more pressure on the Group to diversify the target sectors to rebalance and rebuild its different portfolios.

In our last Annual General Meeting I had stated that the turnaround would take 18 months. I can confirm that we are on track.

Dr John C. Grech, FIMBank Group Chairman

substantial impairments which marred the 2014 performance, whilst at the same time creating a revenue platform to generate value going forward. This is reflected in the results for 2015. Of course there is much that remains to be done. But thanks to the impetus being given by CEO Murali Subramanian and his team, I am confident that FIMBank is even better placed to respond with agility to the changes in economic cycles across its international geographical presence, and to reposition itself as a growing profitable institution, through adequate returns and value creation for all its stakeholders. MBR

MBR: How do you see FIMBank’s future in the short to medium term? JCG: As I mentioned before, the objectives we set ourselves last year now look to be well within our grasp. As a result of the consolidation strategy we adopted in 2015, the Group has succeeded in overcoming the

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Malta Business Review

Aviation: Aircraft Registration Act

Aviation in Malta

A booming sector By Joe Gauci What has made such firms settle in Malta? Since then, we have undertaken a series of measures aimed at achieving these objectives. We have further reinforced the Bank’s leadership structure and strengthened governance across the board throughout the Group. This has allowed us to intensify efforts to maximise our resource potential, including a review of certain staff positions, develop enhanced cost management processes, and ensure better utilisation of office facilities across the different Group entities.

The island’s accession to the EU in 2004 was certainly a turning point, but this was not the only reason. The enactment of the Aircraft Registration Act in 2010 also contributed to Malta’s competitiveness in attracting both private and corporate jets. Today aviation accounts for 2.5% of Malta’s GDP and supports over 5,000 jobs. This growth is partly thanks to Malta’s effective legislation which allows for:

• The registration of an aircraft while still under construction; • The recognition of fractional ownership;

• The regulation of trust agreements in relation to aircraft.

Trust the professionals KSi Malta is an audit, tax and advisory firm with wide experience in the aviation sector. KSi Malta is a member of Morison KSi, a global association of leading professional service firms, established to meet the crossborder accounting, auditing, tax and business consulting needs of clients. Our professionals can help you with all your aviation needs. Contact our Tax Manager, Benjamin Griscti, on bgriscti@ksimalta.com for more details. MBR

Attractive conditions The regulator of aviation industries in Malta, Transport Malta, offers fees that are amongst the most attractive in Europe. Furthermore, the regulator offers streamlined regulations that are in full compliance with the international safety standards set out by the European Aviation Safety Association (EASA). In 2012, a new method of VAT assessment was introduced, whereby VAT becomes due only for the time an aircraft operates in the European Union. A 0% VAT rate applies in respect to the supply, acquisition, importation, chartering, maintenance, servicing and provisioning of aircraft engaged in commercial operations. In addition to this, one has to remember that the Malta Tax system remains one of the most competitive, with over 70 double tax agreements worldwide. 26

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Aviation: Aircraft Registration Act

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SMEs: Cloud Computing

José Herrera Launches

Cloud Computing Guidelines e-Book for SMEs Cloud Computing offers more flexibility and efficiency, automatic software updates, more security.

his morning, an e-Book entitled “A Guide to Cloud Computing for SMEs and Microenterprises” was launched by the Parliamentary Secretary for Competitiveness and Economic Growth José Herrera, during a conference jointly organised by the Malta Communications Authority (MCA) and the Malta Information Technology Agency (MITA). This conference was intended to raise awareness about the benefits SMEs can get from cloud computing. Held at the Le Meridien Hotel St. Julian’s, this conference specifically targeted SMEs and microenterprises and focused on the benefits of and challenges in implementing cloudbased solutions for such businesses. SMEs from different industries actively participated in the discussion which was led by local and foreign experts on the subject. Parliamentary Secretary Herrera emphasised the importance of such enterprises using the right technology to maximise their outputs. He stated that the right technology can lead to greater efficiency for such businesses, which

can only lead to greater productivity and sustainable economic growth. The e-Book provides a wealth of information for SMEs and microenterprises, including the benefits of cloud computing, the different solutions available on the market, how to select the right vendor to ensure their business needs are met, and a step-by-step guide on how to go about introducing and implementing a cloud computing solution. The benefits of cloud computing include flexibility and efficiency, automatic update of softwares and greater security among many others. Dr. Tobias Höllwarth, a founding member of EuroCloud Austria and editor of the book Migrating to the Cloud, Maurice van der Woude, general director of EuroCloud Europe, Dr Godwin Caruana, Chief Technology Officer at MITA, and Mr Steve Agius, Chief of Information and Business Development at MCA, also addressed the conference. Nick Tonna from BMIT, John Degiorgio from Shireburn Software and Edward Portelli from Microsoft Azure participated in a

panel discussion, each sharing their own experiences in implementing cloud-based solutions and the impact that this had on their business. “This e-Book is yet another step forward in our drive to support the local business community in keeping up with the latest technological developments,’ continued Parliamentary Secretary Herrera before thanking MITA and MCA for yet another new fruitful project. He said that it is with initiatives like this that our country can continue to bolster its economic growth sustainably and increase Malta’s competitiveness in the services sector. In a separate event held at the University Of Malta, students, particularly those from the Faculty of ICT, FEMA, Engineering and Sciences, had the opportunity to meet these experts and discuss the benefits and opportunities of Cloud Computing. The e-Book can be obtained by following this website: www.mca.org.mt MBR

Credit Line: PARLIAMENTARY SECRETARIAT FOR COMPETITIVENESS AND ECONOMIC GROWTH

Interview of the Month

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View from the Mountains

Morals andEthics By Werner E Jung

Anytime you think it cannot get any uglier... they find a way.

o, this is not what I think about the weather around here, lately. This thought could pertain to the first reaction when reading the online editions of Maltese newspapers in the morning. Actually it is a recent quote from Hillary Clinton about the Republican pre-election campaigns in the US. I should be working on my book and getting manuscripts ready for seminars; instead I find myself glued to the television all night, watching the debates and the various caucuses in the USA on CNN and wondering if this “is real”, so that you start asking yourself whether you had been smoking the wrong grass. Then, after a couple of hours of sleep, you get your first cup of coffee, sit down in front of monitor to read the news of the various e-papers. It is advisable to put the coffee cup down before you come to the Maltese press. Forget about the wrong smoke you might have had – you find yourself right in the middle of Absurdistan with a new “surprise” every day. There you have Donald Trump, who makes sure he does not leave anybody out with his diatribes, insults and insinuations, and here you have a PM with one prominent member of cabinet and Minister with two important portfolios, that of Energy and the other of Healthcare, and a Chief of Staff, sitting just outside of the PM’s office, who were caught with accounts in Panama, with certain premeditated coincidences in timing as far as government contracts are concerned. What do these two “shows” have in common? Not much you might think, but take a closer look: In contrast to the “Divina Commedia” from Dante, both events appear like an “ungodly burlesque”; although, a certain analogy to 30

Dante’s purgatory cannot be denied. It is hard to imagine that such things can happen in todays so called “civilised” world. Both “events” have prominent protagonists who enjoy being in public life, and who openly admire some political “heroes” of questionable reputation. They promise(d) to clean up the old fat cat political morass but appear to have no idea on how to go about it; they do seem to have their own agenda, though. They are both proponents of “Management by Mushroom” – keep everybody in the dark and regularly cover them with shit – sorry, manure. Somehow Fyodor Dostoyevsky’s “Crime and Punishment” comes to mind, where the protagonist argues that with the money he obtained through the murder he can perform good deeds to counterbalance the crime. He wants to test his own hypothesis that some people are naturally capable of such things, and even have the right to do them. Morals and Ethics are for the others.

In contrast to the “Divina Commedia” from Dante, both events appear like an “ungodly burlesque”; although, a certain analogy to Dante’s purgatory cannot be denied. Unfortunately both “comedies” are real and they are happening today right under our eyes in the supposedly two most developed areas of the world, Europe and the USA. Yet there (hopefully) are some differences: In the US the political establishment was utterly

surprised by the success of Donald Trump. They were sure that the campaign of this “narcissistic Clown” would implode by itself. What we are seeing now is another form of “The Price of Inequality” as described by Nobel laureate Joseph Stiglitz. Trump appeals to the ones who were left behind in the past decades in terms of earnings and education. As paradox as it seems, he gives them the hope that everybody has a chance to become as rich as he is. America loves success. At this point “the establishment” is waking up – a little late as it seems. For America there is hope because there is an option and sufficient time until the elections. Hopefully they have heard the “wake-up call. American society, in the past has shown the ability to self correct and renew itself. In Malta the last government was voted out because people were fed up with nepotism and corruption which had become part of daily life. The new, current government was elected on the promise of integrity, transparency and equality (meritocracy). Somehow there must have been a big misunderstanding between the general public and the new political cast. Their interpretation of doing away with inequality was to step in the footsteps of their predecessors, making sure that its constituents get their share of the “trough” as fast as possible. This is done quite unabashed under the eyes of the public and the press. It appears that they missed school the day the meanings of integrity and transparency were explained. They got a jump start by peddling passports to “honourable citizens” around the world and got away with it; so why not try some heavier stuff? While there are finally some open public protests it appears that the majority of the public does not seem to care

View from the Mountains

as in all the other cases of blatant nepotism, corruption and deception. However it took an appeal and organisation from the opposition in order to get people to the street. From afar it almost appears as if during the course of desalination of the water a constant potion of tranquilizers is added.

It appears that they missed school the day the meanings of integrity and transparency were explained. Whereas in most other countries where politics and business are ridden with corruption and nepotism, they try to intimidate, prosecute and close down the press, there is no need for such measures in Malta. The public, over many decades, appears to have gotten used to constant scandals over the misuse of influence and power of the ruling cast – independent of the political orientation. In this respect “PanamaGate”? What else is new? Why get exited. It is hard to believe that the Maltese people have become so oblivious to what is happening right on their doorstep. As an example, previous political leaders have promised to make an IT development hub

out of Malta. Along this way they convinced the public that online gambling is an honest business and should be promoted. The rest of the world seems to know that gambling is the easiest way for money laundering….. In Europe Malta is in good company with other “very reputable” financial services locations like Gibraltar and Isle of Man. In the meantime online gambling has become a major part of the economy and has achieved the status of “too big to fail”. Nobody talks about technology any more; for gaming it is sufficient to hire second class programmers who don’t make it anywhere else in the industry. One is tempted to say The Maltese got the Government they deserve but this would be doing injustice to the few who are not tangled up in the big sleaze and who do not read the news with indifference. In this context, however, it is interesting to note that it was a Maltese journalist and blogger (DCG) who got the ball rolling. Considering that there are no real alternatives to be seen on the political horizon, one might become tempted to see a real benefit in the Second Amendment in the American constitution, the right to bear arms, which was influenced by the English Bill of Rights of 1689. Sir William Blackstone described this right as an auxiliary right, supporting the natural rights of self-defence, resistance to

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oppression, and the civic duty to act in concert in defence of the state. I am not very hopeful this would be of any use in Malta; apparently the shot has to be a little louder to get the public out of their complacency. Donald Trump said that he could shoot someone in broad daylight on 5th Avenue and he would not get one vote less. I wonder... MBR

EDITOR’S NOTE Werner E. Jung looks back at an eventful worldwide management career with several big gobal corporations. Twenty years ago he turned to teaching and consulting and founded the Flexible Factory Institute focussing on Lean Manufacturing and Supply Chain Management. During the past years Mr. Jung became especially interested in the development of SMEs especially in developing countries and emerging economies. Recently Mr. Jung has taken to research into socio-economic developments where his ambition is not necessarily coming up with all the right answers but hopefully to enable to ask the right questions at the right time. Werner E. Jung holds a Masters degree in Industrial Engineering from the Swiss Federal Institute of Technology and a MBA from the Massachusetts Institute of Technology, where the beginnings of his socio-economic thoughts where influenced by Paul Samuelson.

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The Customer Experience Big thanks for the last three events, very interesting and informative. The organisation was perfect and we were extremely surprised that all events had very good turn-outs, especially the last one. SDavid Zammit, Officer Cash Management, FIMBank p.l.c.

The Palace, Sliema 8-04-2016

Heartfelt thanks for a remarkable organisation, strict time-frames, excellent high caliber speakers and great networking. Steve Garrett, Business Development Manager, KSi Malta

I would like to thank you all for organizing the inspiring conference of last Friday. It was very informative and essential for networking. Irene Bugeja, Business Development Manager, DMS, Msc. (Management) U.K.

The Customer Experience

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Just to let you know that I thought that this conference was really worth its salt! Steve Tendon, Managing Director, TameFlow Consulting Limited

Congratulations on todayâ&#x20AC;&#x2122;s conference, which I hope will continue to gather momentum next year. Peter Grima, Associate, Fenech & Fenech Advocates

Congratulations on a great event Martin â&#x20AC;&#x201C; I appreciate how much work goes into these occasions. It was great to be involved and to be able to spend some time enjoying Malta with my wife. Congratulations once again and good luck with your business in the future.

Mike Ashton, Managing Director, ABCG

Thank for the opportunity to attend the conference. It was of great interest and assure you that the knowledge shared by the exceptional speakers will come handy at the place of work. Magnolia Tabone, Education Coordinator, The Malta Institute of Accountants

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MALTA AVIATION NETWORKING CONFERENCE

The PALACE, SLIeMA, 18-03-2016

Malta Aviation Networking Conference

MALTA OIL & GAS SUMMIT

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OIL & GAS SUMMIT MALTA 2016 The PALACE, SLIeMA, 1-04-2016

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Dental Healthcare

Single Tooth Replacement due to a failed root canal treatment By Jean Paul Demajo

Up until the introduction of dental implants, a single tooth replacement was usually performed with a removable denture wedged in between adjacent teeth or a dental bridge attached to 1 or 2 adjacent teeth. Nowadays most single teeth are replaced with dental implants. A dental implant is the insertion of a screw or fixture into the bone site of the missing tooth. Following 3-6months of healing the top part of

the implant is exposed and a tooth is attached onto it. This is the basic manner of completing an implant-retained crown. Today the choices on materials and the manner of which the job is completed my vary considerably. Here are a few options, which must be weighed out and selected to obtain the best aesthetic and functional result:

intra-oral view post extraction

The Implant The majority of implants are made of highgrade titanium. These implants are extensively researched and carry excellent success rates. These are also metal-free implants made out of zirconium. These so-called biological implants have many advantages including: • Hypoallergenic • High biocompatibility • One-stage surgery

Surrounding Bone The implant must be inserted into an area with sound and sufficient bone. If the area does not have enough bone then a bone graft must be performed to allow complete coverage of the implant at insertion and forever after its completion. There are many bone grafting materials available to buy; cow bone, human bone and other inorganic bone substitutes. Extracted tooth

• Excellent aesthetics

The Crown

• Corrosion resistance

Implant crowns are also available in different materials. The material of choice was once porcelain fired onto cast gold. Then pre-fabricated titanium abutments were introduced allowing a conventional crown to be cemented onto it. Then came the revolution of maximising aesthetics and eliminating any metal in the crown allowing room for an all-ceramic crown made from zirconia. This metal-free zirconia framework allows the firing of porcelain onto it maximising the aesthetics especially in the anterior area. The main advantages of all-ceramic crowns are superior aesthetics with no metal edge, high biocompatibility and the ability to perform these in single day visits.

• Holistic friendly • Strong and comfortable Implants also come in various sizes, shapes and forms so the right implant must be chosen for the right place.

final fitting of new implanted tooth carrying an all-ceramic highly aesthetic crown

Gingival tissue More often than not the bone and surrounding gum in the site of a missing tooth is to some degree resorbed. This results in an obvious drop in the gum level and/or width of the ridge. Replacing a tooth would result in either a long-looking crown or a crown with spaces in between the other adjacent teeth. This creates poor aesthetics and discomfort on eating, as spaces are obvious food traps. The bone and gum grafts restore the implant site to normality allowing for a firm anchorage and a tight gingival cuff synonymous with good hygiene. A Case Scenario

A young woman presents with a failed root canal treatment exhibiting recurrent swellings and exudate. The tooth was extracted and a temporary removable denture placed. 2months post-extraction the implant was inserted and following 4months of healing, the all-ceramic highly aesthetic crown fitted. Sometimes a temporary acrylic resin crown is fit on the healed implant to shape the gum and produce a better gingival profile for the future permanent crown. Replacing an anterior tooth at the centre of your smile is a very technique sensitive procedure. Dr Jean Paul Demajo is a Dental and Implant Surgeon trained in London working in private practice in Malta 36

Ask your dentist!

Retail Shopping

Malta Business Review

It’s destination Malta for MSPA Europe!

MSPA (Mystery Shopping Providers Association) Europe is proud to host its 17th annual conference at the Corinthia Hotel, St. George Bay, Malta on 24-26 May, 2016. The conference, titled “Your Future Now” will feature leading voices from across the globe, all with the objective of equipping delegates with the tools and knowledge they need to manage and measure their customer experience. Main stage presentations and break-out sessions will combine to aid the development of the skill sets required as businesses continue to face the ever-changing demands of their customers.

Attendees include senior executives from both the client and agency side of the customer experience landscape. Representatives from the mystery shopping, market research, training/coaching and associated industries will join the delegation, as will companies that use mystery shopping techniques, and/ or are interested in finding out more about the commercial benefit of including mystery shopping as part of their research tool box. John Magri, Quality and Industry Human Resource Manager at Malta Tourism Authority, is a key note speaker. During his session, John will discuss the success of the Quality Assured (QA) seal, a Malta Tourism Authority voluntary

scheme for restaurants, visitor attractions and destination management companies. “We continually strive to serve our members by providing them with an excellent conference programme – supported by the inclusion of great speakers as well as excellent networking opportunities” said Yvonne Kinzel, president of MSPA-EU. “The beautiful island of Malta is the perfect location for delegates to take advantage of the top quality events programme that we have created to educate and stimulate the minds of our community.” MBR

For more information about the event, visit our website at www.mspa-eu.org

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Malta Business Review

Ethics

In this series, professionals share their secrets to being more productive.

By Richard Branson, Founder at Virgin Group

Want to Be More Productive?

Be More Punctual If you want to be more productive, then start at the start: get there on time. Whether it is a meeting, a flight, an appointment or a date, ensure you are there when you say you will be there. This may feel like an old-fashioned tip to give, especially in a series titled Productivity Hacks, but it has served me well for five decades in business. Being on time is respectful to your hosts and also means you can effectively manage your day. Once you get behind, it is hard to catch back up again. Being punctual doesn’t mean rushing around the whole time. I always find the time to exercise - kitesurfing, tennis or cycling – and to spend time with my loved ones. It simply means organising your time effectively. Of course, everything doesn’t always go to plan. It isn’t always possible to be on time, but it is always possible to try. When I find myself running late, I will often quite literally resort

to running. I was in New York a few years ago and our Virgin Unite events took a little longer than expected. The Manhattan traffic was typically hectic, and I found myself trapped on the other side of town, needing to get to Fox News in time for a live interview. As I peered out of the car window into the immobile queues, I jumped out of the front seat and sprinted down Sixth Avenue. I spotted the Fox sign, hopped across the lobby and began banging on the window. I made it with a minute to spare. Being on time doesn’t mean working to a strict, rigid schedule. It means being an effective delegator, organiser and communicator. If it isn’t going to be possible for me to make an appointment, make that clear and apologise. If possible, find one of the team who will find it useful to attend on your behalf, and then ask them to feed back to you. If it really isn’t possible to be on time, call ahead.

I’m a huge believer in flexible working, and we have a policy at Virgin Management allowing our staff to work from home and choose their own hours. There’s no need to be in the office to do your best work. By giving your staff the freedom to structure their own time, you will empower them to work more creatively and effectively. But being flexible and being punctual aren’t mutually exclusive. If you can be both, you and your business will thrive. Now, got to run — I’ve got an appointment with my tennis coach! MBR EDITOR’S NOTE Sir Richard Charles Nicholas Branson is an English businessman and investor. He is best known as the founder of Virgin Group, which comprises more than 400 companies. At the age of sixteen his first business venture was a magazine called Student. In 1970, he set up a mail-order record business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson’s Virgin brand grew rapidly during the 1980s, as he set up Virgin Atlantic and expanded the Virgin Records music label. In March 2000, Branson was knighted at Buckingham Palace for “services to entrepreneurship”. In July 2015, Forbes listed Branson’s estimated net worth at US $5 billion.

PANAMA PAPERS

Malta Business Review

Panama Papers

A step towards transparency

by Florian Striegl

A tribute to investigative journalism: On April 3, 2016 more than 100 media organisations, including newspapers and online media, published insightful documents of law firm and corporate service provider Mossack Fonseca (Headquarters in Panama City). The so-called ‘Panama Papers’ shall be an evidence for tax evasion of numerous wealthy and powerful political figures and organizations of many countries.

It is clearly no secret that the Caribbean region is a financial offshore paradise. Although most of us have already heard of the dubious investment strategies there, the actual number of participating investors is really shocking: The papers provide information on more than 24,000 companies including the identities of shareholders. Furthermore there are over 40 countries with public officials implicated in the scandal. One of them is, according to the Panama Papers, the Maltese Minister for Energy and Health Konrad Mizzi. He is the only Minister in the European Union who is mentioned in the papers – that’s why there is such a large outrage and debate in Malta, which is a EU member state. Well, there are of course legitimate uses for offshore companies and similar investment opportunities. The surprising thing in Mizzi’s case is that he closed a Panamanian offshore company, owned by a New Zealand trust he had created, long before the Panama Papers were published and with the amazing coincidence that the trusts were

done on the same day he closed a secret energy deal with the outcast government of Azerbaijan. If funds go through different non-EU countries, it is quite hard to trace back the exact origin. Although the Minister claimed he was closing the company in the interest of transparency, he drew thereby the public’s attention on himself and his suspect investments. Prime Minister Joseph Muscat said that the Panama Papers confirmed Konrad Mizzi’s statement, but ongoing investigations and new disclosures do point to a degree of irregularity, and PM Muscat disclosed he would dismiss him immediately if such was the case. Prime Minister’s Chief of Staff, and close ally, Keith Schembri, is also involved in the current scandal. According to the Australian newspaper ‘The Financial Review’, Schembri set up an offshore trust in New Zealand in 2015 which is said to be linked to a secret Dubai bank account and also to a Panamanian company (set up through Mossack Fonseca). As we know thanks to the papers, this is a very

familiar method used by many politicians all over the world. The voices calling for a resignation of the two Maltese politicians and even of the Prime Minister, who is jointly responsible for the actions of his ministers, are getting louder now. Simon Busuttil, leader of the Opposition and the Nationalist Party in Malta, is one of many who have already called for Muscat’s resignation. His tweet says: ‘If this is what you’ve been defending, it’s time for you to go’. How many scandals regarding the financial sector are still out there? Nobody really knows. The ‘Swiss Leaks’ scandal has already asked for more transparency and caused many public protests – but so far there has not been a change. We as a society can only hope that there will always be enough courageous people who show us, even if they might lose their job, threatened, or may be arrested, we must never be led to be deceived by the super-rich league, who commit murder and pretend to get away with it. MBR

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Malta Business Review

Clean Energy

Bill Gates Just Wrote A Rallying Cry for Clean Energy

Will it be Enough? By Daniel Roth Bill Gates’ first annual letter about his family’s philanthropic efforts debuted in 2009 and ran 22 pages long. In it, Gates covered seven major topics and countless smaller ones, from how he met his wife, Melinda, to the role of Monte Carlo Simulations in evaluating malariafighting options; from staggering childhood death figures to the lack of feedback loops in philanthropy. This year, he focused. In his annual letter, which launched recently, he tackles just one subject: clean, accessible energy. (Melinda has her own section detailing the unfair workload placed on women in poor countries.) It was a curious decision for the famously intellectually-expansive Gates, who as CEO of Microsoft used to hole up in a secret cottage for bi-annual “think weeks,” in which he’d spend 18-hour days consuming 100+ wide-ranging papers. But as he explains in the letter, focusing on energy makes all of his other life-improving efforts easier to enact. Get the more than 1 billion people who live without energy hooked to the grid and suddenly, “you can run hospitals, light up schools and use tractors to grow more food.” That’s the feel good side. The darker side of the energy focus is that the energy has to be delivered with absolutely no carbon dioxide emissions, something that will only happen via an “energy miracle.” He skips the pleasantries on why: “Time is not on our side.” In order to stop irreparable harm to the planet, we need to completely eliminate the 36 billion tons of carbon dioxide we emit a year. Not cut it, not curb it, but eliminate it — and do so by the end of the century. In an interview in his offices outside of Seattle, Gates talked to me about why he’s optimistic that this miracle is coming — by the deadline he lays out — and whether he’s hearing the right urgency from the U.S. presidential candidates. (In a clean energy white paper he published last fall, Gates explicitly called out government to play an “indispensible role” in funding energy initiatives. If a full-throated endorsement of this idea has come up in any of the debates, I’ve missed it.) We also talked about the unusual tone he took in writing this year’s letter. While his annual paper is carefully studied by schools, nonprofits and governments — no surprise, as the Gates Foundation gives out nearly $4 billion 40

each year — this year both he and Melinda tailored their message to high school kids. The letter is dotted with asides, marginalia and pop culture references — and they frame their search for solutions as “superpowers.” At the end, they make a plea for students to get involved now. But the problems they lay out aren’t ones that high school kids are going to be able to solve; far from it. In one section, Gates pours cold water on innovations that might seem massive, but aren’t: “Someone may tell you they know how to remove 100 million tons of carbon per year. That sounds like a lot… [but] they’re talking about less than 0.3 percent of the problem.” Finally, we discussed what lessons he’s learned in 16 years of global philanthropy that other technology moguls like Mark Zuckerberg — whose Internet.org stumbles were debated by an entire country — are only now painfully discovering. “It’s not easy to get things out but you’ve got to work with the government, you’ve got to be very patient,” Gates told me. “You learn, you try different things.... We kind of knew that going in and we are going to be around ten years from now, fifteen years from now, 20 years from now so we can take the lessons — including the failures — and be smarter about how we approach it next time.” Some excerpts: On why accessible energy is worth tackling immediately:

things, even without price supports. It is difficult but science has lots of miracles that it has provided. One thing we can do is we can increase the supply of innovation by having more government R&D. On whether Washington is aligned with this vision: The one part of the energy discussion that really has a chance of being bipartisan is more energy R&D. It creates great jobs, creates leadership for American companies. I had a chance, both in the House and the Senate, to sit down with both parties and talk through this and a lot of Senators are very supportive from both parties… The scale of the money involved to double the energy R&D over a 5-year period is about $6 billion a year. It’s not gigantic even compared to what we’ve done to subsidize renewable energy, which has been a good thing. On how he advises college students to think about how to think about what they can do with their lives. I have got a daughter in college and she’s still trying to decide. There is a lot of things, should I go be a doctor? Social worker? So many choices. That’s great but it is hard to pick. I do think basic knowledge of the sciences, math skills, economics [is necessary]. A lot of careers in the future will be very demanding on those things. Even if you are thinking about sales or marketing, the rules of the game will change because of the digital revolution. MBR

Part of uplifting [poor] economies is going to be to get energy for them. The sooner we can do that, the better. Now, we still need to think about health, we still need to think about education and all these things going together get you out of the poverty trap. On how drastically declining oil prices impact his optimism about clean energy investments: Hydrocarbons being cheap makes the difficulty of getting a new energy system for electricity, for transport, for industry, for your house more difficult. If all energy was very expensive then these technologies would find it easier to become the best way of doing

Daniel Roth Daniel Roth is the Executive Editor at LinkedIn, Creditline: LinkedIn

Clean Energy

Malta Business Review

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Malta Business Review

KPMG’s Biennial Financial Services Conference

QUOTES FROM THE KPMG’s Biennial Financial Services Conference Tonio Zarb “I think we are at a stage of development today were we can safely say that our professionals hold their own when compared to those in other jurisdictions. We’re also seeing clusters of expertise in various areas. Nevertheless, though we’re moving ahead we may not be at the level of a sophistication of certain other EU financial centres. We still have some catch up to do. Innovation is closely linked to education so we need to see how we can change our educational system to produce people who can think for themselves and who will be able to cope with the fast rate of change that we are experiencing today, and more so in the future. Any changes to our education system to produce graduates that meet today’s needs of the various sectors of the financial services industry will need several years period to implement. By the time the changes necessary to meet today’s needs have been implemented, those needs would have changed. The answer is that industry specific needs have to be based on vocational training. I mean short, sharp courses for people who have already the foundation to learn industry specific skills.”

Juanita Brockdorff “To date Malta has capitalised on a mix of unique elements to punch above its weight. We are conveniently located; our regulatory structure is robust and sensible; we are open to business. Our tax system is transparent and does not differentiate between foreign and local business, while being conducive to a thriving economy. Our infrastructure and telecommunications are advanced. Our most treasured asset lies in our people, boasting a wealth of intellectual capital replete with financial and legal experts.”

Charles Mangion “One question I would to ask the panel to consider when we talk of innovation is whether Malta should seek to develop specific areas of excellence or if we should be everything for everyone, which has been our strategy to date. Likewise, do we develop people to be excellent in a few focused areas or do we continue as we have done till now? Innovation must come from the industry. The regulator acts as a catalyst but it is the industry that must lead the innovation.”

Max Ganato “The participation of the private sector in the development of the financial service’s industry is so obvious it need hardly be repeated. But this has to continue and the issue that we need to address is the way it is done. We can’t afford to rely anymore on only a small number of individuals to take initiatives and we really need to institutionalise the function and give it a clear focus and resources. I have suggested many times that if parliament or government wants to be involved in this, then they need to create the structures for listening and marshalling resources for quick implementation because we have no problem of expressing ourselves in terms of ideas and to any level of detail.”

KPMG’s Biennial Financial Services Conference

Malta Business Review

Minister Scicluna “As it has already done in the past, Malta is ready to co-operate to reach an agreement with respect to transparency and exchange of information on taxation matters with foreign tax authorities with which we have deals with. This includes all member states of the European Union. This is because Malta is against both tax evasion, whether it is done by individuals or by companies. On the other hand, we are not willing to accept any harmonization of tax rates or changes in the country’s tax system known as full imputation system. This was and remains a basic and crucial position for us. We’re not going to allow anyone to cross the red line and it will remain up to the national parliament to decide.”

Minister Owen Bonnici “The participation of the private sector in the development of the financial service’s industry is so obvious it need hardly be repeated. But this has to continue and the issue that we need to address is the way it is done. We can’t afford to rely anymore on only a small number of individuals to take initiatives and we really need to institutionalise the function and give it a clear focus and resources. I have suggested many times that if parliament or government wants to be involved in this, then they need to create the structures for listening and marshalling resources for quick implementation because we have no problem of expressing ourselves in terms of ideas and to any level of detail.”

Juanita Bencini “Tax transparency is not about dictating what a country’s tax rate should be and neither should it be stating what a country’s taxation system should look like. Automation needs to be at the heart and core of the processing of applications and it must be designed to improve key supervisory processes. It is therefore imperative that this unit undergoes this reengineering fast and transitions to a paperless environment as soon as possible. … Efficiency and efficacy in processing licences in one of the areas where we can differentiate our country in the face of increased harmonising of regulation. So we need to address this problem now and fast. We need to look beyond the EU and increase our work force by importing talent from non-EU jurisdictions. But these people can’t afford to wait 4-6 months for a visa and work permit. We need a fast track process that would make it easier for Maltese companies to hire qualified staff from non-EU countries. With input from the industry, government can build a critical skills list for such employment permits to ensure that the process is managed and controlled well. In my opinion, the industry today is crying out for some energising and new initiatives to revitalise and rekindle the interest of both existing participants and to attract new and younger talent to the industry. We need some headline grabbing initiatives that will excite and propel people to turn their attention to this industry.”

Kenneth Farrugia “Now clearly the industry is being shaped by regulation and we’re seeing that in so far as financial services operators are concerned they are in their majority boxing their business and operational models to fit regulatory requirements. We’ve seen the development of clusters and from maybe just over twenty operators in the late eighties and early nineties, today we have some 500 licensed investment services operators in the market and we have fully developed clusters in some sectors, notably in the asset management and the insurance sector, where we have developed clusters predominately consisting of foreign owned operators. This clearly shows the paradigm shift that the industry has gone through from being a domestic driven industry to one which is very much driven by international business. I feel that the industry should be more dynamic and proactive in recommending and proposing innovations within our legal and regulatory framework. This requires ownership, because there is in my view no proper formal ownership structure that brings together practitioners and operators to contribute to the innovation process, to contribute ideas to make Malta more competitive. If I look back over these last 20 years and the business that we had then and I look at the quality of the business reaching Malta, it is highly evident that this has become much more sophisticated and much more complex. Likewise, the risk profile of this business has changed, not necessarily falling within the risk appetite of the credit institutions in Malta. I think that today we are facing a gap. There are credit institutions that have defined their own risk appetite and are not ready to take certain business which falls outside this appetite. There is therefore the dire need to widen the provision of corporate banking services in Malta through other providers to ensure that this addresses the full requirements of the business that is coming to our shores.”

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Malta Business Review

Auto Review

Racy, playful and fun

BMW 2 series

Active Tourer

By George Carol

The intelligent BMW 2-series Active Tourer’s all-wheel drive system adapts perfectly to even the most challenging road surface conditions, ensuring outstanding traction at all times. xDrive and Dynamic Stability Control (DSC) ensure that the BMW remains perfectly stable. sDrive refers to BMW vehicles in which torque from the drive train is transmitted via only one axle. In vehicles with compact dimensions that nonetheless offer a spacious interior and a versatile, expandable luggage compartment, sDrive on the front axle along with a transverse engine is a space-saving solution that simultaneously guarantees outstanding dynamics and agility. Electromechanical power steering creates a direct steering experience while simultaneously improving agility and driving comfort. The variable sport steering with Servotronic creates a direct and agile steering response with less physical effort when turning. The Active Tourer is the first BMW driven by the front-wheels, is the first BMW series vehicle to use a three-cylinder engine (aside from the somewhat limited BMW i8), and BMW launches a van-like vehicle which, is a new approach to the conventional corporate models we associate the brand with.

The 2 Series Active Tourer sounds pretty amazing. It has the right amount of tech, it employs an exciting exterior design and best of all, it has an attractive price point. But the real question in the back of our mind was: how does it drive? Is the 2 Series Active Tourer a “real” BMW? And how dos it respond to our roads? The car feel roomy and appealing to families. And the car delivers on this aspect with a relatively spacious cabin, stylish and premium looking. An 8.8-inch freestanding LCD screen dominates the dashboard and it’s controlled by the typical iDrive knob with touch technology. Some information is mirrored from the LCD screen onto the newly designed Head-Up Display. One thing that has bothered me when compared to rear-wheel drive BMWs was the A-pillar which takes some time to get used to it when cornering. For some reason, the BMW 2 Series Active Tourer looks better in real life than in photos. I don’t have much space to describe the exterior design, but one thing that I find it exceptional is that the design is somewhat aggressive, dynamic and extremely functional. And I also found out the exterior designer is a certain Michael De Bono! Although BMW’s decision to introduce front-wheel drive variants has not been popular with purists, the 2-series Active Tourer is surprisingly sharp and the steering offers sufficient feedback. It’s not sporty, but the car feels well balanced and the power delivery from the 218d is quiet and smooth. MBR

Specifications Interior trim Finishers Oxide Silver Dark Matt Park Distance Control (PDC) front and rear Parking Assistant Fog lights Servotronic Performance Control Air conditioning On-board computer Media

Great Britain / Ireland version Language version English English / Owner’s Handbook / Service Booklet Vin Visible from Outside Transport Protection 2 Years Mechanical Warranty 12 Years Anti Perforation Warranty Large capacity fuel tank Runflat tyres Additional 12-volt power sockets

Auto Review

Malta Business Review

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Malta Business Review

ERC Stories

Treatment for late-stage prostate cancer patients: getting closer to a solution by Special Correspondent

People suffering from prostate cancer usually go through surgery and radiotherapy. When these treatments are ineffective, drugs are used to stop the tumour progression. However, after a few years, patients stop responding to this therapy. Prof. Xavier Salvatella from the Institute for Research in Biomedicine (IRB Barcelona) may have found how to address this resistance, caused by alterations of the androgen receptor protein including mutations.

rostate cancer is fuelled through the activation, by the hormone testosterone, of a specific protein called androgen receptor. To halt the progression of the disease, drugs are used to inhibit this receptor. However, after a few years, patients become resistant to the treatment, due to mutations and other modifications in the protein. By studying its 3D structure and its motions, ERC grantee Prof. Xavier Salvatella is looking for new cancer therapies that would bypass these mutations. Proteins, a choreography of ballet dancers Prof. Xavier Salvatella is interested in understanding the process of protein folding and unfolding, exerting key functions in the cell. He aims to unravel the connections between distant points in the protein chain, in order to find other locations in the molecule where medication could be targeted. His theory is based on the principle that motions in a certain site can have an impact on a distant part of the same molecule. He describes this mechanism as “a ballet-like

choreography, which allows the transfer of information across the structure of proteins”. According to him, “if we understand the choreography, we may be able to discover anchor points for new therapies”, and they might identify many other valid sites in proteins towards which to direct drug discovery efforts. Prof. Salvatella’s research findings may contribute to designing new drugs that could halt cancer progression in late-stage

incurable prostate cancer patients, even when a treatment is rendered inefficient due to protein mutation. Late stage of prostate cancer kills ca. 70.000 European men every year. This study has been funded by the European Research Council and received additional support from the Catalan Institution for Research and Advanced Studies (ICREA). MBR Creditline: European Research Council © illustration: Xavier Salvatella /IRB Barcelona

PROJECT • CONCERT • DETAILS Researcher (PI): Host institution: Project: ERC call: Max ERC funding: Start date: End date: 46

Prof. Xavier Salvatella Fundacio Institut De Recerca Biomedica (Irb Barcelona), Spain Description of information transfer across macromolecules by concerted conformational changes Consolidator Grants , ERC-2014-CoG, panel 1,950,000 € 2015-07-01 2020-07-01

ERC Stories

Malta Business Review

High accuracy measurements to meet manufacturing needs by Special Correspondent

The advanced technologies designed by researchers working on the SURFUND project go beyond the current state-of-the-art techniques in metrology, the science of measurements applied to manufacturing and other industrial processes. These novel measurement tools could have a large application potential in optics, aerospace, automotive, precision engineering, electronics and biotech industry and they have already attracted the attention of several companies working in these fields. The innovations generated by this ERC project could bring significant economic benefits to Europe.

n recent years, freeform surfaces are being manufactured more frequently and are being used in a wide variety of products such as optical systems, energy-efficient jet engines, human joint implants, solar panels. As freeform surfaces - also called complex surfaces - have often no symmetries at all, it is complicated to ensure good quality during their manufacturing. With the requirements imposed by continuous technological development, the need to make and measure these surfaces to a very high precision becomes more and more important. Prof. Xiangqian Jiang took on this challenge and, using mathematical models, explored new basics and principles for measuring and characterizing non-planar surfaces at nanoprecision level. With her multidisciplinary team, she succeeded in designing nanometeraccurate instruments which possess noncontact and high speed qualities, are easy to use and can be produced at affordable costs, paving theway to the 21st century

advanced surface measurements. Processes, sensors and instruments developed during this ERC project have applications for many products (e.g. flexible photovoltaic cells, flexible/printable electronics, roll-to-roll flat panel displays, solar concentrators) as well as in the automotive, aerospace, semiconductor, bio-engineering and food packaging sector. These technologies guarantee an optimal performance, reduce manufacturing costs and could help the industry move towards a more environmentally-friendly production (zero waste and carbon neutral production). So far, more than ten world-leading companies in these fields in Europe and the USA have expressed their interest in the results of this research led by the University of Huddersfield. The technology transfer has already taken place through patents and strong cooperation with industries. To this purpose, Prof. Jiang, supported by an ERC Proof of Concept Grant for the project EMINSTR, launched the technical optimization, product prototype

design and technological licensing to finally bring to the market three instruments: the wavelength scanning interferometer (NWSI), the white-light channelled spectrum interferometer (WLCSI), and the dispersed reference interferometer (DRI). The momentum generated by the ERC funding led to the creation in 2011 of the Centre for Innovative Manufacturing in Advanced Metrology (UK) of which Prof. Jiang is the director. Building on the results of the SURFUND project, completed in 2015, she is currently pursuing her research to apply the developed technologies to the manufacturing of cells contributing to cell-based therapies and regenerative medicine. MBR Creditline: European Research Council Portrait: ©University of Huddersfield

PROJECT • SURFUND • DETAILS Researcher (PI): Host institution: Project: ERC call: Max ERC funding: Start date: End date:

Xiangqian Jiang The University Of Huddersfield, United Kingdom Fundaments and Principles for Measurement and Characterization of 21st Century Science Advanced Grant , ERC-2008-AdG + Proof of Concept Grant 2014, panel PE8 1,895,152 € 2009-01-01 2014-12-31 www.maltabusinessreview.net

Malta Business Review

SMEs

• PROSPECTS •

a new tool to access capital markets for SME’s Wednesday 17th February 2016 saw the official roll out of ‘Prospects’- a MIFID compliant Multilateral Trading Facility operated by the Malta Stock Exchange (MSE), aimed at encouraging wider accessibility for small and mediumsized enterprises (SME’s) to previously inaccessible capital markets. Prospects

has been developed to provide these opportunities in a simplified, efficient and straightforward manner. Previously, access to capital markets was only available to larger entities. Prospects aims to give SME’s a platform where they are able to raise capital by accessing a

much larger pool of potential investors than before. The MSE has presented the implementation of Prospects as one which supports the MSE’s initiative to create new business opportunities as well as giving businesses the possibility of being more competitive both locally and on the international playing field.

The SME s has emphasised the following key features of the trading facility and potential benefits which Prospects aims to achieve: • MIFID compliant; • Admission granted by the MSE; • A corporate advisor is required; • Business plan required (instead of a prospectus); • There is no minimum value for an IPO, though the MSE envisages IPOs of between €1 million and €5 million; • Any number of shares may be floated – there is no minimum percentage; • SMEs have full flexibility of issuing equities or corporate bonds. Potential benefits: • Access to capital formation, through the issue of equities and corporate bonds; • Admission to Prospects will raise brand awareness and prepare for the issue, or sale, of equity as part of a succession planning process; • SMEs will enjoy the benefits of good corporate governance, and the enhanced efficiency and effectiveness which this brings; • Admission to Prospects opens up the opportunity of eventual migration to a listing on a regulated market; • Entities may secure capital at a competitive coupon rate, in the case of a bond issue, and under conditions more favourable to other, more traditional, methods of raising finance; • The admission of equity will create an opportunity for existing, or new, shareholders to exit the market efficiently in future; • No collateral is required to access finance on the capital market. MBR For further details kindly contact: Ruth Galea, Partner, ruth.galea@whpartners.eu 48

MOTORING

Malta Business Review

DO YOU SPEND MORE THAN €99 FUEL PER MONTH FOR YOUR VAN? If yes, consider investing in a Renault Kangoo ZE van... SOME FIGURES: Purchase Price Of Kangoo Less VAT

€19,250 (1) € 3,407

Net Cost

€15,843

Running costs per month (excluding maintenance)

Battery Lease (2) Electricity (3)

€83.48 €15.00

Total

€98.48

(1) After government subsidy (2) For a 60 month lease and 25,000km per year. Price excludes VAT (3) Estimate for giving van a full charge every working day.

Other Advantages of an electric Kangoo with a leased battery

• Peace of mind. For the whole duration of the lease it will be guaranteed that the battery will operate at not lower than 75% capacity. • Additional peace of mind. Battery is insured by Auto Sales Ltd. • Low maintenance cost. On 125,000km over 5 years average costs for regular maintenance will be around €315 per year (+vat) • No fuel pilferage, no fuel chits. • Van has 150km autonomy on full charge.

Interested? Call our Sales Manager, Steven Camilleri on 23311123

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Malta Business Review

Acquisition by Non Residents

Relocating to

Malta

By Graziella Grech

alta is one of the smallest states in the world with a population of just over 440,000 and an area of around 320km². Despite its small size, it is surprisingly popular amongst foreigners and expatriates from all over the world that are looking for somewhere to relocate or retire. Malta has been a member of the European Union (EU) since 2004 and in the Schengen Zone since 2007. This is an attractive incentive for those individuals wishing to enjoy all the benefits an EU member state may offer such as free movement of goods and labour, reduction in monopolies and increased growth in the financial services industry. Establishing residence in Malta is an easy process. A straight forward and safe buying system is already in place for non-Maltese nationals wishing to purchase property in Malta. Citizens of all EU member states, (including Maltese citizens), who have resided in Malta for a minimum period of five continuous years may acquire property in

Malta without the need of obtaining a permit under the Immoveable Property (Acquisition by Non-Residents) Act (Chapter 246 of the Laws of Malta) (AIP Act). Under this scenario, the individual will not be required to declare on the contract of sale that the property being acquired is intended as his primary ordinary residence. If however, a property is purchased by an EU citizen who has not resided in Malta for a period of five continuous years, she/he may require an AIP permit under the AIP Act if the purpose of such acquisition is not to establish this as a primary ordinary residence or as business premises. The AIP Act imposes a number of conditions for the issuing of AIP permits, such as that the purchase price for the acquisition of an apartment or maisonette must not be less than €107,670 and €179,400 for any other type of immovable property. The Act also stipulates that such property may not be rented out to third parties.

Corporate entities, (except commercial partnerships) which have been established and operate from another EU member state, may also acquire immoveable property without an AIP permit, provided that such immoveable property is being acquired for the purpose for which that entity has been set up and such entity is controlled by EU citizens.

EDITOR’S NOTE Graziella Grech, Senior Associate at WH Partrners, is a commercial and corporate lawyer. Her areas of expertise are real estate, yachting & maritime, contract law, banking and financial services. Graziella holds a Doctor of Laws from the University of Malta, as well as a Diploma in Financial Services and Compliance from the Malta Financial Services Authority and a Diploma in Canonical Marriage Cases, Jurisprudence and Procedure from the Maltese Ecclesiastical Tribunal.

An AIP permit may be obtained following the examination of the following submitted documents:

• A complete AIP application form; • A copy of the promise of sale for the acquisition of the immoveable property; • Passport photographs together with a copy of the applicant’s passport; • Or, in the case of corporate entities, a copy of the Memorandum and Articles of Association, details of the shareholders and evidence that the purpose of the company is for the development of the economy in Malta.

Real estate in Malta is becoming increasingly popular, especially with the introduction of the Individual Investor Programme by virtue of Legal Notice 47 of 2014 which allows for the granting of citizenship, visa free travel to more than 160 countries and the right to work and establish in all the 28 EU Member States. MBR

MOTORING

Malta Business Review

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Malta Business Review

Digital Economy

Malta Running Ahead

alta has been ranked as one of the leading countries in the Digital Economy and Society Index (DESI) and has outperformed against nations such as the UK, France and Sweden. The index is an online tool created by the EU and used to quantify the progress of Member States towards a digital economy and society. Participating countries are scored according to their performance in five key areas which in turn represent more than 30 more specific indicators. These key areas are: Connectivity: Ease of access to different types of broadband e.g. fibre, high speeds available and affordability; Human Capital/Digital Skills: Percentage of population and workforce using online and digital facilities as well as their skill in doing so; Use of the Internet: Widespread use of online facilities from news to banking, shopping and other commercial applications; Integration of Digital Technology: How business utilise the digital technologies available to them e.g. cloud based services, customer portals and intranets, e-commerce etc; Digital Public Services: Availability and use of digital government portals or platforms to access services.

in Digital Economy and Society Index

Each individual area and its subsidiary indicators are given a specific number of points, based on their perceived relevance and importance and these are used to score each jurisdiction accordingly. The tool retains an element of flexibility, allowing users to adjust different point amounts for each indicator to see how it affects the final rankings. The main function of DESI is to assist countries in identifying key areas for growth, investments and action in order to promote a robust Digital Single Market. This compliments the Commissions Digital Progress Report which is due in May 2016 and aims to provide a comprehensive assaessment of how various states are progressing, and what they can do in order to improve their performance in the future. MBR

Standpoint

Malta Business Review

A future to look forward to By Charlie Nunn

The future is full of opportunity. It offers a chance to fulfil ambitions, learn skills, make friends, spend time with family – to focus on what matters. I have had the good luck to live in different countries over my career at HSBC and to see diverse cultures and ways of life. But in my experience there are some characteristics shared by people all over the world. Chief among them is a positive outlook: people tend to look forward to what the future has in store for them, and think their life is going to get better. A new report from HSBC ¬– The Power of Protection Confidence in the future – backs this up. The report is based on a survey of more than 11,000 people in Asia, the Middle East, Europe and North and Latin America, in both developed and emerging markets. Globally 34 per cent of people say their life is very good today, while 57 per cent think it will be very good ten years from now. Yet despite this positive outlook, people also worry when they think about the future. Some are kept awake at night by the thought of what would happen if they fell ill, ran out of money, or lost their job. They want to make sure that their loved ones would be looked after. They would like to provide for their children and partners. And increasingly, rising life expectancies mean they are concerned about their parents as well. In many places there is a strong culture of selfreliance. In fact, the most common attitude

around the world is to want to take personal responsibility. This is perhaps understandable at a time when many governments around the world are shrinking welfare budgets and employers are offering benefits that are less generous than they were a generation ago. It is impossible to plan for every eventuality, but there are many things people can do to help them face the future with greater confidence. Making a long-term plan about your financial affairs can be one way of securing peace of mind. Yet almost half of the people in our survey feel they are unprepared for the future should something unforeseen happen, or have no specific plan in place.

Some are discouraged from taking out insurance because they think it would cost too much. Some are simply too busy to think about it or don’t know where to start. And others do not plan because it reflects their broader outlook on life: they would rather live in the moment or believe there is not much they can do to influence the future. But the people who plan most actively are, on average, more optimistic about their future quality of life. Not only that, they are more likely to think their current quality of life is very good, too. Everyone deserves to feel optimistic about the future. Making a plan means acknowledging the risks we all face, but then getting on and enjoying life. It’s never too late to start thinking ahead. MBR Charlie Nunn, Group Head of Wealth Management, HSBC

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Malta Business Review

Tribute

Hans-Dietrich Genscher, architect of German reunification, dies at 89 Genscher’s term as foreign minister coincided with collapse of Berlin Wall

By Guy Chazan

ans-Dietrich Genscher considered his greatest achievement the socalled 2+4 treaty that cleared the way to reunification Hans-Dietrich Genscher, one of postwar Germany’s most influential and popular politicians and a key architect of German reunification, has died at the age of 89. Genscher was one of the western world’s longest serving foreign ministers, holding the post for 18 years during one of the most tumultuous periods in German history as the cold war ended, the Berlin Wall fell and East and West Germany were reunited after more than four decades of separation. For years, Genscher was the instantly recognisable face of German diplomacy and with his trademark yellow sweater a symbol of liberal politics who was regarded with widespread affection at home and abroad. His skills as a statesman were crucial in reassuring allies and former adversaries alike that they had nothing to fear from a reunified Germany. “I bow my head in deep respect for the achievements of this great liberal patriot and European,” said Angela Merkel, the German chancellor. “I am personally grateful for all the conversations and meetings I had with him, right up until the last years of his life, in which I benefited from his wisdom and experience of the world.” Frank-Walter Steinmeier, Germany’s foreign minister, said Genscher “literally wrote history, the history of our country, Germany and the history of Europe”. “His place in the history books is assured,” he said.

Genscher was best known for telling thousands of East German citizens camped out in Prague that they were free to travel to the west, setting off scenes of jubilation that became emblematic of the “Wende”, the peaceful revolution that overthrew communism in the East. Less than two months later, the Berlin Wall had fallen. Genscher himself was a child of the East. He was born near the East German town of Halle in 1927, and spent the first postwar years under Communist rule before crossing to the West with his mother in 1952. He joined the liberal Free Democratic Party the same year, and was elected to the German Bundestag in 1965. Four years later the FDP became junior partner in a social democratled coalition government and he was named interior minister. When Palestinian militants seized a group of Israeli athletes in the Munich Olympics in 1972, he led the negotiations for their release, even offering himself up as a hostage. He described the death of all 11 athletes in a bungled police operation as the “low point” of his career. In 1974 Genscher became foreign minister and remained in the role until 1992. One of the great survivors of German politics, his FDP switched its allegiance from the social democrats to the CDU in 1982, a move that allowed Helmut Kohl to become chancellor. The move triggered accusations of treachery towards Mr Kohl’s predecessor, Helmut Schmidt, and Genscher’s poll ratings slumped.

Helmut Schmidt, German statesman, 1918-2015 But they rose again later in the decade as he aggressively pursued a policy of detente towards the Soviet Union and championed a deal to scrap mediumrange nuclear missiles in Europe. He was one of the first Western politicians to take Mikhail Gorbachev seriously as a reformer: his policy of East-West rapprochement soon became known in diplomatic circles as Genscherism. His crowning political achievement was the “2+4” negotiations of 1990 that finally persuaded Mr Gorbachev to accept a united Germany in Nato and paved the way for German unification later that year. The former Soviet leader said on Friday after hearing of Genscher’s death that he had “lost a friend”. Genscher surprised much of the country’s political establishment by resigning in May 1992, at the age of 65. He became a politics professor, resumed his career as a lawyer and later set up his own consultancy. Yet he continued to be engaged, however tangentially, in politics. In 2013 he helped broker the deal that led to the release of Mikhail Khodorkovsky, the Russian businessman and political opponent of President Puti who had spent ten years in prison for fraud. On his release, Mr Khodorkovsky gave “special thanks” to Mr Genscher for his role. MBR Creditline: The Financial Times Limited 2016.

MICE

Malta Business Review

Conventions Malta will increase Malta’s visibility with tourism operators while developing synergies with private sector.

During the launch of the Conventions Malta brand, the Minister for Tourism Edward Zammit Lewis said that Conventions Malta is an innovative concept to promote Malta as a destination for meetings, incentives, conferences and events (MICE). Following the initial work last year, Conventions Malta will now be promoted internationally and launched at the IMEX fair in Frankfurt, stated the Minister. The Minister for Tourism Zammit Lewis emphasised that in 2015, it is estimated almost 100,000 MICE delegates arrived in Malta. This is an increase of 14% when compared to the previous year. It was said that 2015 was a record year for MICE business and it even exceeded our expectations in the beginning of the year. He remarked that Malta boasts state-ofthe-art conference facilities, supported by professional Destination Management Companies (DMC’s) with extensive expertise and experience in delivering the high standards required.

Furthermore the Minister for Tourism made reference that travellers visiting Malta for business purposes amounted to 11.3% of the total inbound tourists registered between the first two months of this year. He stated that Malta was reaping fruits in terms of reducing the seasonality issue and this success was also being attributed to the MICE segment because of the way its business is concentrated in the lean months. “We have been engaging stakeholders to secure their commitment for measures designed to enhance the working conditions and the professional quality of the tourism workforce. This will allow us to bridge the gap between the mentality of just having a job in tourism, and the delivery of excellence by those who believe that hospitality is a worthwhile career,” said Dr Edward Zammit Lewis.

prestigious title of European Capital of Culture in 2018. He stated that our islands were not only being seen as a spectacular backdrop, but people were gaining a taste of the culture and history our country has to offer. In his concluding remarks the Minister for Tourism said that Malta’s tourism industry was a prime example of the achievements that can be attained when all stakeholders, together with Government, move in the same direction. He reaffirmed Government’s drive to attract more MICE business to our country and stated that tangible support and incentives will continue to be provided for the well being of the tourism industry. MBR

Furthermore Malta will take over the Presidency of the EU in January 2017 and the capital city, Valletta, will have the

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Malta Business Review

Investment Funds

MFSA Launches

New Investment Fund Framework

The Malta Financial Services Authority (MFSA) has implemented a new structure for the notification of Alternative Investment Funds (the Notified AIFs) targeted at qualifying and professional investors.

AIFs. Third country AIFMs will be able to submit a request for notification of an AIF once the country where these have been established has been granted passporting rights pursuant to the AIFMD.

â&#x20AC;&#x153;The AIFs falling within the scope of the notification process shall be managed by a full-scope AIFM. The Notified AIF is not authorised or in any way approved by the MFSA. In addition, Notified AIFs will not be subject to ongoing supervision. The MFSA shall make available and maintain updated on its website a List of Notified AIFs in good standing. The MFSA is separately assessing the licensing process for funds, particularly the Professional Investor Funds, currently licensed under Maltese law.

The process of notification of AIFs will be available to Collective Investment Schemes which are not already in possession of a licence issued by the MFSA in terms of the Investment Services Act. The MFSA will be publishing a list of documents required together with a proforma prospectus template to be submitted as part of the notification process of the AIF. Within 10 business days from the date of filing of a complete notification pack, the MFSA will proceed to include the AIF in the List of Notified AIFs.

The Notified AIF can be established as any structure allowed under Maltese law and the AIFM will assume full responsibility for the Notified AIF and for the fulfilment of the obligations of the Notified AIF. EU/EEA AIFMs may submit a notification to the MFSA for an AIF to be included on the List of Notified

The MFSA expects to start receiving requests for inclusion in the List of Notified AIFs from around the middle of the second quarter of 2016.â&#x20AC;? The MFSA will be presenting the new framework on Friday 1st April and our lawyers will be in attendance. MBR

MFSA Press Release: www.mfsa.com.mt Visit our website for more information or contact us to discuss how these changes affect you and your business.

Malta Business Review

The Television Malta project “L-Assedju”

The Television Malta project “L-Assedju” was presented to H.E. the President of Malta Marie Louise Coleiro Preca by the Chairman of the Public Broadcasting Services Ltd by Cav. Dott Tonio Portughese during an event organised by PBS at the Palace in Valletta. The event took place on Thursday 17th March 2016. The project consists of “L-Assedju”, a six-hour long well-researched historical documentary that was aired on Television Malta in August and September 2015; and the 150-page publication entitled “L-Assedju – The Siege: Context, Prelude and Outcomes”. Both the documentary and the publication were researched and authored by Mario Xuereb, a journalist and broadcaster at Television Malta. The documentary was produced in its entirety by a TVM crew. PBS Chairman said he considers “L-Assedju” as ground-breaking for the company

because through this high-quality project it has contributed to the study of Maltese history and to its dissemination amongst televiewers. He deemed the publication as a first, but certainly not the last, for PBS.

Professor Dominic Fenech, Head of the Department of History at the University of Malta, lauded PBS for investing and for believing in its people and for allowing them to work on projects of excellence. Prof. Fenech said that as Dean of the Faculty of Arts his stated aim is to encourage students to be inquisitive and to take nothing at face value. He remarked that “L-Assedju” is testament to the fact that graduates in humanities can be entrusted with highly-creative projects. Heritage Malta Chairman Dr Joseph Buttigieg encouraged historians and archaeologists to team up and carry out more intensive research into other aspects of the siege namely the documented loss

of an Ottoman basilisk (cannon), which presumably still lies on the sea-bed in one of Malta’s harbours. He also encouraged researchers to look into possible methods in use by the Ottomans for the distillation and purification of water, and into the burial practices adopted by the Ottomans while in Malta. Dr Philip Farrugia Randon provided those present with an in-depth analysis of the documentary and the publication. He suggested the dubbing of the six-part documentary into English to be broadcast abroad and for the eventual consumption of academics and television audiences alike. H.E. the President Marie Louise Coleiro Preca praised “L-Assedju” and encouraged PBS Ltd to embark on similar projects in the future. MBR

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Malta Business Review

BANKING

FIMBank

announces results for 2015

Repositioning strategy yielding results The FIMBank Group is on the right track thanks to the implementation of a consolidation strategy adopted in 2015 and which has started to yield the desired results. This emerges from the publication of the Group’s 2015 results, which were announced today. The Group’s Consolidated Audited Financial Statements show that for the year ended 31 December 2015, the Group registered a loss of USD7.1 million compared to a loss of USD45.2 million in 2014. At 31 December 2015, Total Consolidated Assets stood at USD1.44 billion, a marginal increase of 2% over the USD1.41 billion reported at end 2014, while Total Consolidated Liabilities stood at USD1.27 billion, up by 3.5% from USD1.23 billion in 2014. Net income for 2015 stood at USD34.9 million, compared to a loss of USD4.7 million in the previous year. During 2015, net interest income rose by 4% from USD28.4 million to USD29.6 million. Similar improvements with respect to 2015 were noted in foreign currency operations and other operating income. These were offset by a significantly lower level of fee income from trading assets and documentary credits, mainly due to a change in the geographic focus and upscaled client target base. Significantly, net impairments decreased by 80%, standing at USD10.3 million, compared to USD50.7 million in 2014. As a result of controlled impairments and marked-to marketlosses, the Group has improved its net income by USD39.7 million, to USD34.9 million. Operating expenses increased by USD7.2 million to USD47.0 million, primarily as a result of various one-off costs related to business reorganisation and the strategic redeployment of resources. 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 58

Currency Rating

Malta Business Review

Another Positive Rating for Our Country

inister for Finance Prof. Edward Scicluna welcomes the latest credit rating report issued by DBRS Ratings Limited which confirms Malta’s long-term foreign and local currency issuer ratings at A and the short-term foreign and local currency issuer ratings at R-1 (low). It also re-affirms a Stable trend on all ratings. DBRS acknowledges the strong economic growth recorded in 2015 supported by domestic demand, which in turn is fuelled by robust increases in private consumption and investment. It acknowledges that the reductions in the personal income tax coupled with favourable labour market conditions supported private consumption, while investment was boosted by the large-scale investment projects such as the construction of the new gas power plant.

On the fiscal front, DBRS states, “Important improvements in fiscal management are in progress, after weak fiscal performances in the past” while, “Public expenditure overruns and weak internal controls have been common.” It positively notes: “Measures undertaken in line with the European Stability and Growth Pact have enhanced fiscal institutions, and the budget deficit has declined.” DBRS also notes how this Government strengthened the overall fiscal framework by adopting the Fiscal Responsibility Act. It further states that the restructuring of some of the State Owned Enterprises (SOEs) such as Enemalta and Airmalta has reduced risks to the public sector balance sheet. DBRS acknowledges the pension reforms emanating from the 2016 Budget directed towards ensuring the sustainability of

the public pension system although it welcomes further reforms in this area. Similarly, it acknowledges the major improvements from recent reforms efforts directed towards increasing labour market participation. On competitiveness factors, DBRS comments that unit labour costs fell in 2015 after growing above average since 2007, while real output growth per person has been improving, after weak growth over the past decade. DBRS also comments positively on Malta’s external position which it remarks reflects the current account surplus and a relatively large positive net international investment position. Minister for Finance Prof Edward Scicluna remarks: “It is quite encouraging to note that another independent renowned credit rating agency is acknowledging the policy efforts by this Government directed towards ensuring economic and public finance sustainability.” MBR

Courtesy: DOI / THE MINISTRY OF FINANCE

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Malta Business Review

Tourism Studies

Endorsement of Agreement for Collaboration between the Institute of Tourism Studies (ITS) and Haage Helia University of Applied Sciences, Finland During the occasion of the signing of the collaboration agreement between ITS and Haage Helia University of Applied Sciences, Finland, the Ministry for Tourism Edward Zammit Lewis stated that in line with the principal objective of transforming the Institute into a centre of excellence in vocational education and training within the tourism and hospitality sector, required investments in human capital are essential. Malta’s tourism competitiveness can only be sustained if growth is accompanied by the development of, and investment in, our human resources. To this end, the Minister stated that “we have been engaging all related stakeholders to secure their commitment towards measures designed to enhance the working conditions and the professional quality of the tourism workforce”. “While considerations such as employment generation and remuneration rates will be at the top of our agenda, we are also stressing on the ‘softer’ aspects, such as career development, entry qualifications and continuous personal development. This will allow us to bridge the gap between the mentality of just having a job in tourism, and the delivery of excellence in hospitality by those who believe that this sector offers them a professional career”, the Minister continued. The role of the Institute for Tourism Studies will continue to remain critical towards achieving these objectives. The Minister declared that the Institute must grow and develop further, both in terms of academic excellence and in the number of students who choose tourism as their career. Minister Zammit Lewis stated that the Institute needs to continue developing the professional capital of ITS academic staff through up-skilling initiatives. To this end, a 60

Masters degree in Hospitality Management has been developed in conjunction with the Haaga-Helia University of Applied Sciences, Finland aimed at the academic staff that already has significant work experience and practical knowledge within their respective fields of work. A total of nineteen lecturers at ITS have already signed up to participate on this project. The specific objectives of upgrading the level of academic staff at ITS are to:

• Ensure compliance with European Quality Assurance Standards in relation to quality of teaching and learning;

•

Develop curriculum programmes at a degree level (MQF Level 6);

•

Implement, manage and review degree level programmes in the near future;

•

Being able to equip existing and future workforce within the domain of tourism and hospitality with appropriate competencies and underpinning knowledge. The Haage Helia University of Applied Science is part of the Finnish public educational system and provides education for professionals in business and services. The Haaga Campus focuses on the hotel, restaurant and tourism fields. The degree programmes by Haaga Helia provide good premises for working in management and supervisory positions. As an international university of applied sciences, Haaga Helia has over 200 partner universities throughout the world. The Minister also stated that recently a Technical Committee within ITS comprising different tourism stakeholders was established and tasked with identifying existing skills gaps within the industry; gaps which can then be addressed through appropriate and targeted training courses delivered by ITS.

Furthermore, last year saw the launch of the first ITS syllabus which went through a comprehensive and rigorous Quality Assurance Process. “We have also made ITS courses available to tourism full-time employees who are seeking industry-related qualifications”, the Minister added. Meanwhile, in another landmark development, and in conjunction with the Malta Hotels and Restaurants Association (MHRA), a sponsorship scheme was announced through which ITS students are being offered career paths through sponsorships from early stages of their studies by the local industry within the sector, continued the Minister. Moreover, the Government is committed on the new state of the art ITS campus of 56 million euro to enhance the hospitality sector. The Minister for Tourism thanked the board of ITS for their utmost commitment and hard work towards the continued development of the hospitality sector. In his intervention, MUT President Kevin Bonello stated that the MUT hails this agreement as a milestone in vocational education in Malta, a milestone which will be a long step forward in outing ITS on the international map of serious vocational institutions. This agreement is a long sought after result which follows the foundations laid in collective bargaining and excellent professional relationship between ITS and the MUT. The Union’s President congratulated the new ITS management for making this possibility come true in an effective and efficient manner and looks forward to continuing its excellent relationship with the Institution for the advancement of lecturers, students and the country. MBR

Travel

Malta Business Review

Air Malta

To Enhance Services to Moscow

Moves to Sheremetyevo Airport Air Malta will move its Malta-Moscow operation to Sheremetyevo Airport Terminal E as from the 3rd June 2016. The airline’s timetable will remain unchanged operating a twice weekly service departing from Malta every Friday and Saturday and from Moscow every Saturday and Sunday. The Maltese airline continues to be the only airline offering direct flights between Russia and Malta. Located northwest of central Moscow, the airport is served by a variety of efficient transport modes. It is just 35 minutes away from the city center by the Aeroexpress train. Sheremetyevo Airport has the biggest duty free area in Russia and a wide selection of famous food and beverage outlets. There are six hotels within a ten-minute walk of the airport, and hotel in transit zone of Terminal E. “Sheremetyevo airport is one of the top 10

fastest growing airports in Europe. Last year the airport handled 31.6 million passengers and 265,040 aircraft movements, making it the largest and most modern airport in Russia,” commented Ursula Silling, Air Malta’s Chief Commercial Officer. Air Malta will serve the airport’s newest terminal, inaugurated in 2010.

will offer our customers over 30 destinations within Russia,” added Ms Silling.

The airport’s 20 million people catchment area covers regions with the biggest concentration of business headquarters and the highest income per capita. “Sheremetyevo Airport will provide Air Malta with more operational flexibility and fits perfectly in our strategy to offer customers the best central airports with easy onward connections. Sheremetyevo Airport is a hub of the National Airline of Russia and Air Malta’s code share partner, Aeroflot. Through this code-sharing Sheremetyevo

There is a lot to experience in Moscow. The city is rich in history, art and culture. Moscow boasts several well-known sights such as Red Square, the Kremlin and the famous Bolshoi Theatre. It is one of Europe’s most vibrant metropolis of more than 10 million people, packed with shopping centres, nightclubs and bars. It is, of course, the gateway to the cities on the Golden Ring and the rest of Russia.

Despite the tough economic and competitive climate, Air Malta is committed to the route and is the only airline offering connectivity to the country to support the business community and assist the development of tourism from both countries.

MBR

Visit www.visitrussia.com for more information.

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Malta Business Review

Technology

Microsoft

Hosts Nonprofits To Tech For Good Event

President of Malta Commends Microsoft and Local NGOs for their Commitment

By James Vella Clark

In Malta, volunteering is a strong part of our identity. Malta has around 900 registered NGOs whose great work is contributing to the well-being of many individuals and families thus supporting their role in the creation of a better society.” This was stated by HE Marie Louise Coleiro Preca President of Malta during the start of a Technology For Good Event organised by Microsoft at its Microsoft’s Innovation Centre for Maltese NGOs. In her address, the President commended Microsoft for its ongoing support to Malta’s NGOs as well as all those who are involved in the local voluntary sector. “Volunteering makes citizens more aware of the realities around them and sensitive to the difficulties that other people have to live with on a daily basis. It is very important that more companies like Microsoft recognize their potential to support more NGO’s because supporting NGOs means supporting a better community,” added President Coleiro Preca. The President took the opportunity to thank Microsoft for last year’s donation of $19,820 in 20 on-premise Windows and Office licences to the MCCF. Thanking the President and all NGOs, 62

Panayiotis Ioannou, Country Manager of Microsoft Malta said “We believe in NGO’s and the work they are doing in Malta and supporting them, means supporting a better community, enabling its members to reach out to those in need and helping them become better citizens. We want to see Malta’s NGO’s fully harness the power of innovation to meet the needs of our country and the various communities. This is why we have constantly invested in this community and to date we are proud to say that Microsoft has donated about €1.5 million worth of software to NGO’s in Malta.” Microsoft’s Technology for Good event sought to help Maltese NGOs find out how they can operate better and more efficiently through the use of innovation and technology. During this event, Microsoft also launched its new Office 365 for Nonprofits, a product that is being donated to local NGOs as part of Microsoft’s Citizenship programme. This new offer follows an announcement late last year that Microsoft was extending its software donations to 184 new markets for a total of 238 markets overall, including Malta. Moreover, donations and discounts of Office 365 Nonprofit were also made available in 26 new markets for a total of 139 markets

overall, an availability that will continue to expand as its commercial availability expands. In Malta, Microsoft has had ample opportunity to realize how NGO’s are such a vital part of the local community and we are truly appreciative of the great work they do across so many different spheres. This is why every year, Microsoft makes it a point to reach out to these NGO’s through our annual NGO Connection Days, now renamed to ‘Technology for Good’ events during which organisations meet together and find out more how our technology can help them operate more efficiently. We like reaching out physically to these NGOs because they also help us understand how we can improve our technology and our processes. Besides events at our Microsoft Innovation Centre, we have also hosted an NGO Connection Day in Gozo. The event was supported by five Microsoft Partners namely eMerge, Eyetech, Fonicom, Micro Technology and PWC. These partners provided technical support during the event as well as at a follow-up workshop for the NGOs who signed up for Office 365 at the event. MBR

EU FUNDS

Malta Business Review

Two projects involving Maltese partners selected for funding under the first call for project proposals of the Interreg Europe Programme

arliamentary Secretary for the EU Presidency 2017 and EU Funds Ian Borg has announced that two projects which include Maltese partners have been approved for funding under the first call for project proposals under the INTERREG EUROPE Programme. Dr Borg said that one of the projects, which is entitled Destination SME’s and which will be implemented by the Ministry for Gozo, aims at improving public policies dedicated to the support of tourist SMEs and their competitiveness through the creation of a management strategy of the territories addresses by means of this project. The share of the Maltese partner in this project amounts to €180,900.

The second project is entitled ZEROCO2 and it shall be implemented by the Local Council Association. The budgetary allocation for the Maltese partner amounts to €188,400. This project focuses on the energy performances

of buildings; in this regard, it intends to design state-of-the-art policies promoting near zero CO2 emission buildings. This project shall also combine different technologies and energy efficiency sources, contributing towards the EU energy efficiency targets. Parliamentary Secretary Ian Borg explained that the second call for project proposals under this programme is envisaged to open on the 5th of April and will remain open until the 13th of May 2016. Applications may be received from public authorities, bodies governed by public law and private non profit bodies operating in the Programme’s eligible area. Public bodies and bodies governed by public law from all 28 European member states are eligible for a cofinancing rate of 85%, whereas private nonprofit bodies may receive 75% co-financing, outlined Dr Borg.

interregional cooperation projects i.e. ‘classic’ interregional cooperation projects which may be compared to those funded under the first call for project proposals. Applicants are invited to submit their project application under one of the specific objectives listed below: a. Strengthening research, technological development and innovation; b. Enhancing the competitiveness of SMEs; c. Supporting the shift towards a low carbon economy in all sectors and d. Protecting the environment and promoting resource efficiency. Parliamentary Secretary Ian Borg encouraged any prospective applicants to go through the application pack and to start the drafting process in connection with the preparatory work required for this call. MBR

The second call for proposals also focuses on

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Waterproofing

Waterproofing when health matters By Antoine Bonello

The Dangers of Mould & Mildew in your Home or Office

There is no denying the destructive power water can have over a household. Mild and mildew build up, cracks in the foundations and actual structure failure have been known to be caused by an unwanted presence of water. A small problem can grow into a nightmare when it is left untreated. Most water damage repairs have three basic components: time sensitivity, knowledge, and materials. Mould and mildew are fungi - simple

microscopic organisms that thrive anywhere there is a moist environment, they grow within 24 to 48 hours. They reproduce by spores - tiny, lightweight “seeds”- that travel through the air. Moulds digest organic material, eventually destroying the material they grow on, and then spread to destroy adjacent organic material. Once the interior walls of your home are damp, mould and mildew can build up

quickly and circulate readily throughout the rest of your household and endanger you and your family. Of course, you always want to eliminate any mould and mildew, and its source. Generally, there are two ways to discover mould accumulation before actually seeing the mould and mildew. The first symptom is usually the mildew smell; there are also symptoms that could indicate the need for further inspection:

• Difficulty breathing • Asthma appears or worsens • Itchy throat • Headaches • Irritated eyes • Sinus congestion • Coughing • Rashes

What is the correct way to stop rising damp in walls and what are the right materials to implement? The truth is quite simple, rising damp wants to get out of your walls and this is done naturally by way of evaporation, this generated force is called negative pressure and the first symptoms of it are detaching plasters or paint, followed by mould and mildew. Water vapour creates pressure and once this pressure reaches 3.5%, the mention materials will detach. The only way to stop this unwanted situation is by creating a water barrier inside the walls and afterwards plaster with materials able to resist negative pressure. The Malta Professional Waterproofing and Resin Flooring Association provide its members adequate information and training in every aspect of waterproofing, including water damage repair and foundation repairs. Some waterproofing products must be installed by certified professionals for a correct and successful application. Materials are always an important factor in

any home maintenance project, including water damage repairs, waterproofing of roofs and foundation repairs. The job is only as good as the materials being used. Top-rated products and systems like NAICI have already been proven to be effective. Water problems are aggressive and progressive; we know that a water problem that is not taken care of quickly can lead to

bigger problems. Water damage remediation can be a long and tiresome process, especially when you start taking advices from unqualified personnel who recommend you senseless solutions just to sell you their product. The more time you spend looking for water damage services, the worse your home can get.

Waterproofing

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How do we create a water barrier inside the walls? In todayâ&#x20AC;&#x2122;s world thanks of research and dedicated companies like NAICI we now have the solutions. First a serious of holes 10mm in diameter is drilled in the walls parallel to the ground, 10cm from each other and 10cm above the ground. The created holes must be watered until saturation. Afterwards SALVAMURO GEL is inserted in the created holes with the use of a sealing gun. Once applied the material will seal all the micro openings and cracks inside the stone and stop the water from emigrating. The vapour barrier must be completed with a special cement plaster called NAI CM OSMOTICO cement. This material has an exceptional resistance to negative pressure and is able to penetrate inside micro cracks and openings, sealing them completely by way of osmosis. It vitrifies at product dry and seals completely the surface, a further plastering with NAI CM RASANTE ULTRA is required in order to aesthetically finish the surface. The same thing can be said with regards roofs; most cheap products applied are made of plastic compounds or Bitumen. 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, are a hazard to the environment, create heat intake and what is worse they open from the seams; from which water can enter unnoticed in the structure, damaging it and creating the perfect habitat for bacteria to invade your home from above. This can be easily noticed as it usually blacks the ceiling with mould. A revolutionary product made from resin and reinforced with fibre glass can easily stop all water infiltrations and put an end to the

1 Find out which walls are subject to moist. 2 Remove existing plaster and detaching parts. 3

Implement a serious of holes parallel to the ground and fill them with SALVAMURO RESIN GEL.

Plaster the surface area with NAI CM OSMOTIC CEMENT followed by NAI RASANTE ULTRA.

5 Paint the wall as if nothing ever happened.

mould habitat. It is resistant to traffic, UV rays and can withstand concrete movements due to its elasticity. NAICI GUAINA RELFEX besides waterproofing is also THERMAL, able to reduce the roof heat intake by 90%. No more humid and heat inside the houses and less air-conditioning usage. Two solutions in one product for our flat roofs here in Malta. Unfortunately Materials do not speak so they canâ&#x20AC;&#x2122;t defend themselves when someone applies them wrong and believe me this happens a lot. If you have in mind to hire third parties to do your waterproofing works make sure they are members of The Malta Professional Waterproofing and Resin flooring Association, only in this way you are guaranteed that the persons you are hiring

knows what it takes to implement a good waterproofing system. The Malta Professional Waterproofing and Resin Flooring Association was formed with an aim in mind, to teach and promote the correct use of materials and proper workmanship 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 more about the trade how to correctly 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

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Newsmakers

APS Bank’s latest photography publication themed ‘Vanishing Malta’ at APS Bank Centre, presents a collection of photos by Lorraine Abela, Mark Pace, Martin Agius, Anastasia Zhukova Rizzo, Tomoko Goto, and essay contributions by Sergio Muscat and Vincent Zammit. To complement the book launch, the Bank decided to display all the photos within the publication in an exhibition which will run until the 30th June 2016.

Malta’s traditional trades, architectural structures, flora and fauna have a story to tell. Their presence or lack thereof, is proof of our nation’s rich history. This is what will be depicted in the latest publication by APS Bank titled “Vanishing Malta”. The book, which was launched yesterday

Addressing those present at the launch, APS Bank Chairman, Mr E.P. Delia, announced that Vanishing Malta was the first instalment of a three year project. “‘Vanishing Malta’ promotes a position that may be summarised as ‘Photography with a purpose’. Recording an image has never been so convenient and instantaneous with the arrival of the digital revolution. Apart from creating pictures that challenge viewers to emotionally

respond to the imagery that confronts them, the photographs will thus also convey ‘statements’ possibly influencing personal behaviour”, highlighted Mr Delia. Book editor and exhibition curator, Kevin Casha remarked that “this project bears witness to the heritage which we sometimes take for granted and that luckily surrounds us every day”. The publication costs €35 and may be ordered from all APS branches or online on apsbank.com.mt. The public is invited to visit the exhibition at APS Bank Centre in Swatar from Monday to Friday between 08:30hrs and 13:00hrs and on Saturdays from 08:30hrs and 11:15hrs. For more information contact info@apsbank.com.mt or 2560 3229/2. MBR

Marlene Mizzi supports 50 plus Entrepreneurship Platform Europe MEP Marlene Mizzi participated at a high level debate launching the creation of a panEuropean 50plus Entrepreneurship platform. The 50+EPE platform is an initiative organised by a group of like-minded organisations, companies, NGOs and academics that have teamed up together to ensure the potential of the 50+ entrepreneurs is fully recognised and supported by the EU policy makers. Marlene Mizzi, who was introduced to the audience as “a key actor and strong advocate in promoting entrepreneurship initiatives in the European Parliament”, spoke about the importance of providing better opportunities for older people who want to become, or remain economically active at a later stage in their life. She urged Member States and the EU not to

underestimate older people’s potential, who possess a wealth of experience, knowledge and skills, but who also suffer from long term unemployment, IT and other related skills, and age-related discrimination at a time of major labour market transformation and economic stagnation. MEP Mizzi invited the Commission to develop precise programs to financially support older entrepreneurs and to provide easy access to financing, including by extending the existing low-interest rates micro-financing programmes currently available to young entrepreneurs. “Very often banks are reluctant to providing loans and financing to older people especially if they have no experience as entrepreneurs. This way many brilliant ideas fail before even having a chance to become a reality.” said MEP Mizzi

“Given that one third of the working population will be over 50 by 2020, it is crucially important that we grasp the momentum and harness the social-economic potential of this demographic group, which will provide longstanding benefits for Europe’s economy and help Member States to respond to the employment and societal tasks that we face as result of ongoing demographic and workplace challenges” said MEP Mizzi. MBR

Top corporates join hands on CSR Day 2016 thanked the volunteers for their contribution to the society. The representative of the Arcbishop of Malta Mgr Charles Cordina was also present.

Their business interests may be varied and different but for one day nine leading organisations in Malta came together for the common cause of helping the vulnerable in society as part of the 15th annual Corporate Social Responsibility (CSR) Day. Hundreds of employees from AIS Group, Express Trailers Ltd., Farsons Group, Forestals Group, HSBC Bank Malta, HSBC UK Contact Centre Malta, Maypole Group, Multigas Limited, and Tumas Group, volunteered a day’s worth of work and lent a helping hand to a charitable home of their choice. The CSR Day is held annually on 19th March, a public holiday in Malta celebrating the feast of St Joseph the Worker. 66

In the morning, all the participating companies and their representatives gathered at the official residence of the President of Malta H.E. Marie-Louise Coleiro Preca, who greeted and

From San Anton Palace, the group went towards their respective sites and carried out a variety of volunteer activities ranging from paintwork and tiling to gardening and general cleaning. In no particular order, the chosen sites were: Dar Qalb ta’ Gesu, Santa Venera; Richmond Foundation’s Kids In Development Programme (KIDs), Żejtun; Dar tal-Providenza, Siġġiewi; Inspire premises, Bulebel; Esther House, Cospicua; Helen Keller Resource Centre, Qrendi; and Dar Frate Jacoba, Marsascala. MBR

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