Malta Business Review Issue 22 by Adrian Friggieri

Issue 22 – July 2016

06 10

cover story Providing differentiated coverage and services Interview with Murali Subramanian Chief Executive Officer (CEO), FIMBank

EXCLUSIVE INTERVIEW

Transforming into an Alternative Government An exclusive interview Dr Simon Busuttil, Leader of the Opposition

CORPORATE INTERVIEW Agents for Culture and Change Interview with Kevin Norville, Tipico’s HR Director

24 special feature

Developing Talent, Encouraging Success We interview John Schembri, CEO, Shield Consultants Limited, Malta’s Overall Winner Best Entrepreneur of the Year Newspaper Post

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MBR PuBlications ltd Best e ntRePReneuR

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Meet the WinneRs... 1. Major John Schembri | Shield Consultants Ltd Best CSR Entrepreneur of the Year Best Male Entrepreneur of the Year Overall Best Entrepreneur of the Year 2. Prof. Edward de Bono | de Bono Institute of Thinking Lifetime Achievement Award 3. Roland Cachia | emCare Chairman Value Award 4. Dr. Jonathan De Giovanni | WDM International Award for Excellence 5. Ian Pellicano | Apcopay Best Technology Entrepreneur of the Year 6. Alfred Camilleri | Inspectra Ltd Best Industrial Excellence Entrepreneur of the Year 7. Matthew J. Mercieca | MJMDA Best Architecture & Exterior Design Entrepreneur of the Year

12. Alex Grima | Progressive Information Systems Ltd. Best Digital/IT Entrepreneur of the Year 13. Vera Sant Fournier | Vera Sant Fournier Design Studio Best Interior Design & Décor Entrepreneur of the Year Best Female Entrepreneur of the Year 14. Dr. Charles Attard | Juanafil Consultants Ltd Best Corporate Financier Entrepreneur of the Year 15. Francesca Pace | Gaia & Nina Blog Best Entrepreneurial Ideas Entrepreneur of the Year 16. Doreen Cutrona | Idroplast Manufacturing ltd Best Manufacturing Entrepreneur of the Year 17. Justin Haber | Just Water Best Emerging Entrepreneur of the Year 18. Etienne Scerri | Silvercraft Products Ltd. Best Family Business Entrepreneur of the Year

8. Mark Bugeja | Grant Thornton Best Consulting, Advisory, Audit & Tax Entrepreneur of the Year

19. Nadine Pecorella | Bloom! Best Entertainment Entrepreneur of the Year

9. Simon Debono | Simon Estates Best Real Estate & Property Entrepreneur of the Year

20. Roseanne Camilleri | POYC Best Healthcare Entrepreneur of the Year

10. Kevin Norville | Tipico Co. Ltd Best iGaming Entrepreneur of the Year Best Innovation Entrepreneur of the Year

21. Alexander Telin | Gallery T’EL’IN Art Lounge Best Arts & Culture Entrepreneur of the Year

11. Mario Muscat | Ozo Group Best Industry Entrepreneur of the Year

22. Matthew Spiteri | Altern Ltd Best Young Entrepreneur of the Year

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PuBLisher MBR Publications Limited editor Martin Vella teChniCaL advisor Marcelle D’Argy Smith saLes direCtor Margaret Brincat design Jacqueline Muscat, Gyorgy Vertes advertising Call: 9940 6743 or 9926 0163/4/6; Email: margaret@mbrpublications.net or admin@mbrpublications.net ContriButors Nathan Archer; Rochelle Beighton; Antoine Bonello; David Cameron; George Carol; Jean Paul Demajo; Maurice Mizzi; Mazin Sidahmed; Simon Zammit sPeCiaL thanks Corporate Identities; DOI; Express Trailers; FIMBank; Ministry of Finance; Mamo TCV; Nexos Lighting; SmartCity Malta; Simon Estates; Pharmacy of Your Choice; PN Media; Tipico HR; Vella Grech Law Print ProduCtion Printit offiCes Highland Apartment - Level 1, Naxxar Road, Birkirkara, BKR 9042 teLePhone +356 2149 7814

quote of the month

COVER STORY

Providing Differentiated Coverage and Services

Interview with Murali Subramanian as its new Chief Executive Officer (CEO), FIMBank

EXCLUSIVE INTERVIEW

TRANSFORMING INTO AN ALTERNATIVE GOVERNMENT

In an exclusive interview Dr Simon Busuttil opens up to discuss the transformation, as well regeneration of the PN and discuss hot issues

CORPORTATE INTERVIEW

AGENTS FOR CULTURE AND CHANGE

Kevin Norville, Tipico’s HR Director talks with us about Tipico’s culture and core values

TALKING POINT

WHY LIST ON THE MALTA STOCK EXCHANGE

Simon Zammit, MSE CEO-Designate tells us why listing on the MSE is more than just a cost-effective solution

SPECIAL FEATURE: MALTA’S BEST ENTREPRENEUR OF THE YEAR SERIES

DEVELOPING TALENT, ENCOURAGING SUCCESS

We interview John Schembri, CEO, Shield Consultants Limited, and Malta’s Overall Winner Best Entrepreneur of the Year

CREATING A POSITIVE IMPACT

iGaming operators are finding it ever more important to differentiate themselves from their competition explains Kevin Norville, Tipico HR Director

If you don’t build your dreams, someone will hire you to help build theirs. And the higher you climb, the better the view!

THE ENTREPRENEURIAL SPIRIT

Ride the entrepreneurial journey of success as we interview Malta’s Best Real Estate Entrepreneur of the Year Simon Debono

Tony Gaskin

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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CONTENTS 30

TRADITION, CREATION AND INNOVATION

MBR speaks with a great humanist and artist, Alexander Telin the outright winner of Malta’s Best Arts & Culture Entrepreneur of the Year

DETERMINATION, EXPERTISE, TRUST AND LOYALTY

We interview the down-to-earth Justin Haber, Director of Just Water, after winning Malta’s Best Emerging Entrepreneur of the Year Award

EMOTIONAL & RATIONAL COMMITMENT

Meet with Goal-getter Roseanne Camilleri, Chief Executive Officer, Pharmacy Of Your Choice Unit this year’s winner of Malta’s Best Healthcare Entrepreneur of the Year

EFFECTIVE LEADERSHIP AND DETERMINATION

Ing. Alfred Camilleri, Managing Director of Inspectra Ltd. talks about the people and practices that helped him become Malta’s Best Industrial Excellence Entrepreneur of the Year

Special Feature: wOMEN LEADERS

In this series, we meet Malta’s leading women in business

CULTIVATING A CULTURE OF EXCELLENCE

Dr Vanessa Vella tells all about the responsibility of shaping the direction and focus of the Vella Grech Law’s success

FEATURES

AFTER BREXIT: MALTA SHOULD PUSH FOR STRONGER BILATERAL TIES WITH UK

We analyse the latest edition of the MISCO Malta Health Check

EDITORIAL On the 29th July Malta’s greatest business minds came together at the 5th annual Malta’s Best Entrepreneur Of The Year Awards™ in Laguna Walk, SmartCity, Malta. This is Malta’s only 360 degree celebration of entrepreneurial achievement and it brought together more than 500 of the Malta’s top executives, advisors and investors who are leaders in innovation and masters of business transformation. Entrepreneurs in Malta often struggle to generate a credible reputation in a turbulent sea of competition, which often consists of large market players. Local entrepreneurs are also generally financially limited and unable to utilise traditional promotional tactics and national-scale advertising campaigns. Through entering Malta’s Best Entrepreneur of the Year Awards, entrepreneurs are often able to overcome these challenges as these platforms are not only cost-effective, but if successful, can have a significant effect on the brand reputation and bottom line of a new company. John Schembri, CEO with Shield Consultants Ltd, and Malta’s newly acclaimed Overall Winner Best Entrepreneur of the Year, believes that Maltese entrepreneurs need to utilise every available business resource and opportunity that presents itself. “In our country’s rapidly growing and highly competitive SME market, entrepreneurs are already facing a wide variety of challenges, while having to compete with the big market players of their respective industries. Entrepreneurs also face financial restrictions in attempting to promote their business and diversify themselves in a usually over-crowded market space,” says Schembri. “The benefits gained, as a finalist in Malta’s Best Entrepreneur of the Year Awards 2016®, have been absolutely invaluable,” says Nexia BT Advisory Partner Anita Aloisio, and Best Overall Winner for the Year 2014, who confirmed a 35% increase in turnover for the year 2015. These sentiments are echoed by Diane Izzo, CEO, Dizz Group, who says she has recorded improved business performance since winning the 2015 Malta’s Best Entrepreneurial Company of the Year® award. “The acknowledgement that winning the award gave us has undoubtedly allowed us to accelerate our continued growth path through various new and exciting business opportunities. Our growth rate has actually accelerated this year to over 60% year-on-year in our core areas of franchise deployment and my participation in the competition has been instrumental in fuelling new business growth for Dizz Group. As a direct result of the contacts made and the exposure gained from the competition, we have secured new business.” John Schembri firmly believes that industry awards, such as Malta’s Best Entrepreneur of the Year Awards 2016® awards, are one of the easiest and most inexpensive ways for entrepreneurs to stand out from their competitors. “Participating also allows entrepreneurs the opportunity to earn a credible corporate reputation or image, which can potentially be magnified by mass media exposure. Malta’s Best Entrepreneur of the Year Awards® are widely considered to be the pre-eminent awards programme of its kind in Mata and has served as a springboard for past finalists and winners. In planning, organising and executing this project, the MBR team made great pains and efforts in order to bring to fruition an ambitious and challenging programme. No one can forget the excitement that built as we headed into the Friday’s night gala, where we announced this year’s Overall Winner Best Entrepreneur Of The Year. Keep going. Keep growing. And stay inspired until we see you next November for the Best in Business Awards, which is already generating a huge interest. Malta’s only celebration of entrepreneurial achievement is a must-attend. In the meantime, enjoy reading this edition, where you can relive the experience or see what you missed. Mark your calendars and we look forward to welcoming you next November. Who will amaze us next? We’re counting on you.

Martin Vella

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

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COVER STORY OF THE MONTH

Providing Differentiated Coverage and Services

In this interview, FIMBank CEO Murali Subramanian explains how the implementation of a focused turnaround strategy has put FIMBank back on the road to profitability and to encouraging prospects for this Maltabased global trade finance specialist. MBR: Could you give our readers a quick overview of FIMBank’s history and mission? MS: FIMBank was founded in 1994 with its headquarters in Malta. The Bank is licensed as a credit institution by the Malta Financial Services Authority and is listed on the Malta Stock Exchange. Over the years, FIMBank has grown considerably and has developed into a leading global provider of trade finance solutions that we know today. FIMBank’s network spans the world’s principal financial and trading centres, from where its 400 specialist staff provide a comprehensive range of banking and trade finance services targeting corporate clients, particularly traders, importers and exporters. It is also at the forefront in the introduction of factoring and the development of innovative receivable finance techniques, particularly in emerging markets. FIMBank forms part of the KIPCO Group, one of the largest diversified holding companies in the Middle East and North Africa. 06

MBR: What brief were you given when you took on the job of CEO at FIMBank, and how did your experience prepare you for taking on the challenge of running FIMBank? MS: When I was asked to take over at FIMBank, the Bank had been going through some turbulent times. Together with the Board, we had agreed that we needed to go back to basics and bring the Bank back to a state of good health and ultimately to profitability. This would be done through a turnaround strategy which involved consolidation and a focus on the bottom line. My background is in banking, with 28 years’ experience in the industry. I spent 21 years at Citibank in senior roles across several geographies and was Managing Director and Business Head for 6 years, and I also worked at ABN Amro. At Abu Dhabi Commercial Bank I ran the Transaction Banking Group for six years. In each of my roles, the emphasis across all assignments has been that of ‘turning

around’ situations, and my experience and reputation has been characterised by this trend. At CITI Bank we had a saying that we have to “to fly the plane while fixing the engine”. Together with my excellent management team, and the strong backing of our board and investors, that’s what we have been doing at FIMBank, and I think the results speak for themselves.

At CITI Bank we had a saying that we have to "to fly the plane while fixing the engine" MBR: Can you outline some of the achievements of the turnaround strategy you have been leading at the Bank? MS: I suppose that the fact that we are back to making a profit within a relatively short time, despite very difficult market

COVER STORY OF THE MONTH

conditions, is the best indicator that we are achieving an improvement in performance, and that therefore we are on the right track. Since I took over the running of the Bank, we have pursued vigorously the implementation of cost control measures. We also made significant improvements to the Group governance framework, particularly in terms of the strengthening of governance procedures. Meanwhile, we also kick-started a significant and effective process of restructuring of FIMBank’s factoring network, which is also expected to show positive results in the near future. We plan to acquire full or majority control of entities already forming part of our network. In the meantime, we intend to proceed with the winding down of companies within the Group which hold little or no strategic relevance from a business and geographical perspective. We expect this positive performance to be sustained over the coming months, and we envisage a near-total completion of the turnaround process by the end of 2016. MBR: How strong would you consider FIMBank’s link with Malta to be? MS: The hub of our international network continues to be our head office, a stateof-the-art and eco-friendly building located in St. Julian’s. More than 180 of our employees are Maltese, and we also have a Maltese Chairman and 1,000 local shareholders. We are proud to call this island home, and we are extremely satisfied that Malta continues to tick all the right boxes for a specialised trade finance institution such as ours. These include a robust regulatory framework, a respected tradition in banking, an extensive range of professional services, an efficient cost base, and significantly, the availability of qualified multi-lingual staff. In return for the hospitality we have found here, at FIMBank we continue to strive to create value and widen our economic activity on the island, both by assisting in re-directing regional and international trade and finance flows through Malta, as well as by leveraging the island’s strategic position to attract major financial operations. Finally, given our commitment to Malta, we are very pleased to dedicate our entire CSR programme exclusively for the benefit of the local community. MBR: Can you elaborate on your CSR programme, and in particular, how this ties in with FIMBank’s relationship with the island?

MS: The Bank’s CSR policy is built around our core values, and reflects the corporate commitments we make to our clients, shareholders, employees and the Maltese community. The focus of our CSR programme this year was on the Maltese language, which is recognised as being an essential part of the Maltese DNA. Our marketing team coordinated the production of 100 educational videos promoting a greater appreciation of Malta’s linguistic heritage. The slots for the ‘Kelma Kuljum’ series are aired daily on the national public TV channel and have also achieved incredible popularity on YouTube and Facebook. We are proud to be in a position to highlight the beauty of the Maltese language.

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MS: The outlook for Malta looks very positive indeed. The EU expects Malta’s economy to expand by 3.9%, the third highest rate in the EU, while the deficit is expected to drop further to 1.1% of GDP in 2016. Significantly, Malta already boasts the third lowest unemployment rate within the EU. Although Brexit will be a challenge for all member states, I am confident that Malta will be able to leverage its strong links with the UK to its advantage, and establish itself as a leading partner of the UK within the EU. MBR EDITOR’S NOTE

MBR: Does the Bank plan to diversify its activities further in the near future? MS: We are currently in the process of implementing an internet banking system, a secure online banking service that is able to facilitate a comprehensive set of transactions and offer more

We expect this positive performance to be sustained over the coming months, and we envisage a neartotal completion of the turnaround process by the end of 2016. convenience to FIMBank’s retail and corporate customers. This new platform will increase the reach of the Bank beyond the limitations of its standard banking hours and geographical presence. It will also effectively help us increase operational efficiencies, reduce transaction costs and enable us to introduce new products to our retail customers. One other key area we are considering developing is that of real estate financing. Within the group we have a fully-owned property subsidiary that was originally responsible for the construction of the Bank’s head office building in Malta. We have a lot of expertise in this sector and we also have a natural interest in servicing real estate, as well as financing selective projects. The double digit growth of the industry in Malta over the past five years is a strong indicator in this regard. There is a demand for good quality highend real estate where we can direct our participation selectively together with reputable partners. MBR: What is your opinion on the outlook for the Maltese economy?

Murali Subramanian is a results-oriented senior banker with a proven track record in developing and executing growth strategies on a global basis. Prior to joining FIMBank, Mr Subramanian was Executive Vice President at Abu Dhabi Commercial Bank for 6 years, where he held the position of Head of Transaction Banking of the Group. His key responsibilities at this financial institution included the management of trade and supply chain growth business where he oversaw the growth and return to profitability of this USD 250 million revenue business. This followed a 21-year career at Citibank and earlier ABN Amro, where he occupied various posts in several geographies, ending his career at Citi as Managing Director, Global Head of Domestic Payables. At Citibank Murali built the Trade, Supply Chain and Cash Management businesses in MENA, West Africa, Russia and the CIS, extended the company’s domestic payables capabilities in over 100 countries. Murali holds a Bachelor of Technology in Mechanical Engineering degree from the Indian Institute of Technology, as well as a Masters in Business Administration, Finance and International Business from the Indian Institute of Management. He was appointed Chief Executive Officer of the FIMBank Group on the 6th August 2015.

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malta’s best entrepreneur of the year awards

Chev. Maurice Mizzi’s Welcome Address during Malta’s Best Entrepreneur of the Year Awards 2016

Let me say straight away how greatly honoured I feel to have been chosen to be the chairman of the Judging Panel. Let me say also that events like these are not only interesting, but they also are necessary in order to create that competing spirit in ones business life. The trophy is a reward for the many hours of thinking new ways to beat ones competitors in the marketplace. It is a way of rewarding entrepreneurship at its best. It is a way of recognising the excellent financial results of a company which has the winner guiding it. There is nothing like competition to make an entrepreneur go that extra mile, make that extra effort in order to enjoy that exhilarating feeling when presented either with better results when compared to ones competitors or as in this case with the winner’s trophy. One could go through life without getting that extraordinary feeling— that rush of adrenaline to the brain. That feeling of joy. That feeling that you’re the greatest. Today some contestants will have the opportunity to win and to feel just that. Fortunately, I had that feel ng a few years back, and even now chills run up and down my spine when I recall that lovely moment when I was presented with the trophy for best entrepreneur of the year. My company Continental Cars has always been in the forefront in promoting similar events such as today’s most prestigious awards. A few weeks ago Frank Sinatra would have been 100 years old had he lived and Continental Cars helped to promote the Frank Sinatra concert, a tribute to this famous singer of all times. A 20-piece brass band and four professional singers as well as an amateur like me sang at the roofless theatre in Valletta. I sang 4 Frank Sinatra’s songs and the audience of 800 music lovers gave us a standing ovation. Continental Cars sponsored that concert. Without our financial help that event would not have taken place. Firms like us are needed even though in some cases there might not be much financial gain for our company in promoting these events. We feel that we have a duty to make life interesting for people in Malta. We do not look just at our gain but what we can contribute to help important events such as the one we are celebrating. In doing this we get exposure. In fact, it is reckoned that Audi is the best recognised premium car in Malta, while Porsche is the most desired car. For many years my company, Mizzi Organisation, has been helping the Maltese community.

And last week I got the surprise of my life. A Maltese Professor living in Australia turned up unannounced at my office, shook my hand and told me that fifty years ago when students had to pay to enter University in Malta “I won the Mizzi scholarship and here I am, one of Australia’s foremost Professors”. “Without your company’s funds he said I would not have afforded to study at the University and graduate”. I remember that I was on the panel and had chosen him. These days, life for some youngsters have improved and with the stipend system they have the opportunity of graduating from our University. However, it is not so with all our community. Apparently the number of people living below the poverty line is increasing. It is estimated that one in every four persons in Malta are in this category of poverty. The measly cost of living increase is not coping with the ever increasing taxes and with the increased cost of habitation. As for pensions they nearly always run out after the first three weeks of the month. This is the reason why eight years ago I created the Spiro Mizzi foundation by setting up a fund mainly in bonds and the dividends and interest which it generates goes to help about 300 boys and girls in the poorest region in Malta- The South. As a member of the University Council I managed to get some figures. Out of 13,000 students only 150 hail from the three cities. Unfortunately, this year not one pupil from this area has made it to the university. The ambitious goal of this fund is to enable more students from this area to graduate from the University or at least to find top jobs’ employment. How can you help? Two years ago I had published the only coffee table book on gardening in Malta called The pleasures of gardening in the Maltese islands. It can be bought from all Agenda bookshops. If you wish to help, please buy it. Another way is to send a contribution of at least €10 addressed to Spiro Mizzi foundation c/o Continental Cars Msida and I will send you my second CD which will be launched in a couple of weeks’ time. So far €40,000 have been realised from the sale of the book and €10,000 from my first CD. I am looking forward to the launch of my new CD with 14 songs such as When They Begin the Beguine, Amor and Innamorata. Soon we will know the name of the winners. It was difficult to choose, so much so that we would have liked to give the trophy to most of you. I would like to congratulate all those who took part in this contest for their interesting and in many cases comprehensive presentations. My best wishes also go to all participants particularly to those who will not win this award since without them there would not have been this event. MBR

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INTERVIEW of the month

Transforming into an Alternative Government

by Nathan Archer & Martin Vella

Exclusive Interview with the Leader of the Opposition Dr Simon Busuttil – Part 1 Three years ago the Nationalist Party suffered its worst ever election defeat at the hands of a Labour Party who took the extraordinary step of knifing the then prime minister Lawrence Gonzi with a serious of no confidence votes, until it succeeded through an embittered PN MP, who led to its debacle. Today, one of the players centrally involved in that election and now transformed and regenerated is the PN's leader. Against expectations, Simon Busuttil has managed to rapidly reunify the party and opinion polls have him neck and neck with the Prime Minister heading into the election in two years’ time. The Opposition Leader sat down with us discussing a wide variety of issues. This is the first part of this interview. MBR: You recently tweeted that PN was “not prepared to debate in Parliament with a disgraced Minister who has a secret company in Panama.” Has your position changed? SB: No it has not. I believe that a minister that has been found to open a secret company in Panama and other ‘safe’ tax havens after taking a position of power has lost all legitimacy. One clear way that as a serious Opposition we can show our disapproval is by refusing to debate with him in Parliament. MBR: PN made substantial gains in last year’s local election. What does the party still need to do to win sceptic voters back into its fold? SB: Well it needs to continue doing a lot more of what it’s already doing, considering that we started with a gap, an unprecedented gap, between the two large parties of 11.5%. The fact that most recent surveys are putting down to just one per cent, within the margin of error, is hugely encouraging for us. We are going to continue doing what we have been doing, but we are also transforming ourselves into an alternative government.

election is called. If it had to be called today, clearly the main issues would be good governance, because the government is constantly closing an eye to corruption scandals, but also issues such as the environment. This has become a high level priority for many people on the street because of the environmental record of this government is very poor, and which in turn is linked together with good governance. Those would be two priority issues if it had to be fought today. As an alternative government we would go to the people with a whole area of policy papers, which we are already in the process of production. The last one for example links to the environment, but is a bit distinct; it’s traffic. We have come up with our alternatives to dealing with worsening traffic situation because the government, after three and a half years has been unable to deal with it itself. So we can come up with our proposals. These are issues that can easily be gleaned from surveys when people are asked what the important issues are for them today.

MBR: What do you think will be the key issues which the PN is going to campaign on at 2018 General Election?

MBR: But the people want solutions, regarding the traffic the problem, which has been with us for quite a number of years but nothing seems to mature, nothing seems to happen despite Malta being one of the countries which pays most for taxes on vehicles and registration fees. The congestion problem, the parking problem, the pollution, issues with an outmoded local wardens scheme, parking problems with residents with multiple vehicles, these are major problems which no government seems to have really dealt with. What are the solutions, an underground traffic system, a tram system, fly ways, phasing out of the bus services?

SB: That really depends on when the

SB: Firstly, we acknowledge that this

MBR: What would you say to those who say that it’s an impossible aim, to bridge the gap? SB: We definitely started off from a situation of mission impossible! But if you look at the polls today, you can agree that what started as mission impossible, is achievable. I believe today I’m not the only not to believe that, thousands of people do. That’s not to say we are home and dry, there’s still a lot of hard work to do.

government is not to blame for creating the traffic problem. We are not saying that in anyway whatsoever. We are saying, however, that the government that was elected on a platform to solve it, in fact made it worse. That is why we feel we can and have the credibility as an opposition to propose our alternatives. Secondly, it is for the government primarily to deal with issues, govern and come up with proposals, or solutions. But note here, for the first time probably in the history of our country, we have an Opposition that is creating policy proposals itself. This is a first. The Prime Minister spent five years as Leader of the Opposition. He never, ever produced policy documents with concrete proposals until five weeks before the election. Thirdly, specifically on traffic we published over two months ago, a policy document which deals with exclusively short term measures. We are telling the government these are short term measures, you can deal with them in the short term. We don’t even want to take any credit that we will do it if we were elected. One may actually regenerate them before the election. Thirty five concrete proposals. It’s unfortunate that the reaction of the government was to rubbish our policy document which in the end came from ideas by leaders in the sector; from experts. It’s not like we shoot from the hip. We also made another statement about our working on longer term measures to deal with the issue of traffic. We wonder whether there should be a modal shift in transport, so that people commute without their cars, but have an alternative means of transport that is truly reliable and affordable. Today we do not have that, because if you argue that public buses are affordable they are certainly not reliable. We are working on

INTERVIEW of the month

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Dr Simon Busuttil gives a speech during the Kunsill ĠGenerali of the Partit Nazzjonalista

a set of proposals that would address the long term and I believe in the coming months we will be able to express ourselves on whether we stay with the current model, or a system that makes a modal shift which enables people to leave their cars at home. Today we do not have a sufficiently reliably alternative for people to do so, and that is where the problem lies.

elevate and mitigate the situation. MBR: Britain has voted to leave the European Union. You said on social media that PN will be open to helping in the Brexit negotiations. Firstly, what are the implications of Brexit and can you tell us what can the PN do to facilitate Brexit negotiations? SB: Let me start with the second question. The PN has the credibility both in Malta and

“We are going to continue doing what we have been doing, but we are also transforming ourselves into an alternative government.” MBR: Is there any country within the Mediterranean that you have seen that has effectively dealt with this problem? SB: The problem with traffic in our country is more comparable to a city, because at the end of the day given the size of the territory, we are talking about a city state. This explains why the traffic conditions are similar to what you find in Brussels or London. That happens across the entire territory where there are roads. That is how the territory is. Clearly what we need to do is create alternative means of transport, and until we do that, we have proper short term measures that can

in Brussels on the subject of the European Union, because of our experience in this area being the party that helped the country join the European Union in the first place, and managed the country in the first nine years of membership, which were a very difficult adaptation period. So we have the credibility and we have offered our experience, our know-how, to the government and extended our full co-operation to this serious situation. Come January, we as a country will be holding the presidency of the European Union for six months. The negotiations on Brexit may likely to be lead on a Maltese presidency. As far as our offer for co-

operation is concerned, I have to say, I am disappointed that the government has not even acknowledged, let alone replied, to our offer. That must say something about the government, whose slogan is ‘Gvern li Jisma!’ (A Government that listens). On the first question, the implications of Brexit are vast and profound at many levels. But clearly the first point to make is that it has created a great deal of confusion for a very simple reason, those people who pushed Brexit knew that they wanted the United Kingdom to leave the European Union, but they had a problem. They have absolutely no idea what to do next. Hence the confusion, and that confusion is palpable in Brussels. I came back from an EPP summit last month from Brussels following the Brexit vote, and it’s obvious even in the media in the United Kingdom. People have no idea what happens now. That confusion leads to uncertainty and to potential instability. Also what is being put into question is not the future of the European Union, but the future of the United Kingdom, because you have a disunited kingdom as things stand. In general that will be my first response, but clearly there are implications at the level of the UK, at the level of Europe and even at the level of our country, which has a long standing relationship with the United Kingdom. MBR www.maltabusinessreview.net

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Talking Point

European Council statement

By David Cameron Member of Parliament for Witney, UK This was the first European Council since Britain decided to leave the European Union. The decision was accepted and we began constructive discussions about how to ensure a strong relationship between Britain and the countries of the EU. On completing the single market, there were important commitments on the digital single market, including that EU residents will be able to travel with the digital content they have purchased or subscribed to at home. And on the economic situation, the President of the European Central Bank (ECB) gave a presentation in the light of the outcome of our referendum.

We were clear that while Britain is leaving the European Union, we are not turning our backs on Europe Private sector forecasts discussed at the Council included estimates of a reduction in eurozone growth potentially between 0.3% and 0.5% over the next 3 years. One of the main explanations for this is the predicted slowdown in the UK economy, given our trade with the euro area. President Draghi reassured the Council that the ECB has worked with the Bank of England for many months to prepare for uncertainty, and in the face of continued volatility our institutions will continue to monitor markets and act as necessary. Returning to the main discussions around Britain leaving the EU, the tone of the 12

meeting was one of sadness and regret. But there was an agreement that the decision of the British people should be respected. We had positive discussions about the relationship we want to see between Britain and our European partners, and the next steps on leaving the EU, including some of the issues that need to be worked through and the timing for triggering Article 50. We were clear that while Britain is leaving the European Union, we are not turning our backs on Europe – and they are not turning their backs on us. Everyone wants to see a clear blueprint appear in terms of what Britain thinks is right for its future relationship with the EU. And as I explained in my statement the following Monday, we are starting this work straightaway with the new unit in Whitehall, which will be led by a new Permanent Secretary Oliver Robbins. This unit will examine all the options and possibilities in a neutral way, setting out their costs and benefits so that the next Prime Minister and their Cabinet have all the information they need with which to determine exactly the right approach to take and the right outcome to negotiate. But the decisions that follow from this – including the triggering of Article 50 – are rightly for the next Prime Minister and the Council clearly understood and respected that. While we will be leaving the European Union we must continue to work together, for the security and prosperity of our people for generations to come. MBR

COMMENT

Tony Murray Senior Key Account Manager, Experienced Senior Executive, Regional & National Account… The UK should have tried to mute Nigel Farage from speaking at the European parliament at all costs, he was an absolute disgrace totally grandstanding and just spouted insults to every country head of state, he showed no political professionalism and absolutely no etiquette in any form. How you present yourself to others in the business world speaks volumes. People often form first impressions about others within seconds of first meeting them therefore it is crucial to ensure you are properly prepared to present yourself as a professional. It’s sometimes not what you say, but how you say it that counts.

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HIGHER EDUCATION

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corporate interview

Agents for Culture and Change

by George Carol

“Our company culture is based on six core values: Transparency, Innovation, Passion, Intelligence, Courage and One Team,” tells us Kevin Norville, Tipico’s HR Director in this interview. Let’s find out more from Kevin why Tipico is a reputable and trustworthy betting provider.

MBR: How do you define the role of an HR leader today? KN: The HR leader’s role is multifaceted. The HR leader is a partner to the business, not only to senior management but also to line managers. We are expected to execute on the agreed people strategy within the organization as well as being experts at organising, executing and delivering operational efficiency. And finally we are here for the employees, representing their concerns and ensuring their well-being. Overall, we are agents for culture and change.

My motivation comes from the fast growth and pace of our business here at Tipico. MBR: When you took over at Tipico as HR Director, you stressed the need ‘to put a face behind the organisation’, the need for innovation and renewal. What initiatives have you implemented so far? KN: While at Tipico, I have elevated the visibility of HR within the company. Key 16

Corporate Interview

deliverables have been the facilitation and roll out of the company’s mission, vision and values, an overhaul to the talent acquisition process moving from an external model to an in-house model, the launch of our employer branding program including the Tipico Careers website, the initiation of our talent management strategy and most recently a complete review and recommended change of our performance management plan to one based on real time feedback. The idea behind all of these initiatives is to base our HR offering on not just best practices, but what I like to call next practices. MBR: What are the core issues that motivate you and can you define the personality of Tipico? KN: My motivation comes from the fast growth and pace of our business here at Tipico. We continue to grow our business at double-digit rates and we anticipate this will continue into the foreseeable future. Tipico’s personality would be one based on trust, communication, passion for our industry and a desire to succeed. We want the best people working for us as we know this will enhance our ability to achieve our company objectives. MBR: What is Tipico’s strategy to attract and retain talent? KN: Our strategy to attract talent is to attract the best talent, both in Malta and from abroad. We want to employ individuals who are courageous, innovative and willing to put give the extra effort to ensure our collective success. We don’t look for static minds, we want people who are flexible and dedicated. We do this by showcasing our company, giving potential candidates insight into who we are, how we operate and being clear about what you can expect once you join us. MBR: In terms of HR, where does the company look to expand its product offering and further strengthen its brand position? KN: At the moment, we are pushing hard in the areas of data intelligence

and analysis, customer experience and in product and technology. These key areas will ensure we continue to have a competitive advantage while maintaining our market leadership. MBR: What issues should HR be aware of today, and what further obligations do you see coming down the line? KN: Talent competition is always a threat to us as there are many other iGaming companies based in Malta. We know that in order to retain our employees, we must offer them career advancement and development. We also have to offer an excellent office environment, one that is conducive to collaboration and one that is fun.

The growth in business translates to growth in our workforce, which we see increasing by 20% in 2016 MBR: Is there a good understanding among the talent pool about the type of innovative career that Tipico’s offers? KN: I can confidently say yes to this question. On many occasions while interviewing candidates, they tell me they are exciting about joining Tipico because they know it offers a good working atmosphere and future career opportunities. MBR: What else, besides your core values, differentiates Tipico’s from some of the larger firms? How do you compete? KN: At Tipico, employees can see directly how their KPIs align to the overall company objectives. And given the size of our company, employees know they are having a direct impact on our overall success as a company. At larger companies, you may not experience such a direct impact. Then at the end of the year, our employees are generously rewarded when we hit the company KPIs. KN: Our company culture are based on 6 core values: Transparency, Innovation, Passion, Intelligence, Courage and One Team. If you take a moment, you will notice these values spell out Tipico. Because we have this

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catchy way of describing the values, almost all employees can recite to you the values by memory. A good demonstration of one of the values would be how our offices are set up. Many walls are made of glass, even the offices of senior management. This is a symbolic way of saying we have nothing to hide. MBR: What would you highlight as Tipco’s biggest achievement during 2016? KN: In 2016, Tipico continues its market share expansion in Germany. This is core to our success. The growth in business translates to growth in our workforce, which we see increasing by 20% in 2016. The workforce growth spans across most functions within the organization. MBR: Looking across what is your outlook for Malta’s iGaming industry in future? KN: The recent growth trends of iGaming businesses in Malta will continue and the competition for talent will intensify. A good indicator of this is the increased employer branding we see across the industry. When we started 18 months ago, we were one of the first iGaming companies to really pay attention to the importance of employer branding. Now we have seen other companies have followed our lead and there’s a real sense of competition now amongst the brands. MBR Corporate Brief Tipico’s employer brand Tipico Careers was launched in January 2015 and has since become an established careers brand within the online gaming sector in Malta. The recently launched Tipico-careers.com website has become Tipico Careers’ showcase, displaying the benefits Tipico has to offer to its future employees combined with animations and videos about the company’s history and success story, its offices in the Portomaso Business Tower, and above all a special video about Malta. Tipico Careers is constantly looking for interested and experienced people whom are interested to work in a young, digital and fast paced online environment. Tipico Careers - ‘We invest in our people’

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SPONSORSHIP TO SPORT

Express Trailers’ 3 Year Commitment to Maltese Sport

After recently extending its logistical support to this year’s ongoing edition of the Alive 2016 Cycling Challenge, Express Trailers today announced a three-year support commitment with three of the most successful athletics clubs in Malta namely Żurrieq Wolves Athletic Club, Mellieħa Athletic Club and Mosta Cycling Club. Our company’s operations are mainly based on road transport. We have a network of operations across all of mainland Europe but the start and finish of each delivery happens on Malta’s roads. Therefore, although we are doing a necessary job of transporting food, pharma and cargo for the ultimate benefit and consumption of the local market, we also acknowledge that our fleet of trucks and trailers put a burden on all the other road users, especially the more vulnerable ones such as runners and cyclists. Our sponsorship towards these Clubs, whose competitions take place on our roads, seeks to redress the balance,” said Franco Azzopardi, Chairman and CEO of Express Trailers during the presentation. Referring to the choice of clubs, Franco Azzopardi said “we have already had the pleasure to collaborate and support a number of events organised by Żurrieq Wolves Athletic Club, Mellieħa Athletic Club and Mosta Cycling Club and this was an opportunity for us to confirm that these three clubs are amongst

the most committed clubs in Malta. This is what spurred Express Trailers to formalise a new three-year sponsorship agreement with each of them.” Express Trailers also encourages its employees to practice sport and a number of employees are successful members of some of these clubs. More employees are being encouraged to take up sport and arrangements are made for them to participate in these clubs’ respective events. Besides financial support for the club’s respective events, Express Trailers also commits its logistical support not only through promotional help but also with the supply of a vehicle to be utilised as the lead car during the races as well as lending of other vehicles such as trucks, trailers and vans to assist the organisers in their final setup. Franco Azzopardi concluded by urging all motorists to drive more responsibly on the road to ensure their own safety and that of athletes and cyclists on the road. MBR

“we have already had the pleasure to collaborate and support a number of events organised by Żurrieq Wolves Athletic Club, Mellieħa Athletic Club and Mosta Cycling Club and this was an opportunity for us to confirm that these three clubs are amongst the most committed clubs in Malta. This is what spurred Express Trailers to formalise a new three-year sponsorship agreement with each of them.” Malta Transport’s Road Safety Council said “is pleased to note this initiative by Express Trailers where through its support to Maltese sport, it is encouraging a safer use of our roads. This is in line with the Council’s commitment to promote the importance of respect and consideration on our roads amongst all road users, be they drivers, bikers, passengers or pedestrians.” The next event by Mosta Cycling Club is the Santa Maria Cycling Sprints on 7th August. More information about the forthcoming races may be found on www.mostacyclingclub.com The next event by Mellieħa Athletic Club will be the Alfresco 5 km race in B’Bugia on the 26th of August. Registration on race day prior to the event. www.melliehaac.info The 19th edition of the Express Trailers Żurrieq Half Marathon, 10km Run and 10km Walk will be held on the 13th of November. To register visit www.maltamarathon.com

Transport & Logistics

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Whatever the cargo, Wherever the destination, No matter the logistic risks, We can be trusted. We are Orange. We Deliver Trust! EXPRESS TRAILERS IS THE LEADING LOGISTICS COMPANY IN MALTA OPERATING THROUGHOUT EUROPE AND THE REST OF THE WORLD

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Malta stock exchange

Why List on the Malta Stock Exchange?

More than just a cost-effective solution … By Simon Zammit

Throughout its 25 years of operations, the MSE has performed at the highest international standards and has registered consistent growth and expansion of services. The Malta Stock Exchange is now an excellent and recognisable brand with extensive experience in capital market development and listings of various categories of financial instruments. Being located in a reputable EU regulated jurisdiction and supported by skilled English-speaking professionals and a pleasant working environment, is proving to be a key contributing factor in the Exchange’s internationalisation strategies. Moreover, the Maltese financial services sector is supported

by numerous experienced professionals who are able to provide cost-effective expertise in auditing, accounting and brokerage services, at very competitive rates when compared with many other EU jurisdictions. The same applies to the many law firms with highly trained multilingual lawyers having expertise in domestic and international law, servicing international companies, private individuals and family businesses. It is fair to say that such support services are competitively priced when compared to their EU counterparts, while offering the same high level of professionalism that the market expects.

Providing access to Capital Markets Listing on an exchange provides access to capital markets as an alternative source of finance and raising equity capital. Through listing on the Malta Stock Exchange, companies have been able to expand their investor base and gain access to a pool of capital facilitating future growth. Going public also enhances a company’s visibility with investors and customers, and addresses succession planning issues. Whatever the reasons behind the step to approach the Malta Stock Exchange, taken by many companies throughout the years, the 20

benefits have far outweighed the costs involved. The same applies to the new Prospects market, which is priced with SMEs in mind. Companies seeking access to the capital market may do so for a number of reasons. More often than not, companies admitted to listing on the MSE’s Main Market do so through the issue for sale of corporate bonds. Alternatively companies also list their shares on the regular market when a minimum of 25% of the equity share capital is being

offered for sale to the public. The value of these IPOs tends to be in the range of €20 to €50 million and access to this market is subject to a number of criteria and requirements, including the publication of a Prospectus. Other requirements are the need for a Sponsor who would be a licenced intermediary and who would be instrumental in bringing the company to the MFSA and the regulated market. The Main Market is compliant with EU regulations and being in accordance with the Prospectus Directive, benefits from full passporting rights within the EU. The

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requirements, and under this scenario, Prospects Rules have been designed to be a lighter regulatory regime when compared to the regulated market. Not only is it costeffective but also provides robust investor protection and transparency through the appointment of a Corporate Advisor. The Corporate advisor is a key feature of a Prospects admitted company since the role ensure that the SME achieves the right level of corporate governance and transparency and maintains a desirable level of investor protection. Exchange recognises that lack of access to finance is an impediment to the growth of SMEs and that bank financing may still be the main source of funding for SMEs. Prospects offers SMEs and start-up businesses access to capital markets â&#x20AC;&#x201C; these businesses are undoubtedly the major source of economic growth, employment and innovation. Prospects is a new SME-oriented market that is regulated and operated by the Malta Stock Exchange and addresses the specific needs of SMEs, not only by providing a vehicle for relatively small IPOs but also by creating a framework for succession planning for these companies. Unlike

the regulated market, Prospects allows companies to be admitted without having to sell a minimum percentage of their equity to the public. This makes listing the company more attractive and feasible to family-run businesses looking for a succession planning solution without diluting their ownership. In the medium to long term, the original shareholders or their heirs would have an exit route through which they can manage succession planning issues that often arise. The target value of an IPO that uses the Prospects framework is under â&#x201A;Ź5 million. This value falls outside the Prospectus Directive

A personalised service, every step of the way The Malta Stock Exchange has built an excellent reputation that it strives to safeguard. It is agile, pro-active and flexible in its approach. It is also business-friendly and keen to build domestic and cross-border relationships in a transparent and professional manner. This will ensure that the Malta Stock Exchange will remain at the forefront of capital market operations supporting the domestic market whilst seeking to grow its international dimension. MBR

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Malta Business Review

Country Focus

China’s new Unified Business Certificate The introduction of the new “Unified Business Certificate” is a very welcome step in China’s attempts to lessen the administrative burdens on companies. The reform, which followed the issue by the State Council of the People’s Republic of China of the “Opinions of the General Office of the State Council on Accelerating the Registration Reform of Consolidating Three Certificates into One Certificate”, took effect on 1 September 2015 in Guangzhou and 29 September 2015 in Beijing. It was then rolled out nationwide as of 1 October 2015 Under this reform, the old business licence, organisation code certificate and tax registration certificate have been combined into one certificate – the new “Unified Business Licence” – which can be obtained from the local Administration of Industry and Commerce (AIC). This is a significant improvement. Previously, companies were obliged to apply for a business licence from the AIC, a tax registration certificate from the tax authorities, and an organisation code certificate from the technical supervision authority. Any new entities established after 1 October 2015 are required to apply only for the new “3 in 1” or “Unified Business Licence”. Companies existing prior to October 2015 have been granted a transition period during which to update their licence according to the new requirements. Shanghai and Beijing have set 31 December 2017 and 31 December 2020 as their respective deadlines for transition; the old licences will become invalid from these dates. We await further notifications on transition periods from the relevant AICs in other localities. To apply for the new licence, companies must surrender their old licences and submit the application documents for a “Unified Business Certificate” at the relevant AIC; there is no fee for this. It should be noted that regional differences in terms of implementation of the reform might exist, so it is best to seek professional guidance regarding your particular situation. Sovereign has been assisting foreign companies with their operations in China for a number of years and can help you to navigate these new rules and procedures.

Identifying and Working with Suitable Partners in China – Part 2 Commercial Due Diligence China is not just a massive market but is often described as being like the “wild west” because the commercial environment can seem relatively “untamed” in comparison to more developed jurisdictions. Although this is an exaggeration, it is true to say that China is a “rule-by-law” country – the protections of the law are not always equally enforced and cannot always be relied upon when disputes arise. It is therefore critically important to conduct appropriate levels of commercial due diligence on potential partners in order to avoid problems or misunderstandings before they become issue. Conducting commercial due diligence can be a costly and time-consuming exercise, so the decision to proceed should be based closely on the perceived risk profile of the 22

partnership. A vendor, for example, may represent a very different potential risk to that of a distributor or licensee.

•

What is the company’s customer and supplier track record? Understanding how the company interacts with its other partners, such as suppliers and vendors, will provide invaluable insights into how it may work with you. Obtaining references and making thorough checks on these is essential to knowing how a potential partner will act after the courtship and honeymoon phase.

•

Does the company (or its principals) have a history of legal disputes or a tarnished reputation? If a company has a record of regular litigation with its partners, then red flags should be raised. Equally, you need to know if a company has a generally tarnished reputation in the business community because that reputation may attach to you. MBR

Some key questions to address in respect of commercial due diligence include:

•

Is it a real business? In China (and elsewhere for that matter) there are many unregistered companies that are purporting to conduct legitimate business activities. It is in your best interest to ensure that the company you are dealing with is a legally registered entity and that it is licensed to conduct the activities that it is undertaking. If it is not and problems arise, you will have very limited (or no) recourse available.

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Special Feature Maltaâ&#x20AC;&#x2122;s Best Entrepreneur of the Year Awards 2016

joHN sCHEMBRI

winner of maltaâ&#x20AC;&#x2122;s overall best entrepreneur of the year award 2016

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Malta’s Best Entrepreneur of the Year Series

Developing Talent, Encouraging SuCcess

John Schembri receiving the award as Malta’s Best CSR Entrepreneur of the Year from Edward Agius, Director, EAG Finance

For a spectator of a game of football, the half-time break is merely a chance to stock up on some beer, but for the captains, the coaches and the players, it is a crucial few minutes of reviewing and tweaking their game plan. In a similar way, “businesses that do not use some time to reflect and plan are running the risk of losing the game,” says John Schembri, CEO, Shield Consultants Limited, and Malta’s Overall Winner Best Entrepreneur of the Year. The questions asked in the locker room at half time are strikingly similar to those that a business has to ask from time to time, as you hear the supporters chant their favourite tune. “As the saying goes: there is only one thing worse that singing out of tune, and that is singing out of tune enthusiastically. With a strategic review you want to make sure you are still in tune with your targets team, and the market,” he states. MBR: How does it feel to be recognised as the outright and overall winner of Malta’s Best Entrepreneur Awards 2016? JS: It feels wonderful and humbling at the same time. Being on stage with all the other high quality, high-caliber entrepreneurs from all business sectors, well, I could have scant imagined at the start of the evening that operational risk management would make its mark, particularly with that incredible cast of judges. So when the final announcement was made, it felt unreal, strange and wonderful at the same time. The next day, I felt completely normal again, if somewhat re-energised. MBR: And how does it feel to win three awards in such a high powered prestigious business award ceremony, including Best CSR Entrepreneur of the Year Award and Best Male Entrepreneur of the Year award? Did you expect to win all these awards in just one night? 24

JS: No I did not. I would have been perfectly happy with an award, any award. Winning three felt unreal and amazing. I wish to be clear from the outset – for me, personally, participation in the awards was always about being a representative of my company, SHIELD, even if I am the head rep, so to speak. Winning the Corporate Social Responsibility award is particularly pleasing from a SHIELD perspective because the recognition directly correlates to our work. Our services in operational risk occasionally place us in far flung, potentially hostile environments. So it was pleasing to see that our efforts to be a force for good, both domestically and internationally, were duly recognised. Being voted Best Male Entrepreneur 2016 is a moot outcome in itself – it salves the ego somewhat but I am an extremely grounded individual, as anyone who knows me well will tell you. So thanks very much but it stops there.

Being recognized by the Judges as the overall winner was nothing short of fantastic and unbelievable. When I took voluntary retirement from the AFM in 2004, there was no financial compensation at all, just a strong belief in what I wanted to do from that point onwards in my life. Measured with both foresight and hindsight, that decision was a calculated risk I took which, through a combination of factors, has had a positive outcome. This vote vindicates the decision and from here I wish to literally salute Nadia, my wife, for her unstinting support. Absolutely a wonderful woman that she is. MBR: How significant is it for you and also for Shield Consultants that you have won these important accolades and also been declared as Malta’s Best Entrepreneur for 2016? JS: This has been extremely significant in several ways.

Malta’s Best Entrepreneur of the Year Series

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For me personally the awards both validate and vindicate the vision I had for operational risk management in Malta when first embarking on the journey way back in 1999. At the time, ORM as a profession was practically unheard of even in Europe, let alone Malta. So for me, to have had that vision, foresight and courage to pursue the dream of setting up my very own, specialist risk management consultancy has come to a full cycle. SHIELD is very dear to my heart; what I call my life project. So it’s great to see that the whole venture is well on track and being duly recognized. The awards are also important generally for the risk management profession in Malta but more so, I feel, particularly for the development of ORM as a discipline. As founding President of the Malta Association of Risk Management in 2012, my commitment to promoting ORM as a profession in Malta was firmly placed in evidence back then. The awards kind of confirm my belief that Malta can do very well out of ORM as a Regional centre of excellence for the profession; as a Country we have all the right attributes in place and should really go for it as a Nation, I feel. Finally, the awards are a wonderful boost for SHIELD’s founding partners, our team and our vision. The office is absolutely buzzing at the moment and morale is great. We plan to keep it so … … … MBR: What do you attribute the success of these awards to… the capacity to position yourself as a thought leader to your respective target audience, the ability to be able to perceive and deliver to your customers, or is due to the intellectual capital to manage a winning team within your business organisation? JS: All the above criteria come into it, of course, but there is more to it. We at SHIELD embrace our core values of People; Talent; Ideas; Hard Work and Ethics very tightly and fondly. We do not simply state the values, but live them, from the Board to operations. By no means do we consider SHIELD to be a perfect Company, but I know 100% that we are honest and genuine Company. The team is fantastic. I try my best to set high standards and to lead by example. The success shows that SHIELD is on the right track, but we will not rest on our laurels. MBR: What are the key initiatives in your opinion that have made the difference to earn you such highly acclaimed awards, which are presently Malta’s top business awards? JS: Personally I believe that three elements

Chev. Maurice Mizzi presents the Overall Winner of Malta’s Best Entrepreneur 2016 to John Schembri

differentiate our work. First, we are very agile in the manner of doing business and enjoy a reputation for high assurance. Second, our strong commitment to quality and persistence in seeking continual improvement. Finally, STORM, our very own software for operational risk management, which is of genuine international class and allows us to service our client base in an unprecedented manner in Malta. We have built up STORM quite literally from scratch in reaction to the evolving nature of HSSEQT risk management in the past five years or so. Today the system is deployed on multiple assets across Europe, Africa and the Middle East and enjoys a very favourable reputation with large international clients.

I wish to be clear from the outset – for me, personally, participation in the awards was always about being a representative of my company, SHIELD MBR: How important do you consider such awards are and what are the contributions towards enhancement, recognition and merit of entrepreneurship in Malta? JS: Awards are wonderful for boosting morale and galvanizing teamwork. Let’s face it, we all like the occasional pat on the back and business people are no different. So a huge, “Thank You!” goes not only to MBR Publications Ltd for organising such a wonderful event but to all contestants. I really wish for the event to grow ever bigger, which I don’t doubt it shall. MBR: Now, I am certain that the huge amount of focus and work commitment that your work demands may compel you to forget other important aspects; does it affect your family life? JS: I have to be honest; occasionally it can and it does. I recall when travelling to the mountains of Kurdistan in September

2014, at the height of Daesh expansion in the region, I could tell that there was pressure on my wife regarding concerns for safety. Another time I had to literally turn back from Rome Fiumicino airport while en route to Hassi Massaoud in Algeria on account of family illness. These sort of situations did force me to slow down a regain some perspective. But at the same time I work very hard to obtain a sensible family-work-life balance. For me, my family is everything; otherwise what would be the point of owning and running the business? MBR: Should more be done to raise the awareness of how critical entrepreneurship is for economic growth and help such endeavours to reward entrepreneurs for their efforts and sacrifices? JS: I am not quite sure to be honest. In my view, entrepreneurship in Malta is booming on the back of a vibrant and buoyant economy. On the other hand, I guess that we can never have enough entrepreneurial spirit, so more initiatives in this regard are to be encouraged. I also believe that sustainable economic growth should be protected from risk and, therefore, entrepreneurs also must learn to manage their risks. MBR: Can you give us your feedback on Malta’s Best Entrepreneur of the Year Awards and tell us how will you remember the night of the 29th July? JS: The event was immaculately organised. The venue with its backdrops; the elegance; the food; shows and comperes were quite literally flawless. The fact that my family and business team were there made it great fun and, of course, winning was the cherry on the cake. So, once again, a great, 'Well done!" goes to you, Martin and your team at MBR. We at SHIELD have already launched an internal scheme for nominating the most enterprising colleague for 2017. That tells you how highly we rated the event. MBR www.maltabusinessreview.net

Malta Business Review Malta’s Best Entrepreneur of the Year Series

Creating a Positive Impact

By Nathan Archer

iGaming operators are finding it ever more important to differentiate themselves from their competition explains Kevin Norville, Tipico HR Director. He goes on to tells us that, “Winning two important awards during Malta’s Best Entrepreneur of the Year Gala ceremony is a prestigious endorsement of Tipico’s projects, initiatives, products and commitment.”

Kevin Norville with Tipico Colleagues

MBR: You have recently won Malta’s Best iGaming Entrepreneur of the Year Award and also Malta’s Best Innovation Entrepreneur of the Year Awards 2016. What does this mean to you and how significant is this double achievement to Tipico Ltd? KN: We sat out to become the leader in Employer Branding in Malta, and by winning both the iGaming and Innovation award, we have achieved our aim by not only winning the award but buy also living up to our own expectations and standards. We are thankful for the recognition received and will now build on these achievements. We have lofty goals to drive Tipico Careers as the top employer of choice in Malta. MBR: Where you expecting to win these awards and have such awards been long time in the making? KN: We were pleased to be nominated and were hoping to win one of the awards as recognition for the groundbreaking work we are doing at Tipico Careers. After they announced us as the winners for the iGaming category, we were ecstatic for being the best in the industry. On top of that, winning the Innovation award, which spans all industries, was a very proud moment. 26

We started the journey of Tipico Careers eighteen months ago, and have experienced very fast progress. We are extremely proud of our achievements and are already planning our next bold, exciting and innovative plans for the brand.

website plus being active on eleven social media platforms meaningfully increased our market audience and ultimately our success. We use these platforms to showcase the fact that Tipico is an amazing place to work, while also using it to remain at the forefront of career innovation locally.

Being an entrepreneur means you are passionate about what you do and are courageous enough to take risks.

MBR: How has your career evolved with Tipico and which area do you lead today?

MBR: How critical is entrepreneurship and information technology, and how have you become part of the culture of how iGaming operates? KN: Being an entrepreneur means you are passionate about what you do and are courageous enough to take risks. Our industry is dynamic and experiencing significant growth. At the same time, the importance of our industry to Malta employment is growing in influence. For us at Tipico Careers, this is a key element to our success. We saw the opportunity in the market to position us as the number one employer in the industry in Malta. Making ourselves available on our careers

KN: I joined Tipico nearly two and a half years ago in the role of Director of Human Resources. Fortunately I have been able to make a big impact on the company’s culture in a couple of key areas. They include our employer branding and recognition as a top employer in Malta, changes to our talent acquisition process by using an in-house model, establishing our values which we as employee identify with and offering a top-notched office environment. Further changes we want to make will be moving to a performance management process based on real time feedback and peer-to-peer recognition. Watch this space as we continue to our drive to becoming Malta’s best place to work. MBR: What sets you apart from competition as Malta’s Best iGaming Entrepreneur of the Year and also as

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Malta Business Review

Kevin Norville receiving the award as Malta’s Best iGaming Entrepreneur of the Year from Deborah Schembri, Managing Director, STM Malta Trust & Company Management Ltd

Malta’s Best Innovation Entrepreneur of the Year?

from an early age, to set their creative and entrepreneurial minds free.

KN: We are proud of our diverse workforce and our ability to hire the best talent in Malta and from abroad. We have established ourselves as the leading employer brand. We are very much a “think outside of the box” type organisation when positioning Tipico Careers and we will strive to ensure this attitude carries on as it reflects the great people that work here.

There is a direct link to entrepreneurs and economic growth. Image a world without Facebook, Apple and Google. All of these companies were started by individuals chasing a dream and driven to be the best.

MBR: What is the key to the success of Tipico and what has made the franchise work so well? KN: We don’t stop. We are continuously looking for ways to improve ourselves and to strengthen our position as a top employer. We don’t settle for the status quo. We know that in order to be the best we have to hire the best. We believe in the “Stay Hungry, Stay Foolish” mentality set by Steve Jobs and live by it in our daily habits. MBR: Should more be done to raise the awareness of how critical entrepreneurship is for economic growth? KN: Absolutely. Entrepreneurs don’t wait for opportunities, they go out and make them. We have to be courageous in decision making, not afraid of failure. These qualities may not come naturally to some, so we much continue to encourage people, even

Entrepreneurs don’t wait for opportunities, they go out and make them. MBR: When you consider local talent for career opportunities what are the quality levels of skills, certifications and practical hands on experience you are presently meeting? KN: Successful candidates possess a technical or functional expertise (like digital marketing, bookmaking, finance, etc...) PLUS are the right cultural fit into the company. Both of these elements are needed to succeed at Tipico. Candidates must also have an interest in our industry and be flexible as we grow. I always like to say we are not looking for people with static minds but rather for people who are flexible and dynamic. These are critical factors in our company. We have a Tipico

DNA at the company and we love it when people come in here and fit in due to their personality and skill set. MBR: Can you give us your feedback on the organisation, and how you will remember Malta’s Best Entrepreneur of the Year Awards 2016? KN: The whole process was well organized. Right from the time we were informed we had been nominated up to and even after the awards ceremony, the MBR team has been highly professional. This process will be a life-long memory for me and I am grateful to be part of it and, of course, having won makes it that much more unforgettable. Being on stage with such incredible people and sharing the same vision of entrepreneurship was a very exhilarating feeling. MBR: What advice do you have to budding entrepreneurs who wish to take a leap toward entrepreneurship or an HR career with Tipico? KN: My advice would be to keep trying, stay focused and never lose sight of your ideas and dreams. Don’t be afraid to make bold decisions and don’t let other people’s criticism stop you. Every entrepreneur knows what she/he is capable of and don’t stop short of reaching for those goals. MBR www.maltabusinessreview.net

Malta Business Review Malta’s Best Entrepreneur of the Year Series

The

Entrepreneurial Spirit

By George Carol

This real estate interview with Malta’s Best Real Estate Entrepreneur of the Year Simon Debono contains lessons from the entrepreneurial journey of a successful real estate business owner. You will find secrets to success, insights about the Company and pitfalls to avoid, based on real-world of this award-winning and exceptional entrepreneur’s experiences. Simon Debono receiving the award as Malta’s Best Real Estate Entrepreneur of the Year from George Mangion, CEO, PKF Malta

MBR: How does it feel to be awarded the judges top accolade as Malta’s Best Real Estate Entrepreneur of the Year? SD: I am still trying to get my head around it. I did not expect it, and when the nomination came, I did not expect to win, considering the other eminent nominees. It is a humbling and uplifting experience, and we here at SIMON Estates are feeling very chuffed indeed that an organisation so eminent thought us worthy of their attentions. MBR: How did you come up with your business idea? SD: I left the Bank in 1999 after thriteen years service and got into Real Estate with Dhalia. It was a fantastic organisation, real buzz, well run very supportive and professional. I learnt alot. Then there were some management changes which I did not 28

agree with. This led me to examine if I can do it better on my own. I left to set up my own organisation and have not looked back since. MBR: What market need is your business addressing and what were your goals in starting the company? SD: We started as a General Service Estate Agency. As time went by we opened a Branch in Valletta and another in Geneva, Switzerland. This has allowed us to offer a better choice to our High Net Worth ((HNW) Clients and Owners too. We offer a personalised and special service to our clients assigning not only a Consultant but also a Manager to each HNW client. SIMON Estates has gone down the route of less volumes but vastly better quality of service and choice.

MBR: Did you operate your business from your home? What were the challenges and benefits to this strategy? SD: I had tried very very hard not to take work back home. Unfortunately it was not possible; what with the introduction of Smartphones and most quality viewings taking place after five in the evenings and on weekends. It also led me to soend more time at work than I was comfortable with. But it in an ideal world we should be nine to five. I am still waiting for this ideal world to come by. MBR: Have you outsourced any portion of your business? Has that worked for your business and can you tell us what are your main areas of focus? SD: Yes we outsource the financial bookkeeping, design and printing, but do

Maltaâ&#x20AC;&#x2122;s Best Entrepreneur of the Year Series

very effective in helping to grow the business?

everything else in-house. It has worked quite well for us, as keeping a tight Management control over every delivery channel is important for us to control the high quality of service we provide. MBR: Social marketing is consistently being written about in the small business space. Has it worked generating business for you? SD: Definitely. In the Rental sector we have over 9,000 properties available for lease. Regrettably, they are not all available every day. Only about 90 will be available every day. Out FaceBook page has helped in showing a sample of the daily availabilities. There have been other Social and Business Marketing media that have helped us grow our reach beyond what is normally our traditional reach. MBR: What have you done that has been

SD: Concentrate on the Capital cities where the real money is. We are at a junction where it is becoming horribly difficult to move money around the world, if you are an ordinary person. If you are a corrupt politician, organised crime boss, or a white collar criminal it is easy. So if you want non-criminal affluent clientele, you have to concentrate on the cities where they have already managed to transfer their money. That is why we have focused on opening a Branch in our Capital City of Valletta, in Republic Street and in Switzerland at Cheman du Repos, 1213 Petit-Lancy, Geneva. We are currently opening a Branch in London. In addition to this we offer incoming clients not only Property Services but through our Maltese Partners we can offer Company Formation, Relocation and Residence Service too. This had turned us into a One-Stop-Shop organization, which has gone down well with our foreign clients, who value privacy exclusiveness and efficiency over volumes. MBR: Can you share your experiences and feedback regarding the gala awards, and what would you have done differently? SD: They were very well organised, inspirational, glitzy, upmarket, Red carpet, delicious well presented food. I could not have done better myself. Though I would have turned down the volume to half of

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what it was. And wearing Black Tie is not my preferred dress in July and August in Malta. MBR: How important do you consider such awards are and why would these be significant if you had to keep in mind that such awards recognise leaders who contribute toward the growth of their business and our economy? SD: Yes such awards are very important. Recognition is very important. It awards hard work, consistently delivered over a number of years and points out to the other operators in the Sector that standards and ethics do matter. In Real Estates we are leading and present in one of the most important and crucial junctions of their life. That moment that they are pouring an enormous amount of money into their residence, office or business. This is not a place for shady operators or dodgy operators. Regulation of the industry is an absolute must and I am pleased to advise that, as General Secretary of the Federation of Estate Agents, we met with my Council and the Minister Mallia to discuss and hopefully conclude the licensing and regulation of Estate Agents. MBR: What advice would you give to somebody else who wanted to start a similar business? SD: Just do it. You will never look back. www.maltabusinessreview.net

MBR

Malta Business Review Malta’s Best Entrepreneur of the Year Series

Tradition, Creation and Inn

Alexander Telin receiving the award as Malta’s Best Arts & Culture Entrepreneur of the Year from Honour Prof. Edward Scicluna, Ministry for Finance

Alexander Telin is the outright winner of Malta’s Best Arts & Culture Entrepreneur of the Year, which celebrates the elite of Malta’s entrepreneurs who are pioneering at the intersection of various business segments, including art and culture. Telin’s undeniable talent and virtuosity has not gone unnoticed by the Judging Panel of this year’s awards. At the core of his belief is the deep contemplation over basic aesthetic appeal, social psyche and artistic traditions. By Martin Vella MBR: Your pieces portray images of Realism, Impressionism, Byzantine and Coptic iconography and Renaissance. Are you still finding revival influences, or seeking new additions to your collection, or have you been inspired by a new theme?

“The artist is the vehicle through the visible and invisible, the progress gives new possibilities”

AT: My art is based on the traditions and is taking in the discoveries and achievements of diverse art trends. The world is changing and I carefully follow the latest trends arising in different spheres during my work, whether its art or science, economy or social policy. All this enriches my palette, and I attentively choose and use it for my images,

but strictly follow to my very own ‘’EGO’ without the market demands, and fashion which last very shortly. The themes of my images are absolutely up-to-date but created with the anticipation of the approaching, the imminent; the future. And the role of the new technology is invaluable.

MBR: We have entered an era where art is often disembodied from its maker. A result of Google Image Search and reblogging becoming a craft in itself. Does the web signal the death of authorship? AT: The progress is natural without abolishing the truth. The artist is the vehicle through the visible and invisible, the progress gives new possibilities, and the name: it’s the question of the fate and the human memory. We do not know who had created the wheel but we know the author’s name of the relativity. The laws of time and the history are those that we are not sure

Malta’s Best Entrepreneur of the Year Series

novation

of themes for my images were seen and expressed by MARIA, who without any doubt has influenced my attitude and art technique . MBR: I have seen some of your paintings and one which has struck me most are oil on canvas pieces entitled Villa Rosa and Vila Guardamangia. Where did you get your inspiration from for these type and did you need to change your style of painting?. AT: Both two pieces are PORTRAITS. I never contemplate the characters separately from their life experience, personality, or preferences. My portraits are always the real images reflecting the part of the world which I am depicting. The painting ‘VILLA GUARDAMANGA’ is the story of the Tsar representatives which has become the magnificent ‘love story’, incredibly affecting and creating the empathy from the bottom of the ‘romantic creatures’. One of the most grand architectural Maltese buildings is VILLA ROSA. Overlooking over MALTA it is emphasizing the superiority and expressing the associations of the extremely dear feelings and comparing with the beauty of my wife’s portrait. MBR: So how does one work in a conceptual realm without losing sight of pure feeling or reality? AT: The maker creating his images is working at the limit of his possibilities, experience, feelings, abilities, emotions giving all his efforts and leaving for the other reality.

whose names will stay on the tablets of the mankind’s memory. MBR: Something you said that has stuck with me was: “The future of art is artists.” How has the role of the artist changed? AT: The artist’s mission is not to be ‘a singer’, a generation’s herald but to focus his works the imaginations about the world structure, aesthetics, dreams and the contemporaries’ problems. You should notice that as a rule the viewer enables to define the epoch of the panting of the work. Thus the artist is outpacing his time and very often is more needed by the future generation; his works are tested and proven by the time. MBR: What was the fundamental shift that moved you into painting? AT: The meeting with my wife and later a coauthor MARIA EL has become my destiny. My creation work had stepped on the other fundamental level. A great number

All these factors are devoted to the opening, concept. All depends on the taste, the limit feeling, balance. All my images do not coincide at all from the initial and the final steps of my work. At first I have an idea or the a theme , then I try the very first layer on the canvas, and then the painting starts to enrich its vision, and after the completion it is still changing or metamorphosing to the very end. Looking at my painting from time to time, I very often find something very new for me, and I don’t realise how I had created it. MBR: Your brighter vivid colours often belie your darker, more upsetting subject matter. Please tell us more about these two elements, and how you paint to balance the juxtaposition of art subjects? AT: My aim is not to shock the viewer but to depict the theme for the thinking, conversation and positive discussion; that’s why everything- the composition, the colour, the tone shade are not magnetizing, but expressing the story adding each other.

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MBR: How does it feel to be recognised and awarded as Malta’s Best Arts & Culture Entrepreneur of the Year? AT: For several years I have been residing and creating the images in Malta, and the majority of them are dedicated to this fabulous Island which has inspired me a lot. I am happy to present the Maltese society their world with a newcomer’s eyes, to discover their world from a new angel. And the promotion of my art gives me new energy and encouragement which are very precious for any artist.

“My aim is not to shock the viewer but to depict the theme for the thinking, conversation and positive discussion;” MBR: What do you attribute this award to… is it your artistic ability, or is it due to your intellectual capital and capacity as an artist and also entrepreneur? AT: The result consists of many factors. Maria and I are very active in the sphere of enlightenment. We keep a very careful attitude to the traditions and are open for the innovation which match to the Maltese situation at the moment where everything is in harmony , I mean the ttional lifestyle and the new trends.The aim of our Gallery “T’EI’IN’ is to represent the works created on the Maltese archipelago as one of the island’s peculiarities, to reveal the human creativity and give the reply to all the answers. I am delighted with your Island and share this joy with the whole world. At the Art Biennale, in my personal exhibitions, I always emphasize Malta ‘s significance in me and reflect them in my images. MBR: What particular affinity do you have with Malta? AT: Malta is a casket, a very special destination keeping unusual stories, creating the art personalities which are for the canvas. The Maltese peace –loving nation with a highly developed sense of hospitality and cheerful disposition is very close to me. I respect the people keeping carefully their customs and traditions, the history, able to defend their interests on their land. Malta is an ideal hub for combining business and pleasure. And it depends on the people themselves. A very big thank to Malta and its residents for creating such a lovely place! MBR www.maltabusinessreview.net

Malta Business Review Malta’s Best Entrepreneur of the Year Series

A Culture of Excellence By Martin Vella

Dr. Jonathan De Giovanni, Advocate, Partner, WDM International believes that the vision and strategy concept of the Firm is to grow organically, bringing on board likeminded individuals who share in the vision of the Firm. Dr De Giovanni maintains it is an important part of the growth strategy of the Firm to ensure that quality staff are brought into the team who display an entrepreneurial and commercially sensitive nature so they may both continue to thrive. MBR: How does it feel to win the special accolade Award for Excellence voted by the Judge’s Council during Malta’s Best Entrepreneur of the Year Awards 2016?

Champion David Robinson quoted at the Hall of Fame Centre. Do you relate and can you give us your reasons how this is factual compared with what you do?

JDG: I am delighted to receive this award, which recognises the excellence we provide our clients in terms of the services we offer, as well as the growth and success of my Firm, and the support of my dedicated team, to whom I am very grateful. I look forward to further growth and continued success in the months ahead.

JDG: I am a firm believer in both continuous development and having trust in the members of one’s team. If one supports their team, provides opportunities for growth and learning, and trusts the team members with responsibility over the Firm’s clients – then one has built strong foundations upon which to base the future of one’s firm.

MBR: What inspires you to be a top thinking, innovative entrepreneur with a passion for excelling and in being the best at what you do?

MBR: Do you think that being an authentic leader has helped you in your aspirations, leading to this prestigious award which the judges have bestowed?

JDG: I have always sought to translate the highly technical practice of law into a successful business enterprise – striving to be at the forefront of the market in espousing good legal practice and provoking the market to take up higherquality legal services in the innovative solutions and services that the Firm offers.

JDG: You would have to ask my team that! But certainly I have always striven to create an open and inclusive collegiate environment – one in which the ambitious and passionate members of my team know they will continue to hone their skills, enjoy significant client contact and responsibility and have my support to develop their careers within our Firm.

As an equity Partner of a service provider, I am passionate about looking for that edge in the market that will bring continued success for our clients. The importance of the global market has been central to my focus and, to that end, we have been selected to join various international legal networks, such as Cathay Associates and IR Global, which allows the Firm, and therefore the Firm’s Maltese and international business partners and clients, to tap into seamless, global legal delivery platforms. As a result, we have been able to offer Maltese-solutions to our international clients, while at the same time we have been in a position to facilitate international and cross-border opportunities for the Firm’s Maltese clients. MBR: “Put people in a position where they can be successful. Make sure they know you have their back, as long as they work hard and do the right things” – NBA 32

MBR: How important was your career position and how has your role evolved

within WDM International? JDG: My life, so far, has been substantially devoted to my career and it was with great pleasure and satisfaction that I was brought on board at WDM International as an equity Partner with a mandate to develop WDM Lex Advisory, the legal services arm of the Firm, and WDM Trustees, the entity through which we offer professional trustee and fiduciary services. As Managing Partner of WDM Lex Advisory, I am proud to lead the legal, international tax and international business team. During this time, I have personally developed a strong international client offering, to sit alongside our broad Maltese client base. This has led to my development of services lines which we, as a Firm, offer – evolving such an offering to suit the demanding requirements of foreign high-net-worth individuals and corporations looking to invest in Malta. In this respect, I have set up the Firm as a comprehensive boutique firm with a full-service heart for legal and business advisory services. Along with providing legal and tax consultancy, as a brand we also offer professional trustee and fiduciary

WDM International’s team and guests (left to right) Ms. Mia Lybaek Nielsen, Dr. Sarah Tua, Dr. Francesco Maffia, Dr. Kristina Camilleri Deguara, Dr. Jonathan De Giovanni, Mrs. Diahann De Giovanni and Dr. Jeremy Buttigieg

Malta’s Best Entrepreneur of the Year Series

Malta Business Review

Jonathan receives his award from Roderick Psaila, CEO, Agri Bank plc

services. As one of the first professional service providers to also hold a Corporate Services Provider Accreditation from the MFSA, the Firm is authorised to offer an array of company maintenance services. Once a client is on-boarded at the Firm – we strive to ensure that we act as the focal point for all their business needs and, as such, we have set ourselves up with the necessary licenses and expertise to handle all our clients’ business exigencies. MBR: How important do you consider awards of this nature and why would such awards be significant, bearing in mind that such awards recognise leaders who contribute toward the growth of their businesses and the Maltese economy? JDG: Such awards have a real impact on their recipients, particularly for professional service providers, as they solidify confidence in both the individual recipient and their firm. For me personally, I am looking to build a Firm and practice that is not just image, but that has real substance – and this award recognises my achievements in this respect. In a profession as commercially sensitive as law, trust in one’s service provider is paramount. I am proud to hold various positions of trust within MFSA-licensed entities, such as funds and investment services companies. Awards, such as this Award for Excellence, help buttress my professional reputation in this regard.

MBR: How inspiring is it to see what you have accomplished with WDM International and how will such accomplishments have a positive impact on you, as well as WDM International? JDG: I suppose that it is for others to judge whether they find my story inspiring, but I am very pleased that I have received such recognition for what we do and how we have grown. In terms of the future, such validation of our methods will hopefully lead to our further development of international markets – both as a source of inbound investment and development of companies, and industries looking to be based in Malta, as well as allowing us to support our Maltese clients with their ambitions to grow internationally. MBR: What is your feedback from the night of the 29th July and how will you remember it? JDG: I will cherish the memories of what was a wonderful evening. First and foremost, it was a perfect opportunity to celebrate the shared successes of the business with the members of my team who have worked tirelessly and with passion to achieve this success. We certainly did celebrate, at what was an excellent night out, very well organised and hosted in a great venue. Rubbing shoulders with so many top Maltese entrepreneurs

was certainly an inspiring experience. I am already looking forward to next year’s event!

As an equity Partner of a service provider, I am passionate about looking for that edge in the market that will bring continued success for our clients MBR: Do you consider this award a recognition of the WDM International business model? JDG: Certainly so. Receiving such an award dovetails nicely with our Firm’s motto “Focused Excellence” – where we look to provide a bespoke, high contact and partner-led service to our clients along our specialised verticals. Having the creativity and technical ability to deliver on a range of ancillary services to support our core offering, as well as developing new services lines to further benefit our clients’ interests, are also of the essence. The strength of our model is based on a lean, industrious, flexible and technically excellent team, and made attractive through a range of flexible and appropriate billing model variants which are tailored to suit our clients’ business exigencies. MBR www.maltabusinessreview.net

Malta Business Review

celebrating malta’s best entrepreneurs CELEBRATING MALTA’S BEST ENTREPRENEURS

Bird’s Eye view of the Laguna Walk during Malta’s Best Entrepreneur of the Year Awards 2016

WDM International

Guests

Prof. Edward De Bono - Institute of Thinking

Guests

Pharmacy of Your Choice Unit

Guests

Gallery T’ El’ IN Art Lounge

Silvercraft Products Ltd

Just Water

T8 & Continental Cars Ltd.

T8 Robot - Light & Laser Show

Design Hub

Kinetic Dancers

Natalia Makina & Ivan Poroshin - Latin Duo

Fire Play

celebrating maltaâ&#x20AC;&#x2122;s best entrepreneurs

Malta Business Review

altaâ&#x20AC;&#x2122;s Best Entrepreneur of the Year Awards 2016

....A HUGE SUCCESS...

Continental Cars Ltd.

Mapfre Middlesea

Fashion & Lifestyle Blogger - Gaia and Nina Blog

MJMDA

Roland Cachia receiving award from Conrad Buttigieg, Samsonite

Honour Prof. Edward Scicluna - Minister of Finance

David Seisun - Winner of the Porsche on track Istambul, Turkey.

All nominees on stage

Mark Bugeja - Grant Thornton

Simon Estates

JuanfilConsultants Ltd.

Nadine Pecorella - Bloom

Kevin Norville - Tipico Co. Ltd

Martin Vella & Margaret Brincat

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Malta’s Best Entrepreneur of the Year Series

Determination, Expertise,

A bemused yet exultant Justin Haber, Director of Just Water, vigorous after winning Malta’s Best Emerging Entrepreneur of the Year Award, told us, “This is a valuable measure of su

MBR: What does winning Malta’s Best Emerging Entrepreneur of the Year Award 2016 mean to you and also to Just Water? JH: Winning this award is a huge privilege especially at this early stage of my business career. Once success is achieved, it is a wonderful stage of life, but to get there one encounters a lot of obstacles. Winning this award makes facing the daily adversities and the difficulties of overcoming them worth it. Unlike many other businesses, we have taken a hobby and used it as a basis to make a successful business. MBR: How did you decide to participate in Malta’s Best Entrepreneur of the Year 36

Awards and what chances you gave yourself to winning? JH: I was nominated for the award and it had never entered my mind that I would ever be part of such a prestigious night. It was already an honour to be nominated for this award. Being recognised for the work that Just Water and Justin Haber Academy do is already a reward itself; winning it was an out of this world experience. I did not attend the event thinking that I was going to win anything. It was a special night as my whole team of employees was with me. MBR: What has been central to Justin Haber’s philosophy and strategy for success?

It is up to such dreamers to make a smart idea and then turn it into a profitable business plan. JH: Just Water aims to provide an unparalleled service to the Maltese aquatics hobby and trade, and aside from retail and wholesale of aquarium livestock and equipment, we can provide custom aquaria and maintenance services. We believe in providing a quality service based on strong fundamental values. At the heart of these values are determination, expertise, trust and loyalty.

Malta’s Best Entrepreneur of the Year Series

Trust and Loyalty by Martin Vella

Malta Business Review

business man finds a way to make those ideas become a reality. It is up to such dreamers to make a smart idea and then turn it into a profitable business plan. MBR: What is your advice to early-stage entrepreneurs and how does one go about to realise an idea and turn it into a business? JH: My advice for those with a budding idea is not to tell the whole world about it before it is up and running, as someone could potentially use your idea themselves. Start out by writing down all the things that might go wrong along the way. Next step would be tackling each problem and try to find solutions for each one. At the end, if all problems are solved, and the idea for the business plan still makes sense, go for it. Always stay positive and work hard for your dreams.

I look up to entrepreneurs who started from nothing and became successful, MBR: Do you agree that entrepreneurs are amazing people? In general if you meet someone who is an entrepreneur, they all have had so many things that they have went through. However, is there a quality abut entrepreneurs that distinguishes them from other individuals?

uccess that can be used in a variety of communications creating publicity, positivend heightened credibility.”

MBR: Just Water have taken the market of aquaria and aquatic hobbies and sports by storm. Does this boil down to integrity for your partners, customer and staff, to innovation, or to your character not to give up and to succeed where others have failed? JH: You can call it the perfect storm. Just Water started from a hobbyist’s room in a small building, and progressed to a retail outlet, supplying custom made aquaria for hotels and entertainment establishments. Today the business would be nowhere if not for a dedicated team of employees and the support of my wife and family. Obviously, we do make mistakes and there is always room for improvement, but we strive to make each job better than the last.

MBR: Do you think that customer satisfaction is usually something that is taken for granted in business management? JH: It is unfortunately the case that customer satisfaction is often taken for granted. Aquarium science is particularly dynamic, and we strive to help our clients with every aspects of maintaining their aquarium and livestock, to overcome any concerns or problems that may arise. MBR: Why is it that dreams, like ideas you have for a business, are not valuable unless you act on them and make them become a reality? JH: There are a lot of people out there who have ideas and dreams. A successful

JH: “Entrepreneur” is a heavy word. These people have a motivated life; either they found a chest fund or a business that they built into an empire, or all they had was a dream and turned it into a successful business. A business becomes famous when it succeeds and so does its owner. Personally, I look up to entrepreneurs who started from nothing and became successful, and I always strive to follow in their footsteps. MBR: What are your experiences, your feedback and how will you remember Malta’s Best Entrepreneur of the Year Awards 2016? JH: Participating in Malta’s Best Entrepreneur of the Year Awards has been a great experience, the outcome obviously making it all the extra worthwhile. The whole team at MBR organised an amazing evening, and they have offered fantastic support throughout the whole nomination process. Aside from receiving the award, the disco robot T8 was possibly the next most memorable part of evening! MBR www.maltabusinessreview.net

Malta Business Review

sPECIAL FEATURE: MALTA’S BEST ENTREPRENEUR OF THE YEAR series

of risks can we take; and we have created an ambitious, but not unreachable, trajectory to achieve our goals. This required an in-depth understanding of our ‘marketplace’ and the needs of our circa 150,000 client-base outpatient’s population. We monitor and gauge performance through the application of business tools to ensure timely continuous improvement and we also value the views of our stakeholders. We also emotionally connect with each other and with our clients. Indeed, we work for what we truly believe in. Roseanne Camilleri receiving the award as Malta’s Best Healthcare Entrepreneur of the Year from George Mangion, CEO, PKF Malta

POYC has an instrumental role in achieving the very low levels of out-of-stock medicines in the community, thereby ensuring full accessibility to the 150,000 clients who are entitled to free medicines. MBR: Can you tell us about your reaction after winning Malta’s Best Healthcare Entrepreneur of the Year Award and what does this mean to you? RC: I suppose the word ‘Euphoric’ sums it up best. It was an amazingly good feeling mixed with personal satisfaction. My heartfelt gratitude goes to all the POYC Unit’s highly motivated workforce notably the Executive Management Team, whose sense of belonging and commitment coupled with continued input by the leadership of the Ministry of Health has not only matched the flexibility potential of the private sector but surpassed all exceptions in securing such a rewarding achievement. This AWARD consolidates our reputation as one of the KEY National HealthCare Outpatients’ Services within the pharmaceutical business environment. Declared Malta’s Best Healthcare Entrepreneur for 2016 gives us the impetus to continue to challenge ourselves to further enhance our services and to continue to add greater value to our stakeholders. MBR: What motivated and inspired you to participate in Malta’s Best Entrepreneur of the Year Awards and what’s your feedback on the awards? RC: Basically, my TEAM likes to do 38

exciting things and they like to be part of the journey. The POYC Unit is the perfect example of a multi-disciplinary team-based learning and development organisation where -- technical, clerical, skilled, non-skilled and managerial lines of work successfully and continuously learn and train to effectively and efficiently deliver a 360⁰ patient-centric service. We are a Group that believe in our efforts, not only for our self-interest, but we also believe in the value of our job, our team and our organisation. In fact, at POYC, emotional commitment is considered to be as crucial as rational commitment. It is this synergy that energises me to reach beyond our comfort zone and participate in such competitive events. Preparing to participate in the event and eventually winning the AWARD is no mean feat, albeit extremely rewarding in the end. MBR: What has been central to your strategy for success? RC: Our strategy follows Ministerial policy direction. The POYC Unit’s overarching intent is to play a significant role in the national healthcare strategy where patient-centricity and saving-lives are sine qua non. At POYC we are fully aware of our strengths and capabilities and what levels

MBR: What has been your biggest challenges so far as a female entrepreneur in your line of duty and how did you overcome these challenges? RC: Notwithstanding the traditional male ‘leader’ dominant environment, I feel privileged that at the Ministry for Health being a leader does not depend on gender but mainly on potential. My biggest challenges are to timely deliver on Government’s demanding announced commitments with the available resources. Personally communicating the organisation’s strategic objectives generates the desired level of employee emotional commitment, engagement, accountability, responsibility and retention. At POYC thinking outside the box is commonplace at all levels and there is a strong affinity and trust between the management and the staff. This positive psychological bonding is what makes the POYC Team go the distance and be agile enough to change direction whenever the need arises.

This AWARD consolidates our reputation as one of the KEY National HealthCare Outpatients’ Services MBR: Do you philosophy?

have

business

RC: As a Government entity, our overriding challenge is to manage a social enterprise while balancing business and social objectives. Our

special feature: malta’s best entrepreneur of the year series

Malta Business Review

by George Carol Goal-getter Roseanne Camilleri, Chief Executive Officer, Pharmacy Of Your Choice Unit, recently was awarded as Malta’s Best Healthcare Entrepreneur of the Year by the top level judges, who unanimously voted in favour of Roseanne. During these last three years, the POYC Unit secured exceptional achievements at both national and international landscapes with five top awards from the Foundation of Human Resource Development, the Equality Mark Certification from the National Commission Promotion for Equality, the 2016 runner-up in the National Enterprise Support Awards and the Silver Plate from the University of Malta for Services rendered to the Pharmacy Profession. The POYC Unit also holds the ISO 9001:2008 International Certification. ethos centres on equitable corporate social responsibility criteria which aim to generate a domino effect by maximsing the value of our organisation over a long period of time, as in the long term social and environmental situations become financial issues. The POYC Unit is committed to excellence in all its operations, more importantly to offer the highest degree of quality services coupled with the continued promotion of a patientcentric environment through innovative approaches and value-added economic opportunities.

I am of the firm belief that equilibrium is the key to all forms of success MBR: What is the main driving factor which motivates you in your work? RC: My insatiable passion to realise my goals together with my profound intentions to contribute significantly towards my country’s economic and social development. This positive drive builds organisational character and values, and it also stimulates all operational levels. It also mobilises the Team to bolster success. It is through such collectively motivation that we learn to face our fears and to take timely actions before these become crises. MBR: Small business owners are the risk-takers, the innovators and the job creators that form a key part of the enterprise ecosystem here in Malta. What advice would you give to new start-ups, especially women who want to break barriers? RC:

reality

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environment is peppered with successful female entrepreneurs. This development should stimulate the ever increasing female graduates as well as other emerging enterprising ladies not to hesitate in the least to pursue their dreams, to know and cultivate their strengths by identifying their most powerful emotional motivator and to leverage this to gain competitive advantage. MBR: Does being a best entrepreneur in healthcare mean you first have to conquer all personal problems and that you have to have a full control over yourself because your ability to control a business, which is a group of people, will be too small if you haven’t mastered it yourself? RC: I am of the firm belief that equilibrium is the key to all forms of success. Being the best entrepreneur in healthcare is not an end in itself but a challenge to continuously strive for organisational and operational improvement. At POYC we like to say that Excellence is Never Enough and it is this ideology that continuously empowers and motivates us to function together as a team in an extraordinary way and to produce extraordinary results! MBR: To what do you most attribute your success? What would say are the five key elements for starting and running a successful business? RC: In my opinion and from experience the salient elements to start and run a successful business include, amongst others: Inspiring and leading by example, communicating, courage and commitment and being respectful to diversity. Vision and perseverance are also equally important to secure entrepreneurial achievement.

I attribute my success to the endless support of the Health Ministry, the indefatigable commitment, loyalty and trust of my TEAM and, last but not least the love and patience of my family. Indeed, I can honestly say that I am leading a cohesive team that is collectively creating one of the national best-performing entities in the healthcare scenario. MBR: In one word, characterize your life as an entrepreneur. RC: Goal-getter

MBR

EDITOR’S NOTE Roseanne Camilleri is the Chief Executive Officer, Pharmacy Of Your Choice Division within the Health Ministry. Ms Camilleri has been working in the National Health Sector since 1988, and for a number of years she worked as management consultant in the policy and planning department where she authored and was responsible for the implementation of various reforms within the national health care sector. In 2000, she was appointed by the President of the Republic as St Luke’s Hospital Management Committee chairperson. Ms Camilleri represented the health department on the National Civil Protection Council for Pandemic Preparedness Affairs’ Strategic Group. She authored a significant number of documents on national pandemic preparedness and guidelines for business continuity. Ms Camilleri’s concept of the National Matrix, which forms part of the National Influenza Pandemic Response Plan was highly acclaimed by the European Centre for Disease Surveillance [ECDC] and recommend for adoption by small nation states. In 2011, Ms Camilleri led the POYC team to become one of the very first Government entities to achieve the equality mark certificate by the National Commission for the Promotion of Equality and, to secure the top two Malta people awards, the People Management Impact on Business Success and the Employee Engagement, organised by the Foundation for Human Resources Development.

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Malta Business Review

sPECIAL FEATURE: MALTA’S BEST ENTREPRENEUR OF THE YEAR series

Effective Leadership and Determination by Martin Vella

Inspectra Ing. Alfred Camilleri, Managing Director of Inspectra Limited, talks about the people and practices that helped him built his company INSPECTRA, take it to the top, and winning Malta’s Best Industrial Excellence Entrepreneur of the Year Award along the way. MBR: Can you share your feelings after having been bestowed as Malta’s Best Industrial Excellence Entrepreneur of the Year Award 2016? AC: The feeling is one of appreciation and increased motivation towards the business community, while sharing the satisfaction of the other entrepreneurs that won awards in other also prestigious categories. MBR: What are the main factors that have made the difference to convince the judges to give you such a prestigious award? AC: I would like to think that the judges saw a simple concept being developed into a successful venture, through the utilisation of innovative and much needed solutions. The professional and self-developed scientific methodology used, coupled with continuous higher targets set and achieved, were surely another factor. I must also thank Ing. Joseph Caruana, who is Inspectra’s co-director, because the solutions achieved could not have been complete without his input and assistance.

MBR: How inspiring is it to see what you have accomplished together with the INSPECTRA team? AC: No entrepreneur can ever succeed without a good team. The better the team and the closer it works together, the bigger the success. Without the dedication plus the efforts of our staff and employees (both past and present), Inspectra could never achieve the past and present goals we set. Inspectra has an outstanding and well co-ordinated team of managers that believe whole heartedly in the directors’ vision and do their utmost to make this vision a dayto-day reality. MBR: How important do you consider such awards are and what significance do they have vis-à-vis entrepreneurship growth in Malta? AC: Awards do not make a great entrepreneur nor will it make a business better. The award encourages and motivates the team for further perfection. Not every nominee is a winner, but it is a big motivator to anybody who has not won, to become a winner in future. This is a most positive aspect in MBR’s award giving ceremonies. It also illustrates to

the present and prospective clients of the winner, his success in management, professionalism and achievement of goals. Thus I believe this award will be very significant for me (and Inspectra) in our short and medium term future, knowing that our clients always expect better performance and service. Inspectra is focussed and determined to do this. MBR: What sets you apart from competition as Malta’s Best Industrial Excellence Entrepreneur of the Year Award 2016? AC: A number of principles set us apart, but these have to be considered holistically. These principles are namely the continuous strive to be better; the continuous coaching and training of staff and personnel; the leadership skills of the directors and staff; the true and unlimited support from family members of the directors and staff; the ability to diversify and penetrate new markets when in a difficult global or local period in time. The period in time that we most grew and diversified in, was immediately after the 2008/9 financial crisis. During this crisis, we invested very heavily to be prepared for the future once the situation improved and rebounded. The characteristic to excel even during adversity, is a dominant characteristic of the two directors of the company. MBR: Do you think that being an authentic leader has helped you in your aspirations leading to this prestigious award which the judges bestowed?

Hosts Colin Fitz, Ing. Alfred Camilleri together with Thea Saliba during the presentation of the nominees 40

AC: I believe so. With a management team of twelve professionals in addition to over two hundred and forty employees, effective leadership and determination to succeed by the directors as well as all staff is of extreme importance. Inspectra is a success story. I have been on the management team of numerous leading manufacturing concerns and it is evident to me that,

special feature: malta’s best entrepreneur of the year series

Malta Business Review

Ing. Alfred Camilleri receiving the award as Malta’s Best Industrial Excellence Entrepreneur of the Year from Martin Vella, Managing Director, MBR Publications Ltd

without an effective and fair leader, the concern always suffers. I would like to believe that the judges perceived and acknowledged this attribute.

Not every nominee is a winner, but it is a big motivator to anybody who has not won, to become a winner in future MBR: How inspiring is it to see what you have accomplished with INSPECTRA and how will such accomplishments have a positive fallout on you, as well as INSPECTRA? AC: It is inspiring to me how we have maintained and enhanced the energy and motivation of Inspectra’s team. Inspectra’s other director Ing. Joseph Caruana is instrumental in this. Winning this award has had a very big positive fallout on everyone in the company and our clients. The increase in employee motivation and satisfaction is palpable.

We are also confident that we will be approached by prospective new clients who were not familiar with the company. I invite everyone to research us on the internet and visit our website. MBR: Do you consider this award as a recognition of the INSPECTRA business model? AC: Our business model is innovative, requires very high levels of engineering + chemistry expertise, many decades of experience in quality control, production standards, logistics, and finally outstanding operations and human resources management. Having all the above ingredients together with scientific data gathered on visual inspection + quality control, in addition to a very good knowledge of statistics & probability theory, makes Inspectra’s model unique and successful. It is targeted mainly at the manufacturing and also at the services industry. The Industrial Excellence Award surely reflects our success in formulating our model. MBR: Would you support future entrepreneurial events and awards, and why? What would you do differently?

AC: Inspectra will definitely support future events and awards. Our immediate observation has been principally an increase in employee motivation. Everyone’s mood has improved even more. We have received many words of praise and encouragement from our clients and colleagues. I also believe that Inspectra’s standing in the local scene has improved. We would like this experience to be shared by more companies and individuals through future events and awards. MBR: Can you give us your feedback on the organisation, and how you will remember Malta’s Best Entrepreneur of the Year Awards 2016? AC: Inspectra has won a number of other prestigious awards, both by local and foreign organisations. I must admit that MBR’s organisation and presentation is second to none. My lasting memory of the event must be the very large number of entrepreneurs present at the ceremony and the satisfaction evident on their faces upon being bestowed by an award for being the best in their field. Well done to all involved in making this event a huge success. MBR www.maltabusinessreview.net

Malta Business Review

sPECIAL FEATURE: MALTA’S BEST ENTREPRENEUR OF THE YEAR series

Dedication, Determination & Commitment

by Rochelle Beighton

Interview with Charles Attard, winner of Best Corporate Financier Entrepreneur of the Year Award MBR: What significance does it have to you personally and also to Juanafil Consultants to win Malta’s Best Corporate Financier of the Year Award? CA: Quite honestly, I was not expecting to win. It was enough for me to be part of the big party. Yes, the award signifies recognition by the proposers and affirmation by the judges. Unfortunately, being an advisor in Finance, I am used to being scrutinised and spied upon with one's intention of nailing me; this time the judges had the right information about me and awarded me for a proven track of efforts. Thanks once again. CA: I do not wish that these awards stop on the day of the ceremony. I believe that MBR should organise talks, seminars and lectures in schools and colleges and invite winners of Best Corporate Entrepreneur to encourage university students, MCAST candidates and researchers prospecting into business to share their hands-on experience.

The art of persuasion is a requisite in convincing, but being influential requires a different approach MBR: You have graduated also in cognitive psychology: is thought leadership a key component of your entrepreneurial success? CA: It definitely is. I do invest time in building my team and in assisting this wonderful team to share the common thought. Besides I am responsible for my customers as well. Here I make the difference between 'convincing' and 'influencing'. The art of persuasion is a requisite in convincing, but being influential requires a different approach. 42

Dr Charles Attard receiving the award as Malta’s Best Corporate Financier Entrepreneur of the Year from Ms Margaret Brincat, Sales Director, MBR Publications Ltd

The latter is merely leading by example. Convincing means persuading, while being influential means opening up to others and letting them make your beliefs their own as well. Then they will follow you easily. MBR: We know that you have been in business since 1992, and that you have lectured on Maastricht University Outreach MBA: what is the key ingredient to being a successful entrepreneur, as well as a successful Corporate Financier? CA: Well, that is a secret, but I can give you some highlights. The entrepreneur must first identify the point of sale. He/ she must come up with something that sells today and, preferably keeps selling in the next decade or more. It then becomes imperative for the entrepreneur to create the tools for his project: Capital, infrastructure, manpower, communications, quality plans and contingencies (all of paramount importance). There follows the implementation and supervision. It is a must that the entrepreneur is present physically in this process, as opposed to delegating everything-- money no longer grow on trees. Mismanagement, dull customer relations and overspending are usually culprits in this section.

investing in innovation gives the human touch to any business concept and this ethical approach helps attire positive vibes in your direction. MBR: How do you motivate people to build and create something, and to share in the success? CA: Some clients need motivation, others need guidance, others need security/ back-up, while others ask for the know how. At Juanafil Consultants we give the necessary formation for the beginner, the required support to the skilled and the opportunities to the weathered traders. Our consultants are trained by myself and they screen every customer to establish at what level of co-operation the customer is looking. A wise north African diplomat once told me that I am not a king, but a king maker. I think this is what being a consultant is all about. Sharing the success requires close proximity with your consultant (John 15:5) and our success is in-scripted in our client-base, with some clients dating back to 1992 the year of inception of Juanafil Consultants Ltd. MBR: Is it important to have such awards to recognise business achievement and what is your feedback of this year’s event?

Accounting, statistics and budgeting are cardinal exercises that guide the entrepreneur fortify his creation, or the creation that was left in his hands to guard and prosper.

CA: The award is prestigious indeed. It is the winners' role to share the thrill of the award with the young entrepreneurs and with this gesture the new and young comers in the commercial sphere would have access to knowledge and motivated aspiration.

Paying your dues, giving donations to charity (Dhammapada verse 224) and re-

The event was very well organized to the detail. MBR

special feature: malta’s best entrepreneur of the year series

Malta Business Review

Nadine Pecorella founder of BLOOM!, full of emotion after winning this year’s Best Entertainment Entrepreneur of the Year Award, maintains that these awards recognise excellence and promote success and innovation across all industries. She says that the awards also acclaim the important social contributions made by organisations through their commitment to community, ethical behaviour and corporate social responsibility.

Built on Performance

Nadine Pecorella receiving the award as Malta’s Best Entertainment Entrepreneur of the Year from Chev. Maurice Mizzi, Chairman, Continental Cars Malta

MBR: Can you tell us how you felt when your name was called as the winner of Malta’s Best Entertainment Entrepreneur of the Year? NP: Everything was happening in slow motion. I was sitting with my best friends and colleagues at the dinner table and we looked at each other, thinking, “What if they call my name?” followed by “What did they say?” and then, “oh my God, oh my God.” I turned around and saw that people were standing and applauding, which was really overwhelming. I felt my husbands hands squeeze my hand and whispering to me “Your deserve it!” And my mum was with me, so I wondered too what my father who is no longer with us, would think. My business partner Marilyn had kept saying from the start that I would win, she has more confidence in me than I thought, as I am the kind of person who always likes to look for the next challenge. MBR: What are the key initiatives in your opinion that have made the difference to earn you such a highly acclaimed award, which are currently Malta’s top business awards? NP: Far too many companies forget that at the end of the day, someone will take care of any customer, and we believe that we’d better make sure we take care and pamper our customers ourselves, because if we won’t, then someone else will!. The starting point and our ongoing focus is to winning the commitment of our customers, suppliers and employees at all levels. We focus instead on the level of involvement customers have with BLOOM!

by Rochelle Beighton

If we only focus on transactions, we will be missing the bigger picture; the idea is to get customers to establish an emotional connection with the company and the brand.” Our aim is turn each customer into a brand ambassador. Step One is getting engaged – ‘Choose me’, because without being selected, we can’t move forward and then delivering the promise. Step Two is ‘Choose me again’, and Step Three is turning customers into brand ambassadors, and hence not interested in comparison shopping, whilst the ultimate success level is getting our customers enthusiastic and to tell others to choose me! MBR: Should more be done to raise the awareness of how critical entrepreneurship is for economic growth and help such endeavours to reward entrepreneurs for their efforts and sacrifices? NP: I feel we are very lucky in this country. Malta Enterprise helps entrepreneurs, startups and small businesses via a special scheme, and we are thankful for these incentives. Today ‘science’ and ‘technology’ centers serve as a basis for education and training, however, enterprise does not flourish from there only. The concept of the “entrepreneurial ecosystem’, which describes the conditions that help to bring people together with all the elements to foster economic prosperity, improving

standards of living, creating social changes and wealth creation, should be a top priority for any government policy and strategy. Starting a new business is the easier part, successfully growing it is the real challenge. MBR: A lot of people have business ideas every day (myself included). But what do you think it takes to actually do something about your ideas? NP: The key is to take the idea and make it work! Naturally the idea needs to be different, better or something that others aren’t doing. There are certain basic personal characteristics needed such as leadership, handling failure/success, business sense, networking, customer focused and confidence. Ultimately it’s not work but rather loving what you do. It’s important to mention that one does not have to be an entrepreneur to succeed in business. MBR: Can you give us your feedback on Malta’s Best Entrepreneur of the Year Awards and tell us how will you remember the night of the 29th July? NP: Beyond a shadow of a doubt the event was a success, from the beautiful setting and delicious menu it was obvious that MBR put great time and effort into making it happen. It was gratifying to experience people’s enthusiasm, and the award was ‘the icing on the cake’ for the evening! MBR www.maltabusinessreview.net

Malta Business Review

sPECIAL FEATURE: MALTA’S BEST ENTREPRENEUR OF THE YEAR series

Matthew Spiteri receiving the award as Malta’s Best Young Entrepreneur of the Year from Ms Miriam Theuma

Matthew Spiteri is a self-made LED-Lighting and photovoltaic success who is one of the leading, if not THE leader in customised LED manufacturing in Malta. Matthew has a style of business that is no-nonsense, and he was recently recognised as Malta’s Best Young Entrepreneur of the Year, without even realising, he is the youngest ever to win this remarkable accolade. He is living proof that age is no key in business, and has become a keynote speaker to inspire other young ambitious entrepreneurs.

Age is not a barrier to success MBR: How does it feel to be awarded as Malta’s Best Young Entrepreneur of the Year by the judges during a neck-to-neck run-in?

are both financially feasible as well as environmentally friendly. By constantly innovating, Altern ensures that it is always ahead of the game.

MS: Winning the Malta’s Best Young Entrepreneur of the Year Award came quite as a surprise given the competition. I was obviously overwhelmed on the night, and humbled at the same time. This award could not have been possible without the great work done by my team at Altern. Events like these give you an additional boost to work harder and achieve more.

MBR: Can you take us through the journey from your first customers to what Altern is today? How has the Altern evolved?

MBR: A lot of entrepreneurs face the chicken and egg problem, trying to decide which should come first: What were the steps to go from the idea to the first customer? Did you have the customer willing to pay first, or did you go straight to working on your idea and hope it will sell later? MS: Altern in itself is a company founded on research and development at its core. Since the onset, innovation has always been a fundamental ingredient in Altern’s development and this has helped instil a culture of questioning practices in order to strive for continual improvement. Through this practice we have managed to add value to existing technologies, as well as create innovative solutions that

Since the onset, innovation has always been a fundamental ingredient in Altern’s development MS: Altern Limited was set up in 2008 solely as a research vehicle at the time. It’s principle objective was always focused on sustainable technologies and alternative energy solutions. It was only later in the years that the company shifted to a more commercial nature. Today Altern has three main pillars, R&D, which remains an important driver for other business units, Services focused on Energy Management, and Products, including Photovoltaic, LED lighting, and Combined Heat and Power. Altern has grown to the company it is today thanks to the hard working individuals making up the organisation, where every individual,

including myself, is giving their most for the good of the company. The main objective of the company remains at its focus, that is – “to provide simple and effective sustainable solutions that are both financially and environmentally feasible”. MBR: What would be your elevator pitch about the company? MS: Altern is a company founded on strong guiding values focused on sustainable growth through ethical business and added-value innovation leading to industry focused patents. Our strength lies in the core values of cooperation and team work, where we believe wholeheartedly that we are most successful working together. MBR: What is special about Altern? MS: Altern is a dynamic company made up of innovative engineers and technical personnel. It’s directors are driven by the constant need to innovate and improve the world around them through simple, effective technologies, guided by professionalism and in-depth knowledge. MBR

For more information visit us on: www.altern.com.mt or call us on: +356 2099 6465 44

special feature: malta’s best entrepreneur of the year series

Malta Business Review

A Strong Sense of Mission Digital technology has enabled the creation of new industrial entrepreneur and upended many more! Over the past few years, I have had the good fortune to meet and work with some incredible people. They have all inspired me, and I hope you find such inspiration from Alex Grima, winner of MALTA’S Best Digital & ICT Entrepreneur of the Year. MBR: Was it a surprise for you to be called among the winners as Malta’s Best Digital/ IT Entrepreneur of the Year during the extraordinary gala dinner? AG: It was actually a surprise yes- there was some very good and strong competition in this particular category. This made the win even more significant for myself and the rest of my team. MBR: A lot of entrepreneurs face the chicken and egg problem, trying to decide which should come first: What were the steps to go from the idea to the first customer? Did you have the customer willing to pay first, or did you go straight to working on your idea and hope it will sell later? AG: Progressive actually started off with an idea, after identifying a particular gap in the local market. Thanks to this idea, which took around six months to materialise, we have managed to penetrate the Accounting software industry and take on a substantial number of clients. MBR: Can you take us through the journey from your first customers to what Progressive Information Systems is today? How has the Company evolved? AG: Our first clients, were mostly smaller organisations, typically employing ten employees or less. Our involvement was mainly assisting them in identifying their business information needs and how to best to meet these needs through a solid and reputable accounting system. In this period of time, our company was also taking on new clients on Sage accounting systems, on the eve of Malta’s adoption of the Euro currency.

Alex Grima receiving the award as Malta’s Best Digital & ICT Entrepreneur of the Year from Ms Maria Antoniette Tagliaferro, Handson

Thanks to the organisation’s continuous evolvement and close ties with its clients, Progressive has grown to become Malta’s largest Sage platinum business partner, with a broad range of clients. Today, we also develop, sell and implement our own range of software applications whilst partnering up with world class software companies like Lightspeed and iTesso to support hospitality businesses in Malta, Italy and the UK.

Our target is to help businesses to grow and unleash their true business potential MBR: What would be your elevator pitch about the company? AG: At Progressive we provide a range of business software solutions for organisations of all sizes. We specialise in three main areas – Accounting and ERP systems, Point of Sale solutions and Hotel Software. We do not believe in a one size fits all approach. Our methodology is to work closely with our

clients, identifying their specific needs and propose the most cost efficient and effective solutions. At Progressive, each and every client is important to us. Our target is to help businesses to grow and unleash their true business potential through better usage of information systems that truly meets their requirements. MBR: What would be your best advice about starting a software company nowadays? AG: My first recommendation is to clearly identify your target market segment and specialise by focusing on specific areas. Secondly, generate a strong business idea and ensure that there is a market need for it. Make sure that you realistically quantify the efforts involved and the estimated revenues to transform that idea into reality, so as to ascertain that it is making financial sense. Source the financing required, and once the ground work is ready, work hard to make that idea a reality. Always work closely with your customers, innovate, be flexible and never stop learning. Most importantly, never, ever give up on your dreams. MBR www.maltabusinessreview.net

Malta Business Review

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wOMEN LEADERs

Driving Business Success

By George Carol

A conversation with Dr Katia Tua, who heads the Investment Services department of the law firm Mamo TCV. MBR: How different is it being part of a small law firm to being part of a much larger firm? KT: At Simon Tortell & Associates we had three very specialised and focused departments, namely Investment Services, Corporate and Banking Law and Litigation. In reality at Mamo TCV we have a similar set up because the firm is made up of various specialised departments but naturally we offer several more departments. We now cover all aspects of corporate and commercial law and financial services as well as other areas such as intellectual property and aviation law. The team is much larger. We had nine employees previously and now following the merger, our staff complement is around 80 including lawyers and professionals from other disciplines. MBR: Can you define your role within Mamo TCV? KT: I head the investment services 48

team. We typically assist our clients in setting up various investment vehicles and we also provide legal advice on different aspects of Maltese investment services legislation and regulation. Our client portfolio includes leading investment banks, international fund managers and global administrators. The client base is international and includes a clientele from the United States, Canada, South Africa, Australia, United Kingdom, Denmark and Ireland.

Certainly, professional development is one of the key ingredients for success in this field. The work load is varied. Being a lawyer does not only involve giving legal advice. It also entails maintaining relationships with existing clients, actively looking for new business

opportunities and building new relationships with prospective clients and stakeholders. MBR: How did you come into this area of law? KT: After completing my LL.D. course in Malta I read for a Master of Laws degree at University College London in 2001/2002. One of the courses I followed there was the Law of International Finance. When I came back to Malta I joined Dr Simon Tortell whom I had previously done my traineeship with. We set up a couple of investment fund structures. Then in 2005 a British multinational bank engaged us to set up a UCITS (undertakings for the collective investment in transferable securities) platform for them in Malta The nature of the work was such that one needed to be focused and have technical expertise in that field of law. The number of funds setting up in Malta increased, and have kept me

women leaders

busy ever since! Incidentally we still act for the bank and I now sit on the board of its local company. MBR: Are you doing what you always imagined you would be doing? KT: I always hoped I’d be doing something exciting so yes I can safely say I am doing what I imagined I would be doing! Financial services and investment services in particular are very dynamic. The products designed by our clients, the structures we offer and the regulatory framework we need to comply with are constantly evolving. This is a very exciting area of law to be in. One never stops learning and growing professionally and personally. Certainly, professional development is one of the key ingredients for success in this field. MBR: Is it even tougher to maintain that entrepreneurial spirit as companies grow larger? KT: Although Mamo TCV is a large firm, the thirteen partners are all

very much focused on the firm and on its growth. We meet on a regular basis and discuss ways in which the firm can continue to grow and follow new business leads. There is a lot of enthusiasm and passion around the table and we are flexible and nimble in decision-making.

All women, like any other person in the workspace, should concentrate on succeeding on a personal level

Malta Business Review

speak up if they are unhappy about something. MBR: Any tips for working mothers? KT: I am a firm believer that there aren’t enough hours in a day to do it all. It is therefore critical to prioritize, focus and manage time efficiently. Also, as employers we strongly believe in work flexibility and a worklife balance. MBR

EDITOR’S NOTE

MBR: What should women be doing in the workspace to drive gender equality? KT: Regardless of gender. it takes a combination of personality traits and skill to succeed in this industry. All women, like any other person in the workspace, should concentrate on succeeding on a personal level and

Katya Tua heads the Investment Services department of the law firm Mamo TCV. She was called to the Bar in 2002. She joined Simon Tortell & Associates as a founding partner in 2009 and in 2016 became a partner at Mamo TCV Advocates following a merger. Katya is married to Julien and has two young children.

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women leaders

People You Can Trust Interview Catherine Calleja, Director and Group Company Secretary of the Atlas Insurance and Investments Group, tells us why Atlas is recognized as trusted, long term suppliers of insurance and financial services in Malta and overseas, and provides security and value to all stakeholders with a purpose beyond profit. MBR: What kind of culture exists in your organization? How did you establish this tone and why did you institute this particular type of culture? CC: We are aware that while we have a legacy culture which we are proud of, this needs to be reinforced and transmitted. We need to actively promote it and ensure that it prevails. At Atlas we define our culture through our values which were enunciated through a bottom-up approach in a series of staff seminars. However we regularly examine aspects of our values and use training and coaching to promote their importance. Our core values comprise of creating value tor all stakeholders (which include our human resources, our shareholders, our customers and intermediaries as well as our suppliers), empowerment and innovation (we constantly examine and reexamine our environment, and systems to ensure that we take nothing for granted), commitment to service (again training and research and testing is key here), ambition (we innovate to give the best experience to our customers and our other stakeholders) and respect. Although respect has been listed at the end, we feel that this is at the heart of our culture at Atlas. Respectful dealings with each other and customers creates

an atmosphere of trust and is a key motivating factor within the group. Our tag-line â&#x20AC;&#x2DC;People you can trustâ&#x20AC;&#x2122; is taken very seriously indeed! MBR: How do you go about marketing your business? What has been your most successful form of marketing? CC: While we do have a significant marketing budget to ensure continued name recognition and to give information about aspects of our products especially innovation, our most successful form of marketing has been word of mouth.

We work very hard to live up to our customersâ&#x20AC;&#x2122; recommendations and even when we do make mistakes, we make every effort to rectify them. Our commitment to the highest levels of customer service depends ultimately on our commitment to employee engagement which, at the end of the day, makes or breaks each and every customer interaction. MBR: What has been your biggest challenge as a Female Entrepreneur so far and what steps did you take to overcome this? CC: We have had many challenges connected to our various mergers and stages of our group development. Over the past years we have seen our group developing from disparate, small family businesses to a large financial services public interest organisation. Together we have built up a cohesive, flexible and loyal management structure to lead the businesses forward. From the business point of view, one of my biggest personal successes was to spearhead the launch of the health insurance operation in 1996 which has grown today into the market leading AXA PPP healthcare operation in Malta. We offer a number of innovative products and services to the Maltese resident and expatriate markets.

women leaders

To overcome both the challenges of corporate mergers and company evolution as well as to build up a new operation, what I believe has been key is honest, direct and ethical interaction with others. To be trusted by others has been key to Atlas’ larger success and my smaller personal success.

what I believe has been key is honest, direct and ethical interaction with others MBR: What issue does your core product help solve and how so? CC: Since I head the Atlas Healthcare operation personally, I will talk here about health as ‘my’ core product. Perhaps even more than other insurance products, we see our role as providing peace of mind when medical treatment is required. Part of this is making it clear what our product is designed for at the point of purchase. We always offer to go the extra mile to visit companies, hold seminars for their staff, offer online help including chat and 24/7 services.

Maltese employers today face increasing challenges to attract and retain top human resources. Our product range, which includes dental insurance as well as preventive care and other interesting addons, is being used by many local employers to help create attractive and innovative benefit packages. MBR: How do you motivate people to build and create something, and to share in the success? CC: We work hard to create and maintain engagement at work. This is not just lip service. We have a strong performance management system where corporate objectives are drilled down into individual goals which in turn is translated into performance bonuses. But we believe that engagement comes from much more than financial reward - it comes from a belief in the importance of one’s contribution and so communication is key here. Our managers get employees involved in the successes of the company and nothing motivates more than communication about success – and pulling together to address a failure. Successful teamwork is not always easy and each individual needs to have the right attitude. We invest more and more in our efforts to create and train

Malta Business Review

for the right competencies for successful team development. MBR: What’s the most exciting thing on the horizon for you/your Company? CC: At Atlas we are motivated by change and the world is presenting a number of challenges at present. There are a number of new initiatives on the horizon which we are looking at which should give our consumers more choice and support going forward. Sorry can’t give too many more details here! MBR EDITOR’S NOTE Catherine Calleja is Director and Group Company Secretary of the Atlas Insurance and Investments Group. She is Managing Director of Atlas Healthcare, local agents for AXA PPP healthcare. Currently Vice President of the Malta Insurance Association, she represents the industry in various fora often relating to the health insurance sector. She lectures honours students in insurance and risk management at the University of Malta and currently chairs the HR committee of the Malta Chamber of Commerce, Enterprise and Industry.

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Malta Business Review

WOMEN LEADERS

Together with her colleagues, Dr Vanessa Vella had the privilege and above all the responsibility of shaping the direction and focus of the Vella Grech Legal’s success based on core values. In this absorbing interview, the elegant Dr Vella shares her insights on these core values, particularly honesty and fairness, patience, strong team work, sharing of knowledge and attracting the respect of the industry.

Cultivating a Culture of Open Communication

By Nathan Archer

MBR: What is the core value and vision of Vella Grech Legal and how is the organisation evolving? VV: Having a compelling vision and a clear sense of the firm’s purpose is the foundation for establishing defined goals and effective results. From its inception, the Firm adopted the ‘growth mindset’ where, amidst a challenging and rather competitive business environment from professional service providers, growth is always possible with an infinite dedication and hard work to succeed in the desired goals. This is particularly important when managing and leading a specialised firm having a targeted and focused vision for customer excellence and satisfaction. Essentially it boils down to empowering our clients to successfully adopt the best legal solution for their business. It’s always about meeting the client’s perception of value and excellence. So, our core value and mission is transforming the trust and confidence placed in our firm into effective legal solutions with a long term rather than short term benefits for clients and their business. Evolving is part of life, if you don't evolve in whatever you are doing you will not survive. This process brings with it exciting new opportunities and some uncertainties too. We always strive to manage expectations efficiently and to embrace new technological developments along the way whilst being lean, cost-effective and provide the necessary assurances to clients. MBR: What attribute is most critical to being an effective managing partner? VV: In my view, it is a concoction of a variety of skills and attributes which have to be enhanced and perfected along 52

the way. One of the most crucial is the ability to listen and not talk. Cultivating a culture of open communication in a maddening world full of demands and deadlines, and the ability to listen to your colleagues and clients before openly communicating your views is vital. This nurtures trust and confidence in your practice and in anyone working close with you. Constantly keeping pace with a fast changing legal landscape and business environment, and at the same time thinking ahead is another essential skill. Nonetheless, providing sound legal solutions to clients always remains the first and foremost goal. MBR: In regard to driving business and business strategy, would you talk about that function and for you, how has your role evolved over the years? VV: Strategic planning is essential in order to attain the desired realistic short-term and ultimately long termgoals. This applies to any business organisation, including law firms, having a set of defined goals and aspirations designed principally to meet client expectations. Law firms, traditionally were not operated as a business but nowadays this perception is changing dramatically. However, despite this changing trend it is important for a law firm to remain rooted in its culture and beliefs. Defining your goals and setting a clear path to achieve them is the ideal platform to grow in a mature and steady pace. A strong background in financial services opened up a myriad of doors for me which provides a leverage for other opportunities and challenges. Evolving from a lawyer solely providing legal

solutions to a partner also managing a firm is a giant leap which I embraced with full dedication, positivity and enthusiasm. MBR: How do you evaluate impact and success in this area you specialise? Are there metrics to track impact? VV: Possibly, the most effective metric to gauge success in our area is client satisfaction and a solid reputation. Tracking business data in the midst of an ever increasing workload may not always be a lawyer’s priority however there is a growing trend in gathering performance information and relative data. It doesn't matter if you're utilising very basic, or sophisticated methods to gather key data for evaluation - the huge benefits really outweigh the chosen method and complexity of it all. Investing in effective resources to keep abreast with the latest regulatory and legal updates is essential to ensure clients are well advised in all areas of the firm’s practice areas. MBR: What is the biggest challenge facing law firms in the next couple of years? VV: Global trends and change in the economic climate in which legal firms operate may be the hardest challenge. Law firms are now pressured into adopting a multi-jurisdictional approach to provide a full-service to all clients, both local and foreign. Cybersecurity and new technologies may also be a cause of concern for the legal industry. Law firms must proactively address these concerns with appropriate legal education and training, and sharing best practices may be right way to alleviate these stress factors.

WOMEN LEADERS

Malta Business Review

MBR: Is it important to build more brand awareness? VV: A brand essentially defines who you are, your public profile. You project your brand into the world and people associate your brand with your business. Giving due attention to building a successful reputation will translate into one of the most important assets owned by the firm. With the growth of international law firms and the influence of social media, a strong corporate identity provides a distinctive and visible message to a law firmâ&#x20AC;&#x2122;s audience. Integrating the brand and practice requires time and effort, but it is essentially the brand details and strategy which differentiates some firms from others. MBR: Would you say there is a tremendous opportunity for innovation in your sector?

MBR: Do you focus mainly on the growth of the business? How deep does a Managing Partner should get into other operating areas? VV: In todayâ&#x20AC;&#x2122;s world, the role of the managing partner has evolved dramatically from a simple management position to a more demanding and committed leadership role, with a clear vision in mind. As far as possible, a Managing Partner should also have a role in areas which are not directly connected to the financial growth of the firm to ensure a steady growth, preserve quality and retain at all times a client focused approach. MBR: How hard is it to make a longterm investments when there is so much pressure for short-term results?

VV: Fostering long-term investments in such a flexible and ever-changing economic pressures and unprecedented competition is a challenge in itself, though not an impossible one. A short term outlook is the fastest route to achieving visible results, which may not be as optimal as the long term outcome. It is recognised that focusing solely on long term-investments neglects current opportunities, so it is important to strike the right balance to ensure immediate or shortterm success with long term lasting value. Proper investment in human resources and training whilst exploring new technological opportunities will continuously enhance the value of the firm and produce long lasting customer relationships.

VV: Innovation breeds creativity, the development of new modern cultural tendencies and better prospects towards understanding the dynamic legal landscape and its demands. The law practice is steeped in traditional values and beliefs which should continue to be the basis of any practice. From a management perspective, a fair degree of innovation is possible with lawyers gravitating towards a management and leadership role in firms, and slowly and surely fundamentally redesigning the entire concept of the law practice. From a jurisdictional angle, as well as a leading financial services hub, Malta is fast gaining a solid reputation in the Fintech industry and e-Money institutions as well. Stepping outside the comfort zone is crucial for development and thinking differently is the way forward. MBR EDITORâ&#x20AC;&#x2122;S NOTE Dr. Vanessa Vella was admitted to the University of Malta (Faculty of Laws) in 1991 to read Law and graduated Doctor of Laws (LL.D) in 1997. In 1998, Vanessa was admitted to the Maltese Bar, Superior Courts of Malta and has been involved in the financial services sector for the past 16 years. Vanessa is currently the managing partner of Vella Grech Legal, a boutique law firm, specialising in financial services and business law. She also occupies non-executive directorship roles in local companies. Photo Credit Therese Debono

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Malta Business Review

ICT

Government investing €12.5 million to provide the best ICT solutions

MITA’S Executive Chairman, Mr Tony Sultana

The Malta Information Technology Agency (MITA), on behalf of the Maltese Government, is extending its strategic partnership with Microsoft Corporation for another five years. Through this agreement the government will invest €12.5 million in software licences which will enable the smooth operation of the government IT requirements. Addressing a press conference to mark this event, Minister Emmanuel Mallia expressed the government’s satisfaction for the extension of this strategic partnership. Dr Mallia explained that government knowledge workers will benefit from the procurement of the software licenses. However, he said that the benefits are not limited to workers in the Civil Service as Microsoft will be providing free online training to all Maltese students. While stating that it is important to use the best ICT solutions, Dr Mallia reiterated the government’s commitment to provide citizens with the access to the best tools which enable them to give the best results. For this reason, he said that the government will ensure that the required training will be given. 54

MITA’s executive chairman, Mr Tony Sultana explained that this agreement continues to build up on the previous one, while taking more advantages based of the economies of scales. For this purpose, a few months ago he set up a competent team to guide the process in the best way. The team was composed of financial, legal and technological experts, together with specialised persons in government operations.

gives financial stability to the agreement, Mr Alessandro said that this provided MITA with better rates, together with access to professional consultancy from Microsoft to continue with the implementation of the digital strategy.

Mr Sultana expressed his satisfaction about the results obtained by his team. He explained that there was more transparency and competitivity in the tendering process, while the agreement itself provides more value for money. Through this agreement the government will be able to work seamlessly between its various departments, something which is in line with the government’s national strategy. Finally, Mr Sultana said that this agreement will also help start-ups and will provide opportunities for training and mentorship.

Addressing the press conference, enterprise and partner group manager of Microsoft Malta, Reuben Caruana said that Microsoft feels satisfied in extending its collaboration with MITA and the Maltese Government. Mr Caruana said that Microsoft will continue to strengthen its collaboration through the Microsoft Innovation Centre, which collaboration had already started in the previous agreement. He also said that start up companies will benefit from free software and cloud services for a period of three years through the BizSpark initiative. Start-ups will also benefit from loaning of devices and ongoing mentoring for cloud and mobile app development. MBR

MITA’s chief financial officer, Mr Ivan Alessandro gave more details about the work undertaken by the team to prepare for the best partnership agreement with Microsoft. While explaining that a period of five years

Apart from this, Mr Alessandro said that MITA managed to increase its license base by around 20%. This resulted in an agreement which provides more value for money through additional licences and services.

Courtesy: Ministry for Competitiveness and Digital, Maritime and Services Economy

green green building building solutions solutions

Malta Business Review

green buildings

green buildings Increase the value of your property Increase the value of your property evg-3D® construction system

evg-3D® construction system Cover Mesh

benefits

Time – Fast to assemble

Cover Mesh– Galvanised wire trusses Diagonals

Thermal – Thermal performance

Diagonals wire trusses Shotcrete – – Galvanised 40mm to 80mm

Thermal – sound Thermal performance Sound – Good insulation

EPS – S grade ﬁre retardant Shotcrete – 40mm to 80mm

Sound – Good sound insulation Environmental – Energy effecient measures

EPS – S grade ﬁre retardant

Safe – Safety during–assembly Environmental Energy effecient measures Durable concrete Safe ––Reinforced Safety during assembly Utilities – Service integrated within system Durable – Reinforced concrete Fire – Up to 240min ﬁre rating

Utilities – Service integrated within system Fire – Up to 240min ﬁre rating

JM Vassallo Vibro Steel Limited

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Malta Business Review Malta-Libya-Algeria B2B Forum

Succeeding together in a clean, quality economy Speech by Nationalist Party Leader Simon Busuttil at the Malta Libya Tunisia Algeria Morocco Trade Exhibition and B2B Networking Forum

s we meet here with our Libyan, Tunisian, Algerian and Moroccan friends and partners in this Trade exhibition and business-tobusiness networking forum, we cannot but start with the context in which we want to enhance our prosperity and the prospects for our businesses. Unfortunately, we face challenges that require political will and cooperation between our countries and States. But, if we surmount these challenges, our region can experience a renaissance that will be not only political but also economic and social for the benefit of our peoples and businesses. If we work together, we can succeed together. It is an optimistic message I want to pass on to you today: the challenges we face are surmountable. We have been talking about Libya, for example, for years now. In Libya, Malta has an opportunity to keep contributing from a position of trust as it did five years ago, in the height of the crisis in 2011, earning the admiration and praise of one and all. All of us stand to benefit if progress continues to be achieved in Libya. Malta’s size makes it a trusted partner with all of you in our long and fruitful relationships with all our neighbouring countries. We are all in a unique position to benefit economically and security-wise from any improvement there should be in Libya. But, of course, it has to be the Libyan people who should be trusted to be masters of their own destiny. In an increasingly interlinked world, we also face challenges that are supra-national, beyond nation-states. The more complex challenges we face now and into the future require multi-faceted action and even more 56

trust and cooperation between states, businesses and peoples. My view is that the three great regional challenges we face are migration, terrorism and climate change. These are the challenges that we must overcome together because no one country can overcome them on its own. It will serve our interests to do tackle these challenges in a true spirit of cooperation and trust. In this spirit we politicians can offer you, the creators of wealth and prosperity, the best atmosphere in which you can thrive and prosper. As our local political cycle approaches another general election in less than two years’ time, my party, the Nationalist Party, has recently launched and economic blueprint for Malta which develops our vision for the quality economy we want to continue building for Malta, as we did up to 2013. In past years we made Malta a success within the European Union and developed new cutting-edge industries that pay better profits to our businesses and better wages to our workers. The place where we’re meeting, is a physical testament to our vision. We now want to enable more of our people to participate in productive, qualitydriven business and employment, and we want to empower our entrepreneurs and our workforce to earn significantly higher real incomes. Our economic growth will thrive through leading-edge sustainability and an unprecedented respect for the environment, focusing on smart, high valueadded industries, attracting global players and encouraging our indigenous start-ups to make it to the world-stage through Malta. Most importantly, we view the economy as an enabling vehicle for our people to get on with a better quality of life, whilst ensuring that we collectively secure a better Malta not just for us but also for our future generations. Where you, businesses from all over our region, come in is in one of our core drivers for our economic vision: transforming our industrial landscape into a global investment district. We want to do this through the achievement of heightened levels of competitiveness and international business connectivity across all economic sectors. We have a vision of Malta as a regional logistics powerhouse harnessing all the

benefits of the huge investment we effected in past years in information and communication technology, aggressively addressing European Union funds and our own funds to new investment for the worldclass infrastructure we need to make Malta a regional business beacon, and further enhancing technology to establish Malta as a global business gateway. We can do this with partners like you in our region. My party’s vision is for a small yet nimble country which we want to have its particular character and offer: Trusted Malta, a safe, secure, stable and fair jurisdiction; a global business district that works. In order to do this, we also envisage a shift in our public services to enable efficient private enterprise, enabling businesses like yours to thrive. This is also why I am emphasising clean government and honest politics. The scourge of corruption has its evident deleterious effects as it shifts resources to corrupt practices rather than business efficiency, creating unfairness towards efficient businesses that play clean, and resulting in worse public services that suck energy and resources out of the private sector we want to develop and prosper. As you meet, exhibit your lines of business and network, I want to give you an optimistic message about Malta’s future in the context of regional cooperation. Malta has come a long way since my party made it a sovereign state 52 years ago and led it into the European Union 12 years ago. My vision for Malta is to succeed together with you as we become more interlinked and harness all the technologies that are transforming our lives and businesses and that will keep developing rapidly. I wish you all success through enhanced cooperation. And I give you my deepest commitment to a clean, quality economy addressed towards excellent service to our regional businesses; businesses precisely like yours. MBR Courtesy: PN Media

DENTAL HEALTHCARE

Malta Business Review

POOR PROSTHETIC DESIGN The replacement of missing teeth may be

Treatment Plan

executed differently. These mainly differ in two ways; a removable prosthesis or a

1. Consultation and Photography: an integral part of treatment planning

fixed one. A removable prosthesis comes

2. Impressions for study models

in the form of a denture whilst a fixed prosthesis is either a bridge or an implant. A removable denture utilizes a framework,

Dr Jean Paul Demajo

Dental and Implant Surgeon, Trained in London working in private practice in Malta Poor Design

which engages in between the missing teeth and clips onto the remaining teeth present. A fixed bridge is cemented on one or more of the remaining teeth using them as anchors for the missing teeth. An implant is an independent unit, which does not rely on any other teeth and therefore does not cause any loading force or damage to other teeth. Advantages of this design

Intra-oral view before treatment

• Quick production: 1-2days • Relatively cheap • Good lifetime track record for bridgework Disadvantages of this design • Poor hygiene control • Poor aesthetics • Dependent on the supporting teeth; the central incisor and the canine

Extra-oral view after treatment

• Continued loss of bone and consequent recession of the gum

4. Implant placement with simultaneous bone grafting in the position of the missing lateral incisor. The bone graft is used to replace the missing bone and bulk up both the hard and soft tissue improving aesthetics and hygiene maintenance 5. Modification of the temporary bridge during the 4month healing process of the implant and graft to shape the gingiva and achieve an aesthetic improvement. 6. Impression and cementation of 3new all-ceramic metal-free crowns on the central incisor, canine and implant. 7. Review and maintenance plan This implant treatment modality differs in timeframe from the previous conventional bridge by 4months. The new expense is also more than double. Having said that, most patients with this dental

Patient complaints

history weigh out a gain in confidence

• Indentation in the bone

and aesthetics more than anything else.

• Gum recession • Inability to clean properly

Extra-oral view after treatment

3. Replacement of metal-porcelain bridge with temporary acrylic resin bridge: this temporary bridge will be used throughout the whole duration of the treatment until the final definitive crowns are inserted

Patients are also capable of maintaining better hygiene with single unit prosthetic designs. Patient motivation and goals are

• Poor aesthetics

key to a successful treatment plan. Ask

• Lack of confidence

your dentist!

MBR

A Case Study A young woman in her late 30s with a history of a failed root canal treatment of the upper left lateral incisor requiring extraction has had the tooth replaced with a conventional fixed bridge. Figure 1 shows a conventional-porcelain fused to metal bridge anchored to the upper left central incisor and the upper left canine replacing the upper left lateral incisor. The bridge is also replacing some lost hard and soft tissue in the form of bulky pink porcelain filling the space in between both supporting teeth.

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Malta Business Review

Debate

Bitcoin 'not real money' says Miami judge in closely watched ruling By Mazin Sidahmed in New York

• Defendant acquitted of illegally transmitting $1,500 worth of cryptocurrency • Judge: ‘Bitcoin has a long way to go before it is the equivalent of money’ Espinoza’s money-laundering charges were also dismissed in the case, but more due to the circumstance of his arrest. Undercover detectives bought bitcoin from Espinoza after informing him they intended to use the virtual currency to purchase stolen credit card numbers. The judge found that this did not equate to laundering. “There is unquestionably no evidence that the defendant did anything wrong, other than sell his bitcoin to an investigator who wanted to make a case.”

Judge Teresa Mary Pooler: ‘It is very clear that bitcoin has a long way to go before it is equivalent of money.’ Photograph: Jacob Carter/REX/Shutterstock A Miami court judge has sent ripples through the cryptocurrency community in a ruling in which she said bitcoin was not real money. Defendant Michel Espinoza was on trial for illegally transmitting and laundering $1,500 worth of bitcoins to undercover agents who intended to use them to purchase stolen credit cards. His attorney argued that the charges should be dismissed because, under Florida state law, the cyber-currency could not be considered money. After extended deliberation, Judge Teresa Mary Pooler agreed in a ruling issued on Monday. “This court is not an expert in economics,” Pooler wrote in her ruling. “However, it is very clear, even to someone with limited knowledge in the area, that bitcoin has a long way to go before it is equivalent of money.” She proceeded to dismiss all three counts against the defendant. Due to the severe lack of jurisprudence and ambiguous regulations surrounding bitcoin, Espinoza’s case has been a focus of interest for the virtual currency community but the ramifications remain unclear. Bitcoin is a virtual currency that allows its users to exchange value online and that can allow the source, or recipient, of the funds to remain anonymous. 58

As it’s grown in popularity among netizens, and libertarians who distrust the central banking system, it has also gained a reputation for use in nefarious transactions. Charles Evans, associate professor of finance and economics at Barry University, has studied virtual currencies extensively. He was hired as an expert witness by the defense in Espinoza’s case, where he testified that bitcoin is not money. “Today is a good day,” Evans said. “The battle isn’t finished but at this particular moment we should all take our victories where we can take them and this counts as a victory.” Evans said bitcoin users in Florida would now have an easier time sending bitcoin as remittances with fewer regulatory hurdles, as a result of this ruling. Individual users will not be considered money transmitters and they are free to purchase bitcoin using real money. But Judith Alison Lee, a partner at the Gibson Dunn law firm who has written on virtual currency regulations in the US, said the judge’s ruling was counter to the direction federal regulators were headed. “This decision by the judge is flat-right inconsistent with what the feds are doing,” Lee said. “It is surprising.” The case’s ramifications, however, may be limited due to the small jurisdiction of the court, she added.

Brian Klein, a partner at the Baker Marquart law firm in California who works on financial technology cases, said the case could have wider ramifications. “The judge got it right,” he said. “Florida law enforcement overreached in charging Espinoza as it did. This decision will reverberate throughout the country and hopefully cause federal and state prosecutors to think twice before pursuing similar criminal charges.” The case is one of very few court rulings on bitcoin and there were no regulations whatsoever in Florida before this case, which Judge Pooler noted in her ruling. “The Florida legislature may choose to adopt statutes regulating virtual currency in the future,” Pooler wrote. “At this time, however, attempting to fit the sale of bitcoin into a statutory scheme regulating money services business is like fitting a square peg in a round hole.” Regulators have been grappling with how to address bitcoin as more Americans adopt it. Many financial regulations operate at the state level. New York has been the most aggressive state in tackling bitcoin, introducing a BitLicense which provides a framework for bitcoin businesses. At the federal level, FinCEN, the agency within the treasury department that handles crime, has been aggressively trying to clamp down on illegal activity using bitcoin. The Internal Revenue Service taxes bitcoin as intangible personal property, not currency. MBR Sources: The Guardian/Bitcoin Broker

commercial real estate specialists

Malta Business Review

We do not wish to be the biggest, just the best. We act with integrity and behave responsibly and we adhere to the highest standards of professional code of ethics. We recruit the best people people that take pride in delivering the highest quality service. Our success as a business depends on delivering the best results for our clients.

t Formosa Real Estate we offer a large selection of properties for sale and for rent, we guide you through any real estate transaction whether you are purchasing, leasing or selling and, offer you peace of mind through our professional and friendly approach. We combine entrepreneurial spirit and a deep understanding in all property sectors, our high standard and personal service to clients is our aim to build a long term client relationships. Our extensive team is Formosa comprised of experienced and newAdv_185X130cmyk.pdf 1

energetic highly motivated real estate professionals passionate about property and with an in-depth understanding of the market, committed to give you the best advice and a high level of personal service. If youâ&#x20AC;&#x2122;re searching for a property to buy or to rent weâ&#x20AC;&#x2122;re your best source for real estate.

Marketing Your Property Our experience, knowledge and honest marketing is the key. Making sure that your property gets the best possible exposure 09:15 it deserves is very important in 15/07/2016

todayâ&#x20AC;&#x2122;s highly competitive market. Before we put your property on the market, our property consultant will visit your property to familiarise himself with it and take note of your property details, which normally would also include floorplans and photographs. Afterall when we advertise your property it will be all these details that will play an important role in attracting potential clients when we advertise your property. Nowadays over 90% of property searches start online, so getting your home on our state of the art website and facebook is definetely an important part in the process of marketing. Placing your property in the right local and foreign publications is also a priority to attract the right clients for you. Our agents will be there with you from the intial to the final stages, from organising viewings to advicing and closing the deal. MBR

CMY

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Malta Business Review

GAMING

Dragonara Casino Re-Opens After 10 Million Investment Project The Dragonara Casino has inaugurated players providing such patrons with the latest its newly refurbished premises after an and most avant-garde machines available on extensive upgrade – a €10 million investment the market,” added Mr Schembri. project that saw a total overhaul of all the Outlining some of the major enhancements gaming areas and casino infrastructure. brought by this upgrade project, Mr Schembri Located inside one of Malta’s most mentioned the creation of a specific space extraordinary and imposing properties, the for poker, a VIP Lounge for private gaming Dragonara Casino in fact, is the only casino and a new sports betting lounge. in Malta set within a historical palace, built “We now have a specially-dedicated area in 1870 as a summer residence for the inside the casino where poker players can Scicluna family. The Dragonara Casino has enjoy their favourite game against the been entertaining guests for over 50 years. It unique backdrop offered by views of St. opened its doors on July 15th 1964 and was George’s Bay, making this new poker room considered one of the first major projects an inimitable and exclusive feature in Malta.” to establish Malta as a tourist destination. Today it hosts over 300,000 patrons annually. When talking about the importance for the land-based casino market in Malta Addressing the media at the Dragonara to attract new players from international Palace, Johann Schembri, Managing Director markets, Mr. Schembri said, “We have and Partner of Dragonara Gaming Ltd, the also been experiencing a rising demand operator of the Dragonara Casino explained for private gaming from both the local and how the project, initiated some months ago, more-so international market. This led us involved a complete re-design of the casino’s to invest in a dedicated VIP lounge to meet layout. the continuous rising demand for private “Through this investment, we are confirming gaming. The place will be dedicated for both the Dragonara Casino sound positioning on individual high-rollers and private groups.” the international scene as well as bringing another important enhancement to our “Another novelty to which we are really tourism product. We have worked with the looking forward is the new dedicated sports world’s leading casino resort designers to betting lounge providing the widest range complete this ambitious project in record of sports-betting markets and offering the time. The entire casino layout has been best land-based odds in the market. In fact, re-designed in such a way that markedly Sports betting at the Dragonara Casino is improves the overall experience of the being offered by Malta’s fastest growing casino player. Special attention has been sports betting brand, IZIBET,” added Mr devoted to the layout and design of the Schembri. Live Tables set-up with the aim to create an Dragonara Casino currently employs around 200 people. Around 40% of this headcount unrivalled player experience.” is the direct result of this newly launched “We have also invested in first-to-market 29th July 2016 SLOT products from the world’s top industry investment project. suppliers. Our range of Slots products defines The refurbishment project also includes the our commitment towards the slots casino launch of VIOLETTA’S, a brand new dining 60

experience open to non-casino patrons. The easy access to parking within the Dragonara Palace grounds, the choice of a mouthwatering Mediterranean menu and the breath-taking views of the St. Julian’s bay make dining at VIOLETTA’s an experience to remember. “Our investment is specifically directed towards attracting a new breed of players towards Malta. As such, as Malta’s foremost Casino, we are not looking at this investment only from our own perspective but also from a more holistic point of view- as a vote of confidence and as our drive to upgrade Malta’s product offer when it comes to Casino entertainment. Investment in this sector however, cannot be seen on its own but requires a holistic approach to ensure that the entire infrastructure and services such as transportation, accessibility and accommodation support further growth of this industry.” “Having said that, we look at this €10 million project as a bold step forward fuelled by the belief that Dragonara Casino is excellently positioned not merely as another casino operator but as one of the most sought after Casinos in Europe,” concluded Mr Schembri. MBR

For further information visit us: Dragonara Palace, Dragonara Road, Saint Julian’s, STJ3143, Malta. Phone: (+356 ) 21382362 | Fax: (+356) 21382371 E-mail: contactus@dragonaracasino.com Website: www.dragonaracasino.com

Dragonara Casino Re-Opens After €10 Million Investment Project

misco malta health check

Malta Business Review

After Brexit:

Malta Should Push for Stronger Bilateral Ties with UK - MISCO “Malta was outlined by Fitch as one of the most exposed countries to the UK, earmarked to have its imports and exports of goods and services of more than 8% of GDP. Moreover, the duration of the weakening sterling will determine the magnitude of financial losses Malta is expected to suffer as a result of the high financial asset holdings it has in the UK.” This is one of most salient points highlighted in the latest edition of the MISCO Malta Health Check, a useful quarterly guide aimed at investors and all those wanting to remain abreast with the country’s latest economic performance. Information for this report is sourced from the Central Bank of Malta, the National Statistics Office, Eurostat, Financial Intelligence on EU Matters, the Financial Times and The Economist amongst others. It also includes views and opinions by MISCO’s directors. As expected, the latest edition pays particular attention to the Brexit issue especially, to its implications on Malta’s economy. The report actually states that the outcome of the Brexit will have direct and indirect implications on the island’s economy, which may warrant a further revision in growth for 2016. The report contends how the unexpected outcome of the UK Referendum diverted attention on the likely implications of the Brexit to the Maltese economy. “The effect of weakening pound sterling on the British to visit the island, the loss of an ally during discussions at European

level, uncertainty around Maltese workers working in the UK, possible revisions in student fees paid by students and patients receiving treatment in the UK, had been flagged as potential immediate concerns for Malta. However, the impact could be more widespread and far reaching,” states the report. MISCO’s Health Check also outlines how Brexit is bound to reduce the UK's contribution to the EU budget – a net €7.1bn in 2014 after rebates – potentially to zero implying that other net contributors would have to increase payments, or net recipients accept lower EU expenditure.

a satisfactory economic growth continued to maintain positive expectations from consumers and investors and that whilst the current low interest environment will render cost of borrowing more affordable, labour market performance continues to report positive trends. A positive performance in real estate activities is also associated with high economic spill-over effects. However, whilst a number of urgent issues such as required investment in water management, waste management and transport should urgently shape the administration’s top agenda, the MISCO Malta health Check also outlines how Malta’s economic performance should in the long run be sustained by innovation, sustainability and competitiveness across all sectors of the economy, especially export oriented industries. The report also flags a number of other issues.

Following the democratic decision of the Brits to opt out of the EU, Malta should work harder to strengthen the bilateral ties with the UK.

“Uncertainty also prevails with respect to the implementation of a financial recovery plan and the plans of the new potential strategic partners for Airmalta.”

“Despite factoring in the new reality, at European level Malta should advocate the need to offer a Free Trade Agreement and possibly the guarantee of a free movement of people between respective trading block,” states the report.

“Local investment is being exposed to overreliance, at alarming levels, to construction and real estate projects raising concerns on potential financial sustainability exposures and environmental issues,” concluded the MISCO Malta Health Check. MBR

The Local Perspective

The MISCO Malta Health Check is available on subscription and may be acquired by contacting advisory@miscomalta.com

Referring to the economic situation in Malta the MISCO Health Check reports that

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Malta Business Review

pharmaceutical services

A Government Entrepreneurial Success Story Roseanne Camilleri, Chief Executive for POYC

nment Entrepreneurial Success Story

‘POYC is committed to excellence, to the highest quality pharmaceutical service delivery and to promote a patient-focused environment. We are also committed to continually strive to improve our responsiveness to provide a timely, accurate, efficient client-centric pharmaceutical delivery service to all stakeholders benefiting for the Pharmacy of Your Choice Unit.’

he POYC Unit is an innovative cultural and business entrepreneurial

approach of how Government has successfully

leveraged

the

market

position and location of the pharmacies and economic outlets in the private sector thereby increasing its efficiency

closer to the patients’ place of residence – to any pharmacy / economic outlet of the patients’ own choice. This eliminated their long waiting and queuing time spent at the Health Centres’ and simultaneously benefitted them from a prompter and more personalised holistic service. Today, our overriding challenge is to manage a 150,000 patient/client base social enterprise that has not only grown in size but also diversified in operations. Given our uniqueness we must continue to balance our business with our social responsibilities and objectives, thereby sustain initiatives that add financial value and also add benefit to our patient population. This diversification brought a considerable

an outpatients’ free-service delivery.

increase to our patient-client population

This modus operandi optimises and

thus pushing even higher our daily

maximises Government’s commitment to

performance output. Nevertheless, we

continuously exploit opportunities that

look at these challenges as opportunities

promote patient-focused solutions that

to consolidate further our operational

augment its social responsibility criterion

processes and to continue with branding

the local environment.

free outpatients’ service by moving it

and effectiveness in order to provide

and also encourage a competitive edge in

l enterprise that

comfortable access to the Government’s

and positioning the POYC Unit as a pivotal component in the NHS services and a

Indeed, the overreaching intent behind

household name https://health.gov.mt/

this line of approach is to facilitate a more

en/poyc/Pages/home.aspx).

MBR

TFR AWARDS

Malta Business Review

FIMBank Group wins TFR awards FIMBank

p.l.c. has been declared the ‘Best Factoring Institution’ in this year’s TFR Excellence in Trade Awards, which recognises leading performers in trade services. Meanwhile, London Forfaiting Company Limited (LFC), another member of the FIMBank Group, also received the accolade of ‘Best Forfaiting Institution’. Both FIMBank and LFC have been recipients of TFR awards in the past on a number of occasions. FIMBank Group CEO Murali Subramanian greeted the news of this latest acknowledgement regarding the quality of FIMBank’s services with great satisfaction,

stating that: “We have built a solid reputation for providing tailor-made trade finance solutions that match our clients’ liquidity and risk management needs”. With regards to the award for London Forfaiting Company’s services, Subramanian explained that: “As one of the most experienced players in the market, LFC has maintained its position at the forefront of developments in forfaiting”. The FIMBank Group CEO concluded that “both of these awards reflect the industry’s recognition of our achievements in the marketplace.” TFR is a leading international trade finance magazine, read by and features the market's key banks, credit insurers,

corporates, traders, law firms, brokers and consultants. TFR award winners are voted for by TFR’s readers, with input from impartial members of the TFR editorial board.

MBR

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

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Malta Business Review

Waterproofing

RESIN FLOORING voicing the future

By Antoine Bonello

Application of self leveling resin flooring The desire to know more and the need to discover new things form part of the human gene. We constantly develop new ideas, materials and products to meet todayâ&#x20AC;&#x2122;s exigencies and to satisfy our lust for more. Industries which produce our daily novelties use of high precision machinery and have very high standards when it comes to cleanliness and dust control. Dust can affect their machines and the equipment loses its precision, or worse can sustain damages worth thousands of euros. One of the great ways to control dust in an industrial environment is by installing durable resin flooring. The finish is seamless and can withstand heavy traffic, machinery, palletisers and acids. The same can be said for hospitals, pharmacies, restaurants and were a high level of sanitation is required. The pharmaceutical and food industry are always being audited and frequent inspections means a constant need to have perfect looking glossy floors. Pharmaceutical production tends to have the strictest operational guidelines in any industry imaginable and this means that have very high expectations when it comes to their flooring. Printing facilities on the other hand use massive palettes loaded with tons of papers, leaflets, brochures and other printing material. These massive loads are shifted around with lifters and palletisers causing enormous stress on the floor. A poor quality floor can easily get damaged, with crakes and holes start to form in the concrete. Furthermore if 64

Industrial flooring food certified

ink drops on the floor it can erode the concrete. Restaurant and hospitals on the other hand require something that can be easily washed, non-slip and anti-bacterial, while the automobile industry requires something that is resistant to oils and acids. A solution to the above mentioned exists in the form of epoxy resins, they are continually applied abroad and are made to last long and deliver. So why many speak badly about resin flooring especially in Malta, the answer can be divided in two. 1. Lack of product knowledge and application 2. Low quality materials Before applying a resin flooring the following is to be verified. 1. The grade and strength of the existing concrete screed 2. Humidity levels inside the concrete 3. The usage of the area Resin flooring can never be implemented on weak structures and humid areas as it will detach due to vibrations and negative pressures from below. A humidity and concrete grading test is recommended prior to any installation and eventually treated accordingly with a consolidator and a vapour barrier. Before any coat is applied it is important to know the use of the area in question, thus to determine which the best protective coat for your requirements. There is no such thing as one product fits all when it comes to resins. Avoid plastic and acrylic

based materials as they tent to flake and detach at the very first sign of stress. UV rays play a very important role as epoxy resins do not withstand UV and are not recommended for outside use or were there is direct sunlight. For this purpose polyurethane resins can be used without any restrictions. Prior to any resin finish a primer must be applied. A good primer penetrates the substrate and stops the dusting effect in concrete; it also consolidates and increases the bonding abilities of your finish product. The right primer will guarantee better adhesion to the substrate, longer life and reduces the risk of chipping or breaking. By properly priming and sealing the substrate you are reducing the risks related to detachment.

A bad workmen always quarrels with his tools, the product alone is not sufficient, and an important factor is good workmanship The finish coat must be resistant to the customerâ&#x20AC;&#x2122;s exigencies; serious companies like NAICI can provide a detailed datasheet together with the required certifications and laboratory tests that guarantee the flooring meet all EU norms. An important factor is the quantity of the material applied. A bad workmen always quarrels with his tools, the product alone is not

Waterproofing

Malta Business Review

Industrial flooring acid and vehicle traffic resistant sufficient, and an important factor is good workmanship. Resin can have very undesired effects if applied wrongly.

you are hiring knows exactly what it takes to implement a good waterproofing system.

Unfortunately materials do not speak so they canâ&#x20AC;&#x2122;t defend themselves when someone applies them wrong and believe me this happens a lot. If you have in mind to hire third parties to do your resin works always make sure they are members of The Malta Professional Waterproofing and Resin Flooring Association, only in this way you are guaranteed that the persons

The Malta Professional Waterproofing and Resin Flooring Association was established with an aim in mind; to teach and promote the correct use of materials and proper workmanship. We are also proud to say that professional formation with regards waterproofing and resin flooring to all Maltese applicators is now a reality. The NAICI International

Academy together with the Malta Professional Waterproofing and Resin flooring Association and The Resin and Membrane Centre, Maltaâ&#x20AC;&#x2122;s largest showroom with regards waterproofing and resin floorings are regularly organising seminars with regards waterproofing and resin flooring for those who wish to learn more about them and also to learn how to correctly implement them. This academy is renowned in Italy for its constant dedication in the trade Industry. MBR

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Newsmakers

Bitcoin worth $72m stolen from Bitfinex exchange in Hong Kong

Nearly 120,000 units of digital currency bitcoin worth about $72 million were stolen from the exchange platform Bitfinex in Hong Kong, making it the second-biggest security breach ever of such an exchange. Bitfinex is one of the largest exchanges for bitcoin, and is known in the digital currency community for having a platform that has deep liquidity in the US dollar/bitcoin currency pair. Zane Tackett, Director of Community & Product Development for Bitfinex, told Reuters yesterday that 119,756 bitcoin had been stolen from users’ accounts and that the exchange had not yet decided how to address customer losses. “The bitcoin was stolen from users’ segregated wallets,” he said.

Speaker of the House of Representatives receives Turkish Ambassador While condemning the attempted Turkish coup d’état of 15th - 16th July, Honourable Dr Anġlu Farrugia, Speaker of the House of Representatives, Parliament of Malta, has also expressed his views that the democratic process in Turkey should not be hindered by these events. He also expressed his grief for the people killed as well as for those wounded during the said coup d’état. Speaker Farrugia said these words during a meeting held today Mr Reha Keskintepe, Ambassador of the Republic of Turkey, who briefed the Speaker on the current situation in Turkey. The participation of the Turkish Parliamentary delegation in the Parliamentary Assembly of the Council of Europe as well as the issue of the Death Penalty also featured in the discussion. MBR

Bitcoin plunged just over 23 per cent on Tuesday after the news broke. Up till going to print it was up one per cent at $545.20 on the BitStamp platform. Tackett added that the breach did not “expose any weaknesses in the security of a blockchain”, the technology that generates and processes bitcoin, a web-based “cryptocurrency” that can move across the globe anonymously without the need for a central authority. The volume stolen amounts to about 0.75 per cent of all bitcoin in circulation. “It’s the biggest US dollar exchange, so outside China it’s the one that everyone has an account with,” said Antony Lewis, a bitcoin expert in Singapore. “It’s very liquid, folk can trade on margin, lots of daily volume.” It is not yet clear whether the theft was an inside job or whether hackers were able to gain access to the system externally. Bitfinex suspended trading on Tuesday after it discovered the breach. It said on its website that it was investigating and cooperating with the authorities. The attack on Bitfinex was reminiscent of a similar but larger breach at MtGox, a Tokyobased bitcoin exchange that was forced to file for bankruptcy in early 2014 after hackers stole an estimated $650 million worth of customers’ bitcoins. MBR Courtesy: Reuters/TMI

Source: THE OFFICE OF THE SPEAKER

Half-yearly improvements in Public Finances A €47.3 million reduction in the consolidated fund deficit was recorded in the first half of this year when compared to the corresponding period of last year, according to the latest Government Finance Data issued today by the National Statistics Office (NSO). This contributed to the positive results shown by the latest fiscal data released by Eurostat on the deficit and debtto-GDP ratios. Indeed, out of the 28 EU member states, Malta successfully recorded the second biggest surplus and was also ranked the country with the fourth largest fall in the debt-toGDP ratio in the first quarter of this year. The Consolidated data shows that while recurrent revenue increased by €49.7 million or 3.1 per cent during

the first six months of 2016, recurrent expenditure recorded a marginal increase of €2.3 million or 0.1 per cent over last year and remained below the Budget forecast for the same period. “I am pleased to note that Government finances for the first half of this year continue to be in line with projections while outperforming previous years,” commented Minister for Finance Prof Edward Scicluna. MBR Source: THE MINISTRY FOR FINANCE

POYC wins The Malta’s Best Healthcare Entrepreneur of the Year 2016 Award The Pharmacy of Your Choice unit won Malta’s Best Healthcare Entrepreneur of the Year 2016 Award in recognition of ‘Setting Organizational Standards for Excellence and Outstanding Achievement’. The award recognises the accomplishments of the top local entrepreneurs for their positive contribution towards our country’s economic growth, for improving the country’s business community and acting as role models for tomorrow’s leaders. During these last three years, the POYC Unit secured exceptional achievements at both national and international landscapes with five top awards from the Foundation of Human Resource Development, the Equality Mark Certification from the National Commission Promotion for Equality, the 2016 runner-up in the National Enterprise Support Awards and the Silver Plate from the University of Malta for Services rendered to the Pharmacy Profession.

POYC has an instrumental role in achieving the very low levels of out-of-stock medicines in the community, thereby ensuring full accessibility to the 140,000 clients who are entitled to free medicines. MBR Photo: MFH Source: THE MINISTRY FOR HEALTH

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