MONEY SEP 2016 ISSUE 38

BUSINESS | LIFESTYLE | DESIGN

THE REAL ESTATE ISSUE ISSUE 38

HIGH-RISES

MEET QUICKLETS TEAM

PROTECTING THE ENVIRONMENT

PHOTOGRAPHY AND DESIGN 1 - Money / Issue 38

All-New Renault MEGANE is here!

Discover the unique driving pleasure of the All-New Megane 5 door which includes: þ 7” Touch Screen with Navigation System þ Hand‘s free Key card þ LED [daytime running lights] þ Dual Zone Climate Control, þ 16” Alloy wheels þ Safe Distance Warning þ Rear parking Sensors þ Multi Sense System Starting @ €21,900*

INCLUDING

AUTO SALES LTD - KIND’S Reg. No. S063

Mosta Road, Lija LJA 9011.

Tel: 23311126 / 23311131

Mgarr Road, Xewkija XWK 9012.

Tel: 21550962 / 99874301

* DY Version Models shown for demonstration purposes only

Kind’s

www.renault.com.mt

CONTENTS

WELCOME The real estate market is booming, as attested by the ‘For Sale’ and ‘To Rent’ boards all over Malta and the amount of cranes dwarfing towns and villages.

True, the cranes are not a pretty sight. However, they are a clear indication that Malta’s economy is experiencing unprecedented growth. Last January, ratings agency Standard and Poor’s affirmed Malta’s rating at BBB+/A-2 and confirmed that the outlook was positive and that the Maltese economy will expand by 2.8 per cent annually between 2016 and 2018.

Since then, Malta’s economic growth has continued to outpace that of the eurozone, with strong investments and wage growth. Unemployment has also been reduced to a record 3,500 while 20,000 jobs have been created in three years.

All these positive factors fuel the growth of the real estate market. In 2015, over €2bn worth of property was sold and 15,557 contracts signed. This translates into a staggering 35 per cent growth in just two years.

In order to increase the supply and to strengthen the lifestyle segment, various high-rise projects are planned. This is set to alter Malta’s skyline – however, if all goes well, such developments will further strengthen our economy.

In this issue of Money, we discuss the issue of high-rise development and whether these are valuable projects or whether they will lead to what some are calling the ‘Dubai-fication’ of Malta. We also put the environment and development in the same arena – does development necessarily mean that we need to destroy the little environment that we have left, or can the two coexist?

Patrick O’Brien focuses on the rental market and how – thanks to the influx of expats, the growth of sectors such as i-gaming and financial services, and the demand for highly skilled jobs – this is experiencing an exponential growth in demand. This growth obviously translates into higher rental rates which carries the risk of making rental properties less affordable for Maltese families.

In this issue of Money, we also interview photographer and architect Sean Mallia and interiors designer Vera Sant Fournier and investigate how resilient financial markets are to the threat of terrorism.

Read on and enjoy.

Editor Anthony P. Bernard anthony@moneymag.me Consulting Editor Stanley Borg stanley@moneymag.me Design Peresso Design Studio peresso.webflow.io Printing Print It Distribution Mailbox Direct Marketing Group

THE REAL ESTATE ISSUE

SEPTMEBER 2016

8 LOOKING BEYOND THE END OF YOUR NOSE If we don’t adopt and sign up to a serious long-term plan, we will continue to ruin our nation and frustrate our people. Perit Philip Grech explains to Veronica Stivala why the plan for high-rise buildings in Malta does not work.

12 NO ROOM FOR RENT

Malta is attracting foreign direct investment and an influx of expats.

This is good news for the property rental market. However, will this further increase rental prices, Patrick O’Brien asks.

14 THE HIGHER WE GO…

What will be the impact of high-rise buildings on Malta’s urban and natural environment, Jamie Iain Genovese asks Petra Caruana Dingli and Alfred E. Baldacchino.

18 THROUGH HIS LENS

Sean Mallia is a budding photographer and design artist. He speaks to Veronica Stivala about how growing up in an urban environment instilled in him a love for design.

22 A DESIGN FOR LIFE

Good design adds value to your property, interior designer Vera Sant Fournier says.

35 THE FINANCIAL COST OF TERRORISM

How resilient are the financial markets to terror, Alexander Mangion asks.

36 RAISING THE FLAG

It is France’s historic defence of western ideals of free speech, democracy and rights that make it a terrorist target.

52 ALL THAT GLITTERS

Money’s gift list is worth its weight in gold.

54 PARIS IS ON COURSE

Mona Farrugia switches on her appetite in the City of Light.

58 AND NOW FOR THE FORECAST

From summer sizzling to global warming and lobbyists, the Bluesman takes the weather with him.

FEATURE ON PAGE 41

Hand delivered to businesses in Malta, all 5 Star Hotels including their business centres, executive lounges and rooms (where allowed), Maltese Embassies abroad (UK, Rome, Brussels, Moscow and Libya), some Government institutions and all ministries For information regarding promotion and advertising call Tel: 00 356 2134 2155, 2131 4719 Email: hello@moneymag.me

Steve Mercieca, Co-Founder Quicklets/Zanzi Homes.

Photography: Nicky Scicluna, Styling: Luke Engerer, clothes model’s own.

Money is published by Be Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754 All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission. Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

4 - Money / Issue 38

MALTA’S NEW SHOPPING

www.parktowerssupermarkets.com Psaila Street, Santa Venera t. 2148 0807 Gorg Borg Olivier Street, St Julian’s t. 2137 8520

WE’RE OPEN

UNTIL LATE

MONDAYS

08:00 - 20.00

TUESDAYS

08:00 - 20.00

WEDNESDAYS 08:00 - 20.00

... and

even longer

EVERY END OF THE MONTH LAST WEEK OF OCTOBER THURSDAY 03 NOV 08:00 - 21.00

THURSDAYS

08:00 - 20.00

FRIDAY

04 NOV 08:00 - 21.00

FRIDAYS

08:00 - 21.00

SATURDAY

05 NOV 07:30 - 21.00

SATURDAYS

07:30 - 20.00

SUNDAY

06 NOV 09:00 - 14.00

Interview PROPERTY

LOOKING BEYOND THE END OF YOUR NOSE

If we don’t adopt and sign up to a serious long-term plan, we will continue to ruin our nation and frustrate our people. Perit Philip Grech explains to Veronica Stivala why the plan for high-rise buildings in Malta does not work.

T

he Planning Authority recently approved the building of the 38-storey Townsquare project in Sliema, as well as four towers in Mrieħel. The decisions have been met with harsh reactions to the effects this construction will have on, to name a few, the environment, the skyline, traffic, the drainage system and air quality. Following the permit approval, the Environment and Resources Authority also said that it would appeal the decision.

8 - Money / Issue 38

While Perit Philip Grech thinks the tower of itself may be well designed, he stresses how it cannot be taken away from its context – the relationship with its site and neighbouring buildings. We discuss the Sliema tower – however, much of what Grech says can be equally applicable to the Mrieħel ones.

“The floor-area ratio policy (FAR) which the PA has adopted fails to relate to the urban area, and is mainly an arithmetic exercise,

translating horizontal floors into vertical ones,” he comments, adding how wherever this policy has been implemented so far, the ‘public area’ which is meant to be gained after this exercise has not in reality become a space returned to the public.

This particular project, he notes, also impacts the layout of the neighbourhood. He points his finger at the fundamental lack of local planning which should zone urban areas and

actively create and maintain sustainable, enjoyable spaces and neighbourhoods. This goes back to the very two-dimensional local plans (now 10 years old), and the SPED (adopted last year).

One of the worrying issues of such a huge tower is the traffic it will generate on our already traffic congested island. Grech laments that the absence of a robust national transport and traffic policy makes nearly every new significant development a burden, as the congestion has now become proverbial.

Anyone will agree that the road systems clearly fail at peak rush hour times. Grech says that, “The planning regime we have may require onsite parking – although one can pay a fee to cover shortfalls; and the money doesn’t go back into providing parking.”

But, he continues, the carrying capacity of the streets leading to the development, and neighbouring ones, need to be seen holistically.

Traffic Impact Statements for neighbourhoods, not piecemeal developments are needed to show up the upgrades needed, and the commitment (including financial) to provide them. Only failed towers, such as those at Paola, have no such infrastructural effect.

Another worrying issue is how Malta’s drainage infrastructure would be able to cope with huge high-rise buildings. Grech reiterates his argument for the need for holistic planning.

“In the FAR conversion to towers, the drainage discharged by such the tower is concentrated onto a few connections that which would have been generated in a more distributed way with lower density development. If the overall system can take the sewage load, say at Tower Road in this case, it is one issue, but the local concentrated load on the pipe at Qui-si-Sana is something else and merits investigation, and possibly improvement. Again, the agglomerated effect of several high rise developments all on the same sewer should be seen collectively, not piecemeal.”

The same applies to air quality and a host of other issues, which need to be seen interactively in the context of a master plan for the area.

“Without a master plan, permits become a paper exercise,” says Grech.

The high-rise will also affect Malta’s skyline.

The views of Valletta from the three cities

will be severely impaired. Grech’s personal stand on skylines is that all local major developments are actually inter-visible; while some get used to and appreciated, others get rejected. One should examine the reasons behind this and design accordingly – even clusters of development, he stresses. Again this goes back to master planning.

“Domes and spires of churches are often seen as landmarks but, for example, Valletta’s skyline was affected greatly by the Carmelites’ dome – now all images of Marsamxett include this. Fort Cambridge

and Mater Dei hospital are visible on the skyline from Rabat, and so are the hangars of Lufthansa Technik. Verdala Hotel at Rabat has ‘resisted’ being accepted in the Rabat skyline for decades. I think if one is to plan three-dimensionally, one could see what sort of effect is being realised.”

So how high does Grech think we should be building in Malta? Should there be a cap on how many high-rise buildings there are, and where they are built? To this he answers that one should start from what is, and what will be, our requirement.

9 - Money / Issue 38

Interview PROPERTY

“How much and what sort of accommodation do we really need, and how will it grow or decrease?” he asks, going on to note that, “We need real data, and we take far too many commitments without any science or numbers to justify them. We have policy by televoting.”

Grech disagrees with the FAR. It is a way of avoiding the issue of discretion and sensitivity in planning. Without a thorough investigation of all the issues involved, in the needs of the country, the issue of imposing a cap on the high rise is a panic step in the realm of a moratorium; that is, stop doing anything more because we really haven’t a clue, and we know we’ve messed up already.

It is acknowledged that there is a lot of vacant property, and Grech has noticed many are turning their back on flats to go back to the townhouses, which are becoming more of a premium property.

“If we can have some serious re-planning, especially of blighted areas, then perhaps there might be room for high-rise there, but I wouldn’t discount turning developed land back into landscape; reversing the process,” he comments.

Grech reveals how he is always struck by the story about the huge Mistra valley quarry for the breakwater completed in 1903. The whole area was rehabilitated after the project was completed, and now it is a beauty spot.

“WITHOUT A MASTER PLAN, PERMITS BECOME A PAPER EXERCISE”

10 - Money / Issue 38

I am curious to know Grech’s views on how he thinks the towers will affect the current soaring property prices. Admitting this is a very speculative observation, he says it could depress the market around the area of the tower – it could make them more liable to being taken up in preparation for a Townsquare 2. The property market is also affected by many other externalities, IIP settlers, the state of the EU, the war on terror even.

Grech lauds the Singapore standard, whose Urban Redevelopment Authority strives to create a vibrant and sustainable city of distinction by planning and facilitating Singapore’s physical development in partnership with the community.

“If we don’t adopt and sign up to a serious long term plan on the Singapore standard,” underlines Grech, “we will continue to ruin our nation and frustrate our people.”

Interview RENT

NO ROOM FOR RENT

Malta is attracting foreign direct investment and an influx of expats. This is good news for the property rental market. However, will this further increase rental prices, Patrick O’Brien asks.

he rental property market is experiencing an exponential growth in demand, due to the growth of foreign direct investment and the increased influx of foreigners that comes as a direct consequence.

T

requires an increase in properties available for rent in good locations. Real estate agents are constantly expanding their letting departments and workforce as they lure in the business.

The proportion of individuals renting privately has more than doubled over the last few years, with demand far outstripping supply.

That is a good sign. However, it comes at a price, with the fear that Malta’s sky-high rents will rise even further.

You could say that rentals in general are increasing in popularity as nowadays, people require freedom of mobility.

Foreigners coming to Malta – forming part of gaming companies, the film industry and other lucrative professions on short-term contracts – require lodging for a limited period of time in the best locations of Malta. Furthermore they are willing to pay

The north and south of the island have experienced an influx of expats, which

12 - Money / Issue 38

the expensive prices requested by landlords due to their high incomes.

The rental demand has been brought about by various factors including the success and need for skilled resources in certain economic sectors, government residency and immigration schemes, and the stable economic and political climate in Malta compared to other countries.

Clearly, this affects certain areas more than others, as evidenced by the rise in rental rates and property prices in such locations as Sliema and St Julian’s. Such areas have also

“THE INCREASE IN RENTAL PRICES, HOWEVER, EXCLUDES LOW INCOME MALTESE FAMILIES” income Maltese families. There are more than 3,000 people on the waiting list for social housing in Malta and although the government has announced plans to build hundreds of units, it will still be some time before any become available.

In the meantime, people have to rent in the private sector and are at the mercy of market forces that have pushed rents up.

A recent annual rent survey conducted by the National Statistics Office as part of a wider programme used by the European Union to adjust salaries of staff in its institutions indicated that the rental market in Malta is burgeoning at a rate that is much higher than that of general inflation.

According to the NSO study, rental costs for a two-bedroom flat went up by 29 per cent between 2012 and 2015. become less affordable for local families. On the other hand, in such a micro economy, a relatively small annual influx of foreigners has an immediate impact on demand, thus requiring a more in-depth analysis of underlying trends in demand.

So how is this influx of foreign nationals and their rental investment in Malta affecting the rental market and rental prices?

Owners are aware of the current shortage in quality rental properties and they are obviously taking advantage of it. The increase in rental prices, however, excludes low-

Such massive increases in the cost of rented accommodation has widespread economic and social implications that need to be fully understood if policymakers are to come up with the right strategies that promote economic and social well-being.

There are different interpretations why the rental market is overshooting the general inflation forecasts, even if most would agree that rents are indeed rising at unsustainable high rates.

With prices on rentals increasing by 25-30 per cent due to the low supply, real estate agencies need a constant supply of properties.

Most people looking for rental property will have an average budget of €600 to €1,000 per month, expecting a three-bedroom apartment with a view.

Prices are determined by a number of factors, including location, finishing and furnishing of the property. Prices can range between €450 to €4,000, but various aspects must be taken into consideration. With hindsight, regardless of the specifications, rental property prices are bound to continue increasing even though such an increase will not halt the demand for rental property.

The rental sector has operated in an unregulated free market since 1995, The government has acknowledged the problem of rising rents, with Prime Minister Joseph Muscat recently describing it as “a side-effect of a thriving economy”.

Deputy Prime Minister Louis Grech has been entrusted with leading a working group to analyse the situation and propose solutions. His spokenman recently said it was premature to pre-empt the work of the group by talking about particular mechanisms to address the problem.

“But rent control is not necessarily the only way, or even the best way, of addressing the issue,” the spokesman said.

Some believe a simple fix would be for the government to introduce some form of rent control. Yet all that could possibly do is reduce investment, making the supply situation worse.

13 - Money / Issue 38

ENVIInterview RONMENT

The higher we go..

What will be the impact of high-rise buildings on Malta’s urban and natural environment, Jamie Iain Genovese asks Petra Caruana Dingli and Alfred E. Baldacchino.

PETRA CARUANA DINGLI Dr Petra Caruana Dingli was Director for Environmental Protection at the Malta Environment and Planning Authority from 2011-2013. She was formerly Executive President and is now Council Member of the environment and heritage NGO Din l-Art Helwa.

Does the MEPA demerger into Planning Authority (PA) and Environment Resource Authority (ERA) guarantee greater protection to the environment?

The recent demerger of MEPA into two new authorities certainly does not guarantee greater environmental protection. On the contrary, I believe it has been seriously weakened.

Land use is one of Malta’s most challenging environmental problems. Drawing a straight line between land use and other environmental issues, and dividing them up into separate boxes marked ‘environment’ and ‘planning’, will yield bad results in the longer term. Socio-economic needs and environmental protection should be viewed holistically.

It is important to note that different models of environmental and planning regulation exist in EU Member States. Each country has its own specific needs and history, and one size does not fit all.

Due to Malta’s small size, land is one of its most valued and scarce natural resources, and its efficient use is crucial to the protection of our environment. Land use affects a whole host of environmental concerns.

In my view, handling environmental and planning policies and regulation within one merged authority also made sense on a practical level, enabling more efficient use of human and other resources, and enabling close interaction between related skills, expertise and decision-making.

14 - Money / Issue 38

Many types of human activity affect the environment in which we live. Together with the economy and society, the environment is one of the three pillars upon which sustainable development depends. But while economic and social demands can be infinite, our natural resources, such as land, have a limited capacity.

Prior to the construction phase itself, such projects include extended periods of excavation with all the dust and noise which that necessarily involves. These impacts are studied as part of the environmental impact assessment (EIA) of developments, which look at both short-term and long-term effects.

When decisions are taken, especially on construction projects, environmental concerns often pull the short straw, even though environmental impacts may be irreversible.

The new ERA is now only represented by one vote on a large planning board. The influence of environmental officers on planning decisions has been lessened, as they no longer participate in the processing of permit applications as closely as before.

And after?

All economic growth must be planned to respect the capacity constraints of both the urban and natural environment.

Unfortunately, short-term economic demands often attempt to downplay the importance of long-term environmental capacity.

How exactly does your research show highrise development will impact their respective environments during their construction?

It all depends where the high-rise projects are situated. The construction of a massive development project in the close vicinity of existing residences, shops and narrow congested roads, will obviously have a higher impact than if located elsewhere.

Besides issues related to traffic congestion, parking, shading or wind effect, the impact of high-rise buildings on the existing infrastructure is substantial. Various concerns about the lack of knowledge and studies on these long-term effects on Malta’s urban areas have been raised, which has led to calls for a master plan.

The environmental studies conducted by developers only assess the impact of their own projects on the existing environment.

They do not take a holistic or cumulative view

“ALL ECONOMIC GROWTH MUST BE PLANNED TO RESPECT THE CAPACITY CONSTRAINTS OF BOTH THE URBAN AND NATURAL ENVIRONMENT”

in conjunction with other large projects planned for the area. This is why the government should have carried out what is known as a strategic impact assessment (SEA) on the new high-rise policy, before going ahead.

ALFRED E. BALDACCHINO

Carrying out an SEA on new planning policies is a legal requirement, derived from EU legislation. Even if some loophole could be identified to escape this obligation, the authorities should have felt bound to carry out such an assessment anyway. I believe it is irresponsible of them not to have done so, considering the long-term and significant impacts which widespread high-rise development will have on the community.

Does the MEPA demerger into PA and ERA guarantee greater protection to the environment?

The only guarantee for greater protection to the environment is the will and determination for such protection by politicians and official entities. Neither MEPA nor the present PA have any interest or intent for such environment protection.

What would need to be different to make high-rise development be welcomed?

High-rise development is already being welcomed by the government, and by some private developers – however, it is not being welcomed by the general public. Various media surveys have shown that the majority of respondents are not in favour of high-rise development for Malta. The reasons for this are complex and deep-rooted and there is no quick fix to stop people from feeling concerned about these major changes to the urban environment.

A lack of public consultation, both in the drafting of the high-rise policy as well as due to the omitted SEA procedure which should include consultation, has also made people feel that they are not being listened to.

Is most of the ire down to development fatigue or is it a conceptual issue, with high-rises being a no-go for many?

I think there is both an element of development fatigue, as well as a negative reaction to the concept of high-rise as the future landscape of Malta, with the changed lifestyle and identity this implies.

Landscape is also viewed by some as part of our heritage. In Athens, high-rise is discouraged in order to protect the historic view and setting of the Acropolis. Why do we not have the same concern for the historic setting of Valletta and Mdina, which will both be affected by high-rise?

Environmental concerns of the Maltese public tend to focus largely on the granting or refusal of development permits. There is also growing concern on the impact of development and traffic on air quality.

This focus is understandable, especially considering that Malta is one of the most densely populated countries in the world.

Alfred E. Baldacchino, before retirement in 2007, was assistant Director at the Environment Protection Directorate (MEPA)

This was evident when MEPA’s CEO presented an impact study on Żonqor Point with regards to the development of the American University of Malta. Addressing the Parliamentary Standing Committee for the Environment and Development Planning, MEPA officially declared that the Environment Protection Directorate was not consulted. And the drafters of the report had to remain anonymous.

Following the demerger, the new ERA sits on the PA Board and has a vote. During the decision taking on the high-rises, the ERA’s representative was indisposed because of medical reasons. The PA grabbed such a golden opportunity and continued with its decisions. A letter sent by the ERA representative to one of the PA Board members was not read in toto.

One cannot conclude that there is any will or environmental conscience within the PA which still has the final say in environmental matters. Despite that environmental matters are the responsibility of ERA, such a responsibility is also shared by all government ministries, and other social entities whether financial or religious.

With regards to the new ERA, the Ombudsman has remarked that this demerger has resulted in a “powerless, toothless” authority. I cannot find any fault with such a statement.

How exactly does your research show highrise development will impact their respective environments during their construction?

Considering that the decision in favour of high-rise development was taken without much social, environmental and even economic in-depth considerations, such negative impacts will be irreversible.

High-rise development will only have a political and economic benefit in the

very short-term. The externalities of such mammoth development will be borne by the economic, social and environmental fabric of these islands in the long-run.

This is also emphasised by the ERA Chairman who, after the vote by the PA was taken, publicly described the environment impact assessment for the planned Townsquare highrise in Sliema as a “sham”.

The footprint of the said development is in a very busy business area in Sliema, which is already heavily impacted with traffic. The long construction period will add to such congestions with added heavy machinery, noise, dust, construction spills, and other inconveniences.

This will surely impact the business outlets with a possible decrease of patrons. And it would also impact the residents of the surrounding area. Unfortunately the PA did not see anything wrong with this.

And after?

Such a mammoth development cannot but depend on much more transport: patrons’ cars, services vehicles, during a possible 24/7 activities. It has been estimated that the project will generate approximately 4000 plus vehicles. Leaving the parking problems aside, vehicular transport emissions of hazardous particulate matter will also be of concerns both to residents and business outlets and their patrons.

The aesthetic impacts will dwarf both the immediate surroundings and the not so immediate surroundings. It would be interesting to know the results of the interplay between the high-rise buildings and the wind and sun.

15 - Money / Issue 38

ENVIRONMENT

Inhabitants can be deprived of the free solar energy. The characteristic narrow streets will also respond, in a negative way to higher humidity because of lack of sunshine.

Unfortunately quickly approved decisions without any social and environmental professional input, can only increase the costs of externalities, which the PA does not seem to find any objection to.

What would need to be different to make high-rise development be welcomed?

Decisions on high-rise cannot be taken haphazardly, short-sightedly and in isolation without taking in consideration externalities arising out of such decisions. All stakeholders have to be part of the decision.

Stakeholders are not only entities within the environs of the development. One has also to take in consideration the carrying capacity of the whole island, something which the present planners and decision makes are

“UNFORTUNATELY QUICKLY APPROVED DECISIONS WITHOUT ANY SOCIAL AND ENVIRONMENTAL PROFESSIONAL INPUT, CAN ONLY INCREASE THE COSTS OF EXTERNALITIES completely oblivious of. The short-term financial profit of a project can contribute not only to its own destruction, but, in the long run, also to the failure of the business network and community surrounding it.

Is most of the ire down to development fatigue or is it a conceptual issue, with highrises being a no-go for many?

While development can contribute to the well-being of the country, it can also contribute to its destruction. Presently development is being carried out without any real regard to the negative impacts it has, not only presently but also in the long run. Planners and decision makers must take into consideration the carrying capacity of the country, the overall

business network (both services and industrial), the health of the community (physically and psychologically), the depletion of natural resources, the protection of the environment in its widest sense, including biodiversity, and the well-being of life on these islands.

High-rises can only accentuate the social and environmental problems.

These externalities are not being taken into full consideration, and development is being run and approved mostly for its short-term returns only, or as has officially been said, to make hay while the sun shines. It is indeed irresponsible to ignore such externalities and let future generations pay the high costs for such a grab-and-go vision.

LE DOME Be Part of Mosta’s latest luxury real estate.

Ground 3 bedroom maisonettes with garden and pool starting from €310,000 (264 sqm, shell form) Spacious 3 bedroom apartments with large terraces starting from €215,000 (188 sqm, nished excl. doors and bathrooms) Superb 3 bedroom penthouses with large terraces and roof gardens enjoying great views starting from €295,000 (266 sqm, finished excl. doors and bathrooms) Optional 1 car lock up garages at €30,000 (Finished incl. pull & over door)

FOR MORE INFORMATION PLEASE CALL

Clive Tong +356 9901 3451 | clive@remaxalliance.com.mt

16 - Money / Issue 38

一伀吀 䨀唀匀吀 䈀唀匀䤀一䔀匀匀Ⰰ 䤀吀ᤠ匀 倀䔀刀匀伀一䄀䰀⸀ 夀漀甀爀 爀攀愀氀 攀猀琀愀琀攀 攀砀瀀攀爀琀猀 椀渀 䴀愀氀琀愀Ⰰ 眀椀琀栀 愀 氀漀挀愀氀 瀀爀攀猀攀渀挀攀 愀渀搀 愀 最氀漀戀愀氀 爀攀愀挀栀⸀

䠀伀䀀䌀䠀䔀匀吀䔀刀吀伀一匀⸀䌀伀䴀⸀䴀吀 圀圀圀⸀䌀䠀䔀匀吀䔀刀吀伀一匀⸀䌀伀䴀⸀䴀吀

䌀䠀䔀匀吀䔀刀吀伀一匀 匀䰀䤀䔀䴀䄀 伀䘀䘀䤀䌀䔀 䄀Ⰰ ㄀㔀㜀Ⰰ 吀伀圀䔀刀 刀伀䄀䐀 匀䰀䤀䔀䴀䄀 匀䰀䴀 ㄀㘀 㤀 吀㨀 ⬀㌀㔀㘀 ㈀ ㄀ 㘀㠀㤀㠀

䌀䠀䔀匀吀䔀刀吀伀一匀 倀䄀䌀䔀嘀䤀䰀䰀䔀 ㌀㠀Ⰰ 倀伀刀吀䄀倀䄀䌀䔀Ⰰ 匀吀⸀ 䜀䔀伀刀䜀䔀ᤠ匀 刀伀䄀䐀 匀吀⸀ 䨀唀䰀䤀䄀一匀 匀吀䨀 ㌀㈀ 㔀 吀㨀 ⬀㌀㔀㘀 ㈀㜀㈀㠀 ㌀㌀㌀㌀⼀㐀

䌀䠀䔀匀吀䔀刀吀伀一匀 䌀䔀一吀刀䄀䰀 伀䰀䐀 刀䄀䤀䰀圀䄀夀 吀刀䄀䌀䬀 匀䄀一吀䄀 嘀䔀一䔀刀䄀 匀嘀刀 㤀 ㄀㐀 吀㨀 ⬀㌀㔀㘀 ㈀㜀㌀ ㌀

䌀䠀䔀匀吀䔀刀吀伀一匀 䜀娀䤀刀䄀 ㄀㠀㈀Ⰰ 吀䠀䔀 匀吀刀䄀一䐀 䜀娀䤀刀䄀 䜀娀刀 ㄀ ㈀㐀 吀㨀 ⬀㌀㔀㘀 ㈀ ㄀ 㘀㠀㤀㜀

䌀䠀䔀匀吀䔀刀吀伀一匀 䠀䔀䄀䐀 伀䘀䘀䤀䌀䔀 ㌀㠀Ⰰ 倀伀刀吀䄀倀䄀䌀䔀Ⰰ 匀吀⸀ 䜀䔀伀刀䜀䔀ᤠ匀 刀伀䄀䐀Ⰰ 17 - Money / Issue 38 匀吀⸀ 䨀唀䰀䤀䄀一匀 匀吀䨀 ㌀㈀ 㔀 吀㨀 ⬀㌀㔀㘀 ㈀ ㄀ 㔀 ㄀㠀

PHOTOInterview GRAPHY

THROUGH HIS LENS Sean Mallia is a budding photographer and design artist. He speaks to Veronica Stivala about how growing up in an urban environment instilled in him a love for design.

18 - Money / Issue 38

Sean's self portrait with a scale model of his chair design on his left.

T

he highlight of Sean Mallia’s career so far is a commissioned trip to Phuket, Thailand, to photograph the stunning six-star Iniala Beach Resort, owned by British entrepreneur Mark Weingard, which was designed by top names such as Graham Lamb, Fernando and Humberto Campana, Eggarat Wongcharit, A-Cero, Jamie Hayon, Joseph Walsh, Mark Brazier Jones and Lana Grineva.

Mallia, 28, is actually still a full-time architecture student at the University of Malta, yet he is so passionate about photography and design that he is already drawing the attention of discerning people.

Other noteworthy accomplishments include his design work for the 2014 Malta Fashion Week book. He is also currently working on a publication for V18, the organisation behind Malta’s efforts as European Capital of Culture in 2018. Mallia has also been published on the front cover of A10 magazine, a popular architectural magazine in Amsterdam and distributed across all Europe. He has also been published in Poland and Germany on magazines promoting the Maltese tourism sector.

Indeed, while Mallia is firmly building his foundations as an architecture photographer, he knows that he wants his focus to be on design in the future.

His varied influences have so far led him to be the perceptive photographer that he is but he is still finding his feet in terms of what exactly his career will be in the future.

Looking to the future, Mallia confides that he still has “much to learn in the area of design”.

“I wish to be able to design anything really, from graphic design, to branding, custom furniture, interiors and, of course, architecture,” he says.

As an architecture student – B.Sc (Hons) Built Environment Studies – this discipline has given Mallia an added edge to his shots of buildings, one of his areas of expertise.

The Shard, London, the Palazzo della Civiltà del Lavoro, Rome, Buzludzha, an abandoned Soviet Union monument and meeting hall in Bulgaria and the new Maltese Parliament, are some of the more famous of his subjects.

Mallia says he is lucky to have been asked by established architects and designers, such as, to mention a few, TBA architects, Architecture Project, Archi+, Studjurban, Valentino Architects, Model, Vera Sant Fournier and Daaa Haus.

Heritage plays a huge part in the inspiration behind Mallia’s photography. Underlining how “Malta is unique in what it has to offer”, he goes on to emphasise its diversity of cuisines to its natural yellow stone and architecture.

Particularly attractive to him are the old and the new capital – Mdina and Valletta.

However, he also reveals his fascination for detail. He is drawn to the many microelements found in architecture throughout Malta: “Details of the built environment such as doors, balconies, tiles, columns, staircases

19 - Money / Issue 38

PHOTOInterview GRAPHY

“PERHAPS HIS INTROVERTED SIDE HAS CONTRIBUTED TO THE DISTANCED, OBSERVATIONAL ASPECT TO HIS CHARACTER THAT PLAYS A KEY ROLE IN HIS PHOTOGRAPHY”

and windows are so beautiful and are also a big part of our heritage,” he muses, going on the root-like development of streets and pathways in many old towns such as Siggiewi and Birgu that gradually extended from a nucleus such as a main church.

he might still be a bit like that today.

That said, he knows he has grown up and is sociable, but perhaps his introverted side has contributed to the distanced, observational aspect to his character that plays a key role in his photography.

“These are elements that make Maltese architecture,” he notes, adding that, “they are great to photograph and also fun to design around”.

Mallia attributes the surroundings of his upbringings as the influence behind his wanting to work in the field of architecture and photography. Having grown up in busy, urban Mosta, he initially wanted to remain living in a town, but as he got older he found himself appreciating the more, and admittedly rare, rural parts of the island and currently lives in Mġarr.

So what for Mallia are the best buildings to photograph? According to him, every single one.

“You can capture almost anything and make it look good. It is all about how you compose a photo and all about the light,” he comments.

While both old and new can look great in Mallia’s eyes, he reveals that if he had to select what to shoot he would probably go for more contemporary buildings.

As a child, Mallia reveals he was introverted and shy, pondering whether

20 - Money / Issue 38

He notes how both environments have influenced him because both “offer interesting sensations of space”. While living in a town offers “a higher degree of visual order, more lines, more rhythmic repetitions and variations of changing space”, in a natural environment there is “just open space but then you can look closer and you can appreciate different textures and colours of organic matter”.

Together with a colleague and close friend of his, Kyle Calleja, Mallia recently designed his first real project – The Olympic Bar and Restaurant in Mosta – which will soon open.

Popular among locals, Mallia reveals this has been a tricky project since, because it was such a loved place, many did not want it to change.

In addition to architecture, Mallia is also a keen food photographer. A firm believer in the possibility of finding “beauty everywhere”, Mallia developed an interest in photographing food during a stint working part-time as a waiter. It was in fact his love for documenting everything he was up to that kindled what was to develop into a career in photography.

“The aim is to keep the simple characteristics of food offered and at low prices while improving drastically on the design,” he explains, adding that “the layout needs to be more functional and much more aesthetically pleasing.

“Like many artists, whenever I produce something it makes me happy for a few moments and soon after I feel the need to make it better. So the need to improve technique and style is constant,” he says.

“For the time being I want to continue improving and trying out new experiments.

When the time is right I want to come up with a series of prints and put up an exhibition of my work. A few months ago I published a small photo book featuring some of my best food photography. That was a milestone which I wish to repeat soon but maybe something bigger and a new topic.”

“The materials used will also remain as simple as possible: a combination and consistency of raw materials, both a popular trend in design, but also a reflection of the fact that many people who frequent this place work with raw materials all day.”

Mallia is ambitious and says he is constantly on the lookout for new opportunities that can help him get closer to where he is aiming. And where is that?

“In the future I wish to form a dream team of visual artists and designers and under one roof we would all collaborate on various projects as a team.”

21 - Money / Issue 38

Interview DESIGN

A DESIGN FOR LIFE Good design adds value to your property, interior designer Vera Sant Fournier says.

In recent years, have you seen an increase in the local appreciation of good design?

It is clear that locally, there has been an increase in individuals who approach interior designers once they have become property owners, some even before the promise of sale has been finalised.

Hiring an interior decorator is a smart decision, which adds to the property investment. Decorators serve a purpose for everyone. Whether you have no idea how

22 - Money / Issue 38

to begin to decorate your home, or whether you have an idea but need help bringing pieces together, or you simply can’t afford the time to execute your style and desires due to today’s fast lifestyle, hiring an interior designer is an excellent solution.

What does good design add to the value of a residential property?

There are various factors of good design which give added value to your property First, there is the feel-good factor which is

achieved by having your home environment professionally designed around your needs and preferred colour scheme. When selling your home, or renting your property, the entire set-up will surely make your property stand out and be far more attractive from the rest from an aesthetic point of view.

Based on this consideration, you are also looking at fetching a further return on investment just by having your home professionally designed.

“ THERE IS THE FEEL-GOOD FACTOR WHICH IS ACHIEVED

BY HAVING YOUR HOME ENVIRONMENT PROFESSIONALLY DESIGNED AROUND YOUR NEEDS AND PREFERRED COLOUR SCHEME” How much should a home owner invest in interior design?

This can only be calculated against the total budget which a home owner affords.

Having said that, a lot can be achieved with a little and vice versa. This is something which a home owner needs to evaluate at budgeting stage, and maybe even at home loan stage.

Does interior design also add value to a commercial property?

Apart from increasing the property value it also increases the productivity of the staff, enhances the mood and the ease of access, and can accommodate any specialised machinery or IT. Many factors are taken into consideration during the design of a commercial project such as the corporate colours, logos, maybe a specific mood that wants to be emphasised to the final customer.

Generally speaking when a commercial project is professionally designed you are investing in your staff and in your business image.

Aside from commercial value, does design also enhance the life of a property’s inhabitants and users?

When you inhabit an environment which is designed around your specific requirements and design preferences, you are in your mood and you can enjoy a feel-good factor.

Personalised touches reflect you as an individual, and what better place to have such touches then your own home?

Would you consider design to be an investment?

Seeing the increasing demand for professional design studios, which not only provide interior designs service but also other studios such as graphic and web design, it’s evidently clear that this is a market which is on high demand and that the end consumer knows the value of having professional design for their home.

Interview PROMO

THE EVERLASTING ALLURE OF SEAFRONT LIVING As Frank Salt Real Estate’s Sliema branch celebrates 10 successful years in the industry, branch manager George Vassallo highlights why seafront apartments remain one of the most popular – and lucrative – property investments available.

F

or decades, homeowners have been drawn to seafront living so as to make the most of the Mediterranean on their doorstep – the crystal-clear waters, the open vistas to be enjoyed from a terrace or balcony, and the knowledge that you’re never more than a couple of minutes walk away from a dip in the sea.

And that allure still holds strong, whether for homeowners themselves, or for investors keen to gain an asset that is sure to retain – and increase – its value.

“The demand for sea-view apartments has never been as strong as it is now, whether for local or foreign buyers,” says Sliema branch manager George Vassallo.

“Many people feel that, if they are living on a Mediterranean island, a vista of the sea is a must, so they list it as a top priority.

Meanwhile, locals often appreciate the

investment potential of a sea-view apartment, as well as the easy maintenance associated with it when compared to larger properties, such as villas or houses of character.”

Malta is lucky enough to have a huge variety of seafront locations. So, while sea-view properties are getting more and more limited, buyers do have plenty of choice when it comes to where they would like to buy, and the amenities found nearby.

“Undoubtedly, it is the north east coast that is the most popular, stretching from Ta’ Xbiex to St Julian’s,” Mr Vassallo continues. “Ta’ Xbiex is the starting point, and it tends to appeal to buyers that prefer to shy away from largerscale developments, while also promising beautiful views of one of the island’s prettiest yacht marinas, and the Valletta bastions.”

Along the promenade is up-and-coming Gżira, where buyers will find a selection of

lower-priced south-facing apartment blocks with views of Manoel Island and Valletta.

Then, a short walk further brings you to one of Malta’s flagship seafront developments Tigne Point, which also benefits from having a fully-fledged shopping mall, boutiques, cafés, restaurants and a communal pool on site.

Just around the corner, Fort Cambridge is equivalently well-positioned and promises similar amenities to Tigne Point, which has made it equally popular. Then, following the promenade around to St Julian’s, the Tower Road coast is home to a good number of apartments and penthouses of all shapes and sizes, with easy access to the clean swimming waters just across the road. Seafront property prices here tend to range from €4,000 to €8,000 per square metre.

Of course, there are several other seafront developments beyond the north east coast – and some of them promise excellent

amenities in beautiful locations, but at lower prices. For instance, Tas-Sellum in the northern town of Mellieha has private pools and is located within walking distance from the island’s largest sandy beach, making it very popular for family living. Similarly, Ta’ Monita in the southern town of Marsascala has beautiful sea-views and a private residential swimming pool, as well as the attraction of the beautiful countryside nearby.

“Both are excellent options outside of the central area, and promise good value as well as a lovely setting,” Mr Vassallo says.

The good news is that wherever you choose to buy a sea-view apartment in Malta, you can be assured of making a great investment. So much so that rental

apartments with a sea-view can expect to render an average of a five per cent annual return, and be booked back-to-back throughout the year.

“As a branch we are proud to have spent the last 10 years giving sterling service and honest advice to our clients. And there is one thing that we have consistently seen throughout that time – the pleasure and value that comes from investing in a seaview property. In fact, whether as a rental investment, a holiday home or a permanent residence, sea-view properties never fail to charm those living in them. After all, what could be more magical than sitting on your private terrace while looking out at the spectacular Mediterranean? Nothing!” Mr Vassallo adds.

“WHEREVER YOU CHOOSE TO BUY A SEA-VIEW APARTMENT IN MALTA, YOU CAN BE ASSURED OF MAKING A GREAT INVESTMENT” For more information on the range of sea-view apartments currently available, kindly contact Frank Salt Real Estate Sliema Branch on 2342 1000. www.franksalt.com.mt

25 - Money / Issue 38

Interview PROMO

A STRONG MARKET Real estate in Malta has always been a sound and strong investment, says Kevin Deguara, franchise owner, Remax Malta.

26 - Money / Issue 38

How is the real estate market currently performing?

Is Malta also attracting buyers from abroad?

The market can be analysed and interpreted in many different ways. Some see it as a very exciting time, as do I, some see it as being normal, while others worry that the market could be overheating.

Foreign buyers have always been part of the buying cycle in Malta for years – in recent years, foreign buyers have increased. Some have come for the sun and sea, some come for peace of mind, while others are attracted by government initiatives and tax schemes.

In my opinion it’s all about how prepared and well informed one is on purchasing or selling real estate – hence the importance of using of a professional to facilitate such a move.

Which type of property is fuelling the largest number of sales?

The larger number of sales in volume is being generated by the first-time buyer bracket, which in fact has also adopted the buy to let type of properties. Both of these investments are fuelling the largest number of sales. However’ it’s fair to say that the high-end market within a certain parameter is also doing very well.

Is the rental market also performing well?

Malta’s rental market has always been healthy but in recent years it has progressed and matured to be one of the main reason of investing in real estate. The return on investment has considerably been attractive due to the high demand of rental request.

Being so in demand, the rental market has also generated interest in particular streets and less desirable areas in Malta that are now considered to be hot locations.

One thing that I have experienced time and again is that foreigners in Malta come for one reason or another but ultimately they keep returning as they fall in love with the island.

Is the property market enjoying spillover effect from other industries, such as financial services and gaming?

Both the gaming sector and financial services play a big role in Malta’s real estate market, especially when it comes to office rentals. Most of all the office buildings in the prime areas are leased to either a gaming company or a financial service entity.

This means that, with this amount of commercial activity, the ripple effect of a need to lease a property increased substantially.

“THE RENTAL MARKET HAS ALSO GENERATED INTEREST IN PARTICULAR STREETS AND LESS DESIRABLE AREAS IN MALTA”

What makes property a strong investment in Malta?

Real estate in Malta has always been a sound and strong investment. There had been a few ups and downs along the years but the market has always bounced back and maintained its position. Like in any market one looks at, there is an absolute need to know what you are doing and an even bigger need to have the right person assisting you.

27 - Money / Issue 38

The New Sitting Experience

9

Different postures

Today’s global workforce is incredibly diverse, giving rise to even more different physiognomies of people at work. From body size and shape to gender and generation, each play a role in the sitting preference of each individual. We are more mobile than ever. It’s not a fleeting trend. Mobility not only impacts the way we work, but also the way we sit. Today’s workplace demands a chair that anticipates posture and body movement. To design a new sitting experience, the Steelcase team stopped looking at chairs and started looking at people.

Gesture

Think

Notabile Road, Mriehel | T: 2546 4000 | www.oxfordhouse.com.mt

Let’s B

Like us on

PROMO

EXCITING TIMES

Economic stability, returns on investment and capital appreciation drive the local real estate market, says Benjamin Grech, Managing Director, Engel & Völkers Sara Grech.

How is the real estate market currently performing?

In the third quarter of 2016 I can confirm that our real estate market is fantastically healthy and very buoyant. We have noted an increase again in sales volume and also an increase in the average transaction value.

Also, the rental market is becoming ever more demanding where the mid-market segment remains in highest demand.

Which type of property is fuelling the largest number of sales?

Apartments naturally are recorded to be the property type with the largest number of sales – whether this is fuelling the market or not is the question to be answered. We have also seen an increase in demand for small houses and the popularity of non-prime areas has increased within the demands of local

purchaser. Apartments are a good first property but when a family grows they tend to look for a house, a property with its own front door and these properties are becoming more and more scarce.

Is the rental market also performing well?

Yes, I believe long-term rentals are administratively more sought after but short rentals are proving to generate a good income for landlords. With an increase in tourists visiting the island, alternatives to hotel accommodation are becoming very popular.

What makes property a strong investment in Malta?

There are many reasons, primarily the concept of the size of our island drives prices up therefore the capital appreciation of your immovable asset is to a certain extent guaranteed. Of course, this does not mean

that every single property you purchase will increase in value – this is especially considering that today, buyers a more conscious about details and quality.

The longevity of the property is very important and a quick build for a quick sale at a good price is not our buyers’ main priority.

Another reason is the stability of the economy and the lending power from our local banks.

Is Malta also attracting buyers from abroad?

It most certainly is.

Is the property market enjoying spillover effect from other industries, such as financial services and gaming?

In terms of sales we have mostly always had a healthy turnover. For local buyers, what drives them to invest in real estate is economic stability.

29 - Money / Issue 38

Interview GAMING

WHEN EDUCATION AND RECRUITMENT MEET

How do we bridge the gap in experience and training, asks Wendy Zitzman.

T

he iGaming industry in Malta, as one of the largest economic contributors to the country’s GDP, is also one of the major employers on the islands.

Due to the focused activity of the industry, the available roles often require a very specific skill set, and experience is frequently stated as a requirement. So how do we bridge this gap in experience and training to allow locals and expats already residing in Malta to tap into emerging employment opportunities?

In recent years, both the industry and the employment market have shown an increasing understanding of the need for standardised education and training for the industry. Such training should serve the purpose of preparing prospective employees for roles within the industry, and of course, should supply employers with the requisite skills.

30 - Money / Issue 38

By creating a robust educational approach to this issue, we can ensure that more iGaming jobs are filled from within the available talent pool, and not outsourced to relocation contracts.

In developing relevant training topics, which will fulfil both needs, the operators play a significant part, both by indicating topics on which training is required and by being the source of the highly skilled, experienced trainers used to deliver this training.

Furthermore, a number of gaming companies in fact invest in internship programmes to fill the needs that arise in their business, but also to allow access to the industry to less experienced employees.

In 2016, the Malta Gaming Authority announced the official launch of its education initiative by appointing industry expert Thomas

PAY-PER-USE OFFICES, DESKS, MEETING ROOMS AND OPEN PLAN OFFICE SPACE

SERVICED OFFICES

HOT DESKS

Wendy Zitzman

Mahoney as the project director of the European Gaming Academy of Malta – EGAM. The iGaming Academy will continue to lead the way in structuring and delivering targeted training courses to the industry, but with the MGA endorsement, will be able to make this available to ever-increasing numbers of learners, job seekers and corporate partners.

This development of the company portfolio and reputation, as well as the support and endorsement of the MGA for this learning initiative, is already having a significant impact on recruitment and hiring practices. Recently, a top internship program on the island has partnered with the iGaming Academy, taking an innovative approach to the selection process of their new crop of interns.

The internships will be made available to the top performers in the relevant courses offered by the IGA. Going forward, we hope to see more initiatives of this nature, whereby the iGaming companies, the recruitment agencies and the training programs aimed at the industry collaborate to create an inviting atmosphere for talented young job-seekers.

MEETING SPACE › FIBRE-POWERED INTERNET › CONCIERGE SERVICE › PRIVATE PARKING

MALTA INTERNATIONAL AIRPORT

2 MINUTE DRIVE

› 24HR CARD ACCESS › PRINT/COPYING › 180 VIEWS O

TEMPODESK OFFICES

“OPERATORS PLAY A SIGNIFICANT PART, BOTH BY INDICATING TOPICS ON WHICH TRAINING IS REQUIRED AND BY BEING THE SOURCE OF THE HIGHLY SKILLED, EXPERIENCED TRAINERS” CENTRAL BUSINESS CENTRE, LEVEL 2, TARXIEN ROAD, GUDJA +356 2333 6789 / 7733 6700 - SALES@TEMPODESK.COM 31 - Money / Issue 38

discover JAIME now The BOV JAIME financing package for Small and Medium Enterprises is offering tailor-made solutions at advantageous terms to help your business to grow and develop further.

Talk to us today.

your success is our goal

Dr Joseph & Mrs Elsie Xuereb Directors, Savina Dental Clinic Limited (beneficiary BOV JEREMIE financing package)

BOV BUSINESS BANKING

The SME Initiative portfolio benefits from support from the European Union pursuant to the SME Initiative with funding by the European Union under ERDF allocated to the Government of Malta and Horizon 2020 and by the European Investment Bank. Terms and conditions apply.

JAIME refers to Joint Assistance Initiative for Maltese Enterprises

2131 2020 I bov.com

Issued by Bank of Valletta p.l.c., 58, Triq San Żakkarija, il-Belt Valletta VLT 1130

SME Initiative 2014-2020 “Stimulating private sector investment for economic growth” Financed by the European Union European Regional Development Fund

Interview PROMO

SUPERCHARGE

Fostering innovation through workplace design.

I

YOUR ORGANISATION

nnovation is proven to be one of the most effective ways to supercharge an organisation to grow.

As organisations work to become or remain relevant and meaningful in their sector, rethinking the workplace can effectively support, inspire and enable innovation. In so doing, it can make a significant contribution to any organisation’s current position and future potential for success. Resilient workplaces adapt and evolve over time, optimising real estate while fostering higher levels of employee engagement.

There is a growing understanding that real breakthrough comes from people doing the hard work of innovation together and sharing their ideas. Business leaders are ready to invest in resources and implement methods that can increase an organisation’s capacity to innovate.

However many are uncertain about just how to make innovation happen, especially when management wants to get the most out of every effort and avoid dead-ends.

Through ongoing research, Steelcase has uncovered two design principles that can help organisations create resilient and cost-effective

workplaces that address the issue of employee engagement and the road to innovation.

The first principle is that designing workplaces to support the holistic well-being of people can amplify employee engagement and satisfaction.

The second principle is that a workplace ecosystem supports collaboration by providing individuals and groups with a range of options within the workplace.

The right kinds of spaces can help people collaborate, share knowledge, learn together,

and build the social networks of trustful interaction that are so critical for solving big challenges. Successful design can significantly remove barriers and support the work of the talented people that organisations rely upon to improve their innovation performance.

One square metre at a time, more and faster innovation is within every organisation’s reach. For more information on how your workplace can be designed to foster more innovation, speak to a Steelcase business consultant at Oxford House in Mriehel or visit www.oxfordhouse.com.mt.

ONLY INNOVATE

What to consider when designing spaces for innovation activities.

MAKE THE SPACE FLEXIBLE

Innovation spaces need to be reconfigurable to support spontaneity. In addition, organisations may require use of the space by multiple project teams, simultaneously or in sequence, which makes flexibility all the more important.

MAKE THE SPACE INSPIRING

Creating something new is fundamental to all knowledge work, and inspiration is especially important for those charged with product and service development and other areas of organisational innovation.

Stimulating, engaging spaces can jump-start and sustain creative thinking.

MAKE THE SPACE COLLABORATIVE

Innovation teams require a shared mind.

Individual insights need to be transformed into group learning. The thought process of a project needs to be readily discernible in order to reduce unnecessary backtracking and errors.

MAKE THE SPACE A HARD-WORKING TOOL

Hard-working spaces can be just as much of a tool as anything else a team uses to innovate. By supporting all the modes of work – focusing, collaborating, learning, and socialising – every square metre of an innovation space can become an efficient workshop for new ideas.

MAKE THE SPACE A REFLECTION OF CULTURE AND BRAND

An organisation’s identity and culture provide reassuring context and meaning to innovators, and space can be a way to authentically underscore important values and processes.

Reflecting brand and culture within a space is a way that design can underscore organisational support for innovation.

MAKE THE SPACE SOCIAL

Social capital is crucial for innovation to occur. It builds trust, especially important when teams are doing intense work. Open and relaxed areas for informal conversations are critical components for successful innovation spaces.

33 - Money / Issue 38

Surfaces made for mishaps Surfacing THE MOST BEauTifuL HOMES

The Factory, Mosta Road, Lija. T: 2143 3636 www.halmannvella.com

FINANCE

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 (University of Malta) and a Master of Finance & Investments (University of Nottingham).

THE FINANCIAL COST OF TERRORISM

How resilient are the financial markets to terror, Alexander Mangion asks.

O

slo, London, Paris, Nice, Istanbul, Brussels: just a few European cities where the brunt of terrorism has taken its toll over the past months, disrupting our daily lives in one way or another, besides taking away so many precious lives and instilling fear among citizens.

killed 52 people the S&P 500 fell nearly one per cent the day after. But within two days the index recovered lost ground.

Likewise, the S&P 500 declined 1.5 per cent following the Madrid bombing in 2004 that killed 191 people, but it reached a bottom two weeks later and rebounded. After the Brussels attacks, markets barely moved.

In between these strikes, there have been other terrorist atrocities in other countries across the globe. This pattern of coordinated as well as the so-called lone wolf attacks on vulnerable public places seems to be the new strategy for terrorist activity. Counter-terrorism agencies have been largely successful in avoiding big-hit coordinated events 9/11 style, but it is proving next to impossible to provide security for every conceivable location where large numbers of people are present, including transportation hubs like metro stations, football stadia, trains and buses.

So what has happened? Over the last decade, markets – which are ultimately made up of investors and consumers – seem to have become immune to such events. The attacks may cause a short-term disruption to economic life – people may decide not to visit town centres for a few days. But this generally means they postpone their consumption rather than abandon it.

There are two schools of thought on this issue. Some argue that the modest reaction of markets today suggest investors are reasonably confident that similar events will not happen again, at least any time too soon. In this theory, investors simply assume that Paris 2015 will just be another in a list of brutal tragedies, like Madrid 2004 and London 2005. Horrible but rare.

Besides their impact on our daily lives, such events have a direct economic impact: the estimated cost of terrorism to the world was $53 billion in 2014, the highest since 2001, year of the twin tower attacks, according to the 2015 Global Terrorism Index.

Yet despite this significant economic, social and emotional impact, a phenomenon which could be observed in recent years is that the effect on financial markets is less evident than one might think. While economically, some countries do take a hit related to floundering consumer and investor confidence, as well as due to an increase in commodity prices, the same cannot be said to most financial instruments, particularly shares and bonds.

On the first day of trading after the Paris attacks that shook the capital last November, the French stock market index, the CAC 40, dropped just over one per cent on its opening, but within a few hours, it went back to its previous level. The EuroStoxx 50 stock index, composed of companies throughout the Eurozone, opened lower but quickly recovered, and by the end of the day, had even outstripped the previous’ day performance. The terrorism trade lasted less than a session, according to a client briefing note penned by Bespoke Investment Group.

Evidently, this argument cannot be generalised on a company-by-company basis. Touristic-related companies suffer the worst brunt. After the November attacks in Paris, Hotel group Accor lost six per cent, AirFrance KLM went down 5.8 per cent while

Eurotunnel recorded a 4.5 per cent drop.

According to estimates, the Euro Stoxx 60 Travel and Leisure index saw a loss of €2.5bn as investors believed tourism was set to take suffer significantly in the wake of events in the French capital.

On the contrary, consumer products, banking, online retailing and cloud computing, groceries, pharmaceuticals and energy are all sectors where demand is rather immune to such shocks, and thus tend to suffer less in reaction to such events.

However, besides the sector-specific impact, otherwise markets were impressively unharmed. Following their short term operational disruption, the financial markets demonstrated some resilience together with a capacity to quickly return to normality.

In recent years, markets have proved resilient to such attacks and after an almost-natural early negative reaction, the focus turns to economic fundamentals as conviction grows that such attacks are usually the work of isolated radicalised elements. In other words, the sentiment seems to be that it does not make financial sense to panic. For example, after the 2005 London subway bombings that

On the flipside, the other argument revolves on the principle that such event will happen again.

With the introduction of this new kind of risk, the world of investing changed. The value of the average company is therefore automatically adjusted (read: lowered) to reflect the reality that terrorism can hit any day, so when the hit is actually taken, there are no dramatic changes.

Simply put, because investors already anticipate terrorism, when these attacks come, prices do not fall as much as you might expect them to or do not fall at all.

Basically this is no different from the effect on share prices when a company announces disappointing growth rates for the following year. The stock takes a hit at the time of the initial announcement, but it does not fall when results actually meet the lowered expectation. Investors are therefore finding stability within instability.

In conclusion – there are far more important signals to financial markets then terrorism: a US presidential election, China’s economic instability, emerging market woes and the price of oil might, unlike terrorism, not make the average citizen lose too much sleep – but they are more likely to take a cut of their wealth then the next dark hour on our streets.

35 - Money / Issue 38

COUNTRY PROFILE

RAISING THE FLAG It is France’s historic defence of western ideals of free speech, democracy and rights that makes it a terrorist target.

O

n September 8, a cell of radicalised French women guided by Islamic State commanders in Syria were apprehended as they were planning to launch a terrorist attack near Paris’s Notre Dame Cathedral.

The women were arrested in Boussy-SaintAntoine, a small town about 30km southeast of Paris, after they were linked to the discovery of a car packed with gas cylinders parked near the cathedral.

Had the women been successful – they were also planning a violent attack on the busy Gare de Lyon train station – France would

36 - Money / Issue 38

have suffered the 11th deadly terrorist attack since January 15, when 17 people were killed in attacks that started at the offices of the satirical publication Charlie Hebdo.

During the arrest, one of the women stabbed a police officer with a large kitchen knife while another was found to have the keys to the car – a Peugeot 607 – in her handbag and a note saying, “We will attack you on your territory to attack your spirits and terrorise you.”

France is facing a terrorist threat of unprecedented scale. Since January

2015, more than 230 people have been killed by Islamic militants in horrific attacks, from the Charlie Hebdo killings to the Bastille Day attack in Nice, when a man driving a lorry ploughed into crowds, killing 85 people.

Other countries, including Belgium and Germany, have suffered terrorist attacks. But no country has, to date, suffered as much as France in a wave of lethal and intense attacks.

The question is why does France keep getting attacked? And why has it been singled out by Isis as a key target?

TERRORISM:

A TIMELINE

Paris, January 209, 2015 17 killed in attacks that started at the offices of Charlie Hebdo.

Nice, February 3, 2015 Three soldiers guarding a Jewish community centre are targeted in a knife attack.

Paris, April 19, 2015 An Algerian student is arrested for allegedly shooting a woman dead in her car.

The first and most obvious reason is that France was consciously chosen as a specific target by Isis. In September 2014, the chief spokesman for Isis, Mohammad al-Adnani, called for the group’s sympathisers to attack the “spiteful French”.

The second reason is that France has been very active in waging war against terrorists.

Because this is a war of attack and retaliation.

After the November 2015 attacks in Paris – which included suicide bombings at the Stade de France and mass shootings at cafes and restaurants – French fighter jets bombed Isis sites in Raqqa, Syria, which is considered to be the so-called caliphate’s capital.

But most probably, France is the terrorist target of choice because for centuries, the country has represented the unofficial capital of western secular liberalism. The call for liberté, egalite and fraternité – liberty, equality and fraternity – has sounded clear since the French Revolution of 1789 and still represents today the most important pillars of Western democracy.

It is these secular liberties that inspired French Prime Minister Manuel Valls to

suggest, a few weeks ago, that the naked breasts of Marianne – the national symbol of the French Republic famously painted by Eugene Delacroix – is more representative of France than a headscarf. The Prime Minister’s comments flared up the already heated political debate over the burkini ban.

“Marianne has a naked breast because she is feeding the people. She is not veiled, because she is free. That is the republic,” he said at a government rally.

Aside from the uproar caused by the Prime Minister’s comments and the protests by feminists and historians that followed, what Mr Valls was praising is France’s national pride. It’s a national pride that has become stronger in the wake of terrorism. Because nationalism feeds on the perception – real or otherwise – of an external threat.

When a city, or in this case a country, is under attack, the gates are closed and the drawbridge is pulled up.

It is also this sense of national pride which has started spreading the word – currently, a whisper, but we will have to wait and see if this becomes louder – of a possible Frexit.

“THE CALL FOR LIBERTE, EGALITE AND FRATERNITE – LIBERTY, EQUALITY AND FRATERNITY – HAS SOUNDED CLEAR SINCE THE FRENCH REVOLUTION OF 1789”

Saint-Quentin-Fallavier, June 26, 2015 A man kills and beheads his boss and then tries to blow up a gas plant.

Amsterdam to Paris train, August 21, 2015 A Moroccan national opens fire on a train.

Paris, November 13, 2015 130 people are killed in a gun attack on restaurants and the Bataclan concert hall.

Valence, January 1, 2016 A man tries to run down troops guarding a mosque.

Paris, January 7, 2016 A Moroccan-born man wielding a cleaver attacks a police station.

Magnanville, June 13, 2016 A police officer and his partner are killed at their home in a knife attack.

Nice, July 14, 2016 85 people killed in a truck attack during Bastille Day celebrations

37 - Money / Issue 38

COUNTRY PROFILE

In fact, following the June 2016 referendum in which 52 per cent of British voters gave their consent to leave the EU, Marine Le Pen, leader of the Front National, hailed Brexit as a “movement that can’t be stopped”.

Le Pen also said that if she wins the French presidential election next April, she will hold an in/out referendum on France’s membership of the EU within six months.

To the rest of the political players, however, the idea of a Frexit is abhorrent.

Most of France’s workforce is employed in the services sector. work in the agriculture.

Only

5%

Because France doesn’t only see itself as a bulwark of freedom on a national level – rather, it considers itself to be representative of liberty, equality and fraternity on a European and global level. And for a country to hold that representation, it needs to be part of a collective, in this case, the EU. European leaders, and France itself, know this. In recent weeks, France and Germany have been preparing a proposal for establishing European

France’s unemployment rate dropped to

9.9%

in June, down from 10.2% in the first quarter of 2016.

defence headquarters, a common surveillance system and other systems for sharing logistics. The proposal also suggests better use of Eurocorps, an intergovernmental military body.

This is essential for EU members because, in much the same way that Isis sees the US as a source of moral decadence, France will continue to be seen as the defender of key western ideals such as human rights, free speech and democracy.

And France is proud of that.

Known as ‘the hexagon’, France is the largest country in the EU and occupies

20%

of the EU’s total area.

More than

80 million

Despite the 2015 terrorist attacks in Paris, the French capital saw a moderate

1.1% decline in tourist arrivals.

38 - Money / Issue 38

tourists visit France annually, making it the world’s most popular tourist destination.

France’s GDP per capita stands at

€33,990.

THE NEW MINI CONVERTIBLE. ALWAYS ON THE SUNNY SIDE. FROM €23,700 (PRICE INCLUSIVE OF SCRAPPAGE SCHEME).

Muscats Motors Ltd. Rue D’Argens, Gżira Phone: 2326 4582/1 Email: info@mml.mizzi.com.mt mini.com.mt

Fuel Consumption, combined: 3.8 l/100km. CO2 emissions – 100 g/km.

REPUBLIC STREET, VALLETTA BAYSTREET, ST JULIAN’S THE POINT, SLIEMA

40 - Money / Issue 38

REAL ESTATE

Interview

MEET THE TEAM As the Group that founded Quicklets continues to experience incredible growth, it also celebrates the launch of its new brand, Zanzi Homes.

T

his year the Quicklets family will be celebrating their third anniversary since Steve Mercieca, one of the Group’s cofounder’s embarked on his childhood dream of becoming an entrepreneur. The Group is expanding at an incredible rate and is also now celebrating the launch of its new brand Zanzi Homes.

The brokerage part of the business, which operates as a franchise, has come a long way over the past three years, currently employing just over 100 real estate professionals operating in the letting and sales sectors through nine branches strategically located around the centre of the island. The Group prides itself in offering an innovative platform for customers and a modern down to earth, yet professional work ethic for its staff, which promotes self-development, progression and actual equity ownership for successful team members.

The group is in the process of formalising its management structure and will soon announce a number of new senior appointments to the franchise management team. Steve Mercieca, one of the group’s co-founders will be appointed Chief Executive Officer and National Letting Leader, Madelene Vella will be appointed as the Chief Operating Officer, David Galea is the Group’s Financial Controller and Kyra Petroni has consolidated her role as Leader for Marketing and HR. Also, Joseph Pullicino has

PHOTOGRAPHY:

Nicky Scicluna

been appointed as National Sales Manager for the Zanzi Homes franchise, and Romina Scicluna as Company Secretary.

The growth of the business both within the Group itself and within the industry at large has created the need for a forward looking training programme with a focus on giving real estate professionals the opportunity to obtain the tools required to progress in their careers. For this purpose, the Group is launching a Real Estate Academy to co-ordinate the training requirements for the Quicklets and Zanzi Homes franchises.

The Group already holds monthly induction courses for all Quicklets and Zanzi Homes newbies and weekly training sessions for all real estate professionals working for both brands. To add on to the existing training, the Group is working on a series of coaching sessions by professionals which will then be digitally available 24/7 to all team members.

The Group has also teamed up with Lead Training Servives to introduce a real estate qualification.

The Group has worked hard on creating a brand that is for everyone.

Its vision is to build an international franchise model which promotes a sustainable and diverse business with no cultural boundaries. In the coming pages you will meet the leaders of our branches dressed in their favourite attire.

STYLING:

Luke Engerer

41 - Money / Issue 38

Sami Baddar Co Founder

“You don’t create a great idea. You solve a big problem and a great idea is born out of it!”

// Calvin Klein Jeans polo, €64.90 // Hilfiger Denim jeans, €139.00 //

Madelene Vella Brand Manager

“The strongest factor for success is self esteem; Believing you can do it, believing you deserve it, believing you will get it.”

// Tommy Hilfiger dress, €139 //

Kyra Petroni

Human Resources

“Surround yourself with the dreamers and the doers, the believers and the thinkers, but most of all, surround yourself with those who see the greatness within you, even when you don’t see it yourself.”

Luke Tanti

Team Leader Head Office Ibragg

“I can. I will.

End of story.”

// Calvin Klein Jeans dress, €129.90 //

// Calvin Klein Jeans shirt, €99.90 // Calvin Klein Jeans jeans, €119.90 //

Konrad Abela & Hugo

Branch Partner San Gwann Branch

“My milkshake brings the boyz to the yard, Damn right it’s better than yourz!”

// Hilfiger Denim shirt, €79.90 // Armani Jeans chinos, €155 //

“I see hard work not as an option to get me where I want be, but as training to make the road easier through routine. It is then you can go a thousand miles and beyond.”

“Live as if you were to die tomorrow. Learn as if you were to live forever.”

Marc Kane Cachia

Luke Xuereb

Franchise owner Mosta

// Calvin Klein Jeans Jumper, €129.90 // Tommy Hilfiger Chinos, €109 //

- MAHATMA GANDHI

Franchise Owner Msida

// Armani Jeans shirt, €130 // Armani Jeans trousers, €170.00 //

Mark Camilleri

Branch Manager Le Meridien

“Make at least one definite move daily towards your goal”

// Hilfiger Denim shirt, €99.90 // Esprit chinos, €49.90 //

Matthew Navarro

Sales Manager San Gwann

“The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it.”

// Armani Jeans shirt, €99.90 //

Derek Meilak

Sales Manager Zanzi St Julians

“Feel the fear and do it anyway.”

// Calvin Klein Jeans shirt, €109.90 // Hilfiger Denim chinos, €119.00 //

“Don’t limit yourself. Many people limit themselves to what they think they can do.

You can go as far as your mind lets you. What you believe remember, you can achieve.”

“Positivity, perseverance and determination. Three factors that I consider priceless when overcoming obstacles. We are go getters. We have a goal and we set out to accomplish it.”

Marc Zammit Lupi

Matthew Borg

Franchise Partner Spinola Bay

// Armani Jeans polo, €82.50 // Hilfiger Denim chinos, €99.90 //

Branch Manger

// Tommy Hilfiger shirt, €89.90 // Tommy Hilfiger chinos, €109 //

Jon Briscoe White

Letting Manager San Gwann

“Before you are a leader, success is all about growing yourself. When you become a leader success is all about growing others.”

- JACK WELCH

// Tommy Hilfiger Blazer, €329 // // Esprit Shirt, €39.99 // // Tommy Hilfiger Chinos, €109 //

Interview FASHION

ALL THAT GLITTERS

Money’s gift list is worth its weight in gold.

Fast time With the MP-05 LaFerrari Sapphire, Hublot is writing a new chapter in the history of the brand. The three-dimensional construction of the case middle, in sapphire, provides an exceptional setting for the movement, which can now be admired from every angle. A timepiece which plays with the visible and the invisible.

NOT A DRY PATCH Made from lightweight cotton, these colourful towels

by Missoni are perfect for the home, beach and pool.

52 - Money / Issue 38

In the jungle

The light fantastic

This Jungle Orchid candle

by Wilnelia Forsyth has an exotic yet delicate scent reminiscent of rainforest flora

The beautifully crafted Blob lamp by Porta Romana is hand blown by master glassblowers from Bohemia and also comes in gold, bright turquoise, amethyst and olive.

The sound of fashion These Beats x Fendi premium-sound headphones feature rotating ear cups, a cushioned headband and dual audio ports with daisy-chain connection to allow for an elevated in-studio experience. The headphones are made from lightweight steel and aluminium, offering a solid interior sound.

Your tour This luxury bicycle collaboration from TokyoBike celebrates the 150th anniversary of Brooks England. The custom design has been made in an edition of 10 and each bike is individually numbered with a copper plate.

Just add ice Made from glass and embellished with 24ct gold, this Newport ice bucket by Jonathan Adler is contemporary and cool.

The world is your oyster This limited edition Globe-Trotter x Missoni suitcase series has been meticulously crafted on Victorian machinery at Globe-Trotter’s Hertfordshire factory. Each piece has been lined in fine 18-gauge, space-dyed Peruvian cotton in Missoni’s signature knits, woven on the brand’s heritage looms in Sumirago.

53 - Money / Issue 38

Interview TRAVEL

PARIS IS ON COURSE

Mona Farrugia switches on her appetite in the City of Light.

D

o you remember when Paris became the crappiest place to eat in the entire universe? I do. It was not because it really had become so bad, but because our expectations of culinary wonder in the City of Light were so high. Flying there and being ripped off for a dry salad with some boring mayo and mustard salad, a cut of dry meat and ‘de l’eau’ (quite literally – some water) for €16 – the menu everywhere for lunch – became boring and ridiculous. In the evening, it seemed that everywhere was packed with gullible Americans munching loudly on escargots and poulet.

Then there were years of boredom and that was around 2005-2013. Someone had switched off

54 - Money / Issue 38

the light. I travel frequently to Paris and could feel the entire city in doldrums. Its people, always argumentative, always having to create a scene before they acquiesce – meaning they are the most difficult (and ironically the easiest as you know they’ll back down eventually) at the same time do business with – could not even be bothered to argue. I would walk into a shop and nobody would say “bonjour!” Nobody was even selling anything. What had Paris turned into?

I knew something had to be done when London, like a 1970s clapped out car, appeared in the French capital’s rearview mirror. Restaurants felt fresher, newer, more exciting. The city had had an injection of fun while Paris had had its life sucked out.

It was the restaurants that gave Paris back its life, or at least showed everybody that it had risen once again. The young chefs, having taking their forefathers’ (and mothers’) skill but rejecting the heavy, saucy cuisine and creating a light, fun one in dishes that were not white, started opening wonderfully whizzy restaurants in odd areas, following in Joel Robuchon’s footsteps but spending much less – a JR Atelier costs a minimum €2 million just in set-up. Some opened one, then two, then a shop, then a wine bar. Some stuck to their 30 square metres of tiny tables, a Parisian mainstay.

Some went bigger.

The city was alight again.

Food and travel writer Mona Farrugia runs Angelica in Valletta. www.angelicamalta.com

Bertrand Grebaut

PIROUETTE

SEPTIME When my friend Francois said that we must go to Septime and that he’d pull a few strings to get us a much sought-after table in a week, I had no idea where we were going, how fabulous Septime was or that my friend was a billionaire and that his strings were more like ropes that could pull much-sought after tables in Paris.

As it was, I will be forever be indebted to him, and not only because he footed the bill (I supplied fags). The wine list is ridiculously casual and extremely good, with many wines served by the glass. The food is worthy of adulation and the operations perfect: when we were there, Chef Bertrand Grebaut was not even in the house and not a single thing went wrong. Every time we go, there is the same staff, which is fantastic. The menu says stuff like ‘Agneau, rosmarin’ as if the kitchen had no time to go into detail of how the lamb and rosemary will be cooked because, well, they were too busy creating wonder out of it.

Once you start eating it, you forget words.

No wonder then, that they have a three-month waiting list, or that two weeks after we visited, they shot to the high echelons of the San Pellegrino World Top 50, extending their waiting list (originally for Parisians) by an international mile. If I want a table, I book my next visit before I leave, standing at the computer. Their reservations system (e-mails simply are ignored, Frenchstyle) makes a table at The Fat Duck seem easy. They have a neighbouring sister tapas-style, no reservations restaurant called Clamato for which they take walk-in reservations. Again, you will have to wait. But it’s worth it.

Septime: 80 Rue de Charonne, 75011

The Les Halles/Pompidou area has been recently revamped into some kind of bijoux shopping mall. Anywhere else in the world, I would steer clear, and the last time I was there (pre refurb) I was shocked to the core by the amount of British and American idiots complaining their steak was not well-done (I was on the way to Yam T’Cha and got sidetracked).

This being Paris, the feel has been kept although the appearance of a huge, ‘genuine’ Le Pain Quotidien is a boring reminder of high-street foodie-ism. Pirouette is an industrial-lite space with that rarest of things: outside dining tables.

So, smoking galore is allowed.

It is modern cuisine, simple, but with chef François-Xavier Ferrol (following Tomy Gousset’s departure), an almost Basqueiesque take on French ingredients. The pigeon was heart-breaking but Maria (a Maltese baker and cook who moved to Paris some years ago and is probably my favourite companion in gluttony whenever I’m there) and I almost fought over the 65 degree egg a la plancha with vegetables, one of those dishes which are so unctuous, so perfectly fine, that you think you could just give up meat.

You can get dinner for under €50 a person, but you don’t have to as their list of wines by the glass will have you reaching over to check the wine list and order four different coupes to accompany each course.

55 - Money / Issue 38

TRAVEL

LES PAPILLES One of the original ‘one menu – if you don’t like it, there’s the door’ modern bistros of Paris, with its tiny kitchen and owners brimming with self-confidence, Les Papilles is a restaurateur’s restaurant. They have very few tables and no matter how long I have been going there, it’s always very difficult to get one.

If they sense, in any way, that you are going to be difficult or are thinking of airing your thoughts on Twit Advisor, you will not get a table. And when you realise what everybody else is eating, you will be sorry you uttered the famous last words ‘…vegan…glutenfree…lactose intolerant…’

The Les Papilles menu, usually around €40, has a starter, a velvety soup poured in front of you on croutons and herbs, a whopping piece of bonein meat such as lamb (depending, obviously, on the time of year) and a wonderfully simple dessert. Their décor is based on their endless wall of wines, which you’d be crazy not to sample as it is, after all, an enotheque that serves food. I have taken even Parisians who have lived in Paris all their lives and who had never heard of it. They always fall in love, thank me profusely and become regulars.

Bistroy Les Papilles: 30 Rue Gay-Lussac, 75005

LE GASTROQUET Julien Logereau is Jacques Cagna’s nephew and as such, Parisian gastronomy royalty. He is also an old friend who has accepted some of my staff for a working experience in his kitchen and the owner of one of the best old-style Parisian restaurants: if you want snails, steak, duck and poulet without any foams, reductions or micro-faffery, then this is the place for you.

The best thing about traditional Parisian bistros is their wonderful warmth, something that emanates not from the temperature but from the heart, the design, the fact that they never have any silver/aluminium/stainless steel but always brass. There is also Julien, who is the face of the family (in more ways than one, since he happens to be the proverbial devastatingly good-looking Frenchman).

Regularly, Julien will upload his menu on their facebook page but even if he changes it regularly, it always reads the same to me. It reads like home.

Le Gastroquet: 10 Rue Desnouettes, 75015

GETTING THERE How do I manage to go to Paris continuously so that these restaurants become my local? I am registered to Air Malta’s offers so that every time there is a seat sale, I buy a Thursday to Sunday ticket. On average, this costs me €80, which includes at least 20 kilos of checked-in luggage.

Considering how much I buy from City Pharma (26 Rue du Four) and the food market I’ve already saved the ticket price. My friend, who has an apartment in Paris and goes there even more than I do, gets Condor, which are, apparently, cheaper. She does not need the luggage weight though. I do.

To get from Orly or Charles de Gaulle to the centre, I google ‘Paris Shuttle’ and for around €40 and 50 I get there in comfort. An alternative is the train, of course, which is much cheaper than London.

I have never, ever managed to get my Uber app to work but friends say they Ubered everywhere in the city, so that’s just me.

I stay in the St Germain de Pres area whenever I can: it’s manageable, I can walk across the bridges (especially the Pont Neuf), I get a full-blown ‘wow!’ view of the Notre Dame every time I go out and I simply feel very much at home. I will not tell you where I stay as the last time I wrote about a hotel in Paris, friends who regularly stay there almost killed me for ‘outing’ their favourites and spoiling their privacy.

56 - Money / Issue 38

SPOTS

GO ELECTRIC BMW i is expanding the model range of its compact electric car, the BMW i3 and is offering a version with significantly increased battery capacity.

A CENTURY OF INNOVATION For the 100 year of BMW, Malta together with Muscats Motors will be celebrating throughout the month of October with events and special offers. Celebrate with us while we look forward to the next 100 years by visiting our stands at Tigne, Sliema followed by the Malta Classic event in Mdina and our stand at the Parliament square in Valletta. Follow our social media page on Facebook and the Muscats Motors website for offers and a chance to be invited to our special event being held at the end of October. www.muscatsmotors.com.mt.

The BMW i3 (94Ah) has a capacity of 33kWh thanks to the higher storage density of the lithium ion cells. The battery dimensions remain unchanged with over 50 per cent range increase in the standard NEDC cycle which equals 300 kilometers instead of 190 kilometers. Even in everyday use, in bad weather conditions and with the air conditioning or heating turned on, 200 kilometers of range can be achieved on one full battery charge.

The driving performance figures of the 170hp hybrid electric motor remain virtually unchanged. The motor propels the BMW i3 from 0 to 100km/h in 7.3 seconds. This makes the BMW i3 both the sportiest and most efficient electric vehicle in its segment with an electricity consumption of 12.6kWh/100km.

A STRONG PRESENCE Chestertons was founded in 1805 in London, and has a strong international presence with offices around the globe covering Europe and reaching as far as Australia and the Middle East. Chestertons Malta opened its doors to business in real estate sales and letting in March of 2012 and has been increasingly growing as a company in Malta, with a new head office overlooking the beautiful Spinola Palace Gardens in Paceville, the opening of a Santa Venera branch in January, and two more branches to be opening their doors for business in the coming months in the popular towns of Sliema and Gzira. If you are looking for a company to serve you with commitment, passion and energy; an agency that can combine local expertise with a global reach; and a highly-skilled, trustworthy team, choose Chestertons Malta.

IMPROVING EFFICIENCY Focus Software Solutions deliver business improvement through organisational and process optimisation using IT as the enabler. Focus provides the tools which enable you to take into account the big picture but recognise the devil in the detail. From ERP tools to bespoke software solutions, Focus Software Solutions offers varying products and service for Maltese businesses. Focus Realty is the leading real estate software for agencies in Malta. This system delivers essential business support in providing clients with exceptional service, crucial feedback and regular contact, while not getting in the way of meeting people and selling and letting. It is designed to create an improved overall efficiency in the daily working routine. Being flexible and modular it also offers competitive pricing to fit organisations of all sizes.

The BMW i3 with 60Ah battery, which has been on the market for two years, remains part of the model range. In addition, the model variant with range extender will still be available for both battery versions.

With the introduction of the BMW i3 (94Ah), BMW i also offers new and more powerful charging stations for home garage use as well as new equipment options. Additionally, customers can have their first-generation battery retrofitted as part of a special retrofit programme and have the new battery type installed – this is made possible thanks to the modular and flexible design of the BMW i3.

The starting price for the BMW i3 is still to be announced. For further www.bmw.com. mt or contact the BMW sales team at Muscats Motors, the official BMW dealership in Malta on 2326 4582 or e-mail on info@mml.mizzi.com.mt

THE STRENGTH OF EXPERIENCE

Hal Mann Vella is a name renowned for creating and adding value. Materials of excellent quality backed up by skilled expertise and the latest technology can ensure a significant improvement in the value of any property. Halmann Vella has a vast selection of surfacing materials as well as a finance scheme to assist and support any project. Halmann Vella has undertaken a number of complete renovations of properties, having been entrusted with international, national and major projects in Malta and abroad, thus having the structure to guarantee and deliver a project from start to finish. Halmann Vella has been selected as a National Champion representing Malta in the European Business Awards 2016/7.

57 - Money / Issue 38

The Bluesman is a Maltese sound engineer working in New York.

Interview NEW YORK

And now for the

forecast From summer sizzling to global warming and lobbyists, the Bluesman takes the weather with him. o it’s slow season again. Summer doldrums and dolts. The summer is making itself felt in spectacular fashion if you like intense heat, humidity and storms.

Heat indexes in the 100s and torrential rains South and West with floods sweeping away cars and at least one tractor-trailer in Louisiana. The Red Cross has called the storm and the flooding the worst natural disaster in the US since Sandy hit the East Coast in 2012 – and we know where we were for that one. Thirteen people have died and thousands of homes damaged since August 12. Around us, there was flooding in parts of New Jersey and upstate New York but nothing much in the city. Melted electricity cables and blown transformers with resultant power cuts for the most part.

S

Discussing power cuts brings to mind the ‘Big One’ back in 2003. On August 14, some hitch tripped a relay up in the Northeast which started a chain reaction that took out most of the grid down to New York City. The first I became aware of it was when the power went in the shop in Queens were I was prepping a system. I called home and was told that the situation was the same in Brooklyn.

Contemplating my next move, as I hadn’t driven there, it began to look like a fairly long walk or wait. All cabs were choked up. Then the fellow I was working the job for decided he was going to go see a girlfriend on Staten Island and told me he’d drop me off down

by Coney Island which is where we lived at the time. As we got off the expressway he announced that he wanted an ice cream cone and headed for the amusement park – lo and behold there were the daughters with our houseguest, the teenage son of a friend from Wales, who had left the darkened apartment. We all got cones.

The power was out for around two and a half days in our area. Guitar for entertainment and sit-ting on the fire escape for cooling.

Many people were caught in the subway tunnels and had to wait to be led out – there are bolt-hole exits – before walking home.

58 - Money / Issue 38

All this weather has to bring up talk of climate change which, in spite of denials, appears to be undeniably creeping up on us.

Despite these protests, mainly coming from the Right and inspired by the fear that any remedial actions would put a dent in the pursuit of happiness, sorry I mean, lots of money, prompting such leading luminaries as Sen. James Inhofe – Republican from Okla-homa – to walk into the Senate carrying a plastic-bagged snowball, proof he said, that it was cold outside – this in February, 2015 – and therefore there’s no global warming, the scientific consen-sus is obviously that it’s actually undeniable.

One might argue as to whether this change is caused by human actions or is a natural meteoro-logical cycle, but it would be folly to not try to slow, halt and reverse it. I mean, what if the dino-saurs brought about their own extinction because their excessive flatulence punched holes in the Ozone Layer, would they have eaten less methaneproducing vegetation had they been aware of the consequences? In my previous column I mentioned that the coal industry got a temporary block from the Supreme Court of a White House initiative controlling pollution. The polluters are pursuing this attack on the Environmental Protection Agency’s Clean Power Plan to make it go away at least for a number of years and with it will go the US commitment to the world on strengthening the trend towards cleaner and less polluting energy in this country.

As well as this court battle, millions are being spent in the media and on lobbyists bending the ears of politicians like Inhofe. Inhofe, incidentally, is the Chairman of the Senate Committee on Environment and Public Works and ex-officio, on the Subcommittee on Clean Air and Nuclear Safety. Ironically the Senator was in favour of measures for clean air until, as he admitted on Ra-chel Maddow’s TV show, he found out what the financial cost would be. Count him as a dolt then.

Manoeuvring himself as close to the chief dolt, Trump himself, is former mayor Rudy

Giuliani, of whom Joe Biden once said ‘There’s only three things he mentions in a sentence: a noun, a verb and 9/11’. To that characterisation one can add any venom directed at the President and all kinds of outrageous charges such as ‘Obama created ISIS’. Of course, regarding the Donald, other voices have come to express my own thoughts about his ‘run’, and that is that it’s all a massive stunt. I also feel that he’s the sheepdog herding voters into Hillary’s pen.

A good side effect of all this is that Gary Johnson the Libertarian Party and Jill Stein the Green Party candidates respectively are gaining traction.

At last, a self-righteous holier-than-thou cyclist is on her way to getting some comeuppance.

She is being sought for assault and theft having verbally abused a driver and reached in through his window grabbing his glasses, scratching him in the process. This happened in Williamsburg and was caught on camera.

Before a chorus of protesting bicycle bells rings out let me state that I have no problem with people on bikes on the roads observing traffic regulations. This doesn’t happen. Accompanying my daughter pushing a stroller through Manhattan, we encountered entitled dolts at every crosswalk pedalling through without stopping.

Driving in Queens riders in dark clothing with no lights zipping and zig-zagging down poorly lit streets and through intersections.

Interestingly I came across a newspaper ad for a firm of injury attorneys with what the newspaper called an ad-vertorial pretty much explaining that safety is not just drivers’ responsibility. In other words, if you get hurt being an idiot don’t come whining to us to get you money.

59 - Money / Issue 38

BMW X1: fuel consumption, combined: 5.3–5.1 l/100 km. CO2 emissions -124–119g/Km.

The all-new BMw X1

www.bmw.com.mt

The all-new BMw X1.

STaRTInG FROM Muscats Motors ltd.

Rue D’Argens, Gżira Phone: 2326 4582/1 Email: info@mml.mizzi.com.mt bmw.com.mt

€34,700.

Sheer Driving Pleasure