Property & Life Magazine Issue 8

Issue 08

COVER STORY - 06

What is Brand Journalism The Role of Brand Journalism in PR FEATURE

REPORT

INTERVIEW

MILITARY TECHNOLOGY

08 - WE NEED CLEAN-ENERGY

12 - GLOBAL ECONOMIC OUTLOOK 2015

46 - MISCO: OVER 30 YEARS’ EXPERIENCE IN PEOPLE SELECTION

50 - INSIDE AMERICA’S NEXT

An exceptional article by the Bill Gates, Chairman and Chief Software Architect, Microsoft

Deloitte’s latest views and outlook on the economic situation

James Vella Clark interviews Joanne Bonello, Head of Recruitment and Operations, MISCO

We follow the latest news on the fastest military jet on the planet - SR-72 ‘RAMJET’

INNOVATION AND LOTS OF IT

SPYPLANE

FRIDAY, 2ND OCTOBER, 2015 VENUE: THE ROYAL HALL, THE PALACE, SLIEMA

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PROPERTY & LIFE MAGAZINE ISSUE 8

CONTENTS COVER STORY

EDITOR’S NOTE

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We live in an era of dangerous imbalances, unrealistic expectations, underhanded competition and rat race. Once in a while we find ourselves amidst overloaded responsibilities and expectations leading to frustrations, hopelessness and occasional disappointments.

WHAT IS BRAND JOURNALISM A unique case study on the new rules of content and the Role of Brand Journalism in PR

FEATURES

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And the worst is when this happens when people you trust or love let you down. In his book psycho-cybernetics – Maxwell Maltz brilliantly states some methods to open up safety valves to release emotional steam. All types of physical exercise are excellent for draining off aggression. Long-brisk walks, push-ups, dumbbell exercises, car wash are good. Especially good are those games where you hit or smash something.

Writing is another good way to distract your mind of the work related stress and bring the creative side of you to work. I have learnt to embrace positivity to cope. Looking at positive things at your work for example your last achievements and successes, how you dealt with the similar situation in the past. And I socialize with positive people who believe in me, encourage me and bring out the best in me.

Another lesson I have put into practice is to refrain from resentment at any cost as over a period of time it becomes emotional habit, besides also staying away from such people as well. As someone has said, such people feel good only when they are miserable and tend to drown other people as well. After all emotional maturity lies in shrugging of the bad mood or frustration and getting back to normal, amicable environment where we originally belong.

Friendship may be another way to deal with emotional tension. Oscar Wilde said that the essential ingredient in any meaningful relationship, marriage or friendship, is conversation. In the company of a genuine friend I feel able to communicate freely. The great spiritual writer and Catholic priest, Henri Nouwen, often spoke about the vital importance of friends I his life. He was a deeply sensitive man who treasured his friends.

However, his deep devotion sometimes led to disappointment and pain if, for some reason, they failed him or let him down.

Nouwen writes in The Inner Voice of Love: “When those you love deeply, reject you, leave you, or die, your heart will be broken. But that should not hold you back from loving deeply. The pain that comes from deep love makes your love even more fruitful… Every time you experience pain of rejection, absence, prejudice, bigotry or death, you are faced with a choice. You can become bitter and decide not to love again, or you can stand straight in your pain and let the soil on which you stand become richer and more able to give new life to new seeds.

This month we reap the seeds sowed in past with the new edition of Property & Life Magazine, which we wish you an enjoyable read. This is only the beginning, as we look forward to give new life to one of our new seeds: our new lifestyle magazine In Tune out soon.

Martin Vella QUOTE OF THE MONTH

“Risk more than others think is safe. Dream more than others think practical.”

- Howard Schultz

Disclaimer All rights reserved. No part of this work covered by the 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, publication or party 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 consent from the editor. The opinions expressed in the Property & Life Magazine are those of the authors, and are not necessarily those of the editor or publisher.

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WE NEED CLEAN-ENERGY INNOVATION AND LOTS OF IT An exceptional article by the Bill Gates, Chairman and Chief Software Architect

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THE IMPORTANCE OF DATA VISUALISATION AND AUTOMATION IN THE REALM OF BIG DATA Prof Russell Walker on why we may be approaching the physical limit of our capacity to process information

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REPORT

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46

GLOBAL ECONOMIC OUTLOOK 2015 Deloitte’s latest views and outlook on the economic situation

INTERVIEWS & ANALYSIS

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WORKING WITH SMARTER SOLUTIONS PLM interviews Brian Ferris, Co-Founder of SCOPE

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PUTTING THE CUSTOMER FIRST Budding author Luke Turner shares his studies on maintaining and fostering the customer expectations

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DELOITTE DIGITAL STUDY Digitally-influenced sales in retail brick-andmortar stores to reach $2.2 trillion by yearend

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HSBC BANK’S HALF-YEARLY RESULTS FOR 2015 An up-to-date evaluation on HSBC’s performances

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MISCO: OVER 30 YEARS’ EXPERIENCE IN PEOPLE SELECTION James Vella Clark interviews Joanne Bonello, Head of Recruitment and Operations, MISCO

TECHNOLOGY

50 44

INSIDE AMERICA’S NEXT SPYPLANE We follow the latest news on the fastest military jet on the planet - SR-72 ‘RAMJET’

Publisher: Martin Vella Technical Adviser: Marcelle D’Argy smith Publication Manager: Martin Vella Advertising: (+356) 99260162/3/4; 2149 7814 Email: admin@mbrpublications.net; propertylife2013@gmail.com Contributors: Antoine Bonello; Candie Borg Cardona; George Carol; Yosoof Farah; FimBank; Bill Gates; Michele Patri; Luke Turner; Russell Walker; James Vella Clark; Special Thanks: AirMalta; Café Society, Valletta; Corporate Identities; Deloitte; DOI; HSBC; JCI Malta; LinkedIn; Michael Attard Ltd; National Statistics Office; The Malta Independent on Sunday; Universal History Archive; Universal Images/ Group Rex. Front Cover: Brand Journalism Abstract Composition (Shutterstock, Copyright: Sem-Smith) Art Director: Mark Mercieca Content: Martin Vella Print Production: Printit Ltd. Office: ‘Wyane’, 51B, Triq tal-Herba, B’Kara, BKR 2322. © All rights reserved ISSUE 8 | PROPERTY & LIFE MAGAZINE

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PROPERTY & LIFE MAGAZINE ISSUE 8

CASE STUDY: BRAND JOURNALISM

WHAT IS BRAND JOURNALISM? The New Rules of Content and the Role of Brand Journalism in PR

“News is what somebody somewhere wants to suppress; all the rest is advertising” 1 So the tension between news and advertising, between journalism and corporate information is nothing new.

The debate on the pros and cons of brand journalism has been running for years. Some traditionalists see it as a threat to the mainstream press, while others see it as an exciting expansion to the media world.

But what is brand journalism?

It’s a company investing in content and becoming a provider of news. It is more, much more, than a series of press releases and product launches. Brand journalism is a serious attempt to share information and comment about an industry or sector. The end game, to raise awareness and to encourage loyalty, is no different than a broadcaster’s attempts to increase audience figures or a newspaper’s drive to boost circulation.

To be credible and to establish a reader’s trust, brand journalism must Stand-up to the finest values of journalism: 06

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• It has to be based on facts • Be fast and topical • New content should be generated often and consistently • It must give value to the reader or viewer • There must be complete transparency about the origins of the content After all good brand journalism is good journalism.

Brand journalism exists to provide audiences with value beyond just an advertisement, aiming to provoke dialogue or prompt sharing with others Derek Sasson is the Chief Operating Officer at Outbrain, a content discovery platform. In this Businessweek debate with Mark Glaser, Editor of PBS MediaShift, Derek describes the added value brand journalism brings:

“Brand journalism exists to provide audiences with value beyond just an advertisement, aiming to provoke dialogue or prompt sharing with others.

Marketers are acutely aware that authenticity, transparency and real substance are essential for this to work.” 2 In contrast, in the same article, Mark Glaser makes the point that brand journalism cannot provide the essential objectivity of professional media: “Imagine this scenario: A technology company releases a new smartphone and begins a massive marketing campaign, claiming the phone does amazing things, is faster than any other phone, and has the best network. But consumers are much better served by turning to journalists — real journalists — for reviews of the phone.”

Jesse Noyes is Corporate Reporter at marketing automation provider Eloqua, (a LEWIS client).

Previously he worked inside the newsrooms at the Boston Herald and the Boston Business Journal. Today he uses his journalism experience to find the narratives that drive business and explain the trends impacting marketers everywhere.

He calls it brand reporting rather than brand journalism and he describes his work as:

CASE STUDY: BRAND JOURNALISM There are those who continue to struggle to accept the term brand journalism, after all how can a brand really achieve credibility as a news publisher? Bob Garfield has reported on advertising, marketing and the US media for nearly three decades. He believes that corporate conservatism will always win over against journalism integrity in a company’s newsroom:

“Bringing voices from inside and outside of the company together to tell a story. It’s the news about that space that they want to read and listen to. It’s not all about the company.” 3 Brand journalism is already well established and widely used. It’s no longer the new kid on the block.

Every company is a media company because every company, no matter if it makes ball bearings or diapers has to publish in many different channels and formats to be visible

According to research from the Content Marketing Institute and MarketingProfs, 90 per cent of non-media companies create original content in some shape or form and more are producing the kind of content that engages people.

“That’s why, whether in Austin or Motown, Brand Journalism is such an awful misnomer. I find it ironic that marketers are charged with conducting conversations and no one knows how to tell the truth.” 1

Tom Foremski, a former Financial Times journalist now reporting on Silicon Valley, has dubbed EC=MC: Every Company is a Media Company.

Brand journalism is also a long term investment.

You can’t build an authoritative channel in a month.

Those with a serious commitment will recruit the best journalists for the quality of their writing, their focus on facts and on their ability to spot a story. Journalists don’t come cheap but the opportunities are there for those C-level executives who embrace the potential and who seize the opportunities.

“Every company is a media company because every company, no matter if it makes ball bearings or diapers has to publish in many different channels and formats to be visible. If you aren’t seen amidst all the media noise, you don’t exist.” 4 Shel Israel, writing for Forbes, talks about an opportunity that he was given by the technology firm Dell to work as a journalist and to compose corporate news for them. He goes on to describe how the recruitment of experienced news journalists quickly led to the creation of regular news content.

© Copyright 2015; All rights reserved.

Creditline: White Paper – The New Rules of Content, LEWIS Communications.

Those remaining in the newsrooms of the big media houses now have more content, stories, tip offs and real-life case studies at their disposal than ever before.

Brand journalism, along with citizen journalism and social media interactions are all cutting down the wear and tear on the reporter’s shoe leather.

And this growth in available content is shaping the way that traditional media works and allowing access to stories and places that were previously cut off. Here two Syrian activists, who felt compelled to become citizen journalists to tell their side of the story, describe the challenges that they faced:

Sources: 1 Alfred Harmsworth, Lord Northcliffe, (1865-1922) British publisher of the Daily Mail, Daily Mirror, The Observer, The Times & The Sunday Times.

2 http://www.businessweek.com/debateroom/archives/2011/09/mt-preview6f91ebc2c31a9c19881a12276fac57776287d715.html 3 http://schedule.sxsw.com/2012/events/event_IAP100155 4 http://www.siliconvalleywatcher.com/mt/archives/2012/04/every_media_com.php

PROPERTY & LIFE MAGAZINE ISSUE 8

Brand Journalism and PR Valuable content can be a PR asset - You will generate more goodwill, trust and positive brand value if you generate genuinely useful information that will help your customers, such as ebooks or guides. This is particularly important if you are in a complex industry where education is required or if you have delicate reputation management issues.

Establish thought leadership – Thought leaders are closely associated with their fields of expertise. In today’s web-centric world, being an online destination for content on a specific topic – and ranking highly in search engines for related keywords – is akin to thought leadership. Non-promotional, expert content should be at the heart of any thought leadership campaign.

Use content to educate - if your PR goal is to build awareness of an issue or change a practice then content is essential. Creating guides packed with useful data and presented in unique formats will get you more attention than a single rallying cry or awareness campaign.

Use content to build community - monitor social channels for instances where people show a need for information (ask questions, express a pain point) and then offer your nonpromotional content to them. If the content is hosted on an optimised blog, for example, with a clear call to action, they may well subscribe or they may follow you back.

Use content to respond to industry trends – content doesn’t always require lengthy production cycles. In fact, speed and responsiveness can be an asset. Prove your brand is a valuable source of timely, expert content by producing video clips, fast infographics or blog posts in response to trending news. You will gain traffic, links and possibly even inclusion in news write-ups.

Be a source for media - even if you aren’t ready to commit to publishing your own content on a regular basis, you should still try to take a journalistic approach to generating content for other media. Bring experienced journalists into your business to identify story angles, critique your messages and ensure you are creating the right kind of material to appeal to the media. You have to understand the story the journalist wants to tell.

ISSUE 8 | PROPERTY & LIFE MAGAZINE

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ISSUE 8 PROPERTY && LIFE LIFE MAGAZINE MAGAZINE PROPERTY ISSUE 88 ISSUE

TECHNOLOGY GREEN ENERGY

WeWe Need Clean-Energy Need Clean-EnergyInnovation, Innovation, and Lots ofofIt It and Lots

L

ast month, during a trip to Europe, I mentioned that I plan to invest $1 billion in clean energy technology over the next five years. This will be a fairly big increase over the investments I am already making, and I am doing it because I believe that the next half-decade will bring many breakthroughs that will help solve climate change. As I argued in this 2010 TED talk, we need to be able to power all sectors of the economy with sources that do not emit any carbon dioxide.

L L

ast month, during a trip I mentioned that I plan invest $1 sources like like solar andand ast month, during aEurope, trip to the Europe, mentioned that to invest $1 sources solar and But when it comes to to preventing worstI effects I doItoplan see some encouraging progress on climate billion in clean energy technology over theover nextthe fivenext years. will a be wind are getting moremore billion in the clean energy technology five This years.

Thisbewill aadvocates wind are getting of climate change, investments I make will matter energy.

Environmental deserve credit for fairly big increase the over investments I am already making, and I and am I am powerful fairly big over increase the investments I am already making, powerfuland and less less much less than the choices that governments make.

In getting climate change so high on the world’s agenda. ng it because the next will bring expensive.

SinceSince 20072007 doing Iit believe becausethat I believe that half-decade the next half-decade willmany bringbreakthroughs many breakthroughs expensive.

Europe got to talk aboutAs these choices with several Many are policies in place will help change.

I argued this 2010 TED talk, wecountries need be committing the United States has thatsolve willI climate help solve climate change.

As Iin argued in this 2010 TED talk, wetoneed to be theto put United States has ableall to sectors power all sectors of the economy with sources do not emit any carbon reduced its greenhouse to power ofand the in economy with sources thatthe do that notthat emit any carbon reduced its greenhouse political leaders, this post I want to share reflect the impact of greenhouse gases.

The cost dioxide. gas emissions nearly xide. steps gas has emissions that I encouraged them to take. of solar photovoltaic cells dropped bynearly nearly a 10 percent.

10 percent.

SinceSince 19901990 BillGates, Gates, Bill factor of ten over the past decade, and batteries that when itto comes to preventing theeffects worst of effects of climate change, Germany has reduced But when But it comes preventing the worst climate change, the the Germany has reduced its its Co-chair, Bill MelindaGates GatesFoundation Foundation Co-chair, Bill && Melinda store energy created by intermittent sources like solar I think this issue is especially important because, of investments I make will matter much less than the choices that governments make. energy-sector emissions estments I make will matter much less than the choices that governments make. energy-sector emissions Europe I got to talk about thesewith choices withchange, several political leaders, and this by more than 20 percent. and wind areingetting and expensive. thetopeople who will bechoices affected by climate Europe all IIngot talk about these several political leaders, and thisinmore by powerful more than 20less percent. post I want to share the steps that I encouraged them to take.

Since 2007 the United States has reduced its greenhouse while we can make progress with today’s tools, they those in poor countries will suffer the most.

Higher t I want to share the steps that I encouraged them to take.

World leaders will take another critical step this December at a major meeting in WorldSince leaders will take another critical step this atreduction, a major meeting in gas emissions nearly 10 percent.

1990 Germany cannot us to anDecember 80 less temperatures and less-predictable weather would hurt I think this issue is especially important because, of all the people who will be Paris called COP21, where they will get discuss plans to percent reduce global CO2 much emissions I think poor this farmers, issue is especially important of all people who will beHigher Paris significantly. called COP21, where they will discussfoundation plans to at reduce global CO2 reduced its energy-sector emissions byCOP21 more than 100a strong percent.

To work current windemissions and solar most of whom live oninbecause, the edge and canthe affected by climate change, those poor countries will has suffer the most. can build forscale, solving the climate crisis— cted bytemperatures climate change, those in poor weather countries willhurt suffer the most. most Higher significantly.

COP21 can a strong foundation for solving the climate crisis— anda single less-predictable would of whom but we will need to gobuild even further. percent. technologies need backup energy sources—which be devastated by bad crop. Food supplies could poor20farmers, peratures less-predictable wouldby hurt poor farmers, whom could but we will need to go even further. liveand on the edge and andmalnutrition canweather be devastated a Itsingle bad crop.most Foodofsupplies means fossil fuels—for windless days, long periods of decline.

Hunger could rise. would on thedecline. edge and can be devastated by a single bad crop.

Food supplies could Hunger and malnutrition could rise. It would be a terrible injustice to let Scientists generally agree that preventing the worst effects of climate change cloudy weather,to and nighttime.

They also require much be a terrible injustice to let climate change undo any World leaders will take another critical step this line. Hunger malnutrition would be a terrible to let and Scientists generallytheagree that preventing the worst effects ofand climate change climateand change undo anycould of therise. past Ithalf-century’s progressinjustice against poverty requires limiting temperature increase 2 degrees Celsius, that doing so for2example, toCelsius, provide asand much assoa of the undo past half-century’s progress against poverty andwill December a and major meeting inlimiting Paristhe called mate change any of the past half-century’s progress against poverty requires the COP21, temperature to degrees and that doing disease—and doubly unfair because the people who be hurt theatmost are the requires biggest emitters more toincrease cutspace; emissions 80 percent by 2050 allpower countries ase—and unfair people willwho be hurtwhere the most the biggest emitters to cut emissions 80acentury. percent byneeds 2050more and all countries onesdoubly doing the leastbecause tounfair causethe the problem. essentially eliminate by the endplant, of the Unfortunately, while can coal-fired wind farm than 10we times disease—and doubly because thewho people theyare willthe discussrequires plansto to reduce global CO2them makecan progress today’s tools, cannot get us to an 80 percent reduction, s doingwill the be least to cause theare problem. essentially eliminate them by the endthey ofland. the century.

Unfortunately, while we can as much hurt the most the ones doing the least to emissions significantly.toCOP21 build with a strong In addition to mitigating climate change, affordable clean energy will help less 100 workthey at scale, current technologies need makemuch progress withpercent. today’sTotools, cannot get wind us toand an solar 80 percent reduction, cause the problem. foundation for solving the climate crisis—but we will fight poverty.

Although the Gates Foundation doesclean not fund energy energy sources—which meanscurrent fossil fuels—for windless days, long periods In addition to mitigating climate change, affordable energy willresearch help (my muchbackup less 100 percent.

To work at scale, wind and solar technologies need need to go even further.

These are solvable Ifdays, we create the right investments separate), we see through work with the poorest how(my the high of cloudy and nighttime.

They also requireproblems. much more space; for example, t poverty.

Althougharethe Gates Foundation doesour not fund energy research backup energyweather, sources—which means fossil fuels—for windless long periods of energytoaffects by adding to affordable the transportation, electricity, to provide as much power asenvironment aThey coal-fired plant, amuch wind more farm needs more than 10 for innovation, we can accelerate the pace In addition mitigating climate change, estmentsprice are separate), we see them through our work withcost the of poorest how the high of cloudy weather, and nighttime. also require space; for example, fertilizer, and them many other things they times e of energy affects by adding to theneed. cost of transportation, electricity, provide as much muchland. powertheas a coal-fired a wind thanand 10 of progress,plant, develop and farm deployneeds new more solutions, clean energy will help fight poverty.

Although the Scientists generallytoagree thatas preventing ilizer, and many other things as much land. eventually provide everyone with reliable, affordable Gates doesthey notneed. fund energy effects of climatetimes change requires I doFoundation see some encouraging progress on research climate andworst energy.

Environmental These arelimiting solvablethe problems.

If we create the right environment for innovation, energy that is carbonand free.deploy We can the worst (my investments separate), we climate see through our temperature increase to 2 degrees andthe thatpace of advocates deserveare credit for getting change so high on the world’s agenda. we canCelsius, accelerate progress, develop newavoid solutions, and I do seeMany some encouraging progress to onput climate and energy. Environmental These are solvable problems.

Ifwith we create the right environment for innovation, countries are committing policies in place that reflect the impact of eventually provide everyone climate-change reliable, affordable energyalso that is carbon scenarios while lifting peoplefree. out work with the poorest how the high price of energy doing so requires the biggest emitters to cut emissions ocates deserve credit for The getting climate change so high world’s we can accelerate the pace climate-change of progress, develop andwhile deploy new solutions, and greenhouse gases. cost of solar photovoltaic cells on hasthe dropped by agenda. nearly a factor can avoid the worst scenarios alsoefficiently, lifting people out of of poverty, growing foodenergy more and saving affects them by adding to the cost of transportation, 80 percent by 2050 and all We countries to essentially ny countries are committing to put policies in place that reflect the impact of eventually provide everyone with reliable, affordable that is carbon free. of ten over the past decade, and batteries that store energy created by intermittent poverty, growing food more efficiently, and saving lives by reducing pollution. lives by reducing pollution. electricity, fertilizer, and many other things they need. eliminate them by the end of the century.

Unfortunately, enhouse gases. The cost of solar photovoltaic cells has dropped by nearly a factor We can avoid the worst climate-change scenarios while also lifting people out of en over the14 past decade, and batteries that store energy created by intermittent poverty, growing food more efficiently, and saving lives by reducing pollution.

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PROPERTY && LIFE LIFE MAGAZINE MAGAZINE PROPERTY ISSUE 8 ISSUE 8

GREEN ENERGY TECHNOLOGY

To create this future we need to take several steps:

1.

Create Incentives for Innovation

One step is to lay the foundation for innovation by drastically increasing government funding for research on clean energy solutions. Right now, the world spends only a few billion dollars a year on researching early-stage ideas for zero-carbon energy. It should be investing two or three times that much.

Why should governments fund basic research? For the same reason that companies tend not to: because it is a public good. The benefits to society are far greater than the amount that the inventor can capture. One of the best examples of this is the creation of the Internet. It has led to innovations that continue to change our lives, but none of the companies who deliver those innovations would ever have built it. Similarly, the government’s research into hydraulic fracturing helped create today’s natural gas boom.

Expanding the government’s support for energy research will lead to another important step: attracting more private investment to the field. As early-stage ideas progress, private capital will pour in to build the companies that will deliver those ideas to market. We need hundreds of companies working on thousands of ideas, including crazysounding ones that don’t get enough funding, such as high-altitude wind and solar chemical (using the energy of the sun to make hydrocarbons). No one knows which of these technologies will prove powerful enough and easy to scale, so we should be exploring all of them.

My own personal investments include companies working on new batteries and other storage methods and advances in solar technology. The nuclear design I am investing in would be safer than previous designs and would go a long way toward solving the nuclear waste problem. I spend a lot of time with the CEOs and scientists at all these companies discussing how to build a business around an innovative idea and take a product to market. If government research budgets open up the pipeline of innovation, not only will I expand my investments, but I believe other investors would join me in taking these risks.

Governments need to act quickly, because energy transitions take time. Today, renewables account for less than 5 percent of the world’s energy mix. It took four decades for oil to go from five percent of the world’s energy supply to 25 percent. Natural gas took even longer. I believe we can make this transition faster—both because the pace of innovation is accelerating, and because we have never had such an urgent reason to move from one source of energy to another. The sooner we start, the more suffering we can prevent.

2.

3.

We can also be smarter about how we use subsidies. The IMF estimates that direct subsidies for fossil fuels amount to nearly $500 billion a year worldwide, shielding consumers from their true costs. Some subsidies for deploying renewable energy are also very inefficient, creating big incentives to install solar panels where it’s often not sunny or wind turbines where it’s not windy. We should be looking for ways to reduce these subsidies and invest the savings in the basic R&D that will help solve the problem.

As for next steps, I’m optimistic that the spotlight of the COP meeting in Paris will help motivate governments to step up their research budgets.

In my view, innovation is essential to human progress. Some people would say that it is the lens I use to look at every problem, and I have to admit that there is some truth to that. But I believe it is justified by history. In my lifetime innovation has helped eradicate one deadly disease (smallpox) and put us on the brink of a second (polio). We have cut the fraction of children who die every year by a factor of four. Digital technology has revolutionised the way people live. We can create a zero-carbon future too, if we commit to it.

Develop Markets That Help Get to Zero

Another important step will be to ensure that the energy market accurately reflects the full impact of emitting carbon. Today the market is not factoring in what economists call the negative externalities—the health costs, environmental damage, and so on. If the market takes these into account, renewable energy will be more competitive with fossil fuels, which will attract more innovators to the field. Many countries and states are experimenting with different ways to price carbon. Whatever approach we take, it should create incentives to develop new energy solutions while also giving energy companies enough certainty to plan and execute the transition to zero-carbon sources.

Treat Poor Countries Fairly

Unfortunately, even if we could roll out the ideal zero-carbon solution tomorrow, some climate change is inevitable, and it will hit the world’s poor the hardest. The countries that have done the most to cause this problem have a responsibility to not only invest in mitigation, but also help poor countries adapt to a changing climate. For our part, the Gates Foundation is concentrating on one key aspect of adaptation: helping small farmers—who make up the majority of the world’s poor—adjust to hotter, more unpredictable weather by raising agricultural productivity. I will be writing more about this work later this year.

This was originally posted at www.gatesnotes.com ISSUE & LIFE LIFEMAGAZIN MAGAZINE ISSUE8 8| PROPERTY | PROPERTY & E

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PROPERTY & LIFE MAGAZINE ISSUE 8

ELECTRONIC DATA

The Importance of Data Visualization and Automation in the Realm of Big Data

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he heralded economist and Nobel Laureate Herbert Simon is known for saying, “A wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.”[1] Indeed, our capacity to process information must have a physical limit and we may be approaching that limit.

The human processing of data is, of course, much different than how an algorithm or computer processes data. The human mind processes graphics and graphical information well, making graphics the ideal vehicle for conveying data. Graphics are powerful in the communication of data because we can remember images well, but we fail to remember numbers well. The task of remembering seven numbers in an order results in more than 50% of test takers failing. This simple observation was noted by George Miller in 1956 and is known as Miller’s Law. Graphics can be more easily remembered and recreated from memory than numbers. Graphics also allow for communication of scale and comparison in data. This is most helpful to humans, when the data is being examined for a decision. Valuable graphics are those that communicate many dimensions and relationships in data. The statistician John Tukey famously said, “There is no data that can be displayed in a pie chart, that cannot be displayed BETTER in some other type of chart.”[3] Graphics compress data and provide it in a visual form that is easily recollected by humans. For businesses and people to process more data, data compression and data visualization are needed.

The software package Tableau is a great example of how complex relationships and multidimensional data can be easily presented.

This figure (developed by the Northwestern MSiA team of Adrian Montero, Sari Nahmad and Kathryn Wolf) showcases how a data visualization tool, like Tableau, can communicate multiple dimensions of data in one view. In this case, many dimensions and scale in the data can be used to communicate the importance of the data and lead to its correct interpretation. The data relates behaviors and trends of a popular bicyclesharing program in Chicago called Divvy in one just graphic! The data is compressed, allowing for maximum data consumption by our sensory functions. In the graphic, data on popular routes, stations, and seasonality are simultaneously presented along with the geographic location of the bicycle stations. The behaviors of customers and subscribers are compared in the histogram at the upper right, made with Tableau. The map provides a geographical perspective on the location of stations and their relative location to each other. The most important features of the complexity of the bicyclesharing program can quickly and efficiently be communicated. This includes the fact that the customers, who buy one-time rides, are using the bicycles in the tourist zones of Chicago, whereas subscribers, who have purchased a bicycle-sharing plan and are expected to use the bicycles on a regular basis, commute between important transportation and work centers. Of special pride to Chicagoans is the significant number of bicycle riders that brave the winter months, as noted in the seasonality plot. Various decisions about the management, use, and even expansion of this bicycle program can be resolved from such a compression of multiple dimensions in one graphic. This compression of data into a valuable visual view is also necessary as human data consumption trails at the rate of data creation. The Chicago bicyclesharing program is also a great example of Big Data in a new realm of our lives. The bicycles are turned into stations that record the time of use and return time. Since each bicycle is uniquely numbered, routes and customer patterns can also be measured. All of this data on bicycle usage can be used to make better decisions on where and how many bicycles to make available in Chicago.

The above graphic relates the approximate growth rates on information creation, information storage, information processing, and human information consumption.

Note that we consume far less than we can create or process. This excess creation of data over consumption and processing suggests that some insights are inevitably lost.

It will not be humanly possible to process and consume all data generated. Instead, algorithms and artificial intelligence approaches will be needed to mine Big Data for value.

Data visualization and data compression alone will not allow us to process all of the data that is available, or even all of the data that is attractive to process. The fact that information creation and information processing are growing more rapidly than the human consumption of information suggests we have encountered a limit on human

processing of information and that a great deal more of the processing that occurs in the future will be done without direct human intervention and consumption, namely it will be done via automation through machines and electronic devices.

These important implications of Big Data use and the role of automation in the creation and processing of Big Data are developed in greater detail in my recent book, From Big Data to Big Profits: Success with Data and Analytics. The book examines the evolving nature of Big Data and how businesses can leverage it to create new monetization opportunities. Using case studies on Apple, Netflix, Google, LinkedIn, Zillow, Amazon, and other leading-edge users of Big Data, the book also explores how digital platforms, including mobile apps and social networks, are changing customer interactions and expectations, as well as the way Big Data is created and managed by companies. Companies looking to develop a Big Data strategy will find great value in the SIGMA framework, which assesses companies for Big Data readiness and provides direction on the steps necessary to get the most from Big Data.

Sources: [1] Herbert A. Simon, “Designing Organizations for an Information-Rich World,” in Martin Greenberger, ed., Computers, Communication, and the Public Interest (Baltimore, MD: Johns Hopkins Press, 1971).

[2] George A. Miller, “The Magical Number Seven, Plus or Minus Two: Some Limits on Our Capacity for Processing Information,” Psychological Review 63 (1956): 81-97.

[3] J. J. O’Connor and E. F. Robertson, “John Wilder Tukey,” June 2004, http://www-history.mcs.st-andrews. ac.uk/Biographies/Tukey.html.

Russell Walker

Professor, Consultant, & Speaker, on Big Data, Analytics, Risk, & Global Strategy and Author of the book From Big Data to Big Profits.

From Big Data to Big Profits is available from Oxford University Press, Apple iTunes, Google EBooks, and Amazon.

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PROPERTY & LIFE MAGAZINE ISSUE 8

GLOBAL ECONOMIC OUTLOOK

Global Economic Outlook Q3 2015

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n the third-quarter outlook for the global economy, Deloitte’s far-flung economists offer their views on the economic situation and the outlook for the near and longer term.

The Eurozone economy is on the mend, the Brazilian and Russian economies are in recession, the US economy is rebounding from a bad first quarter, and the Chinese economy is growing relatively slowly.

The third-quarter Global Economic Outlook offers outlooks for the United States, Eurozone, China, Japan, Russia, United Kingdom, India, and Brazil.

Patricia Buckley comments on the critically important US economy. She discusses how the decline in real GDP in the first quarter was possibly due to more than simply bad weather.

Alexander Börsch provides an analysis of the Eurozone economy. He says that the recovery in the economy continues, albeit in an “unspectacular manner.” Going forward, Alexander points to various measures of business confidence as boding well for accelerated growth.

Ira Kalish discusses the Chinese economy, how, after a series of moves easing monetary policy, there are now signs that the economy is, at the least, starting to stabilize rather than decelerate. Next, Ira Kalish examines the Japanese economy. Despite the Bank of Japan’s very aggressive program of quantitative easing, it appears that the economy is having trouble taking off.

In their article on Russia, Akrur Barua and Lester Gunnion discuss the current downturn. They note that, although many factors have made Russia’s situation worse, monetary policy has been largely successful in stabilising the currency and reversing the trend toward higher inflation.

In his article about the United Kingdom Ian Stewart takes a notably optimistic view of the outlook, despite the recent slowdown in growth. Next, Akrur Barua returns with an analysis of India, an economy that appears to be growing faster than China.

Finally, Akrur Barua finds that Brazil is most likely already in recession. He notes the poor economic performance of the first quarter, the exception being the relative strength of exports.

The Deloitte Global Economic Outlook Q3 2015 may be downloaded from http://www2.deloitte.com/ mt/geo.

About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities.

DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte. com/mt/about for a more detailed description of DTTL and its member firms.

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Deloitte Malta refers to a civil partnership, constituted between limited liability companies, and its affiliated operating entities; Deloitte Services Limited, Deloitte Technology Solutions Limited and Deloitte Audit Limited. The latter is authorised to provide audit services in Malta in terms of the Accountancy Profession Act. A list of the corporate partners, as well as the principals authorised to sign reports on behalf of the firm, is available at www.deloitte.com/mt/about.

Cassar Torregiani & Associates is a firm of advocates warranted to practise law in Malta and is exclusively authorised to provide legal services in Malta under the Deloitte brand.

Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries.

With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 210,000 professionals are committed to becoming the standard of excellence. © 2015. For information, contact Deloitte Malta.

PROPERTY & LIFE& MAGAZINE PROPERTY LIFE MAGAZINE PROPERTY &8LIFE MAGAZINE ISSUEISSUE 8

BUSINESS BUSINESSBOOTCAMP BOOTCAMP BUSINESS BOOTCAMP

ISSUE 8

Hack Weekend Hack ItIt On On Weekend

How BusinessIdea Idea Howto toValidate Validate aa Business

JCI JCI

Malta is holding its first ever Business whereindividuals individuals with a flair business innovation, Malta is holding its first ever Businessbootcamp bootcamptraining training weekend, weekend, where with a flair for for business andand innovation, ideally those agedaged between 1818 and 40,40,are andvalidate validatetheir their business ideas, either as individuals ideally those between and arebeing beinginvited invited to to develop develop and business ideas, either as individuals or as or a as a group, to learn how turntheir theirdreams dreams into aa valid in in lessless than 48 hours. group, andand to learn how tototurn validbusiness businessventure, venture, than 48 hours.

on evening the evening of Friday 25th September2015 2015and andcontinuing continuing TakingTaking place place on the of Friday 25th September throughout the whole daySaturday of Saturday 26th September 2015,this thistraining training event event throughout the whole day of 26th September 2015, will be jam packed with information, first hand experiences, testimonials, success will bestories jam packed with information, first hand experiences, testimonials, success and hands on workshops, aiming at giving participants the knowledge and storiestools and they hands ontoworkshops, aimingidea. at giving participants the knowledge and need validate a business tools theyForeign need to validate training a business idea. bootcamp expert Kaja Otto as well as a number of other foreign Foreign bootcamp training expert Otto well as afield number of other foreign and local trainers, specialists andKaja leaders in as their own will head this training and local trainers, specialists and leaders in their own field will head this training event. event.

Coming from Germany, Kaja Otto is founder of the Business Brilliance

Bootcamp. a BrillianceKaja Coach, Transformation and Business Maven, Coming fromAsGermany, Otto is founder Catalyst of the Business Brilliance Kaja successfully worked with Transformation thousands of young high potentials, hundreds of Bootcamp.

As a Brilliance Coach, Catalyst and Business Maven, entrepreneursworked and numerous companies private Through coaching, Kaja successfully with thousands of and young highclients. potentials, hundreds of training and and numerous speaking Kaja has effectively inspired them, and opened new entrepreneurs companies and private clients.

Through coaching, perspectives for their liveshas andeffectively careers. Kaja combines moreand than 10 years of training and speaking Kaja inspired them, opened new consulting experience and 6 years of successfully coaching entrepreneurs, perspectives for their lives and careers.

Kaja combines more than 10 years of womenpreneurs & solopreneurs with a common sense and life experience. She consulting experience 6 yearsincubators, of successfully coaching entrepreneurs, has been coaching and in business at start-up weekends and business womenpreneurs & solopreneurs with a in common senseasand experience.

She plan competitions.

She was involved the founding well life as the realignment of has been coaching in business incubators, at start-up weekends and business businesses and organizations. plan competitions. She was involved in the founding as well as the realignment of businesses and organizations.

Danish born but currently based in Malta, Kris J Petersen is founder of CannonBall Invest Ltd but also a serial Entrepreneur. Kris will be present throughout

Danish born but currently based in Malta, Kris J Petersen is founder of CannonBall Invest Ltd but also a serial Entrepreneur. Kris will be present throughout

the expert-mentors andand will will be sharing his success story, story, the bootcamp bootcampasasone oneofofthethe expert-mentors be sharing his success describing how hehealways wanted to have his his ownown business.

By starting at the at agethe age describing how always wanted to have business.

By starting of thirteen, that dream became a reality and today, has more than 16 successful of thirteen, that dream became a reality and today, has more than 16 successful companies behind him, many of which are still in existence today.

companies behind him, many of which are still in existence today.

Dr. Abdalla Kablan is an entrepreneur and academic specialising in machine Dr. Abdalla is an entrepreneur and academic in machine intelligence, big Kablan data analytics and computational finance. Hespecialising is the founder of intelligence, big dataoriented analytics andnetwork computational is the founder of Scheduit – a business social that uses finance. artificial He intelligence and Scheduit – a business oriented social network that uses artificial intelligence machine learning to match relevant business professionals with each other. He is and also the co-founder CTO ofrelevant Hippo Data, a newly developed bigwith dataeach predictions machine learning and to match business professionals other. He is engine utilisesand proprietary patternData, recognition machine also thewhich co-founder CTO of Hippo a newly and developed bigintelligence data predictions tools to analyse social, economic and financial events using social media and market engine which utilises proprietary pattern recognition and machine intelligence data. will alsosocial, be oneeconomic of the expert-mentors thesocial weekend, helping tools He to analyse and financialthroughout events using media and market participants in the validation. data. He will alsoprocess be oneofofbusiness the expert-mentors throughout the weekend, helping

participants in the process of business validation.

James Muscat, is a newcomer in local investments. He has already been well acquainted with independent businesses - from the entertainment industry, to the James Muscat, is a newcomer in localworking investments.

He has already been well stock-exchange market.

James is currently on projects in the medicalacquainted industry, with independent from the entertainment engineering whilst also businesses scouting for-business potential to kick offindustry, his latest to the stock-exchange market.

James is currently working on projects in the medicalplans as a local business angel.

engineering industry, whilst also scouting for business potential to kick off his latest plans as keynote a local business Other speakers,angel. headlining this event will also be part of the set of expert-

mentors leading our participants onto a successful path of business validation.

Other keynote speakers, headlining this event will also be part of the set of expertmentors leading our participants onto a successful path of business validation.

The event will be held at the Microsoft Innovation Centre at Skyparks in Luqa.

Further information and the application thethe boot camp canInnovation be found onCentre the JCIat Malta Website , via info@jci.org.mt or The eventform willtobeattend held at Microsoft Skyparks inwww.jci.org.mt Luqa. on 99235440. Places are limited, so do not hesitate to get in-touch.

Further information and the application form to attend the boot camp can be found on the JCI Malta Website www.jci.org.mt , via info@jci.org.mt or The JCI Malta Hack-It-On Weekend is proudly sponsored by HSBC Bank Malta plc and KPMG, and supported by The Concept Stadium, TAKE OFF, The on 99235440. Places are limited, so do not hesitate to get in-touch.

Edward De Bono Institute for the Design and Development of Thinking, Funding Support, Cannonball Invest Ltd and Scheduit.

The JCI Malta Hack-It-On Weekend is proudly sponsored by HSBC Bank Malta plc and KPMG, and supported by The Concept Stadium, TAKE OFF, The Edward De Bono Institute for the Design and Development of Thinking, Funding Support, Cannonball Invest Ltd and Scheduit.

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Celebrating 100 Years of Aviation in Malta

under the auspices of the

MINISTRY FOR TOURISM

Hilton, Portomaso

Friday 4th December 2015

PROPERTY & LIFE MAGAZINE ISSUE 8

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ICT

PROPERTY & LIFE MAGAZINE ISSUE 8

FINE DINING

Smiling, Choosing, Smiling, Choosing, Cooking, Sharing Cooking, Sharing View from the oldest balcony in Spinola Bay

Martin Vella

by MartinbyVella

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ith a real personal touch to their service and a wonderful restaurant environment, serving top class food, it is certainly not hard to see why visitors travel from miles around to taste the gastronomic delights of Peppino’s Restaurant, set in the picturesque bay of Spinola Bay, St Julians.

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ith aand realthe personal touch to their service and a wonderful Spinola Bay sea. A compulsion which I sloped down the restaurant Spinola hill environment, as dinner time top class food, itSpinola is certainly hard to visitors travel from quite often serving comes upon me, because is a not brought mesee to why Peppino’s Restaurant, probably the around taste been the gastronomic delights of Peppino’s Restaurant, set in corner the hamlet that miles I deeply adore. to I hadn’t here for a oldest iconic restaurant standing in a perfect while, so was bay mooning about reasonably gormlessly, located on this picturesque cove, known for serving picturesque of Spinola Bay, St Julians. feasting upon the boats, endless chain of cars and fi ne French and Italian food for over 20 years. The theSpinola disparate skyline, though wondering too about restaurant is anow run by Vito Calianno, Italian by Bay and the sea. A compulsion which quite The menu la carte is not vast enough to confuse feasting on upon food me, – because isn’tismuch around, birth, and Vitois Goff redo, who hails from Belgium, often comes becausethere Spinola a hamlet that you and there something to satisfy everyone with Irather deeply surprisingly. adore. I hadn’tLoads been here for a while, so was Italian flavours, French dishesthe andservices a good of selection of of places to gorge on and who have now secured top chef mooning about reasonably gormlessly, feasting upon the fresh fish. The dessert list includes home-made gateaux Mediterranean cuisine, pizzas and fast-food, Lord Rueben Briffa and also an Italian female chef. boats, endless chain of cars and the disparate skyline, and fresh sorbets. save uswondering – and there to be on a serious fi xation though too appears about feasting food – because uponisn’t MacDonald’s burgers, which is just a little weird there much around, rather surprisingly.

Loads of places to gorge cuisine, pizzas and in Spinola, but on let itMediterranean lie. fast-food, Lord save us – and there appears to be a serious fixation upon MacDonald’s burgers, which is just a little weird in Spinola, but let it lie.

I sloped down the Spinola hill as dinner time brought me to Peppino’s Restaurant, probably the oldest iconic restaurant standing in a perfect corner located on this picturesque cove, known for serving fine French and Italian food for over 20 years. The restaurant is now run

by Vito Calianno, Italian by birth, and Vito Goffredo, who hails from Belgium, and who have now secured the services of top chef Rueben Briffa and also Italian chef ______________.

Both locals and foreigners are regular guests of Peppino’s Restaurant and the good food and the relaxing atmosphere attract even celebrities from time to time.

Dine in the formal restaurant located on the terrace with a lovely view over the bay, stretching all the way to Balluta Bay for a romantic meal on the exceptional open air balcony overlooking the panoramic bay, the roof terrace, or just have a glass of wine in the downstairs wine bar and choose something light to eat from the black board.

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We want Peppino’s to be at the culinary forefront, unafraid of reinventing ourselves, all while keeping true to our philosophy: cuisine of the essence.

Over years Peppino’s has are served a variety of Both the locals and foreigners regular guests celebrities from Brad Pitt to Madonna to Bon Jovi. of Peppino’s Restaurant and the good food and the The new Peppino philosophy decrees that all guests, relaxing atmosphere attractsuperb even food celebrities from irrespective of fame, enjoy and quality service visit.formal And inrestaurant keeping with this time toevery time.time Dinethey in the located perspective that everyone deserves to be treated as a on the terrace with a lovely view over the bay, celebrity, I sit down to meet the owners for a frank and stretching all the way to Balluta Bay for a romantic open interview. meal on the exceptional open air balcony overlooking the panoramic bay, the roof terrace, or just have a glass of wine in the downstairs wine bar and choose something light to eat from the black board.

FINE DINING FINE DINING

and expertise, merging Italian, Belgian, French and Mediterranean cuisine.

MBR: Can you tell me how did you come to know about this restaurant and what did you do since you took it over?

VC: We knew about this restaurant from a standard agency and the Company was looking for something different, something original and the agency proposed this. We immediately fell in love with this place, so we drafted a business plan and decided to buy it.

What this was important for the Company was the location, we think that located in the heart of Spinola Bay, this restaurant offers a unique three-floor seating, with very charming mosttoromantic Thea menu a la carte isbalcony, not vast the enough confuse balcony setting, where a couple can spend a pleasant you and there is something to satisfy everyone with evening. Combined with the history of this place, Italian flavours, French and atogood where fisherman used todishes come here cook selection their fish of fresh fish. desserttogether. list includes home-made and enjoy theThe evening For the Company it was aand good deal,sorbets. and it was a good opportunity to gateaux fresh develop their ideas about the different dishes we are gradually introducing.

We rented it overa avariety year ago Over the years Peppino’s has served of and we are giving it all our experience. We also celebrities from Brad Pitt to Madonna to Bon Jovi. know that theer are a lot of foreign companies and The new Peppino philosophy that all for guests, investors who have business decrees here and look this irrespective of fame, enjoy different superb food and quality type of restaurant offering dishes and so we decidedevery to create food And here in with our knowledge service timesome they visit. keeping with this and expertise, Belgian, French as and perspective thatmerging everyoneItalian, deserves to be treated a Mediterranean cuisine. celebrity, I sit down to meet the owners for a frank and open interview.

MBR: What development stage have you arrived with your menu?

MBR: Can you tell me how did you come to VG: We didthis some changes but are not know about restaurant and not whatthese did you do enough. areitgoing since youWe took over?to have more because from we did not want to change everything in short period of time right from the start. We want Peppino’s to knewforefront, about this restaurant from a be atVC: the We culinary unafraid of reinventing standard andkeeping the Company for ourselves,agency all while true to was our looking philosophy: cuisine of the essence. something original and the something different, agency proposed this. We immediately fell in love MBR:this What two main dishes you with place,areso the we drafted a business plan have and introduced lately? decided to buy it.

VC: We have put a lot of passion into our restaurant What our thiscustomers was important forexperience the Company to bring a dining they was will never forget. we think that located in the heart of the location, Spinola Bay, this restaurant offers a unique threeOne is new dish is the Pasta with semi-pesto and floor seating, with a very charming balcony, the most prawns which is popular, and the second plate romantic setting, where aextremely couple canpopular spend which is balcony beginning to become aispleasant evening.

Combined the history of thisit the tuna with sesame seedwith crust.

We present place, where fisherman to come here to We cookhave theira like tagliata on a bed used of rocket lettuce. whole new recipes, to do it fish andlanguage enjoy the of evening together.but Forwe thetry Company not to make opportunity a revolution itstep-by-step. was a good Our deal,idea andwas it was a good or change the menu. We cannot change something to develop their ideas about the different dishes we which has been the same for over 25 years. The are gradually introducing.

Weabout rentedthe it over a year modification that we did was ingredients ago andmain we are giving all our We of the course, theit fish, theexperience. meat because wealso are tryingthat to use Maltese Maltese ingredients. know theer are a food lot ofwith foreign companies and investors who have business here and look for this type of restaurant offering different dishes and so we decided to create some food here with our knowledge

PROPERTY & LIFE MAGAZINE ISSUE 8 PROPERTY & LIFE MAGAZINE ISSUE 8

MBR: What development stage have you arrived with your menu?

VG: We did some changes but not these are not enough. We are going to have more because from we did not want to change everything in short period of time right from the start. We want Peppino’s to be at the culinary forefront, unafraid of reinventing ourselves, all while keeping true to our philosophy: cuisine of the essence.

MBR: What are the two main dishes you have introduced lately?

VC: We have put a lot of passion into our restaurant to bring our customers a dining experience VG: will We never came forget. to appreciate fine ingredients such they as foie gras, ducks and geese at a young age. It was from Brussels that I learned the basics of Provencal One is new dish is the Pasta with semi-pesto cuisine, characteristics that eventually became and prawns which of is our popular, and the second plate defining elements cuisine. which is beginning to become extremely popular MBR: Whatwith would you say is the speciality of theit is the tuna sesame seed crust.

We present restaurant, it more than meat? like tagliataison a bedfish of rocket lettuce. We have a whole language of new recipes, but we try to do it VC: We have both. We had to improve the level step-by-step. idea not to This makewas a revolution of the qualityOur and thewas service. another or changeand the that menu.

We cannot problem is why will trychange to use asomething lot more which been the 25 toyears.

The Maltesehas products.

Wesame taughtforit’sover better specialise in fish; everybody fish, some likethe meat.

We try modification that likes we did was about ingredients to have a varied menu, even catering vegetarians. of the main course, the fish, thefor meat because People are asking more for vegetarian dishes. This is we are trying to use Maltese food with Maltese important because Malta is a multicultural country, ingredients. so we are trying to change the taste of this dishes for

I feel like I have a mission: it is to bring back gastronomy in the village because when I discovered this, it was a real gastronomic place different people with different cultures. A lot of our clients countries,fine North Europe so VG:come We from cameAsiatic to appreciate ingredients they want different tastes.and Here we created a homesuch as foie gras, ducks geese at a young age. made tiramisu.

It was from Brussels that I learned the basics of Provencal cuisine, characteristics that eventually became defining elements of our cuisine.

MBR: What would you say is the speciality of the restaurant, is it more fish than meat?

VC: We have both. We had to improve the level of the quality and the service. This was another problem and that is why will try to use a lot more Maltese products. We taught it’s better to specialise in fish; everybody likes fish, some like meat. We try to have a varied menu, even catering for vegetarians.

People are asking more for vegetarian dishes. This is important because Malta is a multicultural country, so we are trying to change the taste of this dishes for different people with different cultures. A lot of our

clients come from Asiatic countries, North Europe so they want different tastes. Here we created a homemade tiramisu.

VG: Our conversion is to use also Belgian waffles for the biscuits and the mix gives something different for gateaux. This is my ideal kitchen today and the ideal of Europe as well. We must eat less protein, better if from the sea, fish, and eat more vegetables, raw and cooked, cereals. Haute zcuisine has the access to media and can show this vision; that it is possible to eat differently every day: less fat, less sugar, local, seasonal, less proteins. This is my vision and I want to spread it.

VG: Our conversion is to use also Belgian waffles for the biscuits and the mix gives something different for MBR:This What about background, you gateaux. is my idealyour kitchen today andwhere the ideal of Europe as well. eat less protein, better if always in the foodWe andmust beverage industry? from the sea, fish, and eat more vegetables, raw and cooked, cereals. Haute zcuisine has the access to VC: To be honest I do not hail from a culinary media and can show this vision; that it is possible upbringing.

I’m now Director andless I would to eat differently everya day: less fat, sugar, like local,to thank you for coming here because I am improving seasonal, less proteins. This is my vision and I want myspread knowledge in this sector and since it’s my first to it. experience in the Catering sector, I want to do t right MBR: What background, youto from the start.about Yes ofyour course I like to eat, where but I like always in the food and beverage industry? discover news palates as well, and I am not someone that ITo likebetohonest eat a lot.

I have than six VC: I do notbeen hail here frommore a culinary years and I know a lot aofDirector restaurants do feel upbringing.

I’m now andinI Malta. would Ilike to thank you for here, coming I am like a Maltese forhere sure,because I realised thisimproving every day! my sector and since it’s myinfirst Howknowledge lucky I amintothis get the beautiful restaurant the experience in the Catering wanta to do t right middle of the village!

I feelsector, like I Ihave mission: it is from the start. Yes of course I like to eat, but I like to to bring back gastronomy in the village because when discover news palates as well, and I am not someone I discovered was a realbeen gastronomic that I like to this, eat a itlot.

I have here moreplace. than six years and I know a lot of restaurants in Malta. I do feel like aMBR: Maltese here,plans for sure, realised What do Iyou havethis in every mindday! for How luckymonths?

I am to get the beautiful restaurant in the the next middle of the village! I feel like I have a mission: it is to bring back gastronomy in the village because when I VG: I this, can itspeak the food, place.

I can speak discovered was a about real gastronomic about the marketing . About the food we come back to the What start. In Belgium there is ain long tradition MBR: plans do you have mind for theof next months? mussels and I would like to cook in the menu the same approach and I would like to put all the recipies VG: I can speak about the food, I can speak about the of the mussels . Of course, the way of welcoming marketing . About the food we come back to the start. guests, taking care themtradition and making good and food In Belgium there is aoflong of mussels a joblike called “aubergiste” (meaning inn-keeper).

Iiswould to cook in the menu the same approach and like to put all the theblood. mussels ThisIiswould 200-year-old work.

It isrecipies part ofof our We .are Ofstill course, thefor way of So welcoming taking the best that. we have toguests, still keep it in care them andletmaking foodup is thinking a job called mindofbut not to it go andgood not end that “aubergiste” (meaning inn-keeper). This is 200-yeareverything is done at Peppino’s. This is an everyday’s old work. It is part of our blood. We are still the best job that. and So fight: smiling, choosing, for we have to still keep it incooking, mind butsharing. not to Weithave to not keepend this goodthat image to spread let go and up very thinking everything is done at Peppino’s.

This isthis an special everyday’s job and fight: around the word about cuisine. smiling, choosing, cooking, sharing. We have to keep this very good image to spread around the word about © All Rights Reserved | Copyright 2015 this special cuisine.

ISSUE 8 | PROPERTY & LIFE MAGAZINE 19

©All Rights Reserved | Copyright 2015

PROPERTY & LIFE MAGAZINE ISSUE 8

support the business core practices, has always been a challenge for the business community. Scope aims to address this gap. As business specialists with a flair for processes and complimentary software systems, we can truly understand the needs of a business. This allows us to model a personal mix of suitable cloud-based applications according to the specific business context.

ICT CLOUD

SCOPE

MBR: The term ‘cloud’ can be used very loosely nowadays. What do you mean by ‘mix of suitable cloudbased solutions’?

Working with Smarter Solutions

is an organisation based in Malta offering BF: Indeed there may be various levels at which a innovative cloud-based solutions.

Brian Ferris, company can take advantage of this famous ‘cloud’. co-founder, explains why SCOPE’s main focusHowever, is on delivering the is pretty aggressive. Our our approach simplest and smartest strategic fit for our customers, whether are existing legacy software approach involvesthey replacing and hardware with they applications considering to shift their business to cloud services, or whether are designed to run from just curious to learn more about this approach. your browser, using whatever device, wherever you MBR: What are the main challenges and concerns faced by businesses in the area of software?

BF: Most businesses believe in the true potential of I.T. but do not know how to tangibly exploit it. However they do know,that if approached strategically, this could drive them towards a more efficient and cost-effective business model. Most business leaders also know for a fact that they cannot afford the luxury to employ a dedicated team of I.T specialists in the respective hardware and software fields.

Although varying levels of I.T. support to this business sector exist today, finding a strategic partner who can remodel and support the business core practices, has always been a challenge for the business community. Scope aims to address this gap. As business specialists with a flair for processes and complimentary software systems, we can truly understand the needs of a business. This allows us to model a personal mix of suitable cloud-based applications according to the specific business context.

MBR: The term ‘cloud’ can be used very loosely nowadays.

What do you mean by ‘mix of suitable cloud-based solutions’?

BF: Indeed there may be various levels at which a company can take advantage of this famous ‘cloud’. However, our approach is pretty aggressive. Our approach involves replacing existing legacy software and hardware with applications designed to run from your browser, using whatever device, wherever you are. Within the industry, this approach is commonly referred to as Software as a Service or SaaS. This approach is not a marginal improvement to the status quo! It is indeed a paradigm shift … a radical change.

This is precisely why the operational and financial benefits that accrue to the respective organisation, can be extremely significant! One size rarely fits all and most often a business will need a handful of integrated applications working seamlessly together to cater for their day-to-day business needs. Tools ranging from accounting, inventory & logistics, coordination of jobs, deliveries with constant full and realtime visibility of customer transactions and relationships.

Last but not least come tools required to communicate internally, tools required to steer promotional campaigns and other tools to manage internal and external projects in the context of a team. Making these work together seamlessly in an optimised manner, is not always an easy task … this is exactly where we come in!

MBR: So what precise role does Scope play?

BF: Our role varies significantly from client to client. Some clients know what they need and ask for specific assistance in particular areas. Other clients come with an open mind, seeking a better way of doing things. Our involvement adapts to the client context and can include business process analysis, solution design, solution implementation, training and different levels of ongoing support. Although we have software development expertise within the team, 20

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it is a seasoned accountant who is leading this project.

Working closely with a local growing network of trusted accountants invariably guarantees synergies to the client if approached diligently.

We insist on keeping the adoption process easy for the business by remaining loyal to the cloud pricing model, which typically involves no setup costs. We offer the unique opportunity to a local business to terminate a service if they are not satisfied with the benefits it yields. This is very different to the traditional model where the initial sunk cost of an implementation has to be absorbed over the years to come, at times forcing the business to make use of a system they are not entirely happy with! When you think about it, our approach ultimately transfers the potential risks of failure on us, which is why we invest continuously in research and testing, exploring hundreds of business applications. We cannot afford to get it wrong! For many entrepreneurs, this freedom and flexibility to uncommit anytime … is a huge breath of FRESH air!

are. Within the industry, this approach is commonly referred to as Software as a Service or SaaS. This approach is not a marginal improvement to the status quo!

It isconsists indeedprimarily a paradigm shift …specialists. a radicalIfchange. our team of business we are This is precisely why thesolution, operational and financial implementing an accounting rest assured that it is benefits that accrue to the respective organisation, can a seasoned accountant who isOne leading project. be extremely significant! sizethis rarely fitsWorking all and closelyoften with aa local growing of trustedofaccountants most business willnetwork need a handful integrated applications workingsynergies seamlessly together cater for invariably guarantees to the client if to approached their day-to-day business needs. Tools ranging from diligently. accounting, inventory & logistics, coordination of jobs,

This approach is not a marginal improvement to the status quo! It is indeed a paradigm shift. deliveries with fulladoption and real-time of We insist on constant keeping the process visibility easy for the customerbytransactions and to relationships.

Last but not business remaining loyal the cloud pricing model, least come tools required to communicate which typically involves no setup costs. We offer internally, the unique tools required to steer promotional campaigns and opportunity to a local business to terminate a if other tools to manage internal and externalservice projects they arecontext not satisfied benefitsthese it yields.

This is very in the of a with team.the Making work together seamlessly in traditional an optimised not always an different to the modelmanner, where theis initial sunk cost easy … this is exactly we come of an task implementation has to where be absorbed overin! the years to come, at times forcing the business to make use of a system 20 WWW.PROPERTYANDLIFEMAGAZINE.COM they are not entirely happy with! When you think about it, our approach ultimately transfers the potential risks of failure on us, which is why we invest continuously in research and testing, exploring hundreds of business applications. We cannot afford to get it wrong! For many entrepreneurs, this freedom and flexibility to uncommit anytime … is a huge breath of FRESH air!

MBR: What are the key decision factors for a business to start using cloud-based applications?

by George Carol

MBR: are theat all keytimes?” decision for a have the What best standards Most factors of us already business to start using cloud-based use SaaS tools on a daily basis for personal applications? reasons. Gmail, Facebook and Dropbox all SaaS applications most BF: Although each are business is unique, which we do see ofcommon us can relate to. Weacross can use them anytime, anywhere, grounds sectors especially when it comes usability, scalability and related Working from anytodevice.

Ironically, few people thoughtcosts. of leveraging with cloudfor applications introduces the opportunity to this concept their business! work with a variety of devices, independent of location with easy sharing of data between employees, managers Weexternal are not here to advocate for cloud services.

We believe and advisors.

Almost every business aspires ittois grow, a natural adoptionflexible processand which is evolvingscalability around us.is therefore responsive invariably a evolutionary crucial factor.

Costinvolving is naturally always the Like any other process centralisation, keynatural component in the formula.

We also notice itresidual is initially for people to express certain concerns, that more businesses are looking for a holistic solution which in time will be addressed gradually through a proper thatincludes a strong element of local support. educational framework. Do we remember how factories generated electricity beforevarious the introduction of centralised MBR: There have been voiced concerns around the areas of cloud and privacy … what is your power houses?

Do security we remember how society bartered position around expressed concerns? and handled cashthese before the entire banking system was introduced? we will asking whether wehosting remember BF: WhenSoon making thebedecision between Inahouse time where we usedastoahave a server roomthe fullquestion of wires you at vs Software Service (SaaS), should asking “to what extent can ensure our our office,bewhich weiscarefully protected fromWE floods, power own security?” orwho “why notustake advantage of worldsurges or the cleaner helps tidy things around! renowned data centres like Amazon and Google, who invest billions to ensure they have the best standards MBR: drives this of passion behinduse Scope? at allWhat times?”

Most us already SaaS tools on a daily basis for personal reasons. Gmail, Facebook and Dropbox areforemost all SaaS Iapplications which of to us an can BF: First and would attribute thismost energy incredible team we managed to put together. We believe that diverse professional backgrounds and experience are key to our success, driven by creativity, innovation and an overall passion towards finding solutions to everyday business challenges. The passion shared for what we do is a key prerequisite to join the team and which is why we seek to creatively partner and engage with the best talent around.

‘Do what you love, love what you do’ is at the core of our beliefs and the entire team is so involved for this reason! © All Rights Reserved | Copyright 2015

BF: Although each business is unique, we do see common grounds across sectors especially when it comes to usability, scalability and related costs. Working with cloud applications introduces the opportunity to work with a variety of devices, independent of location with easy sharing of data between employees, managers and external advisors. Almost every business aspires to grow, therefore flexible and responsive scalability is invariably a crucial factor. Cost is naturally always the residual key component in the formula. We also notice that more businesses are looking for a holistic solution thatincludes a strong element of local support.

MBR: There have been various voiced concerns around the areas of cloud security and privacy … what is your position around these expressed concerns?

BF: When making the decision between hosting In-house vs Software as a Service (SaaS), the question you should be asking is “to what extent can WE ensure our own security?” or “why not take advantage of world-renowned data centres like Amazon and Google, who invest billions to ensure they

Personal BRIAN FERRIS

Brief

Accountant, Co-founder Brian is an accountant by profession with extensive experience in the financial control realm.

Throughout his career, he has driven a wide range of software implementation projects across different business functional areas. 'Do what you love, love what you do' is his core philosophy, which drove him to co-found SCOPE in 2011, the first local and holistic cloud integrator.

w re fu fr ti

M

B to W ex in so sh te en lo en

The tools you need to run your business Find out more

www.scope.com.mt accounting software | point of sale | inventory management ecommerce | website | appointment scheduling | quoting & invoicing

PROPERTY PROPERTY && LIFE LIFE MAGAZINE MAGAZINE ISSUE ISSUE 88

SALES MANAGEMENT MANAGEMENT SALES SALES MANAGEMENT

By Luke Turner

F

irst there’sthe the crucialgenius genius spark of an idea, but ait’s a combination of thisthe irst irst there’s there’s the crucial crucial genius spark spark of of an an idea, idea, but but it’s it’s a combination combination of of this this and and the and the correct management of the customer facing logistical side of things correct correct management management of of the the customer customer facing facing logistical logistical side side of of things things that that turn turn aa that turn a business from a creative into spark into a roaring fire. business business from from aa creative creative spark spark into aa roaring roaring fire. fire.

Due Due to to the the internet internet the the world world is is moving moving forward forward in ways previously unimagined, and in ways previously unimagined, and as as the the concept concept of of aa business business evolves evolves we we see see more more and and more more money money made made by by an an idea idea or or concept concept rather rather than than aa process process or or structure. This This simple simple fact fact has has revolutionised revolutionised the the structure. entire entire business business landscape landscape and and very very much much put put “the “the power back to the people” in the sense that major power back to the people” in the sense that major firms firms have have been been legitimately legitimately challenged challenged by by newcomers newcomers just just because the newcomer has a new approach/product/ because the newcomer has a new approach/product/ idea idea that that the the public public decides decides they they like. like.

This has has meant meant aa real real shift shift in in terms terms of of what what This companies companies are are focusing focusing on on -- it’s it’s no no longer longer enough enough for for you you to to just just be be the the biggest. biggest. Now Now you you need need to to be be the the most most innovative innovative or or some some smaller, smaller, more more efficient efficient (and (and concise) concise) rival rival will will nip nip in in and and take take huge huge chunks chunks out out of of your your revenue revenue (whilst (whilst spending spending aa lot lot less less than than you you do). do).

Innovation can can only only be be aa positive positive thing thing -- aa Innovation progressive progressive move move forward forward brought brought about about by by the the mass mass power redistribution that the internet has provided power redistribution that the internet has provided (from (from companies companies who who were were able able to to dictate dictate to to the the customer to a much more even playing field).

However customer to a much more even playing field). However it’s it’s important important that that we we don’t don’t focus focus too too fully fully on on the the innovations, the constant moving forward and innovations, the constant moving forward and above above all the the total total importance importance of of “the “the idea”. idea”. As As aa society society all we we run run the the risk risk of of putting putting the the concept concept ahead ahead of of the the implementation and subsequently losing (or at implementation and subsequently losing (or at least least dulling) dulling) these these vital vital implementation implementation skills. skills.

There There are are many many “nothing “nothing businesses”businesses”- these these are are essentially businesses that provide no “real essentially businesses that provide no “real output” output” other than than an an original original idea/concept. idea/concept. Now Now the the other argument argument for for the the validity validity of of these these businesses businesses depends depends 22 22 22

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from from concept concept to to concept concept and and there there is is no no doubt doubt that that some of these are highly valuable ideas some of these are highly valuable ideas that that will will feed feed into into the the global global “business “business subconscious” subconscious” and and eventually eventually alter alter the the way way we we all all look look at at things things (like (like EBAY for for example). example). However However there there are are also also inherent inherent EBAY problems problems with with being being aa business business based based on on theory theory rather rather than than fact. fact. One One is is the the obvious obvious fact fact that that someone someone can can produce produce aa counter counter theory/idea theory/idea and and simply simply negate negate your your

There is no doubt that some of these are highly valuable ideas that will feed into the global “business subconscious” entire concept concept but but it’s it’s also also that that there there is is often often too too much much entire focus on the ideas, and not enough on how to set it all all focus on the ideas, and not enough on how to set it up to to be be the the best best it it can can be. be. up Its key key for for any any successful successful business business to to also also remain remain Its focused on the more historical, and considerably focused on the more historical, and considerably less trendy trendy aspects aspects of of running running aa business business -- the the day day less to day day logistics. logistics. Now Now this this can can mean mean many many different different to things depending depending on on the the business business to to which which we we refer, refer, things to clarify, clarify, it it is is the the actual actual practical practical running running of of aa to business, whether it is the supply and demand, the business, whether it is the supply and demand, the facilitation of of money, money, the the push push and and pull pull of of regular regular facilitation

trading, the the successful successful selling selling of of products/ad products/ad space space or trading, or the answering pf customer queries and questions etc the answering pf customer queries and questions etc but crucially crucially it it means means the the creation, creation, management but management and and maintenance of of the the customer customer impacting impacting functions functions (at (at maintenance least this this is is the the spirit spirit in in which which it it is is being being discussed discussed in in least this article). article). this Companies need need to to back back up up the the bright bright and and shiny shiny Companies with the the solid solid and and practical practical to to be be able with able to to really really push push on. That’s That’s not not to to say say the the bright bright and and shiny shiny hasn’t hasn’t made made on. few millionaires millionaires out out of of the the start-ups start-ups and and wave wave of of new new aa few wave digital digital companies companies out out there, there, more more than than once once wave the initial initial genius genius have have sold sold their their shares shares and and retired retired to to the the Bahamas Bahamas at at the the ripe ripe old old age age of of mid-twenties, mid-twenties, the the the business needs needs to to tackle tackle that that difficult difficult second second stepstepbusiness continual growth growth (as (as opposed opposed to to boom boom and and bust). bust). continual Likewise how how many many long long term term institutions institutions have have Likewise spent considerable considerable time, time, effort, effort, research research and and crucially spent crucially money investing investing in money in “revolutionary” “revolutionary” ideas ideas and and technology that that will will forever forever change change the the face face of of their their technology respective worlds worlds only only to to discover discover that that actually actually the the respective customers wanted something else (or in fact where customers wanted something else (or in fact where quite happy happy with with certain certain things things the the way way they they were). were). quite The internet has revolutionised business, made and The internet has revolutionised business, made and lost millions millions but but it’s it’s also also aa pretty pretty new new concept concept to to us us lost human beings. beings. As As the the customer’s customer’s expectations expectations and and our our human approach to to e-business e-business matures matures then then so, so, no no doubt, doubt, will will approach the expectations expectations increase increase and and shift, shift, people people will will want want the more than than just just new new and and fresh fresh ideas ideas (well (well people people will will more always be be captivated captivated by by what’s what’s news news but but their their attention attention always span for for new new things things will will be be held held for for shorter shorter and and shorter shorter span periods) so so it’s it’s vital vital that that businesses businesses are are able able to to follow follow periods) up on on their their innovation innovation with with consistency, consistency, planning, planning, up and an an overall overall experience experience that that is is more more than than just just fresh fresh -and but also also seriously seriously capable capable too. too. but

SALES SALES AMANGEMENT SALESMANAGEMENT AMANGEMENT

What will make you your next sale?

The The internet internet has has heralded heralded aa serious serious shift shift in in power power from from the the business business to to the the consumer, consumer, no no matter matter what what industry you’re industry you’re in in your your customers customers have have more more choice, choice, more more knowledge knowledge and and information, information, and and also also customers customers have have much much more more of of aa direct direct ability ability to to impact impact you you negatively ratings websites, social media, community negatively - ratings websites, social media, community forums and and in in general general direct direct customer customer feedback feedback are are forums forming forming an an increasingly increasingly larger larger part part of of customers customers view view point point of of aa company company (new (new and and existing existing ones). ones).

Basically Basically companies companies have have much much less less control control over over what what the the public public think think about about them them -- and and their their customers customers being much more proactive is the reason for this. being much more proactive is the reason for this. This This means that that increasingly increasingly every every year year you you will will make make more more means and and more more of of your your sales sales though though customer customer empowered empowered ratings ratings and and feedback feedback (well (well “making “making aa sale” sale” is is aa pretty pretty old school school way way of of putting putting it it as as this this can can just just as as easily easily be be old retaining retaining or or upselling upselling an an existing existing customer customer as as getting getting aa new new one one on-the on-the key key thing thing is is that that you you continue continue to to make make revenue!). revenue!). So So our our customers customers decide decide much much more more about about what they they want want to to buy, buy, from from whom whom and and how, how, and and this this what means means we we must must put put their their experience experience right right at at the the centre centre and and front front of of what what we’re we’re doing, doing, every every single single day, day, every every possible possible way. way. This This is is what what will will make make your your next next sale, sale, this is is what what will will ensure ensure you you hit hit your your next next set set or or targets targets this and and this this is is what what will will keep keep your your business business on on top, top, or or take take your your business business to to the the top. top.

What is meant by logistics?

How defines itself itself is is becoming becoming less less How your your business business defines and and less less about about what what products products it it sells sells (or (or for for what what prices) prices) as as the the customer customer can can and and will will go go elsewhere elsewhere and and get get similar, now now what what defines defines who who you you are are is is more more about about similar, what what you you stand stand for for and and what what service service you you offer….to offer….to put put it it bluntly bluntly your your customers customers want want to to feel feel aligned aligned and and valued valued by you, and if they do then you stand a much better by you, and if they do then you stand a much better chance of of attracting attracting new new customers customers and and retaining retaining chance existing existing ones ones -- if if they they don’t don’t they they have have lots lots of of options options available available at at the the click click of of aa mouse. mouse. Of Of course course this this doesn’t doesn’t apply to to every every single single industry, industry, and and its its key key to to remember remember apply that that this this impacts impacts different different industries industries to to different different degrees degrees (for (for example example there there are are still still aa limited limited number number

it’s vital that businesses are able to follow up on their innovation with consistency, planning, and an overall experience of of Train/rail Train/rail companies companies whereas whereas there there seems seems to to be be aa new new internet internet provider provider every every month), month), but but no no matter matter what what industry industry you’re you’re in in as as yourself yourself this this -- compared compared to to

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twenty, ten, ten, and and even even five five years years ago ago does does your your customer customer twenty, have more more or or less less choice? choice? Is Is your your market market place place easier easier or or have more competitive? competitive? My My guess guess is is that that the the vast vast majority more majority will say say things things are are getting getting harder harder as as the the customers customers will are better better educated educated (even (even if if there there don’t don’t have have more more of of are an understanding understanding they they can can access access considerably considerably more more an information about about your your company, company, your your rivals rivals and and the the information differences thanks thanks to to the the power power of of google) google) and and can can differences much more more easily easily find find an an alternative, alternative, and and put put then then that that much change into into motion. motion. change

Keeping Customer Expectations No it is is that that you you do do you you are are only only No matter matter what what it as as good good as as your your word word to to your your customer customer -- if if this this goes goes the the trust trust goes, goes, if if the the trust trust goes goes you you start start to to lose lose your your customer base. base. Depending customer Depending on on what what industry industry you you work work in in this this might might be be aa long long drawn drawn out out death death or or an an instant instant shut shut down down but but rest rest assured assured that that you you start start walking walking down the the last last path path your your business business will will ever ever walk walk down. down. down This This is is why why it’s it’s vital vital that that you you get get the the logistics logistics right, right, whether whether it`s it`s delivering delivering aa parcel parcel on on time, time, answering answering aa customer customer contact, contact, honouring honouring an an appointment appointment or or any any other other type type of of procedural procedural interaction interaction with with the the customer customer then you must get it right-first time every time….This then you must get it right-first time every time….This is what what the the customer customer is is basing basing their their valuation valuation of of you you is on, on, and and what what the the customer customer base base think think of of you you is is what what the thinking of of you you (no (no matter matter what what PR PR the world world ends ends up up thinking or marketing marketing you you deploy deploy if if the the customers customers don’t don’t like like you you or then then all all you you can can do do it it slow slow down down the the rot). rot).

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SALES MANAGEMENT SALES

I am sure you all know the old saying that goes “if aa customer customer has has aa positive positive experience experience they’ll they’ll tell tell two two people, people, if if they they have have aa bad bad one one they’ll they’ll tell tell five” five” well well as as the access to information, opinions and knowledge the access to information, opinions and knowledge sharing has increased that five has become fifty, so this sharing has increased that five has become fifty, so this is where where the the proper proper logistics logistics and and the the value value that that you you is (as (as aa company) company) put put behind behind ensuring ensuring that that what what you’ve you’ve promised your customers actually happens. promised your customers actually happens.

to find the opportunity’s we need to ensure the next five, five, ten, ten, twenty twenty years years successes. successes. Embracing Embracing this this change, by by genuinely genuinely putting putting the the customer customer at at the the heart heart change, of your your business business will will mean mean you you are are always always focused focused on on of what what sets sets you you apart apart from from your your rivals rivals -- the the customers customers that that use use your your company. company.

Even if you haven’t directly promised something Even customers if you haven’t something to your theredirectly is still promised the expectation that to your customers there isthey stillexpect the expectation you’ll provide the service you to offer,that or you’ll provide the service they expect you to offer, or the service that your rivals are offering (plus a little bit the service that your your there rivalsfirst are offering a little bit more to ensure choice of(plus course!) more to ensure your there first choice of course!)

“if “if aa customer customer has has aa positive positive experience experience they’ll they’ll tell tell two people, if they have a bad two people, if they have a bad one they’ll tell five” one they’ll tell five”

Customers in the Customers in the Driving Seat Driving Seat

As managers, business owners and people that control the direction of our companies, scares us to As managers, business owners andit people that have thethe customer much more control control directionhaving of ourso companies, it scares us on to what the happens next. having As we all can on be have customer so know much customers more control unpredictable, they As canwe beall fickle andcustomers difficult to what happens next. know candeal be with but they also unpredictable, theygive canusbegreat fickleopportunities and difficulttotolearn deal more about our industry, and crucially with but they also give usabout great ourselves opportunities to learn more about our industry, about ourselves and crucially

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Whether this is reinventing the products you offer, redefining you process customers, reWhetherthe thisway is reinventing thethe products you offer, evaluating the priority assignthe certain functions redefining way youyou process customers, rewithin yourthe business or you simply adding the customers evaluating priority assign certain functions voice toyour every decision you make, depends on you, within business or simply adding the customers your your employee’s and depends of courseon- your voice company, to every decision you make, you, customer base. your employee’s and of course - your your company, customer base.

Summary Whether Whether you you are are aa start-up start-up or or an an age age old old institution institution then then to to quote quote Bob Bob Dylan Dylan “the “the times times they they are are aa changing” changing” and and what’s what’s imperative imperative to to your your company’s company’s future future is is that that you you change change with with them. them. As As always always as as human beings we fear change but more and more we human beings we fear change but more and more we are seeing that all industries are becoming “service are seeing that all industries are becoming “service industries”. As consumers we love this - it’s easier and industries”.

Asinteract consumers this - it’saseasier faster for us to withwe thelove companies we doand in faster for us tolives…. interact with the companies as we do in our personal our personal lives….

The challenge for us all is to ensure that you make challenge us all is to ensure youlove make yourThe company thefor kind of business youthat would to yourascompany the kind of business you would love to use a customer…. use as a customer….

Editor’s Note

Editor’s Note

This article was written by Luke TurnerAll This rights reserved.

No partby ofLuke thisTurnerarticle article was written may be reproduced, stored a retrieval All rights reserved. No part in of this article system, transmitted stored in any form by any may beorreproduced, in a orretrieval means, electronic, mechanical, photocopying, system, or transmitted in any form or by any recording or otherwise, without the prior means, electronic, mechanical, photocopying, written permission of the author recording or otherwise, without the prior written permission of the author

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SITUATION ANALYSIS SITUATION SITUATION ANALYSIS ANALYSIS SITUATION SITUATION ANALYSIS ANALYSIS SITUATION ANALYSIS

Euphoria and Reality in European Stocks Euphoria Euphoria and and Reality Reality in in European European Stocks Stocks Euphoria and Reality in European Stocks

by Michele Patri

by

by Michele Michele Patri Patri by byGeorge MicheleCarol Patri

III I

nvestors should take a pragmatic approach Eurpean stocksaa inpragmatic the wake nvestors should take nvestors to should take pragmatic nvestors should take aa pragmatic nvestors should take pragmatic of the European Central Bank’s (ECB’s) approach to Eurpean stocks in the wake approach to Eurpean stocks in the wake approach to Eurpean stocks the wake approach to Eurpean stocks inpragmatic the wake nvestors should take a in quantitative easing (QE) program, says AB’s of the European Central Bank’s (ECB’s) of the European Central Bank’s (ECB’s) of the European Central Bank’s (ECB’s) of the European Central Bank’s (ECB’s) approach to Eurpean stocks in the wake quantitative easing (QE) program, says AB’s Michele Patri. quantitative easing (QE) program, says AB’s quantitative easing program, says AB’s quantitative easing (QE) (QE) program, says AB’s of the European Central Bank’s (ECB’s) Michele Patri.

Michele Patri.

Michele Patri.

Michele Patri. quantitative easing (QE) program, says AB’s In our view, investors should take a pragmatic approach that aims to capture the gains – but with eyes Michele Patri.

In In our our view, view, investors investors should should take take aa pragmatic pragmatic

In our take aa pragmatic wide toview, reality. approach that aims to the –– but with approach that aimsinvestors to capture captureshould the gains gains but with eyes eyes Inopen our view, investors should take pragmatic approach aims wide open to wide openthat to reality. reality. approach that aims to to capture capture the the gains gains –– but but with with eyes eyes wide open to reality.

In our view, investors should take a pragmatic The US, the UK and Japan all witnessed sharp equity wide open to reality. approach that aims to capture the gains – but with eyes market rallies when they launched quantitative easing The US, US, the the UK UK and and Japan Japan all all witnessed witnessed sharp sharp equity equity The The US, the UK Japan all sharp equity wide open reality. programs. market rallies when they launched quantitative easing The US,to the UKand and Japan allwitnessed witnessed sharpeasing equity market rallies when they launched quantitative market programs. market rallies rallies when when they they launched launched quantitative quantitative easing easing programs. programs.

Theexact US, the UKthing and Japan all witnessed sharp The same has happened in the euroequity area. programs. market rallies when they launched quantitative TheThe Euro Stoxx 600thing Indexhas is up by well in over pereasing cent The exact same thing has happened in the the15euro euro area. exact same happened area.

The exact same thing has happened in the euro area. programs. since theexact start of600 the yearhas inup euro terms the central TheThe Euro Stoxx 600 Index is up by well well over 15euro per cent same thing happened inas the area.

The Euro Stoxx Index is by over 15 per cent The Euro Stoxx 600 Index is up by well over 15 per cent bank ushered inof ECB-style QE. since the start start of600 theIndex year is inup euro terms as the theper central The Euro Stoxx by terms well over 15 cent since the the year in euro as central since the start of the year in euro terms as the central The exact same thing has happened in the euro area. bank ushered inofECB-style ECB-style QE. sinceushered the startin the year QE. in euro terms as the central bank bank ushered in ECB-style QE. The Euro Stoxx 600 Index is up by well over 15 per cent bank in ECB-style QE.the euro area’s lacklustre Butushered is itstart sustainable?

Given since of the year in euro termsarea’s as the central Butthe isdeflationary it sustainable? sustainable?

Given theand euro lacklustre growth, pressures vulnerability to But is it Given the euro area’s lacklustre But isisdeflationary itit sustainable?

Given euro area’s lacklustre bank ushered in ECB-style QE.the growth, pressures and vulnerability to But sustainable?

Given thecrises, eurovulnerability area’s lacklustre periodic political and pressures economic investors must growth, deflationary and to growth, deflationary pressures and vulnerability to periodic political and economic economic crises, investors must must growth, deflationary pressures crises, and vulnerability to be vigilant. periodic political and investors periodic political and economic crises, investors must But is it sustainable?

Given the euro area’s lacklustre be vigilant. periodic political and economic crises, investors must be vigilant. be vigilant. growth, deflationary pressures and vulnerability to be vigilant.

In ourpolitical view, there are reasons to investors be cautiously periodic and economic crises, must In our ourabout view,the there are reasons reasons tofor beselect cautiously In view, there are to be cautiously optimistic long-term outlook euroIn our view, there are to be cautiously be vigilant. optimistic about the long-term outlook for select euroIn ourabout view,the there are reasons reasons tofor beselect cautiously optimistic long-term outlook euroarea equities. optimistic about area equities. optimistic about the the long-term long-term outlook outlook for for select select euroeuroarea equities. area equities.

In our view, there are reasons to be cautiously areaHowever, equities. the speed and the extent of the recent optimistic about the long-term outlook for select euroHowever, the speed and the thetoextent extent of the recent speed and of recent rebound meanthe that it’s prudent balance athe strategic areaHowever, equities. rebound mean that it’s prudent to balance a strategic However, the speed and the extent of the recent rebound mean that it’s prudent to balance a strategic position with tactical short-term defence mechanisms. position with tactical short-term defence mechanisms. reboundwith mean that it’s prudentdefence to balance a strategic position tactical short-term However, the speed and thedefence extentmechanisms. of the recent position with tactical short-term mechanisms. rebound mean that it’s prudent to balance a strategic position with tactical short-term defence mechanisms.

Cheaper Cheaper oil, oil, easy easy money money and and Cheaper oil, easy money Cheaper oil, easy money and and a weaker euro aa weaker euro Cheaper oil, easy money weaker euro and The ECB implemented QE The ECB a implemented QE to to combat combat deflation deflation weaker ECB implemented QE euro to combat deflation and encourage economic growth andThe encourage economic growth. growth.

Regional growth The ECB implemented QE to Regional combat deflation

and economic Regional growth dynamics are (see below) and dynamics are improving improving (see graph graph below) and and encourage encourage economic growth. growth.

Regional growth The ECB implemented QE combat deflation dynamics are improving (see graph below) and big-picture political and risks are big-picture political and macroeconomic macroeconomic risks are dynamics are improving (see to graph below) and and encourage economic growth.

Regional growth big-picture political and macroeconomic risks receding, given policymakers’ clear commitment to receding, given policymakers’ clear commitment to big-picture political and macroeconomic risks are are receding, given policymakers’ clear commitment to dynamicsthat areEurope’s improving (seeclear graph below) and ensuring currency union survives. ensuring that Europe’s currency union survives. receding, given policymakers’ commitment to ensuring that Europe’s currency union survives. big-picture political and macroeconomic risks are ensuring that Europe’s currency union survives. receding, given policymakers’ clear commitment to Moreover, European European businesses businesses look look set set to to benefit benefit Moreover, Moreover, European businesses set benefit ensuring Europe’s currency union survives. from thethat healthy convergence oflook several cyclical Moreover, European businesses look set to tocyclical benefit from the healthy convergence of several from convergence tailwinds inhealthy coming months. months. from the thein healthy convergence of of several several cyclical cyclical tailwinds coming tailwinds in months.

Moreover, European businesses look set to benefit tailwinds incoming coming months. from the healthy convergence of several cyclical In euro euro terms, terms, oil oil is is currently currently about about 30 30 per per cent In cent In euro oil isisthe currently about 30 per cent tailwinds interms, coming months. below its average price in first half of 2014.

In euro terms, oil currently about 30 per cent below its average price in the first half of 2014. below its average price in the first half of 2014. below its average price in the first half of 2014. below its average price in the first half of 2014.

In euro terms, oil is currently about 30 per cent This is is aa boon boon for for many many euro-area euro-area businesses, businesses, which which This This isisaverage boon for many euro-area businesses, which below its price in the first half of 2014.

This is aaatheir boon for many euro-area businesses, which should see profit margins rise as their costs fall.

This boon for many euro-area businesses, which should see see their profit profit margins rise rise as their their costs fall. fall. should should seetheir their profitmargins margins riseas as theircosts costs fall.

Thisbeneficiaries is a boon forinclude many euro-area businesses, which Key not just transport-oriented Key beneficiaries include not just transport-oriented should see their profit margins their costslike fall.the Key include not just transport-oriented businesses, but also other high-energy users, Keybeneficiaries beneficiaries include notrise justas transport-oriented businesses, but also other high-energy users, like the businesses, but also other high-energy steel industry and food producers. businesses, but also other high-energy users, users, like like the the beneficiaries include not just transport-oriented steel industry and food producers. steel industry and producers. steelKey industry andfood food producers. businesses, but also other high-energy users, like the At the same time, consumer-facing businesses could steel and food producers.

At the time, consumer-facing businesses At the same time, consumer-facing businesses could see stronger demand for their goods and services could when Atindustry thesame same time, consumer-facing businesses could see demand their and services when see stronger demand for their goods and services when consumers morefor money in their pockets because seestronger strongerhave demand for theirgoods goods and services when At the same businesses could consumers have more money consumers have more money in their pockets because of cheaper oil. consumers havetime, moreconsumer-facing money in in their their pockets pockets because because of cheaper oil. see stronger demand for their goods and services when of cheaper oil. of cheaper oil. of cheaper oil. consumers have more money their as pockets The ECB’s provision of easyinmoney part ofbecause its QE The ECB’s provision of easy money as part of its of cheaper oil.

The provision QE program is a further big of positive.

TheECB’s ECB’s provision ofeasy easymoney moneyas aspart partof ofits itsQE QE program program isisaaafurther further big positive. programis furtherbig bigpositive. positive.

The ECB’s provision of easy money as part of its This should allow euro-area corporates QE to This allow euro-area program isshould a further big positive.

This should allow euro-area corporates to borrow very cheaply via bankscorporates or directly to in Thismoney should allow euro-area corporates to borrow money very cheaply via banks or directly in borrow money capital borrowmarkets. money very very cheaply cheaply via via banks banks or or directly directly in in capital markets.

This should allow euro-area corporates to capital markets. markets. capital borrow moneyQE very cheaplytovia banks euro or directly in In addition, is leading a weaker currency In addition, QE leading to euro capital markets. (see below), which euro-area exports Ingraph addition, QEis leadingmakes toaaaweaker weaker eurocurrency currency In addition, QE isiswhich leading to weaker euro currency (see below), euro-area exports more competitively global markets, while also (see graph graph below),priced whichinmakes makes euro-area exports (see graph below), which makes euro-area exports more competitively priced in global markets, while also In addition, QE is leading to a weaker euro currency boosting the value priced of revenues earned overseas morecompetitively competitively priced inglobal global markets, whilewhen also more in markets, while also boosting the value of revenues earned overseas when (see graph below), which makes euro-area exports they’re translated back into euros. boosting the value value of revenues revenues earned overseas overseas when when boosting the of earned they’re translated back into euros. more competitively priced in global markets, while also they’retranslated translatedback backinto intoeuros. euros. they’re boosting value ofbecause revenues earnedexports overseas when This is the significant euro-area account This isis significant because euro-area exports account they’re back intoper euros. for aThis bigtranslated share (around 44 cent) of the region’s GDP, significant because euro-area exports account This isshare significant because euro-area exports account for (around more than in either the44 USper or cent) Japan. foraaabig big share (around 44 per cent)of ofthe theregion’s region’sGDP, GDP, for big share (around 44 per cent) of the region’s GDP, more than in either the US or Japan.

This is significant because euro-area exports account morethan thanin ineither eitherthe the USor or Japan. more for a26 big share (around US 44 perJapan. cent) of the region’s GDP, WWW.PROPERTYANDLIFEMAGAZINE.COM more than WWW.PROPERTYANDLIFEMAGAZINE.COM in either the US or Japan.

26 26 WWW.PROPERTYANDLIFEMAGAZINE.COM WWW.PROPERTYANDLIFEMAGAZINE.COM 26 WWW.PROPERTYANDLIFEMAGAZINE.COM 26 26 WWW.PROPERTYANDLIFEMAGAZINE.COM 26 WWW.PROPERTYANDLIFEMAGAZINE.COM

A A weaker weaker euro euro also also helps helps domestically-focused domestically-focused AA weaker euro also helps domestically-focused businesses, whose prices look increasingly attractive as as weaker euro alsolook helps domestically-focused businesses, whose prices increasingly attractive businesses, whose prices look increasingly imports become more expensive. businesses, whose prices look increasingly attractive attractive as as imports become more expensive.

A weaker euro also helps domestically-focused imports become more expensive. imports become more expensive. businesses, whose prices look increasingly attractive as So, plenty plenty of of positives positives are are starting starting to to feed feed through. through.

So, imports become more expensive.

So, of are starting to But theplenty question is whether whether these should bethrough. so fully fully So, plenty of positives positives are these starting to feed feed through.

But the question is should be so But question isis whether these priced euro-area stocks today. today.

But the theinto question whether these should should be be so so fully fully priced euro-area stocks So,into plenty of positives are starting to feed through. priced into euro-area stocks today. priced into euro-area stocks today.

ButValuations the question is whether these should be so fully in parts parts of of the the market market are are looking looking Valuations in Valuations in parts of the market are looking priced into euro-area stocks today.

Valuations in parts of the market are looking pretty stretched given that aggregate earnings remain Valuations in parts of the market are looking pretty stretched given that aggregate earnings remain pretty stretched given that aggregate earnings remain pretty given depressed by historical historical standards. pretty stretched stretched given that that aggregate aggregate earnings earnings remain remain depressed by standards.

Valuations in parts of the market are looking depressed by standards. depressed byhistorical historical standards. pretty stretched given that aggregate earnings remain Some cyclical cyclical stocks stocks have have seen seen their their earnings earnings Some depressed by historical standards.

Some cyclical stocks have seen their bounce, but this seems largely attributable to earnings currency Some cyclical stocks have seen their earnings bounce, but this seems largely attributable to currency bounce, but this largely attributable to gains – as opposed to a big upturn in demand. bounce, but this seems seems largely attributable to currency currency Some cyclical to stocks have in seen their earnings gains ––as as opposed to big upturn in demand. gains – aaabig gains asopposed opposed to bigupturn upturn indemand. demand. bounce, but this seems largely attributable to currency gains – as opposed to a big upturn in demand.

Better safe safe than sorry? sorry?

Better Better safe than than sorry?

Euro-area equities may no longer sorry? be cheap. But we Better safe than Euro-area equities may longer cheap.

But Euro-area equities may no longer be cheap.

But we Euro-area equities may no noattractive longer be bewhen cheap.

But we we believe they still look relatively compared

believe they look attractive when believe they still look relatively attractive when compared compared believe theystill still lookrelatively relatively compared with regional sovereign bonds, which increasingly offer Euro-area equities may noattractive longer bewhen cheap.

But we with regional sovereign bonds, which increasingly offer with regional sovereign bonds, which increasingly offer with regional sovereign bonds, which increasingly offer zero or negative yields. believe they still look relatively attractive when compared zero or negative yields. zero or negative yields. zero or negative yields. with regional sovereign bonds, which increasingly offer Inorthis environment, it’s worth being a participant in zero negative yields. it’s In aaaparticipant in In this environment, worth being participant in Inthis thisenvironment, environment, it’s worthifbeing being participant in European equity marketsit’s – worth even short-term volatility European equity markets – even if short-term volatility European equity markets – even if short-term volatility European equity markets – even if short-term volatility is likely.

In this environment, it’s worth being a participant in isislikely. likely. equity markets – even if short-term volatility isEuropean likely.

But it’s also sensible to put strategies in place that seek is likely.

But sensible to strategies in that Butit’s it’salso also sensible toput put strategies inplace place thatseek seek to minimise any potential equity market drawdowns – But it’s also sensible to put strategies in place that seek to minimise any potential equity market drawdowns –– to minimise any potential equity market drawdowns particularly given the extent to which regional stocks to minimise anysensible potential equity market drawdowns – But it’s also to put strategies inregional place that seek particularly given the extent to which stocks particularly given thefuture extent to which which regional stocks seem to be pricing in earnings growth. particularly given the extent to regional stocks to minimise any potential equity market drawdowns – seem to in future earnings growth. seem tobe bepricing pricing in future earnings growth. seem to be pricing earnings growth. particularly given in thefuture extent to which regional stocks So what kind of strategies might afford good seem to be pricing inoffuture earnings growth.

So kind good So what what kindpotential of strategies strategies might afford afford down good protection against equity might market upsets So what kind of strategies might afford good protection against potential equity market upsets down protection against potential equity market upsets down the line? protection against equity market So what kindpotential of strategies might upsets afford down good the line? the line? against potential equity market upsets down the line? protection the line?

One One approach approach might might be be to to offset offset exposure exposure to to cyclicals cyclicals approach might be to exposure One approach might bebetter tooffset offset exposureto tocyclicals cyclicals thatOne should benefit from better economic conditions that should benefit from economic conditions that should benefit from better economic conditions thatOne should benefit from better economic conditions with more defensive stocks whose earnings should hold with more defensive stocks should hold approach might be whose to offsetearnings exposure to cyclicals with more defensive stocks whose earnings should hold with more defensive stocks whose economic earnings should hold up even when times get get tough. up even when times tough. that should benefit from better conditions up even when times get tough. up even when times get tough. with more defensive stocks whose earnings should hold However, this kind oftough. balance is is hard to to achieve achieve right right kind of balance up However, even whenthis times get this of isishard hard achieve right However, thiskind kind ofbalance balance hard to achieve right nowHowever, because intense intense investor appetite forto stocks offering now because investor appetite for stocks offering now because intense investor appetite for stocks offering nowHowever, because investor appetite for stocks attractive freeintense cash-flow and dividend yields hasoffering leftright the attractive free cash-flow and dividend yields has left the this kind of balance is hard to achieve attractive free cash-flow and dividend yields has left attractive free cash-flow and yields has left the attractive free cash-flow anddividend dividend yields has leftthe the valuations of many many high-quality “bondfor proxy” stocks in valuations of high-quality “bond proxy” stocks in now because intense investor appetite stocks offering valuations of many high-quality “bond proxy” stocks in valuations of many high-quality “bond proxy” stocks in valuations ofdefensive many high-quality “bondpunchy. proxy” stocks in traditionally defensive sectors looking punchy. traditionally sectors looking attractive free cash-flow and dividend yields has left the traditionally defensive sectors looking punchy. traditionally defensive sectors punchy. traditionally sectorslooking looking valuations of defensive many high-quality “bondpunchy. proxy” stocks in Instead, consider consider more nuanced approach that taps taps Instead, aaa more nuanced traditionally defensive sectors lookingapproach punchy. that consider nuanced approach that Instead, consider amore more nuanced approach thattaps taps intoInstead, a variety variety of different different investing themes and drivers. drivers. into a of investing themes and into aavariety of investing themes and intoInstead, varietyconsider ofdifferent different investing themes anddrivers. drivers. a more nuanced approach that taps When combined with beta themes hedging overlays, intoWhen a variety of different investing andoverlays, drivers. combined with When combined with beta hedging Whencan combined with beta beta hedging overlays, investors enjoy protection fromhedging potentialoverlays, damage investors can enjoy protection from potential damage investors can enjoy protection from potential damage investors can enjoy protection from potential damage when equity markets fall, while benefiting from the When combined with beta hedging overlays, when equity markets fall, while benefiting from the when equity markets fall, benefiting from the when equity markets fall, while while benefiting from the euphoria while it lasts. investors can enjoy protection from potential damage euphoria while it lasts. euphoria while ititlasts. euphoria whilemarkets lasts. fall, while benefiting from the when equity Source: euphoriaECB while it lasts.

Personal Personal Personal Personal Personal

Brief Brief Brief

MICHELE PATRI PATRI MICHELE Michele Patri isPATRI a portfolio manager for AB’s MICHELE PATRI MICHELE Michele Patri is aaportfolio manager European Flexible Equity product.

MichelePatri Patri portfolio managerfor forAB’s AB’s Michele isisPATRI a portfolio manager for AB’s European Flexible MICHELE European FlexibleEquity Equityproduct. product.

European Flexible Equity product. product.

European Flexible Equity Michele Patri is a portfolio manager for AB’s European Flexible Equity product.

TRIBUTE

PROPERTY & LIFE MAGAZINE ISSUE 8

Air Malta pays tribute to exemplary former chairman Albert Mizzi Air Malta’s longest-standing chairman Albert Mizzi, who passed away yesterday, will remain a shining example to all those involved in Air Malta for his unwavering dedication, passion and commitment towards the national airline.

The iconic Maltese businessman spent almost two decades at the helm of Air Malta and was a key protagonist in the ambitious project to give Malta its own wings.

“Air Malta owes much to the perseverance, imagination and commitment of Mr Mizzi, who steered the airline just after inception until he saw it thriving. Though a lot has changed throughout the decades, not least in the global aviation industry, Mr

Mizzi remains a shining example for all Air Malta employees, past and present, as he always placed the best interests of the airline before his own,” said Air Malta chairperson Maria Micallef.

“I will personally remember Mr Mizzi for his gentlemanly manner, leadership skills and natural vision. As soon as I was appointed to the chairmanship, he made it a point to meet me to explain the history behind Air Malta. He also asked me to make sure we bring the airline back to its glory days. It is an honour, responsibility and privilege to ensure his legacy of success is rekindled within the airline. Mr Mizzi will remain a celebrated figure in Air Malta’s young but rich history and he will be sorely missed,” Ms Micallef added.

Mr Mizzi took over the national airline in its first year, 1973, until 1992, during which time Air Malta turned record profits and gained its reputation as a reliable and safe airline that means business.

Key Milestones for Air Malta during Albert Mizzi’s chairmanship 1

1st June 1973 – Albert Mizzi appointed Air Malta Chairman

2

March 1974 - Pakistan International Airlines gives two Boeing 720Bs to Air Malta

3

31st March 1974 - Inauguration of Air Malta

4

1st April 1974 – Air Malta operates first flight to London Heathrow

5

30th March 1982 - Air Malta orders its first brand new Boeing aircraft

6

30th March 1983 – Air Malta receives first Boeing 737-200

7

1st April 1983 - Air Malta celebrates its 10th Anniversary

8

October 1983 – Boeing awards Air Malta for world record in the highest utilisation of Boeing fleet

9

30th August 1990 –Delivery of First Airbus aircraft

10

27th May 1990 - Pope John Paul on Air Malta

11

3rd May 1992 – Albert Mizzi's 19 year Chairmanship at Air Malta ends Courtesy: AirMalta ISSUE 8 | PROPERTY & LIFE MAGAZINE

27

PROPERTY & LIFE MAGAZINE ISSUE 8

BANKING

FIMBank Meets Stockbrokers, Financial Intermediaries and Small Shareholders’ Association During his opening speech, FIMBank Group Chairman Dr John C. Grech, referred to the dynamic process of change and progress within the Group that has characterised these last months. He also took the opportunity to introduce Murali Subramanian as the Group’s new Chief Executive Officer (CEO). Dr Grech stated that Murali Subramanian is a “results-oriented senior banker with a proven track record in developing and executing growth strategies on a global basis”.

FIMBank’s newly appointed CEO, Murali Subramanian, expressed his confidence that FIMBank has “the right credentials, capacity and motivation to produce good results in the future”. He said that he had already had the opportunity to discuss the current restructuring process and the future strategic orientation of the Group with Deputy CEO Simon Lay and other members of the management team, with the aim of “establishing a stable platform from which FIMBank can grow and realise its true potential”.

The Bank’s Chief Financial Officer, Marcel Cassar, then gave an overview of the Bank's financial performance for the six months ended 30 June 2015. During this period, the Group posted an after-tax loss of USD 8.64 million, compared with a profit of USD 1.45 million registered in the same period in 2014. He explained the various events and accounting considerations in arriving at the current performance, making particular reference to the Net Impairment losses, which amounted to USD 8.56 million, mainly representing legacy cases and run-offs from the events of 2014. He highlighted the fact that prior to impairment losses, marked-to-market adjustments and share of equity results, the Group maintained a stable operating performance, reporting only a minimal drop in net operating results. Group assets/liabilities were also relatively stable compared to last year.

Taking the floor, Deputy CEO Simon Lay, who until recently was Acting CEO of the Group, elaborated on the restructuring process that has strengthened

F

IMBank plc recently hosted a meeting with licensed stockbrokers and financial intermediaries in order to share information on developments within the Group during the past months, as well as to present and discuss FIMBank’s financial results for the first six months of this year.

FIMBank’s core business model, and its approach to governance, risk structures and internal control.

Giving his concluding address, FIMBank Group Chairman Dr John C. Grech, expressed his gratitude to all shareholders for their show of support to FIMBank through what he referred to as “challenging times”. He stated that he was also encouraged by the support of the Group’s controlling shareholders. In this respect, he referred to the commitment for funding facilities, to the tune of USD 250 million, which FIMBank had received from Burgan Bank. Dr Grech referred to this as “a significant milestone that will allow us to implement FIMBank’s new business strategy, permit us to reinforce our asset base and target higher income levels”.

The presentations were followed by an informal discussion during which licensed stockbrokers and financial intermediaries had the opportunity to discuss specific aspects of the Bank's financial results with FIMBank officials. At the end of the session, Dr Grech thanked all those present for attending, adding that such initiatives were important “in order to foster open lines of communication with stockbrokers and financial intermediaries”. He also referred to a similar meeting held with the Malta Association of Small Shareholders, emphasising the importance which these shareholders hold for the Group. The FIMBank Chairman also referred to the publishing of a bi-annual newsletter, which acts as a means of communication with all the Group’s shareholders and re-confirmed his commitment to keep an open door to the financial intermediaries and the Malta Association of Small Shareholders. Dr Grech took the opportunity to thank shareholders for their loyalty and support to the Group.

Source: FIMBank

Dr John C. Grech, FIMBank Group Chairman with Murali Subramanian, Chief Executive Officer and Ronald Mizzi, Head of Finance 28

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LIFTS & ELEVATORS

PROPERTY & LIFE MAGAZINE ISSUE 8

Lifting you up!

H

igh Rise Co Ltd is a Maltese company dedicated to supply and install high quality lifts and services for the local market that suit everyone’s needs and budget. Backed with years of experience in the lift sector we install lifts in a safe environment.

The company is also dedicated to the design and manufacturing of lift shafts, metal structures and other lift components. Our aim is the accuracy and specific guideline in all the phases of the lift installation.

We offer a personalised service for all our customers in all areas being domestic, trade, commerce and industry. High Rise Co. Ltd is committed to look after every aspect of your project including:

• • • • • •

Initial advice and design Prompt response to requests for quotation Competitive prices and short delivery period Professional Installation After sales maintenance contracts 24 hrs/ 7 days a week Emergency break down service

All lifts are certified by qualified engineers and all our products comply with the latest European directives. High Rise Co. Ltd. is also a member of the Malta Lifts Association.

ISSUE 8 | PROPERTY & LIFE MAGAZINE

29

PROPERTY & LIFE MAGAZINE ISSUE 8

DIGITAL STUDY

Deloitte Digital study: Digitally-influenced sales in retail brick-and-mortar stores to reach $2.2 trillion by year-end

D

igital interactions are expected to influence 64 cents of every dollar spent in retail stores by the end of 2015, or $2.2 trillion, according to Deloitte Digital’s latest study, “Navigating the New Digital Divide.” This figure has grown considerably from 14 cents of each dollar spent in brick-and-mortar stores in 2012, the first year Deloitte Digital conducted the annual study.

Deloitte Digital defines “digital influence” as the percentage of traditional brick-and-mortar retail sales impacted by shoppers’ use of digital devices. Deloitte Digital has also identified a growing digital divide where consumers’ digital behaviours and retailers’ ability to deliver on those consumer expectations continue to diverge.

“Retailers often use the wrong metric–e-commerce sales–to indicate whether their digital strategy is working,” said Kasey Lobaugh, principal, Deloitte Consulting LLP and Deloitte Digital’s chief retail innovation officer. “Last year, e-commerce sales represented $300 billion, or just seven percent, of total retail sales, while digitally-influenced store sales were over five times higher, topping $1.7 trillion. Retailers that prioritize and design digital functionality with

the sole purpose of driving sales in the e-commerce channel marginalize the consumer experience and risk ceding authority to competitors.”

Marketplace volatility in the retail sector further amplifies the significance of capturing and accurately measuring digitally-influenced sales.

Deloitte Digital’s research indicates that, in the last five years, the top 25 established retailers have lost 2 percent of their combined market share, which equates to $64 billion, while smaller players that have entered the market with digital at their core have multiplied. Lobaugh added, “We are seeing a real change in the competitive dynamics, with digital as the great equalizer. The findings indicate that the large retailers are collectively losing ground to the much smaller competitors.”

While the upward trend in overall digital usage has accelerated, this year’s study uncovered dramatic new behaviours. Among consumers who use digital devices to shop: Mobile influence is up, but price checking is down: Consumers surveyed indicated they are 30 percent less likely to use smartphones to perform price comparisons in-store than they were a year ago. This decline occurred while the influence of smartphones alone on in-store sales rose to 28 percent in 2014, up from 19 percent the prior year. Consumers are advancing in their sophistication–using mobile more often for inspiration and idea generation earlier in their shopping process, and not simply as a price comparison vehicle.

Digitally-influenced consumers buy more and spend more: Consumers who use digital while they shop convert at a 20 percent higher rate compared to those who do not use such devices. Consumers that access social media during the shopping process are four times more likely to spend more, and almost onethird (29 percent) of those surveyed are more likely to make a purchase the same day they turn to social media before or during their shopping trip.

Hispanic and Latino consumers are highly digitallyinfluenced: Nearly half (49 percent) of Hispanic and Latino consumers use social media during their shopping journey, compared to 32 percent across all ethnic groups. Additionally, 41 percent of Hispanic and Latino consumers indicate they spend more in the store due to digital activities, compared to 28 percent of all consumers surveyed.

Not all categories are equal: Digital behaviour has evolved across all categories, most notably baby/ toddler and home furnishings. The digital influence in the baby/toddler category jumped from 39 percent to 52 percent in one year, and now accounts for more than half of all brick-and-mortar sales in that sector.

Additionally, 56 percent of consumers shopping baby/ toddler items consult social media for assistance. In the home furnishings category, nearly four in 10 consumers (38 percent) indicate they spend more when using their devices in the shopping process.

Consumers are hunters, not gatherers, once they arrive at the store: Nearly 8 in 10 consumers (76 percent) surveyed interact with brands or products

30

WWW.PROPERTYANDLIFEMAGAZINE.COM

DIGITAL STUDY

before arriving at the store. Shoppers now make buying decisions at other points in the shopping journey, where they find ideas and inspiration, research product information, validate performance through reviews, and even make purchases online to pick up in store.

“Instead of measuring moments that matter during the shopping journey, retailers continue to focus on measuring the buy button–the point at which they actually have the least influence,” said Jeff Simpson, director, Deloitte Consulting LLP and co-author of the study. “Retailers that simply track channel sales and fail to measure the influence of digital along the entire path to purchase can miss key indicators of performance and customer behaviour. Retailers should focus on designing and building customer experiences that play to how their customers are shopping for their products–rather than direct consumers to the point of purchase if what they really seek is inspiration or information.”

For more information about the study, please visit: www.deloitte.com/us/RetailDigitalDivide. Follow at @ DeloitteCB on Twitter, #RetailDigitalDivide.

About the Study The survey was commissioned by Deloitte and conducted online by an independent research company between Nov. 21-26, 2014 and Jan. 13-20, 2015. The survey polled a national sample of 3,016 consumers. Data were collected and weighted to be representative of the US Census for gender, age, income, and ethnicity. The national random sample and sample of device owners have a margin of error of plus or minus one to two percentage points; the samples of smartphone owners and tablet owners have a margin of error of plus or minus two to three percentage points. Additionally, a subset of consumers were randomly assigned to provide information about how they use a digital device to shop for up to two different product subcategories (such as Shoes, Books and Music, etc.) with a margin of error of plus or minus seven to nine percent. Specific digital behaviour data represents consumers who use digital devices to shop.

About Deloitte’s Retail and Distribution Practice Deloitte is a leading presence in the retail and distribution industry, providing audit, consulting, risk management, financial advisory and tax services to more than 75 percent of the Fortune 500 retailers. With more than 2,400 professionals, Deloitte’s retail and distribution

PROPERTY & LIFE MAGAZINE ISSUE 8

practice provides insights, services and approaches designed to assist retailers across all major subsectors including apparel, grocery, food and drug, wholesale and distribution and online.

For more information about Deloitte’s retail and distribution sector, please visit: www.deloitte. com/us/retail-distribution.

About Deloitte Digital From strategy to delivery, Deloitte Digital combines cutting-edge creative with trusted business and technology experience to define and deliver digital solutions. Deloitte Digital creates digital experiences for the connected enterprise, delivering strategy, mobile, social, web, cloud and digital content management solutions designed to help strengthen clients' brands and evolve their businesses. For more information, please visit www.deloittedigital.com. Follow us on Twitter @ DeloitteDigi_US or @DeloitteDigital.

The digital influence factor refers to the percentage of in-store retail sales influenced by the shopper’s use of a digital device including: desktop and laptop computers, smartphones, tablets, wearable devices and in-store devices (i.e., kiosk, mobile payment device). © 2015. For information, contact Deloitte Malta.

ISSUE 8 | PROPERTY & LIFE MAGAZINE

31

PROPERTY & LIFE MAGAZINE ISSUE 8

INDUSTRIAL PRODUCTION Table 1. Industrial production indices by main industrial grouping and period (seasonally adjusted; 2010=100) Main industrial grouping

S

easonally adjusted industrial production increased by 0.4 per cent in June over the previous month. When compared to June 2014, the index of industrial production adjusted for working days went up by 3.2 per cent.

Index of Industrial Production: June 2015 Cut-off date: Monthly comparison3 August 2015 In June, the seasonally adjusted index of industrial production increased by 0.4 per cent to 100.9 points.

Increases were registered in the production of consumer goods (3.4 per cent) and intermediate goods (2.7 per cent), while decreases were registered in the production of capital goods (4.5 per cent) and energy (0.9 per cent) (Tables 1 and 2).

Annual comparison

When compared to the corresponding month last year, the index of industrial production adjusted for working days went up by 3.2 per cent (Table 4). Increases were registered in the production of consumer goods (12.5 per cent) and intermediate goods (1.5 per cent).

Decreases were registered in the production of capital goods (10.0 per cent) and energy (1.0 per cent) •

Compiled by: Unit B2: Short-term Statistics Directorate B: Business Statistics Further information on data: Ms Josianne GALEA T. +356 2599 7320 E. josianne.a.galea@gov.mt

Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Intermediate goods

86.6

85.1

84.8

82.9

81.9

77.7

79.1

81.2

88.8

88.6

92.2

91.5

94.0

Energy

105.5

101.3

101.0

106.8

104.0

104.1

103.3

107.2

107.0

106.5

104.8

105.4

104.5

Capital goods

116.8

109.3

108.9

113.8

114.1

114.1

111.8

111.9

115.9

113.9

112.4

111.1

106.1

Consumer goods

94.6

93.7

93.1

94.8

105.2

103.7

99.2

106.3

97.5

101.4

100.3

102.3

105.8

Durable consumer goods

91.7

93.4

94.6

98.8

88.9

85.6

89.5

83.5

87.0

86.9

87.3

87.1

86.4

Non-durable consumer goods

94.9

93.8

93.1

94.4

106.6

105.3

100.1

108.1

98.3

102.6

101.5

103.8

107.5

Total production

98.0

93.7

92.5

95.4

98.5

95.9

93.0

99.3

98.2

98.4

99.0

100.5

100.9

Table 2. Monthly variation by main industrial grouping (seasonally adjusted) Main industrial grouping

Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Intermediate goods

4.2

-1.7

-0.4

-2.3

-1.2

-5.1

1.8

2.6

9.4

-0.2

4.1

-0.8

2.7

Energy

1.6

-4.0

-0.3

5.8

-2.6

0.1

-0.8

3.7

-0.2

-0.4

-1.6

0.6

-0.9

Capital goods

5.7

-6.4

-0.4

4.6

0.2

0.0

-2.0

0.1

3.6

-1.7

-1.3

-1.1

-4.5

Consumer goods

3.2

-1.0

-0.6

1.8

10.9

-1.4

-4.3

7.1

-8.3

4.0

-1.0

1.9

3.4

Durable consumer goods

-1.9

1.8

1.3

4.5

-10.1

-3.6

4.5

-6.7

4.2

-0.1

0.5

-0.2

-0.8

Non-durable consumer goods

3.6

-1.2

-0.7

1.4

12.8

-1.1

-5.0

8.1

-9.1

4.3

-1.1

2.3

3.6

Total production

7.2

-4.3

-1.3

3.1

3.3

-2.6

-3.0

6.7

-1.1

0.3

0.6

1.6

0.4

Notes: 1. Table shows % change compared to previous month.

2. The calculation of growth rates from the indices table may differ slightly from the published growth rates, due to rounding.

Table 3. Industrial production indices by main industrial grouping and period (working-day adjusted; 2010=100) Main industrial grouping

Jun 13 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Intermediate goods

103.2

102.0

87.5

72.4

92.8

89.7

74.7

73.3

75.3

83.4

94.3

91.8

88.6

103.5

Energy

104.6

106.9

120.2

122.8

116.5

106.4

94.6

96.1

104.4

94.8

99.6

93.3

99.9

105.8

Capital goods

116.1

124.4

104.1

97.7

124.1

118.7

112.2

99.6

108.1

110.8

125.8

120.4

112.7

111.9

Consumer goods

98.5

96.8

104.7

80.3

90.0

110.7

106.8

77.0

107.7

95.2

113.9

103.6

110.7

108.9

Durable consumer goods

81.7

92.8

100.3

85.8

103.3

90.6

88.2

76.6

81.1

85.8

89.9

88.6

90.0

87.3

Non-durable consumer goods 100.1

97.0

105.0

79.8

88.8

112.4

108.6

77.0

110.0

96.0

116.0

104.9

112.6

110.6

Total production

103.2

100.7

87.0

98.9

103.2

94.3

81.1

95.7

92.8

106.0

99.6

101.6

106.5

103.6

Table 4. Annual variation by main industrial grouping (working-day adjusted) Main industrial grouping

Jun 13 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15

Intermediate goods

-4.9

-1.2

-3.4

Energy

-5.3

2.2

-3.4

Capital goods

7.4

7.1

-3.8

-16.9

-14.1

-4.6

-17.3

-15.1

1.1

9.3

-6.5

13.8

17.2

1.5

-5.4

1.8

-3.2

-2.0

-3.2

3.8

6.4

2.7

-0.2

1.6

-1.0

-4.3

1.3

3.2

2.9

-2.8

-1.7

5.7

4.1

-1.7

0.9

-10.0

Consumer goods

0.7

-1.8

4.2

-6.5

-3.8

20.7

9.5

6.0

20.2

-3.5

5.3

12.9

11.3

12.5

The advance release calendar may be consulted at www.nso.gov.mt

Durable consumer goods

-4.9

13.6

18.6

24.3

23.3

9.1

4.5

10.8

-2.3

-4.3

-9.5

-1.3

-6.7

-5.9

Non-durable consumer goods

1.1

-3.0

3.1

-8.6

-5.9

21.6

10.0

5.6

22.1

-3.4

6.4

14.1

12.9

14.0

Issued by: External Cooperation and Communication Unit, National Statistics OfďŹ ce, Lascaris, Valletta VLT 2000, Malta.

T. +356 2599 7219 F. +356 2599 7205 E. nso@gov.mt

Total production

-1.6

-0.4

-0.7

-9.0

-5.9

5.4

-2.0

-5.0

8.5

3.3

0.5

8.7

10.1

3.2

Source: NSO / DOI 32

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Notes: 1. Table shows % change compared to corresponding month last year.

2. The calculation of growth rates from the indices table may differ slightly from the published growth rates, due to rounding.

PRODUCT OF THE MONTH

PROPERTY & LIFE MAGAZINE ISSUE 8

Hanex Solid Surfaces are represented by Seamless

H

anex Solid Surfaces is the ideal material for commercial applications because of its beauty, durability, aesthetics, design flexibility, and color choices.

The surfaces are crafted from a unique blend of acrylic resins and natural materials, allowing the material to be cut, shaped and formed to fit a range of designs. Best of all, unlike other surfacing materials, Hanex Solid Surfaces can be used in many applications where sanitation is of utmost importance, such as retail kitchens, hospitals, laboratories, playrooms, schools, public restrooms and workspaces – just to name a few. Hanex Solid Surfaces can be fabricated and installed in almost any application with invisible seams, making this product truly “solid” in surfacing material. Hanex Solid Surfaces further reveals its flexibility and usability on integrated sinks and backsplashes by combining beauty, design, and practicality.

Throughout the years, solid surfaces have established themselves as an attractive, costeffective, and easily installable product, and no one has done this better than Hanex Solid Surfaces.

ISSUE 8 | PROPERTY & LIFE MAGAZINE

33

PROPERTY & LIFE MAGAZINE ISSUE 8

NUTRITION

Getting Started on a Gluten Free Diet

G

luten is a protein composite found in wheat, barley and rye. Embarking on a gluten free diet means that you will have to avoid these grains and their derivatives, including spelt, kamut, triticale, bulgur and seitan. Gluten does not have a high nutritional value, but it gives elasticity and structure to dough, bread and pasta. It is also used extensively in food processing. This means that it can be found in literally any processed food, some beverages and even some medications.Although a gluten free diet is very popular lifestyle choice, it is a necessity for people with coeliac disease and other gluten related conditions. No matter what the reason is for following a gluten free diet, getting started might seem confusing and complicated at first.

Here are a few steps to make the transition easier:

1.

Get to know what foods are naturally gluten free. Some foods that do not contain gluten include vegetables and fruit, plain meat, fish, eggs, milk, natural yoghurt, rice, cheese, oils and many more.

2.

Learn to read ingredients lists on all packaged foods. Products packaged in the EU must have all 14 major allergens highlighted in the ingredients list if used as a deliberate ingredient. For gluten, look out for the words wheat, barley, rye and oats. Gluten cannot be ‘hidden’ and the grain used must always be clearly listed.

3.

Some naturally gluten free foods can get contaminated with traces of gluten during processing and packaging. Unfortunately, ‘may contain’ statements due to cross contamination are optional. To eliminate this problem, certified gluten free items can be bought, or one can contact the company to ask about any risk of contamination when in doubt. It is highly recommended that certified gluten free grains and flours are bought. Although oats themselves do not contain gluten, they are often contaminated, so always opt for certified gluten free oats if you are advised that you can consume oats by your doctor.

4.

Thanks to the ever increasing popularity of the gluten free diet, there is an abundance of gluten free substitute products on the market. Major supermarkets and health shops stock everything from flours to pre-packaged gluten free meals.

The texture and taste of gluten free goods have improved dramatically over the past few years. However, contrary to popular belief, gluten free does not necessarily mean healthy. Gluten free products can be packed with sugars and fats, and can be low in fibre and other important vitamins and minerals. So make wise choices.

5.

A major problem for people who follow a gluten free diet is contamination of food with gluten during food preparation. Preparing a gluten free meal is not as simple as replacing normal pasta with gluten free pasta, or removing croutons from a salad. For a food item to be gluten free, all ingredients must be free from gluten, and they cannot come into contact with any gluten containing foods. Raw ingredients and prepared food items must be stored in a dedicated space without risk of contamination, and all surfaces, utensils and cutlery must be clean or separate when cooking. In commercial kitchens, it is imperative that all staff are trained about the risks of contamination and take serious steps to minimise these. Dining out and travelling can pose challenges that can be overcome with pre-planning and asking a lot of questions about food preparation.

Editor’s Note Candie Borg Cardona is a physiotherapist who was diagnosed with coeliac disease eight years ago. After launching her website, this achieved unprecedented success spreading awareness about gluten related conditions and helping people adjust to the gluten free lifestyle change.

For more gluten free recipes and information about gluten related conditions visit Beat the Grain on www.beatthegrain.com 34

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Do you miss soft, fluffy bread now that you are on a gluten free diet?

Gluten free bread and pizza

By Candie Borg Cardona

This recipe is very easy to make and so versatile. You can use the same recipe to make buns, rolls, focaccia and ftira style bread. It is normal for the dough to be sticky and wet. It results in a more open crumb. The amounts of ingredients listed will make 3 pizzas or 2 pizzas and a small loaf of bread. The pizza bases are pre baked and can be cooled and stored in the fridge for a few days, covered in plastic wrap. Alternatively, you can use the baked pizza bases immediately, by adding toppings of your choice and baking again as instructed.

Ingredients: • 400g NutriFree Mix Per Pane • 100g NutriFree Farina di Grano Saraceno (wholemeal buckwheat flour) • 520ml spring water, at room temperature • 1 ½ teaspoon salt • 3g instant dry yeast • Olive oil • NutriFree Farina di Mais (corn flour) for dusting Method: Using a wire whisk, mix the flours, salt and yeast in the bowl of a stand mixer. Add the water and mix on high speed for 5 minutes. The dough will be sticky and wet.

Empty the dough into a large bowl that has been well oiled with olive oil. Cover with plastic wrap and leave to rest in a draft free place until doubled in size. It should take around 60-90 minutes.

Dust a surface with corn flour and gently tip dough out onto the floured surface with an oiled rubber spatula. Gently rub some olive oil on to the dough and sprinkle with corn flour. Split the dough into 3 equal pieces with a dough cutter. If you are making a loaf, cut off 1/5 of the dough for the loaf, and split the rest into 2 equal parts.

For the pizza- rub some olive oil in your hands and place the dough on a well-oiled, round non- stick tray. Open the dough out with your hands by gently pushing down and outwards. Do this slowly to prevent tearing the dough. Cover with plastic wrap and leave to rest in a draft free place for 30 minutes. Bake at 175oC fan assist for 25-30 minutes. Cool on a cooling rack then store in fridge. You can also use it immediately after cooling by adding toppings of your choice, and baking it at 230oC fan assist until golden brown.

For the bread loaf: rub some olive oil on your hands and place the dough in an oiled small loaf tin. I used a 24.5 x 10 cm tin. Cover with plastic wrap and leave to rest until doubled in size again- approximately 60 minutes. Brush with milk and score the surface of the bread. Bake at 220oC fan assist for 10 minutes, then put temperature down to 180 degrees C and bake for a further 15-20 minutes. Tip: place a tray on the bottom shelf of the oven as it is heating, and just before you put the loaf in the oven, empty a cup of water in the try to create steam. Leave to cool before slicing.

An Italian Gluten Free Brand with over 100 Products Most products also Wheat Starch, Dairy Free, Egg Free and Soya Free.

The following are used in the recipe on page: NutriFree Mix per Pane NutriFree Farina di Mais Finissima NutriFree Farina di Grano Saraceno

PROPERTY & LIFE MAGAZINE ISSUE 8

BUILDING & CONSTRUCTION

The Jack of All Trades is a Master of None, Especially When it Comes to Waterproofing

By Antoine Bonello There are various types of waterproofing membranes, the best ones on the market are made from resin and polyurethane, they are designed to withstand our harsh climate, but when and where do you apply them?

W

e know it All… and we have been doing this type of application for many years… Th is classic phrase is what we usually hear in the building industry by many self-thought applicators. The fact that a person is doing the same thing for many years does not qualify it as the right solution.

A good waterproofi ng system for our island must withstand heat more than water. Two important products that are leaving their mark in this field are resin and polyurethane, they are designed to be used in foundations, pools, roofs planters etc. Every project has its particular exigencies. And this is absolute when it comes to waterproofi ng and resin flooring.

NP5 Resin are usually designed for foundation walls and planters they can easily stop mould, humid and most of all they are all root repellent, thus preventing any damages caused by roots. Those designed for roofs are fibre reinforced and can withstand heat and movements.

Unfortunately Materials do not speak so they can’t defend themselves when someone applies them wrong, and this happens a lot. The Malta Professional Waterproofi ng and Resin flooring Association was formed with an aim in mind, to teach and promote the correct use of materials and proper workmanship.

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The Association constantly organises seminars on the matter where prominent Italian Resin architects and installers are brought over to share and show the constant innovations that are being developed in this field. Some of these innovative products include the NAICI Resin Thermal membrane, that besides waterproofi ng it is able to reduce heat intake by 90%.

It is also designed to resist for years the severe Maltese summer and is elastic enough to expand during concrete movements.

An Important factor is the environment, Bitumen products melt at low temperatures, create heat intake and are considered a hazard to the environment.

Acrylic products on the other hand do not have a good resistance to UV rays and do not last more than a winter or two. Companies like NAICI are constantly researching and creating products that are made with environmentally friendly materials with knowing that good waterproofi ng system for our island must withstand heat more than water. These materials can be applied with ease and are available at The Resin and Membrane Centre.

in homes, Hospitals, Clinics or any other premises.

It can be used were resistance to oils and acids is a must, particularly in industrial premises. Resin floors are effortless to clean, scratch resistant and visually appealing. Unlike other types of flooring, resin floors do not make use of joints and therefore is easier and faster to fi nish and add a new dimension to flooring.

On the other hand resin flooring can satisfy any design style demand, and is typically greatly recommended were a high standard of hygiene is required, whether

Resin floors can be applied directly on the existing floors saving you the hassles and costs associated with dismantling and removal of debris. NAICI resin

BUILDING & CONSTRUCTION

floors are certified to be used in the food industry and were a high sanitary level is required or when you want to create a unique artistic place.

The NAICI International Academy together with the Malta Professional Waterproofing and Resin

flooring Association and The Resin and membrane Centre are regularly organising seminars with regards resin flooring for those who wish to learn how to implement them. This academy is renowned in Italy for its constant dedication in the trade Industry.

PROPERTY & LIFE MAGAZINE ISSUE 8

For more information visit The Resin and Membrane Centre showroom at 264 Old railway track St Venera, Malta

www.theresincentre.com

ISSUE 8 | PROPERTY & LIFE MAGAZINE

37

PROPERTY & LIFE MAGAZINE ISSUE 8

TECHNOLOGY

Innovating Technology in Restaurants & Hotels

i

Link Systems, Room Master and Comtrex Point-of-Sale are rapidly becoming household names in the local hospitality industry.

With a new hotel software installation always around the corner, and new restaurants moving to Comtrex Point-Of-Sale every week, we asked Ing. David Spiteri Fiteni, managing director at iLink, what makes the company different to the competition.

“Primarily, iLink is focussed mainly on hospitality business, which is a different approach to other companies who have a highly mixed portfolio”, he says. “Our employees all have years of experience in the different areas of hospitality, so they are used to the stringent requirements of the business”. Our foreign partners also form a large part of our success. Room Master hotel software has become a household name both in the US and in the UK, and has also been featured on “Hotel Impossible” on the Travel Channel. The advanced features of Room Master will be useful for any size of hotel. Primarily, by managing online bookings, linking the hotel’s website booking engine to the on-site hotel system, and updating inventory on the channel manager to the Online Travel Agencies such as booking.com and Expedia, among several others, in real-time. Room Master also offers access using a simple tablet, so that, say, the housekeeping department can easily raise maintenance requests for a room or public area, and receive any updates from the hotel’s front desk.

Room Master caters for any size of hotel, currently our local range of rooms goes from 8 rooms in one hotel to 560 rooms in another hotel, with several different sizes in-between.

On the restaurant side, Comtrex Point-of-Sale offers all the features imaginable for a restaurant, including staff timekeeping, deliveries and table management, together with tablet-based hand-held ordering, making life much easier for busy bars, clubs, cafeterias and restaurants. Stock-taking has also been given a more userfriendly feel, with the use of iPad devices to count stock, using the built-in iPad camera as a bar-code reader.

“Using an iStore App as a stock-taking system, and linking all stock-taking through the cloud has made stock-taking much more efficient”, explains David. The database itself runs on a local computer, so the use of a ‘private’ cloud enhances your functionality without exposing you to the risk of having all your data hosted outside the company premises.

Room Master Hotel Systems and Comtrex Point of Sale are represented locally by iLink Systems Ltd. - info@ilink.com.mt

Taking Gadgets to the Workplace, in Bars, Restaurants and Hotels

I

remember the first time I saw a hand-held device being used for order-taking in a very popular pizza franchise, where the device had buttons with little stickers on them to indicate which pizza you were choosing. Like a weak remote control, the order had to be ‘aimed’ at the receiver, and eventually it went through. If you were unlucky, the waiter would have to re-enter the order, possibly with a few variations in the process.

Fast-forward 20 years later. We are now at the stage where mobile phones are more powerful than many computers, and mobile devices such as low-cost tablets are widely used to order directly from the table. The age of Wi-Fi made sure that the signal is strong enough, while secure protocols make sure that the order gets sent every time. And all this for a cost of some 5 - 10% of what the cost was 20 years ago.

Today’s technology gets you before you even enter the restaurant. The ConnectSmart Hostess software from Comtrex provides restaurants with powerful seating and wait-list management. The software can match the best table for each waiting party based on expected turn times, party sizes, and guest preferences.

On the point-of-sale too, stylish touch-screens, immediate touch response, and buttons carrying logos or pictures of the products on the point of sale, make the ordering experience so much more accurate and faster. Like a client wanting additional mushrooms, or another client wanting no salt. Everything gets sorted and sent to the kitchen, either displayed on an order monitor, or printing out in different areas of the kitchen.

New payment methods, such as PayPal and Apple Pay, allow customers to leave their wallets at home rather than taking them to the beach. The myCheck app from Comtrex allows you to search for venues that accept PayPal and Apple Pay. Once a venue has been selected, using the app on your mobile, a 4 digit code is generated which is given to the maître d’, waiter or bartender on arrival. All transactions are then automatically linked to your account. Since the code can only be used once, there is no security risk, and all transactions are displayed immediately in the app.

And to get your customers back, what better than a customer loyalty system, which ensures that client sales are tracked and rewarded? With innovative loyalty cards printed according to your requirement, you can launch your own loyalty scheme in minutes.

Room Master Hotel Systems and Comtrex Point of Sale are represented locally by iLink Systems Ltd. - info@ilink.com.mt

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HR WORKSHOP

PROPERTY & LIFE MAGAZINE ISSUE 8

VacancyCentre represents Malta in Budapest Recruitment Workshop

T

he yearly Network Partner Workshop 2015 was held in the beautiful city of Budapest this year, with outstanding participation of countries like China, Turkey, South Africa and countries from all over Europe, among which, Malta. This workshop was held with the aim to facilitate the exchange of ideas

and best practice between members in the richest way possible.

Representing recruitment portal VacancyCentre was Senior Recruitment Officer Sarah Miceli who joined the 35 representative partners during fruitful workshop

ideas and best practice sharing. A wide range of topics were covered and all participants were introduced to the latest developments and developments relating to sales principles, lead generation, product, prices & proposals, local & international deals, posting methods, selling & receiving partners, renewal & reporting.

Through The Network, Ms. Miceli deals with international and local contracts and proposals and further to this training can handle and lead international requests for services through The Network on recruitment clients’ behalf.

VacancyCentre.com brings 27 years of experience in recruitment, HR consultancy, payroll and employment law. As experienced partners for all recruitment requirements, VacancyCentre has now also extended its service offering to employers, now offering a wider spectrum, including an extensive HR Consultancy and Training dossier,that also includes e-learning solutions, development of human capital and corporate performance management.

For more information, kindly direct your request to recruitment@vacancycentre.com

ISSUE 8 | PROPERTY & LIFE MAGAZINE

39

PROPERTY & LIFE MAGAZINE ISSUE 8

HOSPITALITY FOCUS

Café Society Valletta’s New Hotspot

I

n an interview with Tom Devenish Co-Owner with Michael Carbone and Alex Spiteri Gingell of Cafe Society, we find out why this awesome bar in the heart of Valletta is becoming a favourite venue and that it not simply offers some amazing cocktails, but also churns great tunes, amid relaxing classy surroundings, and great service.

MBR: What inspired you to open Café Society?

MBR: What challenges did you face when establishing your business? How did you overcome them?

TD: Having organised electro-swing events since 2011 and the Magic Island Festival in 2014, we felt that the next step was to have our own venue in Valletta. The name Café Society is inspired by the legendary jazz club in New York in the 1930s and 40s. This was the first racially integrated night club in the United States, and launched the careers of many jazz greats, including Billy Holliday, Ella Fitzgerald, Sara Vaughan and Charlie Parker.

TD: The building was in dire need of heavy renovation.

Having been a popular Valletta bar and restaurant since the early 1900s, it fell into disuse and neglect during the 1980s. A lot of hard work was required to bring the building to its present state, thanks to invaluable help and support from family members and friends.

MBR: What genre of music does your bar typically play?

MBR: Why is Café Society referred to as “Valletta’s new hotspot”?

TD: It is nice to hear that. From our perspective though, our sole intention was to create the kind of place where we ourselves would like to hang out. The fact that others feel the same way about it is a bonus.

MBR: And why was it bequeathed with its leitmotif as “The wrong place for the right people”?

TD: This was the slogan of the original Café Society.

It was a tongue-in-cheek dig by Barney Josephson, the club’s founder, at those pretentious elements of society who considered themselves to be “the right people”.

In contrast with many VIP venues which boast an ‘exclusive’ policy, Café Society follows an ‘inclusive’ philosophy. It is open to all people from different walks of life, ideas and beliefs who do not feel that they are any better than anyone else. Hence, it is the wrong place for those who consider themselves to be ‘the right people’.

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MBR: How does Café Society offer a twist on the comfort food and drink everyone loves?

TD: At Café Society we pride ourselves in craft food and cocktails. Like a jazz musician who is constantly improvising new tunes, we offer constantly evolving flavours to the taste of our clientele.

MBR: What is the favourite night of the week here and why?

TD: Saturday is our favourite night of the week. It’s the perfect setting for starting the night with a pre-party drink before hitting the clubs.

TD: Music is an integral element of the Café Society concept. Although we are well known for having launched electro-swing music in Malta, our musical interests go beyond this genre. The music policy for Café Society is good quality non-commercial and vintage music, which can range from soul, funk, jazz, and dub mixed with experimental electronic styles. We have already launched the Café Society Mix Series on Soundcloud, featuring local and international DJs, and have plans to release Café Society Compilations in the near future.

MBR: Who is your target market?

TD: As mentioned above, Café Society is open to anyone with an open mind, good taste and friendly attitude. ©All Rights Reserved | Copyright 2015

13, St. John’s Street, Valletta VLT 1168 Tel: +356 27 137 491

PROPERTY & LIFE MAGAZINE ISSUE ISSUE 88

EU / GREECECRISIS CRISIS EU/GREECE

Minister Scicluna Welcomes Eurogroup Agreement on Greece

M

inister for Finance, Prof. Edward Scicluna, expressed his satisfaction at how the recent agreement on Greece managed to bring all the relevant parties on board.

Minister for Finance, Prof. Edward Scicluna, expressed his satisfaction at how the recent agreement on Greece managed to bring all the relevant parties on board.

“Eagerness to reach a solution was not enough. We had to ensure that everybody was on board, including the International Monetary Fund (IMF), so that together we agree on the way forward. That will ensure the sustainability of this whole package,” said Prof. Scicluna.

The Eurogroup meeting, which took place Friday 14th August 2015 in Brussels, was attended by the Eurozone’s Finance Ministers, and followed up the approval of an ambitious package of reforms by the Greek Parliament early on Friday, as part of a new €85 billion bailout deal.

During the meeting Minister Scicluna also stated that “a programme of this nature needs a determined government to implement and that conditionality, as well as harmonisation, between the European Stability Mechanism (ESM) and the International Monetary Fund (IMF) was needed."

The first tranche of funds to be given to Greece under the ESM programme of EUR 26bn will consist of two sub-tranches. The first sub-tranche of EUR 10 bn will be made available immediately in a segregated account at the ESM for bank recapitalisation and resolution purposes. The second sub-tranche of EUR 16 bn will be disbursed to Greece in several instalments, starting with a first disbursement of EUR 13 bn by 20 August, followed by one or more disbursements in the autumn subject to the implementation of key milestones. A second tranche for banking recapitalisation and resolution needs

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of up to EUR 15 bn can be made available after the first review and no later than 15 November, subject to the completion of the planned Asset Quality Review and Stress Test and the implementation of the financial sector deliverables of the review.

An assessment conducted by the Commission in liaison with the European Central Bank has concluded that Greek debt sustainability can be achieved through a far-reaching and credible reform programme and additional debt related measures without nominal haircuts.

In a statement issued at the end of Friday’s meeting, the Eurogroup said that in line with the Euro summit statement of 12 July, it stands ready to consider, if necessary, possible additional measures (possible longer grace and repayment periods) aiming at ensuring that Greece's gross financing needs remain at a sustainable level. These measures will be conditional upon full implementation of the measures agreed in the European Stability Mechanism programme and will be considered after the first positive completion of a programme review.

Minister Scicluna said he was satisfied that the Eurogroup was in agreement that nominal haircuts on official debt would not be undertaken.

In Brussels the Minister was accompanied by the Ministry for Finance’s Permanent Secretary, Mr Alfred Camilleri.

Courtesy:DOI DOI Courtesy:

ENERGY

PROPERTY & LIFE MAGAZINE ISSUE 8

Feed-in tariff for systems not covered by grant schemes

F

ollowing the publication of a legal notice, a feed-in tariff has been set for photovoltaic panel systems, not covered by previous grant schemes, that are larger than 1kWp, but smaller than 40 kWp and for systems larger than 40kWp but smaller then 1MWp. The feedin tariffs are ¢15c5 per kWh generated, and ¢15c per kWh generated respectively, and are guaranteed for twenty years. Applications are to be submitted to the Regulator for Energy and Water Services, and are being received with immediate effect.

Topserv (Gozo) Ltd Address: Mgarr Road, Ghajnsielem, Gozo, Europe Tel: (+356) 2155 7993 Fax: (+356) 2156 1578 Mob: (+356) 9949 9281 Email: johnjcefai@gmail.com

Separately, a feed-in tariff of ¢16c5 has been set for residential photovoltaic panels’ scheme which was launched last June. This scheme covers 50% of eligible costs up to a maximum of ¢757 per kWp generated or up to a maximum of ¢2,300 for every system installed, and is guaranteed for six years.

These initiatives will further contribute to more positive results in the renewable energy sector while simultaneously contributing to the reduction of our carbon footprint.

More information can be obtained from the Regulator for Energy and Water Services at Millenia 2nd floor, Aldo Moro Street, Marsa or by calling 22955000.

Passengers lifts Kitchen lifts Good lifts Car lifts

Courtesy: DOI ISSUE 8 | PROPERTY & LIFE MAGAZINE

43

PROPERTY PROPERTY & LIFE MAGAZINE PROPERTYISSUE & LIFE8MAGAZINE ISSUE 8

HSBC REPORT HSBC REPORT

HSBC BANK HSBC MALTA P.L.C. HSBC BANK BANK MALTA MALTA P.L.C. P.L.C. HALF-YEARLY HALF-YEARLY HALF-YEARLY RESULTS FOR 2015 RESULTS FOR RESULTS FOR 2015 2015

HSBC HSBC HSBC

Bank Malta p.l.c. reported a profit before tax of €36m Bank Malta p.l.c. reported a profit before tax of €36m Bank Malta p.l.c. reported a profit before tax of €36m for the the six six months months ended 30 June 2015 compared for for same the six months ended 30 performance June 2015 compared with €40m for the period in 2014.

This reflected with €40m for the same period in 2014. This performance reflected with €40m for the same period in 2014. This performance reflected the continuing low interest rate environment as a result of record low the continuing low interest rate environment as a result of record low the continuing low interest rate environment as a result of record low European Central Bank rates, muted commercial lending growth and European Central Bank rates, muted commercial lending growth and an increase in costs as a result of compliance investment and new European Central Bank rates, muted commercial lending growth and an increase in costs as a result of compliance investment and new regulatory charges. In addition, the 2014 performance benefited from an increase in costs as a result of compliance investment and new regulatory charges. In addition, the 2014 performance benefited from a bigger gain on the sale of securities. regulatory charges. In addition, the 2014 performance benefited from a bigger gain on the sale of securities. a bigger gain on the sale of securities.

• •

• • •

• • • • •

• •

• • • • • •

Profit before tax of €36m for the six months ended 30 Profit before tax of €36m for the six months ended 30 June 2015. The performance was €4m lower than for the June 2015. The performance was €4m lower than for the same period last year but was higher than for the second same period last year but was higher than for the second half of 2014. Net operating income was up 3% year-onProfit before tax of €36m for the six months ended 30 half of 2014. Net operating income was up 3% year-onyear, however, higher costs and loan impairment charges June 2015. The performance was €4m lower than for the year, however, higher costs and loan impairment charges contributed to the decline in the first half profits. same period last year but was higher than for the second contributed to the decline in the first half profits.

Profit attributable to shareholders of €24m for the six half of 2014. Net operating income was up 3% year-onProfit attributable to shareholders of €24m for the six months ended 30 June 2015 resulting in earnings per year, however, higher costs and loan impairment charges months ended 30 June 2015 resulting in earnings per share of 6.6 cents compared with 7.1 cents in the same contributed to the decline in the first half profits. share of 6.6 cents compared with 7.1 cents in the same period in 2014. period in 2014.

Common equity tier 1 capital ratio of 11.5% as at 30 June Profit attributable to shareholders of €24m for the six Common equity tier 1 capital ratio of 11.5% as at 30 June 2015, up from 10.6% at the end of 2014. months ended 30 June 2015 resulting in earnings per 2015, up from 10.6% at the end of 2014.

Cost efficiency ratio of 55.6% for the six months ended share of 6.6 cents compared with 7.1 cents in the same Cost efficiency ratio of 55.6% for the six months ended 30 June 2015, compared with 53.2% for the same period period in 2014.

30 June 2015, compared with 53.2% for the same period in 2014. Managed costs were well controlled; however in 2014. Managed costs were well controlled; however total costs increased as a result of new regulatory costs, total costs increased as a result of new regulatory costs, continued investment in risk and compliance staff and Common equity tier 1 capital ratio of 11.5% as at 30 June continued investment in risk and compliance staff and additional expenses in relation to outsourced services.

2015, up from 10.6% at the end of 2014. additional expenses in relation to outsourced services.

Return on equity of 10.5% for the six months ended 30 Return on equity of 10.5% for the six months ended 30 June 2015, compared with 11.6% for the same period in Cost efficiency ratio of 55.6% for the six months ended June 2015, compared with 11.6% for the same period in 2014.

30 June 2015, compared with 53.2% for the same period 2014. in 2014. Managed costs were well controlled; however Total assets of €7,682m at 30 June 2015, up €483m, or 7%, Total assets of €7,682m at 30 June 2015, up €483m, or 7%, compared with 31 December 2014. total costs increased as a result of new regulatory costs, compared with 31 December 2014. continued investment in risk and compliance staff and Customer accounts of €5,198m at 30 June 2015, up additional expenses in relation to outsourced services.

Customer accounts of €5,198m at 30 June 2015, up €331m, or 7%, compared with 31 December 2014. €331m, or 7%, compared with 31 December 2014.

• 4444 Return on equity of 10.5% for the six months ended 30 WWW.PROPERTYANDLIFEMAGAZINE.COM WWW.PROPERTYANDLIFEMAGAZINE.COM 44 June 2015, compared with 11.6% for the same period in WWW.PROPERTYANDLIFEMAGAZINE.COM

Mark Watkinson, CEO, HSBC Bank Malta p.l.c.

Mark Watkinson, CEO, HSBC Bank Malta p.l.c Mark Watkinson, CEO, HSBC Bank Malta p.l.c

Mark Watkinson, CEO, HSBC Bank Malta p.l.c

All three main business lines, Retail Banking andAll Wealth Commercial Banking and threeManagement, main business lines, Retail Banking Global Banking and Markets, were profitable during and Wealth Management, Commercial Banking and the six month period under review.

Global Banking and Markets, were profitable during three period main business lines, Retail Banking the All six month under review.

Watkinson, Director and Chief Executive andMark Wealth Management, Commercial Banking and Officer HSBC Malta, said: “Operating Markof Watkinson, Director and Chief conditions Executive Global Banking and Markets, wereUnion profitable during remain ofdifficult.

The European has been Officer HSBC Malta, said: “Operating conditions the six month period review. unsettled by the challenges around Greece, remain difficult.

Theunder European Union has levels been of liquidity market remain high,levels the unsettled by inthethechallenges around very Greece, European Central continues tovery payhigh, negative of liquidity in theBank market remain the Mark Watkinson, Director and Chief Executive rates of interest on deposits and regulatory have European Central Bank continues to pay fees negative Officer of HSBConMalta, “Operating conditions seen considerable rises, said: particularly with respect rates of interest deposits and regulatory fees have to deposit compensation and bank resolution fund remain difficult. The Union been seen considerable rises,European particularly withhas respect schemes. challenges, the three main to depositDespite compensation and around bank resolution unsettled by the these challenges Greece, fund levels business all operate profitably and continuing schemes. lines Despite these challenges, thea three main of liquidity market remainand very high, the improvement in the localprofitably economy will positive business linesin allthe operate a be continuing for our business time.

The Bank remains focused European Central to pay negative improvement inover theBank local continues economy will be positive on continuing in regulatory itsremains local franchise for our over time. The Bank focused rates ofbusiness interestits oninvestment deposits and fees have andcontinuing leveraging its theinvestment opportunities as Malta becomes on in its local franchise seen considerable rises, particularly with respect increasingly globally connected, sitting astride the and leveraging the opportunities as Malta becomes world’s single largest trade route connecting Asia,fund to deposit compensation and bank resolution increasingly globally connected, sitting astride the Middle East and Europe.” world’s single largest tradechallenges, route connecting Asia,main the schemes.

Despite these the three Middle East and Europe.”

business lines all operate profitably and a continuing improvement in the local economy will be positive The for our business over European time. The Bank remains focused The European on continuing its investment its local franchise Union has beeninunsettled and leveraging the opportunities as Malta becomes Union has been unsettled by the challenges around increasingly globally connected, sitting astride the by the challenges around world’s single largest trade route Asia, the Greece, levels of connecting liquidity Greece, Middle East and levels Europe.” of liquidity

in the market remain in thehigh market remain very very high

The European Union has been unsettled

HSBC HSBC REPORT REPORT

MAGAZINE PROPERTY & LIFE MAGAZINE ISSUE 8

Mark Watkinson, CEO, HSBC Bank Malta p.l.c. speaks as (from left) Rashid Daurov, CFO, and Sonny Portelli, Chairman, look on.

Mark Watkinson, CEO, HSBC Bank Malta p.l.c. speaks as (from left) Rashid Daurov, CFO, and Sonny Portelli, Chairman, look on.

“I would like to take this opportunity to thank our staff, Directors and shareholders for their commitment, hard work and support during the first half of 2015.”

Net interest income increased to €60m compared with €58m in the same period in 2014. The increase in net interest income was primarily driven by a lower interest expense as deposits rates reduced. Interest income decreased as well as a result of diminishing lending margins. Interest income on investment portfolio declined as proceeds of higher yielding maturing bonds were re-invested at the lower prevailing rates.

Net fee income was up 2% compared with the same period in 2014 primarily as a result of higher asset management fees in the insurance subsidiary.

Custody and stock brokerage fee income declined following the winding-up of these businesses in early 2014. Credit fees reduced as fewer credit facilities were sanctioned in the first half of 2015 compared with the same period in 2014.

HSBC Life Assurance (Malta) Ltd. reported a profit before tax of €7m compared with €6m in the first half of 2014. The results in 2015 benefited from a recovery in yield curve, release of model uncertainty reserve and new revenue earned on the portfolio of investment contracts transferred to the company at the end of 2014.

A net gain on disposals of available-for-sale securities of €0.4m was reported for the six months ended 30 June 2015, compared with €1.5m for the same period in 2014.

Operating expenses of €50m were €4m, or 7%, higher than the first half of 2014 largely due to compliance investment, regulatory fees and costs attributable to regulatory obligations (new

Single Supervisory Mechanism fees and the new requirement for contribution to the Single Resolution Fund) and the increased cost of outsourced services as a result of currency fluctuations and new services related to the transferred insurance portfolio.

Excluding these items, expenses were well controlled and marginally above the comparable period in 2014.

Net impairment charges of €3.6m were €2m higher than in the first half of 2014 but considerably lower than in the second half of 2014. Overall asset

Customer deposits increased by €331m to €5,198m reflecting the growth in both retail and corporate deposits quality remains satisfactory with a high percentage of tangible security held against the overall loan portfolio.

Net loans and advances to customers were €3,249m, €24m lower than at 31 December 2014.

The growth in mortgage balances supported by government incentives for first time buyers was offset by the reduction in corporate lending where repayments were higher as a result of the persistent low interest rate environment. The lending pipeline remains robust and newly sanctioned loans amounted to €462m reflecting the bank’s continued support of the local economy. The second tranche of the Malta Trade for Growth fund of €75mwas launched

in June 2015, aimed at helping Maltese companies internationalise their business.

Customer deposits increased by €331m to €5,198m reflecting the growth in both retail and corporate deposits. As deposit rates decrease, the shift from longer-dated to shorter-dated deposits continues.

The bank’s available-for-sale investment portfolio is composed of highly-rated paper and is conservatively positioned. The bank’s liquidity position was further strengthened with an advancesto-deposits ratio of 62% compared with 67% at 31 December 2014.

The bank continued to strengthen its total CET 1 ratio to 11.5% from 10.6% at 31 December 2014. Total capital ratio increased to 13.3% compared with 13% at 31 December 2014.

The Board has declared an interim gross dividend of 5.1 cents per share (3.3 cents net of tax). This will be paid on 10 September 2015 to shareholders who are on the bank’s register of shareholders at 14 August 2015.

Source: HSBC ISSUE | PROPERTY&&LIFE LIFEMAGAZINE MAGAZINE ISSUE 8 |8PROPERTY

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PROPERTY & LIFE MAGAZINE OPERTY & LIFE MAGAZINE ISSUE 8 ISSUE 8

HUMAN RESOURCES

HUMAN RESOURCES

MISCO: Over 30 Years’ Experience MISCO: Over 30 Years’ Experience In People Selection In People Selection by James Vella Clark

R

by James Vella Clark

ecent internal statistics collected by MISCO for its consultative recruitment and selection services have confirmed a retention rate of employees engaged with companies of 96%. This means that MISCO is being highly successful not only in satisfying the recruitment requirements its clients’ the right candidates these new employees being retained by their ecent internal statistics of collected by companies MISCO forbyitsproviding consultative recruitment andbut selection services have are confirmed a retention ratenew of employers as theywith prove themselvesofto96%. be the right people forMISCO the post.isJOANNE BONDIN, Headnot of MISCO’s recruitment employees engaged companies This means that being highly successful only in satisfying the operations recruitment explains how this success stems from giving clients plenty a very resource, time. requirements of its clients’ companies by providing the right candidates but of these newimportant employees are being retained by their new mployers as they prove themselves to be the right people for the post. JOANNE BONDIN, Head of MISCO’s recruitment operations explains MBR: What identifies MISCO’s on a giving range ofclients topics including communication skills, resource, time. how thisexpertise? success stems from plenty of a very important

R

recruitment, selection and various HR topics. Th is gives an opportunity remain abreasttowith JB: “We are a value-based company.

Th is means BR: What identifies MISCO’s expertise? company thatmeinvests in them andtowho are willing whatparticipate companiesinlook when they are seeking new that our prime concern is bringing true value to those share and the for company’s vision.

“We are a value-based company.

This means that potential employees. More importantly, I have come companies who seek our services.

MISCO has been primeoperating concern in is the bringing true value to those MBR: You mentioned the time you clients. Isn’t to realise how important it isgive for to companies to fi nd recruitment business for 30 years mpaniesnow whoand seek ourtrue services. been everywho jobare though? people passionate, who want to grow not only being to ourMISCO values ishas what brings this us with rating in the recruitment business for 30 years now personally but as apart the company that invests in what do. We helpuscandidates d being success true to our valuesweis what brings success fi nd JB: Time has become veryof precious resource that in them and In who are willing to share and participate in across a wide find base employment of different sectors what weemployment do. We help candidates few appreciate. terms of recruitment, companies thehire company’s and base industries however, we areand mostly specialised want in to oss a wide of different sectors industries the bestvision. person for the role they want wever, executive, we are mostly specialised in executive, roles. to fill and yet, for such important roles, they simply managerial and senior-management nagerialI feel and that senior-management I feeltraits that of our do not have theYou time to go through the give rigorous one of the most roles. important MBR: mentioned the time you to clients. of thecompany most important traits of our company is and time-consuming steps involved.

This is where is that we adopt high quality procedures Isn’t this with every job though? t we adopt high quality procedures and techniques we come in. We first meet the company and go and techniques recruitment.

Nowofitquality is very easythrough to recruitment.

Now it isforvery easy to talk the organisation’s structure to understand talk of quality however, if I had to defi ne our way of vision JB: Time has become aThen, very precious resource wever, if I had to define our way of working, I would its and requirements. we embark on that working, I would saytothat we take get to know few appreciate. terms of companies that we take time to get know the time clientto well. the proper process forInfinding therecruitment, right candidates. s the time we spend ourtime clients that helps us clients This involves vacancy properly andwant the client well. with It is the we spend with our want to advertising hire the bestthe person for the role they derstand what they so thatwhat we can in the to right places to make sure we attract the right that helps us need understand theymeet needtheir so that we fi ll and yet, for such important roles, they simply ectations. potential candidates, we shortlist the applications, can meet their expectations. do not have the time to go through the rigorous we interview the shortlisted candidates, we conduct time-consuming steps involved.

Th is is where BR: How does your personal training and career secondandinterviews followed by psychometric we come Weinterviews. first meetItthe and go elopment help you in your role at MISCO? assessments and in. final is acompany process that organisation’s would through normallythe take between 3-4 structure weeks. to understand I joined MISCO in 2006 as a Human Resource its vision and requirements. Then, we embark on ecutive after obtaining my degree in Psychology.

MBR: the Doesproper this happen and processwith for fieach nding theevery rightvacancy candidates.

2010, I was appointed as Head of Selection and that needs to be filled?

Th is involves advertising the vacancy properly and cruitment. Today, together with my team, we deliver in necessarily the right places sure we attract theitright ctive recruitment solutions for clients. I am also JB: Not but to in make our case, many times potential caters candidates, wefor shortlist applications, ponsible for the management of the Selection Unit does. MISCO mostly senior,theexecutive, we interview the shortlisted conduct MISCO Consulting, including, planning, budgeting, management roles, and many timescandidates, those roleswe would plementing and reviewing of MISCO’s recruitment be pivotal for a interviews company’s success. we are second followedTherefore by psychometric assessments and fi nal interviews. It is a process that would normally take between 3-4 weeks.

I have come to realise how important it is for companies to find people who are passionate, who want to grow not only personally but as I have come to part of the company that ealise how important it invests in them s for companies to find MBR: How does your personal eople who are development passionate, training and career help you in your role at MISCO? who want to grow not JB: I joined MISCO in 2006 as a Human Resource nly Executive personally but as after obtaining my degree in Psychology.

In 2010, I was appointed as Head of Selection and art of the company that Recruitment. Today, together with my team, we deliver recruitment solutions for clients. nvests ineffective them I am also responsible for the management of the

Selection Unit at MISCO Consulting, including, planning, budgeting, implementing and reviewing rationsofand I also get to be involved in organising MISCO’s recruitment operations and I also get d delivering various private and publictraining to be training involved for in organising and delivering tor organisations on a range of topics including for various private and public sector organisations mmunication skills, recruitment, selection and ious HR topics.

This gives me an opportunity to WWW.PROPERTYANDLIFEMAGAZINE.COM 46 main abreast with what companies look for when

Joanne Bondin, Head of Recruitment and Operations, MISCO MBR: Does this happen with Joanne each and every Bondin Recruitment and Operations, MISCO vacancyHead that of needs to be filled?

JB: Not necessarily but in our case, many times it does. MISCO caters mostly for senior, executive, management roles, and many times those roles would

HUMAN RESOURCES be pivotal for a company’s success. Therefore we are talking of people who need to be highly competent and with developed soft skills. It takes expertise to look for and meet new candidates, get to know them, read them and to understand who of these candidates truly possesses the right qualities and disposition for the job. Not all companies have the time to nurture new employees in the soft skills.

They want people who are already willing to enter the fray, who are capable of taking initiative, who are not afraid to ask questions to learn more; people who can quickly fit in the company’s culture and start working productively. Every company has a different culture. We take time to first, understand this culture by spending quality time with our client company and then we dedicate time to assess the people that would best fit the company’s culture. All this takes a lot of time and expertise. We offer both because one without the other yields little results.

Our services are dynamic and they constantly change and adapt according to client’s needs. We are down to earth people, very approachable and we bring varied solutions to the table as long as these benefit the company and its requirements. We are flexible and we give time to understand the client because we never adopt a one-size-fits-all attitude. Th is is what makes our service a professional one. Most importantly, we uphold very high ethical standards. We come across cases where clients could be adopting a discriminatory attitude like for example not wanting to employ a particular gender or not considering candidates above a certain age. We are outright against these attitudes and we take a firm stand about it. Many recruitment companies tend to look at the numbers. At MISCO, we feel that all those looking for our service are investing time, money and resources and therefore, these need to be repaid with attention to detail and a quality service that delivers true value.

MBR: You also mentioned values. On which values does MISCO base its recruitment activity?

MBR: What makes recruitment a challenging job?

JB: First and foremost, although recruitment could seem complicated, for us who have been doing it for 30 years, it is not. We are first and foremost practical.

JB: We feel that one of the aspects that make our recruitment operations challenging is the fact that we are constantly looking for people with a personality and culture fit that can make the difference in the

PROPERTY & LIFE MAGAZINE ISSUE 8

companies that employ them. People selection is not only about fi nding the right people but doing so using the right tools and assessment methods. It is in our human nature to tend to ‘prefer’ people who would fit in our own personal scheme of things. It is also normal to want to respond quickly to an employer’s vacancy by fi nding a person to fi ll in the job as quickly as possible. However, proper selection does not rely on gut feeling and fi nding the right person can involve a structured process.

MBR: What do you find rewarding in this sector?

JB: We at MISCO derive most satisfaction and personal reward from watching a company grow thanks to the people that we would have placed with them. We also feel very satisfied when we meet companies and fi nd out that their employees would have been first placed there by us. On a more personal level, I work with the knowledge that we are not just fi lling jobs but through our knowledge and expertise, we are helping people fi nd the ideal career opportunity – which is a great deal. We are effectively changing people’s life. © Copyright 2015 | All Rights Reserved

ISSUE 8 | PROPERTY & LIFE MAGAZINE

47

PROPERTY PROPERTY & LIFE MAGAZINE ISSUE 8

SOLAR ENERGY

Malta enjoys around 3,000 hours of sunshine per year and that is great; however when it comes to heat and UV exposure it is not such a great proposition, as the sun’s rays are harmful to your person and your belongings inside the home or office. With so much sun, the cost of keeping your home cool also sky rockets, due to the use air conditioning units resulting in high energy bills.

The solution?

SolarTech Solar Protection Film Solar protection film has some amazing benefits and will help you keep things cool with only a slight reduction in the amount of light that filters through, whilst blocking all harmful UV Rays.

ON

M

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Protect yourself and your family from Skin Cancer with SolarTech Solar Protection Film

Ultraviolet radiation travels through windows, where it can contribute to the daily accumulation of sun exposure that can lead to skin cancer and photoaging. UV-blocking films puts an end to this risk factor.

Reduce the heat, save on energy bills with SolarTech Solar Protection Films

• Reduce heat by up to 82% • Reduce glare by up to 91% • Reduce electricity costs.

Quite simple really, less heat coming in means your air-conditioning unit needs to work much less to keep your house or workplace cool; think about how much money you will save when you have up to 82% less heat coming in through your windows; in most cases you might not even need to turn your Air Conditioning on.

Protect your furniture from heat and sun damage with solar protection film.

Did you just shell out for a nice antique or beautiful leather sofa? The sun’s heat and UV rays damage furniture and cause fading, you won’t notice immediately but day after day the sun will weather away your furniture; protect your investment by installing SolarTech solar protection film.

PROPERTY & LIFE MAGAZINE ISSUE 8

BUILDING & CONSTRUCTION

Our Property Management Services are a Phone Call Away About us Established in 2007, AGF turnkey contractors is a team of dynamic workers with one vision in mind. We strive to build u p a good relationship throughout each and every job. Our motto is “Client satisfaction, on time, everytime”.

Director Jevon Gatt comes from a background of building contactors where he worked as Foremen, Works manager and site supervisor for many years.

AGF Turnkey contractors has the experience and know-how to take on any kind of project, ranging from the finishing of a shell apartment to the total construction of a villa, or a block of flats, and anything that comes under the umbrella of the construction and finishes industry.

Our team of, skilled and experienced workmen – all cooperating to achieve the same goal – guarantees that each and every project gets all the attention required. That one goal is a professional job, carried out to the highest standards possible on budget and in time, everytime!

Why choose A turnkey contrActor Turnkey refers to the middleman between the owner of a property, that needs work done,. It is considered

to be the most efficient way for a project to be finalised in the shortest time and at the most costeffective price!

The main advantage is that you would be dealing with only one contractor, who manages the various jobs.

The project manager in charge would deal with all the necessary preparations, permits, schedule of works, timing, plans, materials involved and subcontractors.

Why AGF Throughout the years, we have taken various projects in hands that have enables us to be able to say YES we now have enough experience to be able to guarantee clients satisfaction all the time.

We also know that the highest standards of workmanship need to be undertaken and that is surely a label that AGF is known for. services Construction; Structural Alterations; Project Management; Electrical and Plumbing Services; Plastering and Painting; Tile Laying; Gypsum Soffits; Marble Laying; Restoration of Old Farmhouses; Aluminium Works; Wood Works; Parquet Flooring; Water Proofing; Interior Design

AGF neWs section Managing a property can sometimes prove to be stressful especially if you live overseas.

If you,re based locally we can still handle your property and handle and problems that you can come across.

AGF will help you STOP worrying about anything.

From rent collection, to any maintenance needs, we ensure the best quality in the your property needs.

Our property management services include: • Regular visits when unoccupied.

• Inventory checks • Paying any outstanding bills.

• Cleaning of the property on a weekly basis.

• 24/7 repairs.

• Maintaining property rental investment to the maximum.

• Selling the property contAct detAils Email jevgatt@maltanet.net or Jevgatt@gmail.com Tel : 9945 0232/ 2141 7115 Address : GALINE, Josmar complex, Triq id difisa civili, Mosta | Facebook: AGF-Turnkey-Contractors

ISSUE 8 | PROPERTY & LIFE MAGAZINE

49

PROPERTY & LIFE MAGAZINE ISSUE 8

MILITARY TECHNOLOGY

Inside America’s Next Spyplane

Provided by Popular Science

B

orn in the spy-vs.-spy cauldron of the Cold War, the iconic SR-71 “Blackbird” remains the fastest air-breathing military aircraft the world has known. It flew so high and so fast that enemy defenses were powerless to intercept it. Eventually, satellite technology and advanced radar eroded its advantage. In 1998, the U.S. Air Force retired it. Now, with regional threats growing and portable surface-to-air missiles evolving, engineers have once again set out to build the fastest military jet on the planet.

HOW RAMJETS WORK

This time, it will take the form of a 4,000-mileper-hour reconnaissance drone with strike capability.

Known as the SR-72, the aircraft will evade assault, take spy photos, and attack targets at speeds of up to Mach 6. That’s twice as fast as its predecessor.

Turbojet engines can take a plane from runway launch to about Mach 3; speeds faster than that require an air-breathing ramjet, which compresses high-speed air for combustion, but which typically begins operating at about Mach 4. To bridge the gap, engineers are developing a hybrid engine that can operate in three modes. The aircraft will accelerate to about Mach 3 under turbojet power, switch to ramjet power to take it to about Mach 5, and then switch again to scramjet mode, which uses supersonic air for combustion.

Aeronautical engineers at Lockheed Martin and Aerojet Rocket°©dyne have been designing the SR-72 at their Skunk Works black site in California for the past several years. It will require a hybrid propulsion system: a conventional, off-the-shelf turbo jet that can take the plane from runway to Mach 3, and a hypersonic ramjet/scramjet that will push it the rest of the way.

Its body will have to withstand the extreme heat of hypersonic flight, when air friction alone could melt steel. Its bombs will have to hit targets from possibly 80,000 feet. Lockheed says the craft could be deployed by 2030. Once it is, the plane’s ability to cover one mile per second means it could reach any location on any continent in an hour°™not that you’ll see it coming.

“We are now on the verge of a hypersonic revolution.” — Brad Leland, Lockheed Martin’s Hypersonic Program Manager 50

WWW.PROPERTYANDLIFEMAGAZINE.COM

Ramjets forgo the big rotary compressors needed on turbojets and instead rely on their own forward motion to compress air. First, air is scooped into an inlet and compressed as it funnels into a diffuser. The diffuser also slows the air to subsonic speeds for easier combustion. From there, air and fuel are fed into a combustion chamber and ignited. Finally, an exhaust nozzle accelerates the resulting burst of hot, expanding air, producing massive thrust.

PROPULSION

It could reach any location on any continent in an hour—not that you’ll see it coming.

SKIN Aerodynamic friction at speeds exceeding Mach 5 will heat an aircraft’s exterior to 2,000 degrees. At that point, conventional steel airframes will melt.

So engineers are looking at composites—the same kinds of high-performance carbon, ceramic, and metal mixes used for the noses of intercontinental ballistic missiles and space shuttles. Every joint and

seam must be sealed: Any air leak at hypersonic speed, and the in-rushing heat would cause the aircraft to collapse. (That’s what doomed the space shuttle Columbia).

AIRFRAME The stresses on a plane shift as it travels through subsonic, supersonic, and hyper°©sonic speeds. For instance, when a jet is accelerating through subsonic flight, the center of lift moves toward the back of the aircraft. But once the craft hits hypersonic speeds, drag on the plane’s leading egdes cause the center of lift to move forward again. If the ceter of lift gets too close to the center of gravity it can cause dangerous instability. The plane’s shape must tolerate these changes, and more, to keep the craft from tearing apart.

PAYLOAD Lockheed describes the SR-72 as an intelligence, surveillance, reconnaissance, and strike platform, but its exact payload is secret. Most likely, it hasn’t yet been invented. Taking spy photos or dropping bombs at Mach 6 will require extraordinary engineering.

It will require hundreds of miles to make a turn. It will need powerful guidance computers to line up targets, 80,000 feet below. Also, you can’t just open a bomb bay at 4,000 miles per hour. The SR-72 will need new sensors and weapons to operate at such high speeds.

This article was originally published in the June 2015 issue <http://www.popsci.com/americas-secretspyplane-future-energy-and-more?con=&amp;dom=pr ime&amp;src=syndication> of Popular Science, under the title “America’s Next Spyplane.”

AVIATION TECHNOLOGY

I

PROPERTY & LIFE MAGAZINE ISSUE 8

The High Speed Strike Weapon

n an effort to develop a defense mechanism that can reach any target in the world in just an hour, the US Air Force is developing hypersonic weapons, which are currently nearing the testing stage. While the technology is not expected to be fully developed for years, some in the international community are worried about the risks of inadvertent nuclear warfare.

Hypersonic weapons are not new – ballistic missiles are hypersonic – but the US is currently researching a new class of hypersonic weaponry called “boost-glide weapons.”

These missiles are deployed from beneath the wing of bomber planes and can reach their target with extreme accuracy. They travel at Mach 5, five times the speed of sound, which could get you from New York City of Los Angeles in only 30 minutes.

In past tests, these speeds have caused the engine to melt, so current models are powered by a scramjet, a supersonic engine that, unlike a traditional engine, has few moving parts and instead utilizes an air-breathing propulsion system to keep cool.

“The engine basically melted because it got so hot,” Ryan Helbach, an official with the Air Force Research Laboratory, told Military.com. “They didn’t actively cool it. So for our program, we actively cooled the engine,

which means that along the outside of the engine, we cycled the fuel around it to suck out the heat from the engine, heat up that fuel, and then inject it into the combustor for the scramjet engine.”

The speed and accuracy of these weapons would allow for the military to successfully carry out time sensitive attacks. For example, in 1998 Osama bin Laden was known to be in a terrorist training camp in eastern Afghanistan, but by the time missiles were sent he had left the complex and the mission was unsuccessful.

© DARPA/AP Photo In this artist’s rendition showing the Falcon Hypersonic Technology Vehicle 2 (HTV-2). The Falcon HTV-2 is an unmanned, rocket-launched, maneuverable aircraft that glides through the Earth’s atmosphere at incredibly fast speeds…

Worried that the US will technologically surpass them, China and Russia have launched similar hypersonic programs, starting a second arms race.

However, the US is pushing forward. The High Speed Strike Weapon and several other hypersonic weapons developed by Defense Advanced Research Projects Agency (DARPA) are scheduled for testing in 2018 or 2019.

“Certainly, the U.S. is not the only country involved in developing hypersonic weapons,” Mica Endsley, the Air Force’s chief scientist, told Military.com. “They (China) are showing a lot of capability in this area. The advantage of hypersonics is not just that something goes very fast but that it can go great distances at those speeds.”

According to The Guardian, experts are worried that, due to the method of deployment, hypersonic missiles may be confused for nuclear weapons and spark retaliation.

Additionally, Foreign Policy magazine reported that America’s foray into hypersonic military technology has stirred a debate about whether China should abandon its policy not to use nuclear weapons first.

“Our goal is to make sure the Air Force has the knowledge in 2020 or over the next five years to be able to make acquisition decisions using this technology,” Kenneth Davidson, manager of the hypersonic materials development at the Air Force Research Laboratory, told Military.com. “Our goal is to provide a capability to stand off, launch these vehicles off the aircraft to hit time-critical dependent targets ... And ultimately from a manufacturing standpoint, it’s got to be affordable.”

This article was written by Rowena Lindsay from Christian Science Monitor and was legally licensed through the NewsCred publisher network.

CPE-Accredited Course on Collective Investment Schemes

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SB Advocates and CSB Group - leaders in legal, business and corporate services have joined forces with financial services education expert ifs Malta, to offer this practical training course on Collective Investment Schemes (CIS). This programme provides an understanding of the fundamental concepts relating to CIS focusing mostly on the Maltese legal framework which is the foundation for the various types of CIS licenses. The course also covers the most recent legal and regulatory developments in the area.

By completing the training course, delegates will: • Gain a firm and comprehensive understanding of CIS as defined under Maltese Law and the vehicles that may be used for the licensing of a CIS

• Be able to identify what are the roles, responsibilities and duties of officers and service providers that are appointed to a CIS • Be able to distinguish between the different types of CIS licences available under Maltese Law This programme is suitable for professionals such as financial services officers, bankers, lawyers and corporate services officers, who require practical knowledge on the CIS market and/or who would like to be updated on the most recent legal developments in Malta on this matter.

The training programme will be delivered by Dr. Kurt Hyzler who has joined CSB Advocates in 2012. With over 6 years of experience in the industry he is particularly active in the Group’s financial services practice. Throughout his career he has worked on licensing and on-

going servicing of various types of CIS including UCITS, Hedge Funds and investment service providers. Apart from financial services, he has also been involved in corporate law matters, privatisations and banking.

The course will take place at the ifs Malta, Pieta’, on the 22nd, 24th, 29th September & 1st October 2015 between 17:00 and 19:30.

This course programme has been accredited with 9 hours of structured CPE qualifying for the attainment of Professional Development Competencies in terms of the MIA CPE Regulations.

To Register (link to http://www.csbgroup. com/sites/csbg roup.com/f iles/media/ collective-investment-schemes-2015.pdf ).

For more information, kindly direct your enquiry to info@csb-advocates.com ISSUE 8 | PROPERTY & LIFE MAGAZINE

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PROPERTY && LIFE PROPERTY LIFE MAGAZINE MAGAZINE ISSUE 8

TRAVEL

More Choice to Air Malta’s Customers

New Product Range Launched

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ir Malta has upgraded its range of products in both its economy and business classes as part of a “We Care More” initiative. Through this change, which will give more choice to customers, the airline is moving forward to meet the needs of contemporary travellers.

The new product range has been upgraded following the feedback and comments received from customers.

Commenting on these changes Chief Executive Philip Micallef said: “Today marks an important development and a significant milestone for Air Malta. We have made many product changes to offer customers more choice

Our passengers will be able to get what they pay for at the price they choose. and flexibility. Our passengers will be able to get what they pay for at the price they choose.

Air Malta understands that customers look for peace of mind when flying, and do not want to be worried and ripped off with luggage charges or other extra fees.”

“We have lowered all our fares on all routes for travel as from 1st September offering savings of up to €54 than the currently available round 16 52

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trip fares. We have also re-introduced child and infants discounts, changed from a baggage weight concept to the piece concept and increased luggage weight allowances. What’s important is that our basic fare still includes a piece of 20kg luggage allowance and a small snack, in contrast with what most carriers offer,” added Mr Micallef.

The Economy Class has been split to three tiers; Simply Fly, Best Value and Spoil Yourself. Business Class has another three product categories that customers can from now on choose; Business Basic, Business Value, and Business Anytime. Each category offers customers various benefits. Depending on their requirements clients can opt to select their seats at the time of booking, have extra luggage allowances and flexibility in changing dates of travel among other options.

The airline has also started introducing a number of ancillary services on board in order to improve the customer experience and satisfaction and increase ancillary revenues.

Other service improvements are in the pipeline including a mobile device booking option, a more responsive website and a one month fare calendar that will offer more transparency to customers whilst booking on www.airmalta.com .

Source: Air Malta

Summit Importers and Distributers Limited

Web: www.summit.com.mt Email: m.sammut@summit.com.mt Address: Summit Importers and Distributors Limited Tal-Balal Road, Tax-Xwieki, Limits of Gharghur, IKL 9013, Malta Tel: +356 21411206 Fax: +356 21411206 Mobile: +356 79990111

With over 30 years of experience, Terracore Limited offers a wide range of services including: Construction materials testing, , Geological and geotechnical investigations complete with foundation design, Geo Environmental Impact assessments , Vibration, noise, dust and ground movement monitoring, Quality Assurance and Project Management, Any type of Borehole drilling , Excavation/cliff face stabilisation by means of anchorage and shotcrete, Installation of micro-piles, Light weight Construction services with EVG system, Geothermal Installations.

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The Art of Window Dressing

PROPERTY & LIFE MAGAZINE ISSUE 8

MOTORING

2.0 l / 100 km with a standard PEUGEOT 208 BlueHDi: an absolute fuel consumption record

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1.6 litre BlueHDi 100 S&S PEUGEOT 208 has set a new long-distance fuel consumption record, under the supervision of UTAC. 2,152 kilometres were covered on 43 litres of Diesel, an average fuel consumption of just 2.0 l /100 km (141.2 mpg). This record confirms the technological excellence of the Euro 6 BlueHDi Diesel engines and their contribution to the reduction of CO2 emissions.

This performance was achieved at the end of April on the PEUGEOT test circuit at Belchamp in France, supervised by the french Type Approval authority, UTAC (Union Technique de l’Automobile, du motocycle et du Cycle). A strictly standard PEUGEOT 208, fitted with the 1.6 litre BlueHDi 100 S&S engine and 5-speed manual gearbox, ran for 38 hours and 2152 kilometres while consuming only 43 litres of fuel! In doing so, the new PEUGEOT 208 set an absolute long distance fuel consumption record for a standard production vehicle. Several drivers were used to arrive at this result, each taking a turn of 3 to 4 hours at the wheel during the test.

The PEUGEOT 208 tested was a “Very Low Fuel Consumption” version, available from the dealer network as part of the range. With an official combined fuel consumption figure of 3.0 l / 100 km (94.2 mpg) and low CO2 emissions of 79 g / km, it takes its place as the world benchmark for a standard production model powered by an internal combustion engine. This version is characterised by the presence of an aerodynamic rear spoiler and the adoption of ultra-low rolling resistance Michelin Energy Saver + tyres. These values are already exceptional, but combined with the dynamic qualities of the new PEUGEOT 208 – compact, light, fun to drive -they offer the potential to go even further. Challenge taken up, challenge won!

Associating SCR (Selective Catalytic Reduction) and an additive particle filter in a unique way, the BlueHDi technology demonstrates once again that it is the most efficient and effective Diesel emissions control system on the market.

Peugeot – Communication 75, avenue de la Grande-Armée 75116 Paris – France Telephone: +33 (0)1 40 66 52 74 email: presse@peugeot.com www.peugeot-pressepro.com

On sale in Europe from June, the new PEUGEOT 208 offers exceptionally economical and efficient Euro 6 petrol and Diesel engines. As regards CO2 emissions, the petrol range offers remarkably well-contained values from 97 g / km while with Diesel, the BlueHDi range is now entirely below 95 g / km.

PEUGEOT is rapidly reducing the CO2 emissions of all of its vehicles in a tangible way.

The accelerated implementation of the 3-cylinder PureTech petrol and BlueHDi Diesel engines, as well as the new 1.6 litre THP engines and the EAT6 transmission, now places 20 PEUGEOT vehicles at the best level in their power class for CO2 emissions (five PureTech, three 1.6 litre THP and twelve BlueHDi).

These engines meet the demand by the PEUGEOT brand for development that takes account of the environment, with in particular, engines that are ever cleaner and produce less CO2. PEUGEOT’s environmental performance made the PSA PEUGEOT CITROËN Group the leader in Europe in 2014 with average CO2 emissions of 110.3 g / km, in a European market where the average is at 123.7 g. This result is achieved without any change in the mix of segments.

A video of the record run can be found at www.peugeot-pressepro.com

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HEALTHCARE

PROPERTY & LIFE MAGAZINE ISSUE 8

University Research Trust and GlaxoSmithKline sponsorship agreement

GSK sponsors the Mobile Dental Clinic

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he University of Malta Research Trust (RIDT) signed a sponsorship agreement with GlaxoSmithKline (Malta) Ltd (GSK) for the setting up of a Mobile Dental Clinic. In the coming weeks, the Mobile Dental Clinic will reach out to sectors of Maltese society to conduct a national survey on oral health, while offering screening and advice.

This project is an initiative of the Faculty of Dental Surgery of the University of Malta which is being supported by RIDT. The aim is to raise awareness about oral healthcare within the community and includes the promotion of research and an increased active participation in the socio-economic wellbeing of the Maltese population.

GSK Malta Country Manager Mrs Monica Abdilla said: “GSK is a science-led global healthcare company that

researches and develops a broad range of innovative products with the mission to enable consumers to do more, feel better and live longer. As part of this mission, our oral healthcare business focuses specifically on making the world’s mouths healthier. We aim to achieve this by working continuously to develop and bring to market new products for a wide range of oral healthcare needs”

University Rector Professor Juanito Camilleri and RIDT Board Director Winston Zahra signing the agreement with GSK Malta Country Manager Monica Abdilla flanked by (from left) RIDT CEO Wilfred Kenely and the Dean of the Faculty of Dental Surgery Prof Nikolai Attard

RIDT CEO Wilfred Kenely said: “It is highly significant to have a world leading pharmaceutical company like GSK joining our efforts to carry out this project. This is a first for the University of Malta to embark on such a worthwhile dental outreach programme in Malta and Gozo. To reach the community in the coming weeks, this programme has two aims: sensibilising the community about the importance of dental care while at the same time gathering information at grassroots level for academic research.”

Other sponsors include Cherubino Ltd, Suratek Ltd and Bart Enterprises, who have donated dental equipment for the Mobile Dental Clinic, the Good Causes Fund and Rahuma International Ltd. The Dean of the Faculty of Dental Surgery Prof Nikolai Attard said: “The University’s Mobile Dental Clinic will be introducing educational preventive programmes that will hopefully result in an overall improvement where oral health care is concerned.”

Climate Change Summit to have dedicated Buildings Day how the private sector can transform the market to lower emissions, and ways to incentivise investment in energy efficiency in buildings.

By Yoosof Farah

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ay at the 2015 UN Climate Change Conference in Paris will be devoted to built environment

A dedicated “Buildings Day” will feature at the major climate change summit in Paris this December for the first time.

The day will be devoted to the role the built environment can play in mitigating climate change and will form part of the 2015 UN Climate Change Conference, which is aiming to agree a legally binding climate agreement from all the nations of the world. The decision to hold a Buildings Day there follows lobbying by built environment bodies, including the RICS. Speaking to Building, World Green Building Council chief executive Terri Wills said the event, which will be held on the 3 December, will aim to

Wills said France, which will host the event, “really saw that the built environment sector was committed to action on climate change”.

get countries to increase the number of zero-carbon buildings developed and the rate of “deep retrofit” in existing buildings.

There will be four key areas of negotiation at the event – government policy and strategy, value chain transformation, finance, and measurement and accountability – which will be attended by 300 delegates, mainly consisting of countries’ climate change diplomats, industry leaders, and accredited NGOs. Buildings Day will look at how governments can set policy to reduce emissions from the built environment,

She added: “The aim of Buildings Day is really to demonstrate to countries that the building sector is aligned with them in meeting their emissions targets.”

Buildings Day will be attended by several worldwide industry groups, including the World Green Building Council, the Global Building Performance Network and the World Business Council for Sustainable Development.

There will also be a separate, simultaneous Buildings Day, outside of the official event, which will allow a greater number of industry groups to get involved in the talks.

ISSUE 8 | PROPERTY & LIFE MAGAZINE

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PROPERTY & LIFE MAGAZINE ISSUE 8

NEWSMAKERS

Air Malta fleet renewal plan will save ¢8.2 million every year and carry same number of passengers

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ir Malta’s fleet renewal plan will save the airline ¢41 million over the next five years.

This emerges from workings that were presented to the Malta Hotels and Restaurants Association (MHRA) by Air Malta, which showed how its fleet renewal plan will save the airline ¢8.2 million per year while flying the same number of passengers.

“Airplane utilisation is a key performance indicator in the industry.

Since airplanes are expensive to lease, the more they are used, the higher the return. It does not make sense to leave such expensive assets idle in winter for more than half of the time,” said Chief Executive Officer Philip Micallef.

“An annual saving of ¢8.2 million is the single most significant change that could help the airline break even. Many contracts have already been renegotiated, making this a key step of this important process,” he said.

Air Malta’s competitors excel in fleet utilization, with EasyJet and Ryanair flying each of their aircraft between 15 and 16 hours at peak, compared to Air Malta, which flies its aircraft for only 12 hours per day at peak in August.

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Air Malta’s new plan is to raise peak flight utilization to 14 hours per day per aircraft, while continuing to fly the same number of passengers, and potentially even more. This does not jeopardize summer’s peak traffic because additional aircraft can be leased for a month in August if the normal fleet does not cope with the added capacity.

“Today we have a fleet that caters generously for the summer period but we are losing all our profits in winter when we do not need such a large fleet. We urgently need to change the model and create an optimal fleet that covers most of the year, with potential to add capacity as necessary. This will save money without negatively impacting any other aspects of the operation, except that everyone at Air Malta has to work more efficiently,” said Chief Financial Officer Mr. Klaus Gossler.

“If we do not implement this change as soon as possible, Air Malta will not break even and make the desired turnaround expected so eagerly by the Maltese,” he added.

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Partner at Capstone Group re-elected to the Board of Integra International

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avid Borg, Business Advisory Partner at Capstone Group, has been re-elected to serve on the AEIMA – Africa, Europe, India and the Middle East – Board of Interga International.

Integra International was established in 1994 with a clear objective to create an interactive association between Chartered Accountants, Tax Advisors and Business Consultants in order to promote and facilitate the sharing of knowledge and expertise across as wide an industry sector as possible. This platform provides its members with access to an international pool of highly experienced and qualified intellectual resources. Established initially in Europe, the Association now has more than 124 independent member firms spanning the globe from the Americas to Australia. Integra has also made successful inroads within Africa and India recently with an influx of new members from this region. This is in line with Integra’s strategy to have an associate, member firm in all the major cities across the world.

Capstone Group joined the association in 2012 in order to provide its clients with solutions that are genuinely multi-jurisdictional.

This access to partners in different countries, sharing a common ethos and meeting high levels of professional competence and ethical standards has allowed the Group to continue to grow its portfolio of international clients and to ensure that advice provided also includes input from qualified and competent professionals from the target jurisdiction.

Commenting following his reelection, David Borg said: “We are operating within a global economy where business is done across multiple borders.

Businesses operate from offices in various countries and as a professional firm we welcome the opportunity to work with colleagues from other countries in order to provide our clients with a complete solution which looks at situations from multiple angles rather than one. We also draw comfort from the fact that our involvement with Integra allows for a seamless transition of clients from one jurisdiction to another without loss in the quality of the service levels to which they would have become accustomed”.

David is currently serving his third term as a member of the Board, which will be spearheading the continued expansion and development of Integra International within the AEIMA regions as well as interacting directly with Integra’s Global Board.

Concluding, David said: “It is an honour for me to be reconfirmed in this role for the third successive year by me peers and I look forward to yet another year of working with my fellow board members towards achieving Integra’s development objectives”.

For more information, please visit www.capstonegroup.com.mt

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