BUSINESS
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LIFESTYLE
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DESIGN
THE HOME & INTERIORS ISSUE
I SSUE 47
COVER STORY
NICOL LA CIURA > PAGE 18
INTERVIEW
JOSE HERRERA & KAROL AQUILINA > PAGE 20
INTERVIEW
FRANCIS SULTANA > PAGE 14 OPINION
MANUEL DELIA > PAGE 34
WELCOME
MONEY THE HOME & INTERIORS ISSUE
classes at the moment, but it is also one of the most illiquid
them to be affordable for our children. We want heritage
and if the economic scenario bringing foreigners here
buildings to be saved but we don’t want them to be made
should slow down for any reason, then what?
sustainable.
And what about the cries of ‘greed’? If all but one of a row
Is it any use pleading for people to stop being so short-
of houses on a street have been destroyed, why should the
sighted, to look at the bigger picture, to stop following the
last one be denied the same right to sell, to make a profit? If
herd? Probably not. It will be left to our children to look
the policies have not changed, do we have the right to stop
back and wonder how we took so many wrong decisions in
the owner? Do we have the right to lament that it should be
such a short time with such dire long-term consequences.
protected and saved merely because so much of the rest has been destroyed in the past? And what about the abstract impact of the overdevelopment? Who could ever quantify the deterioration in quality of life, in aesthetics, in tourism? What is the solution for first-time buyers, for all those It is only natural to want an unequivocal answer, a
priced out of the rental market? How do you interfere with
simple ‘yes’ or ‘no’. But life teaches us that there are no
a free market (which is not working as it should) without
straightforward answers. We want to find one adjective
creating a monster further down the line? How can you
that will describe the property market, a label for the
help the vulnerable without paving the way for possible
developers, a forecast for prices. Why is this so hard to do?
abuse – from both the tenant and the landlord? And who
One of the most important factors is the long-term nature
pays for it? Certainly not those pocketing high rental
of the property market. We cannot only look at the price
incomes!
Cover
of property at the point that we want to buy, but also at the point we want to sell – and if that is decades down the line,
We want it all. We want to make money but to stop
the fluctuations now will have long been evened out.
others from doing the same. We want urban cores to
The same applies to the return on it as an investment: rental
be regenerated but we don’t want cranes and parking
income may make property one of the best investment
problems. We want property prices to go up but want
(18) COVER STORY
New face for a new direction Interview with Nicol La Ciura
Contents (10)
DESIGN
A very natural outcome
(14)
Veronica Stivala
(38)
INSIGHT
AI and Automation
(20)
DESIGN
From here to eternity Francis Sultana
(42)
Diane Chircop
Construction in the balance
(26)
Giselle Borg Olivier
COUNTRY PROFILE
Reaching for the stars & stripes MONEY
INTERVIEW
(44)
INTERIORS
Designing your decoration
INTERVIEW
More than nostalgia
(34)
Maria Grazia Cassar
(48)
Michael Azzopardi
ART
Making a splash
OPINION
Is the betting shop still open? Manuel Delia
(56)
Martin Dingli
LAST WORD
Ruling with an iron fist The Bluesman
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LAST WORD
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MONEY THE HOME & INTERIORS ISSUE
A very natural outcome Stephanie Thatenhorst
Veronica is a freelance writer and editor. She won the IGM Award for her work on Ethical and Positive Disability in 2016.
P. ( 1 0 ) M O N E Y
Interior designer Stephanie Thatenhorst’s style merges
the natural world with the individual. She tells Veronica Stivala how her simple upbringing coloured not only her approach to design, but to life itself.
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DESIGN
THE HOME & INTERIORS ISSUE MONEY
I meet interior designer Stephanie Thatenhorst at
Stephanie has worked as an interior designer
Upon her return to Germany, she enrolled in an
her office in the heart of Munich, Germany. She is
for about 10 years, her repertoire ranging from
interior design course, admitting that she felt doing
wearing a stylish knit, navy blue polo dress which is
commercial outlets such as restaurants, hotels and
architecture would be too demanding. Ironically,
accentuated by the bright colour of her manicured
shops, to private apartments and homes. Hers is a
she failed the interior design course admission
red nails and bright yellow calf boots. Subtle but
recognisable style, which in some way or another
test and found herself reading for a degree in
stylish, her outfit serves as an interesting window
alludes to nature, while always finding connection
architecture instead — even though she knew she
to the future of design: in her words, colourful and
with the individual or individuals who inhabit or
did not want to practice architecture.
happy.
pass through the space.
As is imperative to this profession, Stephanie
Her strong affinity with nature harks back to her
husband, who worked in the hospitality business.
ensures she and her team keep themselves updated -
childhood in a tiny village in Bavaria, near the
He initially opened one restaurant but opened six
not just with the latest but also the the forthcoming
beautiful Chiemsee. “I had a simple childhood. My
more in a short period of time. She was fortunate
trends in the world of design. When asked what we
parents never travelled but they taught me that you
to be given free reign to design them, gaining
should expect to see she says a “mix of different eras,
don’t need a lot to be happy, and this is something I
considerable experience. She got her big break when
a mix of fabrics and materials”.
keep with me and want to pass on to my children,”
she was asked to design the Ledimann eye fashion
she muses.
store – with its standout ‘grass green’ feature wall –
Stephanie notes she was lucky to meet her now
But perhaps being up to date is not even enough.
realising that she was good enough to grow.
In a time of globalisation, the customer is very
While Stephanie is evidently very connected to
well-informed, but therein lies Stephanie and her
her country upbringing, it was her desire to break
“That was the turning point, where I realised my
team’s idiosyncratic mark of quality: theirs is a
away, travel and see the world that led to where she
passion and that I did not want to be just working
combination of elements not seen before.
is today. Her inner sense of adventure led her to
alongside my husband,” she recalls.
“That’s how you can surprise the customer,” says
Australia, working as an au pair.
Stephanie, stressing the importance, however,
Coincidentally, her au pair ‘father’ was an architect
of following ‘the red line’, by which she means
and would take her out and show her buildings,
something that unifies your project.
inspiring her to work in the field of design.
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
The piece she is most proud of is the Scheune
She appreciates how lovely it is for her to see her
even the clients who go into the shop or restaurant,
(barn). This was actually her childhood home,
children playing in the woods where she was
trying to imagine what they want or need
given to her by her father and which she renovated,
brought up. “Admittedly this is the fast life I choose,
The next step is the environment – where is the
turning it into her weekend home, a place to break
but really it doesn’t matter how successful I am,” she
building, the room – and which country is it in?
away from the rush of city life, and an opportunity
confides, adding that “I know where I come from
“We try to combine these things and then we bring
for her to connect with nature. The place is of course
and I know that you don’t need a lot to be happy;
in our own identity to create something unique
very special to her: “I escaped from there when I
that was something my father always tried to teach
and passionate. We try to put passion into each and
was young but now I am so happy to go back there
me. I have animals and nature, and I don’t need
every project we do,” she asserts proudly.
every weekend. We have a very stressful life during
more to be happy – as my father would say. Now I
the week. My husband runs restaurants and I have
know where I am from and I can pass that on to my
While certainly riding on a wave of success,
two little children and I hardly see them during the
children. They are brought up in the city but they
Stephanie has her feet firmly planted on the ground
week.”
can see what I learnt in my childhood, that there is
and she is definitely not one to take lightly what she
more to life than the city.”
has achieved: “I am very grateful and lucky to be living and doing what I love. I am very honoured
But apart from the sentimental attachment, this was also a dream project for Stephanie precisely because
In addition to her strong relationship with nature,
that people come to me and that I can create
of the raw structure she was given to work with. In
which manifests itself in her design, Stephanie
something for them, designing the place where they
her words: “This is an architect’s dream. Everyone
and her team pride themselves in combining the
wants to furnish an old barn! It is a very special
personal aspect:
project where my father let me do what I wanted. Of course, I had to be very respectful to the building
“This is the nice thing about our job. You are doing
but inside I tried to put a lot of modern things and
it for people,” she points out. Walking me through
to combine new with old.”
her creative process, she starts by meeting the people, getting to know the family or the person, or
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spend their lives.” (M)
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
FROM HERE TO
ETERNITY Super-successful but superunderstated Francis Sultana has been announced as an ambassador of culture for Malta. London-based, the Gozitan-born designer set up his eponymous studio in 2009 to create interiors for many of his major art collector clients. The atelier and showroom are based in St James's, London, in the same building as the international design and art gallery David Gill, of which he is also artistic director. He shared some of his insights with MONEY.
Francis Sultana
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THE HOME & INTERIORS ISSUE MONEY
DESIGN
How has the changing economic climate
Your designs are very understated.
The Mediterranean style of life seems to
since the financial crisis affected decor
How does that fit in with your increasingly
be regaining traction: do you sneak Gozitan
styles? Are people seeking more subtle ways
international clientele?
touches in your designs?
Again, it’s all about longevity - I have never been
If you look at my own home in Valletta there is
a designer who uses decoration for its own effect.
a huge influence of Maltese and Gozitan styles,
For my clients it is all about quality: people will still
I use materials that complement the building in
most obviously in the decoration of the dining
find a budget, but they want to use artisanal skills
which I am working, and the clients' family and
room where I have been inspired by St John’s Co-
and noble materials, be that bespoke tweeds in the
home style.
Cathedral.
Older techniques have, thank goodness, made a
A lot of my clients have major collections of art or
I have used terrazzo flooring within the hallway
comeback, like marquetry or pate de verre, which
design, so I have to work within these parameters.
which is certainly a very Maltese tradition, but I
were so favoured by the Art Deco designers, and
There is no point using a heavy pattern on a
have combined this with ideas and techniques I
veneers such as rock crystal as well as craft materials
curtain or a wall when you have major pieces of
used in houses I designed around the world. It’s
such as rattan or wicker work.
contemporary art - it just won't work - so my style
all about designing for the place in which you find
has always been to use stunning materials like silks,
yourself. I will design a house in Malta or Gozo
The recession really put small — and often very
boucle or velvets, rather than going for dramatic
differently than I would for New York for instance.
traditional businesses - in dire need of support.
"look at me" statements.
to 'flaunt' their wealth and taste? How does that affect your work?
upholstery or bronze in their furniture pieces.
Whether it’s in Italy, France, the UK or Malta, I always seek out craftspeople doing interesting things
My clients may be wealthy but they are also pretty
and if I can use them, I always will.
understated themselves in their own personal style, and they certainly are not about having showy homes. ISSUE (47)
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
What did you achieve last year which had been on your 'bucket list' for a while? Last year I helped Malta return to the Venice Biennale after a long hiatus; it was a huge triumph and made me incredibly proud. We also broke ground on the new site for MICAS, the museum of contemporary art with a design and architecture annexe located in Floriana. I am delighted to sit on the board of MICAS and it’s a very exciting time for contemporary art and design in Malta. I am also very proud to have been made an ambassador of culture for Malta. Where do you want to be in five years' time? Sitting on my roof terrace in Valletta looking out over the roof line of my home country! In professional terms, I have been so lucky to have achieved so many of my dreams and I can only hope that things continue in the same vein – I am also looking forward to the prospect of expanding into the corporate and hospitality sectors. I like the idea of designing more hotels and retail spaces. (M)
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C OV E R STO RY
MONEY THE HOME & INTERIORS ISSUE
A NEW FACE FOR A NEW DIRECTION — MeDirect is Malta’s third largest banking group, serving more than 50,000 customers and holding over €1 billion worth of assets on their behalf. Nicol La Ciura, the newly appointed Group Head of Wealth Products, talks to MONEY about what lies ahead.
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C OV E R STO RY
THE HOME & INTERIORS ISSUE MONEY
While Nicol is not a new face within the bank, she is one of the few female executives in the Maltese financial services industry.
“I was especially drawn to the MeDirect philosophy
“In the aftermath
of enabling clients to take investment decisions
of the crisis, both investors and regulators became more exigent
and giving them control over their savings and
and required sound information about
– towards the end of 2011 as Head of Business
investments.”
information and unbiased expertise.” MeDirect believes in empowering customers
about transparency
She joined the bank – then Mediterranean Bank
to suit their individual needs, based on reliable
investments, whilst also offering expert advice to those clients who require this service. Indeed, MeDirect’s online bank in Belgium was the first
Development, and played a key role in the setting up
financial company in continental Europe to launch
of MeDirect’s investment platform, which is a one-
an online financial advisory service, so called
stop shop for clients who want to view, administer
robo-advisory. The bank’s ethos is about providing
and trade their investment portfolio.
a variety of clearly explained products to ensure that customers fully understand the nature of their
As a woman operating in a predominately male-
investments.
oriented industry, Nicol immediately realised the importance of building a professional reputation
“Malta is at the heart of MeDirect’s strategic growth,
on solid foundations. She obtained a first degree in
and I see huge potential to build on our current
economics from the prestigious Bocconi University
market offering – that of a uniquely pan-European
in Milan and subsequently a master’s degree in
institution, which provides its clients with both
finance from the world-renowned London Business
traditional and innovative investment solutions,”
School.
Nicol explains.
Before joining MeDirect, she worked at Deloitte
She also outlines some of the projects she will be
in Milan as a consultant to financial institutions,
undertaking in her new role: “My team and I will
and then moved onto Barclays Capital in London,
be fully integrating our wealth management arm,
where she was vice-president of structured capital
Charts Investment Services Ltd, into MeDirect’s
markets. The positions she held at these world-class
broader banking operations. This will complement
institutions garnered her first-hand knowledge
our digital investment service offering with face-
about what investors seek, particularly in terms of
to-face personalised advice provided through our
investment services which are transparent, direct
branch network and supported by the expertise of
and understandable.
Charts, which has an established track record in wealth management dating back to 1985.”
“The investment scenario changed with the crisis of 2008, which saw millions of people lose their
Nicol also looks forward to heading some
investments, savings and pensions. In the aftermath
interesting projects currently in the pipeline: “We
of the crisis, both investors and regulators became
will further enhance our customer experience and
more exigent about transparency and required
simplify clients’ investment decision-making by
sound information about investments,” Nicol
expanding the suite of investment tools and research available on our website.” (M)
explains, adding that her move to MeDirect took place within this context.
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I N T E RV I EW
MONEY THE HOME & INTERIORS ISSUE
Jose Herrera
Karol Aquilina
CONSTRUCTION in the balance Giselle is a freelance writer, proofreader and social media marketer who lives on Instagram and cappuccino. Runs Content for Success.
Is economic growth still growing in step with construction – or is one moving faster than the other? And what are consequences for the future? Giselle Borg Olivier asked Jose Herrera, Minister for Sustainable Development, the Environment and Climate Change, and Karol Aquilina, Shadow Minister for Sustainable Development, the Environment and Climate Change.
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THE HOME & INTERIORS ISSUE MONEY
How sustainable are the new building developments in the longterm, and how vulnerable are they to any unforeseen changes in our economic sectors? JH: Undoubtedly Malta’s economic growth is contributing to an ever-increasing demand for new
I N T E RV I EW
KA: The current state-of-affairs has gone beyond the fundamental economic concept of supply and demand. Malta is currently experiencing yet another construction boom. Property developers are busy implementing plans to drop existing buildings and are on the lookout for every bit of ODZ land which would suit their plans for construction.
buildings. This economic boom has attracted a large number of foreigners who are residing in Malta
The dishing out of buildings permits by the
and this is especially so with regard to the services
Planning Authority (PA), even questionable ones,
industry.
has continued unabated for the past couple of years. It is now also feeding the proliferation of
On the other hand, our tourist industry is also
high-rise buildings with utter disregard for our
experiencing unprecedented growth which puts
environment and that of future generations. The real
its own demands on the building industry. It is a
or perceived glut of properties on the market has
known fact that a sustainable economy requires a
inevitably brought about talk of a real estate bubble.
critical mass of people. Forecasts indicate that this
It is not a question of if the bubble will burst, but
growth should persist for a number of years. So far
when will it burst - and who will ultimately suffer
it appears that developers and stakeholders won’t
the consequences.
overstep the market demands.
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I N T E RV I EW
MONEY THE HOME & INTERIORS ISSUE
The PA and the environmental safeguarding body were separated to balance out the conflicting needs of the economy and the environment. Given the number of times that both the Environment and Resources Authority (ERA) and Superintendence of Cultural Heritage are being overruled, is there really any balance?
"IT IS A KNOWN FACT THAT A SUSTAINABLE ECONOMY REQUIRES A CRITICAL MASS OF PEOPLE. FORECASTS INDICATE THAT THIS GROWTH SHOULD PERSIST FOR A NUMBER OF YEARS."
JH: Undoubtedly the ERA today, being an independent regulator, is endowed with much more clout and authority than ever before. Fine-tuning, however, is still necessary and in certain areas especially those outside urban zones - ERA should strive to acquire a more authoritative role.
KA: Back in 2015, Petra Caruana Dingli, former
JH: It is not a free for all. There are regulatory
MEPA Environment Protection director and Din
authorities who have a legal say in the matter,
l-Art Ħelwa council member, had warned that
especially the Superintendent for Culture. Here
“instead of providing more environmental
again, however, as a country we need to learn to be
protection, the demerger will open the flood-gates
more sensitive in protecting our historic patrimony.
to even more disastrous planning decisions” (The
The laws are there and so are the legal instruments.
Malta Independent, 3 August 2015).
We need to increase our awareness and willpower.
Several environmental NGOs echoed her comments
KA: All the laws and institutions needed for
and the Opposition voted against the three bills to
the safeguarding of protected buildings have
demerge MEPA into two separate authorities. Sadly,
been in place for a considerable number of years.
three years down the line, Caruana Dingli’s warning
However, just as in all other areas of State affairs, the
has become a veritable, ugly reality.
responsibility to safeguard our built heritage rests with those who are appointed to lead institutions
The demerger has effectively relegated the
such as the PA. Unfortunately, during the past
environment to second division and despite all their
couple of years we have experienced a considerable
good intentions, ERA and the Superintendence
number of instances when the PA has either failed
of Cultural Heritage are helpless in the face of
to act or else bent over backwards to make it as easy
the ever-increasing, environmentally insensitive
as possible for developers to knock down historic
development proposals, even on ODZ land.
buildings. The ingenious but highly abusive way
Therefore, there is no balance to speak of.
used to destroy the 19th-century Villa St Ignatius
Not only have the number of ODZ and other
in Balluta is a glaring example of the current sorry
scandalous permits increased dramatically, but
situation.
government had the audacity to grant pristine ODZ land in Żonqor to a Jordanian construction magnate
But not all is lost. Environmental NGOs like Din
for purely speculative purposes.
l-Art Ħelwa and Flimkien għal Ambjent Aħjar have
Is anything being done to safeguard protected buildings or is it truly a free for all? P. ( 2 2 ) M O N E Y
incessantly campaigned for historic buildings to be granted protection status by the PA. Such was the case for a row of stately houses in Cathedral Street, Sliema, and eight heritage houses in Msida.
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I N T E RV I E W
MONEY THE HOME & INTERIORS ISSUE
What remedies - if any - are there for people who own buildings that are now categorised as 'protected' and which they are therefore unable to develop? How would you respond to claims that they are being discriminated against just because they decided to develop their properties too late, when public sentiment has turned? JH: There exists no inherent or constitution right to develop one’s land. In all civilised countries, development is subject to a permitting mechanism. If this were not the case, countries would be turned into jungles.
KA: As has repeatedly been held by our Courts, the right to property is not an absolute one and limitations can be imposed in the public interest. Our Courts have also maintained that a fair balance needs to be struck between the protection of the right of property and the requirements of the general interest. According to the Development Planning Act, the owner of scheduled property can ask the Planning Authority’s Executive Council for reconsideration. He may also file an appeal before the Environment and Planning Review Tribunal in case he feels aggrieved by the decision of the Executive Council. I strongly believe that the State also has a positive obligation to ensure that owners of protected buildings are not left alone in taking care of their property. A variety of incentives and fiscal aid measures, coupled with sound planning policies, can be the driving force for changing what would seem to be a discriminatory situation into an opportunity with a high return on investment. The recent flurry of conversions of historic buildings in Valletta into boutique hotels is a perfect example.
(M)
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I N T E RV I E W
MONEY THE HOME & INTERIORS ISSUE
More than
NOSTALGIA Can heritage sites be economically viable? Maria Grazia Cassar, executive president of Din l-Art Helwa, speaks from experience. What are heritage sites? This term can cover anything
They are also a big responsibility to manage and
from a fortress to a farmhouse, a church, a palazzo
maintain, requiring a significant amount of funds
or a humble village home. An archeological site or an
for their proper upkeep and protection.
important landscape is also a heritage site. The thing that links them all is that they are worth preserving, for
There is scope, however, for the restoration of more
various reasons, and were most likely built a long time
heritage sites to be opened to the public, which is
ago - but not necessarily.
what NGOs such as Din l-Art Ħelwa endeavour to do, having 19 properties in guardianship or trust
Maria is the current Executive President of Din l-Art Helwa. She holds a Master of Arts Degree in Cultural Heritage Management from the University of Malta, and has contributed to the coordination of various restoration projects carried out by the organisation over the past 12 years.
Cultural heritage is a widely used term nowadays, and
from the government and Church authorities.
generally it is associated with something desirable and valuable. However, when quantifying it in monetary
The sites are opened regularly to the public, and
terms, there seem to be quite a few reservations as to
Din l-Art Ħelwa volunteers welcome visitors and
its viability.
guide them round. While most of them rely on free entrance with optional donations, a small
Last year, Europa Nostra, in its report “Cultural
entrance fee is charged at four of the sites. Being
Heritage Counts For Europe” came out with a figure
a not-for-profit organisation, our main aim is the
about the yields that investing in cultural heritage
preservation of the heritage site and its appreciation
bring: a ratio of 1:3, that is three times the initial
by the public. Funds to maintain it are sourced from
investment. This is a very big return indeed, and must
private sponsors, with EU funding being tapped in
be seen in a global context where tourist visits to
recent years.
heritage sites constitute a large part of the economy. In Malta, the valorisation of our heritage has increased
So, are heritage sites economically sustainable? My
the economic spin-off considerably, with major
answer is definitely yes, as the possibilities, when
touristic sites registering an impressive number of
compared to a non-heritage buildings, are multiple.
visitors each year. St John’s Co-cathedral, for instance,
Moreover, the heritage site will retain its value in the
receives no fewer than 400,000 visitors each year, and
future as this can never depreciate.
the Neolithic temples of Ħagar Qim and Mnajdra have 300,000 annually (Heritage Malta Annual Report
The value of a non-heritage building will ultimately
2014). These sites, however, cannot be valued only by
be linked to the value of the land it occupies, with
the monetary return they give, as they are invaluable
no regard to its structure or materials. There will
in their historical, cultural, artistic, social and intrinsic
not be any re-adaptation or re-use, but it will most
importance.
likely be regarded as a disposable commodity. Not so with a heritage site, where it becomes rarer as
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I N T E RV I E W
THE HOME & INTERIORS ISSUE MONEY
1 time goes by, more sought-after and will therefore increase in value. The heritage building has value in the very fabric it is built from, the form, the structure, the finishes, as well as the events which shaped its history. In re-adapting it for modern living, all these important points need to be sensitively considered, in order to protect its value for the future. That is why the importance of abiding by International Charters and Conventions, such as the Venice Charter, cannot be stressed enough when conserving a historical building. Reversibility is key, to ensure that it can be adapted for a different use in the future without destroying the original. Heritage sites lend themselves to many interesting re-uses, as can be seen by the clever and imaginative conversions of many such sites around Malta and Gozo. The latest trend is to convert them into boutique hotels or guest houses, which
2
3
definitely is a welcome alternative to mass-tourism accommodation. Heritage buildings are often to be found in special spots, perhaps boasting fantastic views, or are remotely located. Fancy staying at a lighthouse anyone? Other uses, which are also linked to hospitality include restaurants and cafÊs, or venues for weddings and events. Uses related to art and culture, such as art galleries, artist’s studios and even seats of learning are well suited to such buildings. A beautiful palazzo would make the perfect corporate head office for any company or institution, and even industrial heritage buildings may be imaginatively converted to office or domestic use. It is no quickfix, however, as the project might take longer, and definitely will need more thought. It will ultimately be a better, and more unique project, in the long run, than taking the short-cut of having a blank canvas. The palazzo will endure.
1. Ggantija Temples
2 - 3. St. John's Co-Cathedral 4. Valletta
5. Casa Bernard, Rabat 6. Hypogeum
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I N T E RV I E W
MONEY THE HOME & INTERIORS ISSUE
Economic viability is not limited to commercial sites. Privately-owned heritage buildings provide many plusses. Traditional techniques to alleviate heat, such as high ceilings, and shaded verandahs, as well as louvred shutters very often substitute the need for cooling, as do the shady internal courtyards which serve to circulate air around the house. Care must be taken not to disrupt these
"A heritage site becomes rarer as time goes by, more sought after and will therefore increase in value."
traditional systems by roofing over courtyards, or removing the louvred shutters and having large glass apertures.
4
Existing fireplaces provide the possibility to heat the most important rooms, as found in many 19th century homes, and the traditional “deffun” waterproofing system also provides insulation on the roof. This is not to say that old houses do not have problems, but with care and clever choices, these too may be mitigated. Unfortunately, so many beautiful buildings have been pulled down to make way for a project which turned out to be a white elephant. Had the original heritage building remained, it would probably have had the potential for a new and better use, and kept its worth in spite of it. The economic viability of restoring a heritage building is being promoted by the government’s “Restawra Darek” scheme, and other funding opportunities. Funds for the restoration of facades of heritage buildings are being
5
awarded, through this scheme, and for Grade 1 listed buildings the advantages are very substantial a step in the right direction. The biggest hindrance to the economic viability of owning and living in a heritage site is probably public perception. More appreciation of Malta’s unique traditional and historic built environment is needed, and indeed it is all too often taken for granted. The immense quality of our architecture is overlooked, sometimes simply because dirt, accretions and ignorance of its value obfuscates its view. Let’s look harder and overcome these misconceptions! (M)
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6
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ARCHITECTURE
MONEY THE HOME & INTERIORS ISSUE
STORIES IN THE
STONE
The Coach House Project
Architect Konrad Buhagiar has
I think I’ll hazard an unorthodox start by saying
On the contrary, the values that heritage embodies
strong opinions of what should
that heritage is an artificial construct. It took root
need to be re-evaluated in the light of these new
and flourished in the 19th century in the wake of
economic and social developments. In other
the great social and economic upheavals brought
words, I feel that it is dangerous to divide the
about by the French Revolution. The new order
phenomenon into two distinct camps: on the one
catalysed the rise of the middle class, experiments
hand, development where financial gain is of the
in unification that are under heavy scrutiny today,
ultimate goal, and on the other, preservation seen
and the concept of national identity. In particular,
as a militant mission, driven by nostalgia, on the
it engendered the concept of wealth produced by
model of British 19th century preservation societies
personal achievement and labour, a phenomenon
that still hold sway to this day.
that reached its peak in the second half of the last
century when countries devastated by two World
Unless an effort is made to join these two forces,
Wars rebuilt themselves through hard work and
the ambiguities and confusion that characterise the
personal sacrifice. French economist Thomas
scene today will arise, and impunity will emerge as a
Piketty, in his best-selling book Capital, has recently
natural consequence. So the answer to the question
shown that these economic and social structures
is yes, there is impunity, but only because we don’t
belong very much to the past and that we are
know where we are coming from, even less where
closing the bracket on the economic tenet that
we are going, and in the absence of a real vision and
labour produces wealth. Today’s dictum would be
direction, everything goes. At least the topic has its
something like: wealth produces wealth.
uses, giving us something to talk about at receptions
be happening on the island. Will anyone listen? Is there impunity in the protection of our heritage?
and dinner parties. Without that benefit, the Add to this, the gradual erosion of identity that has, until now, been determined by group dynamics, whether racial, religious or national. As a result of the impact of social media that transcend traditional boundaries, individual identity is today no longer dependent on these categories and one can understand therefore how heritage, as a container of meaning and identity, is under serious attack. This does not mean that it is obsolete as a force in our society.
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situation would be even bleaker.
THE HOME & INTERIORS ISSUE MONEY
ARCHITECTURE
Why are the safeguards - like the input of ERA and the Superintendence of Cultural Heritage - not working? My understanding is that the direction given, and the decisions taken, by the authorities responsible for the evolution of our built environment are based on a balance of interests rather than an objective evaluation of the values at stake. All projects are the product of a variety of ingredients from programme to budget, from community benefits to architectural value to heritage preservation. Unfortunately pressures, especially financial ones, can, and will, easily triumph over the other components of the composition. There is no city or building in the world which is not driven by economic issues. Safeguards are not enough because they give the negative perception of heritage as a brake to eliminate or a hurdle to overcome. Heritage authorities need to educate developers and the public at large that heritage is an asset that can be exploited to increase the value, economic and otherwise of the property or
The Coach House Project
project. Sustainable heritage must become one of
and harmonious society. We should not be afraid
lives. I also suspect that the major drive both locally
the main drivers behind the evolution of our cities.
to associate the nature of our built landscape with
and internationally will be towards the creation of
This understanding needs to start early in a child’s
a reflection of our society. With this in mind, our
a more responsible and sustainable architecture
learning life.
focus should be to create buildings that are an
where the use of non-renewable sources of energy is
indelible statement about our authentic identity and
minimised.
Are aesthetics improving or declining as a result of the building frenzy?
core values rather than a vehicle for satisfying our greed.
Coach House Project
Where do you see the property situation in 10 years time?
The Coach House, winner of the Din l Art Ħelwa
Aesthetics is a big word. Ever since Baumgarten introduced the word in his eponymous book
of Balzan and it used to serve as a service building
published in 1750, the ‘sense of beauty’ as a science
I think that in the coming 10 years, we will have
connected to Palazzo Bosio (18th century). The
of sensation has been talked and written about ad
made so many mistakes, and regretted them so
project preserves the functional nature of the pre-
infinitum. There are innumerable interpretations
badly, that the property situation will be taking a
existing while accommodating the requests of new
of the nature of beauty, interpretations that change
step back and focusing mainly on remedies. The
owners and responding to the pressures on the site
and transform themselves with time, with artistic
capacity of the human race to reconstruct what it
from both adjacent development and the historical
innovation and with the consequent evolution
itself has destroyed is its major accomplishment.
connection with the main Palazzo. All interventions
of taste. Designing a beautiful building is a very
I just have to think of the quality of my life that I
were carried out in a way to ensure the protection
onerous task, and timelessness in buildings is a rare
owe to the hard work of my parents’ generation
of the pre-existing and the reversibility of new
find. On the other hand, architecture is a language
following the devastation of a World War.
additions. The main extension incorporates a
set in stone and the messages we create today will
Awareness of global issues such as global warming
‘woven’ stone façade that combines contemporary
be transmitted into the future as an expression of
will become heightened. The Treaty of Paris, that
minimalism with vernacular building
who we are. In ‘The Stones of Venice’, John Ruskin
became active last year, will not be confined in the
invented the idea of authenticity, and the concept
collective imagination to the image of a green Tour
that beautiful architecture is a reflection of a happy
Eiffel, but will become an important reality in our
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2017 Silver Medal, is located in the historical heart
technologies. (M)
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
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OPINION
MONEY THE HOME & INTERIORS ISSUE
Is the betting shop still open? The laying off of 160 people from Betsson sent a frisson of anxiety round the island. Manuel Delia sheds some light on the context of what happened, and what the implications could be going forward.
Manuel worked for several years in Maltese politics including as press secretary to then prime minister Eddie Fenech Adami and chief of staff for senior government ministers in PN administrations. He is a graduate of the London School Economics and currently works in the software industry.
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OPINION
THE HOME & INTERIORS ISSUE MONEY
Malta’s gaming industry may be up for some changes.
But opportunity and growth meant that the good resources thrived. They were complemented by tens of thousands of European employees, many of
“The new and unusual availability of
whom were happy to take a cut from their habitual
local resources and the
an idea a dozen years ago.
Nordic salaries to slip away from the habitually
repatriation of some foreign
Now it’s a big slice of eco-
long Nordic nights. Their cut salaries were still dizzying for local standards. With a low-cost effort,
ones will ease pressure on
The whole thing was merely
nomic productivity in Malta.
apartments had their kitchens replaced and their
It pays the highest salaries
It became easier to find water in the desert than a
on the island which means it
vacant apartment in Sliema. When one was freed
employs the biggest spenders. It has mopped up all specialist technology resources and
rents doubled.
up, it was auctioned like tuna in a Japanese market. The projected demand drove development. More properties were split into multiple habitations, each priced as much as the whole footprint used to cost.
turned them into high-value
An explosion in rental rates dragged behind it a
added work that is entirely
slower but steady rise in property value and sales
focused on international business and therefore creates monetary inflows for the economy.
supply”
prices. Experts insist the rates of growth do not qualify for the tag ‘bubble’; after all, a bubble is a disconnect between the rate of growth of property prices and the rate of growth of the rest of the economy. And there is none. As long as there isn’t. In the days of plenty, a Jungian reaction tends to
True, it has made it very hard for a locally-minded
possess island societies with centuries of peripheral
development house to afford skilled resources.
isolation and crippling deprivation in their history.
But since necessity is the mother of invention that
Like strays who never know when their next meal
means that development houses stopped being
might be, we gobble up our finds like gluttons.
locally-minded and followed the earlier pioneers to
An involuntary greed kicks in. Sustainability as a
sell the product to a paying global economy.
notion feels like punishment and delayed - or at
Local resources quickly ran out. The slow reaction
least drawn-out - gratification is frustrating and
time and rickety response of our educational
incomprehensible.
and vocational institutions do not help. With the few bright sparks and energetic innovators come the many who are as useful in a productive environment after their education as they were before they started it.
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OPINION
MONEY THE HOME & INTERIORS ISSUE
Until indigestion sets in and some of the over-eating needs to be eased off for a while. Iceland, Ireland, Cyprus: all tell the same story in recent history. The flourishing growth of the gaming industry in Malta has been a banquet we could not have enough of and our eyes close when our mouths are too full. With money sloshing around, the larger companies, away from the eyes of owners back home, waded into inefficiencies that became painful when revenues plateaued. No proper understanding of Betsson’s recent cull of more than a tenth of its Malta workforce can exclude accumulated weaknesses within the organisation itself: a detachment between top leadership and the creative work-force and a general anomie among technologists, their drive frustrated by vague direction. But on the other hand, to attribute the employee reduction entirely to internal factors would be just as myopic. The political environment in Malta and its damaged reputation abroad has forced Betsson to look at the long game and hedge its bets. One does not need to be a probability numerologist, like the many Betsson employs, to work out that risk should be spread across jurisdictions and Malta has become less comforting in this respect. And we know this is not some isolated incident because other, smaller gaming firms have moved to reduce their work-force. When prices – of salaries as much as of properties – are pushed up by a desert in supply, a drop of water could feel like a
P. ( 3 6 ) M O N E Y
flood. The new and unusual availability of local resources and the repatriation of some foreign ones will ease pressure on supply, as employers and tenants take back control of the setting of prices. If it is measured, sustained and moderate, such an adjustment - disappointing as it may feel to those who expected that doubling in their income could continue without pause - will ironically stretch out the life of the gaming industry into a more realistic and sustainable future. But that moderation and sustainability requires a strong and solid government presence, not unlike that which Malta’s government provided during the 2008 crisis to manufacturing companies and financial institutions. This time round that may not be available. The government is rather distracted with its own survival angst. This crisis is not a governability on but a governance one. The prime minister need lose no sleep about his job security. But he must be worried about his credibility. In conversations with European regulators and with his colleagues and erstwhile allies, the elephant of graft, money laundering and tax dodging allegations walks in with him. That negotiating weakness cancels any reassurances he may give on tightening up controls on the use of online gaming to
ISSUE (47)
launder drug, extortion, prostitution and tax evasion money belonging to Italian organised crime. It will cripple his case that the regulator will be strengthened to ensure cowboy regulatory enclaves are not created at gaming parlours in European cities. Even if his interlocutors might be inclined to be helpful, domestic political pressures in Europe might force a tougher stance on what Malta gets away with. During the last several months major media houses in Sweden, France, Germany and Italy covered extensively Malta’s economic model of using its rock bottom taxes to skim off much needed tax revenues of others. The defence mechanism here is that these arguments are ‘envious’ of Malta’s model. I doubt that. They certainly are angry at it though - and anger drives political decisions as much as anything else. The gaming industry is watching this reality as well. What will be the ability of Malta’s government to continue to guarantee unencumbered access to their markets? After all they’re not in Malta because of the local gambling habits. They’re here because of the access Malta gives them to other jurisdictions. Until it does not anymore. (M) Manuel Delia is an independent blogger writing on manueldelia.com
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INSIGHT
MONEY THE HOME & INTERIORS ISSUE
AI & AUTOMATION: THE NEXT FRONTIER Some might still argue that there is too much hype around Artificial Intelligence. But paradoxically the potential opportunities and benefits of are, if anything, under-
It is predicted that by 2020, Artificial Intelligence
that can see, talk, compose and otherwise appear
(commonly referred to as AI) will create 2.3 million
“human” in many ways, most companies exploring
jobs while eliminating 1.8 million. It has also
the benefits of automation are actually focusing
been estimated that at least 30% of the activities
on some of the simpler technologies that have no
performed by 60% of all occupations will be
cognitive ability.
technically automatable. This does not only apply to highly repeatable tasks; Artificial Intelligence
But what exactly are these robot-led automation
applied to non-routine work will be used by one in
tools? There are several, each with differing
five workers by 2022.
capabilities. In fact, they constitute what is referred to as an Intelligent Automation journey. At the very
hyped. Diane Chircop
On a local level, we have seen efforts to get
bottom of the Intelligent Automation spectrum
explains why.
businesses to talk about Artificial Intelligence
is Robotic Process Automation (RPA), the most
and disruptive tech – a case in point was the 13th
traditional and simple of automation tools. RPA is
edition of EY’s Annual Attractiveness Event last
the use of software that mimics human interaction
October. However, many businesses still fail to grasp
with core systems, web and desktop applications
how drastically Artificial Intelligence is going to
to execute processes requiring interaction among
transform businesses as we know them.
them. It runs unattended, working like a virtual employee, to do repetitive, rule-based, high volume
Possibly, what is holding companies back is a
processes efficiently, consistently and accurately
lack of understanding of the basics, particularly
at the user interface level. These type of processes
by decision-makers. This is understandable
account for 60-70% of all processes a company
considering that Artificial Intelligence actually
could potentially automate. Typical tasks that prove
comprises a broad set of technologies - as opposed
to be easily automated with RPA include accounts
to a single, coherent capability.
reconciliation, data extraction from documents, comparison of data sets, composing and sending
Artificial Intelligence encompasses technologies Diane is a senior consultant in EY’s RPA, Innovation and Business Transformation team.
template-based e-mails and data entry.
that automate human actions with the added benefit of emulating human perception and cognition
Rule-based technologies are also being deployed in
capabilities, using robotics supported by functional
basic chatbots- software that communicates and
specifications, machine learning, natural language
interacts with a customer using text or voice - which
processing and data analytics.
is primed to respond to distinct terms and phrases and unable to venture outside the predefined
Although there is widespread confusion, even intrigue, around the idea of an automated system
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dialogue.
INSIGHT
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"ON ONE LEVEL, DIGITAL TECHNOLOGY PROVIDES THE GREATEST OPPORTUNITY TO RETHINK OPERATING AND SERVICE DELIVERY MODELS; ON THE OTHER, IT POSES THE GREATEST THREAT: BEING LEFT BEHIND."
Artificial Intelligence goes further by enabling
In general, it is accepted that Artificial Intelligence
technologies exhibiting ‘‘human-like’’ cognitive
will change everything in the long run, but there is
abilities; in fact higher up the Intelligent
little appreciation of how automated technologies -
Automation framework one finds ‘Cognitive robotic
some of which are not intelligent at all - could, and
process automation’ which, through machine
should, impact businesses right now.
learning, widens the application of RPA to processes that deal with unstructured data including e-mails,
Meanwhile, advances in technology keep
scanned images and language.
accelerating. For starters, it only takes 35 days for a new technology to reach 50 million users, shifting
Machine learning has also enabled a more advanced
control to the consumer in the value chain and
generation of chatbots which can learn and
forcing companies to rethink operating and delivery
understand context as well as link concepts with
models to meet consumer expectations.
one another. The value of chatbots is that they
Companies wishing to get started on the automation
contribute to a better customer experience and
path need to elevate the internal dialogue
more customer engagement, taking performance
beyond robots, beyond a single technology, and
metrics up a notch - such as retention rate, user
to discuss the impact of Intelligent Automation
acquisition and session length.
as a transformational goal. On one level, digital technology provides the greatest opportunity to
Artificial Intelligence is progressing faster than
rethink operating and service delivery models; on
experts imagined, increasingly able to demonstrate
the other, it poses the greatest threat: being left
a level of cognition that was, until recently,
behind.
considered the exclusive domain of humans. We’re now seeing software-driven intelligence, that with the ability to learn from experience, can – ‘almost unexplainably’ - even replicate more complex tasks including human thought and judgement processes, such as reading lips, playing poker and interpreting emotion.
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INSIGHT
MONEY THE HOME & INTERIORS ISSUE
HOW TO START THE INTELLIGENT AUTOMATION JOURNEY • Start small and grow your capabilities over time. Going digital is not easy. Start by taking a hard look
True, tech-led innovation is causing blind spots and
at your current processes and identify improvement
navigational difficulties for corporate leaders and
opportunities. From an operational perspective,
that’s why the big question on their minds today
most operations remain inefficient as organisations
is: “What’s the next step?” Many organisations do
struggle to reengineer business processes to fully
not realise that RPA could be introduced within
address existing middle and back office challenges.
their own companies in just a few months without
Taking the local financial services landscape as an
changing existing software systems – the first step in
example, compliance with regulations and global
many automation journeys.
regulatory reporting obligations become more and more stringent an yet organisations continue to
While RPA can transform the economics and
tackle this in a highly manual way.
service level of current manual operations, we have seen as many as 30 to 50% of initial RPA projects
To fully leverage the potential of Intelligent
fail. This isn’t a reflection of the technology; rather it
Automation, senior leadership should drive a top-
is often because projects are information technology
down approach, while also enabling a bottom-up
rather than business led, through the lack of
approach. Granted, no big ROI can be achieved
proper scoping and business casing, and through
initially as the business is focused on learning and
underestimating what happens after processes have
experimentation rather than on identifying key
been automated.
business problems and developing solutions for
At EY, we have deployed over 2,200 robots across
them. But this approach is a great way of building
functions, sectors and geographies and are currently
corporate knowledge and experience.
helping a number of local companies explore the
It’s often difficult to predict what the future of
potential of automation. We are one of the largest
Artificial Intelligence will look like. But instead of
RPA consultancies and would be delighted to have
contemplating what the future holds, we can start by
a chat about how we can get you started on your
living it now.
journey towards Intelligent Automation.
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Begin with simple technologies such as Robotic Process Automation which can use legacy systems and is quick to deploy. • Consider establishing a pilot program that draws on the strength of an experienced partner. Professional services firms have experience with most of the technology providers in this space, and have the specialised skill set needed to make Robotic Process Automation processes work in tax, accounting, administration and other specialised workflows • Involve your team. Employees often hear about the promise of robotics replacing white-collar workers, but the real-world experience is that it allows workers to focus on more valuable tasks and employers to build higher-functioning teams • Make automation a business-led initiative, not an IT-led initiative. Bots can be configured within the teams that are close to the business processes and have the expertise required to make them work. (M)
C O U N T RY
MONEY THE HOME & INTERIORS ISSUE
P RO F I L E
Reaching for the Stars (and Stripes) — It seems hard to believe that Donald Trump was only elected 2,000 Tweets ago. The question is: has he managed to make America great again?
And has that been because of what he has done in the past year – or in spite of it? The key indicators were certainly positive, at least until last year. The Gross Domestic product has kept its upward trajectory and, from 2.1 per cent in 2016, went up to 2.5 per cent last year. The forecast is that it will continue to grow at this rate in 2018, but it will start slowing down again to 2.1 per cent and 2019 and 2 per cent in 2020. Unemployment has been dropping: from a peak of 14.8 million in 2010 at the peak of the financial crisis, it has been going down steadily. The rate has fallen from 4.7 per cent in 2016, to 4.1 per cent in 2017 – and it is set to go down again to 3.9 per cent in 2018, staying there through 2019. And how about new jobs? Trump pledged to create 25 million jobs in the next 10 years, but in his first year only managed just over 1 million. He has a long way to go if he wants to the ‘best’: Bill Clinton had created 21.5 million jobs in eight years, while Barack Obama created 17.2 million during his term, in spite of the recession.
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C O U N T RY
THE HOME & INTERIORS ISSUE MONEY
P RO F I L E
Foreigners Viewing US favourably
-36 pts
-22 pts
-22 pts
-17 pts
30%
40%
35%
46%
MEXICANS
CANADIANS
GERMANS
FRENCH
-11 pts
-15 pts
-22 pts
+26 pts
50%
57%
37%
41%
BRITISH
JAPANESE
DUTCH
RUSSIANS
Source: FactCheck.org
But even Trump’s track record so far masks the
A CNBC survey a year ago of economists, fund
crude oil will become much more expensive. Will
quality of jobs and the security they offer. It is all
managers and strategists found that 75-95 percent
renewables have made this less of an issue?
very well and good to target imports from China,
of participants had positive views of Trump's plans
but doing so will not wave a magic wand and bring
to cut individual and business taxes and deregulate
Another factor is how the rest of the world reacts
manufacturing back to the US at wages that people
the economy. But 83 percent had negative views of
to Trump’s unilateral moves, not the least of
want, and for prices that consumers will pay.
his trade agenda.
which are retaliatory trade actions. The Trans-
There was a problem in the sector: America lost
Since then, he managed to get his tax reform
of on his first day at work, is going to go ahead.
a third of its manufacturing jobs between 1998
through – but it hardly set hearts a-flutter. A non-
And his incoherent rambling on NAFTA, Iran
and 2010, but this was not only because they were
partisan thank tank, the Tax Policy Center, found it
and North Korea is adding yet more uncertainty
outsourced to cheaper countries. They were also lost
would only boost GDP by 0.7% in 2018, well short
as the Tweeter-in-Chief continues to impose his
as the result of robotics, artificial intelligence and
of Republican promises of up to 5 percent a year.
2-dimensional view on a 3-dimensional world. He
bio-engineering – which means those jobs are gone
And what is worse is that it will add $1.23 trillion to
would do well to recall Newton’s law that for every
for over.
the federal deficit over 10 years, even when taking
action, there is an equal and opposite reaction.
into account new revenue from economic growth.
So far, he has been gliding along on the coattails of
The Bureau of Labour Statistics forecasts that the
Who cares? It will be some other president’s mess
Obama’s success.
economy will fully recover from the recession by
to clear up.
Pacific Partnership, which he pulled the US out
2020 but it is too early to say what protectionist
How long that will last and whether his economic
trade policies based on tariffs and duties will
What are the outliers for the economy? Clearly
achieve. Sceptics find it hard to accept that
demand for the dollar will have an impact on its
manufacturing is actually growing faster at the
exchange rate, which could be affected by, among
moment than the rest of the economy, up by 2.8 per
other things, Chinese policies on how much
cent this year. Will that trend continue?
Treasury debt they wish to hold.
But Trump’s promises to kickstart growth (and
The price of oil depends on a geopolitical reality too
jobs) through a $200 billion federal investment in
complex to forecast, from Libyan uncertainty and
the long-neglected infrastructure will also not solve
Qatari isolation, to Venezuelan elections and Saudi
structural issues: only training will do that, which
Arabian reforms. The EIA's predicts that prices
is far more long-term and not as interesting for a
will rise until 2050, up to $117 per barrel – but by
president who wants quick wins and steep graphs.
then, there will be no more low-hanging fruit, and
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policies keep it going remains to be seen. (M)
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INTERIORS
MONEY THE HOME & INTERIORS ISSUE
DESIGNING Your Decoration Michael Azzopardi is very clear: there is room for both design and decoration; the two are not mutually exclusive.
At some point, you have surely watched a chef prepare food on TV. They go through
for the purpose it has been designed for. We would also like it to appeal to our personal set of aesthetic preferences. Let’s stick with the cooking example we
final flourish, show the end
kitchen.
It looks beautiful and tantalising, with the right structure to the way food is displayed and a palette of pretty colours. The only sense it hasn’t really addressed is your palate: you have no idea whether
started with and contemplate the design of a new
Consider the time spent in a kitchen and the multitude of activities you engage in while there. From preparing breakfast while half asleep to wrapping up the kids’ homework, the spectrum of uses for this single space could be quite staggering.
the food actually tastes good.
While the team designing your kitchen will take
Let’s keep this in mind when thinking about the
will start by making sure that the space is entirely
difference between design and decoration. When you’re presented with images and moodboards that show you the colours and textures of the space you’re doing up, that’s essentially the presentation of the dish. It represents your choice of the final touches, the aesthetic routes that determine the look of the space, without telling you anything useful
your preferences for an orange kettle on board, they functional. The position of windows and doors will be taken into account. Lighting on the usable spaces will enter the design fray. Room to manouevre while holding a hot dish is something to keep in mind. Even drawers that can be shut by a gentle nudge of the hip manage to enter the conversation.
about the way you will use and interact with it.
This part of the design process is, to a certain
Actually using a space for any practical length
considerations to be kept in mind, then these will
of time is ‘tasting’ the dish. It is the moment you realise that the chef has mastered balance between all ingredients and provided exceptional flavour as a result of years of practice, diligent study, and pure intuition.
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entirely functional in the sense that it should be fit
a series of steps and, with a result.
Michael lived and breathed design since he was in primary school and graduated in Design from Kingston University in London. He leads Miko, a spatial and interior design company that works with clients to deliver functional spaces that look beautiful. Drawing on his vast experience designing anything from boats to luxury penthouses to electric tricycles, Michael loves to marry form and function to create lasting beauty and value. You can reach him on michael@miko.design
Both disciplines are essential. We want a space to be
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degree, agnostic of décor. If there are decorative be accommodated by the design process rather than guiding the direction that design takes. Let’s say I were to commission the design of my next kitchen, and that I happen to care about
INTERIORS
THE HOME & INTERIORS ISSUE MONEY
nothing except the inclusion of a Poul Henningsen
Top Tips
Artichoke lamp in the middle of the room. I’ve spent more on it than I have on my car and would like it to be the centrepiece. Its unique construction casts a beautiful, soft, glow across the room and, situated above the kitchen table, will make for terrific dinner light. In the vast majority of kitchens, however, most work spaces run along two walls to form an L-shape. While standing at any of these surfaces to prepare food, my body is casting its shadow on whatever it is I’m doing because the beautiful light I’ve chosen is behind me - wherever I stand. The design team I’ve briefed will understand this and suggest that my choice of decoration is not sufficient to fulfil a basic purpose: actually seeing what I’m doing. We’ve wound up with an age-old maxim about design, one that ought to need no repetition. I’m talking about the adage that form ought to follow
“THE WAY OUR SPACES LOOK OUGHT TO PRIMARILY FOLLOW THE DICTATES OF ITS PRACTICAL CONSIDERATIONS. HAPPILY, IN THE CASE OF GOOD DESIGN, THE TWO PRINCIPLES ARE ENTIRELY COMPLEMENTARY”
function, that the way our spaces look ought
1. START WITH FUNCTION. Think of yourself and the other humans who will be using the space and clearly define all current (and reasonably predictable) uses of the space
2. SPEND SOME TIME WITH THE SPACE to understand its inherent limitations and its maximum potential. Your brief should maximise use without attempting the impossible
3. SET YOUR BUDGETS AND TIMELINES. How much are you prepared to spend and how much can you wait for the space that will be perfect for your needs?
4. NOW THROW ANY AESTHETIC CONSIDERATIONS into the mix. If you hate the colour blue, there’s no reason for you to have to live with it. (M)
to primarily follow the dictates of its practical considerations. Happily, in the case of good design, the two principles are entirely complementary. So the next time you want anything designed, arm yourself with a few points to ponder before drawing up a brief.
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MONEY THE HOME & INTERIORS ISSUE
Work, play and relax with these design essentials.
Confetti cabinet
Surface Tension Nucleus
Kahiko Table
The mother of all coffee tables with a hands-on
This is what a €100,000 table looks like. Created
The confetti marquetry pattern on this credenza
audio-visual experience. Real wood frame and
by craftsman Robert Teisberg, the Kahiko
bestows a playful quality to a serious piece. Door
available in solid walnut, oak and birch ply as
Table uses two book-matched pieces for the
and drawer fronts use solid and veneered maple.
standard, with gloss black side panels. Relive
top, which, when combined, covers an area
Hardware and base are made of solid blackened
your youth playing all those retro classics, install
measuring 107 x 239 cm. Polished to a shine,
steel. Case is made of solid ebonized ash and
your own, or hit up Steam to play some great
the wood features a unique grain called mega-
built to last.
retro-reboots or indie titles.
curl, which creates a wave effect that makes the surface look three dimensional even though it’s perfectly flat. This type of grain is exceptionally rare not just among other wood species, but even among Ancient Kauri, making this a truly special piece for furniture collectors.
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by Moving Mountains
THE HOME & INTERIORS ISSUE MONEY
INTERIORS
SP01 launches new collection with London-based designer Tim Rundle Contemporary Australian design brand SP01 has unveiled a new furniture collection, in collaboration with London based designer Tim Rundle, featuring a series of armchairs, occasional tables and mirrors.
Welcome! Collection by Chiara Andreatti for Fendi
Delmare furniture collection by Romanian sculptor and designer Eduard Locota
Contemporary Irish artist and light sculptor Niamh Barry
During the 10th edition of Design Miami in
Each piece is intriguing. It’s as though some
These incredible interlocking bronze forms are
December 2017, Fendi presented Welcome!,
supernatural geologist’s knife has cut through
the work of renowned contemporary artist and
a space designed for “good living”, featuring
a slice of the ocean, as well as the ocean floor
light sculptor Niamh Barry. Her work, which
furniture pieces by young Italian designer
and the underlying earth’s substrate rock. And
often incorporates light, centres on ‘the line’ –
Chiara Andreatti. Andreatti is considered one
then, as if in some bizarre, geological fairy-tale
its balance, movement and dynamism. Barry’s
of the most interesting designers representing
twist, said slice of Oceania has been made into
studio is based on the outskirts of Dublin and
new Italian creativity. Not only was she able
an assortment of furniture pieces, all for our
although the super sleek sculptures may seem
to interpret the spirit of the Roman Maison,
viewing as well as ergonomic pleasure.
at odds with her rural surrounds, she draws inspiration from the landscape with is rolling
she also translated its creative and aesthetic
hills, swaying trees and vast sky. (M)
philosophy into a range of limited edition luxury furniture pieces.
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MONEY THE HOME & INTERIORS ISSUE
MAKING A SPLASH
— You could say that Martin Dingli, a Maltese-Australian, had an epiphany of sorts. A mechanical engineer, he had spent time developing engines before he decided to try marketing.
But as with most artists, there was a deep yearning to create, and he found a way to make a livelihood and to express himself that intrigued all those who saw it: digital art on glass – not as pieces of art to hang on the wall, but for the overlooked surfaces of our houses in kitchens and bathrooms. He starts off with the image, which can be one of the clients’ own, one from his extensive catalogue, or a specially commissioned piece. Martin uses ceramic paint, which is screen printed and permanently fused to a toughened glass surface. Glass splashbacks are back-printed directly onto 6 or 8 mm glass panels and treated with an opaque or translucent finish.
What were your first pieces? Looking back on them, what do you think now? MD: My first artworks concentrated on a Mask series, influenced while living and traveling in Italy. These pieces were printed on Dibond, an aluminium composite that no one had tried before. It was received very well both in Australia and New York. This series are very relevant today and I still continue to create new pieces as they seem to sell well. Most of the Mask series are in very large format - measuring 1.2 square metres - either printed on Dibond or canvas.
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"WHEN ASKED TO CREATE A PIECE FOR A CLIENT, I FEEL THAT MY WORK HAS BEEN APPRECIATED; THIS MAKES ME FEEL ACKNOWLEDGED AND FORTUNATE."
me feel acknowledged and fortunate, as there are
sold my work in the USA and the UK.
loads of artists out there trying to make a living
My next challenge was to apply for a grant by
with art.
the Maltese government (Malta Enterprise) but
What is the technique? What makes it so difficult? MD: My technique is somewhat unconventional
unfortunately this was not to happen as one of the requirements for a grant, was to supply and produce the glass splashbacks totally on the island. Unfortunately, while doing my research in Malta, the right printers were not available. At present
– which is what makes my art unique and eclectic.
I’m researching printers in Italy and Germany as
It is hard to explain but I create my own digital
they fulfill all of my requirements, capable of
brushes (it took a while to learn the process!). These
printing on very large pieces of glass.
‘brushes’ are created by using my Nikon equipment and transferring these images into ABR files which
This has been the challenge, but I’m sure in
Is your work art or a commodity?
then are cropped and installed into Photoshop. My
due course, I will be able to supply original
tools include Mac, Wacom Tablet, Aperture and
bespoke kitchen and bathroom splashbacks
MD: My work will continue to be art first. When
Indesign. Using all of these tools was self-taught and
I’m required to create a glass splashback, I would say that is a commodity - but most of my clients give me the freedom to reflect my art in most pieces. This I'm grateful for. This is also the case when I’m dealing with a brief given by either an interior design company or an individual. When asked to create a piece for a client, I feel that my work has been appreciated; this makes
I became quite well skilled in all of them. Once the artwork is finished, I process the file ready to be printed on the material chosen by the client.
to the island. (M)
For more info on Martin’s work visit www.digitalartonglass.com.
Are you now trying other markets? What are the challenges? MD: Australia has been great for both my artworks and my small splashback business, but I have also
Modernising a workspace in 20 days Aon Group has been delivering insurance management services and related facilities in Malta since 2005. When they decided that their Malta office needed updating and modernisation, they entrusted the task to DEX. The project would involve supplying new desk furniture and chairs, installing hybrid glass and wooden partitions, as well as laying woven carpeting and fitting vinyl parquet. Despite all the work required, the office renovation was completed in just 20 days. This was a project in which DEX could showcase the large breadth of furnishing solutions it offers. DEX collaborated with Francesca Scicluna from MODEL Architects, and together they made sure that everything was completed to the exact standards required by the client. Aon wanted furniture that was modular, flexible and comfortable, while looking sleek and classy. With an experienced team of people working on this project, the outcome was a high-end design that offered accessibility and molecularity for a rapidly developing business. What proved to be the most innovative part of this project was the use of vinyl parquet, not just for the floor, but also the walls and ceilings. For more info contact Dex Workspaces, Mdina Road, Qormi on T: +356 2277 3000, info@dex.com.mt or dex.com.mt
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
TOP NOTCH HOW DO YOU QUALIFY TO GET ON THE LIST OF THE WORLD’S COOLEST OFFICES? Look at these offices and you will immediately see what sets them apart from the rest.
SPRING PLACE New York, USA
If the name Manhattan’s Tribeca rings a bell, it is probably because of the Tribeca Film Festival. The company behind it, Spring Studios, is also behind New York Fashion Week and the Independent Art Fair. So you can bet your bottom dollar that this company would want a cool building with an even cooler office. Spring Place occupies three floors in the former Verizon building, and has defied attempts to categorise it since day one. It has been described as “a collaborative workspace” and “membership club”, and “a playground for the creative class” that doubles as a workspace. The designers behind Spring Place, Alessandro Cajrati Crivelli, Francesco Costa and Imad Izemrane, knew that they had to create the right space to attract creative elites – looking deliberately at art, fashion, film and design worlds. The result was an ultra-cool space, with a 1,021 square metre rooftop garden looking out over Lower Manhattan’s West Side. How cool was it? The launch was attended by the ultimate A-lister Leonardo DiCaprio and Victoria’s Secret models, as well as 2,000 guests.
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DESIGN
CULTURAL CREATIVE PARK Guangzhou, China There is a very fine line between a cool open space and a cavernous void. Starting off with a drab factory, it is tempting to do too much of everything, and so much harder to know when to stop.  When the Lee Architectural & Engineering Design Group were commissioned to design the  1,577 square-metre former paper-making factory with its endless open spaces, they managed to find the perfect balance between open offices linked by common features. They carved up the white expanse of walls in the 1978 Cultural Creative Park in Guangzhou, Guangdong province, China, using a variety of textures on both the former walls and ceiling, and added dramatic visual focus by have a staircase which sweeps up, zig-zags up and carries on as a bridge across the ground level.
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DESIGN
MONEY THE HOME & INTERIORS ISSUE
HUBBA THAILAND Bangkok, Thailand Start off with Bangkok’s jaw-dropping shopping centre, Habbito, and then hive off just under 1,000 square metres of it to create an intimate but flowing co-working space. Developer Sansiri and Hubba Thailand selected the mall in a residential area of Ornnuch, Bangkok, for their project. The result is seven fully-equipped artisan workshop studios including a dark room for photography, wearable arts room for fashion designers, ceramic room for pottery, woodworking room, screening room for film and photography as well as lectures and seminars, and a “marker space” fully equipped with digital tools such as laser-cutting machines and 3D printers: a true hub for Thailand’s exciting design and creative fields.
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THE HOME & INTERIORS ISSUE MONEY
DESIGN
CREW COLLECTIVE Montréal, Canada The dynamism that comes from giving start-ups the space to work and hang out has been tried and tested. So why does the Crew Collective stand out? The answer lies in the building itself: RBC Tower Building, once the tallest building in the British Empire. The street level was the 1920s headquarters of the Royal Bank of Canada, on 360 rue St-Jacques, in Montréal, Québec, Canada. In those days, bank headquarters had to reflect success, and the result was buildings that were meant to impress, monuments to money and prosperity, with 18m high vaulted and ornately painted ceilings, marble floors, and chandeliers and brass to leave the beholder in no doubt as to just how successful the bank was. The project was entrusted to Montrealbased architect Henri Cleinge with team members Henri Cleinge and Paulette Taillefer who let the building tell its own story, with minimal intrusion to let the inspiration accumulated over the past 100 hundred years seep into the new crowd. (M)
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L I F E ST Y L E
MONEY THE HOME & INTERIORS ISSUE
GET THE LOOK MONEY's pick for this month.
DR WOO X CONVERSE
GUCCI
Trainers
Sweater
Renowned LA tattoo artist, Dr Woo, has teamed up with Converse to bring you two personalised versions of the iconic '70s Chuck canvas trainer, in black (here) and in white. In classic Converse style, the artist, says we're to wear em 'til they are destroyed'.
When Alessandro Michele chooses a new animal to include in his kingdom, it becomes visually synonymous with Gucci almost instantaneously. This Italian-made sweater is impressively jacquard-knitted with a wolf motif first mentioned in the show notes for SS17 and embroidered with 'Guccy' at the back - the bootleg culture spelling first debuted on the Palazzo Pitti runway this season.
CITIZENS OF HUMANITY Denim New drops at Harvey Nichols this week from LA denim brand, Citizens of Humanity. Renowned for making possibly the most comfortable jeans on the planet, they've launched the slick new Bowery style here.
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L I F E ST Y L E
THE HOME & INTERIORS ISSUE MONEY
RAYMOND WEIL Watch The newest addition to the successful 'Freelancer' collection, this latest model from Raymond Weil is as robust as it is sophisticated. Available in further colour-ways and packed with the usual technical brilliance.
ORLEBAR BROWN Gilet and Puffer Jacket From the brand, synonymous with awesome swimwear and leisurewear, we're all particularly stoked to see the British label launch these super luxurious outerwear pieces. Gilets are always useful as layering in unpredictable, rubbish weather.
NEW BALANCE BY J.CREW
SAINT LAURENT
Trainers
Bomber Jacket
Favourite kicks out this week are the latest 998s from New Balance and J Crew. Also, available in a tonal blue colourway, both in slick suede. Can't go wrong to be honest.
Saint Laurent's 'Permanent' collection includes only the most classic items of clothing that every man should own, and naturally this bomber jacket is part of the curation.
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LAST WORD
MONEY THE HOME & INTERIORS ISSUE
Ruling with an
IRON FIST “It was a bright cold day in April, and the clocks were striking 13.” Now those of
as facts and huge promises of widespread improvement to our lot. No, it’s a question of memory or lack thereof. Who would have thought
absorbed the (now resurgent)
Cross in the Great War, ‘the war to end all wars’,
given for thinking it’s a line from a Jimi Hendrix song, if we hadn’t read 1984 at school or watched the movie. I’d also bet a pound to a shilling that most Gen Z (and subsequent) would be hard pressed to come up with an answer. Nevertheless, every few decades some chump pops out of the shadows and thinks that the world has been peaceful enough for too long and maybe he’ll be the one to shake it up again because, you know … self aggrandisement and naked ambition. If only we could learn to recognise such schemes as they develop, we’d save ourselves the stress of living through them.
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the opposite: sweeping statements masquerading
us who lived through and psychedelic era would be for-
The Bluesman is a Maltese sound engineer working in New York.
It’s not that these power plays are subtle. Quite
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that a corporal from Austria, twice awarded the Iron would trim his sideburns and bushy moustache to a stump and, failing in his plans to become an artist of note, decide to elicit the support of disgruntled Germans and plan world domination; that a humble Georgian newspaper editor and Lenin supporter would become a thug fundraiser for the Bolsheviks, institute the Great Purge of ‘enemies of the proletariat’ and go on to rule the Soviet Union with an iron grip; that the Russian born Kim Jongil, (the current Kim’s dad and better looking than sonny, complete with outrageous feats and miracles claimed for and by him) would build on his father’s work subjugating North Korea? All cut from the same cloth, sharing the same personality disorders as disclosed in the findings of two psychiatrists: Frederick L. Coolidge and Daniel L. Segal assisted by a South Korean, unnamed for his safety no doubt. The list headed by sadism, paranoia, antisocialism and narcissism.
THE HOME & INTERIORS ISSUE MONEY
LAST WORD
"DEATH SEED, BLIND MAN'S GREED POETS STARVING, CHILDREN BLEED NOTHING HE'S GOT HE REALLY NEEDS" Twenty-first century schizoid man (21st Century Schizoid Man,
The month of January always brings Charles I to mind. A grim event to remember in my birthday
King Crimson)
month, he was beheaded outside Whitehall Palace on January 30, 1649 after being tried and convicted of high treason. The King believed he had the right of absolute rule without parliamentary consent. Others disagreed and inevitably a series of wars -
Reminds me of a school exam question format I
thick neck and a coarse, humorous, brutal face …
sometimes called the Civil War - erupted. Oliver
remember as being quite popular with teachers:
[nevertheless] … had a certain charm’ whose ‘…
Cromwell’s Roundheads, the King’s Cavaliers,
‘compare and contrast’. Schizoid and schizotypal
ferocity was turned outwards, against the enemies
religion, hiding in trees, and no doubt, priests’
might well be one in psychiatry class. In George
of the State, against foreigners, traitors …’ could
holes, Ireland and Scotland also getting a look in
Orwell’s 1984, from which the opening line above
apply to a couple of current leaders. The daily
over the course of a little over a decade and Charles
is taken, Big Brother watched, listened in and ruled
‘Two Minutes Hate’ could well fit to what passes
ll taking over after the death of his father. Ultimately
through cameras and screens everywhere. News
for comment these days. Of the three maxims
the Royalists were victorious and Cromwell and
items were retro-actively rewritten to replace the
blasted and plastered by Big Brother - War is
the Parliamentarians who had since died and had
original information when it became necessary
peace, Freedom is slavery and Ignorance is strength
been buried in Westminster Abbey were disinterred
to make sure a previous prediction matched the
- the last one is probably the most resonant.
and posthumously hanged and their heads spiked.
current outcome. Names of people previously
Ignorance among the oppressed gives strength to
Interesting stuff, beyond the scope of this column
lauded as heroes were erased once said hero slipped
the oppressor. So regular folk hunker down and wait
but worth a read. Intrigue, death, collusion
up or fell out of favour and disappeared without a
for the storm to pass. As John Lennon said, quoting
(with Scotland), the Long Parliament, the Rump
trace - vaporised was the expression used. Reality
Groucho Marx, on the steps of the Federal Building
Parliament and Churches.
control. The book was published in 1949, so the
in Manhattan: “Time wounds all heels”. Sometimes
author had fresh memories of the fight against
with a bang, other times with a fizzle.
Brutus is said to have exclaimed “sic semper
Nazism to draw on as he feverishly raced to finish
tyrannis” as Julius Caesar was stabbed on that
the novel before his death. Orwell, real name Eric
Despite all efforts, people die. The senior Kim
fateful March 15. A phrase echoed by a misguided
Arthur Blair (June 25, 1903 – January 21, 1950)
died of a reported heart attack in December 2011
27-year-old actor from Maryland, John Wilkes
died of tuberculosis a few months after the story’s
although a year later the cause was amended to ‘a fit
Booth, as he leapt from Lincoln’s box after shooting
publication.
of rage’ over the poor construction of a power plant.
Honest Abe in the head. Ironic in a way, as Caesar
One wonders how poor the construction was for it
had not accepted to be crowned king nor was
The book not only looked back through the
to drive someone from a race with a reputation for
Lincoln a tyrant, that they were addressed as such.
author’s memory but has surprising references to
calm inscrutability to an apoplectic fit. Definitely
Booth’s escape was handicapped by his having
events, people and thoughts prevalent to this day.
with a bang.
sprained his ankle in the leap and was shot as he
Such as ‘… a ship full of refugees being bombed
attempted to escape the torched barn he was holed
somewhere in the Mediterranean’ could easily
Lenin fizzled in stages. Strokes left him paralysed
have come from a news story from weeks not years
first on one side, then his whole body and finally
ago. The description ‘… a large, burly man with a
fatally. Installments, but not the never-never.
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up in while Brutus eventually committed suicide. Fair to say, though, nobody likes a despot. (M)
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M A R K ET R E P O RT
MONEY THE HOME & INTERIORS ISSUE
WHEN THE CHCKENS COME HOME TO ROOST Never a dull moment. Germany’s Angela Merkel burnt the midnight oil more than once and finally formed a coalition, but there are plenty more developments to keep an eye on in the coming months.
Italy Decides A crucial election - which may have economic repercussions on the rest of Europe - will take place on March 4 in Italy. With France and the Netherlands avoiding a nationalistic anti-Europe scourge, the next economic-political risk is our neighbour, whose 60 million inhabitants are prone to loathe the Europe project, and whose economy is a not-so-small microcosm of the eurozone’s flaws. Italy has struggled for some time now, and a confluence of factors is bringing Italian economic woes to the forefront. The Financial Times recently listed five key troubles: low economic growth and low productivity; high public debt; poor job opportunities for young people; high bank debt; and low levels of foreign direct investment. Add political and social instability and it provides for a worrying scenario. In brief, Italy’s economy is fragile, and fears about that are impacting European financial markets. As has happened in many other European countries lately, such troubles are fertile ground for populistic parties who are not exactly enamoured of the European project. Currently, the leading party according to the polls is the Five Star Movement, created by comedian Beppe Grillo. The Northern League, is another:
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Licensed stockbroker Alexander Mangion is managing director at MPM
Capital investments since 2009. The company is authorised by the Malta Financial Services Authority (MFSA) to provide financial services in
Malta and holds a Category 2 licence. He holds a Bachelor of Commerce (Hons.) degree in Banking & Finance (UoM) and a Masters of Finance and Investments (University of Nottingham)
both are eurosceptic parties who would exploit any financial wobble to push for Italian withdrawal from elements of the European project. European financial markets have already felt the impact of jitters around Italian banks, prompted by fears of an Italian election that might lead to a hung parliament. However, this fear has not translated so far to bonds: at time of publication, the spread between Italy and Germany’s 10-year yields was at just 1.209 per cent, its lowest level since September 2016.
Winds of Change While solar energy seems to get the media spotlight, wind energy is netting impressive inroads in Europe. According to Wind Europe, a trade organisation, Europe's total offshore wind capacity increased by 25 per cent in 2017. Just over 3.1 gigawatts (GW) of new offshore wind was installed in Europe last year, with total capacity reaching almost 16 gigawatts. While one can look at this increase from different facets, ultimately it all boils down to cost. The cost of investing in offshore wind today has gone down and has started to reach the levels of conventional power generation. Europe now hosts more than 4,000 offshore wind turbines across more than 10 countries. Thirteen new offshore wind farms were constructed in the past year, with Germany and the United Kingdom accounting for the majority. The UK installed 1.7 GW of offshore wind, while Germany was responsible for 1.3 GW. Last year also saw the world's first floating offshore wind farm, Hywind Scotland, come into operation and producing electricity for the Scottish grid. The future is also bright: 11 offshore wind farms are currently being built; these will add practically 3 GW once completed. Despite the record growth, offshore wind across Europe for geographical reasons is heavily concentrated within a few country. In fact, 98 per cent of offshore wind
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"SUCH TROUBLES ARE FERTILE GROUND FOR POPULISTIC PARTIES WHO ARE NOT EXACTLY ENAMOURED OF THE EUROPEAN PROJECT." capacity comes from the UK, Germany, Denmark, the Netherlands and Belgium. The UK accounts for the largest amount of installed offshore capacity across Europe at 43 per cent, with Germany following at 34 per cent. Denmark places third with an 8 per cent share, in front of the Netherlands (7%) and Belgium (6%).
Brexit Irony Over the past few weeks, a number of British MPs carried out a Brexit Impact Assessment. There is not the space to go deep into its merits here, but a rather interesting and ironic conclusion came around. According to regional forecasts, every area of the UK will suffer a decline in GDP. However, the North East England, the West Midlands and Northern Ireland will suffer the biggest impact in terms of economic growth after UK’s exit from the EU. Growth in the north east would decline by over 10 per cent under a free trade deal, while leaving with no deal would create a 16 per cent decline. With regards to the West Midlands, the figures amount to 8 and 13 per cent respectively. The north-east would take an 11 per cent hit to economic growth under the government’s preferred outcome of a free trade deal with the EU, while leaving with no deal will result in a 16 per cent dip, and staying in the single market would cause a 3 per cent decline. The irony? The two most negatively affected regions overwhelmingly voted to leave the EU in the 2016 referendum. London should suffer the smallest blow, according to this report. (M)