The Commercial Courier December 2014/January 2015

THE COMMERCIAL/57

COURIER THE OFFICIAL BUSINESS MAGAZINE OF THE MALTA CHAMBER OF COMMERCE, ENTERPRISE AND INDUSTRY SINCE 1947

DECEMBER 2014 / JANUARY 2015

Boutique living On the rise in the capital

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IN THIS ISSUE OUR SELECTION OF TOP BOUTIQUE ACCOMMODATION IN THE CAPITAL CITY / AN UPMARKET APPROACH: THE WAY FORWARD FOR TOURISM IN MALTA / ECONOMY AND BUSINESS: WHAT’S IN STORE IN 2015 / MALTA ENTERPRISE CHAIRMAN MARIO VELLA ON THE ORGANISATION’S SUCCESSES AND CHALLENGES / THE EXPERIMENTAL PHOTOGRAPHY OF RITTY TACSUM / A LOOK INTO THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP / THE LATEST BUSINESS NEWS

THE COMMERCIAL/57

COURIER DECEMBER 2014 / JANUARY 2015

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food trends

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17 COVER STORY BOUTIQUE LIVING IN THE CAPITAL CITY

109 IN FIGURES

Sarah Micallef talks to the experts about the increase in luxury, boutique style accommodation in the capital city, and what this could mean for Valletta’s future.

24 DESIGN TRENDS STYLE IN THE CITY Sarah Micallef’s pick of the recent crop of boutique accommodation and designoriented short let apartments in Valletta.

39 COVER STORY ‘TARGETING THE LUXURY TOURISM MARKET IS THE WAY FORWARD’ Following subsequent record years for tourism in Malta, Sarah Micallef talks to the leading protagonists about how the boom in the industry has led to a rise in different forms of accommodation and a number of leading hotels looking into upgrading their properties.

BUDGET 2015… IN NUMBERS A look into the figures related to the Budget 2015.

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110 MEET THE ARTIST

49 ECONOMY AND BUSINESS BUSINESS AND ECONOMIC OUTLOOK FOR 2015

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Martina Said talks to experimental photographer Ritty Tacsum about her work, accomplishments and future ambitions, which are nothing short of remarkable.

Jo Caruana speaks to the Governor of the Central Bank, the Malta Chamber President, Leader of the Opposition and key economists and businessmen on what 2015 has in store.

124 THE DEBATE

89 INTERVIEW

THE SIGNING OF THE TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP

THE ENTERPRISING APPROACH Jo Caruana speaks to Dr Mario Vella, chairman of Malta Enterprise, about the successes and challenges that 2014 brought the organisation, as well as what’s in store for 2015.

E Style review

THROUGH A SURREAL LENS

With the EU and US in solid negotiation about the proposed Transatlantic Trade and Investment Partnership, Jo Caruana speaks to the experts about whether the agreement is deemed positive by all.

stablished in 1947, The Commercial Courier is the official magazine of the The Malta Chamber of Commerce, Enterprise and Industry. It is the leading business magazine, having one of the best distribution channels in the sector. The publication is distributed for free to the members of the The Malta Chamber of Commerce, Enterprise and Industry. It is also distributed with The Malta Business Weekly as well as delivered to leading business people on the island.

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Articles appearing in this publication do not necessarily reflect the views of The Malta Chamber of Commerce, Enterprise and Industry.

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ON THE COVER Detail of bed and Venetian headboard within one of the bedrooms at Lucia Nova – Valletta Suites.

Photo by Brian Grech.

Malta chamber’s silver collaborating partner

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Malta chamber’s bronze collaborating partners DECEMBER 2014 / JANUARY 2015

CC Editorial

Attention to competitiveness is key Reacting to the Budget 2015 speech, the Malta Chamber of Commerce, Enterprise and Industry has cautiously welcomed the Government’s economic and fiscal plans for the coming year. The Budget’s two underlying priorities, namely fiscal consolidation and a reduction in welfare dependency are similar to the Malta Chamber’s, which it had been recommending to Government to address forcefully in the past.

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he Malta Chamber welcomed the efforts to rationalise the tax collection system whilst at the same time introducing incentives for individuals and companies. Measures aimed at encouraging or requiring individuals to train themselves and accept jobs that offer fair financial reward were considered positively. These measures are conducive to a change in culture to seek productive work rather than rely on social benefits. At the same time, the planned consultation process on school hours is welcome both in terms of providing support to working parents and in enhancing the overall schooling experience.

The macro data providing a snapshot of the country’s current economic position was reviewed and found to be generally positive from a fiscal point of view. Other indicators showing Malta’s performance in terms of export-led growth and competitiveness are less encouraging.

According to Eurostat, Malta’s combined

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exports to EU and extra-EU states declined by 27 per cent in the 12 months to August 2014. But even the export figures released by the National Statistics Office (NSO) show a decline, albeit by a significantly lower magnitude. In fact, NSO reports a 6.9 per cent decline in exports between 2012 and 2013 (full year) and again by 10 per cent between 2013 and 2014 (JanuarySeptember).

National competitiveness must therefore remain a priority, and the country must at all times seek to enhance it. All efforts need to be directed at improving the country’s cost competitiveness, by such measures as treating COLA responsibly, reducing energy tariffs and clamping down on excessive bureaucracy. Competitiveness also needs to be supported through training, clustering and RTDI initiatives.

The Malta Chamber does not agree that the reason for declining exports is a drop in external demand, rather, this is

mainly due to increased operating costs and improved competitiveness in certain overseas countries where the need to defend competitiveness has surpassed all other priorities.

The Ministry of Finance’s Pre-Budget Document shows that Gross Value Added (GVA) in manufacturing declined by 4.1 per cent during the first half of this year when compared to the same period last year. The same document states that Real Labour Productivity per person employed between 2008 and 2012 experienced a 3.3 per cent drop compared to an increase in the Euro zone (1.0 per cent) and the EU27 (1.1 per cent).

These warning signals are corroborated by NSO News Release no 210/2014 which shows that the Index of Industrial Production has been in constant decline since February 2013 with a slight exception for September 2013.

In its latest reading for September 2014, the Index stood at -7.1 per cent.

It is therefore the duty of our political 13

CC Editorial leaders and all stakeholders to make a concerted effort to halt this process of deteriorating conditions in the manufacturing sector. Consequently, the Malta Chamber reiterates its call for all stakeholders to engage in an active and exhaustive discussion about Malta’s competitiveness.

Competitiveness fuels exports and sustainable growth which, in turn leads to the improved consolidation of public finances.

Whilst the pattern towards fiscal convergence to EU rules appears on track, close attention must be paid to avoid any slippages in the implementation of restructuring in the energy, health and transport sectors (including Air Malta). Of equal importance is the successful implementation of the integrated revenue collection system which could enhance revenue for Government and possibly render attainable the further reduction of certain tax measures.

Experience has shown that the Government has not always been successful in ensuring a level playing field in the implementation of various tax regimes like VAT, eco tax and excise duties. Whilst welcoming the gradual dismantling of eco tax, it strongly contests the increased excise duties on mobile telephony and wines. The Malta Chamber has expressed itself in detail on this matter and consequently it has

“It is the duty of our political leaders and all stakeholders to make a concerted effort to halt this process of deteriorating conditions in the manufacturing sector.” stepped up its call for the timely setting up of the specialised enforcement and market surveillance unit which was announced in the Budget Speech.

The Malta Chamber reiterated its stand in favour of revising the basic and outdated formula of the Cost of Living Adjustment (COLA) mechanism and pledged its willingness to continue to discuss the matter with its fellow social partners. Amending the formula to include measures for both inflation and productivity is in the interest of employers and employees alike as this will result in a smoothening of the annual amounts of COLA avoiding high unaffordable compensation in times of high inflation and low amounts when the increases in the Retail Price Index (RPI) are low as was the case this year.

The Malta Chamber also welcomed the announced maternity leave measures, the introduction of third pillar pensions and the series of measures to attract the inactive and unemployed cohorts of our society to the labour market.

Public Private Partnerships (PPP) were welcomed by the Malta Chamber. These

initiatives for several key sectors come as a breath of fresh air as they will fruitfully tap resources outside of Government.

Trade Malta Ltd – a measure which the Chamber itself proposed in its Economic Vision 2014-2020, will be of invaluable assistance to business enterprises, in increasing their export potential successfully.

The services that will be made available to businesses in the field of internationalisation will experience a quantum leap because for the first time, they will draw on the joint forces of the Chamber and Malta Enterprise while being driven by people in business. The setting up of this joint venture signals a show of confidence in the role of the private sector and the Malta Chamber by Government.

The Chamber has always been consistent in its statements that the private and public sectors have two distinct but complementary roles in the economy.

In conclusion this Budget is acknowledging the important role of the private sector in the economy. On its part, the Malta Chamber is committed to working towards supporting the growth of business, employment and prosperity in Malta. cc

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Boutique living in the capital city Something is happening along the streets of our capital city, which has seen Valletta undergo a remarkable change in a few short years. Among the changes that have marked the start of its regeneration, an increase in luxury, boutique style accommodation is distinct, catering to the upmarket traveller. Sarah Micallef speaks to the experts about this development.

Image courtesy of Chris Briffa Architects

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he announcement that Valletta would be European Capital of Culture in 2018 proved to be an important development for the UNESCO World Heritage Site, and has been attributed by many as sparking a change in the city formerly known exclusively for its historical significance. Up until a handful of years ago, high-end accommodation for tourists within Valletta’s walls was scarce, and the barren streets come nightfall did nothing to help matters. More recently however, the city has opened its gates to the discerning tourist, who not only loves art and culture, but also seeks a luxurious and design-oriented place to stay.

Jason Micallef, Chairman of the V18 Foundation, which is coordinating Valletta’s preparations to be the European Cultural

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Capital in 2018 believes that the increase in alternative types of accommodation in Valletta is part of “a process of regeneration where the private sector is investing in our capital city much more than in previous years because of its historical, cultural and economic potential.”

Malta Hotels and Restaurants Association CEO Andrew Agius Muscat believes that this rise in boutique accommodation in Valletta is an important development and complements Malta’s tourism product. “It targets a different segment – those who seek a historic city environment and are looking for a personal touch,” he says.

Malta Tourism Authority CEO Paul Bugeja adds, “staying in luxury has been redefined from staying in large high-quality hotels to smaller, more exquisite properties that

could provide personal attention at all times. The feeling of being home away from home is something that one can experience in boutique and upmarket self-catering apartments.”

“Travellers and tourists are becoming ever more discerning,” explains Genevieve Abela, Chairperson of the Tourism Business Section at the Malta Chamber.

“There is a much more pronounced search for authenticity and for living the local experience to the full. This, together with the search for privacy and personal attention has led to a segment of travellers that look for smaller boutique type hotels.”

In her view, Malta’s historical town centres such as Valletta, Mdina and the Three Cities in particular have the potential of offering a unique experience to this niche market.

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“Staying in luxury has been redefined from staying in large high-quality hotels to smaller, more exquisite properties that could provide personal attention at all times.”

– MTA CEO, Paul Bugeja

In fact, owner of one such accommodation, Kris Fenech Soler of Trabuxu Boutique Living credits the personal experience as one of the reasons behind the growth in popularity of boutique accommodation in general. “A lot of places are becoming very commercial and losing touch with their clients. This is what I’m trying not to do. I think boutique hotels in Valletta will do very well, and there is room for many more, which I’d like to see.”

Speaking of Trabuxu, he asserts, “it’s a small property, and the service you can offer is more intimate. We know our clients by name, and we know what they want.”

Similarly, brothers Andrew and Matthew Ellul, owners of boutique hotel Casa Ellul, note that through their experience they have noticed a surge in the demand for this particular type of niche accommodation, especially in the capital. “These premises cater for upmarket tourists who are visiting the island on leisure and those who travel to our shores for business. They are usually well travelled and expect the best when it comes to quality and service.” They also emphasise the importance of individual attention, stating, “we believe in creating an atmosphere which offers luxury like a traditional hotel but the comfort and peace of mind that one only gets when at home.”

“The private sector is investing in our capital city much more than in previous years because of its historical, cultural and economic potential.”

– V18 Foundation Chairman, Jason Micallef

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“There is a much more pronounced search for authenticity and for living the local experience to the full.”

– Malta Chamber Tourism Business Section Chairperson, Genevieve Abela

There is also the design of the space to consider, in terms of attracting the discerning traveller. As Mr Fenech Soler maintains, “most boutique hotels in Valletta are housed in fantastic buildings. They’re hundreds of years old, and many of them have been restored fantastically – keeping the old, and mixing in the modern.”

“The model of hospitality that is becoming increasingly prominent in Valletta is related to the historical ambience – many of the accommodation options opening now are housed within refurbished palazzos and old houses. I believe that there will be a strong demand for this sort of accommodation, and it will extend to other locations like the Three Cities,” says Mr Agius Muscat.

So why is Valletta in particular such a draw for boutique accommodation? As the MTA CEO maintains, “Valletta is a real gem, considering the great historical places that one can find in such a small area – all amenities, services, restaurants, shops, panoramic views, museums and historical places are within a one mile radius.” The Elluls second this, adding, “not only is Valletta the capital city but it is also the hub of all commercial activity, a UNESCO heritage site; and one big open-air museum.

It also caters for people with fine culinary tastes, having plenty of award-winning restaurants in many of the streets and alleys.”

For Mr Fenech Soler, Valletta is capable of being a destination that has it all. “You’ve got culture, you’ve got history, and you’ve got art – now hopefully we’ll have more

restaurants, bars and accommodation. I’ve been working in Valletta for 20 years, and it’s now getting to where I’d have liked it to be 10 years ago,” he says. Besides the history, he believes that Valletta needs to offer more in terms of accommodation, entertainment and eateries. “We are slowly getting there. I’ve seen it changing – the increase in foreigners has been phenomenal.”

Certainly, as the MHRA CEO cites, “while we know that Valletta is a gem, many regeneration projects have taken place in recent years, which in turn encourage entrepreneurs to invest in the capital. The most important thing now is maintenance, in order to keep it going. Activities and events in Valletta help keep it alive, but care needs to be taken that they are carried out in a way that is sustainable.”

Indeed, a steady increase in entertainment options in the form of upmarket bars and restaurants has also helped kick-start Valletta’s regeneration, and given tourists an alternative to the theatre when night falls. As Chairman of the V18 Foundation, Mr Micallef believes

“We know our clients by name, and we know what they want.”

– Trabuxu Boutique Living Owner, Kris Fenech Soler DECEMBER 2014 / JANUARY 2015

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that “Valletta is no longer dormant but is developing into a city where creative energy flows.” Despite this, it is unanimous that more is needed. Agreeing with Mr Fenech Soler, the Elluls feel that although evening entertainment has increased, it is still far from satisfactory. “The public sector could team up with private entities to provide more entertainment options throughout the year, and should help promote those that private businesses organise on their own behalf, thus reaching a larger audience,” they advise.

And while things are moving in the right direction for our capital, this is not to say that there still isn’t a way to go. Indeed, while many good strategies have been put on paper and a great deal of investment has already been put into the restoration of the city, more can be done, particularly in relation to infrastructure and maintenance.

The Elluls put their suggestions forward in this regard, proposing longer opening hours for museums, more information

“The public sector could team up with private entities to provide more entertainment options throughout the year, and should help promote those that private businesses organise on their own behalf, thus reaching a larger audience.”

– Casa Ellul Owners, Andrew and Matthew Ellul

“I believe that there will be a strong demand for this sort of accommodation, and it will extend to other locations like the Three Cities.” – MHRA CEO, Andrew Agius Muscat 22

booths, improved cleanliness of the streets, more public services like water fountains and public conveniences and further financial initiatives for private businesses like “sophisticated bars and places of entertainment or venues of interest to foreign guests demonstrating typical local craftsmanship skills and trade.”

On his part, Mr Fenech Soler feels that the regeneration up until this point has largely been down to individuals investing in Valletta, citing that more needs to be done

by Government. “I feel the Government should entice more people to invest in Valletta. Then there’s the infrastructure of the city. Valletta is filthy, the pavements are in shambles and accessibility is a mess.” Mr Agius Muscat seconds this, referring to the importance of maintaining the streets and pavements: “we are still behind here. The public service and local council need to work together to better this.”

Mr Fenech Soler goes on to draw attention to the crumbling facades and abandoned properties within Valletta.

“Besides being in shambles, a lot of the properties are dangerous. Foreigners often

ask, ‘are these properties abandoned?’ A large percentage of them are. Instead of letting Government and Church-owned properties rot, why not let individuals who are willing to invest and sort them out?”

On behalf of the Tourism Business Section at the Malta Chamber, Ms Abela points out that Valletta and other town centres have the potential of offering unique cultural experiences, and a holistic strategy is required which will provide the necessary direction, support and incentives.

“As Valletta is on its path to becoming the European Capital of Culture, policies need to be in place which will support the growth of such sectors which are complementary to the event itself. The policy needs to offer direction as well as flexibility so as to ensure its responsiveness and relevance to emerging market trends.”

And, as Mr Micallef cites, big things are certainly on the horizon for the capital: “synergy between Government authorities and public cultural organisations is taking place and further cultural activity will increase tourism demands and interest in Valletta.” cc DECEMBER 2014 / JANUARY 2015

CC design trends

Style in the city The boom in tourism and regeneration of the capital city has led to a crop of fantastic boutique accommodation and design-oriented short let apartments popping up in Valletta. Here’s Sarah Micallef’s pick of some of the top options.

Valletta Suites – Lucia Nova

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he latest in a collection of beautifully designed individual spaces within the city titled Valletta Suites; the luxurious Lucia Nova consists of a kitchen and living room, two bedrooms with ensuite bathrooms and a roof terrace overlooking Marsamxett Harbour.

“The concept of Valletta Suites took off in 2006,” the owner, Stephen Azzopardi tells me, with the aim of offering “a unique experience of living in a world heritage site like a local (albeit a rather spoilt one) and spending enough time to take in the rich history that the city has to offer.” Each property was carefully chosen both for its location and privacy, with an emphasis on having its own private entrance at street level.

When it was acquired in 2008, the house – which dates back to the mid-1700s – was in a bad state of repair, Stephen explains, with balconies that were falling apart and beams that needed to be changed. “The restoration took some time as the priority was to retain

as much as possible from the property, including the old Maltese patterned tiles, the original doors and wrought iron that twists around the hand-cut stone spiral stairs,” he says.

The main design scheme centres on an atmosphere of warmth and well-being, and

Photos by Brian Grech

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“The hues and tones resemble the brushstrokes of a Monet painting.”

celebrates the history of the place, with “semi-scraped walls exposing different layers of paint to fully scraped walls showing the hard edged strokes of the chiselled limestone.” A number of broken Maltese tiles were also kept, “for the beauty of imperfection”.

Stephen’s favourite space within Lucia Nova however is the bedroom in which

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the semi-scraped walls create a sense of tranquillity and “the hues and tones resemble the brushstrokes of a Monet painting.” In fact, to reinforce the Monet theme, he says, “we managed to source a Venetian headboard which harks back to Monet’s sojourn in Venice. It also fits well within the historical context of both seafaring nations.”

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Images courtesy of Chris Briffa Architects

Casa Ellul

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ince opening its doors last July, Casa Ellul, a boutique hotel housed within a building that dates back to the Victorian era, has already welcomed a variety of visitors – “from Russian clients arriving with their families on private jets to Hollywood A list actors, from famous top models to young honeymooners and culture thirsty couples,” according to owners Andrew and Matthew Ellul.

In the Ellul family for generations, the house was restored and converted

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into a boutique accommodation by local architecture firm, Chris Briffa Architects.

The project took three years to complete, and the resulting hotel comprises eight rooms – five within the old fabric and three above, within a new section on the roof. Speaking of the conversion, architect Chris Briffa explains, “the main challenge was retaining the spirit and energy of the house. Most original features, such as doors and apertures, were restored; while colour schemes were altered. The flooring is a combination of original tiles which were cleaned and restored, and new tiles inspired by the originals.”

As you enter, a grand hallway leads into a bright courtyard, in which a statue of Heracles stands, as it did prior to the conversion. Thanks to a fireplace, the modernised courtyard can be enjoyed by

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“Most original features, such as doors and apertures, were restored; while colour schemes were altered.”

guests all year round. Most of the furniture within the breakfast area and lounge, Chris explains, was bought from Parisian flea markets, and the artwork on the walls was commissioned to local artist Ritty Tacsum (see page 110 for an interview with her).

The impressive suites and accompanying bathrooms are all decorated differently, with the biggest, The Piano Nobile Suite, featuring a screen concealing the bathroom, bearing the signature eightpointed cross ironwork that the architects have come to be known for in a number of Valletta projects. The suites within the contemporary extension have a different feel, meanwhile. “Upstairs it was a totally different story. We wanted a very clean cut, almost alien to the house, but with a restricted palette of natural materials. It is a bit surreal and non-contextual, but the view of the Carmelite dome through the windows creates context, along with Ritty’s work showing the views of Valletta.”

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Valletta Vintage – The Retro Pad

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his one-bedroom maisonette making up part of Valletta Vintage, a number of different self-catering studios, tells a unique story through its eclectic mix of vintage furniture, art pieces and traditional finishes. Having started taking guests from July 2013, the Retro Pad is owned and designed by architect Chris Briffa, who furnished it with pieces he’s collected over the years, giving it a personal feel.

Each piece within the wonderfully designed Retro Pad has its own story to tell.

The kitchen unit, for instance, was originally a carpenter’s workbench constructed and used by Chris’ grandfather in the 1960s. “He built it bit by bit, out of wood and steel. It was lying in a room in Birgu for years. I ordered a piece of marble to go on top, lightly sanded and varnished it, to retain its raw character, and installed a 1930s mixer.”

Images courtesy of Chris Briffa Architects

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“We laid down a carpet of tiles on screen and came up with different designs; and it soon became like a painting on the floor.”

As you wander around the apartment, you’ll also find a host of other treasures, including G-Plan 1970s seating, an architect’s stool which was a gift from renowned Maltese architect Richard England, and an original 1920s lavatory, which Chris rescued from one of his firm’s building sites. Another interesting feature comes in the form of a custom partition wall which was built from recycled apertures, and doubles up as a wardrobe.

Despite having the character of a typical Valletta house, the Retro Pad is also equipped with the latest technology, including underfloor heating, air conditioning and intelligent energy conservation.

Chris’ personal favourites about the apartment however, are the eclectic and vintage collection of items which “don’t necessarily have anything to do with each other, but when placed within the right context, work really well,” and the custom flooring, which features a fresh, alternative use of traditional hexagon tiles. “Normally they would make up a repeated pattern. Here, we laid down a carpet of tiles on screen and came up with different designs; and it soon became like a painting on the floor.”

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Photos by Mark Cassar

Trabuxu Boutique Living

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oused within a 400-year-old palazzo dating back to the Napoleonic era, Trabuxu Boutique Living comprises a number of apartments on three floors surrounding an internal courtyard. It is relatively new to the market, throwing open its doors last August.

This “bespoke accommodation with an innovative twist� was restored and modernised by internationally renowned

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“I love the courtyard. It’s what won me over. It really pulls you in and has a great energy.”

Maltese designer Carlo Schembri, and is run

by Kris Fenech Soler, of Trabuxu Wine Bar and Trabuxu Bistro. Each room within this fantastic accommodation boasts a different layout and is individually themed in relation to a specific period in Maltese history; including Araba, Dolce Vita and Napoleone to mention just a few, achieving an effect the designer calls “an eclectic mix of history with a contemporary touch”.

The charming courtyard blends traditional Maltese stone and architecture with modern features including a unique outdoor chandelier, and is close to both Kris and Carlo’s hearts. “I love the courtyard. It’s what won me over. It really pulls you in and has a great energy,” Kris explains.

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Speaking of the conversion, which took a year and a half, and consisted mainly of restoration and cleaning of the Arabic style building, Carlo maintains, “we kept the original features and respected the karma of the building.” He also took care to make it as green as possible in terms of lighting and technology, as well as through the use of plants and greenery.

Apart from the cosy atmosphere and the great karma of the space however, Kris believes that it is the staff and quality of the service that make the place truly special. “It’s a bit of everything – the service, the quality, the price, making people feel comfortable… I emphasise great quality and the feeling of comfort,” he says. cc

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‘Targeting the luxury tourism market is the way forward’

Corinthia aiming at a ‘six star’ hotel in Malta – Corinthia Chairman Alfred Pisani With the past years having been subsequent record years for tourism in Malta and with the news that Malta will register an all-time record in tourists’ arrivals for 2014, the boom in the tourism industry has led to a rise in different forms of accommodation and a number of leading hotels looking into upgrading their properties. Sarah Micallef talks to leading protagonists to find out more.

Considered the gem in the Corinthia collection, could one of the Maltese properties be following in the footsteps of the luxurious Corinthia Hotel in London?

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ue to the growing popularity of upmarket accommodation options, the question on everyone’s lips is whether the demographics of tourism are changing: are the days of the low budget traveller over in favour of upmarket tourism on the Maltese islands?

According to MTA CEO Paul Bugeja, the trends are changing and moving in that direction, but at a relatively slow pace considering Malta’s potential to offer an exclusive and unique experience. “The new

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projects that we are assessing and are being proposed are more in the upmarket category than in the lower levels,” he says.

Malta Hotels and Restaurants Association President Matthew Pace believes that targeting the luxury tourism market is the way forward. “It would be a mistake to stick to the same model that worked in the past. Now that we are doing well, we need to evaluate how tourism can be bettered,” he says. “When discussions on bringing in low cost airlines were taking place, the

MHRA was in favour and was proved right – it was an important trend in our tourism sector. If we want to continue improving however, should we continue trying to get big numbers, or do we promote Malta to more sustainable, higher-spending tourists?

It is not strategic to continue to promote numbers.”

Indeed, as Corinthia Chairman Alfred Pisani maintains, while the number of tourists visiting Malta has increased, there has also been a corresponding increase in 39

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“I believe the time has come to look to better quality in our hotel product and attract higher spending visitors.”

– Eden Leisure Group Chairman, Ian De Cesare the demand for superior accommodation.

He explains, “the gradual increase in highvalue activities in Malta, such as financial services, has generated a higher demand for high quality accommodation, which I strongly believe is now on an upward trend.”

Eden Leisure Group Chairman Ian De Cesare is in agreement, explaining that in the last two years, the Group has identified a shift from the traditional tourist that had come to Malta for many years. He maintains, “a number of visitors were checking in to the hotel with higher expectations than we had previously experienced. More and more independent travellers were coming to Malta with clearly different needs. I believe the time has come to look to better quality in our hotel product and attract higher spending visitors.”

Meanwhile, while Island Hotels CEO Winston J. Zahra agrees that the demographics of our industry have changed substantially over the past few years, citing the introduction of low cost airlines and online bookings as the main changes; in as far as accommodation is concerned, “the real shift up to five star hotels took place around 15 years ago and that is when the largest shift in quality of accommodation took place. This also brought with it a 40

better capability for the island to deal with conference and incentive business which, by its nature, tends to be higher value business.”

What is for certain is that this rise in tourism has seen leading hotels looking into upgrading their properties – the importance of which is emphasised by Mr Bugeja: “upgrading five star facilities is very important, as this would lead us to getting a better average spend in Malta.” Mr Pace seconds this view, asserting, “we need to invest to keep our product competitive.

The value of the investment needs to be sustainable – there’s no need for the hotel to be six stars, but if it is a four star, it needs to be a proper four star.”

It has recently been reported that this

“We need to preserve the village cores, our culture and traditions, our historical places and all that we have inherited from our ancestors, as this is one of the main reasons Malta can continue to be unique in its offering.”

– MTA CEO, Paul Bugeja DECEMBER 2014 / JANUARY 2015

Travel, Tourism and Hospitality Management Diploma courses starting soon

www.futurefocus.com.mt

CC cover story year, the Corinthia Hotel St George’s Bay and the Marina Hotel in Malta experienced their best performance since opening.

Asked whether there are any plans for refurbishments or upgrades in the pipeline, the Corinthia Chairman maintains, “we are currently carrying out a full assessment on the most cost-effective development of the property, whilst aiming to produce a product of a six star level. At the opportune moment we shall apply for planning permits, but of course, this involves considerable planning and the refurbishment will not start before the end of 2015.”

Meanwhile, it was also reported earlier this year that the five star Radisson Blu Resort would be benefitting from a €20m refurbishment project before plans were recently shelved. The Island Hotels CEO maintains that record arrival numbers have led to a large number of hotels performing better than they were in previous years, despite pointing out that performance is still on the low side nationally. “Despite this, hoteliers have always realised that the product on offer has to be at par with our international competition and this is why private industry continually invests to maintain the hotel product at the highest possible level,” he says. Speaking of the Radisson Blu project, Mr Zahra cites, “as a Group we have always lived by this philosophy and done our best to offer the best possible products and service within our properties. The refurbishment plans fit within this ideology, however we decided to change the timing of the project due to other developments in the surrounding area.”

Another development within the sector that recently made the news was the announcement that the Eden Leisure Group is to invest in a new Holiday Inn Express and an extension of the InterContinental Malta. For the InterContinental extension, it was decided to opt for fewer luxury suites as opposed to more standard rooms. Mr De Cesare points to “an enormous shift in tourist demographics” as the reason behind this. He explains, “the question was, do we build another 100 standard deluxe rooms or do we go for the super luxury market? We decided on the latter and intend to place 30 super luxurious suites, as well as refurbish our existing suites. The IIP market as well as other high profile events coming to Malta convinced us that this is the way to go.”

The new Holiday Inn meanwhile, is aimed at targeting the present lack of quality three star accommodation, Mr De Cesare asserts.

“When the Giorganis came on the market, we identified it as a potential Holiday Inn product and immediately started negotiations with InterContinental Hotels Group to secure a management contract.”

Looking toward the future for tourism in Malta, Mr Paul Bugeja believes that the DECEMBER 2014 / JANUARY 2015

“The visitor is looking at the island as a whole and whilst we have covered much ground, we still need to enhance the overall image of Malta.” – Corinthia Chairman, Alfred Pisani

way forward lies in promoting Malta as “a country where quality matters, where we are versatile, flexible and genuinely interested in providing the best to whoever decides to visit – whether for leisure, business or study.”

“A coherent and consistent effort needs to continue to be driven between all stakeholders, including MIA , Air Malta, V18, Finance Malta, Malta Film Facilities, Gaming Authority, Investment Promotion Unit, Foreign Offices, Cultural Ministry and all that are somehow selling Malta. From our

side, a more permanent calendar of events is to be created so that Malta would offer a range of events and activities throughout the whole year. During the summer months, we need to consolidate what we have and become more efficient in managing our natural resources. We need to preserve the village cores, our culture and traditions, our historical places and all that we have inherited from our ancestors, as this is one of the main reasons Malta can continue to be unique in its offering,” Mr Bugeja continues.

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CC cover story

“The growth in arrivals combined with the increase in online bookings has given hotels the courage and tools to drive higher rates and it is this growth in rate that has led to better overall hotel performance generally.” – Island Hotels CEO, Winston J. Zahra

“The value of the investment needs to be sustainable –if [a hotel] is a four star; it needs to be a proper four star.” – MHRA President, Matthew Pace

Certainly, Corinthia Chairmain Alfred Pisani maintains that while the positive trend in tourism will undoubtedly encourage owners of hotels to invest more in their properties, “upgrading our hotel properties is in itself not enough; one must not overlook the context within which the hotels are located.” Indeed, he asserts, “major works have been carried out to upgrade the infrastructure and the environment, 44

but much remains to be done. The visitor is looking at the island as a whole and whilst we have covered much ground, we still need to enhance the overall image of Malta.”

Eden Leisure Group Chairman Ian De Cesare believes that investing in capital improvement and training will benefit our tourist market and attract better quality visitors. Having said that, he too believes that attention must be paid to

infrastructure. “Let us not forget that our infrastructure is somewhat lacking and falls far behind our beautiful treasures and the hotel improvements we are talking about.

Government has to continue to invest heavily in roads, cleanliness and a robust IT infrastructure to cope with the high demand expected not just by the locals but also by visitors.”

Lastly, while Island Hotels CEO Winston J. Zahra acknowledges the excellent performance of the industry over the past few years, he points out that one has to analyse the numbers. “It is a fact that the number of arrivals has grown, however the percentage of people not staying in hotel accommodation has also grown. The result is that the level of occupancy in hotels has not risen anywhere close to the percentage growth in arrivals. The growth in arrivals combined with the increase in online bookings has however given hotels the courage and tools to drive higher rates and it is this growth in rate that has led to better overall hotel performance generally,” he explains. cc DECEMBER 2014 / JANUARY 2015

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What’s the Competition Law buzz?

Tell me what’s a happening?

By Dr Lisa Abela, Senior Associate, Camilleri Preziosi Advocates In Brussels, the European Commission put a definitive halt to Motorola’s and Samsung’s patent wars against Apple, denouncing them for abusive competition litigation. In England, Mercedes-Benz was fined because an employee failed to walk out of a cartel meeting where its franchised dealers were fixing prices. In Germany, Casio was remonstrated for banning its retailers from selling its digital cameras via Amazon and Ebay. In Italy, Novartis and Roche cost the Italian national health system some €45 million in additional costs when they colluded to push doctors toward their jointly marketed drug, which was prescribed to combat sight problems.

In Malta, May 2014 marked three years since the Maltese Competition Act was extensively revised. Possibly, this represented the most important amendments to this area of the law in 20 years. Modifications were made to the cartel, damages and appeal provisions. Yet, the most significant legal ‘coup’ was the new fining provision that, finally allowed the Maltese Competition Authority to directly fine businesses up to 10 per cent of their total turnover. Consequently, this induced lawyers and competition law officials alike to revisit this area of the law – or did it?

This re-structured Competition Act erased the most important ‘handicap’ for the national competition authority, which was: the inability to effectively deter competition law infringements by imposing its own fines. Rather than having to request fines before a court, the competition authority is now in full control of the entire public enforcement chain, thus allowing for a seamless correlation between the investigation, finding of infringement and the imposition of an administrative fine.

Surprisingly or rather, ‘unsurprisingly’, it is this connection which is currently the focus of a central judicial debate before the civil courts; the outcome of which may return the competition authority into a toothless tiger or which may endorse its fining audacity. Last August, the competition authority issued its first bill of indictment or, as it is officially known, the statement of objections. This was issued against a group of businesses for allegedly issuing a recommendation on the prices to be applied by all concerned in the course of their business. Under

DECEMBER 2014 / JANUARY 2015

competition law, it is a major ‘faux pas’ to fix prices with competitors or customers, whether intentionally or not. Price fixing, market sharing and bid rigging are the sort of transgressions that rank highest in the list of infringements under competition law and lead to huge fines. The statement of objections therefore also included the amount of turnover on the basis of which the competition authority considered it reasonable to impose a fine for the first time.

This case was taken to the courts on the grounds that the competition authority’s procedure was in breach of the Maltese Constitution and also in breach of the European Convention on Human Rights. The crux of the matter revolves around fair trial rules in that to satisfy the fundamental principles found in the Constitution and in the Convention, competition law fines have to be imposed by an independent court and not by the competition authority which also happened to investigate and decide the same case.

What is interesting about this debate, apart from the significance of its outcome, is that perhaps the intention, in May 2011, to re-introduce a competition authority with fining teeth may potentially work, given the opportunity. For the first time, the business community has earnestly taken the competition authority to task – because if they did not do so there would be a cost to their business. Of course, this is not to say that the discussion on a prevention-is-better-than-a-finingcure-strategy in this arena is closed but in some way, at best, the discussion on the relevance of competition law may be rekindled.

For a number of years now, despite

competition law being central to both EU and Maltese commerce, it has been left as simply another item to tick in a company’s routine compliance; falling somewhere between data protection and occupational health and safety regulations.

The courts have been hesitant to embrace it despite their increased role in the private enforcement of competition law. Whether at the raw end of a boycott by their customers or whether taking on products they do not want in order to be allowed access to the product they do want, victims of competition law infringements to boot, have not been vociferous enough in demanding an effective competition law framework which they can work with.

While this case may or may not up the grade in which competition law sits in a company’s routine compliance, the point here is that it has the makings of an opportunity for businesses to remember that competition law compliance pays them in more ways than one. cc

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CC economy & business

Business and economic outlook for 2015 Our experts have their say

As we prepare to leave another year of successes and challenges behind, and face what 2015 has to bring, Jo Caruana speaks to the Governor of the Central Bank of Malta, the President of the Malta Chamber and the Leader of the Opposition, as well as key economists and businessmen, for their thoughts on the recent past and near future.

I

t’s been a year of highs and lows for the business community. And, with 2015 about to present new exciting challenges and opportunities, this is the ideal time to reflect on what has worked, and what hasn’t.

As we look back on the most defining points of the Maltese economy in 2014, the governor of the Central Bank of Malta, Prof. Josef Bonnici, highlights that the country has continued to outperform the euro area average in terms of economic activity.

DECEMBER 2014 / JANUARY 2015

“The real GDP increased by 3.4 per cent in the first half of the year, against 0.8 per cent growth for the euro area as a whole,” he says. “This positive performance was also reflected in the latest labour market data, which shows that private sector employment in Malta grew by around 3.5 per cent over the 12 months ending in June 2014, which was one of the highest rates among the member states in the euro area.”

Prof. Bonnici goes on to explain that, “notwithstanding its small size, a

fundamental characteristic of the Maltese economy is the general tendency for ongoing diversification and product upgrade, thus ensuring long-term sustainable growth. Legacy sectors such as manufacturing and tourism are complemented by relatively new sectors such as financial services, remote gaming and aircraft maintenance,” he says.

And with that in mind, it seems that Malta continued to benefit from a stable and diversified economy in 2014. Overall, according to the European Commission 49

CC economy & business

“Notwithstanding its small size, a fundamental characteristic of the Maltese economy is the general tendency for ongoing diversification and product upgrade, thus ensuring longterm sustainable growth.”

- Central Bank of Malta Governor, Prof. Josef Bonnici

“Whilst overall positive, the current economic snapshot does not give any justified reason for the country to become complacent about its economic performance.” – Malta Chamber President, David G. Curmi

Autumn Forecast 2014, real GDP growth is projected to reach three per cent in 2014 and then continue on an upward stable path.

In addition, large-scale energy projects are expected to contribute to the momentum of growth. The improvement in business sentiment and the absorption of EU funds for projects that are being completed are expected to provide a further boost. “Moreover, private investment in equipment and machinery is set to benefit from improving financing conditions, including a gradual decline in interest rates, as pointed out by the EU Commission,” Prof Bonnici says.

President of the Malta Chamber of Commerce, Enterprise and Industry, David G. Curmi, agrees that the data for the Maltese economy, as presented in the Budget Documents, is generally encouraging, especially following the introduction of ESA 2010.

“The path towards convergence to EU rules in terms of the budget deficit DECEMBER 2014 / JANUARY 2015

criterion by 2017 is noted,” he says.

“However, the forecasted trend in the balances of the Consolidated Fund and the Extended Government do not provide the sufficient clarity as to how the -0.4 per

cent deficit to GDP ratio will eventually be achieved.

“So, whilst overall positive, the current economic snapshot does not give any justified reason for the country to

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CC economy & business

become complacent about its economic performance, especially when a wide array of indicators are considered.”

In fact, GDP growth forecasts for 2014 (three per cent) and 2015 (2.9 per cent), although higher than the euro area

average, are mainly fuelled by domestic demand and public expenditure – 4.3 per cent for 2014 and 2.6 per cent for 2015,” Mr Curmi continues.

“In 2014, net export is expected to close with a negative contribution to

the GDP (-1.5 per cent) and a marginal positive contribution in 2015 (0.3 per cent). This, in itself, is a note of caution because domestic demand on its own cannot sustain long-term growth for the country. Lasting economic growth needs to be driven by export-led activity and this requires the country to be competitive.”

With this in mind, Eurostat figures have shown that Malta’s combined exports to EU and extra-EU states declined by 27 per cent in the 12 months to August 2014.

Export figures (net of fuels and lubricants) as released by the National Statistics Office (NSO) show a decline, albeit by a lower magnitude. “In fact, NSO reports a 6.9 per cent decline in exports between 2012 and 2013 (for the full year) and again by 10 per cent between 2013 and 2014 (January-September).

“These figures tally with the Economic Survey published by the Ministry of Finance which reports that total industrial turnover declined by 9.3 per cent in the first seven months of 2014, when compared to the same period in 2013. The

“I expect the construction industry to fare well given that this Government is looking to increase development in Malta and Gozo.” - Leader of the Opposition, Simon Busuttil 52

DECEMBER 2014 / JANUARY 2015

CC economy & business

“I envisage that 2015 will provide growth opportunities for all sectors within the economy.” Farsons Group Chairman, Louis Farrugia

Expert advice for 2015 “Businesses need to be aware of the underlying economic landscape characterised by stronger global competition, but also by lower interest rates for the medium term. Against this background, our entrepreneurs need to stay alert for any benefits they might reap from avenues such as EU related funds or the above-mentioned leveraged products available from our commercial banks. Our competitors are actively benefitting from the lower cost of credit where lending rates are relatively lower than in Malta. Therefore we need to ensure that we are doing business on a level playing field with these countries by having a cost of borrowing that compares well with that of other countries. It is also equally important that businesses avail themselves of these funding opportunities.” – Central Bank of Malta Governor, Prof Josef Bonnici “Be vigilant when it comes to local and international economic developments,

DECEMBER 2014 / JANUARY 2015

particularly with regards to business risks and opportunities. Look into EU funding opportunities that can result in increasing business capacity. Consider collaboration and the formation of consortia to facilitate public procurement opportunities and the internationalisation of products and services.” – Malta Chamber President, David G. Curmi “The politics I believe in is that governments should provide a stable business environment with clear policies and a direction that facilities private investment.

I also believe that business itself should be free from government interference and dependence. Whether it is tendering for public contracts, applying for permits or dealing with public administration, businesses should not be put in a situation where they have to seek political patronage or depend on the Government’s whims to get on with their plans. Business should not be made subject to political cycles. Accordingly, my advice would be for businesses to focus

on their strengths and avoid dependence on Government.” – Leader of the Opposition, Simon Busuttil “Think long term – build businesses based on solid foundations, a good quality product or service, good human resources, hard work and, above all, passion for everything you do.” – Farsons Group Chairman, Louis Farrugia “One word: quality. Whatever one goes in for, whatever the product or the service, always enthusiastically ensure that it is of the highest quality. That is the only way to gain acceptance and ensure repeat business.” – Corinthia Group Chairman, Alfred Pisani “My advice for the coming year is this.

There is a tide in the affairs of men, which taken at the flood, leads to fortune... Take the current as it serves, or risk losing all we worked for.” – Economist, Gordon Cordina

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CC economy & business star accommodation. Our next step is to increase our room rates across the full range of hotels,” he says.

“I am optimistic that this upward trend will continue. But we do need to ensure we improve and maintain a good product that will not disappoint our visitors. This requires a national effort to advance the image of our island. We need to brand Malta as a high-quality destination, and one that is truly supported by the ingredients that actually make it a high quality product, whether that is cleanliness, service or infrastructure.

“I also definitely hope to see more all-round commitments coming into play to ensure that Malta is a good place for doing business in,” he says.

Also looking to the future, economist Gordon Cordina believes the economy is operating in the context of an overall more favourable international economic scenario as compared to the past five years, but where growth in the euro area (which remains our main trading partner) continues to stutter.

“This is reflected in the performance of the manufacturing sector, where demand and value added is falling, though this has not been as yet reflected in a decline in jobs,” he says.

“Although the sector has restructured over the years in the wake of EU membership, the country’s fundamental

decline in industrial turnover was mainly brought about by the deterioration of 17.7 per cent in the export market.”

Adding his sentiments to the close of 2014, Opposition Leader Simon Busuttil reiterates that imports and exports registered the steepest decline in the entire EU. “This cannot be good,” he says.

“2014 was a bad year for areas such as manufacturing and retail trade, which experienced a serious decline.

“On the positive side, however, 2014 was a good year for the services sector, notably tourism, restaurants and hotels, professional services, ICT and remote gaming. And that is good news because it shows that the investment in nurturing these sectors by the previous government is today reaping its fruit.”

Looking to 2015, Dr Busuttil expects professional services, tourism, ICT and gaming to remain in the same positive position they have held for a while. “I also 56

expect the construction industry to fare well given that this Government is looking to increase development in Malta and Gozo,” he says.

Leading entrepreneur Louis Farrugia, Chairman of the Farsons Group, also believes that the financial services, gaming and tourism sectors will continue to do well in the months to come.

“Although, personally, I envisage that 2015 will provide growth opportunities for all sectors within the economy,” he says.

“That said, the biggest challenge will be to contain Government debt to affordable and sustainable levels, and to find longterm sustainable solutions for two of our key national entities, Enemalta and Air Malta,” Mr Farrugia says.

From a tourism standpoint, businessman and Chairman of the Corinthia Group Alfred Pisani believes 2014 was a good year, “reflected in larger numbers of visitors who stay in five-

“There is a tide in the affairs of men, which taken at the flood, leads to fortune... Take the current as it serves, or risk losing all we worked for.” Economist, Gordon Cordina DECEMBER 2014 / JANUARY 2015

CC economy & business

“I definitely hope to see more all-round commitments coming into play to ensure that Malta is a good place for doing business in.” - Corinthia Group Chairman, Alfred Pisani

competitiveness in the sector remains threatened through basic issues of cost and market access. This sector can be expected to undertake significant restructuring over the next few years, featuring new investment, technology up scaling, and possibly, an element of downsizing.”

Finally, he stresses that EU funding will present significant opportunities for the private sector over the next few years.

“Businesses would do well to prepare well in advance,” he says. “This not only concerns the expenditure yet to be effected out of the current programme, but also the role which the private sector is expected to play in the programme running to 2020, which will feature additional emphasis on the creation of competitiveness and the utilisation of financial engineering mechanisms,” he concludes. cc

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Vivendo Group – a fully integrated furniture service Vivendo Group brings together over half a century of experience in the furniture retail and wholesale business. The Group offers a fully integrated service including concept design and selection of furnishings, right through to the execution of delivery and installation as well as after-sales.

Through this distinctive form of service Vivendo Group is able to undertake the internal coordination of any proposed solution.

DECEMBER 2014 / JANUARY 2015

Over the years, the Group has carried out a number of high standing projects of various dimensions and complexity.

The Group also offers a dedicated and unique customer service for clients in the hospitality industry. The Group’s main focus in this business arm is the provision of customised furniture for hotel rooms and prides itself in providing customers with a unique and bespoke experience according to their profile, needs and level of spending. cc

Contact: M: 9901 7730; E: hospitality@vivendo.com.mt; www.vivendo.com.mt

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CC make the headlines

Brands playing in a Stadium The Commercial Courier meets Jonathan Dalli and Jonathan Chetcuti, co-founders and directors of the Concept Stadium, a fresh local boutique marketing consultancy firm.

How was the Concept Stadium founded?

We started off as being colleagues in a telecoms company, and we immediately clicked. It must be because we share the same name! We started collaborating on some small client jobs after hours and there was a good synergy as we both have very diverse abilities, but common objectives.

While we both interface with our clients, Jon C (the nickname our colleagues came up with so as to distinguish between us) focuses on the visual and technology sides of the client brands, whilst Jon D handles the marketing strategy, business development and general management.

In 2012, we made the leap and left our nine-to-five jobs to set up the Concept Stadium. We started with a handful of supportive clients but thanks to referrals by our own clients, the company started to gather momentum. They entrusted us with all their marketing needs, from designing a business card to managing nation-wide campaigns. We truly would not be here if it weren’t for our clients, and we’re so thankful.

We were also admitted as a strategic partner of TAP-Knowledge Network, an open-architecture collaborative network of independent professionals.

members’ unique abilities. Secondly, we are, and have always been, truly client-oriented.

We are here because of clients and for clients, handling all jobs in-house.

Needless to say, despite being boutique, we always thrive to deliver a professional service with utmost commitment. When we take on a project, it becomes our own and we always have the client’s best interest from the planning stages through to execution.

What differentiates you in the way you work?

We are not solely a design agency; we are the marketing partners of our clients, with an all-round vision thanks to each of our team

How close is CSR to your practices?

Jon D focused his thesis on how a company can build a unique brand through corporate social responsibility, so

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What personal attributes did you bring to the Concept Stadium?

We have a passion for creativity and for exceeding expectations. Perhaps more importantly, we share the same ideology when it comes to delivery. Our client is always the star player in our Stadium.

Jon C is the one who drives our creative minds and lets the team contribute its own unique take to a project. On the other hand, Jon D brings the ideas together and helps us build a solid proposition to the client. Our dedicated team members have also added substantial value to our client offering, and it’s also thanks to their extra efforts that the company keeps moving ahead. The bottom line is we all love what we do for our clients’ brands!

incorporating CSR into our business practices is a natural thing. CSR goes beyond simply making a donation. We make a conscious effort to dedicate some of our time to help out the communities we live in.

As an example, the Concept Stadium was named Marketing Partner of the 2014 JCI European Conference held in Malta.

Our collaboration has since then been extended and we are always happy to offer our support. Furthermore, we also helped Rotary Club Malta with their marketing requirements in respect of the regional meeting held in Malta earlier this year. We’re also helping other NGOs in their branding and marketing efforts as part of our social responsibility.

What’s the latest news from the Concept Stadium?

We have just moved into our new offices at Hardrocks Business Park. This was the culmination of a very busy year for us, in which we also hosted an event for one of the world’s top 99 investors – Anton Tagliaferro.

Jon D has just won The Outstanding Young Person for his Business and Entrepreneurial Accomplishment in the JCI Awards 2014.

Furthermore, we have also signed a collaboration agreement with BiancoArancio, a firm of cutting-edge Italian architects, interior designers and project managers that will enable us to assist clients from a 360-degree perspective when it comes to branding, project management, interior design and marketing execution.

While it’s healthy to grow our company and our client base, our intention is to never take clients for granted, especially those supporters inside our Stadium! cc DECEMBER 2014 / JANUARY 2015

Trends to Treasure

It’s time to inject some winter magic into your wardrobe.

Step out in style this festive season and beyond with Sarah Micallef’s picks of the top trends to look out for.

01. The investment coat With wintery weather starting any day now (we hope!), it’s the perfect time to invest in a winter coat that will see you through the cold days and nights. While a winter coat is a staple in every wardrobe, and classic cuts and colours are always winners, this season also offers an overwhelming choice of cool new picks to look out for. Top trends in the coat department this year include pastel pinks and blues, statement checks, cocoon styles and long belted styles which will work perfectly over your office attire.

02. Monkstrap shoes Looking for talking-point footwear this festive season? The monkstrap shoe is considered by many as the dressiest of men’s shoes, and will make a statement when paired with any outfit. Choose between single or double-buckled shoes, depending on how fashion-forward your overall style is, and get ready for your feet to shine at every festive event thrown at you this month.

03. Embroidered sweaters Ever since the sensation that was Kenzo’s embroidered tiger sweater a few seasons ago, embroidered jumpers and sweaters have started popping up all over the place, and we can’t get enough of this fun trend for both men and women. Adding a cool and quirky twist to an otherwise classic ensemble, an embroidered sweater is the perfect accompaniment to the joyous mood of merriment the Christmas season brings with it.

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STYLE

REVIEW

04. Unique jewellery Recent years have seen a renewed appreciation of hand-made items, with more people turning away from mass-produced wares in favour of unique, hand-made products. With Christmas approaching, giving a handmade gift conveys a special message. If you’re looking for something sparkly to give a loved one, have a look at the small workshop of Ta’ Dbiegi Jewellery within the Crafts Village in St Lawrence, where gold and silversmith George Farrugia crafts unique pieces including bracelets, necklaces and rings for women, and tiepins, cufflinks and money holders for men. T: 2155 3722; M: 7970 1771.

05. Stylish travel The iconic Pro-DLXTM business range from Samsonite® is the epitome of a power briefcase. The collection is tough enough to handle the modern globetrotter’s hectic schedule, smart enough to organise one’s belongings effortlessly, and stylish enough to keep travellers looking their business best in all circumstances. The latest series, the Pro-DLX 4TM, delivers the same performance but is now lighter and finer tuned than any of its predecessors. The Pro-DLX 4TM collection is available at SAMSONITE MALTA, Arrivals/ Departures Hall, Malta International Airport, Luqa. T: 2202 1401. Opening hours: Monday to Sunday 8am-8pm. Paying customers are entitled to free parking.

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06. Adjustable eyewear Do you constantly need to switch spectacles for writing emails and going for meetings?

Keep your focus at different distances with Adlens Adjustable – the innovative, instantly adjustable eyewear for distance, intermediate and near. Adjust your lenses with the simple turn of a dial and forget running around with different pairs of spectacles in tow.

These durable and lightweight glasses also feature a comfortable unisex frame and adjustable nosepiece in a variety of colours.

Available from Specialeyes Opticians, Victory Square, Naxxar. T: 2744 4461. cc

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DECEMBER 2014 / JANUARY 2015

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Finishing touches

The office is where we tend to spend most of our day, so personalising it is not only fun, but important. Martina Said recommends decorative tips for an upscale, contemporary office.

01. Wall colour

01.

Brightly coloured walls are the trademark of modern offices. The trick here is to find the right balance of colour and brightness, as an overly colourful space could end up being more of a distraction than a motivator. The effect of colour on mood varies significantly between individuals, although there is general agreement that blue and green both tend to promote productivity, while red has a tendency to increase the heart rate, so some may find it too distracting. Using red as an accent colour, however, will do no harm.

02. Bring nature indoors

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People tend to feel better when they’re not cooped up in a space all day long, and exposure to natural elements has proven to increase morale and productivity. In order to create a more outdoorsy space indoors, consider investing in some plants for the office, which could also improve the quality of air inside. Other elements which could help imitate the outdoors are slate walls or blue wall colours which resemble the sky.

03. Office chalkboard Forget piles of sticky notes and crumpled papers with to-do lists – black chalk boards are all the rage at the moment, and have a visually appealing look that is reminiscent of days in the classroom. They’re being adopted for use in restaurants, home study rooms, and as office accessories too. A chalk board could take the form of an organiser or calendar, or simply a wall-mounted note pad for jotting down your thoughts and brainstorming ideas which could be discussed with colleagues in a think-tank manner. If you’re artistic and creative, and simply enjoy doodling, a chalk board could also serve as a blank canvas during a brief break.

04. Paper basket Perhaps one of the last office accessories you’d bother to give too much thought to is the dustbin, but heck, why not? This white desk set includes a waste paper basket and pen holder by Essey. The bin has been designed to look like a crumpled paper, which is exactly what it is intended to hold in the first place, and the pen holder is its miniature replica, which makes a fantastic desk accessory. Ornamental, functional and boasting a super-cool design – win win!

05. Wall pockets This original office accessory is as cool as it is handy. Look out for geometric 3D pocket pops which could easily be hung on the walls and which match the overall colour scheme of your office. They are not intended to be loaded with all your desk titbits, but you could easily fill them with pens, scissors, pencils, rubbers and the usual stationery you need from day to day. Their quirky and unexpected look is creative, and adds an extra touch of colour to an otherwise standard desk container.

06. Wall clock

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If you’re punctual, you’ll love having a wall clock in your office, and if you’re not, it will be a constant reminder of your tardiness.

Wall clocks come in so many styles and formats that they easily turn into accessories rather than standard time-pieces. Again, your choice here could be linked to the style of your office – be it a nautical theme, motoring, designer item, or simply one to suit the contemporary look it’s got going, you are bound to find something to suit the office style to a tee. cc

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DECEMBER 2014 / JANUARY 2015

CHAMBER/57

NEWS Investment Partnership (TTIP) to their citizens and businesses. He said that the TTIP was suffering from a negative image due to lack of communication.

On behalf of the Malta Chamber, Mr Borg explained the issues and problems faced by businesses in Malta, specifically industry when operating from an island or peripheral region. He focused on issues related to energy and transportation costs, specifically Malta’s loss of Objective One Status and the changes to the Regional Aid Intensity Rules which are expected to impact investment in Malta-based manufacturing plants.

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John A. Huber elected Director on the EUROCHAMBRES’ Board, Budgetary Committee

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01.

Malta Chamber addresses European Parliament of Enterprises

02.

Malta Chamber meets EESC’s President of the Employers Group

The Malta Chamber of Commerce, Enterprise and Industry attended the fourth edition of the European Parliament of Enterprises which was held in Brussels on Thursday 16th October. The Maltese delegation was led by Deputy President Anton Borg, and included members of the Council and Board of Management of the Chamber besides the President and senior officials of the Malta Business Bureau.

Mr Borg addressed the plenary meeting of the European Parliament of Enterprises, during which intervention he focused on the needs of island states and regions.

He explained how external dependencies and remote insularities of island states and regions such as Malta seriously hamper the capability of such countries to be competitive. He appealed for the adoption of the principle of common but differentiated responsibilities, rather than a ‘one-size-fits-all’ approach, so as to recognise differences between countries’ economic and technical capacity to address certain inherent disadvantages.

The Malta Chamber delegation also held meetings with Maltese MEPs Miriam Dalli and Roberta Metsola. During these meetings, the MEPs were presented with a copy of the Malta Chamber’s Economic Vision for Malta 2014-2020. They also discussed matters relating to SMEs and the challenges they face in the post-recession scenario, and the Transatlantic Trade and Investment Partnership (TTIP) currently being negotiated with the United States.

On Thursday 16th October, a delegation from the Malta Chamber held a meeting with the President of the Employers Group (Group 1) of the European Economic and Social Committee (EESC), Jacek Krawczyk at the EESC’s premises. The delegation was led by Anton Borg. The meeting was facilitated by the Vice President of Group 1, Stefano Mallia who was also present.

During the meeting, Mr Krawczyk explained that European member states needed to take a proactive role in explaining the Transatlantic Trade and

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At its General Assembly held in Brussels in October, John A. Huber, a Council member of the Malta Chamber, was re-elected Director on the EUROCHAMBRES Board. During the same meeting, Mr Huber was also elected to form part of the prestigious Budgetary Committee of the same organisation.

The main role of the Budgetary Committee is to oversee the organisation’s overall finances and present them during plenary assemblies in which all the European Chambers are represented. The Board of Directors of EUROCHAMBRES has the role of overseeing the management of the pan-European organisation.

EUROCHAMBRES acts as the voice of the business community at EU level. The organisation represents over 20 million businesses in Europe through 45 members and a European network of 1,700 regional

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and local Chambers. More than 93 per cent of these businesses are small and mediumsized enterprises (SMEs). Businesses represented within EUROCHAMBRES are estimated to employ over 120 million.

04.

Central Procurement and Supplies 2nd Supplier Conference The Ministry for Energy and Health in collaboration with the Healthcare Business Section of the Malta Chamber held the 2nd Supplier Conference at the Malta Chamber on Friday 17th October.

Opening the conference, Anton Borg, Deputy President of the Malta Chamber said that in the last few years the Healthcare Business Section had held regular frank and positive meetings with the CPSU. The Executive Committee had done its best to contribute towards the much needed overhaul of government purchasing within the healthcare sector. He said that the Malta Chamber believed that patients could not be served without sensible procurement and that the goal of the Business Section was a more sustainable operation.

Mr Borg said that the Malta Chamber’s Economic Vision documents spoke about the strong need to inculcate a culture of excellence and that this applied to the healthcare system which should be second to none.

05.

Business Transfers: Effective Policy and Support Measures The Malta Chamber organised a seminar on Wednesday 22nd October as part of the SME WEEK 2014 programme of activities, entitled Business Transfers: Effective Policy and Support Measures, in collaboration with the European Commission Representation in Malta.

Frank V. Farrugia, Vice President of the Malta Chamber and Chairman of the SME and Family Business Committee opened the seminar explaining that with the transfer of ownership being a reallife situation affecting businesses, the Chamber is being proactive, sparking a debate on the need to raise awareness about the importance of planning for the potential transfer of businesses.

There is also the need to view business transfers as an event in the development of a business that can happen at any time, either through retirement, change of profession, death, personal reasons such as divorce, merger or sale. Instilling 70

03. such a view within entrepreneurs would allow them to successfully plan for the event of a business transfer, whenever the need may arise.

06.

Malta Chamber makes case for better funding opportunities for SMEs On 22nd October, the Malta Chamber deputy President Mr Anton Borg addressed the annual Malta Institute of Accountants (MIA) conference titled Defining New Frontiers – Translating Vision into Value. He was addressing a workshop dedicated to alternative sources to finance. In his address he said that in most instances Malta and the European Union lack both the financial instruments and a supporting environment to allow companies to grow. Extending the possibilities of financing for SMEs will remain a key element in supporting the European objective, that of establishing the most competitive and dynamic knowledge-based economy in the world.

He pointed out that according to European statistics, five out of ten business start-ups, typically small in size, do not survive the first five years of operation. This gives rise to concern as micro to medium enterprises in Malta amount to approximately 99

per cent of all companies and contribute around two thirds of the total GDP. “The engine room of our economy has a 50 per cent chance of faltering possibly because of lack of financing,” he said.

Mr Borg said that SMEs reported that venture capital and equity finance in general remain almost unknown in Malta. Undoubtedly, the small size of the market makes it harder for any foreign venture capitalist to be interested.

Mr Borg also spoke about the Malta Chamber’s Economic Vision which states that “a market failure exists with regards to SMEs and knowledge-based industries because the financial institutions’ decision to lend is largely based on collateral, rather than the economic viability of the business.” There is evidently a clear gap in the market for alternative sources of financing which are better applicable to less traditional companies emerging in our economy as it continues to enhance its knowledge-based and creative sectors. “If this market failure cannot be addressed in the short term, then Malta must start looking at innovative solutions other than the traditional innovation vehicles.” One manner of addressing this market failure is the creation of a Malta Investment or an Enterprise Bank which, among other matters, would have the responsibility to promote DECEMBER 2014 / JANUARY 2015

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enterprises in the economic growth sectors.

Traditional banks may, of course, participate in the setting up of such an institution.

07.

Malta Chamber participates in the third ELT Malta Conference The Malta Chamber, in its capacity as the only official IELTS (International English Language Test System) in Malta, this year was a main sponsor of the third edition of the annual English Language Teaching conference, which took place between 24th and 26th October. The conference, which emphasised the significance of continuing professional development for teachers of English in Malta, was organised by the English as a Foreign Language Monitoring Board and was attended by around 300 delegates, working in both private language schools and the mainstream educational sector.

The audience had the opportunity to attend talks by world renowned ELT experts Carol Read and Jim Scrivener. The conference consisted of six plenary talks and 19 workshops, including a pre-conference event, held on 23rd October and led by Prof. Simon Borg from the University of Leeds, which focused on how to carry out good quality research in ELT. Throughout the conference, the Malta Chamber had a manned stand promoting the IELTS test and showcasing IELTS materials.

08.

Supporting SMEs results in added value to whole economy “Nurturing the raw power of creativity and innovation by providing start-ups with a proper and sustainable infrastructure will reap constant long-term added value for Malta’s entire economy,” said Malta Chamber Deputy President Anton Borg while addressing a seminar on EU Funding and Technical Assistance for Innovative Start-ups and SMEs. The event was co-organised by the Malta Business Bureau, the Malta Chamber and the European Commission Representation in Malta, on Monday, 27th October.

In his address, Mr Borg emphasised the Malta Chamber’s belief in research and innovation (R&I) as being one of the foremost pillars upon which our country’s economy must be built. In view of Malta’s limited size, Mr Borg explained that the country depends on R&I; hence it merits great importance. A culture of innovation and creativity must be built to secure Malta’s economic strength DECEMBER 2014 / JANUARY 2015

07. and resilience at a macro level. Furthermore, he underlined existing collaborations between the Malta Chamber and academia which highlight the Malta Chamber’s pledge towards ensuring innovative, dynamic and competitive solutions to the global demands our country continuously seeks to meet.

09.

Dialogue Session with Minister Brincat Perit David Xuereb, Chairman of the Energy and Environment Committee and Andrè Fenech represented the Malta Chamber at a dialogue session about sustainable growth and the environment with Minister Leo Brincat. The event was organised by MEUSAC as part of a series of events organised in relation to the current evaluation of the Europe 2020 Strategy.

Minister Brincat explained his Ministry’s work over the last months which included the drafting of a Climate Action Act and legislation related to the abatement of noise pollution and the implementation of the waste management strategy among others.

The Malta Chamber’s representatives raised issues related to eco contribution and the need to restructure the current system to allow the full implementation of producer responsibility directives related to waste. They also mentioned issues related to competitiveness and industrial emissions, and that the EU must set emission targets with the knowledge that the other economic blocs were not implementing strict measures to abate climate change. This in turn was affecting the European Industry’s competitiveness.

10.

Malta Chamber welcomes action against workers’ abuse In a statement issued on the 30th October, the Malta Chamber of Commerce, Enterprise

and Industry welcomed action taken by the authorities against worker exploitation and outright infringement of national labour laws.

The Malta Chamber maintains that the rights of workers, irrespective of their nationality, must be safeguarded, in their interest and in the interest of the common good.

The Malta Chamber condemns this recently exposed case of abuse as it fears it might tarnish the reputation of the local manufacturing industry as well as of business in general. The Malta Chamber also praises the efforts of the media, which were instrumental in bringing this case to light.

11.

Traffic management discussed at the Malta Chamber The German Maltese Business Council within the Malta Chamber in collaboration with the Embassy of the Federal Republic of Germany organised a seminar on the Future of Traffic Management in Malta— Innovative Mobility on 30th October.

The seminar aimed to investigate the situation of traffic management in Malta.

In his address, Malta Chamber President David G. Curmi said that transport management is an important topic on the national agenda, as it did not only affect people’s daily lives, but also had an effect on the economy. He outlined a number of elements that rendered the problem in Malta more acute. Namely Malta’s population density, an inadequately planned road network, inefficient or inexistent alternatives to personal cars, the narrowing of roads in favour of wider pavements, the lack of proper law enforcement and insufficient parking arrangements leading to road blockages.

“Much of the problems we are facing today are due to lack of proper planning and organisation. Malta needs to improve significantly on this count because the lack of plausible and reliable alternatives to private forms of mobility is leading to 73

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12. serious challenges to the infrastructure and ultimately to our economy. If hundreds of thousands of commuters are spending a substantial amount of time every day trapped in gridlocks, then this translates into a significant socioeconomic cost,” President Curmi said.

The seminar was also addressed by Prof. Manfred Boltze, an expert in traffic management from Darmstadt University of Technology, Germany. Prof. Boltze delivered a detailed presentation about a ten-step process to better traffic management.

The event was supported by BMW, The Palace and Farsons Direct.

12.

PM, Leader of the Opposition debate Malta Chamber’s Economic Vision Prime Minister Joseph Muscat and Leader of the Opposition Simon Busuttil participated in a debate on the Economic Vision for Malta 2014-2020 at the Exchange Buildings on 7th November. The event was organised by the Malta Chamber of Commerce, Enterprise and Industry, and was open to members.

In his opening address, President of the Malta Chamber David G. Curmi said Malta is 74

at a very important crossroads in economic terms. “Continued prosperity depends on a series of important decisions that we need to take collectively in order to safeguard Malta’s competitiveness.” He said that the Malta Chamber has always advocated the importance of competitiveness, and has always endeavoured to put it on the national agenda. The proactive initiative to propose an Economic Vision to Government – a business agenda to Government, rather than wait for a Government agenda for business, is a step further in this direction.

“Our vision is for Malta to have a focused and diversified successful economy underpinned by a high quality, dynamic, productive and innovative private sector that positions Malta as a global hub for business and investment leading to increased prosperity by 2020. Our document is intended to serve as a blueprint to guide all stakeholders in the allocation of scarce resources. It will support us – the business community – in maximising our contribution to the country in terms of wealth creation through our risk and through our endeavours,” Mr Curmi concluded.

The Prime Minister said that he felt at home at the Malta Chamber, as he felt that he shared the same line of

thought and goals. With regards to the Economic Vision, he said there is little to debate as there is widespread national consensus on the matter.

The Leader of the Opposition expressed his wholehearted endorsement of the Malta Chamber’s Economic Vision, and proposed a cross-party and multi-stakeholder consensus on the matter to assure its implementation.

13.

EGM approves Trade Malta An Extraordinary General Meeting of the Malta Chamber, held on 7th November, unanimously approved a motion empowering the Council of the Malta Chamber to enter into a joint venture agreement with Government to set up a public private partnership which will be known as Trade Malta Ltd (TM) – an entity which will be responsible for the promotion of trade and internationalisation of Maltese businesses.

Delivering a presentation on the aims and objectives of TM, the President of the Malta Chamber David G. Curmi, said the entity shall aim to consolidate the functions of the Malta Chamber and Malta Enterprise in the area of trade promotion and internationalisation.

The mission statement of TM shall be DECEMBER 2014 / JANUARY 2015

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“to establish a permanent and effective partnership between the Malta Chamber of Commerce, Enterprise and Industry and the Government of Malta with the aim of assisting local enterprise to reach foreign markets with their products and services so that they can grow internationally.”

The shareholding of Trade Malta Ltd will be the Government of Malta 51 per cent and the Malta Chamber 49 per cent.

The Board of Directors of TM shall be composed entirely of people in business, while one of the seven members will serve as a rotating chairperson, every two-year term. The Malta Chamber will be granted the chairmanship of TM for the first two years.

Following a discussion during which members asked questions about the role and operation of the new venture, the Extraordinary General Meeting voted unanimously in favour of the setting up Trade Malta Ltd.

14.

‘Malta still needs to address its fever’ Speaking at a televised debate about the pre-budget process, the President of the Malta Chamber David G. Curmi said that Malta is not up against serious economic problems; nonetheless, it is

running a slight temperature that requires some remedy. No matter how slight the fever may be, if left unaddressed, it threatens to become a serious matter.

Talking on Reporter on TVM, Mr Curmi said that Malta needed to address a series of bottlenecks that hinder economic growth. Proof of this is the fact that Malta ranked in the last place out of the 28 European states in the Ease of Doing Business Index – 93rd place out of 184 countries around the world. This meant that foreign investment was finding numerous hurdles, and made it extremely difficult for businesses to set up shop in Malta.

He also spoke about the COLA mechanism, and said that there is a general consensus that this needs to be revised as it no longer serves the needs of the country efficiently. He said that it is important that stakeholders agree on a way forward to revise the mechanism, in a way that takes elements of productivity as well as inflation into consideration.

Mr Curmi was joined by Minister for the Economy, Investment and Small Business Chris Cardona, Shadow Minister for Finance Tonio Fenech and President of the GRTU Paul Abela. The programme is presented by Saviour Balzan.

15.

MCESD restructuring Efforts to restructure the format of the Malta Council for Economic and Social Development in order for it to meet Malta’s needs in a better and more efficient way have gathered momentum, as the working group which was tasked with outlining the restructuring has presented its proposals to the same MCESD during a meeting on Wednesday 12th November.

The working group is calling for an operational structure which would be more efficient whilst enjoying absolute autonomy from the Government, financial independence and resources to carry out its functions. The working group is suggesting that the Council should not fall under the responsibility of any Ministry. Meetings, the working group is suggesting, should be held on neutral ground such as the new Parliament building or the Central Bank. The agenda should be set by the chairman of the MCESD and no longer by Government.

Restructuring would also take place at three levels on the same lines of the European Economic and Social Committee: Working group level, Bureau level, and the Plenary. This model would allow for the possibility of organisations

12.

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aspiring to sit on the Council to involve themselves in the working groups, enabling them to voice their opinions on specific matters of interest. The Malta Chamber is represented on the working group by its Director General Kevin J. Borg.

16.

Malta Chamber reiterates its priorities ahead of 2015 Budget The Malta Chamber reiterated its call for better enforcement of all laws and taxes of the land. It was not acceptable for Government to increase the tax burdens on law-abiding companies to make good for what others fail to pay. This appeal was made in the light of the Minister’s suggestion that excise taxes will be increased in the budget. This exacerbates the situation of unfair competition that puts honest businesses at a disadvantage.

The Malta Chamber was participating in one of the final Malta Council for Economic and Social Development (MCESD) meetings prior to the announcement of the Budget for 2015, and which was addressed by the Minister for Finance Edward Scicluna. During the meeting, Prof. Scicluna gave an overview of the high level budgetary figures for 2014, including a breakdown of the revenue and expenditure forecasts till the end of the year.

In the same vein, the Chamber also requested more information on the nature of the COLA compensation the Prime Minister mentioned would be provided to vulnerable sections of society such as pensioners and students.

17.

A Public-Private Collaboration for Economic Prosperity: A preliminary reaction by the Malta Chamber to the 2015 Budget speech Following the presentation of the Budget for 2015 by the Minister for Finance, Edward Scicluna, the Malta Chamber issued a press release noting the two underlying priorities of the 2015 Budget, namely fiscal consolidation and a reduction in welfare dependency.

In the statement, the Malta Chamber said that these two priorities are similar to its priorities for the 2015 Budget. The Malta Chamber has been recommending to Government to address forcefully the state of public finances by ensuring a fair and efficient enforcement of taxes and by addressing abuses in social benefits schemes.

In conclusion, the press release noted that the Budget Speech continued from the 78

previous year. “In this Budget, Government is acknowledging the important role of the private sector in the economy. On its part, the Malta Chamber is committed to work towards supporting the growth of business, employment and prosperity in Malta,” the statement concluded.

For more info about the Malta Chamber’s reaction to the Budget 2015, see the editorial of this edition of The Commercial Courier.

18.

‘Competitiveness is a serious matter’ In a statement issued on 20th November, the Malta Chamber noted the statements made by the Minister for Finance during a recent televised debate on the subject of manufacturing.

The Malta Chamber is encouraged by the Minister for Finance’s declaration that all efforts need to be directed at improving the country’s competitiveness, by such measures as treating COLA responsibly, reducing energy tariffs and clamping down on excessive bureaucracy. Nevertheless, the Malta Chamber was dismayed by the fact that the Minister appeared to be downplaying the signals given by independent statistics and the continuous calls of the Malta Chamber towards ensuring that the necessary fundamentals are in place to support industry through its present challenges and realities.

The Chamber disagreed with the Minister’s explanation that the reason for declining exports is a drop in external demand. Rather, the Chamber attributes the situation to declining competitiveness levels mainly due to increased operating costs and improved competitiveness in certain overseas countries where the need to defend competitiveness has surpassed all other priorities.

“Domestic demand alone cannot be the engine of long-term sustainable economic growth. Lasting economic growth needs to be driven by export-led activity and this requires the country to be competitive.

Competitiveness must be at the centre of policy-making if we want to really improve the business environment and build a strong and innovative industrial base, with positive spillover effects in all economic sectors,” the Malta Chamber’s statement concluded.

19.

Malta Chamber meets Dr Mike Lynch On Wednesday 19th November, the Malta Chamber met with Mike Lynch, an

entrepreneur and one of UK Prime Minister David Cameron’s Business Ambassadors. In business, Dr Lynch is best known for founding Autonomy in 1996, the UK’s largest software company, with a market capitalisation of 1bn – acquired by Hewlett Packard in 2011.

The meeting was led by Deputy President of the Malta Chamber Anton Borg, and discussed the importance of innovation, and the importance of the existence of a complete eco system that is conducive to nurture innovation in any country. The discussion therefore included issues related to access to finance, business angel networks, as well as linking education to the private sector.

20.

Malta Chamber welcomes implementation of Trade Malta Following the presentation of the Budget 2015, the Malta Chamber participated in a public meeting organised by the Ministry for the Economy, Investment and Small Business as a follow-up to the Budget for 2015. In their comments, Vice President Mr Frank V. Farrugia and Board of Management member Tonio Casapinta spoke on behalf of the Chamber, about measures in the Budget that relate to economic growth, investment, commerce and industry.

The Malta Chamber welcomed the implementation of Trade Malta, an initiative that it is centrally involved in. The Malta Chamber believes that Trade Malta, as detailed in the Economic Vision for Malta 2014-2020, will be of invaluable assistances to business enterprises, in increasing their export potential successfully. The services that will be made available to businesses in the field of internationalisation will experience a quantum leap because for the first time, they will draw on the joint forces of the Chamber and Malta Enterprise while being driven by people in business.

The setting up of this joint venture signals a show of confidence in the role of the private sector and the Malta Chamber

by Government. The Malta Chamber also welcomed the announcement in the Budget 2015 in relation to support of family businesses as it notes its involvement and support of the Family Business Act. During the same public meeting, the Malta Chamber also welcomed the Sukuk initiative, which forms part of the recently announced budget measures. Islamic Banking will create opportunities and open up alleys of collaboration with Islamic countries in a bid to further expand commercial relationships.

The Malta Chamber has already been active on this front, and worked to improve DECEMBER 2014 / JANUARY 2015

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opportunities of investment between Malta and Islamic countries. The Malta Chamber welcomes this initiative as it will further improve these opportunities.

21.

Chamber of Fashion – Malta and the Malta Fashion Association established On Monday 24th November, the Malta Chamber welcomed and endorsed the establishment of two new organisations supporting the fashion sector – The

Chamber of Fashion – Malta and the Malta Fashion Association which will spearhead the emerging creative sector as an important economic contributor.

In his address, President David G. Curmi said that the Malta Chamber’s Economic Vision 2014-2020 emphasised the need for Malta to embrace economic diversification. “In our Economic Vision we have identified the Cultural and Creative Industries as one of 11 economic sectors that has significant opportunity for growth and which is likely to have an increasing influence on the national

economy. The Malta Chamber is committed to stimulate the growth of Cultural and Creative Industries by encouraging their engagement with business communities at both local and international levels.”

“The Maltese are talented and creative people. The two organisations being established today will provide all those involved in the fashion sector a unique opportunity to develop their ideas and skills and produce a variety of creative experiences, products and services which can be offered both locally as well as internationally,” Mr Curmi concluded.

resources and procedures to guarantee effective enforcement and prevent any possible abuse. The Malta Chamber has also made concrete proposals aimed at prolonging the time businesses can continue to wait for a favourable turn of events in Libya – measures aimed at alleviating cash-flow pressures and also to facilitate decision-making in those cases where Libyan interests are involved.

03.

Delegation from Budapest Chamber visits Malta

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NEWS Internationalisation

01.

Malta Chamber stresses proposals on Libya The Libya Action Committee within the Malta Chamber of Commerce, Enterprise and Industry, met with the Libyan Maltese Chamber of Commerce, to discuss developments affecting the operation of Maltese businesses in Libya. The meeting also discussed the measures the Malta Chamber has proposed to Government, to help businesses genuinely affected by the crisis.

The facilitation to issue visas for Libyan nationals who need to travel to Malta to carry out business is central to the Malta Chamber’s proposals. Whilst acknowledging and appreciating the sensitivities and risks from a national security point of view, the Malta Chamber explained how the possibility of Libyan nationals travelling to Malta would be of tremendous benefit for Maltese companies who currently risk losing business relationships as certain Libyan nationals need to travel to Malta for a short period in order to participate/honour their responsibilities in board meetings or conduct business transactions with Maltese businessmen.

The proposed system for the facilitation of issue of visas would be temporary, limited in duration, controlled (in terms of quantity), strictly limited to business travellers, have a single point of contact in Malta, hold Maltese companies responsible for any liabilities incurred by the visa holders via bank guarantees and be complemented by the necessary DECEMBER 2014 / JANUARY 2015

02.

Malta Chamber participation at Euromed Invest Academy in Greece Internationalisation Executive, Lina El-Nahhal, represented the Malta Chamber at a seminar organised by the Heraklion Chamber of Commerce and Industry at Thessaloniki, Greece between 12th and 14th November.

The seminar, entitled Business Support Services for existing SMEs and new entrepreneurs, was supported

by EUROCHAMBRES and ASCAME. Among the participants, there were representatives from various Chambers of Commerce and trade promotion agencies from around the Mediterranean as well as start-up entrepreneurs.

This event was organised under the framework of the Euromed Invest Project. The main goal of the project is to empower Euro-med business and investment networks to implement targeted strategies supporting the creation and the international development of micro SMEs in the most promising sectors for job creation and economic spillovers.

A delegation from the Budapest Chamber of Commerce and Industry visited the Malta Chamber on Monday 17th November. This delegation was led by Vice-President of the Chamber, Zoltan Kiss, and composed of Hungarian entrepreneurs that are active at the Budapest Chamber. These entrepreneurs represented several sectors, including tourism, accountancy, pharmaceuticals, transport and retail. The aim of the visit was to show new markets to the Hungarian SMEs. The delegation was welcomed by Board Member Tonio Casapinta together with Head of Sectors Lino Mintoff, Internationalisation Manager Klaus Pedersen and Internationalisation Executive Lina El-Nahhal. Mr Casapinta spoke about a Memorandum of Understanding that was signed between the two Chambers in 2002.

He also spoke about the Malta Chamber and its members, as well as the trade statistics between both countries. Furthermore, he described Malta as a gateway to North Africa.

Mr Kiss thanked the Malta Chamber for hosting the delegation and said that there were a lot of similarities between the two Chambers. They both have voluntary membership and both have offices in Brussels.

Budapest Chamber is also looking closely at North Africa and Mr Kiss mentioned a Sub Saharan section at the Chamber. He added that, recently, the company register has moved to the Budapest Chamber, making it compulsory for all companies in Budapest to register. This, he believes, strengthens the Chamber’s position. cc 81

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A night of whisky, watches, and good company: Chivas 12 'Made for Gentlemen'

by Bremont Launch Party Craftsmanship, style and generosity are at the heart of the recent collaboration between Chivas Regal and award-winning British watch company Bremont. Known for crafting beautifully engineered chronometers, Bremont has partnered with Chivas to design the latest Chivas 12 ‘Made for Gentlemen’ by Bremont Limited Edition gift tin. To further commemorate this collaboration, 12 handcrafted Bremont Chivalry Limited Edition watches have been created exclusively to feature in auctions around the world to help raise funds for a selection of charities. The handcrafted, individually numbered, timepieces feature a piece of oak cask used in the maturation

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of malt whiskies destined for Chivas, the signature of James and John Chivas etched on the rotor of the timepiece and the Chivas crest subtly embossed on the dial. An engraved copper plate, taken from a retired Scotch whisky copper still, sits on the leather presentation pouch.

On 24th October, the first live auction event took place in Malta at VASCAS in Naxxar, a leading Maltese jewellery retailer and the official agent for Bremont in Malta.

Stephen Lee, Area Sales Manager for Bremont, brought watch ‘number seven’ to be auctioned on the night and remained present for the event. The evening, organised

by Farsons Beverage Imports Company Ltd and VASCAS Enterprises Ltd, was a great success, and raised €7,800 which will go towards The Malta Community Chest Fund.

The organisation, headed by the President of the Republic of Malta, Marie Louise Coleiro-Preca, collects funds for various philanthropic institutions. The organisers of the event will be meeting up with the President to present the donation in person.

The Chivalry watch was auctioned by Pierre Grech Pillow from Obelisk Auctions Ltd following speeches by Mark Vassallo, CoDirector of VASCAS, Pierre Stafrace, General Manager for FBIC Ltd, and Stephen Lee from Bremont.

Malta-based Exante, a next-generation broker, offers its clients access to a broad range of financial tools and markets. It has been reviewed by the elite of financial press and has surpassed all expectations since its foundation in 2011.

Exante has brought transparency and accessibility to the next generation of investors through their ATP. Its financial products and cutting-edge technology have been the focus of some major television networks including BBC, Russian Today, Bloomberg and CNBC. Exante directors all come from a trading background and are constantly seeking new ways to upgrade and be ahead of the game.

By doing so they have brought focus to Malta as a financial hub and been congratulated by

To mark the special occasion, Chivas cocktails were served throughout the night and included the signature ChivasBremont cocktail, ‘The English Quaich’ to commemorate the collaboration. Food items, catered by Zest, were carefully selected to accompany the three Chivas cocktails: the Cooler, the Chivalry and the English Quaich.

At the end of the night guests were given goodie bags that included Chivas whisky stones, thus ending the perfect evening of whisky, watches and good company. cc

Exante’s communications director Patrick J. O’ Brien, winner of International Trade Journalist Award 2014

local government for doing so.

With offices in five countries, they are regular speakers at some of the largest global investor forums and continue to support local investment here in Malta. cc

“Exante technology is a game changer in the industry” – CNBC “Setting the standard and constantly raising the bar, Exante is king” – Forbes “Exante is one of the most bona fide of these operations” – Wired “Best performing fund in history” – Bloomberg

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DECEMBER 2014 / JANUARY 2015

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HSBC launches Malta’s first realtime online foreign exchange service Commercial customers of HSBC Bank Malta have more reasons than ever to conduct their electronic banking on HSBCnet (www.hsbcnet. com) thanks to the addition of a new foreign exchange service, Get Rate. In a first for banking in Malta, thousands of the bank’s customers are now enjoying an enhanced user experience when making foreign exchange payments, as Get Rate provides real-time exchange rates straight from the heart of the bank’s global trading floors in London, Dubai, New York and Hong Kong.

With the fully-optimised Get Rate service, customers no longer need to call at the bank for exchange rates to conclude the transaction before the day’s close. Get Rate presents live rates from 2am Monday to 11pm Friday, in line with global markets’ opening hours.

HSBC Head of Payments and Cash Management Gordon Scicluna says: “Get Rate is an important new tool for our business customers and will change the way customers carry out foreign exchange transactions as they are now empowered to receive real-time rates, for longer hours, while authorising their payments.”

The bank also launched HSBCnet Mobile for commercial customers, which is now available for iPhone and Android smartphones. HSBCnet Mobile gives business customers the ability to view account balances as well as prepare and authorise

Are you ready for the world’s biggest killer?

“34 per cent of those of who have installed an AED have used their defibrillator at least once to save a life.”

If you've ever watched a TV medical show, you've probably seen someone on the brink of death shocked back to life by a doctor who yells ‘clear’ just before delivering a jolt of electricity to the chest.

This type of procedure is not limited to the hospital. It can be followed in your home or office if you have an automated external defibrillator (AED). Home AEDs are available without a prescription.

Did you know that 140,000 people die from Sudden Cardiac Arrest (SCA) each year, in the UK? It is the world’s biggest killer and can happen to anyone, anywhere and at anytime? Only 5 per cent of SCA victims survive outside of a hospital, often whilst waiting for an ambulance to arrive?

SCA is an electrical problem with the heart and should not be confused with a heart attack, which is a pumping problem.

Sometimes a heart attack, which may not be fatal in itself, can then trigger a sudden cardiac arrest.

DECEMBER 2014 / JANUARY 2015

transactions while on-the-move. The app also supports the booking of foreign exchange rates using Get Rate.

Meanwhile HSBC has also improved the way it processes foreign currency payments.

Payments in the major currencies, Euro, Sterling, as well as US and Canadian Dollars will now be processed on the same day with no extra cost. All other currencies will be processed on the next working day.

“This is another first for HSBC in Malta and coupled with Get Rate makes us the payment provider of choice on the island,” concludes Mr Scicluna. cc

The only proven way to treat SCA is by delivering an electric shock to the heart.

This is called defibrillation and can make the difference between saving a life and having a victim die. Life-saving shocks can now be given by any member of the general public using an AED. 34 per cent of those of who have installed an AED have used their defibrillator at least once to save a life. Studies have shown survival rates in places that have had an AED installed increased from less than 5 per cent to over 70 per cent.

The Lifeline series of AEDs are the simplest AEDs to use and have been designed by physicians so that anyone can save a life.

We show and tell. Other AEDs tell you what they’re doing. The Lifeline VIEW, with its fullcolour, detailed, interactive videos also shows you. It delivers clear text and corresponding videos that reinforce the voice instruction and aid comprehension – especially in noisy environments where voice prompts alone might be difficult to follow.

This Christmas celebrate by giving your friends, employees and co-workers the greatest gift of all, life. Have a Lifeline VIEW AED installed in your place of work. cc Contact ATG Ltd on T: 2124 2017 for more information.

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Reach for the highest grapes on the vine: Curtailing the road to professional achievement In the wake of the need to stay professionally relevant in today’s rapidly evolving economy, APS Bank has just rolled out its latest loan product for industry practitioners who have been enticed by the idea of furthering their education but have never taken the leap until now due to financial constraints. Read on for a comprehensive overview of the facility, intertwined with useful tips on how to blaze your own trail to career fulfilment.

Being on balance is a dexterity that does not just apply to good dancers.

After years, nay decades, of being asked the perennial question ‘what do you want to be when you grow up?’, one’s career choices start funnelling down to a mere few, and both the process of finding out who one is will eventually determine which callings are more suitable for the person one has grown into.

Whilst exploring options, one might lose sight of their passionate interests and they end up settling into a job that takes advantage of some of their talents at the cost of tuning out others.

Even if one loves their current profession, what comes after learning the ropes is inevitable: they are less challenged by their daily tasks and their routine makes them wistful of new professional practices, more so in a reality that opens up a whole, never86

before-experienced spectrum of possibilities at their fingertips, waiting to be pursued.

What stops one from actioning that thought of advancing their career that will start sneaking into one’s mind once they find themselves comfortable in the now?

At first glance, the idea of getting a degree while working full-time is daunting. The stress of a spouse, children, or living on one’s own will taint the idea even further but the real obstacle between oneself and that career kick start they have always wanted to accomplish is the fear of it turning into a financial burden.

By launching APS Achieve, APS Bank is helping these individuals make a conscious effort to rediscover their professional values and prioritise them. Being a firm believer in the concept of work-life-study balance, the bank is giving them the opportunity

to handle their studies while minimising financial worries, thereby allowing them to focus on what really matters.

In a nutshell, APS Achieve is a loan that grants workers between 18 and 50 years of age the possibility to upgrade their academic profile by pursuing a degree which is equal to or higher than MQC Level 6, or in other words, either a bachelor’s degree, a master’s degree, a postgraduate diploma such as ACCA or even a doctorate degree.

Any amount equivalent to or above €8,000 may be applied for and paid back over a maximum of 10 years, with no early repayment fees charged should one be able to settle the loan earlier than required.

In order to assist in making the repayment process run even more smoothly, APS Achieve provides the prospective student with the benefit of a maximum moratorium of five years on loan capital repayments if he/she will enrol into a full-time course and one year if they become a part-time student. Should the loan borrower be a full-time employee, he/she may also apply for an unsecured Virtual Electronic Personal Overdraft account if their salary is routed to an account held within the bank.

With an interest rate margin that varies from 1.65 per cent to 3.15 per cent per annum over the bank’s base rate and processing fees that are as low as €100, APS Achieve carries even more practical benefits such as free travel insurance and purchase protection, a free Visa Debit Card as well as a virtual account with a free internet banking token for the first two years after the loan is granted.

Keeping in mind that prospective students would need quicker feedback when applying for a bank facility, APS Bank has also put an online application system in place so as to make the whole process more efficient. Visit www.apsbank.com.mt/ achieve to start realising your plans as early as possible. cc DECEMBER 2014 / JANUARY 2015

CC interview

The enterprising approach As the face of Malta’s business sector continues to evolve at a rapid pace, Jo Caruana interviews Dr Mario Vella, chairman of Malta Enterprise, to discover the successes and challenges that 2014 brought the organisation, as well as to learn what’s in store for 2015.

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he business world in Malta is turning faster than ever. With internationalisation, globalisation and umpteen local developments all on the go, this has been a busy and quickchanging time for Malta’s corporate sector and, thankfully, it shows no signs of slowing down.

Somewhere at the centre of that is Malta Enterprise (ME), the national development agency responsible for promoting and

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facilitating international investment in the Maltese islands, as well as the growth and development of Maltese enterprises both locally and beyond our shores. It is an organisation with a lot on its plate – and plenty has already been achieved.

Chatting to Dr Mario Vella, the organisation’s dynamic chairman, I ask where ME has placed its emphasis for the past 12 months.

“2014 has been a good year,” says

Dr Vella. “We continued to focus on the promotion of direct investment, both foreign and local. Whilst we redoubled our efforts to attract foreign direct investment from Europe, we ventured beyond to the United States, China, Singapore, India and South Korea. The response we received ranged from good to very exciting. Our strategic decision not to limit ourselves to Europe is motivated by the fact that, whether we like it or not, economic growth

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“We will see many of the projects approved in 2013 and 2014 come on stream and begin to employ people.”

is much higher elsewhere in the world.

“On the other hand, we know that slow growth in our traditional hunting grounds for foreign direct investment may, all things being equal, present specific windows of opportunity for Malta. We are comforted by the fact that our economy is growing at a faster rate than the average in the EU and, even more than the average for the Eurozone.”

Dr Vella explains that it has also been a very intense year, with some key highlights.

These include the near-completed Life Sciences Park, where negotiations are now being finalised with the first tenants. Once completed, the building, in San Gwann, will be equipped with laboratories, offices, lecture theatres, meeting rooms and a number of shared facilities. This will give both local and international organisations the space to research, explore and create.

“We can now safely say that what was originally an expensive project set on a collision course with reality is now an exciting but sound commercial proposition that will contribute to establishing Malta as a regional centre of excellence,” continues Dr Vella.

And, in a related but different field, 2014 saw ME establish an excellent working relationship with Barts School of Medicine and Dentistry at Queen Mary University, London – a relationship that will lead to the establishment of a medical school in Gozo as a major element of a medical and healthcare hub oriented towards regional and European markets. “This project will attract paying international students to Malta and will generate significant medical tourism,” says Dr Vella.

“Of course, there were also difficult situations resulting from the inevitable restructuring that happens when local subsidiaries of important multinationals 90

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“One of our main targets, keeping in mind how precious time is for SMEs, is to reduce bureaucracy.”

are affected by global mergers and acquisitions. But this is the cost of success.

The more we are integrated into the global economy, the more we are likely to have to absorb the impact of global changes, even when these are painful. What we need to be able to do is react constructively, creatively and flexibly. I think we have shown ourselves to be capable of this.”

Asked about his own personal role within the organisation, Dr Vella stresses that there is no room for prima donnas at ME. “My job is to facilitate and encourage teamwork and, within the team, to encourage individuals to give their DECEMBER 2014 / JANUARY 2015

best, to score high in terms of technical competence,” he says. “I work well with all my colleagues. I think we have all shown that we can work as a team regardless of our political convictions. I also think that we have all shown that we can agree on which policies work best for Malta in the field of economic growth. This is necessary in an organisation dedicated to promoting national economic development because effectiveness in our field is only possible if the singers understand and agree with the message of the song they are singing.”

Looking to the future, Dr Vella believes 2015 will see ME, as well as the country as

a whole, bearing the fruit of present work.

“Most importantly we will see many of the projects approved in 2013 and 2014 come on stream and begin to employ people. We will continue to support existing operations to weather difficulties they might be facing in ways that are concrete, cost-effective and compliant with EU stateaid rules.

“In 2015, ME will play an important role in the design and the beginning of the implementation of a national integrated logistics policy. More specifically, it will see us support new and ambitious projects in the field of logistics and specialist 93

CC interview freeporting. We also expect to score important successes in high-end digital creativity projects.

“In addition we are working on improving the services that we provide for business through Business First. One of our main targets, keeping in mind how precious time is for SMEs, is to reduce bureaucracy.

This is easier said than done, especially since it is not solely within the remit of ME to simplify bureaucratic processes that involve other departments and authorities.

However, we have made a lot of progress during the last months.”

In fact, during 2014, ME strengthened the operations of Business First and announced new services, particularly when it comes to business advice.

“During 2015 we are planning to launch an outreach programme to strengthen our links to the business community in order to better meet their needs with the services we offer.

“Also in 2015, we will see the birth of Trade Malta, a courageous private-public project, whereby ME will entrust the Malta Chamber of Commerce, Enterprise and Industry with trade promotion and therefore focus on investment promotion.

This is a complex operation on which we have been working for quite a while.

This will not result in ME abdicating its

commitment to the promotion of internationalisation but, rather, it will lead to previously impossible synergies. This is one of the many projects that we are looking forward to in the very near future.” cc

CC retail therapy

‘Tis the season to splash out If you’ve established your budget for Christmas gifts but are still unsure of what to spend your money on, look no further. Martina Said draws up the ultimate gift guide to suit a variety of pockets.

Up to €100

There is a lot you can buy with €100 or less, but it would certainly help narrow down your choice if you familiarise yourself with the person’s tastes, hobbies and interests ahead of embarking on an extensive and fruitless shopping spree. A classic wine decanter is a safe and handy option for a special person that you know is into wine. Decanters come in a variety of shapes and sizes, however, I’d recommend opting for one that boasts an original design (within your price range), as classically shaped decanters are somewhat more common, and easy to come across.

A limited edition book on an individual’s hobby is also a thoughtful gift that could very well fit within this price bracket. Many tend to think that buying a book as a gift is an easy way out, but considering that the prices of books can soar into multiple hundreds, especially when not many copies are printed, it could hardly be considered a quick fix. Be sure to settle for a subject that is of interest to the recipient, such as cars, Maltese history, architecture, interior design, jewellerymaking or even a cookery book, and if you could get it signed by the author, it will be that much more special.

Food hampers always make great corporate gifts, but gone are the days in which they were limited to the same old (and unpalatable) pre-packed items that are left to expire until the following Christmas.

Numerous local companies will allow you to personalise a hamper according to individual tastes, filled with sweet and savoury goodies that could be enjoyed during the festive season and beyond by friends and loved ones alike.

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Up to €500

If you’re shopping for someone who you know travels frequently on business, you may wish to consider a quality and durable piece of cabin luggage, which looks smart and serves a useful purpose. A specially designed Samsonite cabin luggage, for instance, can range from €150 to €400 in price, depending on its features.

For a woman who cherishes her handbags, on the other hand, look into a variety of designer clutch bags, such as a zip pouch

by Victoria Beckham, or a satchel bag by Michael Kors. They’re upmarket, on-trend and a sparkling new addition to a growing collection.

For the bushy bearded and moustached men, both of which are ever-growing trends, a premium shaving kit could be a smart idea. Look for complete kits which include pre-shave oil, shaving cream, after-shave balm, a badger hair shaving brush, shaving bowl, blades, brush stand and travel pouch in which to keep them.

Alternatively, consider a set of cufflinks suitable for both men and women– one can never have too many of them, especially those who regularly don suits to work and social events. For a high-end exclusive set, check out Elsa Peretti’s range of cufflinks in sterling silver, all of which include beautifully intricate designs, or Tiffany & Co cufflinks in sterling silver with the trademark Tiffany Blue enamel finish.

Winter calls for warm wearables, and your loved one will certainly appreciate a luxury, stylish scarf, such as a classic tartan one from Burberry or a delicate silk crepe square from Louis Vuitton. Alternatively, opt for a set of colour block gloves, such as Vivienne Westwood’s black leather gloves with stitched darts, wool lining and silver-tone metal orbs.

For the gizmo lovers, one of the latest in a range of tablets can also do the trick. Apple fans will be pleased to receive the iPad mini3 which offers the best that the iPad has to offer but in a smaller and more compact package, while Android aficionados can be spoilt with Google’s Nexus 9 made by HTC, which boasts an impeccable display and a premium build.

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Up to €1,000

With this kind of budget, you can go to town and splash out on a classic and beautiful timepiece from world-renowned watchmakers. We recommend a limited edition Tissot T-Touch Expert Jungfraubahn, with sapphire glass, a leather strap and large face for men, or the Longines La Grande Classique bi-colour model set within a gold plated and stainless steel case for women.

You could always step it up a notch with more premium brands, but you must be willing to pay the difference, which could mean €500 to €1,000 more. You could also bag yourself a beautiful piece of jewellery with this sort of budget, such as a ring with a mix of precious stones and diamonds, or a stunning set of earrings in a similar combination.

With lots of hype surrounding the latest iPhone model, it would certainly be a pleasant surprise to receive it for Christmas.

Within this price range, you could opt for the iPhone 6 plus, which comes with the latest iOS8 and a 5.5inch display, available in gold, silver or grey. If you’re willing to go slightly over budget, you could spoil your better half with a luxury iPhone6 with back and sides embellished in 24 karat gold, rose gold or platinum. They’re limited edition and bound to get them noticed.

Rain or shine, a pair of designer sunglasses is also a great gift for Christmas, and the more upmarket variants can exceed the €500 mark, such as this pair of Tiffany & Co aviator sunglasses in 18 karat gold-plated metal and tortoise acetate, with light brown mirrored lenses and Roman numeral accents for women, or a sleek pair of Cartier shades for men in black or brown.

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Up to €5,000

Coffee lovers will never stop thanking you for this incredible high-end coffee machine by Jura. The Giga 5 Automatic coffee centre model is built to brew two drinks at a time, and is quite simply a powerhouse. It is perfect for a small office environment or high capacity home user, with 18 programmable drink settings, and users can customise their beverage temperature, water volume, dosage and milk foam to deliver the perfect latte or espresso at the touch of a button.

A gift with this kind of budget can afford you a luxury holiday to a variety of places around the world. Some of the hottest destinations right now are Cape Town, South Africa, Pangulasian Island in the Philippines, Rio de Janeiro, Brazil, Santa Marta in Columbia and Palm Springs in California. Each of these holiday destinations has something special to offer, and you couldn’t possibly get it wrong if you offered this luxurious treat as a gift to someone special who loves to travel.

Fine wine and whisky aficionados will always be grateful to receive a delicate drink of which there are very few in the world. Be sure to shell out on one that is a collectable and according to the individual’s taste, as you wouldn’t want to spend in excess of €3,000 on a fine bottle of something only to discover that the person

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DECEMBER 2014 / JANUARY 2015

CC retail therapy you’re buying it for prefers a blend variety over a single malt.

If you’re hell bent on spoiling your woman this festive season, then you could never go wrong with diamond jewellery. A timeless set of cluster diamond earrings or drop earrings are as elegant as they are ageless, and if your significant other prefers a neckpiece, then show your affection with an elegant pendant that she can pair with a set of earrings she already owns, or with a classic bangle that fits her personality. cc

Tech Review

Tech trends are ever changing, and this set of practical and functional gadgets is suitable for different aspects of day-to-day living. Martina Said dishes out some of the latest trends in the gizmo world.

01. Logitech Bluetooth multi-device keyboard This multi-purpose keyboard is designed to be used with up to three devices at once, irrespective of your computing platform. Essentially, you could work on a document on your computer, and with the flick of the Easy Switch dial, answer a message on your smartphone from the very same keyboard. So long as the device you are pairing the keyboard with has Bluetooth capabilities, it is good to go.

02. Electronics service and repair Every electronic product needs to be serviced and repaired every now and then, and RV Electronics Ltd excels in exactly that. In view of European regulations on the two-year warranty on all electronic products sold, the need for a professional workshop equipped with experience and knowhow is a must. RV Electronics has more than 35 years of experience in this sector, and as proof of its professional service, various established companies have put their trust in the company to support their needs. A number of renowned international brands, such as LG, Haier, Pioneer and Miia Style also entrusted RV Electronics with their aftersales support and warranties. RV Electronics Ltd, Factory AT2, Marsa Industrial Estate Garibaldi Street, Marsa. T: 2131 4765; W: www.rve.com.mt

03. Leica T Leica has treated its followers to a 100th birthday present this year – a sleek, Wi-Fi equipped Leica T interchangeable-lens camera system, styled by Audi Design, which boasts a sculptural unibody built from a single block of hand-polished aluminium. All the internal electronics are attached directly to the frame itself rather than to an internal chassis, giving this one-of-a-kind machine a sturdy and solid feel. This model also enjoys a 3.7inch highly customisable touch screen on the back, and its 16GB internal memory allows its user to shoot plentifully, even if you’ve forgotten to insert a memory card.

04. Clean the air you breathe The air we breathe is filled with airborne pollutants – germs, microbes, viruses, chemical vapours, pollen, dust mites, mould spores, allergens, cigarette smoke and a range of other impurities. If you’ve had enough of breathing unclean air, then the Fellowes AP-300PH PlasmaTrue Air Purifier will come to your rescue, as it is capable of removing 99.97 per cent of them.

Available at Bits & Bytes, Misrah San Alwigi, Birkirkara. www.bitsandbytesmalta.com

GADGETS 01.

05. LaCie RuggedKey The LaCie RuggedKey keychain and USB is built to withstand accidental drops from heights far beyond what you’d expect to encounter on your way to the office. Its rubber construction is 100-metre dropresistant, which means ultimate protection for your key as well as your data. It is heat and cold resistant, and therefore can protect your data in even the most extreme of climates. In addition to all this, the RuggedKey is certified for resistance to damage from dust and water projection, making it one of the best forms of onthe-go protection from the real world.

03.

06. Photo iPad Scanning Dock This handy gadget adds yet another useful function to your iPad. The Photo to iPad Scanning Dock saves treasured photos directly to an iPad as the tablet docks and charges itself on the device. The user can control the dock using a free app, and the sheet-fed scanner preserves photos and documents in the form of digital files.

Then, in as little as 12 seconds, the photo is converted into a JPEG image and will be shown off on screen in real time, while also saved immediately to the iPad’s camera roll. The dock supports a built-in lightning connector which will recharge the tablet’s battery in approximately five hours. cc

04.

05.

06.

02.

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CC CCin Editorial figures

Budget 2015…

IN Figures

€1.1 BILLION

Income tax – the largest source of income for Government in 2014.

Despite further income tax cuts, in 2015 Government is anticipating to collect an additional €79 million.

€1.3 BILLION

The amount Malta is spending on the Social Solidarity (Social Security) vote. That’s all revenue generated from income tax plus an extra €200 million.

€427 mILLION

Malta’s bill on health for 2014.

It’s a lot of money, but it’s less than one third of our total spend on social security.

€84 mILLION

How much the Government will be spending in 2015 on medicines and surgical materials.

€685 mILLION

Revenue generated from VAT. At 18 per cent and with the healthy economic growth achieved in 2014, one could perhaps have anticipated a higher figure.

Government is projecting to collect €48 million more in 2015.

€105 mILLION

How much Malta will be spending on its police force and army in 2015.

€300,000 Budget to promote ‘culture’ on TV stations.

€1.9 €11.8 mILLION

Revenue expected to be generated by a new tax on wine in 2015 – introduced by the Government for the first time.

mILLION

Government’s allocated funds for 2015 related to the construction and maintenance of roads.

€10 mILLION

Amount the Government is expected to raise from car licences, taxes and fines in 2015.

Source: Malta International Airport DECEMBER 2014 / JANUARY 2015

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CC MEET THE ARTIST

Through a surreal lens Defining Ritty Tacsum’s work is not easy – it’s peculiar, dark, surreal and real all rolled into one, but it will certainly have you hooked. Martina Said talks to the experimental photographer about her work, accomplishments and future ambitions, which are nothing short of remarkable.

Y

ou may find yourself musing and mulling over Ritty Tacsum’s work for longer than you’d expect. Her pictures are layered with meaning and symbolism, both figuratively and literally, making them somewhat elusive but captivating all at once.

At 24 years of age, Ritty appears grounded yet sure of her artistic direction, and after working for four years as an experimental photographer, she took the decision to study Digital Arts at the University of Malta to further pursue her ambitions as a multimedia

“I don’t think I have a particular style at all – that is why I have been calling myself an ‘experimental photographer’.”

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“My preferred subject is the human body. I’m particularly interested in androgynous bodies. It is a subject that I would like to research further.”

artist. “When I started out, I didn’t want people to influence the way I think, or the way I look at things. Now I feel that I can be influenced without really being ‘influenced’,” she says. “I wasn’t always into art; my interest there started way after I started exhibiting. However, I have been shooting since a young age, thanks to one of my brothers as he used to lend me his cameras.”

To the average viewer, Ritty’s work can come across as moody and strange, a dominant style she tends to adopt across a range of her photographs. However, she is hesitant about calling it her style: “to be honest, I don’t think I have a particular style at all – that is why I have been calling myself an ‘experimental photographer’.

There is so much to discover that I really can’t stick with something. However, I can feel that there has been a change since I started – nowadays I plan much more for my shoots and more often than not, each shoot is quite research based.”

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“One of my favourite exhibitions though will always be last year’s show at the Museum of Contemporary Art in Taipei, Taiwan.”

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Her work makes plenty of reference to context, time and space. It taps into memory and prominently features architecture, as well as surreal settings often dominated by a human figure. “The things that surround me on a daily basis fascinate me,” she claims. “However, my preferred subject is the human body. I’m particularly interested in androgynous bodies. It is a subject that I would like to research further.

“Anything could be a source of inspiration for me; it could be a book, a movie, a particular song or face. I usually sketch something first, then I research about its connotations, and plan the shoots,” says Ritty. “The most challenging part is trying to transfer the image in my mind into an artwork. It’s very difficult to get my thoughts out there at times. There are certain images, for example, which still need to be created, but I still can’t decide on the best ways to express them.”

She is an emerging artist in this field, but Ritty is leaving her footprint on both the local and international artistic scenes, having exhibited in more than 10 exhibitions so far, among them a solo exhibition titled Four Rooms in 2013 held at St James Cavalier, Religionis Violenta at the London West Bank Gallery in 2012, and Art in the Piazza at Tigne in 2012 featuring works by other renowned artists.

“One of my favourite exhibitions though will always be last year’s show at the Museum of Contemporary Art in Taipei, Taiwan. I guess that’s my biggest accomplishment so far, and it was an honour to be invited to be part of a show with such big artists as Bjork and Patricia Piccini.”

In spite of her university commitments, Ritty says her photography work is what tends to take up most of her time. “It is not a job with fixed hours – there are no weekends, no holidays. Sometimes an idea comes to me in the middle of the night and I have to write it down.” Her journey, however, has been immensely rewarding, “and the highlight of it all was probably the support I got from my family and my loved one. They never questioned my ideas, no matter how random or insane they may be.”

While Ritty’s work has enjoyed significant success locally, it is plain to see that her sights are focused on reaching international markets. “I am currently working on the launch of my online shop as well as the launch of my new studio. I have joined forces with two of my brothers, Shaun and Josef, and together we have been working tirelessly for the past year on these projects. I am also planning a soloexhibition in Asia for 2016, but it is still in its initial stages.” cc DECEMBER 2014 / JANUARY 2015

CC make the headlines

The 56-year flight of Eagle K-wear Eagle K–wear has come a long way since it was established in 1958, and today is one of the longest established manufacturing firms on the island. During these long years, the company was an integral part of the clothing sector in Malta since its inception and its subsequent development during the Aids to Industries phase in the sixties.

The company was set up by the three Aquilina brothers; the late, Frank, Charles and Emmanuel with 12 employees and within nine years staff increased to 165. At the time, its export arm was growing and it produced for prestigious labels in United Kingdom, Germany, Cyprus and Fiji. Throughout the decades Eagle K-wear continued to expand, invest in new machinery and stretch out to new frontiers.

Today, the company is a major player in the health and hospitality industry, offering solutions to all business customers. Eagle K-wear takes pride in delivering a unique package of offering a ‘one stop shop’ service

Offering innovative security solutions Mediterranean Protection Solutions Ltd is a young and dynamic enterprise with 12 years of management experience, development and progression in the application of innovative technologies. The company provides quality and high-level security systems to meet customers’ individual needs effectively.

The company is geared to address and support customers’ requirements comprehensively in various levels of security management from low to very high risk environments. The service and various security systems supported are attested by the extensive portfolio of clients across a variety of sectors including the logistics, hospitality, banking, retail and manufacturing sectors, among others.

DECEMBER 2014 / JANUARY 2015

and of having the expertise and experience to put identity, style and comfort in the garments offered.

The fuel that has spearheaded this company forward has been a firm and sustained belief in a vision that was birthed in it since the beginning and passed down from father to son. Alex Aquilina, Chairman, is a dreamer as well as an achiever and believer that “offering bespoke uniforms supported by stock supported garments puts us in an advantageous position. Proximity

to the markets is another advantage. The trick is to turn this advantage into an effective strategy to be able to penetrate the important markets.”

There is only one effective yardstick to measure the successful relationships that Eagle K-Wear has preserved over 56 years in this industry: Honesty, Integrity and Honour. cc

Our products and services Mediterranean Protection Solutions offers total holistic support with diverse security systems and high-quality equipment, including: • CCTV high definition cameras • X-Ray machines for baggage, cargo and mail • Walk through (metal detectors) • Car park revenue and security management • Marine electrical and water supply and revenue machines • Fire detection/ intruder and support systems • Consultancy services in security systems

requests, our exclusive equipment suppliers include renowned top brands in innovative security technologies.

The company offers full technical support on a 24/7 basis. cc

T: 2144 2329; E: info@eaglek-wear.com; www.eaglek-wear.com

127, L’etoile, Triq Il-Garni, Mellieha; T: 2152 4645; W: www.prosolutions.com.mt

Moreover, in order to cater for unique and specific requests posed by different clients, our company is always ready to make use of different brands available within the local and international markets. By carrying out ongoing research and attending renowned conferences and fairs held abroad, we are highly knowledgeable on the equipment available within the international market and with any innovations in our sector. Despite working with any brand that meets specified

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CC make the headlines

Bank of Valletta’s new online portal This summer Bank of Valletta launched a completely new bov.com. What’s in it for business customers?

The digital world has today become a constant and active presence in the daily life of our customers.

The Bank of Valletta had long felt the need to invest in a portal that would not only mark its presence on the Internet, but to also serve as one of the Bank’s customer touch points. We wanted to create a space where a customer could inquire about banking at his own pace, in his own words and at his own time.

Customer-centricity has always been crucial to the bank’s vision, including its online strategy. The new bov.com is envisioned to become the virtual hub for the Group’s knowledge base, and a channel which will offer increased engagement possibilities between the Bank and its customers.

At ‘Menu’ level, a distinction is made between ‘Personal’ and ‘Business’. This means that a business customer can navigate directly to the ‘Business’ section and browse among information specifically targeting their financial needs.

In order to assist clients further, the ‘Business’ section is segmented into three routes. The tab ‘Products’ outlines the different products on offer for business customers, be they deposits, investments or credit-related.

The ‘I want’ tab offers a more customercentric view of Bank of Valletta’s financial solutions by consolidating products and services into information related to specific needs such as financing options for startups or corporates, as well as access to EU funding opportunities. The ‘My Toolkit’ is the third tab which encapsulates a list of useful items that business customers, particularly SMEs, are likely to find useful such as a template business plan.

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The new bov.com is envisioned to become the virtual hub for the Group’s knowledge base, and a channel which will offer increased engagement possibilities between the bank and its customers.

In addition to the ‘Business’ section, one may also access more specific portals related to fund business and administration, stockbroking and Wealth Management seamlessly.

From design stage, the site was set up with the primary objectives of ensuring a smooth user experience. These include: Making it easier for the customer to use: Considerable thought went into the layout and the design of the portals to ensure that they leave a marked positive visual impact and that navigation is seamless and straightforward. A tabbed approach was also adopted for product pages. In addition to avoiding excessive scrolling, this ensures that the customer finds the information required in a more straightforward manner.

Jargon Translate: This addresses the issue of banking jargon by providing immediate translation of technical terms, wherever they appear on the site. The new platform automatically turns these technical terms into hover-on popups with a more elaborate description of the term itself, without having to refer to glossaries.

User-experience: The portal learns what the user is expecting to see based on various factors such as age, interests and status. Whatever portal he is on, the user will be shown information that relates to his persona. All items including banners, spotlights, related documents and articles will organise themselves for every persona based on these variables.

My Guide: Another key objective of the new portal is to bridge the gap between

the physical retail network and the virtual platform in such a manner as to ensure an optimal experience for today’s customer. The My Guide feature was designed to provide a step by step approach that mimics the most common queries clients generally raise at the physical branch. A client following the ‘My Guide’ will know immediately whether he is eligible for a given product or service and what documentation he requires to finalise his application.

Click-to-Chat: Anyone browsing the site can click on the Click-to-Chat button in order to communicate with a BOV representative for immediate assistance. This functionality is available from anywhere on the site. A real-time log is kept on the website, which enables the Customer Service Centre representative to forward the chat to other Bank representatives should it so be required.

In addition, several features are available when one sets up a profile on bov.com. These include customisation of various aspects of the site, including the page to feature as a Home Page and Quicklinks. Moreover, the site automatically serves as a repository of all communication with the Bank.

The new bov.com is a point of departure rather than a destination. It does not set out to be the solution for today but a platform that will reflect the bank’s growth and provide a virtual ‘Pjazza’ to complement the physical retail network across the islands.

The new web portal has been developed

by Infusion Solutions Ltd (www.infusionmalta. com) a company that blends effective web design with dynamic web programming to provide powerful online solutions. cc DECEMBER 2014 / JANUARY 2015

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His heart stopped!

Will you save him?

Sudden cardiac arrest (SCA) is the most common cause of death from heart disease, accounting for more than 63 percent of all cardiac deaths. In SCA, the heart suddenly stops beating normally.

Without a blood supply, oxygenstarved organs are irreversibly damaged and will quickly fail... within a few minutes.

The only effective treatment for SCA is defibrillation. External defibrillation provides a brief, effective therapeutic electric shock through the person’s chest to the heart, restoring the heart’s normal rhythm. While people with heart problems are at high risk of death from SCA, it can strike anyone, anywhere, at any time without warning and in some cases is the victim’s only symptom.

Even young people, people who appear to be healthy, extremely fit athletes and people with no history of heart problems can be victims of this silent killer.

The definitive survival treatment for a SCA victim is a defibrillation shock. Cardio

Pulmonary Resuscitation (CPR) or ‘chest compressions’ and ‘mouth-to-mouth’ breaths, only temporarily circulate blood to vital organs and on their own do not restore a patient's heart into a healthy rhythm – a shock is needed… and fast!

The average national response time for the arrival of emergency personnel equipped with defibrillators is usually greater than 10 to 15 minutes – this is just too late. That is why immediate access to defibrillators onsite is extremely important.

Each minute of delay in delivering a defibrillation shock to a cardiac arrest victim reduces the chances of survival by 10 per cent

A ‘diet without a diet’ The Guru Diet is a ‘diet without a diet’. It is in fact an advanced natural Chinese therapy that is 100 per cent natural, with no side effects, and is effective with people of all ages and with those who suffer conditions such as diabetes, cholesterol, a slow thyroid, lactose and gluten intolerance, etc. The Guru Diet does not make use of any machines and neither is it a form of hypnotherapy.

DECEMBER 2014 / JANUARY 2015

For further details contact Technoline Ltd on T: 2134 4345.

burgers, chicken burgers, chicken sausages, finger food, diet soft drinks, fruits, nuts, yogurts and several other food items. The Guru Diet is also perfect for vegetarians.

The Guru Diet encourages you to eat amazing food over four meals or more a day and, and in seven days you should lose between 2kg to 4 kg! In five weeks women lose between 5kg to 8kg and men lose between 9kg to 14kg. A recipe book with 140 delicious recipes is available for sale.

Each treatment session lasts 90 minutes, for the price of €50. Treatment is for five weeks and you may continue attending until you reach your target weight and body shape.

The Guru Diet – No machines, No creams, No Pills and best of all No Diet! cc

By Adrian Gusman

I hold one-to-one individual sessions and perform a delicate and light hand massage on the hand and various points of the face which gives rise to stronger enzymes in the stomach that burn fat and sugars, and that are converted into energy naturally for about 15 minutes. I have personally lost 54kg in nine months through this form of unique therapy and its nutritional method.

Now, as the only person in Malta to carry out this therapy, more than 8,000 people are benefiting from this amazing weight loss and

– meaning that, if a casualty is not shocked within 5 minutes of collapse, he/she will have less than 50 per cent chance of survival.

When a sudden cardiac arrest (SCA) strikes, the first few minutes are critical to survival. In the chaos and confusion surrounding the event, it can be challenging for the average rescuer, with only minimal training in CPR and AED use, to remember and follow the correct procedures. It’s during these critical minutes that the Powerheart AED G3 Plus becomes priceless. cc

the therapy’s health healing properties.

The Guru Diet consists of a unique form of therapy that is combined with a nutritious eating plan which allows you to eat most of the foods you really like including baked macaroni, spaghetti bolognese, penne al salmone, penne with a chicken mushroom sauce, rice, potatoes, cottage pie, wraps, pitta bread, naan bread, meat, chicken, fish, omelettes, toasted breads, bruschetta, baked beans, curried rice, Turkish food, beef

Call me on 7944 8388 from Monday to Saturday from 8.30am to 8pm to discuss how this unique therapy can work for you.

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OZOSYSTEM – 2014, a year to remember OzoSystem is one of the leading cleaning companies on the Maltese islands, and this is no coincidence. Since its foundation in 1996 by the present Managing Director Mario Muscat, the company believed in three core values: the client, the employee and training.

Year on year the company invested a lot of money in sending all its employees to various training and courses to ensure that they are all adequately trained to give the client a sterling service.

In 2014 the company reached several goals and achievements including that of acquiring ISO 9001:2008, a certification in Quality Management Control. This is testament to the consistency, sustainability and excellent service delivered to its wide portfolio of clients.

That’s not all… OzoSystem inaugurated Malta’s First Complete Cleaning Academy, officially inaugurated by the Minister for Employment and Education, Evarist Bartolo, on 9th December.

The state-of-the-art training academy comprises two sections; the practical section that features: • A typical hotel bedroom with an open plan ensuite bathroom • A mini industrial kitchen • A waitering area • A typical office Theory lessons will be delivered in a

conference room that can hold up to 60 persons.

Among several modules are Customer Care, Health and Safety, Cleaning Methodology and Grooming.

The Training Academy will be, first and foremost, used for the training of our employees but it will also be open for the local tourism industry and for the industry in

North African countries.

2015 is promising to be another challenging year – the company is working hard on completing further projects, on further investments and on greater expansion. cc For further information visit www.ozomalta.com

“OzoSystem inaugurated Malta’s First Complete Cleaning Academy on 9th December.”

“In 2014 the company reached several goals and achievements including that of acquiring ISO 9001:2008, a certification in Quality Management Control.”

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DECEMBER 2014 / JANUARY 2015

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Shaker – expert design craftsmanship With 19 years of experience in solid surface design and fabrication, Shaker Ltd is renowned for high quality skills and service. Shaker projects are handcrafted to perfection, with flawless finishes adding unique value, character and sophistication to interior and exterior projects, delivering the highest standards of performance and design. This is achieved through a wide range of brands which can be integrated within various design applications.

Through the design and fabrication of DuPont™ Corian® Shaker provides limitless design possibilities through a wide range to of trend-setting patterns and tones, which inspire architects, designers, artists and homeowners. DuPont™ Corian’s® research and development unit maintains and improves its non-porous, hygienic, heat resistance, translucent and thermoforming qualities, allowing fabrication into any seam-free shape.

De Fort Designer Wear De Fort Designer Wear is an established outlet that has been offering high-end fashionwear in the beautiful Portomaso area for the past eight years. De Fort stocks Ralph Lauren clothes and accessories for people of all ages, starting from newborns. Kids, ladies and men are also catered for with a vast selection of fashion

DECEMBER 2014 / JANUARY 2015

DuPont™ Corian®, the first product of its kind, is now widely used for kitchen counter tops, vanities, baths, shower trays, window sills, table tops, buffer counters, corporate desks and various creative applications within the residential, yachting and commercial industries. Shaker is a certified member of the DuPont™ Corian® ‘Quality Network’ and fully supports the 10-year warranty issued directly by DuPont™, additionally offering an extra five-year warranty, supporting Shaker’s expert design craftsmanship.

Shaker offers the possibility of adding elegant finishing touches to design projects, through a range of stainless steel sinks, kitchen mixers and flooring. Shaker

has also partnered exclusively with Graff faucets, a benchmark brand in the US, offering a wide range of designer fixtures for kitchens, bathrooms and showers.

Graff brings creativity and inspiration into many homes and commercial spaces, while remaining aware of human and environmental values. Graff also adopts the values of innovation, quality and technology.

Shaker Ltd provides professional, customised project management and solutions to design ideas. cc

items and accessories including stylish scarves, ipad covers, hand luggage, laptop bags, gym bags, as well as school wear such as back bags and shoes.

Facebook page – last month we gave away free parking at the Hilton car park. cc

Find out more about Shaker’s portfolio within the residential and the commercial sectors by visiting www.shaker.com.mt

De Fort Designer Wear (Polo Ralph Lauren), 15, Portomaso, St Julian’s.

T: 2138 7687; M: 9983 3565.

The outlet is well laid-out, with an entire floor dedicated to men and another floor dedicated to women and children. There is also a ‘sale’ section all year round, if you would like to bag a bargain.

The management and staff are always at hand to help our clients find the best-fitted item or ideal gift for their loved ones.

Look out for our special offers on our

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Presenting the Premier Cut Diamond Collection Buying a diamond is an exciting step in life, especially if you are presenting this precious stone to a loved one. With Christmas just around the corner, Vascas Jewellers are proud to present ‘The Premier Cut Diamond Collection’, featuring classical diamond jewellery composed of superior IGI certified diamond stones that weigh between 0.20ct and 5.00ct.

Through extensive research as well as thorough testing and development, these round brilliant cut diamonds have been designed in a unique way to sparkle with fire and brilliance from every angle and every facet. Unlike any other brilliant cut diamond known to have a total of 52 facets, the Premier Cut Diamond has been created to have 82 facets, each reflecting its own light and creating that magical sparkle for which diamonds are known.

Cisk Lager wins Silver in Brussels Beer Challenge 2014 Cisk Lager, brewed by Simonds Farsons Cisk plc, has just been awarded a Silver medal in the Lager: International Style Pilsner category in the Brussels Beer Challenge 2014 competition.

The international competition, now in its third year, was held between 30th October and 2nd November in Leuven, Belgium. Launched in 2012 to promote the beer industry in a market that is not only a benchmark for beer but also home to connoisseurs, the competition gathers strength from year to year with participation increasing to 725 entries this year (up from 592 last year). The aim of the competition is to promote quality beers and encourage healthy competition within the industry, to offer consumers a quality seal awarded by industry members and to offer beer producers a promotion and marketing tool.

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Premier Cut Diamonds have the powerful ability to transform the finest brilliant cut diamond into a masterpiece of fiery reflections, thanks to their newly modified patented cut as well as their stunning design.

One may purchase these diamond stones on their own, or have them incorporated into beautifully designed jewellery pieces, that may also be tailor-made depending on their unique needs and style. Once purchased, these diamond stones can then be upgraded over time into bigger, better and more beautiful diamond stones.

Vascas Jewellers are Malta's exclusive jewellery retailer offering these superior quality diamonds, making Vascas Malta's leading jeweller for diamonds and precious stones. The Premier Cut Diamond Collection available at Vascas is the perfect gift of love this Christmas, and will surely be a gift to remember. cc For more information about The Premier Cut Diamond, visit one of our outlets, or contact our diamond professionals on T: 2258 9200. Make this Christmas one to remember!

This year’s edition saw 25 competing countries, including top participating country Belgium, with 200 beers from 79 breweries, followed by USA with 177 beers and Italy with 110 beers. 61 international professional tasters awarded a total of 160 medals to the winning beers.

“We are extremely proud that our top quality beer and flagship brand, Cisk Lager has once again been recognised as a world class beer. This is testament to our brewers’ unwavering dedication to quality and consistency, and a commitment to delivering outstanding beers,” said Eugenio Caruana, Head of Production and Head Brewer at Simonds Farsons Cisk plc.

Other prestigious awards won by Cisk Lager include Gold in the UK Brewex Award in 1980, a Gold award and Overall Winner in the Australian International Beer Awards in 1995, Silver in the Brewing Industry International Awards in 2005, World’s Best Standard Lager in the World Beer Awards 2007 and Silver in the International Beer Challenge 2013. cc For more information about the competition visit: www. brusselsbeerchallenge.com DECEMBER 2014 / JANUARY 2015

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The signing of the Transatlantic Trade and Investment Partnership With the EU and US in solid negotiation about the proposed Transatlantic Trade and Investment Partnership, Jo Caruana speaks to experts with knowledge from both sides of the Atlantic to determine whether this agreement is deemed positive by all concerned.

I

magine no barrier to trade. No tariffs across sectors; reduced barriers behind the customs border; and the opening of both the US and EU markets for services, investment and public procurement.

These dynamic changes are actually no longer impossible, all thanks to ongoing talks behind the development of the Transatlantic Trade and Investment Partnership (T-TIP), which aims at removing trade barriers in a wide range of economic 124

sectors to make it easier to buy and sell goods and services between the EU and the US. “Both EUROCHAMBRES and BUSINESSEurope, to which the Malta Chamber of Commerce Enterprise and Industry is affiliated, have voiced their public support for the negotiation of this agreement, reflecting the recognition that increased economic exchanges adds to the wealth of the countries involved and thus, ultimately,

also to the wealth and welfare of the people,” explains Malta Chamber President David G. Curmi.

“We therefore encourage a positive attitude towards the T-TIP negotiations while warning against simplistic scaremongering and protectionist conservatism when looking at the idea of reaching a final agreement. With negotiations now entering a critical phase there are a number of relevant considerations which are pertinent to the subject.”

DECEMBER 2014 / JANUARY 2015

CC debate the interest of a small open economy such as Malta’s.

“The facilitation of foreign direct investment (FDI) is, from our point of view, desirable to an economy such as Malta’s, which is much more dependent on FDI flows than some of the larger economies in Europe which often seek to retain their large local vertically integrated conglomerates,” he says.

“Whereas the scope for removal of direct trade barriers in the form of duties and tariffs is limited, there is plenty of room for improvement when it comes to standards and legislation affecting market access.

The benefits to companies of mutual acceptance and sometimes harmonisation of standards and requirements are typically to the advantage of small and medium-sized enterprises (SMEs) because the cost of dual compliance is proportionately greater for the smaller company as opposed to the large multinational firms. Seen in isolation, this goal is therefore to the advantage of Maltese companies.”

“The T-TIP is a chance to create a 21st century trade agreement that boosts our transatlantic partnership and provides global leadership on trade policy.”

– US Ambassador to Malta, Gina Abercrombie-Winstanley

So could it work?

Ambassador Gina Abercrombie-Winstanley, US Ambassador to Malta, considers the T-TIP to be an ambitious, comprehensive and highstandard trade and investment agreement.

She believes that, yes, it would work.

“This is a once-in-a-generation opportunity to expand the strong cultural, political and economic ties between Europe and the United States,” she explains. “It seeks to eliminate all tariffs on traded goods, DECEMBER 2014 / JANUARY 2015

substantially expand opportunities for service providers, and take unprecedented steps in reducing regulatory and other nontariff barriers. It is a chance to create a 21st century trade agreement that boosts our transatlantic partnership and provides global leadership on trade policy, in a manner that reflects our shared values.”

Mr Curmi goes on to explain that the overriding goal of reducing trade barriers, as advocated from the outset by T-TIP, is in 125

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“Increased economic exchanges adds to the wealth of the countries involved and thus, ultimately, also to the wealth and welfare of the people.” - Malta Chamber President, David G. Curmi

Also in agreement with the partnership, Dr John Vassallo, Senior Strategic Adviser to the Microsoft Corporation, believes this partnership has the potential to be the breath of fresh air that both the EU and the US need to re-launch job creation and growth into their respective economies.

“This is a negotiation aimed at achieving a treaty between the US and the EU, and eliminating all last existing tariffs on goods.

It will start harmonising, or eliminating, the regulatory hurdles for services and goods flowing between them. This will be a serious step towards the creation of a single transatlantic market place.

“After all, the EU and US economies are the largest in the world. But, whereas 10 years ago they made up 80 per cent of the global

economy, the emergence of economies like China, India, Brazil and others have reduced the predominant size of the transatlantic joint economies to around 60 per cent of global trade today.

“When the area of investments and capital flows as well as in annual profits, US and EU companies far outweigh any of the emerging economies. Inward investment flows to the EU from the US are 20 times those flowing to China or to India. EU companies have invested equally heavily in the US. All of this makes it surprising that a treaty like the T-TIP, which is only being negotiated now, did not see the light of day 10 years ago.”

MEP Dr Alfred Sant, meanwhile, believes the T-TIP will create a level playing field for Malta, the EU and the US, free of as many restrictions as possible and thus allowing the unhindered flow of trade and investment between them. But he does have strong reservations too.

“My final verdict on its benefits/disbenefits can only be arrived at once the negotiations are concluded,” he says. “I am not one of those who believe that the T-TIP makes sense a priori and I will await the outcomes of negotiations before I arrive at a decision whether to be in favour or against.”

Dr Sant cites his reasons for his reserved judgement, stating, “for one thing, the US is emerging as a zone with cheap energy; something which the EU still lacks,” he says.

“A free trade arrangement will enhance US competitiveness on EU markets without the

“My final verdict on its benefits/disbenefits can only be arrived at once the negotiations are concluded. I don’t believe we know enough yet.” – MEP Alfred Sant 126

“I am surprised that a treaty like the T-TIP, which is only being negotiated now, did not see the light of day 10 years ago, or so.” – Senior Strategic Adviser to the Microsoft Corporation, John Vassallo

same happening in the reverse direction.

Secondly, most of the benefits touted for the arrangement skirt around the issue of who will benefit on both sides of the Atlantic. In my opinion it will be the big multinationals, while the bulk of US and EU SMEs will hardly be affected, both for services and goods. In addition, the EU has not been too successful in handling the challenges of globalisation, which the T-TIP will strengthen. Clearly, Europe needs to work towards some form of gated globalisation if it is to regain economic momentum.

“Finally, there are some delicate issues that need deep consideration and about which we know little regarding the development of ongoing negotiations. These include public procurement in the US at federal, state and lower levels, the treatment of GMO business, and the cultural exception that, quite rightly, some EU lobbies are pushing for.”

Disagreeing, MEP and member of the European Parliament’s delegation to the US Dr Roberta Metsola believes that nothing encapsulates the political and economic relationship between the EU and the US better than the proposed T-TIP. “This agreement aims to provide both sides of the pond with strong economic gains and will serve to cut tariffs and barriers to trade that serve as a hindrance to growth, jobs and entrepreneurship. Some estimates put its potential value at close to €200 billion,” says Dr Metsola. “It could be the key to opening up DECEMBER 2014 / JANUARY 2015

CC debate

“Some estimates put the potential value of the T-TIP close to €200 billion.”

– MEP Roberta Metsola markets and creating growth opportunities that will see our economies thrive. And while we are perhaps away from harmonisation across the board, there are definitely issues where divergence can be addressed.”

However, Dr Metsola also stresses that, while the T-TIP is hugely important, it should not come at any cost. “What should be our guiding principle and line in the sand is high standards of protection of the environment, health, safety, privacy and data protection,” she says. “While policies and standards could be more compatible, the price cannot be too high.

“We also need to be open with our citizens and counter the narrative that this agreement will somehow see all standards in Europe removed. There is real scepticism about the eventual scope of the agreement, even among Maltese. We would be wrong to ignore these voices or leave their claims – often misguided – unchecked. If we do not discuss these issues together, in an open and frank manner and inform the public, we would be creating a huge lacuna, which will only be filled by halftruths and rumours.”

Using his expertise as vice president of the Employers’ Group within the European Economic and Social Committee, Stefano Mallia stresses that for the many benefits of the T-TIP to percolate across all the layers of the economy, the decision to include a chapter specifically designated to SMEs within the treaty is very important.

“We all know that SMEs are what make Europe’s economy tick, so if this aspect is

not well catered for then the whole exercise will be a futile one,” he says. “Whilst the removal of tariff barriers is one of the most obvious benefits one expects, in this case the expectation is that it is actually the removal of non-tariff barriers that will bring the most benefits. Simplification of customs procedures, clear rules of origin, standardisation of technical norms, easier movement of workers between the two continents as well as easier access to public procurement and market information are some of the benefits the business community expects from the T-TIP.” Asked about the key benefits that she predicts will result from this agreement internationally, Ambassador AbercrombieWinstanley explains that, in simple terms, the T-TIP will create the biggest and most prosperous unified market in the world – 800 million consumers in a market with a combined GDP of over $34 trillion (US-$16.8 trillion; EU $17.3 trillion).

“We all know that SMEs are what makes Europe’s economy tick, so if this aspect is not well catered for then the whole exercise will be a futile one.” – European Economic and Social Committee Employers’ Group Vice President, Stefano Mallia

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“Investors and exporters around the world will be eager to enter this marketplace.

Producers wanting to enter this market will have to meet the high standards of health, environmental, and consumer protection that US and EU citizens expect. T-TIP will include, and even expand, these protections.

“Beyond that, the T-TIP could provide additional sources of energy for Europe by facilitating exports of US liquefied natural gas (LNG) to Europe. Malta is in the process of building one new gas-fired power station and converting an oil-burning station into a LNG-powered station. Increased supply of LNG from the United States could result in additional cost decreases to the Maltese market.”

Mr Mallia believes there is plenty of scope for Malta to work more with the US, despite the challenges. “The US is already an important market for a number of Maltese firms,” he says. “Clearly, the distance between Malta and the US will always have an impact on what can be sold to or imported from the USA. Only high-value, low-volume goods can be contemplated, however we must look beyond the so-called traditional import and export of manufactured goods. There is also plenty of scope for us to sell services and, most importantly, we should seek to encourage and facilitate that people from Malta go to the US either to study or to work there in specific niche areas to gain valuable experience, knowledge and build networks which are all priceless when it comes to developing products and services which are sellable in the US market. Of course a number of these people will indeed not return but there will be others who will return and will prove to be valuable assets to the country.

“In my mind, there is no doubt that the opening of the US market can only be of benefit to the Maltese business community especially for an economy like ours that depends so heavily on exports. It is only through exports that we can achieve meaningful growth and therefore the T-TIP could indeed present a real opportunity.” cc DECEMBER 2014 / JANUARY 2015

FOOD&WINE 01.

2015 Food Trends

As we approach the end of the year, food researchers and culinary experts start putting forward their predictions on what food trends we can expect to emerge in 2015.

Here’s Sarah Micallef’s pick of the forecast so far.

01. Broth

02.

With the lower temperatures comes flu season, and there’s nothing better than a nutritious bowl of broth to warm the cockles when you’re feeling a little under the weather. The health benefits of broth seem set to take centre stage in the culinary world come 2015, and thanks to brands like Pacific Foods, broth drinking will also become decidedly more casual – with fresh broth available right out of a carton!

With traditional broth taking up to 24 hours to make, products like chicken and lemongrass broth in a carton are sure to be a dream for health enthusiasts.

02. Fermented foods

03.

With the popularity of this year’s gluten-free trend, predictions for next year place an increased focus on the consumption of fermented foods at the top of the list among those looking to improve their digestive system and aid digestion. Apart from this, benefits of fermented foods include reduced risk for diseases like Type2 diabetes, improved immunity and ability to absorb more nutrients from foods – all good news! Look out for probiotic yogurt, sauerkraut, kimchee and other fermented vegetables, which create good bacteria and are set to become more commonplace.

04.

05.

03. Pistachios Feeling a little nutty? The new nut of the year, apparently, is going to be the pistachio. The new trendy nut is looking set to hit your palate in a number of different variations, with pistachio butters, spreads, drips, oils and milks being among them. And besides being trendy, it is also very good for you, helping lower blood sugar and insulin levels in people with pre-diabetes as well as being a healthy source of protein – win!

04. Smoky flavours Smoky and barrel-aged flavours are primed to be everywhere in 2015, going beyond the known and loved meat and bacon flavours to add complexity to the flavour profiles of other proteins and alternatives like vegetables, butters, and even cocktails.

Apart from smoking non-traditional foods, we can also expect a variety of foodstuffs to bear the label ‘aged in oak’, which will further serve to add a gourmet, hand-crafted touch to proceedings.

05. Japanese Matcha tea The benefits of green tea were widely celebrated this past year, and championed by health enthusiasts the world over, but what if there was something that is the equivalent of 10 glasses of green tea in terms of nutritional value and antioxidant content? Enter Matcha tea – a cancer fighter and fat burner with health benefits that exceed those of green tea, owing to the fact that the entire leaf is ingested when you drink it.

This one is set to make major waves.

06. Professional catering With all manner of events being held this festive season, from small private dos to larger corporate events, the food being served is an important factor.

Increasingly, event organisers are opting for professional catering services like Neriku Catering to help make their function a success. In operation since 1969, Neriku is a complete catering, special events and food manufacturing company offering a wide range of custom menus, products and services. Having catered for birthdays, christenings, engagements and weddings as well as product launches, luncheons and conferences, the corporate catering experts take care of all the elements of the catering and work so efficiently, you won’t even know they’re there!

View neriku.com for further info. cc

06.

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