Malta Business Review Issue 20

Issue 20 – May 2016

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cover story Embracing Core Values An exclusive interview with

Ing. Patrick John Mifsud, General Manager, SHIELD Consultants Ltd.

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CORPORATE INTERVIEW Purpose Driven at Every Level We meet with Luke Todd, Founder and Director of Luke Todd & Co.

26 Special Feature: Women Leaders

Growing Grace A revealing interview with Marygrace Attard, Owner of the iconic Ta’ Frenc Restaurant, Gozo

42 Features & Contributions

The Role and Importance of Mentoring Today Prof Louis Naudi maintains mentoring is essential for the business growth Newspaper Post

Malta Business Review

MALTA’S BEST

ENTREPRENEUR OF THE YEAR AWARDS

2016

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For further information please contact Margaret Brincat M: 9940 6743 • margaret@mbrpublications.net Martin Vella M: 9926 0162 • martin@mbrpublications.net Steve Garret M: 9926 0166 • events@mbrpublications.net

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PuBLisher MBR Publications Limited

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editor Martin Vella teChniCaL advisor Marcelle D’Argy Smith saLes direCtor Margaret Brincat

COVER STORY

art & design Evgeni Anastasov

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Embracing Core Values

Interview with Ing. Patrick John Mifsud, General Manager, Shield Consultants Ltd.

advertising Call: 9940 6743 or 9926 0163/4/6; Email: margaret@mbrpublications.net or admin@mbrpublications.net ContriButors Antoine Bonello; David Cameron; George Carol; Jean Paul Demajo; William England; John Herlithy; Amanda Mizzi; Wade G Morgan; Louis Naudi; Alice Taylor; sPeCiaL thanks Continental Cars Ltd; Demajo Dental; European Parliament; eie Educational Group; FIMBank; HSBC; IIG Bank; LinkedIn; Shield Consultants Ltd; Luke Todd & Co.; WH Partners;

TALKING POINT

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UK Strength and Security Within the EU

British PM David Cameron explains how to best advance Britain’s interests in the circumstances of the day

CORPORATE INTERVIEW

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Purpose Driven at Every Level

We find out how Luke Todd, Founder and Director of Luke Todd & Co. works with a range of companies to support them transforming their customer service provision

Print ProduCtion Printit offiCes Highland Apartment - Level 1, Naxxar Road, Birkirkara, BKR 9042 teLePhone +356 2149 7814

Debate

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Bursting the Tax Haven Bubbles

As the Panama Papers revelations of industrial scale tax avoidance widen and deepen, MBR asks the opinion of some prominent MEPs from different political coalitions

quote of the month “One of the saddest lessons of history is this: If we’ve been bamboozled long enough, we tend to reject any evidence of the bamboozle. We’re no longer interested in finding out the truth.

The bamboozle has captured us. It’s simply too painful to acknowledge, even to ourselves, that we’ve been taken. Once you give a charlatan power over you, you almost never get it back.”

- Carl Sagan, The Demon-Haunted World: Science as a Candle in the Dark

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The European Credit Transfer System

NCFHE tell us there’s more in a qualification than the level it is pegged on the Malta Qualification Framework (MQF)

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FIMBank holds its 2016 Annual General Meeting

MBR reports on FIMBank AGM

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

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OUR GOLD PARTNERS

Malta Business Review

CONTENTS Special Feature: Women Leaders

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Growing Grace

A revealing interview with the endearing Marygrace Attard, Owner of the iconic Ta’ Frenc Restaurant

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Driving Innovation & Growth

We meet with the dynamic and creative Vera Sant Fournier, who is positioned for growth

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When You Cease to Dream, You Cease to Live

Deborah Schembri, Managing Director – STM Malta Trust and Company Management Limited explains why the reputation that comes along with market leadership is priceless

FEATURES & CONTRIBUTIONS

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Before Evaluating ‘Culture Fit’ Evaluate Culture

Wade G Morgan explains about fitting in the right standards that a company promotes internally

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BIG DATA SUMMIT

Top International Experts to participate in Malta’s first Big Data Summit to be held at Xara Lodge on 22nd June 2016

42

The Role and Importance of Mentoring Today

Prof Louis Naudi tells us exactly why of business mentors can have a major impact on a business’s ability to grow

Win Fabulous Prize worth E3,000 with Porsche on Track 2016

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Porsche on Track 2016

Participate in Malta’s Best Entrepreneur of the Year Awards 2016 and get a chance to win a fantastic prize worth Euro 3,000.00 courtesy of Continental Cars Limited

EDITORIAL The Oxford English Dictionary defines evil as the antithesis of good in all its principle senses. Elias Staub (1992, 25) offers a more expansive characterisation: “Evil is not a scientific concept with an agreed meaning, but the idea of evil is part of a broadly shared human cultural heritage.” And Fred Katz (1993, 5) provides a useful, behavioural definition of evil as, “...behaviour that deprives innocent people of their humanity, (this definition) focuses on how people behave toward one another - where the behaviour of one person, or an aggregate of persons is destructive to others.”

Somewhere along this continuum, wrongdoing turns into evil. Over the last century and a half in particular, the modern age has had as its hallmark what we call technical rationality. We believe that the ethical failures of leadership in modern institutions are rooted in significant part in the unquestioned dominance of technical rationality (Adams and Balfour, 2004, pp. 29-36). The culture of technical rationality has enabled a new and often confusing form of evil that we call administrative evil.

What is different about administrative evil is that its appearance is masked. Administrative evil may be masked in many different ways, but the common characteristic is that people can engage in acts of evil, while continuing to work in their institutional role — just doing what those around them would agree they should be doing — and at the same time, participating in what a critical and reasonable observer, usually well after the fact, would call evil. Even worse, under conditions of what we call moral inversion, in which something evil has been redefined convincingly as good, ordinary people can all too easily engage in acts of administrative evil while believing that what they are doing is not only correct, but in fact, good. People have always been able to delude themselves into thinking that their evil acts are not really so bad, and we have certainly had moral inversions in times past.

When corruption manifests itself as evil, the lessons learnt is that this is a cancer that eats the social, political and economic fabric of development and requires the involvement of every citizen to combat it.

The phenomenon of high-level corruption in general, remains misunderstood and viewed largely through the prism of good governance and institutional capacity. The case of the Panama papers reveals the fallacy of aiming to fight corruption through goodgovernance which is lacking at the echelon of local political power.

Malta’s corruption problem has worsened in recent times. As our politicians expropriated the concept of good governance, petty corruption in the public sector, including the forces of law and order increased, and high corruption reached unprecedented proportions. The persistence of corruption in Malta, is not simply a problem of discrepancy between tactical promises and actual practices, nor is it a problem of unrealistic expectations about what good governance can do. The Panama Papers have revealed an unforeseen, perverse connection between “good governance” and unchecked power. The technocratic, apolitical notion of good governance championed by the some politicians and has, in fact, made high-level corruption associated with the same politicians totally legal and almost legitimate.

The apparent paradox between the politicians commitment to “good governance” and its predatory behavior in the economic sphere has never been so evident than of late, as much as it is now evident that inaction and indecision will lead to negative economic repercussions.

Martin Vella

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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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Malta Business Review

COVER STORY INTERVIEW

Embracing Core Values

by Martin Vella

Ing. Patrick John Mifsud believes that being a consultant entails having the ability to gain your clients’ trust enough to give them the confidence that they can base their business decisions on your advice. For this to happen, Patrick John stresses the need to be confident in oneself, maintaining, “DO NOT pretend to be what you are not and NEVER give the impression to know more than you do – this is a common attribute of wannabe consultants”.

MBR: Would you give a brief overview of your role with SHIELD Consultants and run us through your main achievements?

PJM: I joined SHIELD in 2010 as a consultant within the Business Continuity Management portfolio, a position that I still have the pleasure to hold today. Being a consultant is not the common 8 to 5 job, but demands a lifestyle of its own. Moreover, having to support clients spread around the globe, including hostile areas, you have to be always ready to engage, and that is what makes the job so exciting. You might start the day conducting a business impact analysis for a remote gaming company and half an hour later you might be on the phone talking to a health and safety officer in Nigeria.

It is still quite common for businesses to underestimate Murphy’s law; mainly that what can go wrong, will go wrong, eventually Three years ago, John Schembri (SHIELD’s Managing Director) and I started developing STORM, SHIELD’s very own SaaS suite of real-time Operational Risk Management tools. Thanks to the continuous support of the company’s shareholders and the vital contribution of our colleagues, STORM has now evolved into a unique system that is gaining increased interest worldwide. Last year, STORM was shortlisted for the Risk Management Product of the Year award in the UK, another milestone for SHIELD. 06

Ing. Patrick John Mifsud, General Manager, SHIELD Consultants Ltd.

COVER STORY INTERVIEW

Last January, the board of directors has asked me to step into the role of General Manager for SHIELD, a challenge which I have accepted positively on a personal level. I must admit that being a general manager is certainly not an easy task, especially at this juncture where the company is rapidly changing to accommodate our new way of servicing an evolving and diverse client base.

MBR: What is it that sets SHIELD apart from other Risk Management firms?

PJM: SHIELD’s main driving force is its team of highly qualified and experienced individuals. Thanks to our consultants, all subject matter experts in their respective field, and the enhanced capability derived

by STORM, SHIELD is now able to service a diverse range of markets sectors, each with its own risk management needs. This powerful combination allows us to manage risk in a unique and more sustainable way than the traditional approach that is still being promoted by the major players in the industry. Our range of risk management services includes health and safety, supply chain and maritime security, information and cyber security, business continuity, fire risk management, emergency response and crisis management.

MBR: What have you learned over the past years as the leader of the team that helps other organisations trying to make a difference in the health and safety sectors they serve?

PJM: It is still quite common for businesses to underestimate Murphy’s law; mainly that what can go wrong, will go wrong, eventually!

We regularly face the challenge of convincing our clients` senior management that they need to embrace risk management if they really care for the wellbeing of their staff and ultimately their business. From a BCM and Crisis Management perspective, however, due to recent natural disasters and terrorist attacks, some corporations have committed themselves to embrace risk management.

Unfortunately, BCM is still very much dominated by the needs of the IT departments and their disaster recovery requirements, thus failing to identify other factors which might disrupt business operations.

MBR: How important is the concept of collaboration in your work?

PJM: Collaboration was a key requirement that was addressed by STORM from the outset. As consultants, we need to follow-up on each other’s work and share information.

Moreover, it is common practice for SHIELD to involve more than one consultant when assisting a client. For example, whenever I am conducting a business impact assessment, I involve our health and safety and emergency response consultants for their input.

MBR: What is the key value of SHIELD and what impact has it had?

PJM: SHIELD was built on the following core values – people, standards, ideas, ethics, talent and hard work. It is thanks to these values that SHIELD has become so successful over the years. We ensure that everyone within the team embraces those values and puts them into practice while on their assignments.

MBR: Where is innovation happening within the business?

PJM: Through STORM, we are bringing in innovation throughout the whole business lifecycle. Combine that with a highly skilled team of professionals and you get SHIELD Consultants. We frequently review our business processes to keep them in line with market and regulatory requirements whilst maintaining and improving the service level to our clients.

MBR: How difficult is it to get your clients to understand the full depth of your RM value proposition?

PJM: Our clients are reacting very positively to our ever evolving risk management services.

Apart from the professional service delivered by the company’s consultants, STORM allows clients to be involved throughout the contracted period by collaborating directly in risk assessments and monitor their risk ratings in real time.

MBR: What are your challenges moving forward and how will you capitalise on the differentiation in the technology and the analytics?

SHIELD was built on the following core values – people, standards, ideas, ethics, talent and hard work PJM: SHIELD has taken on-board the challenges posed by technology and Big Data by actually developing its very own innovative risk management systems through STORM. Moving forward, we need to keep abreast of the constant evolution of technology and ensure that our clients get a high return for their investment. Our high profile clients are already enjoying the benefits of analytics on STORM whereby they are presented with risk management dashboards that provide real time analytics. We are currently working on having such analytics available to all STORM users.

MBR: How have things changed on the regulatory compliance, H&S and risk management fronts over the years you have been at SHIELD? PJM: Something that you notice in risk management, is that people’s perception of risk changes according to events that just happened. For example, right now the most common concern within companies is

Malta Business Review

terrorism, whereas a couple of years ago it was Ebola. The problem with that is the lack of focus on a broader scale. Compliance is what helps companies regain their focus and risk management clauses are being implicitly introduced in International management standards, such as ISO9001:2015 which is a key standard from which other management standards have emerged.

MBR: What are some of the negative consequences that can arise if companies are negligent when it comes to regulatory compliance and risk management?

PJM: Loss of life, injury, loss of business, huge fines, court cases, jail time and the list goes on. Unfortunately, the impacts can indeed be very high and sometimes even catastrophic.

Companies should completely forget about the “it will never happen to me” way of reasoning and focus more on achieving compliance and understanding the benefits in doing so.

MBR: What hard and soft skills do you need to do your job effectively?

PJM: SHIELD employs competent people based on academic qualifications, experience and the right combination of soft skills that are in line with our core values. SHIELD team members cannot be effective unless hard work, perseverance and team loyalty are engrained in their personal qualities.

MBR: How do you stay on top of the changes and developments taking place in your field?

PJM: As in any professional career, being a risk management consultant requires you to stay in touch with your peers through conferences, seminars, training and business networking. MBR

EDITOR’S NOTE Ing. Patrick John Mifsud is an IT engineer by profession with 20 years of experience in IT Infrastructure Management and Information Security.

Patrick obtained his Master of Science in Information Security from the University of London in 2007 and then moved into Risk Management with further specialisation in Business Continuity Management. He joined SHIELD Consultants Ltd. as a BCM consultant in 2010, was appointed Director in 2014 and has now been assigned the role of General Manager. He is married to Charlotte Bonavia and father of their two daughters, Martha and Elisa.

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Malta Business Review

Talking Point

UK strength and security within the EU

By David Camrron, Prime Minister of the United Kingdom Keeping our people safe at home and abroad, and moulding the world in the way that we want – more peaceful, more stable, more free, with the arteries of commerce and trade flowing freely.

That is our national interest in a nutshell – and it’s the question that has confronted every British prime minister since the office was created: how do we best advance Britain’s interests in the circumstances of the day?

If my experience as Prime Minister had taught me that our membership of the EU was holding Britain back or undermining our global influence, I would not hesitate to recommend that we should leave.

But my experience is the opposite. The reason that I want Britain to stay in a reformed EU is in part because of my experience over the last six years is that

it does help make our country better off, safer and stronger.

And there are four reasons why this is the case.

1. What happens in Europe affects us, whether we like it or not, so we must be strong in Europe if we want to be strong at home and in the world.

2. The dangerous international situation facing Britain today, means that the closest possible cooperation with our European neighbours isn’t an optional extra – it is essential. We need to stand united. Now is a time for strength in numbers.

3. Keeping our people safe from modern terrorist networks like Daesh and from serious crime that increasingly crosses borders means that we simply have to develop much closer means

of security cooperation between countries within Europe. Britain needs to be fully engaged with that.

4. Far from Britain’s influence in the world being undermined by our membership of the EU, it amplifies our power, like our membership of the UN or of NATO. It helps us achieve the things we want – whether it is fighting Ebola in Africa, tackling climate change, taking on the people smugglers. That’s not just our view; it’s the view of our friends and allies, too.

Let’s not walk away from the EU, any more than we would walk away from the UN, or from NATO. We’re bigger than that.

Instead, let us remain, let us fight our corner, let us play the part we should, as a great power in the world, and a great and growing power in Europe. 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 re-elected immediately after serving a full term with an increased popular vote share since Lord Salisbury in 1900 and the only Prime Minister other than Margaret Thatcher to be re-elected immediately after a full term with a greater share of the seats.

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FRIDAY 17th JUNE • LAGUNA SUITE • SMARTCITY MALTA

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Malta Business Review

Remote Gaming

Amendments to Remote Gaming Regulations

By Alice Taylor

The Minister for the Economy, Investment and Small Business along with the Malta Gaming Authority has announced changes to the Remote Gaming Regulations, by means of the publication of the Legal Notice 131 of 2016. Some of the key changes are as follows:

1 1. Under the amendments, a licensee offering RNG games, must make sure that the games will have an RTP of a minimum of 92% or more of the money wagered. For the purposes of calculating the percentage, the licensee is required to consider transactions that occurred from the 1st January 2015 onwards.

The Authority may also issue directives which will regulate the way that licensees are required to report and comply with this amendment and it may yet decide to exempt certain types of game from this requirement.

2 2. The licensee is required to make available to all players, any information relating to commission or fees held by the licensee. This can include the amount of commission held by the licensee or charged to the player.

3 3. The Authority will have the right to require a licensee to connect its systems to a monitoring system (operated by the Authority) and to maintain the connection at all times. The monitoring system will be designed to send and receive data to the licensees system and licensees will be obligated to modify and upgrade their systems to ensure compatibility with the monitoring system of the Authority.

The type of information that will be received by the monitoring system will include information relating to games, players and financial data that is required by the Authority to fulfil its objectives at law. It will also be used to ensure compliance by the licensee with the Act and that applicable laws, legislations and regulations regarding the prevention of money laundering are being adhered to.

The above are just a few of the amendments that have been published in the Legal Notice. To find out more about how these changes will directly affect your business, please contact Robert.Zammit@whpartners.eu Courtesy: WH Partners Ltd 10

FOCUS: Real Estate

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Malta Business Review

Corporate Interview of the Month

LEARN

CHANGE

GROW MBR: Why is customer experience such a fundamental differentiator for businesses today and what is the differentiating factor that makes Luke Todd & Co stand out in this sector?

your business needs and goals are. Then audit internal and external processes and experiences to see what is driving the level of customer experience you are offering at present.

LT: We live in a digital age, where you can teach yourself anything just by watching a video on YouTube. An age where if Facebook takes more than two seconds to load on your mobile you switch to another app.

An age where there are many companies operating in every industry, pushing price differences to a minimum. What is left as the differentiator; how does the product work, how easy is it to get what you need, how easy is it to contact customer services and how helpful are they? We live in an age where customer experience really is the only differentiator.

Culture is a fundamental aspect in any business because it absolutely informs how your customers will experience your brand

What makes us stand out is our broad experience working across many sectors.

In the business we have over 50 years experience working with companies ranging from finance through to gaming both online and offline. We understand that customer service should not be viewed as a cost centre and needs to be seen as a vital source of customer insights to drive business forwards.

MBR: How do you help your customers deliver outstanding customer service, create a great culture, motivate their employees and improve their bottom line?

LT: What a question!! We work with business in partnership; understand what 12

Our aim is to work with you to improve this dramatically. Once we have completed the review process we can identify the areas that need to be revised or enhanced and where we can make processes more efficient without sacrificing customer experience and service.

The benefit of using us is that we have the expertise to have an external view that can provide vital insights to improve your core business practice to enhance your customers’ experience. Culture is a fundamental aspect in any business because it absolutely informs how your customers will experience your brand. If your culture is reflective of your brand then your customers will have a great experience and be your biggest ambassadors.

The reality about customer service is that it is key to driving down the cost of running your business. Listening to what your customers are saying at the point of them

Purpose driven at every level

By Martin Vella

Luke Todd & Co have worked with a broad range of senior managers to keep them focused on their goals. In this interview, Luke Todd, Founder & Director, tells us why top-level managers will always benefit from additional support, explaining how Luke Todd & Co coach managers to establish what they are naturally talented at and help develop them to do more of it.

contacting customer services is essential. It’s at that point they’re giving you an unfiltered experience of your product or service.

Holding focus groups is great but it’s costly and an artificial environment and that can only mean what your customers say is not an immediate emotional reaction to their experience.

Feeding your customers insights back into the business can improve service and product very quickly with the right processes in place. That translates into lower costs because over time fewer people will contact customer services and their insights can inform you how to provide a higher quality product or service.

MBR: Growing a successful business involves more forecasting and visualisation, you would almost expect to see crystal balls on the desks of the top entrepreneurs.

How does Luke Todd & Co. assist business owners to focus on delivering positive results in the future?

LT: It’s a fantastic image to think that entrepreneurs have crystal balls, isn’t it? In reality most effective entrepreneurs have great ideas and are surrounded by amazing teams who can deliver on them.

Leading a growing business comes with many challenges and opportunities. A key part of being successful and delivering positive results in the future is having the right people in the right roles. We know from experience that this starts with recruitment

Corporate Interview of the Month

Malta Business Review

and we have run successful assessment centre days to make sure the right people are hired in an environment that allows applicants to shine.

It’s likely that you already have a team in place that has grown into roles as your business has grown. The question is, how do you know they’re in the right role and doing what they’re naturally talented at? That’s why we work with businesses using Gallup’s StrengthsFinder approach to establish just that. We deliver bespoke packages to help businesses of all sizes understand each team members’ Strengths. We then work with the whole team so they can learn about each others’ Strengths and that allows business Leaders to put the right people in the right role.

It sounds so simple in theory and in practice it can be. The outcome results in strong and productive teams that are loyal and motivated the drive the business forwards and increase profits.

MBR: How does business executive coaching help with accelerated business and career development?

LT: We offer two approaches to business coaching; Neuro Linguistic Programming (NLP)/emotional intelligence and Strengths coaching.

Being the boss and leader of a business can be the toughest and sometimes loneliest job in the world! They can have a great management team but not necessarily have a relationship they can leverage to directly support their needs.

A key part of being successful and delivering positive results in the future is having the right people in the right roles Our coaches work with business leaders to help them to see the light ahead, focus on what needs to happen and how to make it happen. A business leader who is supported by a coach can be much more effective and focussed on delivering significant business developments. Having someone who is external to the business and trained to listen and help find a way forwards in a nondirective way pays huge dividends. Regular sessions enable Leaders to remain on track with their strategy and gives them the space to explore the challenges they face.

Coaching, in whatever format, can instil a sense of loyalty in employees. In an environment with the economy growing and skilled labour in short supply, coaching can prove essential for retention too.

MBR: Past experiences can hold us back from achieving what we are really capable of; What is the Luke Todd & Co. method which help to overcome that and what is your approach to innovation?

LT: Past experiences affect businesses and individuals differently.

For businesses repeating the same mistakes over and over are a sign that business processes or business structure need to be reviewed.

Our consultancy team get involved here and help to identify what the issues are. We map how we can improve your business by removing the challenges, adding movement into processes and engaging the right team members. Our aim is to help drive your business forward into future growth.

For individuals past experiences can restrict how we approach the world moving forward.

For business owners or those reporting into them this could lead to the business standing still or worse still, going backwards. We see business coaching as the way to overcome these experiences, reset the mind-set of the individuals and help them to focus on driving themselves and the business forward.

MBR: Where do your unique abilities to recognise, understand and explain complex business relationships stem from?

LT: Our consultancy team have worked with businesses and individuals for years.

We have great people in our team and can engage at any level within a business.

But everyone says that don’t they? What makes us different is our ability, based on

experience, to understand what improves customer experience in any business.

Probably most significantly we know how to deliver improvements without negatively impacting your bottom line, in fact, quite the opposite. We’re very proud of that!

When we work with a business we are able to help them identify their long-term vision for where they want to be. We balance what needs to be focused on now with the goals of the future. We help deliver improvements whilst keeping an eye on costs and engage staff whilst delivering excellent business results. MBR EDITOR’S NOTE As Founder and Director of Luke Todd & Co., Luke works with a range of companies to support them transforming their customer service provision. Luke has over twenty years experience working in call centres and customer service. Working with companies like B&Q, The Digital Property Group, eBay classifieds site Gumtree UK, Norwich Union and more. Whether it’s outsourcing/offshoring, restructuring, customer churn and bottom line management his breadth and depth of experience gives him the expertise necessary for any business to revolutionise it’s customer service offer. He has extensive experience with new technologies within the customer service environment. His understanding of the omni-channel experience is unparalleled and his ability to design the architecture and roll out new and upscaled call centres provides great insights.

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Higher EDUCATION Education HIGHER

Malta Business Review

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Malta Business Review

European Parliament: Panama Papers

Bursting the tax haven bubbles Following recent revelations of large-scale tax avoidance using a Panama-based law firm, can Europe and the international community find a common response?

Ramón Jáuregui Atondo The first thing we must do is to call for a summit with the UN and OECD before the year is over to firm up three things. Firstly, what is a tax haven?

We need a common definition for all.

Secondly, a list of tax havens worldwide.

Thirdly, sanctions against those countries.

Group of the Progressive Alliance of Socialists and Democrats in the European Parliament

11.5 million leaked documents from Panama law firm Mossack Fonseca provide detailed information about more than 214,000 offshore companies used by politicians, businessmen, criminals and public figures to hide their wealth from public scrutiny.

The European Parliament, in the presence of Commission and Council representatives, discussed the issue during a plenary debate on Tuesday, 12 April, 2016 - the key question being whether or not the existing measures against tax evasion and money laundering are effective.

As the Panama Papers revelations of industrial scale tax avoidance widen and deepen, European Parliament has its chance to voice its position and shape Europe’s response.

A new opportunity for some MEPs to put in place global rules on top of existing fiscal evasion measures. We ask the opinion of some prominent MEPs from different political coalitions.

Parliament is fighting tax avoidance on several fronts. The temporary Special Committee on Tax, set up last year after last year’s LuxLeaks scandal, has been extended. EU Anti-Money Laundering legislation was toughened by Parliament, making some avoidance vehicles more transparent. MEPs also demand ‘tax good governance clauses’ in international agreements and have pushed for country-bycountry corporate tax reporting.

Jeanine Hennis-Plasschaert, on behalf of the Council “Action needs to focus on two policy strengths, firstly access to information 16

Othmar Karas I am not unhappy at all that this septic boil can be lanced. We are doing a lot, but not enough. Everything which reveals where abuses exist, helps our Parliament to push through what we have been long demanding.

Group of the European People’s Party (Christian Democrats)

and secondly measures that can be applied to remedy cases of fraud. The Commission antitax avoidance package provides an important basis for implementing internationally agreed standards in binding EU law.” “As regards access to information, internationally agreed standards on transparency and exchange of information have been developed by the OECD. Significant progress has been made in recent years however not all international players have totally committed to playing a fair game.”

Ana Gomez from the S&D said it is vital that banks, politicians and lawyers who have used offshore secrecy to avoid tax, be dealt with.

“People are fed up with these outrages,” Pierre Moscovici, who heads financial affairs for the 28-nation EU said previously. He took to task countries like Panama that facilitate such secretive, low-tax accounts. “The amounts of money, the jurisdictions and the names associated with this affair are frankly shocking,” he said.

Gianni Pittella, S&D “The country-bycountry reporting should be extended to all countries in the world. We have seen positive efforts and we welcome them but we think we should go further, we should be bolder.

We need to tackle this cancer, so we call on the Commission to move forward with its initiatives. We need to move towards a greater harmonisation of the tax base for companies.” “We need to make this a priority for the Commission and the Parliament.” “We should have zero tolerance of tax evasion,” Pittella added. He also called for a committee of inquiry to be established in the European Parliament.

For the moment, MEPs are debating the Panama Papers. After which the Commission is to present a statement on tax transparency.

The European Parliament’s Conference of Presidents unanimously backed on 14 April the setting up of an inquiry committee to investigate the Panama Papers revelations The European Union’s legislature is setting up an inquiry committee to look into the use of offshore accounts by people and multinationals to stash funds and avoid paying taxes, something which costs the EU billions of dollars a year. Energy Minister Konrad Mizzi may have to attend a hearing as part of the investigation. MBR Courtesy: EP

BANKING

Malta Business Review

IIG Bank (Malta) Ltd’s profits rise again despite slump in commodity markets.

IIG Bank continued to grow its presence internationally despite the fact that during 2015, energy and related products hit ten year lows and as a consequence there was a general slowdown in global commodity trade, primarily effected by the slowdown in China and the lower purchasing capacity of oil driven economies. Profits increased and the Bank’s balance sheet reached new heights, whilst retaining high levels of liquidity.

The Bank generated a profit for the year before tax of $6,543,793, up from $2,838,714 in 2014. During 2015, net interest income increased to $5,083,909 and net fee and commission income to $556,185, a total net increase of 62% over the previous year. Other income resulting from trading gains and disposal of financial assets generated another $3,858,864 for a comprehensive operating income of $9,498,958. Administrative expenses ($2,627,452) for the year rose marginally by 6% over 2014. The Bank took an impairment charge of $691,232, but recovered $363,519 from a previous bad debt for a net deduction to profit & loss of $327,713. During the year all the previous year’s revenues attributable to the shareholder were reinvested in the Bank in the form of Tier I capital while the Board has recommended to apply the same policy for the 2015 revenues.

The Bank’s balance sheet grew by 23% during 2015, from $156.3 million to $192.8 million, and its equity, composed of its share capital, the investment portfolio’s fair value reserve and the retained earnings after tax for the year, increased from $20.1 million to $23.4 million.

During 2015, the Bank continued to build its operational capability and its business network internationally, venturing into new areas while expanding its banking relationships to support its fast growing business. This also meant additional investment into specialist skills at all levels of its organisational structure.

The bank continues to grow its customers, both its depositor base and its loan portfolio clients. The Bank remains focused on establishing long lasting relationships with clients, ensuring that the service expectations of its discerning customers are met with efficiency.

Reporting on the performance of the Bank, Raymond Busuttil, Managing Director and Chief Executive Officer of IIG Bank (Malta) Ltd, said: “The Bank has generated an exceptional profit in 2015, despite the general slowdown and slump in commodity prices, but what really provides satisfaction to the board and executive management is the fact that the Bank is taking its rightful place in the world of international trade and commodity finance.”

“While we were hopeful that in 2016 the world economies would be in much better shape, it is still evident that more time is needed to see real, sustainable growth in the major economies. Some positive signs are there, like better news from China, the recent hike in oil prices and an improvement in the economics of emerging economies, but, both the Fed and more so, the ECB are still taking very cautionary steps and retaining a restrained outlook on how things will shape up in 2016”.

“Although 2016 will be a challenging year for us all, we are still very positive that the Bank will continue to grow in this environment, while exercising caution. Our success depends on the quality of our people and our philosophy to deliver on time and every time. We operate in a highly competitive environment and customer satisfaction comes on top of our agenda. I therefore take this opportunity to thank our highly motivated staff and dedicated board members for delivering such great results. I also thank our loyal customers for their trust and continued support.” MBR

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17

Malta Business Review

eLearning

ISL to provide Skillsoft® eLearning

programmes to Corinthia Hotels Over 250 managers and supervisors to benefit Information Systems Limited have signed an agreement with Corinthia Hotels for the provision of Skillsoft’s award-winning Leadership Advantage™ and Professional Advantage™ eLearning programmes to their managerial and supervisory staff internationally.

Over 250 managers and supervisors now have access to a blended yet structured mix of this world-class leadership and management content. This combines face-to-face live training and events with access to books, videos, simulations and summaries, Q&As and mentoring through the web via a single portal on a 24x7x365 basis.

According to Franco Valletta, Corinthia’s Group Chief Officer – Organisation Development & HR, this is part of the Hotel group’s strategy to give access to flexible and easily accessible modes of learning in the areas of leadership and management: “This further demonstrates our ongoing commitment to invest in the development of our colleagues.

“Participants’ feedback to date on the quality of the learning material, the user-friendly technology, the quality of tutors/speakers and the range of modules has been very encouraging. We have successfully blended Skillsoft’s online material with our workshopbased and in-presence programmes as part of the completion of Corinthia Hotels’ management and supervisory certificates.”

Mr Valletta added: “I would encourage any company interested in the development of its people via a targeted, focused and cost-effective learning medium to seriously consider introducing Skillsoft’s programmes in their educational and training repertoire.”

Simon Calleja-Urry, Director of ISL, said: “With over 7,000 local Skillsoft users, ISL pioneered the eLearning evolution on the island. With Corinthia Group now joining the fast-growing community, the future of eLearning as a complimentary modality is clearly showing signs that local business organisations are looking towards scalable and convenient access to learning content.

“Learning on tap from anywhere, any time has never been easier, more convenient and costeffective. We look forward to many years of 18

working with such a prestigious international hotel group.”

Skillsoft Leadership Advantage™ provides leadership learning tracks that leverage top business executives and industry minds in a variety of formats to meet learners’ needs. The content features videos of some of the world’s most revered executives, presentations by leading business authors and speakers, and summaries of bestselling books.

Skillsoft Professional Advantage™ builds a workplace of empowered, productive workers by offering busy professionals access to short, flexible learning resources that focus on key workplace competencies. Targeted learning tracks provide a suggested flow for each topic and offer flexible choices of a variety of durations and modalities.

In a recent study for Skillsoft, KnowledgeAdvisors found that Skillsoft learning provides high applicability, direct business impact, increased employee confidence and increased value over time regardless of a company’s size, geography, industry or length of experience with learning.

For further information, visit www.isl.com.mt.

MBR

About Skillsoft Skillsoft is a pioneer in the fields of learning and talent management, with a long history of innovation. Skillsoft provides cloudbased learning solutions for its customers worldwide, ranging from global enterprises, government and education to mid-sized and small businesses. Skillsoft’s customer support teams draw on a wealth of inhouse experience, flexible delivery platforms and a comprehensive learning e-library to develop off-the-shelf and custom learning programmes tailored to cost-effectively meet customer needs.

Skillsoft’s courses, books and videos have been developed by industry-leading learning experts to ensure that they maximise business skills, performance and talent development. Skillsoft currently serves over 6,700 customers and more than 45 million learners around the world. Skillsoft is on the web at http://www.skillsoft.com.

About ISL At ISL, our primary goal is to deliver comprehensive solutions that meet every business need. These solutions have in turn helped our clients increase responsiveness and improve their organisational service levels impressively. ISL also remains committed to ongoing investment in research and development. ISL delivers specific ERP solutions within a single system covering the entire range of business management for a variety of key industries originating in verticals that include: industrial engineering, the oil industry, supplies, pharmaceuticals, project control & services, automotive, travel & leisure, legal, transportation, construction & materials, financial services, beverages, food, electrical supplies and general retailers.

In addition, ISL provides organisations and companies in Malta with solid eLearning solutions to fill the talent gap in the workplace – simply because learning is good for business. ISL’s solutions are currently used by business organisations throughout Europe, Africa and the Middle East, and are backed up by a unique commitment to customer satisfaction. ISL is ISO-9001:2008 certified by the European Certification Institute. ISL are on the web at www.isl.com.mt.

About Corinthia Hotels Corinthia is a collection of hotels founded by the Pisani family of Malta in 1962. A familyinspired business, its timeless family values underpin the Spirit of Corinthia. Corinthia likes to treat and look after guests as if they were welcoming them back home. Corinthia also supports and positively encourages its hotel teams around the world so they enjoy their work in an inspired yet warmly-spirited fashion.

All Corinthia hotels feature extensive leisure and business traveller facilities and are renowned for their unique characters.

Corinthia Hotels’ portfolio includes nine hotels under the Corinthia brand, a Ramada Plaza hotel and three independent hotels in nine countries across Europe, Russia and Africa. Corinthia is on the web at www. corinthia.com.

Transport & Logistics

Malta Business Review

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Malta Business Review

ECTS

ECTS

The European Credit Transfer System By Amanda Mizzi What is in a Qualification?

There’s more in a qualification than the level it is pegged on the Malta Qualification Framework (MQF). Qualifications gained by employees can serve as a guide to their level of knowledge, skills and competences.

The different levels in the MQF show an increase in the level of knowledge, skills and competences from one level to another. Knowledge involves the understanding of basic, factual and theoretical information and is normally associated with formal learning. Skills involve the application of the acquired

knowledge and understanding in different contexts. Finally competences refer to a person’s capability, such as whether one is competent to exercise skills with or without supervision, with or without autonomy and with or without responsibility.

Credits Another important dimension of a qualification is the extent at which a subject is studied and the subject area itself. Credits are one of the tools designed to calculate workload and in turn facilitate the implementation of a credit transfer systems at national and European level.

They are used by authorities, education

and training providers, awarding bodies and learners to support arrangements for accumulation and recognition of learning.

The European Credit Transfer System (ECTS) is typically used for qualifications pegged on Levels 5-7 on the MQF. The European Credit System for Vocational Education & Training (ECVET) is typically, but not necessarily only, used for vocational qualifications pegged at MQF Levels 1-4.

One credit is defined as being equivalent to a workload of 25 hours of total learning.

Education and training institutions can label credits as either ECTS or ECVETs, according to the orientation of the learning programme. Both ECVET and ECTS have the same hours of total learning.

Programmes of study with different number of credits and subject areas can be referenced to the same level on the MQF. Level rating and credits are not representative of each other, thus it is possible to have course with 90 credits rated at Level 7, yet a course with 240 credits to be level rated at Level 6.

Benefits Credits based on the concept of learning outcomes ensure transparency by education and training providers who are clear with respect to what they are offering. They enable learners to know exactly what learning outcomes they are to achieve and their value and also facilitate understanding of the different types of certification that candidates present during the recruitment process or when employees claim additional allowances or promotion.

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

Table 1: Minimum number of credits for ‘Qualifications’ and parameters for ‘Awards’ 20

ECTS

Malta Business Review

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Malta Business Review

IT

I.T. CHALLENGES? Give us a call

By William England

Laptops, tablets, smart phones, PABX systems… the list just goes on and on. Most of us use some, or all, of these items to be more efficient.

But, although specifically created to make our life easier, we all have experienced the stressful situations when systems simply don’t work, or configurations are tampered with.

When such incidents happen, we don’t really have much of a choice. It’s either conducting frantic online searches or, give way to the violent feelings towards the misbehaving peripheral!

Throughout the years we met with a good number of entrepreneurs and managers facing this situation. In every case we managed to restore order, sometimes literally in a couple of minutes. Of course not all situations are that easy to deal with. However in almost every situation we noticed that there was one common factor; the business owner was not making use of the equipment to its full potential but instead aggravated inefficiencies further to the extent of even scrapping purchased equipment.-What a waste !

Due to your fast moving business life and busy schedule, you rarely find enough time to sit down and realise how your present IT infrastructure can further be enhanced to manage your business with ever increasing efficiency.

Examples are endless, and can vary, from a centralised database of contacts to a smart telephony system which will not only reduce your bills but will also broaden your horizons giving you the opportunity of reaching anyone from anywhere! Mobility is today’s key to success.

It is our business together with our Partners to offer you the perfect solution by maximizing the use of your IT equipment and infrastructure. Our consultancy services will help you to choose the most feasible solution with room for future expansion. Unfortunately, many times we find that businesses invest in expensive IT peripherals with added complications, when what is really required is available at more viable options and simpler to manage.

Consultancy & IT Systems Your management decisions are based on information. Back in the days we used to rely on countless papers stored in files at our offices. Today you can access any information you require, regardless if you’re at home, or on holiday in Panama!. Our consultancy services will help us understand what you need, to

provide you with a practical solution fitting your business culture and budgets. It’s literally a case in which you will do more with less money.

Security has also become a major headache in any organization. The ability to have experts in the field take care of it for you, allowing you to concentrate on your core business, is nothing less than peace of mind becoming a reality.

So if you have too many loose ends or your systems are not up to scratch or to your liking, you know where to knock.

Suppliers to the IT industry Throughout the years we met with various situations which helped us to better appreciate what businesses require and which brands offer practical, trouble free solutions. Today we proudly represent a set of brands which we know we can count on and which have been tried and tested over time. We are continuously searching for Resellers /Partners / System Integrators/ Consultants and Contractors to offer these latest IT Technologies to you with particular focus in WiFi, PABX, VoIP, DECT, routers and network systems.

Our Partners will have our back up on a consultancy, implementation and support basis prior to and following execution of proposed projects. In addition, we went through great lengths to ensure that the prices are competitive and offer the added value that reward peace of mind.

Considering our strategy, experience and expertise, a phone call may really make the difference.! We will be pleased to meet you to discuss collaboration. MBR EDITOR’S NOTE William England - Director at England Group Ltd.William joined ENGLAND at the age of 16 as part of his student worker process. The first of 3rd generations of England’s running the agency. William’s father the late Paul, wanted to ensure that William grew into the business from the ground up, starting from the filing and back office chores.After furthering his studies, in 1994 William took over the IT side of the business, after an intense period working with one of Malta’s leading IT providers, who at the time were the IT software and hardware suppliers for the group. His core duty was improving the office IT systems and enhance the automation processes. William keeps this task closely at hand today to help evolve and improve the company efficiency the England Group, England Insurance , and William J England & Son Ltd.Today, William’s main focus areas are the business development of the England Group and William J England & Son Ltd and the backoffice operations of England insurance.

Contact us We can be reached on 21248205 or by email on info@wjengland.com Visit our website for more details - www.wjengland.com 22

Dental Healthcare

Malta Business Review

Multiple missing teeth! By Dr Jean Paul Demajo

Are you one of those patients missing multiple teeth in either your top or bottom jaws…. or both? If so, for how long have you missed out on chewing on your back teeth? Missing multiple teeth is a very common scenario, which often goes untreated for a very long time. In some individuals patients aren’t interested in replacing these teeth as they aren’t visible with the normal aperture of the mouth.

Removable denture

Effects of missing teeth: Toothwear: Biting and having to chew on just the front teeth leads to tooth-wear. Over a long period these front teeth lose height and appear very smooth as they are being overused.

Intra-oral image of Implants in-situ

Tooth fracture: Missing teeth puts additional pressure on remaining teeth resulting in micro-cracks which may lead to tooth fracture and/or de-coronation (breaking the crown of the tooth leaving just the roots).

Tooth mobility: Teeth are supported in their sockets thanks to the gingival tissue, in particular to the periodontal ligament fibres attaching them to bone. If teeth are under excessive stress, this ligament suffers and with time teeth start moving resulting in tooth loss. This may also cause the teeth to drift outwards, splaying themselves increasing the spaces between them.

Fixed porcelain implant bridge on laboratory model

Intra-oral image of implant bridge in-situ

A Case STUDY (see photos) • 87 year old patient wearing a partial denture replacing 7 teeth. The original natural teeth where bridged but due to tooth failure the patient was forced to remove the natural teeth and have them replaced with a removable denture • After some time the patient wished to eliminate the removable denture and have his teeth replaced with a fixed prosthesis supported by dental implants.

Tooth pain: overloading of the remaining teeth may result in them dying off requiring root canal treatment and further prosthetic work.

Bone loss: Loss of posterior or anterior teeth in either jaw results in bone loss as the bone does not receive a stimulus due to the lack of tooth roots. In the top jaw the bone loss causes a reduction in distance between the maxillary sinuses and the mouth. In the bottom jaw the distance between the mouth and inferior dental nerve present in the mandible is also reduced. Over a long period of time, the volume of bone loss may be very large. This would mean that if implants are planned, maxillary sinus bone grafting would be required in the top jaw and bone grafting would be required in the bottom jaw increasing the element of surgery for the patient and complexity for the implant surgeon.

Tooth migration: Missing teeth would cause present teeth to drift into the resultant space creating odd contacts on chewing, excessive

tooth-wear facets as well as inconvenient food packing around the remaining teeth.

Upper teeth often over-erupt into the space of the lower missing teeth due to lacking their antagonist to chew on. Over a number of years upper molars may completely descend into the space of the lower missing molars causing traumatic biting onto the gum. These upper teeth would also appear very long, exposing their roots reducing their aesthetics. Adding insult to injury these upper over-erupted teeth would on closure of the anterior teeth, take up the space of the missing lower posterior teeth not leaving any space for the dentist to replace the lower missing teeth.

Dento-Facial aesthetics: Cheeks and lips tend to collapse inwards resulting in poorer aesthetics giving rise to an older looking appearance.

Digestive problems: Chewing our food mixed with our saliva is the first stage of digestion.

If food is not chewed but gobbled instead, this may result in indigestion and acid buildup. Patients, who lack teeth, also stir away from eating certain foods resulting in a lack of nutritional intake.

The list goes on and on. It is never too late to replace your missing dentition both with removable or fixed teeth. The repercussions are serious.

Take action now and ask your dentist for advice! MBR

Dr Jean Paul Demajo Dental and Implant Surgeon, Trained in London working in private practice in Malta

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23

Malta Business Review

FIMBank - AGM

FIMBank

holds its 2016 Annual General Meeting FIMBank plc held its Annual General Meeting yesterday at the Hotel Intercontinental in St. Julian’s. In his opening address, the Chairman of the FIMBank Group, Dr John C. Grech, explained the background to the Group’s performance last year. Dr Grech described how shortly after FIMBank’s last AGM in May 2015, the Group had announced the appointment of Murali Subramanian as the Group’s new Chief Executive Officer.

“Following the most difficult year in the Group’s history”, said Dr Grech, “the priorities for Murali and his strongly reinforced management team were to give stability to the business, the reinforcement of the governance and risk structures, and the gradual re-building of the portfolios to a sustainable level.”

FIMBank’s Chairman stated that “by pursuing a consolidation strategy aimed at turning around the core operating business, Murali and his team have managed to steer FIMBank well within sight of our goal of sustainable profitability. The Group has succeeded in overcoming the substantial impairments which marred the 2014 performance, whilst at the same time creating a revenue platform to generate value going forward.” Dr Grech added that “This is reflected in the results for 2015, which indicate that the FIMBank Group is on the right track. The Group is encouraged by the positive performance registered in the second half of 2015 and the first four months of this year, during which the FIMBank Group registered a profit, a trend which we expect will be sustained throughout 2016.”

The first item on the Meeting’s agenda - the approval of the 2015 consolidated audited financial statements was accompanied

The Group is encouraged by the positive performance registered in the last quarter of 2015 and the first four months of this year, during which the FIMBank Group registered a profit, a trend which we expect will be sustained throughout 2016 Dr John C. Grech, Chairman, FIMBank Group

by a presentation by Mr Subramanian, who explained 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. FIMBank’s CEO highlighted the fact that during 2015, 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-market losses”, said Mr Subramanian, “the Group has improved its operating income by USD37.3 million, to USD35.7 million”.

the management team, we intend to ensure that FIMBank will continue 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 to all its stakeholders.”

Commenting on the way forward, FIMBank’s CEO stated “Together with my colleagues in

Meanwhile, FIMBank’s Board of Directors will not be recommending a cash dividend.

Shareholders approved resolutions to declare a 1:25 bonus share issue by capitalisation of the share premium account.

The Meeting also elected the Board of Directors, which includes Majed Essa Ahmed Al-Ajeel (Chairman of Burgan Bank SAK), Masaud M. J. Hayat (Chairman of United Gulf Bank BSC), Eduardo Eguren (CEO of Burgan Bank SAK). A full list of elected directors may be found on the Bank’s website. Following the AGM, the Board of Directors confirmed Dr John C. Grech as Chairman and Mr Masaud Hayat as Vice Chairman. MBR

In his concluding remarks to the AGM, Dr Grech had words of praise for the Group’s institutional investors, thanking them for their unwavering support. He also thanked his fellow directors, management and staff members for their hard work, dedication and commitment, and the Malta Financial Services Authority for its guidance and support. Finally, he extended his gratitude to all of the Group’s shareholders for their “understanding, and their strong demonstration of loyalty to and confidence in FIMBank”.

For more information about FIMBank plc, visit www. fimbank.com. 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 24

Interview of the Month

Malta Business Review

SPECIAL Feature Pull-and-keep Supplement

Women Leaders www.maltabusinessreview.net

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Malta Business Review

SPECIAL Feature: Women Leaders

Growing Grace

By Martin Vella

With more and more knowledgeable and demanding diners, it is essential for any restaurant to keep abreast of trends. Ta’ Frenċ maintains this equilibrium through staff development, by sending personnel abroad and by inviting internationally-renowned chefs to cook guest dinners at the restaurant. The restaurant’s composed and elegant owner, Marygrace Attard tells us that later this year Ta’ Frenc shall be sending staff to Northcote Manor and Chewton Glen in England for a year’s internship, as she also discusses the restaurant’s culture and strong F&B offering.

MBR: Would you talk about the heritage of Ta’ Frenċ and Ino Attard’s legacy?

legacy, and I want to do the very best I can to build on what he had achieved.

MA: Ino and his business partner, Lino Cefai created Ta’ Frenċ over thirty years ago from a ruined farmhouse. We have wonderful archive photographs of them restoring the building, with their bare hands, stone by stone.

They kept many original features, such as the animal mangers, which they incorporated in the bar area. They kept the mature trees, such as the carob tree in the garden, and planted others. Auberge Ta’ Frenċ, as it was known then, opened on 22 May 1982 with a very different look from today. Checked red and white tablecloths, rustic French-style furniture and a classic French menu greeted their first guests, many of whom remain faithful customers today.

MBR: Has your role become more about finance and how do you avoid losing the hospitality piece?

MBR: So when this opportunity presented itself to lead and manage such an iconic award winning restaurant, did you know it was a good fit and what excited you about taking it on?

MA: It didn’t occur to me not to take on the management of the restaurant. It is Ino’s 26

In a sense, I do feel that Ta’ Frenċ is an ambassador for Gozo and for the Maltese islands MA: With careful organization I am able to spend as much time as I need to in the restaurant, both during the day to discuss menus and produce with the kitchen brigade and in the evening, to greet diners, to welcome wedding parties and occasionally to sit down with friends and enjoy a meal.

MBR: And what is it about Ta’ Frenċ that has made your job so special?

MA: In a word, the people. I could not do the job without them. The Ta’ Frenċ ‘family’ is unique in its loyalty and longevity. Very

soon after the restaurant opened, Chef Mario Schembri joined Ino and Lino. Since then Mario has developed and trained a loyal brigade, Joseph Tabone, doyen of restaurant managers, and my right-hand man, has been an integral part of Ta’ Frenċ since 1995. Very few restaurants can claim the same ownership and management over a period of more than thirty years, which is a guarantee of quality and consistency, and only to be found in an establishment whose patron invested so much personally, as Ino did. And it is this tradition that I hope to maintain, with the constant support of Mario and Joseph, and their colleagues. I am also blessed that Ino and I had such wonderful children, who support me every step of the way.

MBR: In leading this five star restaurant, how important is it to continue to drive culture?

MA: This is an interesting question. In a sense, I do feel that Ta’ Frenċ is an ambassador for Gozo and for the Maltese islands, because it has an international reputation. A country’s food is as important a part of its culture as the language, and we feel a responsibility to

SPECIAL Feature: Women Leaders

Malta Business Review

project all that is best in the Maltese islands kitchen. In addition, we showcase local art and antiques in the restaurant, including handmade Maltese clocks by the gilder Horace Farrugia, exquisite Maltese silver, and paintings by contemporary artists Raymomd Pitré and Anthony Calleja. And, with his usual attention to the smallest detail, Ino commissioned delicate glass napkin rings from Gozo Glass and Mdina Glass.

MBR: When customers walk into Ta’ Frenċ, are there certain consistencies or is the location and the ambience oriented for its specific market?

MA: It is said that a restaurant relies on three things. Location. Location. Location. Our guests tell us time and time again that Ta’ Frenċ is the most beautiful restaurant they have ever been in and the most beautifully situated. For this we have to thank the vision of Ino and Lino. Of course, there have been many changes and innovations over the years. The restaurant’s latest rejuvenation included the new all weather marquee, which was Ino’s last project. New furniture, china and stemware added comfort and elegance to the dining experience, which was further enhanced with the introduction of innovative menus.

MBR: How much of a focus is food & beverage and what does it take to be successful in an idyllic place such as Gozo?

MA: Excellent food and an exciting wine list have always been the main focus of Ta’ Frenċ.

We are very fortunate to have such a talented kitchen, and in Joseph Tabone, we have a restaurant manager and sommelier whose knowledge of wine is second to none, and who has done so much to build up Ta’Frenċ’s famous wine cellar.

MBR: Why is it important to have a strong food and beverage offering?

MA: If Ta’ Frenċ was simply a beautiful restaurant with a delightful ambience; I am not sure that this would be enough to bring visitors back. As it is, they return to us time and time again for the food and wine. They have their favorite dishes, to such an extent that we simply cannot take some of them off the menu. Some of our diners are frequent visitors so it is vitally important to offer a menu which changes. Some of our guests come for special occasions and love the theatre of the table-side preparation of our version of crêpes Suzette or the show-stopping pasta flambé. We have introduced several fixed price menus, in addition to the famous à la carte offerings, including tasting menus and the fixed price market menu which has proved to be a winner with diners, who appreciate our sympathetic approach to present-day concerns and financial constraints. With this formula, you can relax and enjoy the experience instead of wondering how it’s all going to add up.

Marygrace Attard with the Ta’ Frenċ Restaurant team

MBR: How all-encompassing are your meetings and events facilities?

MA: We have all the facilities for conferences, meetings, seminars, incentives and product launches, which our team handles with the same level of flexibility, care and attention to detail, however large or small the event. On the technical side, the Restaurant is equipped with WiFi in most of the public areas as well as projector, screens and loop hearing system for those who require it.

MBR: With all of the good food you serve, how do you find the balance with also being healthy as customers expect today?

I enjoy every minute of the time I spend in the restaurant

MA: Good food is healthy food. Our own extra virgin olive oil, herbs from our herb garden, Gozo’s wonderful vegetables, salad ingredients, fish and seafood are much in evidence on our menus. Vegetarian dishes are plentiful and so good that they are often chosen by meat- eaters. Gluten-free and lactose-free dishes can also be requested.

MBR: How significant is your outside catering business and how do you utilize its wine cellar?

MA: We do offer an outside catering service, for example, a wedding party staying at our farmhouses, or holiday village of Tal- Fanal might request us to organize a barbecue or moonlight buffet. The wine cellar is one of the most important features of Ta’ Frenċ. You will find affordable Sicilian wines to accompany the kitchen’s Mediterranean-hued dishes. For our authentic Maltese dishes, you need look no further than the selection of wines from the Maltese islands, some of them made from grapes grown in Gozo vineyards. On

the other hand, to partner the classic dishes for which Ta’ Frenċ is famous, such as the flambéed steak Diane or Chateaubriand for two, prepared at the table, the great wines of France are impeccably cellared underground.

Classed-growth Bordeaux wines are a particular feature of the restaurant’s awardwinning wine list, but there are also fine white Burgundies, hocks and Rhône wines, as well as an extensive collection of the best Italian and Spanish wines, and wines from the New World. Joseph or one of his colleagues is always happy to show off this elegant space, which includes a specially-commissioned dining table overseen by the benign gaze of Bacchus, painted in the fresco style by the Italian artist Claudio Barolo. It is a very popular venue to hire for a private dinner party for up to maximum thirty.

MBR: With all of your success, are there times when you can stop and enjoy it?

MA: I enjoy every minute of the time I spend in the restaurant. And when I am away from it, I love doing things together with my family, such as harvesting olives for our own olive oil and travelling. I have also taken up running, and participate in charity events, as well as half and full marathons.

MBR: Are you happy with where the product is today and are there changes guests can expect?

MA: Although I understand your question, we do not think of Ta’ Frenċ as a ‘product’.

It is dynamic and ever-changing because it is made up of people; the staff who work in and support the restaurant and our clients, whether first-time visitors or long-term fans.

And it delights me to say that many who visit Ta’ Frenċ for the first time become devoted followers. For all our guests it is important to offer exciting events and special occasions, such as our introduction of the lunch buffet on the last Sunday of each month.

Watch our website and Facebook page for forthcoming attractions and events. MBR www.maltabusinessreview.net

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Malta Business Review

Special Feature: Women Leaders

Driving Innovation & Growth

By George Carol

We meet with the dynamic and ingenious Vera Sant Fournier, creative designer positioned for growth.

MBR: What has been the secret of Vera Sant Fournier’s success?

VSF: I attribute that my success and the success of Vera Sant Fournier - Design Studio is that I as founder had a dream that I developed into an idea , believed in it and pursued it’s evolvement until it became a reality . That I have a great professional team of experts with diverse skills and knowledge, with whom I work first hand day in day out, proud of our output, our service and product. I am always striving to be innovative, improving our service and product. We all continue to work with the same love and passion as back in 2007, the year I founded VSF Studio, my brainchild so to speak. We have and are always in the process of creating beautiful spaces for individuals, our clients, creating these spaces around people, transmitting to them positive feelings, that it is their space, as they envisioned it, the ultimate space for them, not us, no imposition of our wishes, but giving life to their own aspirations for their space.

Thus we aspire to make people exceptionally happy in their expertly designed space, delivered as a finished service and product by my very talented team of professionals, designers, architects and project managers, as a completely holistic service and product.

MBR: Leading a design studio, do your experiences and skills and those of your team transfer, or do you have to take a different entrepreneurial view?

VSF: Having long chosen to leave the comfort zone of employment to take up the opportunities and challenges of entrepreneurship, I am always at the helm, exploiting every opportunity that presents itself, creating opportunities, in fact and pursuing them as successful ventures. The team of professional that I have chosen to share this exciting experience, share with me each venture from the concept stage, and are by my side , figuratively speaking, because we all have our space, and skills, to deliver our best, working towards the success of that venture. I take calculated risks, the word failure has no place in the vocabulary of Vera Sant Fournier- Design Studio.

MBR: As a woman entrepreneur, how much of it can be taught or is entrepreneurship something you have to be born with?

VSF: In my opinion and basing on my own personal experience, I believe that the rudiments of entrepreneurship must be in the genes. In my case, I attribute my success in part to my ancestry, one of Malta’s oldest noble families, who produced to our national armamentarium the first Bankers, 28

real estate professionals, merchants and art lovers, connoisseurs and collectors; all this could be embodied in my late father, Charles’ bloodline and his particular talent for incubating innovative business ideas; besides my having brought up by my mother, Mary Ann and father in a house full of art and colour. Then, of course nothing is achieved without a good solid education that instils the academic knowledge and skills with practice experience, and mentoring. Continuous research into trends and innovative materials, investment in continuous professional development - finally a strict work ethos is also a must. But nothing can be done if there are no leadership qualities, and calculated risk taking together with the fundamental passion and love of one’s chosen venture, in this highly competitive field.

But nothing can be done if there are no leadership qualities and calculated risk taking together with the fundamental passion and love of one’s chosen venture MBR: As a business leader, you are resultsoriented and have a clear message. How do you define success in terms of what the VSF Brand will become and how will you measure impact?

VSF: For Vera Sant Fournier - Design Studio, success is expressed in terms of how people, that our clients appreciate and acknowledge our hard work, the heart that goes into each and every design and finished service and product. Indeed we are convinced of being responsible for our clients happiness in this regard. For the studio, the measure of success is that we deliver a finished service and product that surpasses clients’, and ou, expectations. We also pride ourselves in honouring deadlines and are professional in our delivery. The brand will become even more of a locally and internationally recognised Brand, well known in the residential, commercial, yachting and events sectors.

At Vera Sant Fournier- Design Studio the motto that guides us toward this success is that “at the heart of all progress lies measurement”.

Indeed, I believe that impact measurement is tantamount to business success! The prototype of our design approach is that everyone is unique and we pride ourselves in working towards the individual’s aspirations and needs. The individual is our focus. Thus our standard metrics in this area are: hours,

team members involved, output; influencing trends and trend-setting; market demand, size of projects (our projects are becoming consistently larger); professional interest of project (our projects are becoming more professionally challenging); higher end clients on the increase; niche media attention.

MBR: How do you define the Vera Sant Fournier Brand message and how critical is it that to be consistent?

VSF: It is not the VSF mantra to be consistent except in the quality of our service. The VSF Brand is synonymous with continuous evolvement, exciting development, originality, innovative, setting trends. It belies our success story.

MBR: Looking at the success and impact you’ve had at VSF and in supporting so many women, do you ever take the time to reflect and to step back and celebrate?

VSF: Looking back at the success since 2007, I am indeed satisfied in having succeeded so far together with my fine team of professionals to attain the goals we have set, to the very high standards of our clients, many of whom are women, either singly, or as part of a couple or in business, etc. Time is a very precious commodity to the true entrepreneur, but I do cut out niches to reflect, to develop ideas and strategies, and yes to relax, so that I an restart with a fresh, immaculate canvas in my mind to tackle work and life’s new projects. The VSF Studio is a fun loving team and we do have our precious moments of camaraderie and pure relaxation. Mens sana in corpore sano is out motto. MBR EDITOR’S NOTE

Vera’s work is known for its flowing direction, perfectly allocated colour schemes and luxury finishes. ”Coming from a family of artists and creatives, it was only natural for Vera to move into design. Her father, being an art connoisseur, exposed Vera to a life of seeking inspiration. A nature lover, optimist and a little eccentric, Vera cannot live without those hours alone to get her creative cap on. If Vera weren’t an interior designer, she would be running her ever so successful art gallery in New York. The team at Vera Sant Fournier- Interior Design is totally committed to delivering an excellent level of service, which is believed to be the hallmark of the studio and reputation. Towards the end of 2015, Vera Sant Fournier - Interior Design studio sees the opening of the new design studio & flagship store in, Malta.

Incorporating luxury items for the home, supporting local talent by showcasing their works, unique and handmade items such as garments and home accessories, fine art, collectables and exquisite antique.

Vera Sant Fournier - Interior Design Studio has now launched Yacht & Super Yacht Interior Design, as well as event Décor, specialising in high end wedding decor for both locally and overseas clients.

www.verasantfournier.com

Special Feature: Women Leaders

Malta Business Review

I believe that impact measurement is tantamount to business success

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Malta Business Review

Special Feature: Women Leaders

When You Cease to Dream, MBR: What has been the secret to STM’s success and when you look back, what was the secret that led STM to become all that it is?

DS: The three secrets of success are competitive advantage, above-average management and market leadership.

Competitive advantage can be broken into two forms: differentiation advantage and cost advantage. The quality of management is a key factor in whether a company is successful.

Market leadership can come in many forms, but the reputation that comes along with the tag is priceless. The nature of success requires ambition, a hard work ethic, inspiration and motivation.

MBR: As someone who appreciates the importance of promoting women in business and in society, do you feel that advances are being made in equality for women?

The only way to do great work is to love what you do DS: More women than ever are in the workplace. Women have made enormous advancements in education and professionally. This has begun to change the workplace for the better.

Investing in gender equality and women’s empowerment can unlock human potential on a transformational scale.

MBR: How important is it for women to have access to those women leaders as role models to share life lessons and be that guiding force?

DS: Role models are a fruitful way to inspire women to aspire to great things.

There are two kinds of role models:

Corporate Interview with Deborah Schembri, Managing Director, STM Malta Trust and Company Management Limited 30

1. those who will help you think about the kind of person you want to be through examples of kindness, fortitude, courage, bravery, integrity and admirable characteristics, displayed equally by men and women in their every day lives 2. those who help you to aspire to roles that perhaps you have not thought of before or not encountered personally

Special Feature: Women Leaders

You Cease to Live MBR: Having led a large organization, do your experiences and skills and those of your partners transfer, or do you have to take a different entrepreneurial view?

DS: Surely the experiences and skills are transferable, though one will have to adapt such skills in line with the long term strategy of the Company and the business life cycle. Also every day is a new experience for all of us!

MBR: As a successful entrepreneur, how much of that can be taught or is entrepreneurship something you have to be born with?

DS: The entrepreneurial nature vs nurture debate goes far back. Studies suggest that there are certain identifiable skills that can make anyone a successful entrepreneur. These skills such as risk taking and the ability to see promising new opportunities are usually thought of as an innate, but that does not mean they cannot be learned. It is more meaningful to measure success in terms of making the right match between opportunity and personality type, and then focus on building the necessary skill set.

Market leadership can come in many forms, but the reputation that comes along with the tag is priceless MBR: As a business leader, you are results-oriented and have clear messaging. How do you define success in terms of what women’s leadership will become and how will you measure impact of what leadership means in the business world of today?

DS: Good leaders have a mission and inspire others to join them. Good leaders create strong organizations, have strong interpersonal skills and are good motivators.

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.

MBR: How important is corporate social responsibility to STM?

Malta Business Review

By Martin Vella

DS: Corporate social responsibility (CSR) is a way for companies to benefit themselves while also benefiting the society. A strategic approach to CSR is increasingly important to a company’s competitiveness. It can bring benefits in terms of risk management, cost savings, access to capital, customer relationships, human resource management and innovation capacity.

DS: The following insights can help young women embark on an entrepreneurial career path: •

passion and motivation

•

risk taking

•

self-belief, hard work and disciplined dedication

•

adaptability and flexibility

MBR: Which key areas are you most focused on to make sure the business stays strong?

•

understand your offering and its market

•

finance management

DS: Leadership, setting goals, efficiency and customer service will almost guarantee a certain level of achievement.

So the traits that lead to a strong business will involve the people who are running the organization, the business plans to follow, the efficiency level of the processes and the interaction with customer base.

•

planning

•

networking abilities

MBR: Is the business more complex today? Have client expectations changed and what is the differentiating factor which makes STM stand out DS: There is no question that organisations are becoming more complex, either growing larger or restructuring themselves in many different ways to deal with the escalating change and turbulence in their day-to-day operations. The challenge for leaders is understanding and managing the relationships between the multiple stakeholders that they now have to deal with. Leadership today is more complicated, and a great deal depends upon the influencing skills of the leader.

MBR: How important is it for you to maintain client interaction?

DS: Increasing globalization and demanding customers means that interacting with customers is more important than ever.

It requires participation and hard work by the entire organisation and it is an ongoing mission with no end. But on the way you collect an immeasurable benefit – a loyal customer.

MBR: What do you tell young women about a career in this field and are the opportunities there today?

When you cease to dream, you cease to live. MBR STM Malta Trust and Company Management Limited is registered as a Retirement Scheme Administrator with the Malta Financial Services Authority. It is also authorised to act as trustee or co-trustee to provide fiduciary services in terms of the Trusts and Trustees Act.

EDITOR’S NOTE BA(Hons) Accty., Dip. Tax., FIA, CPA, DipPMI, MIM, MBA (Henley) Deborah has twenty years experience in the financial services, gaming and hospitality industries. In her various senior managerial roles she had formulated new strategic directions and implemented the necessary changes. She has been instrumental in setting up and growing various companies.

She is a Certified Public Accountant, holds a Masters in Business Administration from Henley Management College and she holds a Diploma in Retirement Provision pursued with the UK Pensions Management Institute.

She is the only Maltese resident holding such a qualification in pensions. She is a Fellow Member of the Malta Institute of Accountants, and a Member of the Malta Institute of Taxation, Malta Institute of Management, Institute of Financial Services Practitioners and Pension Management Institute UK. Last year Deborah won Malta’s Best Knowledge Entrepreneur of the Year Award 2015. She has also been nominated and then voted as one of the four finalists for the Commonwealth Women Entrepreneur of the Year 2015.

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Malta Business Review

SPECIAL FEATURE: WOMEN LEADERS

Responsible Business Leadership

By George Carol

An exclusive interview with intrepid entrepreneur Diane Izzo, Franchise Owner of Terranova And other fashion franchises

BACKGROUND I first came to know Diane when I met her during last year’s Malta’s Best Entrepreneur Awards, having just won the judges’ hearts and minds as Malta’s Best Entrepreneurial Company Manager of the Year Award.

Since then, Diane went on to continue her entrepreneurial journey by opening successful retail outlet, as well as embarking on expanding her business investments, undertaking very important venture acquisitions with the Terranova franchise. I could not think of a more qualified person to tell us what it is really like to be a successful woman leader.

MBR: What is your role in your company?

DI: As CEO my role is to drive this organisation to success, by building strong teams around every project I create. I also need to constantly energise my management teams to ensure we’re taking the right decisions at every level of the organisation. That way I can focus on taking the group forward through strategic investment and keeping a close eye on the market.

MBR: How do you define your brand and how critical is it for your message to be consistent?

DI: Fashion is not about consistency. It’s about diversity. It’s about understanding that everybody is different. As individuals, we don’t only have our own unique styles; we 32

also have styles for different occasions, ages and pockets. My company recognises this, so we keep growing to offer brands that cater for these unique needs. We look at people holistically, not as target demographics.

MBR: For a company of your size and scale, where do you see your growth coming from?

Women are powerful influencers across all levels of society.

MBR: There has been a lot of talk about women and their advances in the working world. Do you feel there is still a way to go in addressing these issues?

DI: It’s 2016. I don’t think we should still be talking about the advances of women.

Women are powerful influencers across all levels of society. What we have to address are the outdated financial and cultural inequalities that make life harder for women unnecessarily.

MBR: You’re a person who has succeeded in building your fashion empire, has being a woman hindered or helped your success?

DI: Our growth is inspired by a very natural understanding of the Maltese people and how they interact with fashion. We cater to their needs and their whims. We know we have the ability to deliver quality brands of value in areas all over the islands.

DI: I’ve never been defined by my gender and I’ve always been driven to achieve my goals, despite the obstacles. If you’re determined, you’ll get there.

MBR: How critical is the emphasis on corporate wellness and how important has it been to drive that conversation?

DI: If a young man or woman were to ask me about starting a career in fashion retail, I would tell them to chase their dreams but always never lose your main focus – the customer. Regardless of where you want to end up, it will always benefit you to start from learning about what your customer wants. If you understand that, opportunities will fall at your feet. And you’ll have a great time doing it. MBR

DI: A large organisation has to keep its team happy and healthy to make sure they deliver to their full potential. Corporate wellness is therefore critical to keep staff engaged and driven as this will be reflected in the service they give to our customers.

MBR: What is your advice to young women seeking a career in this field?

The Customer Experience

Malta Business Review

www.maltabusinessreview.net

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Malta Business Review

Special Feature: Women Leaders

MBR: It is notable that women’s occupancy of mayoral positions across the globe has been less than their presence in parliaments and there seems to be a greater lag in women’s access to executive branch positions. In your opinion what are the biggest challenges facing women who want to get involved in local politics and access to mayoral offices?

and executive roles are increasing, we still have to disentangle the mixed messages portrayed by the media where male roles are still being more promoted. Moreover, even though women are attaining higher level of education less women are running for executive and high positions. This simply means that they are sometimes confined to the household and the family.

SA: In my opinion, although there is an awareness and national drive towards promoting women to participate in executive roles, there are still milestones to overcome their feelings of guilt in neglecting their families. This could be attributed to cultural, moral and traditional boundary issues which are still ingrained in society.

Without passion, there is no energy and you need energy to fuel leadership

Although women’s participation in politics 34

Despite the fact that women and men may perceive themselves as being less capable or competent to run for office, men still tend to go ahead to run for office while women do not.

MBR: Do you know of any mechanisms/ good practices that have been installed to foster women’s access to mayoral office?

SA: On a national level, government is facilitating women’s occupancy of mayoral office by promoting incentives such as free child care and Klabb 3-16 where a mother can be rest assured that her children are being well taken care of.

On the other hand, in my personal experience, I appreciate much my family’s continuous support to ease my daily duties and burdens.

MBR: Do you think there are any advantages to having a woman mayor?

Are towns or villages with woman mayors more responsive to the needs and rights of women?

Special Feature: Women Leaders

Malta Business Review

Respect and Diffidence

By George Carol

main goals you have set and how do you plan to meet them?

SA: Since I took office back in May 2015, I knew things were not going to be plain sailing and that there were tough issues to tackle. Many Local Councils face a number of burdens that need long term plans for their recovery. However, I had two choices; either give up or otherwise study the situation in depth, and plan long term solutions for a sustainable council for the next 4 years together with my team.

We still have to disentangle the mixed messages portrayed by the media where male roles are still being more promoted In my legislature our three main goals are: •

SA: Well let’s say that most of the time residents tend to be more obedient to women; they show more respect and diffidence. However, I strongly believe that women and men should still be treated in the same manner, and judged by their actions and results. Women also have a wider vision to tolerate and respect the diversity of norms.

Generally, women have a higher propensity to be more caring thus leading them to implement policies directed at improving the lives of everyone. Women are highly committed to promoting national and local policies that address the social and political challenges facing women, children and disadvantaged groups.

MBR: What are the main objectives of the Zebbug Local Council that you preside over? Also, what are the three

Better road infrastructure: we are currently in continuous correspondence with the Central

•

Government and authorities to take action on those roads that are in urgent need.

•

Cost cutting: to be sustainable we had to eliminate undue expenditure.

•

Embellishment/cleanliness of the village: the environment is being taken care by educational campaigns and EU Funded projects in the pipeline.

MBR: As a local council leader, what goals have been set to help increase women’s political participation?

SA: One of our initiatives is that we encourage young ladies who are still in education to take part in sub-committees and also we set up a Youth Local Council to foster participatory duties and civic responsibility.

MBR: What advice would you give young women who want to get involved in politics but think that it is too complex or inaccessible?

SA: First of all, I advise young women to set their goals; keeping them brief and achievable. I recommend to always listen to your dependants; your constituents and the general opinion. Then you weigh and discern until you take the best decision.

One must also believe in oneself – to be successful leader it is important to have something to believe in. Without passion, there is no energy and you need energy to fuel leadership.

MBR: In your political career, what role have alliances and networks played?

Have you used new information and communication technologies (ITCs)?

SA: In today’s technological world it is highly recommendable to invest in such networks. One clear example is the use of social media as you interact easily by listening and by communicating your message and information across.

However, one must keep in mind to use such tools decently and correctly.

MBR: To conclude, what legacy would you like to leave when you finish your term, both for women in general and women who want to get involved in politics?

SA: I hope that by my good comportment more women enter the political world as such roles give women a high sense of achievement, growth and an experience that will prepare you for most of life’s challenges.

Increasingly, we need to share the vision of gender equality in civic spaces. Women can do politics as well. MBR EDITOR’S NOTE Sarah Agius, 25 years old, graduated from the University of Malta with Masters in Human Rights and Democratization and a Bachelor Degree of European Studies.

Currently works as an EU Projects Manager at the Ministry of European Affairs under the Parliamentary Secretariat for the EU Presidency 2017 and EU Funds. She is also the Mayor of Haz-Zebbug.

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Malta Business Review

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Dental Healthcare

Organisational Culture

Malta Business Review

Before Evaluating “Culture Fit”, Evaluate Culture

By Wade G. Morgan

Not a culture fit For many people who want to work in the tech industry, these may be the four most crippling words to hear. Sometimes stated explicitly, other times implied, it can feel like you have done everything you could to make yourself a good candidate, yet there’s something inherently wrong with you. Yes, you have the skills. Yes, you interviewed well.

But somehow, you just don’t fit.

Why? Fitting in should have nothing to do with your ping pong skills or your alma mater, but for many people it can feel that way. True, a person can be highly skilled and low in character. However, those kinds of character flaws--dishonesty, selfishness, etc.--should not be confused with the simple differences that come along when evaluating people who are not like everyone else in a company.

In other words, merely being different than other people does not prevent you from upholding the culture.

Culture is a contract. It is the standard that a company promises to promote internally, and that you promise to uphold with your actions.

For example, tech companies in Silicon Valley pride themselves on their culture, often using it as a point of differentiation from others.

Unfortunately, as much as these companies care about culture, many define it too loosely, or fail to define it at all. As you may imagine, confusion can arise when you are told you do not fit the culture of an organisation that has yet to define one.

By having a well-defined culture, companies set clear expectations about how they holistically evaluate people. Well-defined cultures contain principles that can apply to people regardless of their backgrounds or experiences. These cultures do not privilege one set of identities over others.

By having a well-defined culture, companies set clear expectations about how they holistically evaluate people By lacking a well-defined culture, companies 1. discourage people who are different, however different is defined from feeling like they belong, 2. rob people of knowing exactly what it is about them that does not fit, and 3. make it impossible to consistently evaluate people outside of their functional skills.

In short, if cultural standards do not exist, how can someone fail to live up to them?

Several weeks ago, I moderated a panel on Black entrepreneurship in The Valley that included Jason Mayden of Slyce.io, Terry Parks of Urban Style Barber Shop, and Tristan Walker of Walker & Company. The idea of culture fit came up during the discussion, and Walker noted how he has seen companies consistently fail to outline their culture, opting instead to treat it as an abstract idea.

Companies with these ephemeral cultures risk

group think and exclusion, the exact opposite kind of culture they aspire to promote.

At LinkedIn, our cultural tenets are explicit: Transformation, Integrity, Collaboration, Humor, and Results. This kind of culture yields clarity. If I lied on my résumé, I violated Integrity. If I took myself too seriously, someone could remind me about Humor. If I tried to out-talk people in a group interview, I did not demonstrate Collaboration. These words require people to live by them day in, day out to hold value, and are a necessary first step in creating the kinds of environments that make people feel at home.

So whether you are the applicant or the decision maker in a conversation about culture fit, truly take some time to see how well the company in question defines its culture. If you cannot clearly point out why someone is not a fit, chances are there is room for improvement. MBR For more info, check out his LinkedIn profile, previous articles, follow him @wadegmorgan, or visit his website, www.wadegmorgan.com.

EDITOR’S NOTE Wade G. Morgan is a writer, speaker, and member of LinkedIn’s Business Leadership Program, a rotational program for early-in-career talent.

He is passionate about leadership, athletics, entrepreneurship, and tech, and loves helping people and organizations reach their potential.

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Malta Business Review

Health Insurance

Health insurance plans by Citadel

Insurance for those who typically find health insurance cost-prohibitive C

itadel Insurance plc. has strengthened its insurance offering to include private medical insurance, formerly offered through its subsidiary, as part of its product range. The full spectrum of products provided comprise of motor, home, travel, marine, business, health and life. The health plans, for adults, children and companies offer a bespoke package of benefits designed to provide care exactly when customers need it most.

The health insurance products, underwritten by Citadel Insurance plc. are for those who can be particularly vulnerable to the financial impact of illness, but who typically find health insurance cost-prohibitive. The plans leave customers entirely free to choose the specialist, hospital or clinic of their choice. The Core, Comfort, Complete and Child Plans are designed to cover the cost of private medical treatment. Customers can select the level of benefits as well as include cover for outpatients treatment and preventive check-ups.

Citadel Insurance Managing Director Angela Tabone said: “Health insurance is increasingly sought after by organisations

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as part of their employee benefits package; so we have created group plans that help to positively manage the health of a workforce in a practical and affordable way. Of course the plans are also available to those individuals or families who do not enjoy the benefit of company paid health insurance. Plan holders enjoy the comfort of receiving immediate private medical treatment at private clinics or hospitals.

In addition, we also offer flexible payment options, making it easier for customers to spread their costs.”

A health advice line is available to customers through Citadel’s Health Insurance Department during office hours.

This provides daily access to advice and support from Citadel staff on procedures for making claims and to verify the extent of cover. When abroad, customers may also get in touch with an affiliated international company for assistance in case of a claim.

Ms. Tabone added: “A growing proportion of the public opt for private medical insurance for the comfort in knowing that medical treatment is available when required. These plans are all about

regaining good health without delay, without having to worry about treatments which could sometimes go beyond individuals’ financial means. Also in the works is a new plan intended for young families and single parents, which we will be launching shortly to complement Core, Comfort, Complete, Child and Group.”

The entire health insurance range is currently being distributed through Citadel’s wide network of branches and intermediaries throughout Malta and Gozo.

For more information about these plans and to benefit from the current free gift* offered with each policy purchased, visit one of Citadel’s branches in Naxxar, ĦażŻebbuġ, Mosta, Gzira, San Gwann, Paola, Żejtun, Gozo; Citadel Insurance plc’s Head Office at Floriana; log on www.citadelplc. com or call on Freephone 8007 2322.

Download the Mobile app for rapid access to information. * Terms and conditions apply. Citadel Insurance plc is authorised and regulated by the MFSA. MBR Courtesy: Ogilvy Malta

PANAMA PAPERS

Malta Business Review

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Malta Business Review

Big Data Summit

Top International Experts

to Participate in Malta’s First Big Data Summit

Charles Radclyffe, Serial Entrepreneur and Big Data Expert; Wilfried Grommen, CTO at Hewlett Packard; Matthew Caruana Galizia, Founding Member at ICIJ Data Unit; Dr Abdalla Kablan, Entrepreneur and Financial Data Analytics Expert, Neil Sammut, Data Scientist at Teradata

A

number of internationallyacclaimed speakers will be participating in Malta’s first Big Data Summit, which will be held on the 22nd of June, 2016 at Xara Lodge, Rabat.

The first event of its kind to be held in Malta, the Big Data Summit aims at bringing together an international group of business leaders, policy makers, academics, journalists and technology leaders to discuss the future of the global economy and how big data and advanced analytics is transforming today’s business world.

This event aims to address key major developments where Big Data is having an impact, including areas such as the IT industry, especially in disciplines like Artificial Intelligence (AI), smart transportation and the future of the

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motor car, journalism, financial services and marketing as well as the “Internet of Things” (IOT).

Presentations will be made by some of the key players in Big Data today, including Tableau, Qlik, Microsoft, Zendesk and Salesforce as well as accomplished independent international speakers from diverse organisations including the International Consortium of Investigative Journalists (ICIJ).

A number of international experts will share their insights and vision relating to big data, current trends and future expectations. One of key speakers is Charles Radclyffe, a serial entrepreneur who has been involved in big data projects with major financial institutions including HSBC, Deutsche Bank, Barclays and JP Morgan Chase. Other speakers include: Wilfried Grommen, Chief Technology

Officer at Hewlett Packard, Matthew Caruana Galizia, from the International Consortium of Investigative Journalists, Neil Sammut, Data Scientist at Teradata and Dr Abdalla Kablan, Entrepreneur and Financial Data Analytics expert.

The event is targeted at CEO / C-Suite executives, Chief Information Officers, Business Professionals, Data Architects, Financial Services Professionals, Software Engineers and specialists from a variety of sectors, including iGaming, Banking, Insurance, Retail, Manufacturing and the Public Sector.

The Big Data Summit is being sponsored

by Zendesk, Tableau, Qlik, Microsoft, CreditInfo and Lexus.

For more details and to register please visit http://www.bigdatasummit.org.

TTIP

Malta Business Review

TTIP should benefit all EU Member States – Minister Cardona Minister for the Economy, Investment and Small Business, Christian Cardona, has stated that any final Transatlantic Trade and Investment Partnership (TTIP) agreement with the United States of America needs to “bring substantial benefits to all EU Member States”.

Minister Cardona was speaking at an EU ministerial meeting on trade issues (Foreign Affairs Council) in Brussels earlier today. The Minister emphasised the importance of ensuring that TTIP would particularly benefit Small and Medium Enterprises (SMEs).

The Minister told his counterparts that although the TTIP negotiating process is challenging and that the US political calendar makes it more difficult, Malta is of the determined view that the “EU should maintain the objective of having an ambitious TTIP and should not consider a watered-down agreement.”

Minister Cardona meets Cecilia Malmström, European Commissioner for Trade

During the Council meeting, Ministers also discussed the next steps as concerns the signature and provisional application of the EU-Canada Comprehensive Economic and Trade Agreement” (CETA). The agreement is due to be signed at an EUCanada summit planned for October 2016.

The Council also discussed the follow-up to the World Trade Organisation (WTO) ministerial conference held in Nairobi in December 2015 as well as trade related

aspects concerning the Commission’s Steel Communication.

Prior to the Council meeting, Minister Cardona met with the European Commissioner for Trade, Cecilia Malmström, where the two discussed preparations in the light of Malta’s upcoming Presidency of the Council of the EU in 2017. MBR Please refer to video of arrival on this link - https:// we.tl/mDHiFdt59E

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Malta Business Review

MENTORING

THE ROLE & IMPORTANCE OF MENTORING TODAY

By Louis Naudi

A

report by The Department for Business, Innovation and Skills (BIS) in the UK undertaken by Warwick Business School of over 12000 SMEs in the ¬ UK, demonstrated that there was ample evidence that use of business mentors can have a major impact on a business’s ability to grow.

In addition, a Sage global survey (2014) showed that 93% of SMEs acknowledged that mentoring can help them to succeed.

But the research also found that only 28% of SMEs currently made use of business Mentors.

We’ve all heard how the skills gap and equity gap are hindering SMEs’ growth prospects – but now we have the mentoring gap.

The reports indicated it has been estimated that twice as many SMEs are unlikely to survive in five years time than those who follow the advice of a mentor. Thus, SMEs need to be educated on the benefits and where to find them.

By closing the ‘mentoring gap’, this could help SMEs double their chances of boosting turnover The BIS report provides clear evidence of a market failure in that a third of SMEs reported that they had a time when they would have benefited from a mentor, yet they had never used one. Directionless businesses without a guide are being left behind in the race for growth; by closing the ‘mentoring gap’, this could help SMEs double their chances of boosting turnover.”

Managing a small business can be quite an isolated position akin to the loneliness of the long distance runner. Small Business Owner managers tend to get caught up in the dayto-day pressures of their role and do not

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necessarily have the knowledge or skills in all key areas

2. Specific skills of leading and growing a successful business.

So What Is a Mentor?

3. Experience in their sector.

1. Mentors can provide a more of an external view of the market or the customer and a more objective opinion which might challenge the way an owner manager thinks;

4. Experience in mentoring others.

2. Someone who can act as an example and sounding board;

6. Your mentor should be able to break things down into bite-sized chunks to prevent you from being overwhelmed.

3. A person from outside one’s immediate business environment with relevant experience who acts as an outside-in advisor on a regular basis. This can be a paid or unpaid relationship.

4. Mentors are not advisors or consultants who themselves can be very helpful on ad hoc issues.

5. You may need to use more than one mentor and adopt a multi mentoring approach.

5. They should be practical and specialise in supporting an SME to keep you focused on each area of the business and keep it simple.

7. Network of Contacts.

8. 28% wanted a ‘free’ service.

Barriers to Uptake of Business Mentors •

Lack of awareness and a shortage of information on of the benefits;

•

How to find them;

•

Trust; misunderstanding between mentoring and advisor/consultancy services/roles;

How Can Mentoring help an SME? •

Formulate and achieve business goals.

•

Lack of experience;

•

Work on, rather than in a business.

•

Not needed at that moment;

•

Create a business plan to achieve business success with acceptable worklife balance.

•

SMEs do not like the idea of an ‘outsider’ telling them what to do;

•

Lack of proof by 22%that mentoring can help businesses to grow hindered its uptake;

•

Perceived cost is one of the main barriers to uptake despite that many are volunteers and may work for free in the initial stages or does not cost a significant amount of money.

•

•

Take the isolation out of decisionmaking; help in validating decisions before action is taken.

Helping an SME owner manager to grow in experience, knowledge and skills enabling the owner to realise their full potential in business.

What Did SMEs look for in a Mentor?

1. Proven success in business, starting more than one business from scratch.

Could mentoring help Malta’s small business increase their chances of boosting turnover and generate additional income for the Maltese economy in the process? Let’s look at the evidence (All UK based): in

MENTORING

what areas have Mentors helped SMEs? Of those surveyed, mentors were able to help in bringing about internal change in the following: •

Developing business plans & strategy (64%);

•

Enhancement of leadership or management skills such as building confidence or improving decision making (50%);

•

New market entry; increasing sales or profit (36%);

•

Developing new products or processes (34%);

•

People management (21%);

•

Obtaining finance (18%);

With Malta’s small size and number of small businesses, this could lend itself naturally to mentoring

One can argue that where the market fails, the role of Government here is to address this information failure, in persuading an increasing number of SMEs of the benefits of using mentors and have the right structures to enable these to fulfill their potential.

Richard Branson wrote “that mentoring had a profound impact on his life and Virgin’s success. He attributes his success of Virgin Atlantic to his relationship with his own mentor-Sir Freddie Laker. He says he would not have succeeded in the airline business without his guidance; every entrepreneur needs a good mentor.”

Zig Ziglar, the famous American…. said “a lot of people have gone further than they thought they could because someone else thought they could… and encouraged them to do so.” MBR

Malta Business Review

EDITOR’S NOTE Louis has spent most of his business life, (after initially being an academic/ educationalist for which he was awarded a Professorship) working in SMEs at Director level, and 22 years at Board/ CEO level, in both UK private and public bodies. His specialism is in turning around declining businesses or starting new ones and he in each has been responsible for strategic development and marketing with a particular emphasis on thinking outside of the ‘box’. His track record includes starting 5 very successful businesses, two for himself, the last for fifteen years before returning to Malta, having won over 20 business awards. Today, he is a mentor at MCAST’s Entrepreneurship Centre, lectures, writes and publishes articles on marketing, entrepreneurship and SMEs. He is also the marketing director for Women Directors in Malta.

every entrepreneur needs a good mentor Outcomes •

Evidence reveals that 90% of businesses that had worked with a mentor believe it had a positive impact on their business.

•

BIS also found that 44% of such businesses reported an increase in turnover than non-mentored counterparts (23%).

•

One third reported that their mentor helped achieve outcomes faster than would have occurred otherwise.

•

Similarly, twice as many mentored businesses had hired more staff (10%) than non-mentored businesses (5%).

Supporting the growth of SMEs in Malta is an important part of government economic policy and in providing a range of tools or schemes for advice and support, designed to help an SME to overcome the growth barriers that hold them back. However, evidence indicates that there is a failure on both the demand and supply side.

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Malta Business Review

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Gender Pay

Auto Review

Malta Business Review

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Malta Business Review

PORSCHE ON TRACK

PORSCHE ON TRACK Istanbul, Turkey

c

Win a Fantasti

Grand Prize worth over

€ 3,000.00

Participate in Malta’s Best Entrepreneur of the year Awards 2016 and get a chance to win a three day holiday and drive any of the 17 sports cars and 10 four-door at The Porsche Driving Centre in Istanbul Park, Istanbul, Turkey, during The Porsche on Track event. The draw of this prize, worth euro 3,000.00, will take place during the final night of Malta’s Best Entrepreneur of the year Awards 2016, being held at SmartCity Malta on Friday 24th June. This prize is sponsored by Continental Cars Ltd agents and distributors for Porsche vehicles.

FOR MORE INFORMATION PLEASE CONTACT MARGARET BRINCAT ON 9940 6743 / EMAIL: margaret@mbrpublications.net

Porsche on Track Porsche Driving Centre at Istanbul Park Agenda

Day 1 – Arrival Day Arrival in Istanbul, shuttle from the airport to the Radisson Blu Hotel & Spa Tuzla 20:00 hrs

Welcome dinner at hotel restaurant

Day 2 – Track Day 06.30 hrs

onwards Breakfast at Hotel Restaurant

08:00 hrs

Meet in the lobby and shuttle to track:

08:30 - 09:30 hrs

Welcome speech and briefing @ Porsche Driving Center

09:30 - 11:00 hrs

Road Tour / Launch Control / Slalom / Kick Plate / Offroad Track

11:00 - 11:30 hrs

Coffee break

11:30 - 13:15 hrs

Offroad Track / Road Tour / Launch Control / Slalom / Kick Plate

13:15 - 14:15 hrs

Lunch break

14:15 - 15:45 hrs

Slalom / Kick Plate / Offroad Track / Road Tour / Launch Control

15:45 - 16:15 hrs

Coffee break

16:15 - 17:45 hrs

Road Tour / Launch Control / Slalom / Kick Plate / Offroad Track

17:45 - 18:00 hrs

Farewell and taxi rides

18:00 - 20:00 hrs

BBQ at the track

20:00 hrs

Shuttle to the hotel

Day 3 – Departure Day

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From 06:30 hrs

Breakfast at hotel restaurant

Until 12:00 hrs

Check-out of the hotel & Shuttle to the airport

PORSCHE ON TRACK

2016

Malta Business Review

Porsche Driving Centre at Istanbul Park

Car Pool 1 x Boxster S 1 x Boxster GTS 2 x Cayman GTS 1 x 911 Carrera 4S 1 x 911 Targa 4S 3 x 911 Carrera GTS 1 x 911 Carrera 4 GTS Cabriolet 2 x 911 Turbo S 1 x 911 GT3 1 x Panamera 4 GTS 1 x Macan S Diesel 1 x Macan Turbo 1 x Cayenne S Diesel 1 x Cayenne GTS 1 x Cayenne Turbo

additional Roadtour cars 1 x Boxster S 1 x Cayman GTS 1 x Carrera 4 GTS 1 x 911 Turbo S 1 x Panamera GTS 1 x Macan Turbo 1 x Cayenne S E-Hybrid 1 x Cayenne Turbo

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Malta Business Review

Diabetes

Diabetes Diabetes or Diabetes Mellitus is a disorder of the metabolism where the body has trouble using glucose for energy. When we eat, our body breaks down foods known as carbohydrates (fruits, vegetables, breads, pastas, dairy, and sweets) into glucose, which is sent to our cells through the bloodstream.

When our body’s systems detect glucose in the blood (particularly during meal or snack times), an organ called the pancreas releases an appropriate amount of a hormone called insulin. Insulin makes it possible for our cells to absorb glucose and provide the energy our body and brain need to function.

Type 1 Diabetes

10%

Type 1 diabetes (previously called juvenile diabetes or insulin-dependent diabetes) is a disorder of the body’s immune system that results from the pancreas not producing any insulin. Type 1 diabetes represents only 5%–10% of all diagnosed cases. It is currently managed with a rigid therapy of artificial insulin usually selfadministered.

Type 2 Diabetes

90%

Type 2 diabetes (previously called adult onset diabetes) results when the body doesn’t respond appropriately to insulin, a condition called “insulin resistance.” This more common (90%–95% of all cases) variety of diabetes often runs in families or racial groups, but can also be caused by poor diet and an inactive lifestyle.

Managing diabetes requires the careful, regular and frequent monitoring of blood glucose levels along with the appropriate therapy and diet as prescribed by your physician. Several devices are nowadays available to assist in returning any diabetic to an independent, safe and high quality lifestyle. These devices include home glucose monitors, continuous glucose monitoring systems and wearable insulin pumps. MBR

For further information contact Technoline Ltd on Tel: 21 344 345 48

MOTORING

Malta Business Review

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Malta Business Review

Job Market

The International Job Market Is Changing

Here’s How Industries Are Adapting And Growing

Credit: RawPixel

D

ata is the lifeblood of modern business. It’s shaping everything from international trade to the TV shows we watch (and, come to think of it, the adverts we see while watching those shows).

The jobs market is no different. Datadriven decision making is revolutionising the workplace. Most of us wouldn’t buy a big-ticket item like a new TV or car without doing some research online first, so why wouldn’t you do the same in your professional life? Our aim at LinkedIn is to help our members generate valuable insights that help them with their next career move, hire or business strategy.

We are lucky to have a brilliant data team supporting this goal. For our most recent project they analysed a sample of over 7.5 million LinkedIn members across Ireland, Italy, the Netherlands, Sweden, Spain, the UAE and the UK to better understand how EMEA’s talent mix changed between March 2015 and March 2016. Although the overall picture is a complex one (hardly a surprise given the diversity of the sample), some core themes emerge.

First, it’s clear that tech remains a draw for talent. Software was one of the top three growth industries in over half of the countries we studied and saw double-

50

digit growth in member numbers in four of those markets. It’s no surprise that the industry’s biggest names often top lists of the most desirable companies to work for, thanks in part to very effective marketing to promote their employer brands, even capturing the imagination of Hollywood in recent years.

Conversely, the disruptive effects of technology and the knock-on impact these are having on consumer behaviours have forced some longer-established industries to adapt their operations, for example by embracing greater automation of processes. Take UK bricks-and-mortar footwear retailer Schuh, who are looking to partner with Israeli startups to drive more online sales. Retail is just one of the sectors in this transitional phase - telecommunications, and media and entertainment sectors were also commonly featured in individual countries’ top three contracting industries.

Finally, there is a strong entrepreneurial spirit running through the EMEA region.

We have seen a surge in entrepreneur members across all the markets and industries we studied. There has also been a general swell in member numbers for businesses with up to 200 employees, suggesting that small is being seen as beautiful for today’s jobseekers. This

John Herlihy is a Leading LinkedIn’s business in Europe, the Middle East and Africa

is food for thought for Europe’s larger employers, who may need to consider how they can replicate the culture and opportunities offered by SMEs at scale.

Why do these trends matter? Simple – people are still at the heart of business.

Your strategy soars or sinks based on the ability of your staff to execute it. Gone are the days when key decisions such as where to locate your next office or which industry to expand were based on gut instinct. Now that talent is quantifiable, you can do the same due diligence with your recruitment plan as you would with your financials.

But even more than that, you may just find something surprising in the data that completely changes your strategy for the better.

If that sounds like a bit of a tease, well it was absolutely intentional. We will be sharing some more of the key EMEA insights that we have uncovered over the coming weeks, so watch this space... MBR Credit Line: LinkedIn

Trade Finance

Malta Business Review

HSBC Malta’s latest trade finance fund: €60 million take-up A €75 million trade fund launched by HSBC Bank Malta ten months ago to help Maltese businesses expand internationally has crossed the 80 per cent utilisation mark, becoming another attestation to the potential of Malta’s rapidly expanding economy.

This was announced by HSBC Bank Malta CEO Andrew Beane during a speech delivered during The Economist Mediterranean Leadership Summit.

The €75 million Malta Trade for Growth Fund was launched in June 2015 for businesses seeking capital to strengthen export. The €75 million fund came on the heels of the first €50 million fund, in 2013, which was completely exhausted in under a year.

“Business tends to find a way to grow and can serve as a good force to catalyse economies.

Despite challenges around Malta, businesses in Malta have registered confidence in the domestic economy by absorbing the Fund,” said HSBC Malta Head of Commercial Banking Michel Cordina.

“The success of the fund is a clear message being sent by business: we are ready to be a stimulant to economic growth and job creation.”

HSBC Malta established the Malta Trade for Growth Fund as a vehicle to internationalise businesses and support the long-standing entrepreneurship that has been a hallmark of Maltese businesses for many years. The Fund grants businesses with a sound expansion plan access to HSBC’s trade and lending resources, as well as its worldwide network of local trade experts.

Mr Cordina, said: “Small and medium enterprises (SMEs) are the engine of a modern day service economy. Interestingly, the ratio of service exports of Malta as compared to its GDP is 73%, the second highest in Europe after Luxemburg. We are committed to seeing this number rise even higher by making vital finance available.”

exports ratio of Malta during an earlier session on trade and investment at the same conference.

The MTFG Fund offers customers a number of incentives such as the waiver of the fee related to the first documentary letter of credit for those new to HSBC Malta’s Trade Finance. A reduction in effective interest rate of up to 50 basis points applies on Trade & Receivables Finance facilities. In addition, a 20% discount is provided on the opening and advising fees on documentary letters of credit to or from emerging markets.

Other incentives relate to the waiving of the administration fee for finance against trade export or import facilities for trade with emerging markets, as well as discounts on Receivables Finance and preferential rates on Foreign Exchange, including currencies such as the Chinese renminbi (RMB). MBR

Senior HSBC trade economist, Douglas Lippoldt, provided the impressive services

As part of HSBC Group, HSBC Bank Malta is the only bank on the islands offering Direct Trade Settlement in RMB. The bank is well positioned to assist customers wanting to carry out transactions in RMB as well as facilitate trade through this currency, as part of the MTFG initiative. Aside from creating new trade avenues, the growing use of China’s currency worldwide is also generating capital investment and financing opportunities for companies doing business internationally. Further, HSBC Malta also offers unique foreign exchange solutions, such as GetRate, through which clients can get real-time exchange rates from the heart of the bank’s global trading floors in London, Dubai, New York and Hong Kong.

HSBC CEO Andrew Beane announced the promising utilisation of the €75m fund at The Economist event

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Malta Business Review

Bedroom Furniture

Oxford House launches

www.oxfordhouse.com.mt

the Dorelanbed Concept Store in Mriehel

Oxford House Ltd launched the new Dorelanbed Concept Store in Notabile Road, Mriehel with an official opening on the 29th April 2016. The 300m² designer showroom showcases an array of 100% ‘Made in Italy’ products that range from beds, pillows and mattresses to bed linen.

Dorelanbed will introduce to the local market a range of luxurious products that will aide customers in creating a complete bedroom setting, ensuring well-being during sleep. The new Dorelanbed Concept Store in Malta will be the go - to store for customers who seek unique bedroom furniture.

Dorelanbed was founded in 1968 in Forli’, Italy by Pietro Paolo Bergamaschi and Diano Tura. Their partnership Dorelan B&T S.p.A is nowadays regarded as a global presence in the bedding industry. It specializes in the production of mattresses, pillows, headboards, bed bases and linen that are widely used in the domestic, hospitality and even naval sectors.

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During the inauguration Mr Marco Galea, Managing Director of Oxford House Ltd, pointed out that through Dorelan, the company has been offering its clients a range of beds, mattresses and pillows for seven years. Mr Galea went on to explain that thanks to the opening of this new Concept Store, the company will now be able to draw its clients towards the Dorelanbed brand philosophy of ensuring quality of sleep. This is not only through acquiring a bed or mattress, but keeping in mind the complete ambience and comfort of your bedroom. He explained that “Through the brand’s innovative outlook, our philosophy is to improve the quality of sleep for all customers as well as to elevate their relaxation moments”.

Oxford House Ltd and that it encompasses all the investment that the company has made throughout the past years.

The Chairman of Oxford House Ltd, Mr John Galea, expressed his satisfaction at partnering with B & T Dorelan and how Oxford House Ltd now has the pride of introducing such high quality products to the local market. Mr Galea went on to say how the new Dorelanbed Concept Store is the latest milestone by

The Dorelanbed Concept Store is now open in Notabile Road Mriehel, in close proximity to the Oxford House building. MBR

The opening of Dorelanbed Concept Store was also attended by Mr Luca Ferracci, Franchise Manager of Dorelanbed. Mr Ferracci explained how Dorelanbed builds on a decade of experience, up to date research, innovation and outstanding technology.

All of this is to seek a good quality of life for its customers by introducing the ‘Bed in Italy’ worldwide. “We are satisfied to have partnered with such a reliable and renowned local brand as is Oxford House Ltd, who have been offering quality products to many families and commercial entities in Malta for numerous years now”.

For more information, one may call on 21443872 or visit www.dorelanbed.it. The local Facebook page ‘Dorelanbed Malta’ offers various updates and further information on the brand’s products.

CSR

Malta Business Review

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Malta Business Review

BUILDING & CONSTRUCTION

Waterproofing while sun shines

By Antoine Bonello

Everyone is proud of his house no matter how big or small it is. It provides shelter for you and your loved ones. For many people it’s the investment of a lifetime and where you spend most of your life. In Malta our houses are mainly made of stone and concrete and require yearly maintenance and attention mostly due to our hot temperatures and humidity. The costs related to maintenance works can be quite hefty, especially when we do repetitive works year in year out.

Many products found in our market are just made from cheap materials, they are an eyesore and environmental hazard, and many of them are not able to withstand what they are designed for. The majority of them do not even withstand UV rays and this should be a must in hot countries like Malta. Many times we pay more money related to workmanship and logistics than on the actual product used. This because acrylic and plastic waterproofing systems require yearly interventions and recoating due to their low resistance to UV, heat and structural movements. In the end we all ask ourselves the same question, it is possible to save money and reduce our house maintenance works. Well, the Answer is yes, at least when it comes to roofs and exterior walls.

Waterproofing is a must for our houses and we can’t do without it, but nowadays we don’t need to do it every year. A good waterproofing system for our island must withstand heat more than water.

Two important products that are leaving their mark in this field are NAICI resin and polyurethane membranes, they can be reinforced with fibreglass netting and are resistant to UV, traffic and structural movements, they can withstand everything

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nature throws at them for a long long time, saving you time and money.

THERMAL waterproofing is also becoming a reality in Malta, able to reduce the roof heat intake by 90%. No more humid and heat inside the houses and less airconditioning usage. Two solutions in one product the perfect answer for our flat roofs here in Malta. Luckily these specialised waterproofing products will never be found at your local ironmongery store, but only in specialised showrooms like the Resin and Membrane Centre, the reason is quite simple, to make sure that you receive proper advice from qualified personnel and not silly explanations for the sake of selling what he stocks.

Every house or industrial project has its particular exigencies and requires different

waterproofing solutions, these are installed accordingly, and this is absolute when it comes to waterproofing. Buildings and roofs are not the same and the one product solves it all…. is just a fable.

The ability of the installer stands out when he is able to determine the problem and knows exactly what type of intervention is required. And this thanks to the training courses provided by the Malta Professional Waterproofing and Resin Flooring Association to all its members. Always ask to be shown the Association card when commissioning people to carry out your waterproofing works. Only in this way you are guaranteed of proper application and specialised waterproofing materials that came with a 15 years guarantee.

The Malta Professional Waterproofing and Resin Flooring Association also make its voice heard at international level. I was guest speaker at the international waterproofing conference held in Italy by Assimp Italia and Confindustria Firenze.

The conference was held in Florence on Friday 15th April 2016. Representatives from various European countries met to discuss various waterproofing matters, including the responsibilities and obligations of the installers, the standards required by insurances and the European norms with regards waterproofing products and their impact on the environment. We emphasized on the importance of using quality products made from materials that have a low impact

BUILDING & CONSTRUCTION

Malta Business Review

on the environment and proper product implementation. In many cases poor workmanship is the result of lack of product knowledge and improper teaching.

The Malta Professional Waterproofing and Resin Flooring Association in collaboration with NAICI International Academy and The Resin and membrane centre, was formed with an aim in mind to form future installers by schooling them in different waterproofing systems, advise them during their applications and constantly informing all its members about the latest waterproofing materials and solutions available.

We live in an age of constant change with the internet and other sophisticated communication devices dictating our lifestyle and bombarding us with news and gossiping, thus making our world a small place. These fast changes are also very visible in the constructing Industry with evermore architects creating innovative designs and putting no limits to building structures. Most of these buildings besides being aesthetically pleasing are also pro-environment with smart solutions to use less artificial light, cooling and heating, unfortunately many architects and installers are still promoting the bitumen membranes for our roofs, mainly because of price and lack of interest in new alternatives.

Bitumen harms the environment due to its continual evaporation of oils when

subjected to sunlight and creates heat intake inside buildings. In many cases it cost more money to remove these materials then when they were purchased and applied. It is unacceptable that these heat condenser materials are still being installed in schools, hospitals, offices and other prominent buildings. More guidelines are required on the matter as it is creating confusion, unfair competition, building damages and tons of unwanted and unnecessary rubble. Studies carried out by prominent experts in the field and debated during the conference show that 50%-60% of building damages are related to water intake due to poor

waterproofing. Countries have different climates due to their geographical position; buildings also differ, mostly depending on the materials available in the country.

Waterproofing systems are none the less, what is good for some is bad for others.

Many countries require that waterproofing materials are able to resist freezing temperatures, while others like Malta are totally the opposite. A good waterproofing for the Maltese islands should be able to resist heat more than water. MBR For more information visit The Resin and Membrane Centre showroom at 264 Old railway track St Venera, Malta www.theresincentre.com

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Malta Business Review corporate appointment

PRESS RELEASE CIM, (The Chartered Institute of Marketing), the world’s leading professional marketing body has appointed Louis Naudi, one of only a handful of its Fellows, as the new marketing Ambassador for Malta. This is part of its new model to create a global CIM community that operates towards shared values and objectives.

Ian Marshall, Head of International Relations at CIM, said that “ over the last year, there has been overall recognition of the need to change and evolve. It was felt that the time was right to review, improve and standardise how regions, branches and sector groups operated within the CIM framework for the benefit of members and the profession” Ian goes on to say “An Ambassador is a key representative of CIM who is the main point of contact in selected international markets where there is no formal membership group or branch. In Malta, our activities have been very low key and we expect this to change.

“The international Ambassadors will improve the level of contact CIM has with local businesses, media and the public, encouraging members to come together to discuss general business, market and economic issues. They will act as a focus for local professional marketers and encourage members to network and engage with the CIM professional pathway- assisting with government/public policy issues from a local perspective, contributing local news to regional/local member communications and liaising with Universities, Colleges, schools and young people on careers promotion.”

Ian Marshall says: “CIM is very pleased to welcome Louis Naudi as the CIM Ambassador for Malta. We are looking forward to working with Louis and are eager to develop marketing ability in this region. We welcome marketers in Malta to take CIM’s qualifications and gain access to the wealth of membership benefits and support which CIM provides.”

The news was officially announced by Steve Woolley, CIM’s Head of External Affairs and guest speaker at Malta’s Marketing Conference held at the Palace Hotel, Sliema on 8th April, organised by MBR Publications Limited.

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Louis Naudi commented ” I am obviously excited at being appointed to this position as it will allow me to further continue the work I started in 2014, highlighting the role and importance of marketing in Malta today”

Background to CIM For more than 100 years, CIM has supporting, representing and developing marketers, teams, leaders and the profession as a whole.

Its networks have an unrivalled breadth, depth and diversity – making this not just the largest community of marketers, but one with impact. We’re independent, trusted and connected with access to unmatched ideas, insights and resources to help marketers navigate from problem diagnosis to practical solutions. Its vision is for marketing to be recognised as playing a pivotal role in business-constantly harnessing, integrating and acting on collective intelligence. And our role is to be the catalyst of that. Find out more at www.cim.co.uk MBR

EDITOR’S NOTE

Louis has spent most of his business life, (after initially being an academic/ educationalist for which he was awarded a Professorship) working in SMEs at Director level, and 22 years at Board/ CEO level, in both UK private and public bodies. His specialism is in turning around declining businesses or starting new ones and he in each has been responsible for strategic development and marketing with a particular emphasis on thinking outside of the ‘box’. His track record includes starting 5 very successful businesses, two for himself, the last for fifteen years before returning to Malta, having won over 20 business awards. Today, he is a mentor at MCAST’s Entrepreneurship For further Information: Centre, lectures, writes and publishes articles on MFSA Press Release: Ian Marshall, Head www.mfsa.com.mt of International Relations at marketing, entrepreneurship and SMEs. He is Visit our website for more information or contact us to discuss how these changes affect you and your business.

CIM: Ian.Marshall@cim.co.uk; also the marketing director for Women Directors Louis Naudi: louisleonaudi@yahooo.com in Malta.

Tel 9964 3664

TV

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Malta Business Review

Newsmakers

Mediterranean Leaders hear Maltco’s CEO spell out the future for national lotteries.

Maltco, Malta’s national lottery, were a contributing sponsor to The Economist’s Mediterranean Leadership Summit in Malta where Maltco CEO Vasileios Kasiotakis addressed the delegates on what the future holds in store for technologies in national lotteries. Mr Kasiotakis outlined the impact of technology on the lottery business and explained that nonetheless the human element of personal service will remain crucial to the business.

Maltco’s CEO then went on to outline the factors that create a successful lottery business, Mr Kasiotakis said, “I do think we are just beginning the process of reshaping the lottery market from a very traditional, paperbased industry, into an industry that offers a wide variety of consumer options in games, and platforms to play these games.”

In conclusion Mr Kasiotakis said, “Now,

specifically in Malta: Agent-assisted sales will never go away. They may evolve so that the nature of the assistance isn’t all absorbed by processing transactions. But the human touch of agent assistance to address shoppers’ needs will always be there. That’s the “raison d’etre,” one of the key value-added properties of retailing that differentiates it from other distribution channels. People like to interact with other people and that’s a fact of life.

We just think the product should be made available in as wide a variety of channels as possible. Easier access for the consumer equals increased entertainment value.”

ABOUT MALTCO MALTCO Lotteries offers a comprehensive portfolio of entertaining games of chance and skill based on Responsible Gaming Principles that makes a major contribution to the social and economic development of the Maltese

Maltco CEO Vasileios Kasiotakis addressing the Mediterranean Leaders Summit

Islands. The company is one of the major contributors towards the Responsible Gaming Fund administered by the Government of Malta. MALTCO operates a comprehensive training programme for agents and their assistants in recognition of their channel partnership. As a leading employer in a competitive environment, MALTCO strives for innovation and delivers that innovation in its technology, training, customer service, retail environments, and in entertainment value for players across the Maltese Islands. The company supports many good causes and sponsors several local sports. MBR For further information email info@maltco. net, visit the Maltco website www.maltco.com or call 2388 3000.

European Parliament on Virtual Currencies

The European Parliament in session

On 26th April 2016, the European Parliament’s Committee on Economic and Monetary Affairs voted in favour of adopting its report on virtual currencies. Accordingly the full parliament shall vote on this matter at May’s plenary meeting.

The report acknowledges that virtual currencies (VC), Bitcoin in particular

and their underlying innovation, distributed ledger technology (DLT) is set to have a significant impact on the financial sector and beyond. It is therefore important to regulate the development of VC and DLT. Rapid and forceful regulatory measures are essential in order to address risks before they become systemic. The report ascertains that the key to smart regulation in such an environment of dynamic innovation is for the regulator to develop sufficient capacity, including technical expertise. Preemptive and heavy-handed regulation that would stifle growth should and

can be avoided. The report therefore encourages precautionary monitoring.

In order to assure the regulatory capacities needed for this approach, the rapporteur calls for the creation of a horizontal Task Force DLT to be set up under the leadership of the Commission. Such Task Force would actively monitor how the technology evolves and make timely proposals for specific regulation if, and when, the need arises. MBR To find out more, please contact partner ruth.galea@ whpartners.eu

Creditinfo signed a contract for the delivery of a Credit Bureau with the vice-governor of The Reserve Bank of Zimbabwe.

On April 14th 2016, Creditinfo and vice-governor of The Reserve Bank of Zimbabwe signed a contract about the delivery of a Credit Bureau. It was a long process, across 3 different tenders.

The Credit Bureau system will be used by 18 banks, 120 MFIs and also 4 Public 58

Credit Bureaus currently operating in Zimbabwe. The most challenging part of this contract is delivery time, which is required as 12 weeks to live launch. The project was delegated by 3 Creditinfo employees which were in Harare for the finalization of

Contract agreement and 1st project Workshop for customization of system parameters. MBR

Currency Rating

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