Issue 23 – September 2016
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cover story DRIVING BUSINESS SUCCESS Interview with Nicola Mallia, Chief Legal & Compliance Officer and ED, FXDD
Feature: Gozo
Sustainable Development Interview with the Minister for Gozo, Dr Anton Refalo
34 erc stories
Dealing with Irregular Migration in the 21st Century Barak Kalir, ERC Researcher, on a hotly debated subject
42 feature: eba awards
On the Leading Edge Interview with NetRefer’s CEO, Timothy Buttigieg about being a proactive marketing specialist Newspaper Post
Malta Business Review
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Malta Business Review
www.maltabusinessreview.net
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Malta Business Review Malta Business Review
PuBLisher MBR Publications Limited editor Martin Vella teChniCaL advisor Marcelle D’Argy Smith saLes department Margaret Brincat, Sales Director Amy Schembri, Senior Sales Executive design Jacqueline Muscat, Gyorgy Vertes advertising Call: 9940 6743 or 9926 0163/4/6; Email: margaret@mbrpublications.net or admin@mbrpublications.net ContriButors Nathan Archer; Olivia Barrow; Antoine Bonello; Jesmond Bonello; Stephanie Borg; George Carol; Barak Kalir; Katia Knox; Erika von Mutius; Paul Ricci; Leif Katsuo Oxenløwe; sPeCiaL thanks BOV; Corporate Identities; DOI; European Research Council; eie Educational Group; HSBC; FXDD; Ministry of Finance; Ministry for Gozo; Money+Card; Simblija Care Home; LinkedIn; PN Media; The Sovereign Group; UBM (UK) Ltd; Wageindicator; Print ProduCtion Printit offiCes Highland Apartment - Level 1, Naxxar Road, Birkirkara, BKR 9042 teLePhone +356 2149 7814
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COVER STORY
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Driving Business Success
Interview with Nicola Mallia, Chief Legal & Compliance Officer and
Executive Director, FXDD
talking point
8
WHY THE NEWS IS BROKEN
Olivia Barrow tells us exactly why newspapers have forgotten what they are selling,
and who they are selling to
EXCLUSIVE INTERVIEW
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Transforming into An Alternative Government
Part 2 interview with the Leader of the Opposition Dr Simon Busttil
Special Feature: Gozo
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Sustainable Development
In this interview, the Minister for Gozo, Dr Anton Refalo, confirms why the Island’s
main challenge is the sustainability of the Gozitan economy
focus
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Access to Employment (A2E) Scheme
Find out why Jobsplus’s Access to Employment (A2E) Scheme
provides employment aid to enterprises in
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Occupational Health and Safety Risks in SMEs
quote of the month
“Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbour. Catch the trade winds in your sails. Explore. Dream. Discover.”
Jesmond Saliba chronicles H&S risks report after one of the co-winning films of the Healthy Work Places Film Award was screened.
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Quality & Value
MBR interview Vera Sant Fournier, Malta’s Best Female Entrepreneur of the Year 2016
Mark Twain
Disclaimer All rights reserved. No part of this work covered by copyright may be reproduced or copied and reproduction in whole or part is strictly prohibited without written permission of the publisher. All content material available on this publication is duly protected by Maltese and International Law. No person, organisation, other publisher or online web content manager should rely, or on any way act upon any part of the contents of this publication, whether that information is sourced from the website, magazine or related product without first obtaining the publisher’s consent. The opinions expressed in the Malta Business Review are those of the authors or contributors, and are not necessarily those of the editor or publisher.
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OUR GOLD PARTNERS
Malta Business Review Malta Business Review
CONTENTS 32
Be Sure on Shore
Interview with Peter Hunt, Head of Sales & Marketing, and Dmitry Kozelkin, who is the Chief Business Officer Money+Card
ERC STORIES
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Dealing with Irregular Migration in the 21st Century
Barak Kalir, ERC Researcher with Universiteit Van Amsterdam, Netherlands, tackles this hotly debated issue
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Playing Dirty Against Allergies & Asthma
Prof. Erika von Mutius leads a team of researchers, that uses this knowledgeto investigate how we could treat allergies and asthma more effectively
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Towards New Quality Sports Broadcast
Thanks to Prof. Leif Oxenløwe’s research, we discover how wireless ultra-high definition television broadcasting can one day become a reality
sPECIAL FEATURE: EBA AWARDS
In this series, we profile interview with nominees for the European Business Awards
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ON THE LEADING EDGE
Interview with NetRefer’s CEO, Timothy Buttigieg about being a proactive marketing specialist
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Passion and Motivation
Exclusive interview with Deborah Schembri, Managing Director, STM Malta Trust and Company Management Ltd (STM Malta)
EDITORIAL This is the third time this year that a high profile individual has been rejected at EU level after being nominated by the Government led by Prime Minister Joseph Muscat. As it stands, there is an emerging pattern we need to pay attention, not least because of how this is related with the Panama scandal and the image of Malta as a reputable EU country that depends on its financial services sector. Many thought that the Panama Papers are the real reason for this result. Contributors to this publication, hail from Germany, Gibraltar, UK, Italy, and France among many. When corresponding with these colleagues, all ask about the sale of Maltese passports. The selling of the Maltese Passports appears to be the real issue that men in the street in EU are talking about Malta. This Government passed a law to make Henley and Partners indulge in fertile rich pastures. Paradoxically, the country for which access, most of its clients were buying the Maltese citizenship, has now opted out of the EU. As a consequence, Malta’s name ended up being flagged for the wrong reasons in Europe. Thus the current image of Malta, with the man in the street in Europe, is extremely negative. European MEPs, whether on the left or the right of the political spectrum, cannot ignore this fact. The vote against Leo Brincat was a collective vote by Socialists, EPP, greens and other parties at the EP. At least, by having local Opposition MEPs joining the majority and voting against Brincat’s nomination, a positive message was sent that not everyone in Malta is in favour of the selling of the Maltese passports, nor is happy about the Panama Papers and the Visa Scandal. This scheme has done enough damage to Malta. It is also a fact that there are individuals from the Opposition who are making money out of this project, and who should not be part of the Nationalist Party. If they want to indulge in this business, they have all the right to do so, but they should resign from the party. The selling of passports is doing great harm to Malta and its European mission. The PN will be showing that it has already started putting into practice what it is preaching about transparency and political honesty if it discourages such actions and distances itself from them.
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Meanwhile, Leo Brincat can still become a member of the European Court of Auditors, but the European Parliament’s vote will remain on record and he will be held to closer scrutiny. More importantly, though, this episode is another reminder of how Malta is being perceived by EU institutions. It also means the Government should brace itself for an even tougher time when the European Parliament discusses Panama Papers officially later this month.
Martin Vella
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Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s opinion, are written to represent a fair and impartial representation of facts, events and provide a correct analysis of local and international news. Agents for:
www.maltabusinessreview.net
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Malta Business Review
COVER STORY OF THE MONTH
Driving Business Success This month MBR discussed the FX trading business with Nicola Mallia, Chief Legal and Compliance Officer, and Executive Director, FXDD, based in Malta, who shares her viewpoint on the most notable changes in the company, differentiating factor and sharing plans for the nearest future.
MBR: Why are FXDD considered as ‘the’ revolutionary thinkers in finance who have set the trend in Forex? NM: FXDD has obtained its reputation as ‘revolutionary’ in the industry by delivering new technologies backed by support for individual and institutional traders. Furthermore, it ensures that it remains at the forefront of technology by ensuring that its customers are made available with the latest technologies available on the market such as the newly launched MirrorTrader platform. This new revolutionary trading service features algorithmic trading solutions developed by hedge funds, giving FXDD clients primary access to strategies that have previously only been accessible to top institutional traders with account balances greater than one million USD. MBR: Would you provide an overview of FXDD’s Services and the keys to its success? NM: Currently, FXDD is licensed to provide brokerage services to its clients. Clients will open accounts through FXDD’s website for the purposes of trading in foreign currency. FXDD offers its client competitive spreads and excellent customer service. 06
Most importantly, however, it offers their customers the opportunity to trade with an entity that is regulated in the European Union, therefore providing the important safeguards that regulated businesses must provide their customers.
The two most important elements that make a company in this market competitive are pricing and customer service MBR: How hard is it to differentiate and show what makes a company in this space unique? NM: The two most important elements that make a company in this market competitive are pricing and customer service. Furthermore, I believe that operating an online business that is regulated in the European Union and monitored by a serious and respected regulator such as the MFSA gives FXDD an edge over other online brokers
that may not be regulated or regulated in such a respected jurisdiction as is Malta. MBR: What are the advantages of FXDD being based in Malta? NM: As I pointed out earlier, Malta is now in the European Union and therefore all entities that are regulated in Malta must comply with European rules and regulations. Furthermore, Malta is an attractive jurisdiction and attracts employable persons from very different jurisdictions which is very important for a business such as FXDD’s. MBR: How challenging is it to evaluate forex trading technologies when you are dealing with completely new areas? NM: It is quite an interesting challenge and this task is mainly left to the experts, that is, the IT and Operations teams. MBR: Is there a good understanding by young people coming into business today about the type of dynamic career that forex trading can offer? NM: I think the interest is slowly growing. Although quite different from the gaming sector, the sector seems to have a similar attraction probably due to the fact that it is relatively new to Malta and that it operates online. I think it also offers young people with different particular skills the opportunity to use them in an environment which is dynamic and new. MBR: What is notable about FXDD’s approach to handling matters relating to forex trading systems and what are the greatest challenges clients face in this area? NM: FXDD is technology driven. This essentially means that it is constantly in the forefront of new technologies and offering its customers new ways to trade. Some customers may need guidance until they understand new developments that we roll out and this is why we place large importance on our customer care and ensure that they provide customers with the proper guidance that they require. MBR: Where do you see financial technology and payment systems going in the future? NM: I think that these services are becoming quite essential to global online business such as ours. As we offer our products and services globally, we are constantly trying to find optimal solutions for our clients to ensure that their deposits and withdrawals
COVER STORY OF THE MONTH
are managed efficiently by selecting the best service providers available. MBR: Would you describe your path into the field and what spurred your interest? NM: After ten years working as an external counsel to businesses, I was always interested in how a business actually operates, from the inside. I therefore took the plunge, changed career path and took on a role as Head of Legal and Compliance counsel in a start-up financial institution. The change from external to internal counsel was very challenging but extremely educational and I do not regret the move. Insight into how a business operated can only ever be understood once you actually work with different departments on day-to-day basis. Legal and Compliance are two areas which effect every department of every regulated business nowadays so you really do get an overview of how the business works from every aspect. I was recruited by FXDD earlier on this year with the task of upgrading and developing the Compliance Department. I was appointed as Executive Director after 6 months. Although I did not have any specific experience of the forex business, the area has always interested me and this was the perfect opportunity to learn about the industry. MBR: How has the role of the chief legal compliance officer evolved and what makes an effective Executive Director today? NM: Over the past five to ten years, compliance (and legal to some has extent) has become a pivotal function of any regulated business. Compliance departments have increased their staff, information and education is being offered by major institutions and regulators constantly stress the importance of the role of the compliance department. It is now inconceivable to think of a regulated business without a dedicated compliance department. In my view an effective manager or leader is someone who is dedicated to the business that they are running and thus leading by example. It is also someone who understands that people have responsibilities and obligations outside of the office, and therefore the need to be flexible and understanding. Finally an effective leader is someone who never stops learning. MBR: In regard to driving business and business strategy, would you talk about your function and your main challenges as a woman leader? NM: Business strategy these days is being driven by compliance and risk more and more, and this can be hard to accept for more traditional business models. Nowadays, these two areas make up a major part of the decision-making strategy of the Company. For example, it would be poor strategy and quite useless to develop and roll-out a new product or marketing strategy that has not received input at development stage and
approval by Compliance as that product/ marketing campaign may be pulled at the last minute, if they are not in compliance with the law or license of the entity. With regards to challenges as a woman leader, I am really not one to gender stereotype. The effectiveness of a leader does not depend on gender. In my case, I think that various roles that I have to handle daily and are actually irrespective of my gender (lawyer, a manager, a partner to my husband, a parent and a child) have taught me that being flexible is the key to a happy work environment and that, most importantly, this does not apply just to women. A happy work environment is a productive one. Oddly, this is seen as quite a new concept so it can be a little challenging at times. MBR
Malta Business Review
LICENSING STATEMENT: FXDD Malta Limited is licensed to provide investment services by the Malta Financial Services Authority. Registered Office: K2, First Floor, Forni Complex, Valletta Waterfront, Floriana FRN 1913, Malta HIGH RISK WARNING: Foreign exchange trade carries a high level of risk that may not be suitable for all investors.
EDITOR’S NOTE Dr. Mallia graduated as a lawyer in 2001. She worked in one of Malta’s largest law firms in the corporate commercial law department for 10 years. She moved to a financial institution 2 years ago as Head of Legal and Compliance. She joined FXDD in 2016 as Head Legal and Compliance. She was recently appointed Executive Director.
www.maltabusinessreview.net
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Malta Business Review
talking point
Why the news is broken: newspapers have forgotten what they are selling, and By Olivia Barrow who they’re selling to Journalism is an industry in crisis right now. That’s not news to anybody; experts have been trying to diagnose the exact root cause of the crisis for more than a decade now. Is it the internet? Was it the recession? Is it those damn millennials and their media habits? It’s so much simpler than that. The problem with daily journalism comes down to a basic business model flaw: newspapers have forgotten what they are selling, and who they’re selling to. Who’s the customer, and why are(n’t) they buying? Newspapers need to remember that their business model is not that different from any other retailer. The product, what the newspaper sells, is not news. It is attention. ****Yes, most newspapers have returned to also selling the news, but the price of a subscription is still so much smaller than the cost of the good being sold — quality news coverage — that it would never work as the sole revenue stream in anything larger than a one-man shop.**** The eyeballs, the pageviews, the newsletter open-rate, the number of weekly subscribers -- these all add up to the same thing: attention. Our customer is the advertiser, who wants to buy the attention of our readers. But all pageviews are not created equal. The 08
attention of one swath of demographics may not be worth as much as another. To win premium advertising customers, you have to sell a premium level of attention from a premium audience.
To win premium advertising customers, you have to sell a premium level of attention from a premium audience. Here’s an analogy from a well-known business: Harley-Davidson sells a premium product. BMW, Yamaha, Royal Enfield -these brands sell a product with the same function: travel fast on two wheels. But a Harley-Davidson motorcycle will always cost more because it’s a status symbol and a statement. That’s the definition of a premium product. Harley keeps a vacuumtight watch over its inventory levels so that it never finds itself in a position where it produces more bikes than it can sell, because then it would have to discount them, and hurt the brand. Believe me, I’ve listened to their earnings calls, and they harp on it every quarter. Just because you can make more of something, doesn’t mean you should. Losing content in a sea of pageviews So in the newspaper business, how do
you attain that coveted premium status? By attracting a high net-worth, deeply engaged audience. Premium attention, premium audience. Prove to your advertisers that you have that, and they’ll say, “Shut up and take my money!” But instead of focusing on building that top-notch audience through outstanding, ethical and important journalism, newspapers have been derailed by an obsession with pageviews. Let me say it again: Just because you can make more of something, doesn’t mean you should. It’s easy to make it look like your website creates a lot of pageviews. Have you been to Forbes.com any time in the last three years? Forbes takes a small amount of information and divides it into 10 web pages, turning one otherwise happy and valuable reader into 10 annoyed “clicks” on an arrow in a slideshow. Slideshow journalism does nothing to attract a premium audience or promote engagement. In fact, it probably drives that target audience away, because busy high net-worth individuals have no time for slideshow-clicking B.S. The kind of content that does win with that audience is engaging, exclusive, relevant content -- the Harley-Davidson of content — presented simply, no gimmicks. Imagine this: If a customer walked into a Harley dealership and asked to buy the best
TALKING POINT
Malta Business Review
newsroom. It starts with the reporters and editors being keyed into the needs of their audience, which includes the medium for delivering the news, and the format, and the subject matter, and the timeliness. They must constantly be asking themselves, “How can we serve our readers better with the content we create?” That is a fundamentally different conversation than asking, “How can we create 2 million pageviews in the month of October?” Then it’s up to the advertising and business side of the operation to tell the story of that finished product — that deeply engaged reader — to the right buyers. touring bike money could buy, and the dealer said, “Well, our manufacturer is so short-staffed these days, the industry being what it is, that they just don’t have the time to crank out top-quality bikes like they used to. But I can sell you literally one million Razor scooters for the price of one touring bike because we found a way to make those really easily!” A prospective Harley buyer is no more interested in a million Razor scooters than an advertiser is interested in 1 million lowest-common-denominator pageviews, which tell nothing about the user’s actual attention span or interest level. The product newspapers sell is not the news. It’s the reader’s attention. So when I say that the modern newspaper sells a sloppy product, I’m not primarily commenting on the quality of the news reporting. Many local newspapers still have fantastic reporters on staff working their hardest to create compelling news. But the reporting is analogous to the type of metal used to craft the body of a motorcycle. You could use low-grade steel, or you can use titanium. One is definitely better than the other, but unless the rest of the components that go into the motorcycle are also top-of-the-line, your finished product will still suck.
Analytics: a double-edged sword It’s natural to think journalism’s decline derives from spending cuts at major corporations. The recession hit, and the biggest spenders slashed their advertising budgets, so they’re not willing to pay for ad space in newspapers. But that’s just not the case. Brands are more desperate than ever to get their name out to the right people. A compounding problem with digital journalism is that as that reader’s
attention span has become more and more fragmented, we’ve also equipped marketers with the tools to see exactly how ineffective their campaigns are, within a very short test period through analytics. Before online measurement, a company had to run a print ad campaign for a year before realizing the campaign was not meeting the company’s goals. So then they might scrap the campaign, but at least the newspaper got a year’s worth of revenue out of it. Online, you can determine impact within a month or less. That’s a win for advertisers trying to optimize marketing budgets, and a huge
The product newspapers sell is not the news. It’s the reader’s attention loss for newspapers that aren’t offering the right kind of audience.
Back to basics So what’s the key to making it in the world of digital journalism? The same as in any other type of business: create an undeniably awesome product that someone is willingly to pay for. But in this case, high quality journalism is just a component of the overall finished product — an engaged audience. And building that audience is more comparable to the process of building a premium Harley-Davidson Dark Custom motorcycle — it must fit the needs of the riders to the point that it anticipates their every desire. Quality news coverage is so attuned to the needs of its readers that they can’t help but pay attention — deep, interactive attention. The onus for creating that product is on the entire news operation, not just the
If the newsroom creates a product so enticing to its audience that they can’t help but spend a little, or a lot, of time reading it and engaging with it, then the advertising team should have no problem selling that product — the engaged audience — to the real customers.
MBR
Courtesy: LinkedIn
Author’s note: I recognize that final statement is a big “if.” But unfortunately, there aren’t many newspapers even asking the right questions to figure out where their business model went wrong. In the process of chasing pageviews, they’re burning out reporters right and left. In my four years as a reporter, I could count on one hand the number of reporters I met over the age of 45. But I long ago lost count of how many people I met who said, “Oh yeah, I used to be a reporter.” And now I’m one of them. But knowing me, I will always continue to be an avid consumer of and advocate for top-notch news. I may even jump back into the business in a few years if I can find an opportunity that aligns with my passions and brings the right approach to the business model. For now, let me know if I can help you tackle any of your writing challenges!
EDITOR’S NOTE
Olivia Barrow is a Freelance writer and LinkedIn Top Voice.
www.maltabusinessreview.net
09
Malta Business Review
bond issue
€8,000,000 Bond Issue launched by Dizz Finance p.l.c., a member of the DIZZ Group
D
izz Finance plc, a company forming
outlet at Tigne Point (The Make Up
part of the DIZZ Group, operators
Store) and four cafeterias through the
of clothing franchises Ter-ranova,
representation of the Italian franchise Caffé
Liu Jo and Calliope, among others, has
Pascucci. The Group is currently in the
announced the issue of an €8 million
process of acquiring a commercial property
unsecured bond, following approval from
in Gzira with a view to converting same into
the Malta Financial Services Authority. The
the fifth Caffé Pascucci outlet.
bonds carry an interest rate of five per
The retail business of the Group is
cent (5%) and are redeemable in 2026. The
complemented by the real estate interests
bonds are being issued by Dizz Finance p.l.c.
of Dizz Finance p.l.c., through which the
with the joint and several guarantee of Dizz
Group manages a portfolio of properties
Group of Companies Limited, the parent
held primarily for rental income and capital
company of the DIZZ Group.
appreciation.
The Dizz Group was set up by entrepreneur
Dizz Finance p.l.c. has recently obtained
Diane Izzo in 2000 and currently employs
the approval of the Malta Financial Services
140 full-time staff.
Authority for an €8,000,000 bond issue. The
“This is a huge milestone for our group of
Bonds will be issued at par with a nominal
companies and follows a series of other achievements we have made throughout the past year where we have broadened our fashion offering substantially and invested heavily into the retail experiences of our shops,” said Ms Izzo. The Group now operates 19 outlets across
value of €100 each. A minimum holding of €3,000 in Bonds applies. The Bonds will have a term of ten years, redeemable in
Diane Izzo, CEO, Dizz Group of Companies Limited
October 2026. Interest is to be paid annually
the Securities Note forming part of the
in October, with the first interest payment
Prospectus during normal business hours
date being on or around 7 October 2017.
(08:30 to 17:00 hours). Applications must
The proposed Bond Issue is unsecured and
be lodged with any said Authorised Financial
not underwritten, but is guaranteed by Dizz
Intermediary
Malta, concentrated in the St. Julian’s,
Group of Companies Limited, the parent
Valletta and Sliema area. Having opened
company of the DIZZ Group.
a Terranova megastore in Iklin in June
PRIOR TO PURCHASING THE BONDS, PROSPECTIVE
INVESTORS
SHOULD
Copies of the Prospectus are available on
CONSULT AN INDEPENDENT FINANCIAL
the websites detailed below, as well as from
ADVISER AND READ AND UNDERSTAND
the following addresses,
In addition to the aforementioned brands,
THE
Dizz Finance p.l.c. Dizz Buildings, Triq Il-
the Group recently acquired the brands
(INCLUDING THE RISK FACTORS), WITH A
Harruba, Santa Venera, SVR 1701, Malta.
GUESS, 7 Camicie, Michael Kors and
VIEW OF ENSURING WHETHER SUCH AN
www.dizz.com.mt or Financial Planning
Brooks Brothers, as well further high-end
INVESTMENT IS APPROPRIATE FOR HIS OR
Services Limited 4, Marina Court, G. Cali
franchises, namely Elisabetta Franchi and
HER RISK PROFILE. THE VALUE OF YOUR
Street, Ta’ Xbiex XBX1421, Malta.
Max & Co., the Group is currently in the
INVESTMENT MAY INCREASE AS WELL AS
www.bonellofinancial.com
DECREASE AND YOU MAY LOSE SOME OR
Hard copies of the Prospectus are also
ALL OF YOUR CAPITAL INVESTED. PAST
available from the Authorised Financial
PERFORMANCE IS NOT AN INDICATOR OF
Intermediaries as listed in Annex I of
FUTURE PERFORMANCE
2016, the Group is now scheduled to open another in Fgura in the coming days.
process of acquiring representation rights for a number of other high-end brands. Dizz Group also operates a beauty product 10
TERMS
OF
THE
PROSPECTUS
Malta Business Review
Bond Issue by Dizz Finance p.l.c. of €8 million 5% Unsecured Bonds 2026 with the joint and several guarantee of Dizz Group of Companies Limited
Bond Issue by Dizz Finance p.l.c. (a public limited liability company registered in Malta bearing registration number C71189) of €8,000,000 unsecured bonds having a face value of €100 per bond, bearing interest at the rate of 5% per annum and redeemable at their nominal value on 7 October 2026, with the joint and several guarantee of Dizz Group of Companies Limited (a private limited liability company registered in Malta with company registration number C64435). A minimum subscription of €3,000 applies. Notice is hereby given that in terms of the provisions of the Companies Act (Chapter 386 of the Laws of Malta) and the Listing Rules as issued by the Listing Authority, a Prospectus dated 16 September 2016 has been published by Dizz Finance p.l.c. and filed with the Registry of Companies. Copies of the Prospectus are available on the websites detailed below, as well as from the following addresses, as from 20 September 2016 Dizz Finance p.l.c. Dizz Buildings, Triq Il-Harruba, Santa Venera, SVR 1701, Malta. www.dizz.com.mt
Financial Planning Services Limited 4, Marina Court, G. Cali Street, Ta’ Xbiex XBX1421, Malta. www.bonellofinancial.com
Hard copies of the Prospectus are also available from the Authorised Financial Intermediaries as listed in Annex I of the Securities Note forming part of the Prospectus during normal business hours (08:30 to 17:00 hours) as from 20 September 2016. Applications must be lodged with any said Authorised Financial Intermediary.
Sponsor
Manager & Registrar
Legal Counsel
E. info@dizz.com.mt T. +356 2122 5589 A: Dizz Building, Carob Street, Santa Venera, SVR1700 W. www.dizz.com.mt
The value of the investments may increase as well as decrease and past performance is not an indication of future performance. Prospective investors are urged to read the Prospectus, particularly the Risk Factors contained therein, and seek appropriate professional advice, before investing in the Bonds.
25th September 2016 www.maltabusinessreview.net
11
Malta Business Review interview of the month
Transforming into an Alternative Government
by Nathan Archer & Martin Vella
Exclusive Interview with the Leader of the Opposition Dr Simon Busuttil – Part 2 MBR: Is Europe still united and is the EU still strong following Brexit? SB: Even following Brexit, the European Union is still united and the European Union has today solid foundations in which to work. The treaties of the Union most recently changed back in 2009 are good treaties, and which are the necessary tools to maintain integration. I do not believe this is the time to change the treaties, to undo the European Union, or even take things further. I believe now is the time for consolidation, and consolidate what we have and bond it better. Occasionally, the European Union has problems because it moves too slowly, well we just need to make it move faster, and it can, if it wants to, because it has the instruments in place to do it. MBR: Regarding the seats that the British MEPs had, what is going to happen to them? SB: That is yet to be seen. The number of seats in the European Parliament cannot accede 731, which is the current number under the Treaty. The Treaty does not say that it cannot be less, so I would presume that the number would simply go down. MBR: As an MEP you have worked in the past on building bridges with Maghreb and MENA countries. With the on-going migrant crisis, and protests in many of these countries, what can Malta do to help bring stability to the region? SB: Well, Malta traditionally has very
much promoted itself as the bridge that can unite Europe with the African continent. Unfortunately, the fragility of the situation in Northern African countries has complicated the situation in the Mediterranean region. If I had to make just one point about the country, we are geographically closer to Libya, which remains pretty much in a state of anarchy. After Colonel Gaddafi was removed, which was a good thing, the country was left in
help them build their state again. Especially when it comes to building institutions. We have experienced institutional building in the European Union, and we can lend that experience to countries such as Libya. I mentioned just one but there are similar great uncertainties in countries such as Tunisia and Egypt. MBR: Do you support the way the government and the European Union have dealt with the migrant crisis?
“no other European country would have a situation where the closest minister of the Prime Minister and his Chief of Staff would remain in office if they have found to open a secret company in Panama after entering a position of power” shambles, due to its tribal divisions and terrorist involvement. No institutions whatsoever, no proper government to run the country. Although things have improved in the recent months, Libya is still far away from standing on its own two feet as a state again, and this is what we are dealing with. Until and unless we face the real situations on the ground in countries such as Libya, the region will never rise to where we want it to rise. We need to help Libya, France and Britain participated in the bombing of Libya, to remove Gaddafi, that was good, but they did not have a plan for what followed. They turned their backs on Libya, which was not good. I believe, as Europeans, we can help Libya do better, stand on its own two feet, and in particular
SB: My judgement would be that the European Union has failed to live up to the occasion and I believe the European Union should have done much, much more to put pressure on Libya to form a government of national unity and secondly help this new government to rebuild its country. MBR: Following tragic events in Paris, Tunisia, Brussels, Orlando and Istanbul, are you worried about radicalisation and terrorism, which can happen anywhere, even in Malta? SB: Of course, indeed, I would not be serious if I said I wasn’t afraid of radicalisation and of terrorism. This is another reason why we need a strong and united Europe. Think about it, does any individual country in the European Union acting on its own have all the means at its disposal to fight terrorism, which today is so difficult to perceive? The answer is no, even more so for a country of half a million like Malta. This is why it is in our interest for there to be more cooperation at the European level between terrorism agencies and security agencies of EU countries, to fight terrorism and stem it. MBR: In 2014, you questioned the PL’s claims of a better standard of living for the Maltese people. What do you consider a high standard of living, what needs to be done to achieve it and where do we stand?
Dr Simon Busuttil meets Freeport employees 12
SB: I don’t think it’s sufficient just to have a
interview of the month
Malta Business Review
Dr Simon Busuttil addresses a consultation meeting on the environment
strong economy, which we do today thanks to our decision to join the European Union twelve years ago. I believe the economy must translate itself to benefits to the people. In fact, our economic policy is based on one slogan, which is ‘Economy for the People’. I also believe that it’s not just about the pay that you take back home for a proper standard of living- your quality of living life depends on other factors where unfortunately things have deteriorated in the recent past, especially the past three years. The environment is one case in point. Is the environment, which we live better today than it was three years ago, or worst off? The answer is clear. Traffic is another case in point, the amount of money per week, yet alone per year that we waste on traffic is today incredible. We cannot go on like this! Quality of life depends on a strong economy but not just. What we need to do as a party in opposition is to show we are an alternative government. MBR: You have attempted to debate the Panama Papers in Parliament without getting any headway, as the Government MPs batted an eyelid and the PM himself avoided even mentioning the name Panama Papers, thus overlooking and overriding your vote of no confidence as if it was nothing. Don’t you think that you need to be more assertive when it comes to debating such serious issues and if the Government turns a blind eye, then the Opposition MPs should do the same and avoid any debate that the Government wants to discuss?
SB: The question assumes that the Panama scandal happened and the Opposition didn’t stop it, and not because the Government allowed it to happen. The first problem is that the government allowed it to happen. It’s Joseph Muscat who is Prime Minister not myself, and the first responsibility lies on him to shoulder responsibility and do what is expected of him as Prime Minister. He failed abjectly to do that because in no other European country would have a situation where the closest minister of the Prime Minister and his Chief of Staff would remain in office if they have found to open a secret company in Panama after entering a position of power. In no other country would have such situation be tolerated, such as the UK or another country, even if the Prime Minister would have resigned. The blame does not lie with the Opposition because it is not for me to kick out this Minister or Chief of Staff; it is the Prime Minister’s duty and obligation to do it. Did we as opposition do enough? You name it we did it. We called two protests, not just one. Thousands of people went out to the streets to protest and ask for the resignation of these two people. We tabled more than one motion of no confidence. We walked out when the Minister involved in the scandal rose in Parliament as nothing had happened to debate. Of course we did all that an opposition is expected to do in a normal democracy. The problem we have in this country is not the Opposition but it’s the government and a Prime Minister
who has closed an eye to something that is completely unacceptable by any standard in any normal country. MBR: Whenever the next election is called, how much of an election issue is this going to be? SB: Rest assured I will make it an election issue. Rest assured that I will not let this lie. I will do my upmost to make sure that an each and every voter, come Election Day, goes to vote with Panama clearly written on their heads. MBR EDITOR’S NOTE Hon. Dr. Simon Busuttil was born on the 20th March 1969 in Attard. From 1999 to 2004 Hon. Dr. Busuttil played a key role in Malta’s accession to the European Union, Heading the MaltaEU Information Centre (MIC) and serving on the Core Negotiating Group during accession talks for Malta to join the European Union. In 2004 he was elected to the European Parliament where he led the European People’s Party in the Civil Liberties, Justice and Home Affairs Committee as Coordinator. In 2012 he was appointed Deputy Leader of the Nationalist Party and in May 2013 he was elected Leader of the Nationalist Party and subsequently sworn in as Leader of the Opposition. Since becoming Leader of the Nationalist Party he has ushered a number of reforms encouraging wider interest-group participation such as through the creation of new party branches, the creation of the general convention, giving a voice to all the members of the Party, and the setting up of a regional committee for Gozo.
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Malta Business Review WASTE MANAGEMENT
Be a waste champion at work!
With well over 170,000 people holding full time employment, according to the most recent statistics from the NSO, most of us spend a considerable portion of our lives at the work place. It therefore stands to reason that, as happens at home, we generate waste at our place of work. Waste, whether intentional or otherwise, is an irrecoverable loss which can impact the bottom line. Efficient offices are thus becoming a must as more entrepreneurs realize that sustainable waste management pays. Irrespective of whether you have a small or a large business, reducing waste allows you to keep your operating costs low while exerting less pressure on the environment. Recycling efforts contribute towards your corporate social responsibility at the least and such responsibility may also need to be extended to the clients you service. Less office waste means less waste going to landfill, the space for which is massively limited due to our small size and highly urbanized nature. A green office mantra leads to a healthy business environment. If you are aspiring towards achieving environmental management certification, waste management will surely be one of the criteria your business will have to satisfy. Just by implementing some simple practices you can do your bit to make a real difference. Here are some useful tips to help transform your office into a more efficient space: Reduce Although office paper is easy to recycle, much of it still gets wasted and thrown into black bags rather than recycling bags. Reducing waste is more cost-effective than recycling as less material needs to be collected, transported and processed. In 14
turn recycling and reusing must always be enforced before throwing items away. Think before you print! The next time you’re about to print off an email, stop and ask yourself if you really need a hard copy. Studies have shown that up to 80% of printed emails are never actually used. Make Adjustments The following adjustments can greatly help in reducing waste of office resources: • Print in black and white - colour printing uses more ink • Print internal documents in draft mode. Thus conserving even more ink • Reduce your margin settings (wider margins, smaller font size) to fit more text on a single page • Set default on printer to be duplex or double-sided • Use ink cartridges that can be refilled • Eliminate unnecessary reports and reduce report size • Share copies rather than print out a copy for everyone • Proofread documents electronically and preview them before printing the final document • Circulate memos, documents, reports, and publications in electronic format Reuse Do you think that something can only be used once? Think again. There are a number of everyday items that can actually be used more than once. • Use paper clips instead of staples as they can be reused
• • • •
Turn scrap paper into notebooks Reuse envelopes by placing a label over the old address Use outdated letterheads for in-house memos Reuse file folders
Recycle An amount of waste is inevitably generated. Where possible this waste should be sent for recycling. Paper and packaging waste generated through office operations can be recycled. This can be facilitated through the provision of separate bins for different waste streams accessible to all. . Why not consider using only recycled paper for your business? Recycled copier paper is usually more opaque than paper made from virgin materials, making it easier to print on both sides and not get “show through” printing on the opposite side. You can even step it up a notch. Food waste generated in the office canteen can be composted through the installation of a common compost bin. Employees who do not have space for a compost bin at home can bring their organic waste to work to be composted. The Don’t Waste Waste educational campaign seeks to instill a waste management conscience in all members of society. Do your bit and make a difference! For more useful tips on how to reduce waste both at home and in the workplace visit www. dontwastewaste.gov.mt
MBR
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Malta Business Review
special feature: gozo
Sustainable Development
By Martin Vella
In a wide ranging interview the Minister for Gozo, Dr Anton Refalo, confirms the Island’s main challenge is the sustainability of the Gozitan economy. He tells MBR that the Ministry for Gozo works in collaboration with other Ministries and entities to ensure that the services offered in Gozo are improved in all sectors such as infrastructure, health, education, transport and also the environment.
MBR: You recently participated in the first seminar on Prospects in Gozo organised by Malta Stock Exchange with the collaboration of the Gozo Business Chamber. How can the Ministry attract investment which provides jobs for locals and those who decide to settle down in Gozo and how is the Ministry for Gozo supporting initiatives which will improve SME’s business operations both locally and on an international platform? AR: In the past three years, this Ministry has worked in collaboration with other Ministries and entities to bring foreign direct investment to Gozo, which unfortunately has been absent for the past twenty five years. We have already managed to attract investment in the IT/financial and health sectors. The former has already led to modern infrastructure and more jobs in Gozo. The latter’s infrastructural project has already started and this will create new jobs and services in the medical field. These areas are relatively new to Gozo. Another area that over the years Gozo has not benefitted from is the financial sector. This seminar was aimed towards SMEs in order to provide them with information regarding investment opportunities in the financial industry. Gozo can offer the possibility of attracting SMEs operating from Gozo, for those people who prefer a more tranquil and safe environment. I believe this is a niche market that Gozo can cater for, so we are working towards a second fibre optic cable which provides security of digital connectivity. A significant infrastructural project providing office space for SMEs has already been announced with an investment of €16 million, funded through ERDF. In the coming weeks we will also announce another initiative which aims to attract financial services to Gozo. The Prospects seminar is the first in a series of activities and initiatives which are aimed to help SME’s expand their operations both locally and abroad, whilst also trying to attract foreign companies to operate from idyllic Gozo. MBR: The Ċittadella Gozo Inaugural season draws to a fitting end with a number of different events this September. How significant are such events for the Ċittadella and Gozo in general, and how do such events consolidate the message that the Ċittadella is a living heritage to be continuously and repeatedly explored on different occasions, in different times and varying contexts? AR: The Ċittadella has been with us for hundreds of years but the comeback it has recently had, has been very significant. It is enough to say that thousands visited the fortress when we had the open day on 9 July 2016. In its new splendour it is the main attraction in Gozo. All this work was done in the past three years where we have issued 16
over twenty tenders. The activities that we are holding there are bringing it to life. The events we have organized all through July, August and September 2016 have been varied and included, musicals, concerts, dancing performances, art exhibitions and yoga. It has become the perfect open-air performing arts venue. This has meant that the Ċittadella was able to accommodate and attract different types of visitors not only during the day but also during the evenings and nights. The events were so much appreciated particularly against such a splendid background that people are requesting us to continue to develop and organize more events. Of course this involves a lot of work but we are committed to continue to explore new ways to ensure that our Ċittadella exhibits its glory to everyone and all year round. We have developed a free Ċittadella App which provides visitors with information on its history. A visit to the Ċittadella is a must for everyone, starting with the Visitors’ Centre which lays out the background to the historic monument.
I strongly believe that the quantum leap will be reached with the opening of Barts’ Medical School at the Gozo General Hospital MBR: What infrastructure projects are underway or still need to be implemented in Gozo? AR: We are in the process of refurbishing and doing the necessary maintenance to the main infrastructural needs of the island. So we are focusing on the improvement of our natural and historical assets. We have finalized the masterplan of the Ċittadella and gave back the people this jewel in all its glory. We are working on improving the appearance and use of several squares, such as those in Xaghra, Ghajnsielem, Qala and St. Francis Square in Victoria, and the general road network including ten kilometres of road between Hondoq ir-Rummien, Qala and Ta’ Cenc, Sannat. Works have been kick-started with regards to Ghajn Qatet Street, in Victoria and Sannat Road. We are also ensuring that more and more bays are upgraded first as beaches of quality and then they can claim the blue flag status. Furthermore we are paying attention to the needs of fishermen in ports, such as Menqa in Marsalforn and now we turn our attention to Xlendi and Mgarr. With the help of ‘Wirt Ghawdex’ we have restored cultural assets such as the Salvatur and the Ministry’s
façade, and with other sponsors’ help (HSBC) the Banca Giuratale. We have several projects in the pipeline. The first floor of the elderly home in Ghajnsielem is nearing completion and hopefully in the first part of next year the structure will be ready. The permits for the Law Courts have been issued and we can now start the tendering process for its construction, which includes hundreds of new parking spaces, hence solving the problem of parking in Victoria. With an investment of €16 million we will be building two areas in Xewkija, earmarked for SMEs. One will house workshops and the other will offer office space. This project is funded through ERDF. We are in the final phases of the adjudication of the first Gozo Natatorium, a project long promised but which never materialized. We are also working on the second fibre optic cable and the fast ferry service between Mgarr and the Grand Harbour. Studies are also planned to evaluate the viability of the tunnel beneath the Gozo-Malta channel. We have applied for several projects within the EU funds programmes, including the Gozo Museum. There are other projects we are working on but it may be too early to discuss them at this stage. MBR: Will Gozo achieve its objective to become an “Eco-island” by 2020? AR: Given the track record so far, and the fact that the Eco-Gozo vision enjoys cross-party support, I do believe that the objectives will be met. I am not saying that we do not have significant work ahead of us but I am confident that all the stakeholders are committed to see the vision come to fruition. We have managed to engage the population in general and economic operators, particularly through private investment, to believe in the overarching strategy. I am more than satisfied with the support we have found from everyone. With Government’s leadership and the commitment of every person living and visiting Gozo, I am sure we can achieve our objectives. The government has led by example, particularly in solar energy, photovoltaic panels on public buildings, improving the appearance of the island, cleanliness, care for our natural and cultural assets, respect for our traditions, reawakening of our heritage and involvement of different actors in the strategy. MBR: Can you please tell us what stages of development have been accomplished with regards to the concession with Kalamarine Developments Consortium for the Design, Build and Operation of a Cruise Liner Terminal and Berthing Facilities and a Yacht Marina? AR: There was one proposal, which is currently being evaluated by the Privatisation Unit. Studies have been completed on the
special feature: gozo
buoy in Xlendi and the tender for this will be issued soon. The number of cruise liners is encouraging, particularly boutique cruise liners which accommodate a particular type of tourist. Last summer, we registered a record with regards to cruise liner tourist landing in Gozo. More lines are being attracted to Gozo each year and this is an interesting method of advertising for future longer term guests to Gozo, who through cruising get only a small glimpse of the island, but this glimpse can tantalize them back to it. MBR: Which segments of Gozo’s tourism sector still need to be reviewed and improved, and will there be any special or major tourist attractions in future, such as a large botanical garden housing a bird sanctuary? AR: Gozo is a strong travel proposition and the Ministry for Gozo, together with the Malta Tourism Authority, promote its unique attributes, highlighted by the island’s appealing simplicity. Gozo’s challenge is to stand out, in a very crowded world of holiday destinations - all competing to differ. We are committed to continue developing the Gozo product, as places of interest enrich the travel experience, impact travellers positively and add value to the destination. The Ċittadella is a brimming example and this fortified town, elevated to a new value through a multi-million EU funded project of meticulous restoration, is being appreciated by an increased number of visitors. Product development is high on our agenda and this approach will yield more positive results in the coming years. We are committed to invest in product development that complements private initiative; to work towards a quality destination that appeals to the discerning traveller and to continue to raise Gozo’s profile and destination awareness with strong marketing initiatives. In the past few years we have focused on such segments as culture and the arts, outdoor activities and adventure and religious tourism and developed, together with NGO’s and local operators, Gozo’s potential to attract visitors through a vibrant calendar that is communicated on the concept of an island for all seasons. All our efforts are reaping results, as attested by the exceptional increases in the first six months of this year, of tourists who stayed on the island for one night or more: an impressive 26% increase over the same period, the previous year. MBR: What is your assessment of the health, education and transport services in Gozo. AR: I can say with conviction that the three sectors you mention have seen significant improvement in the past three years. For example there is a list of new services introduced at the Gozo General Hospital, such as the Day Care Oncology Unit, the outpatients ACC Clinic (for warfarin patients), the new isolation ward in Casualty and day ward, the clinic in maternity, bone density unit and image colonoscopy in the X-ray department. There are several new outpatients and screening services which are too long to list here. Some services are now being offered on a 24-hour basis, such as ECG. Apart from, this the hospital has also seen ward refurbishments,
Malta Business Review
The Hon. Minister for Gozo, Dr Anton Refalo, during the launch of the RS2 Photo - MGOZ - George Scerri
even within the mortuary and kitchen, a new AC system is running, and a new boiler system which works on gas and diesel and not heavy fuel oils has been installed, which means that the chimney has been dismantled leaving a more improved environment and cleaner air. New furniture and more modern equipment, partially financed through EU funds have also replaced old ones. All these new services have led to more medical personnel being recruited or relocated to Gozo. Furthermore, such improvement in services is expected to continue with the new investment and the specialization that this investment will bring with it. I strongly believe that the quantum leap will be reached with the opening of Barts’ Medical School at the Gozo General Hospital. This will be Barts’ first overseas campus. Major stakeholders including the Gozo Chamber of Commerce acknowledge the importance of this investment. Tapping on the medical tourism fields, will indeed strengthen our economy. In terms of education, we have seen schools being refurbished, and MCAST being consolidated as one college in Ghajnsielem. We have worked so that all possible exams at the University of Malta are Gozo based, which creates a more tranquil environment for students in stressful times. A new school which offers more modern facilities suitable to a changing educational system will be built in Victoria, which incidentally will not only replace the existing old school but will accommodate also more parking spaces. Regarding the public transport system in Gozo, we can only say that the present bus service is considered to be very efficient and through the hub and spoke network it services the whole island. Gozo Channel which is the main link to mainland has increased the number of trips in order to accommodate the increased demand for the service. It is enough to state that during 2015, there were over 1000 extra trips beyond those scheduled. Plans are in the pipeline to complement this service with a direct fast ferry link to the Grand Harbour. I am convinced that every Gozitan can attest to the improvement of these services in Gozo. MBR: What are the main priorities and challenges of your ministry? AR: The main challenge is the sustainability
of the Gozitan economy. This can only be achieved through the investment in clean jobs, in order to retain the natural beauty of the island and at the same time not only retain the brain and brawn power of the island but to try to attract back those that in earlier years had to leave the island for dearth of career prospects. We want to maintain the beauty of the island not as a static crib scene but rather as a developed 21st century economy, based on clean energy, high valued-added jobs, and investment which is sustainable for an island wanting to retain its natural assets. Gozo’s attraction lies in its ability to continue to grow, as it has done in the past years, but not to the detriment of its ecological commitments. Connectivity is the main issue at hand, and thus investing in both physical and digital accessibility remains our main priority. MBR: What can you tell us about your future plans and ambitions for Gozo? AR: Our ambitions for Gozo are similar to those of Gozitans themselves: to see more investment and jobs for Gozitans in Gozo. Hopefully we will also be able to bring back those who left. We want less brain drain, high end jobs, higher value-added economic activity; the right investment for an island that wants to be modern whilst cherishing its rich heritage. We want prospects for the younger generations. MBR EDITOR’S NOTE Anton Refalo is the Minister for Gozo. He graduated as a lawyer in 1980 at the age of 24. Married to Michelina (Lina) and father of two children, Andre’ and Simona. Anton contested his first general election in 1987. He was the youngest candidate within the Labour Party and was successfully elected. From than onwards, Anton Refalo has always garnered the highest amount of Labour first preference votes within the 13th district. Until recently he practiced as a lawyer. As Minister he is working towards making Gozo a tourism magnet for niche markets, whilst doing his utmost to boost job growth in Gozo.
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Malta Business Review
special feature: gozo
Part-time courses available at the MCAST Campus Gozo MCAST has said that its part-time courses are particularly aimed at adults whose work or family commitments make it difficult for them to follow full-time education, but who would still like to acquire skills and qualifications to secure new jobs, seek career advancement or simply to learn more about subjects that interest them. The details of each course available at the Gozo Campus are available here, where a course can also be booked by applying online.
Course details and a printed applications are also available at MCAST. The booklet may also be obtained from any local council office, from the MCAST Gozo Campus in Ghajnsielem, or from the MCAST Main Campus in Paola.
MBR
For further details or advice about these courses, contact MCAST on 2398 7103 / 7116 or shortcourses@mcast.edu.mt. Creditline: MCAST
Malta & Gozo on Lonely Planet Magazine list of 25 ‘Travel Secrets’ Malta and Gozo has been named as one of the destinations included in an exclusive list of 'Travel Secrets' on Lonely Planet Magazine's Fall 2016 Issue. Featured as the first on the list of twenty-five, Malta is described as having much more to offer than just sun and sea. Author Abigail Blasi, who also wrote the Lonely Planet Guide to Malta and Gozo, describes Valletta as being 'among Europe's most beautiful capitals.' Apart from giving some tips on where to stay and what to eat, the author highlights Gozo as being "home to some of Europe's best scubadiving." One page out of the two dedicated to Malta features a photo of a swimmer diving into the blue Mediterranean sea in Gozo. Commenting on this latest media coverage for Malta in the US, MTA CEO Mr Paul Bugeja stated that "the Malta Tourism Authority
is delighted to note the increased publicity that our islands are obtaining in this market, much of which is being generated by MTA's promotional efforts. The Lonely Planet brand is a strong one in North America, and for our islands to make it on their magazine's exclusive shortlist is particularly welcome." Mr Bugeja concluded by saying that the advertising rate for 2 pages on this publication would amount to $130,500. Lonely Planet Magazine is designed exclusively with North American readers in mind and is a trusted source of travel inspiration, encouraging readers to explore and seek new experiences. Published in the United States every quarter, it has a readership of 1.35 million. MBR
Sources: Gozonews; Permalink: Malta & Gozo on Lonely Planet Magazine list of 25 `Travel Secrets’
Gozo Channel trips, passengers & vehicles all increase in September Gozo Channel performed 58 more trips during the first 11 days of September compared to the same period last year, the company said in a statement today. It performed 784 trips between the 1st and 11th September, up from 726 in the same
Madama Butterfly for Gaulitana: A Festival of Music 2017
period last year Gozo Channel said. The company added that it had provided a more efficient service to passengers, with shorter waiting times. Passenger numbers had also increased, up by 17,935.
Source: MFG/DOI
"Passenger numbers went up from 183,754 Gaulitanus Choir has announced the 11th edition of Gaulitana: A Festival of Music. Running from the 25th of February until the 2nd of April, 2017, the festival will feature a multifarious programme of events in various genres and styles. The highlight will be Puccini's opera Madama Butterfly, being held at the Aurora Theatre on the 1st of April. The full-scale production will present Malta's internationally acclaimed soprano Miriam Gauci in the lead role. Colin Attard will direct the Malta Philharmonic Orchestra and the Gaulitanus Choir. The opera night will be part of the OPERA+ Weekend – an intensive programme of events concluding the festival. The upcoming edition will present a number
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to 201,689, an increase of 9.8%, with the number of vehicles also increasing, up from 51,298 last year to 56,623 in 2016, or an increase of 10.2%. MBR
of innovative features. Alexander Frey, a top international versatile musician defined by Leonard Berstein as "a wonderful spirit" will be Artist-In-Residence. Lunchtime concerts intended particularly for civil servants and a number of talks will be incorporated in the festival schedule. Gaulitana will also commemorate the 60th anniversary of the death of composer Erich Wolfgang Korngold, defined by Puccini as the "greatest hope of German music" and regarded as one of the founders of film music. Following on last year's successful venture, the festival will offer once again an Educational Programme including #Opera4me. An early-bird ticket sale for Madama Butterfly will be announced soon. MBR
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Malta Business Review
special feature: gozo
Earlier this year the European Parliament has adopted a resolution on the special situation of islands in the EU. MEPs noted that islands that are part of a Member State of the European Union are particularly vulnerable in the face of global challenges such as globalisation, climate change, demographic trends, energy supply and migration flows. MEPs called for structural remedies including a clear definition of the type of geographical, natural and demographic permanent handicaps that insular regions
can suffer from and call on the European Commission to launch an in-depth study/ analysis on the extra costs incurred as a result of being islands. Gozo is clearly not an exception to these challenges. • • • •
What specific ‘handicaps’ does Gozo face? How could they be remedied? How can Gozo become more connected and competitive? What measures are being taken and should be taken to further develop
Gozo sustainably? How can we make the most of Gozo’s potential within the EU? These themes will be discussed with MEPs and guest speakers from the private sector on: Friday, 30th September 2016 at the Sentinella Hall, Cittadella between 1110hrs and 1300hrs •
Registration requests for the event may be sent via email on epvalletta@ep.europa. eu or by calling 21235075. MBR
Dwejra: Environmental interests should outweigh economic ones – NTM
Nature Trust (Malta) appealed to the authorities “to take responsible decisions regarding the Dwejra Natura 2000 site, in particular the Azure Window, an icon for the Island of Gozo.” It further called on the Environment Resource Authority to take responsible steps to safeguard all the site. NTM said that in 2010 it resigned as managers of the site, because as at that time, “economic interests were being put before the environmental and ecological interests of the site by the government and the authorities.” NTM said that it had also informed the European Union, “it could not keep managing the site as the Management Board at that time was not observing the main objective for which the Dwejra Life project had been granted Funds, i.e. that of conservation.” NTM added that according to a report in some media on Sunday, “it now seems that the focus is again going to be more economic and tourists are to be allowed to keep walking 20
on the Azure Window.” “The iconic structure has over the years lost a lot of its strength. Heavy cracks were already visible at the start of the project in 2004. Being a natural structure, erosion would in the end win and the Azure window would eventually become a simple stack,” the NGO said. “NTM had at that time proposed that measures be put in place to slow down erosion one of which was actually stopping movement on this geological feature.” The NGO pointed out that recent seismic activity in the areas surrounding the Maltese Islands also pose a concern to this already fragile structure. NTM said that if the tourism industry still wants to enjoy the Azure Window “a no-go zone should be recommended rather than be short sited and keep encouraging tourists to be allowed to walk on it – this will only lead to a shorter lifespan of the window itself.” Furthermore, the NGO added, there is a human risk that further erosion can even
pose a danger to persons on top and could lead to a tragedy both for those on top and those underneath. NTM said that it strongly appealed once again that “environmental interests should outweigh economic ones on such a site.” “Some time go NTM had even tried to get the nine surrounding quarries to be rehabilitated in order to try and get Dwejra into the World Heritage Site list. Of course these calls had fallen on deaf ears,” said the NGO. “A sustainability proposal was also never taken on board by the then Management Board.” Earlier this month MEP Roberta Metsola said that “more needs to be done” to safeguard the Azure Window, in particular to stop people walking across the top of one of the most popular attractions on the Maltese islands. “A few signposts are simply not enough.” The MEP, said that, “despite the dangers to visitors, divers and the iconic window itself, hundreds of people are still walking on top of Gozo’s Azure Window in Dwejra.” She added that, “if sufficient resources are not allocated to adequately control the site, the risk of accelerating nature’s damage and the risk to people in the area will only increase.” “We will keep up the pressure for action to be taken in order to do what we can to safeguard one of Malta and Gozo’s most beautiful sites for as long as possible,” said MEP Metsola. “It is not only about the Azure Window. We all have a part to play to raise awareness about the need to protect our natural heritage across the nation.” MBR Source: Nature Trust (Malta); Gozonews; Roberta Metsola | Photograph by Alain Salvary
Malta Business Review
CUTTING EDGE FINE DINING STEEPED IN MEDITERRANEAN TRADITION
Tucked away in a serene little corner of the quaint village of Xaghra, with picturesque views of Marsalforn valley and the “Il- Salvatur” (the saviour) hill, we’re guaranteed to give you an exquisite ambience to accompany your meal.
immersed in genuine, rustic, Mediterranean tradition.
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Malta Business Review
EMPLOYMENT AID
ACCESS TO EMPLOYMENT (A2E) SCHEME GENERAL DESCRIPTION:
Jobsplus’s Access to Employment (A2E) Scheme provides employment aid to enterprises in Malta and Gozo to promote the recruitment of the more challenged amongst job seekers and inactive people. The A2E Scheme is co-financed by the European Social Fund, the Maltese Government and Employers. The scheme is in line with Commission Regulation (EC) 651/2014 of the 17th June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty. SCOPE:
This scheme facilitates the integration of job seekers and inactive people in the labour market by: • Enhancing opportunities to access the labour market and providing work experience to those furthest away from gainful occupation; • Bridging the gap between labour market supply and demand; • Increasing social cohesion. ELIGIBILITY CRITERIA FOR UNDERTAKINGS:
All Undertakings: (including a partnership, company, association, individual selfemployed or other body of persons) having an economic activity and recruiting new employees are eligible to participate in the Scheme subject to any other criteria. Such definition implies that there must be at least one person in the Employer’s organisation who is engaging a different person through the A2E Scheme. A definition of an Undertaking can be found in the ‘Definition Section’ of the A2E Guidance Notes, whilst a more detailed definition can be found in Annex 1 of the Commission Regulation (EC) 651/2014. Other eligible criteria for understandings can be found in the A2E Guidance Notes. 22
ELIGIBILITY CRITERIA FOR PARTICIPANTS: Eligibility of Disadvantaged Persons: Target Groups
Duration of Assistance
Any person of age 24 and over who has been unemployed/ inactive for the previous 6 months.
26 weeks
Any person of age 24 and over who has been unemployed for the previous 12 months during which he/she participated in a traineeship with the applicant Undertaking.
52 weeks
Any person who is living as a single adult who has one or more dependants and is not in full-time employment.
52 weeks
Any person of age 24 and over who has not attained an upper secondary educational or vocational qualification (ISCED 3), who does not have a job.
52 weeks
Any person older than 50 years who does not have a job.
52 weeks
Eligibility of Severely Disadvantaged Persons: Target Groups
Duration of Assistance
Any person who has been unemployed / inactive for the previous 12 months during which he/she has not benefited from a traineeship with the applicant Undertaking and who belongs to one of the categories (3) to (5).
104 weeks
Any person of age 24 and over who has been unemployed / inactive for the previous 24 months during which he/she has not benefited from a traineeship with the applicant Undertaking.
104 weeks
Eligibility of Disabled Persons: Target Groups
Duration of Assistance
Any person who is a registered disabled person under national law and is not in full-time employment. RULES AND CONDITIONS
Rules and conditions to be followed by the Undertaking to be eligible for the aid are listed in the Guidance Notes which are uploaded on the Jobsplus website www.jobsplus.gov.mt
MBR
156 weeks
SUBMISSIONS:
Applications can be sent at any time during the 2014-2020 funding period either by registered post or delivered by hand to: Jobsplus EU Funded Schemes Division Access to Employment (A2E) Unit Hal Far. BBG 3000
Malta Business Review
Open your doors to those who are more challenged and benefit from a subsidy of €85 per week for every new recruit for 24 weeks, 52 weeks or 104 weeks, or a subsidy of €125 per week for as many as 156 weeks in the case of registered disabled person! For more information contact Jobsplus on 2220 1399 or a2e.jobsplus@gov.mt or visit www.jobsplus.gov.mt
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23
Malta Business Review
A SKILLED TEAM WITH DIVERSE, INTERNATIONAL EXPERIENCE
Nicholas Bianco
Edward Hili
Audrey Lim
Christopher Mallia
Nick brings his experience in banking, investment analysis and asset management to advise clients on identifying assets, valuation and deal mechanics.
Edward draws on his valuable experience in transnational business when identifying deals, adding depth and expertise in pushing projects through.
Audrey brings extensive international experience in asset management to assist clients in the modelling and evaluation of investment/ transactional opportunities.
Chris guides clients through the process, structuring options, regulatory implications and compliance challenges before, during and after a project.
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24
Transaction wind-up
Malta Business Review
SPECIALIST MERGERS & ACQUISITIONS HOUSE Malta Stock Exchange approved Prospects Market Corporate Advisor
impartial advice | diverse international network & experience multi-disciplinary capacity | legal & regulatory know-how
Main Street Ltd, 44 Main Street, St Julian’s, STJ 1018, Malta +356 2247 0131 | info@mainstreet.com.mt www.mainstreet.com.mt www.maltabusinessreview.net
25
Malta Business Review
dental healthcare
High-Flying Dentistry: Porcelain Veneers
Extra-oral before treatment
Porcelain veneers are thin slivers of porcelain used to recreate the natural look of teeth, while also providing strength and resilience comparable to natural tooth enamel. Your dentist will most likely begin by consulting you on your smile and requests, determining what steps are necessary to achieve the smile you desire. In addition, your dentist may create a diagnostic mockup that will allow you to “try on” veneers and other procedures to see if the final result is actually what you’re looking for. A computer-generated image or a provisional fitting of veneers may also allow you to view your new smile prior to commencement. Uses of Veneers
Intra-oral view before treatment
1. Straighten teeth: often due to age or timeframe patients do not wish to go down the road of braces. As a result veneers offer patients an immediate quick fix straightening misaligned teeth. 2. Tooth colour: Patients might not respond well to tooth whitening procedures. Veneering teeth gives an immediate permanent colour to your teeth.
Extra-oral view after treatment
3. Close gaps in between teeth: In some cases even when teeth are already aligned, with time spaces appear. This is often due to the small size of the teeth or large size of the jaw. In either of these cases veneers fix this very elegantly. 4. Angulation: Rotated or inclined teeth may be aligned with veneers
Intra-oral before treatment
5. Irregularly shaped and sized teeth: Some patients have micro-teeth or so-called micro-donts, often irregularly shaped and sized. Bonded veneers restore them back to normality. 6. Bruxism: Bruxists, or patients who grind their teeth often display unaesthetic wear facets with reduced tooth height. Veneers may restore these teeth to their
natural dimensions and prevent further tooth-wear. Advantages of Veneers 1. Custom-made veneers are almost impossible to tell from your natural teeth. 2. Veneers resist coffee, wine, tea and cigarette stains thanks to the high caliber materials used and are the only permanent method of tooth whitening. 3. Veneers are very conservative of the tooth structure as a minimal tooth preparation is required 4. For teeth that resist whitening, veneers can make even the darkest teeth appear bright white. Disadvantages of Veneers 1. Removal of tooth tissue is irreversible 2. Cost: veneers may be quite costly. 3. Some initial sensitivity to hot and cold. This typically disappears within a few days. 4. Although they’re very strong, veneers are also brittle. 5. De-bonding of veneers: If you have a habit of grinding or clenching your teeth, your dentist may fit you with a night time bite guard so you do not damage your veneers. Veneers offer great results to those patients who wish to have a perfectly symmetrical set of teeth, but also to those patients who wish a more natural even look, not necessarily polar white but graded according to the natural aesthetics of their adjacent teeth. Of course beauty is in the eye of the beholder. Ask your dentist! MBR
A Case Study Dr Jean Paul Demajo
Dental and Implant Surgeon, Trained in London working in private practice in Malta
26
An 18 year old girl who refuses to undergo orthodontic (brace) treatment due to timeframes opts for a quick fix and a simultaneous laser whitening of her teeth. The photos show before and after images following the placement of 8 porcelain veneers and whitening.
Malta Business Review
Invest in your future Announcing a bond issue of a total of €15,000,000, split into three tranches. Series 8, Tranche 2 notes issued by Timberland Securities Investment plc (the “Issuer”) may be acquired from Timberland Invest Ltd, an authorised distributor of the notes. These notes carry an interest rate of 5.1% per annum. A minimum investment of €3000 applies.
Call Timberland Invest Ltd today on 2776 1700 or send an Email to info@timberland-malta.com You can also visit the Issuer’s website at: www.timberland-malta.com
Aragon House, St. George’s Park, St. Julian’s STJ 3140, Malta
PRIOR TO PURCHASING THE NOTES, PROSPECTIVE INVESTORS SHOULD CONSULT AN INDEPENDENT FINANCIAL ADVISER AND READ AND UNDERSTAND THE TERMS OF THE PROSPECTUS (INCLUDING THE RISK FACTORS). IN THE EVENT THAT AN INVESTOR IN THE NOTES DOES NOT READ AND FULLY UNDERSTAND THE TERMS OF THE PROSPECTUS (INCLUDING THE RISK FACTORS) AND/OR DOES NOT CONSULT AN INVESTMENT ADVISOR, THERE IS A RISK THAT SUCH INVESTOR MAY ACQUIRE AN INVESTMENT WHICH IS NOT APPROPRIATE FOR HIS OR HER RISK PROFILE. THE VALUE OF YOUR INVESTMENT MAY INCREASE AS WELL AS DECREASE AND YOU MAY LOSE SOME OR ALL OF YOUR CAPITAL INVESTED. PAST PERFORMANCE IS NOT AN INDICATOR OF FUTURE PERFORMANCE. www.maltabusinessreview.net
27
Malta Business Review
HEALTH & SAFETY
Occupational Health and Safety risks in SMEs By Jesmond Saliba The risks to Health and Safety linked to work in different environments were dealt with during an event organised by the Occupational Health and Safety Authority when one of the co-winning films of the Healthy Work Places Film Award was screened. Automatic Fitness by Alejandra Tomei and Alberto Couceiro from Germany is an animated satire on the modern working world which takes the meaning of the term ‘human resources’ to its extreme. It shows a world where work and life have become a relentless conveyor belt and people act more like medicated robots, monotonously undertaking tasks before rushing to the next one. The screening of the film was followed by a discussion by the Occupational Health and Safety Authority entitled “Occupational Stress in SMEs: Turning Concerns into Actions”. The discussion was opened by Chartered Organisational Psychologist, Dr. Vincent Cassar, who dealt with a presentation about the various aspects leading to workrelated stress. This was followed by Dr Mark Rosso from the OHSA who talked about the Maltese framework for the control of work-related stress and the importance that this is adopted by the social partners at the national level. This framework document outlines the measures that the social partners should take including amongst others awareness-raising, training and education of their own respective officials and representatives at companylevel. Social partners are encouraged within the document to share resources through clear communication channels within an organization as well as between different enterprises. 28
Employer representatives on the other hand should ensure that whilst the objectives of the company are safeguarded, the specific roles of individual workers are also made clear and understood. This also includes ensuring adequate management support, matching responsibility and control over work, improving work organization and processes, working conditions and the work environment. Included in this document is also a Model Policy on Work-Related Stress that can be adapted and adopted by companies (both private and public) with the aim of establishing an effective and consistent approach to the prevention of work-related stress throughout the company and to provide support where cases of stress are identified. Mr Dragan Donkov from the Richmond Foundation then addressed the tools that are available in handling work related stress. He described the problems faced by SMEs in comparison to larger companies, including lack of managerial resources, policies and HR functions, the problems of sudden growth, economic difficulties and the fact that SME owners have to be available 24/7. Mr Donkov also outlined the mental health risk assessment tool, as well as other tools such as training, consultancy, psychological and trauma support as well as policy development and implementation. The second part of the discussion was characterized by a series of presentations by the main Social Partners in Malta including representatives of the employees, small business owners, SMEs and trade unions. All speakers acknowledged the importance of the human aspect of stress as well as the assistance and information available. They however stressed the need of more practical help and guidance to SMEs to eradicate the difference in the level of protection
between SMEs and larger companies when dealing with work-related stress. One common point of agreement was the fact that stress should be considered and dealt with as any other important procedure at work and not as an after-sight. It was also stressed that reducing stress at the workplace reaps very positive results. It can lead to greater efficiency and improved occupational health and safety, with subsequent economic and social benefits for employers, workers and society at large. The Healthy Workplaces Film Award puts safety and health in the spotlight, recognising the best documentary or animated film on work-related topics. It aims to show occupational safety and health in an informative yet creative way. This year, two films co-won the award. Apart from Automatic Fitness, another film entitled Work for One Day shared the award. This is a documentary style film charting the dead-end nature of precarious work in a Berlin job centre. Director Rita Bakacs follows her protagonists (all of them male) who visit the Neukölln Job Centre every day from 4 in the morning in the hope of getting one of the in demand day jobs - hard work for little money, and often no work at all. The jury explained their reasons for awarding a joint prize by saying that, ‘These two films – we think – are very much related – one is about having no work, the other about being overworked. We would like to make a joint award because these to films support each other and are complementary, and should be shown together.’ MBR
green building solutions
healthcare
Malta Business Review
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29
Malta Business Review
MALTa’s best entrepreneur of the year awards
Quality and Value
By George Carol
Vera Sant Fournier, overjoyed at her recent unprecedented success during Malta’s Best Entrepreneur of the Year Awards, feels that most importantly she strives to deliver a five star service to her customers. In a heart-to-heart interview with MBR’s Editor, she
discloses the fact that she created a relaxed and enjoyable work environment for her team is also positive affirmations to having a team with high morals, ready to hone and transform their individual talents and skills.
enjoyed the fabulous vent together, in great company. We had tough competition. But no, we did not expect to win two awards, and this is why having no expectations on awards ceremony nights is good, because the surprise and the feeling will be magnified if you do win, and this is exactly how we felt. Ecstatic with the results, on this note we thank the judges for recognising the dedication and love we have for all that is design and good work ethos. MBR: How significant is it for you and also for Vera Sant Fournier Design Studio to have won these important accolades and also been declared as Malta’s Best Female Entrepreneur for 2016?
Vera Sant Fournier receiving Malta’s Best Female Entrepreneur of the Year Awad from Margaret Brincat, Managing Partner, MBR Publications Ltd
MBR: How does it feel to be recognised as the outright winner as Malta’s Best Interior Design & Decor Entrepreneur of the Year Award and also as Malta’s Best Female Entrepreneur of the Year 2016? VSF: It is with great honour that we lugged these awards, keeping our standards high and ensuring we remain innovative, passionate and outperforming none other but ourselves. This remains our priority- to always better ourselves, it is with great pride that we hold this title together as a team. But whilst walking down the stage after receiving the Best Design & Décor Award only to be called up again whilst I was still walking to our table was somewhat surreal. I still remember Colin Fitz saying “where are you going Vera, make your way up here again…” This is a special title, which mostly proves to me that despite the hardship, the struggles and the constant challenges I face, through never giving up, I managed to make my mother proud, my father who is no longer physically with us, my two girls too, and my partner. My team was so proud of me also! Being a very young mother, it proves that 30
with support and help nothing will prevent your dreams becoming reality. I hope to be an inspiration to other young mothers, other women with ‘impossible dreams’. I carry this title with pride and aspire to putting Maltese Interior Design on a global level.
I hope to be an inspiration to other young mothers, other women with ‘impossible dreams MBR: And how does it feel to win two awards in such a high powered prestigious business award ceremony? Did you expect to win all these awards in just one night? VSF: It is important never to truly have expectations in such events, but we believed we gave an excellent dynamic presentation on the Vera Sant Fournier - Design Studio Mantra and should the awards not been given to our studio, we would have simply
VSF: Winning these awards confirms that we are on the right path, that our work is recognised and that our studio is becoming a local household brand, ready to be of service to individuals who notice good work and good service when they experience it. As Best Female, I feel I possess an important responsibility to inspire other women and to uphold my laudation. MBR: What are the key initiatives in your opinion that have made the difference to earn you such highly acclaimed awards, which are presently Malta’s top business awards? VSF: The determining factors which rewarded our studio where the presentation, knowing how to project yourself, your product and your skills in a way which surprises and perhaps, yes, shocks people. Honestly, we didn't blow our own trumpet so to speak, but gave a clear picture on how we managed to achieve our position in the industry Yes there are challenge and success does not magically manifest overnight, our studio is now in its seventh year of operation and is nominated in the International Awards to be held this season in the United Kingdom. The nomination in itself is already such an honour in itself, and should we win, it will open new doors to professional local Interior Designers. MBR: How important do you consider such awards are and what are the contributions
malta’s best entrepreneur of the year awards
Malta Business Review
towards enhancement, recognition and merit of entrepreneurship in Malta? VSF: Being commended with our multi awards from 2015 gives reassurance to new clientele that we are a passionate and driven studio, who's work is locally recognised and rewarded. It also gives us further drive to keep going, and keep going strong. We have plenty of local talent and one must not give up at the notion of taking the entrepreneurial leap; what you can achieve is only limited by yourself. “Work with what you have and maximise what you have, to its true potential”.
I do have to remind myself at times that we “work to live and not live to work MBR: Now, I am certain that the huge amount of focus and work commitment that your work demands may compel you to forget other important aspects; does it affect your family life? VSF: Being a mother of two girls, having a partner, a home and currently finally working on my own renovation requires as much time and dedication. Being a working woman and mother isn't easy, and I do require to pull the brakes and take a timeout. I do have to remind myself at times that we “work to live and not live to work”. I find that the trick is to allocate time for all that is required, family time, time alone, time with my friends too, time to do my other hobbies. Not taking time out will only cloud up my inspiration. I love cooking, creating various things with my hands, from restorations to painting, and these all require time to drift away from everyday routine. I find that some of the most inspirational time I have is with my children; for they often teach me the beauty of life. Having said this, I still sometimes come home to a pile of dishes and laundry. MBR: Should more be done to raise the awareness of how critical entrepreneurship is for economic growth and help such endeavours to reward entrepreneurs for their efforts and sacrifices? VSF: Absolutely! As I have previously mentioned, there are a lot of great ideas and talents locally, perhaps not the right education on entrepreneurial ventures. There is much more that can be achieved in life if you pursue what you want and believe in. And this is not necessarily thought
in university. Especially when it comes to the creative sector, being creative, in the way you think, and the way you can control your emotional intelligence. These are not things that’s are confirmed by degrees, these are skills which you train into yourself and develop your natural talents. It’s a risk but I feel that investors need to be available for young enterprisers and support needs to be available too, by individuals, who do not judge based on education, but judge based on the innovative idea and drive, with proper risk assessment. MBR: Can you give us your feedback on Malta’s Best Entrepreneur of the Year Awards and tell us how will you remember the night of the 29th July?
VSF:
An
unforgettable
night
indeed!
The glitz and glam, the organisation, the entertainment was truly excellent, the food was exquisite and the general energy on the night was magnificent. The people that attended, friends I even had not seen in a while, and I had the honour of being asked to meet one of the most influential personas and inspirational individuals I look up toProfessor Edward De Bono. The organisers couldn't have chosen a better venue for the event and from the bottom of our heart we thank them for making us a part of this magical evening.
MBR
www.maltabusinessreview.net
31
Malta Business Business Review Review corporate interview of the month Malta
Be Sure on Shore
By Nathan Archer
Interview with Peter Hunt, Head of Sales & Marketing, and Dmitry Kozelkin, who is the Chief Business Officer Money+Card. MBR: Why did Money+Card (pronounced
Money+Card
Money Plus Card) choose Malta to build
alternative.
you compare Malta to other markets such
MBR: What market verticals would be most
as Slovakia, Austria and the UK in terms of
a new startup financial services business?
offers
an
uncomplicated
MBR: As a startup specialist, how would
PH: Malta is the Goldilocks economy.
attracted to Money+Card and the services
doing business.
Although not the biggest country in
the company is bringing to market?
PH: Three of those four nations “attract
PH: We believe sectors such as iGaming with
talent”. Talent and aspiration in my view
international workforces and companies
are most important in the DNA of a start-
who need corporate payroll solutions
up. Malta is a talent magnet, just one more
MBR: What’s new? Will Money+Card offer
should have a Money+Card “conversation”,
reason I love being in Malta so much.
something new to the market and how do
I think they will like what we have to say.
you see this fitting in?
We also hope new corporate formations will
EDITOR’S NOTE
PH: The trend is growing for alternative less
find our personalized on-boarding a breath
complex payment solutions. What’s new is
of fresh air.
our mix of digital platforms combined with
MBR: Given the significant problems
Peter Hunt is a serial startup and turnaround specialist. Building London based NetPartner prior to subsequent acquisition in the late 90’s, Peter moved to Vienna, Au s t r i a C r e d i t a n s t a l t Investmentbank’s as Head of Business Development for caibon.com at the height of the dotcom boom. He went on to found Republic Cities Corporation, a domain name-licensing boutique, focused on the Czech market. Thereafter, he joined Emoney based in Slovakia spending 4 ½ years where the company re-focused on land-based Casinos and Gaming. Since April 2016, he relocated to Malta joining Money+Card as Head of Sales & Marketing, taking on the challenge of building a Payment Institution.
Europe, the economy is diversified, highly professional, advanced and international. Just look at how iGaming has boomed.
high quality human on-boarding. MBR:
Why
the
choice
of
related to the Eurozone, how do you build name
and grow a new financial services business
Money+Card?
with these challenging economic times?
PH: The name represents our values; we are
PH: To be specific, Money+Card has an
about Money Plus Cards, an unpretentious
advantage. As a Payment Institution we
brand, and no nonsense money.
segregate Client money, 100% of the Clients
MBR: During the dotcom boom and birth
money is just that. Just imagine if we could
of the Internet, everything was about
use “other peoples money” for things like
browser based digital platforms, in a
derivative trading, subprime debt or other
world dominated by Smart Phones how
exotic shenanigans. The economic clouds
will Money+Card position itself towards
could offer Money+Card clients a silver
mobile?
lining. The message, be sure on shore.
PH: We built our website to suit mobile
MBR: In the aftermath of Brexit, did the
users and we have invested in an e-money
exit vote shock you, and how do you think
payment App. At this time we are pending
the new reality might affect business
an extension to our license for e-money.
conditions in general?
MBR: Do you see Money+Card as the type
PH: Democracy is wonderful and I was not
of financial services business that is part
surprised. The British people facing crushing
of a trend and becoming more relevant to
wage compression and zero hour contracts,
corporate and private payment demand?
much thanks to economic migration, saw
PH: Emphatically, yes. We only have to look
Brussels and the EU as the villain. Business
at the UK to see the arrival of Monese.com
conditions, I believe will suffer due to less
or Metro Bank to see that choice matters.
investor confidence.
32
MBR
Dmitry Kozelkin is the Chief Business Officer for Money+Card Payment Institution Ltd. Prior joining M+C in January 2016 and for the last 20 years Dmitry has been founder, business development executive director, and the head of business development in a number of venture capital projects focused primarily on starting and expanding early stage ventures in the financial services and cross-border trade in Central European and Russian markets. Dmitry holds Master degree in Engineering and Technology from Moscow State University of Food Production and Bachelor Degree in Business Administration as well as Master of Business Administration coursework’s coverage from European University (Switzerland, Montreux). He possesses proven ability to understand both technology and business, which drives M+C business expansion through aggressive sales initiatives that deliver revenue growth, market share, and market penetration.”
corporate interview of the month
Malta Business Review
Corporate Journey
moneypluscard.com
M+C Account Corporate & Private
Multi Currency € - £ - $- CHF
Access via Browser moneypluscard.com
ePayzz mobile App* e-money mobile payment
*ePayzz App is an e-money solution, e-money licence pending (MFSA)
Visit money Money+Card Payment Institution Limited Regulated and licensed by the Malta Financial Services Authority (MFSA) © Money+Card 2016 All Rights Reserved
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33
Malta Business Review
erc stories
Dealing with Irregular Migration in the 21st Century By Barak Kalir While current studies focus either on the laws and procedures of the host country or on the networks and survival strategies of irregular migrants, this project adds a
different
perspective.
It
explores
the in-between actors who deal with undocumented migrants on the ground: on one hand, police agents, asylum service officers, local authorities, in charge of locating, detaining and deporting people; on the other hand, civil society organisations, human rights movements, religious organisations, which assist and at times also protect them. This comparative study will provide findings The treatment of irregular migrants
According to the team, Israeli deportation
is a hotly debated issue not only in
of vital importance that could lead policy-
policy is highly restrictive while Ecuador has
Europe but all over the world. In the
makers and actors in the field to find
one of the most progressive deportation
alternative approaches in dealing with the
regimes in the world which includes close
realities of irregular migrants nowadays. MBR
partnership with civil society.
Courtesy: European Research Council
face of increasing flows of migrants and refugees, many countries have adopted restrictive policies that often include the deportation of undocumented migrants to combat “illegal migration”. Dr Barak Kalir brings an anthropological perspective that could help explain how deportation policies are implemented and why their implementation mostly fails. The starting point of this research project is the disproportionality between the alleged “crime” of being an undocumented migrant and the sanction of deportation. But what determines the ways in which deportation is being implemented on the ground? What are the factors that prevent
Research picture ©Katerina Rozakou; Mapping BBC
or expedite implementation? Dr Kalir’s research team is carrying out extensive
fieldwork
to
compare
the
implementation of deportation strategies in four democratic countries, all signatories to relevant international conventions: Greece and Spain, the first destinations for migrants seeking to enter the European Union; Israel and Ecuador, both interesting case studies for their fundamentally different approach. 34
Project details: Researcher (PI): Barak Kalir Host institution: Universiteit Van Amsterdam, Netherlands Project: The Social Life of State Deportation Regimes: A Comparative Study of the Implementation Interface, (DEPORT REGIMES) ERC call: Starting Grant , ERC-2013-StG, panel SH2 Max ERC funding: 1,488,410 € Duration: Start date: 2014-03-01, End date: 2019-02-28
erc stories
Malta Business Review
Playing dirty against allergies and asthma Parents may threat at the idea of their children playing in fields and sheds, but research shows that those who grew up in farms, where this is common occurrence, are less likely to suffer from allergies and asthma. Prof. Erika von Mutius leads a team of researchers, that uses this knowledge to investigate how we could treat such conditions more effectively. City dwellers will be interested to know
profiles to understand the composition
diverse range of the right microorganisms.
that their children are five times more likely
of fungi and bacteria they were exposed
She even highlighted the protective role
to develop asthma or allergies, respiratory
to and analyse the substances these
of certain bacterial and fungal chemicals,
conditions that will affect around half of
microorganisms produce. In addition, Prof.
such as endotoxins and extracellular
the European population before 2025 and
von Mutius was able to study the genetic
polysaccharides. The discoveries made
remain, so far, without a cure. The ERC
susceptibility
individuals.
during this study could help reduce the
project HERA, led by Prof. von Mutius, from
This allowed her team to investigate
fear many allergic or asthmatic patients
LMU Munich, focuses on what determines
the link between environmental factors,
feel when spring approaches.
this type of protection.
such as microbial exposure from a farm,
By using the latest innovative high throughput DNA sequencing techniques,
of
specific
MBR
and genetic factors in determining the occurrence of these conditions.
Prof. von Mutius has highlighted the role
By describing, for the first time, the world
of microbes in reducing the occurrence of
of microbes that inhabit our body, in
these conditions. With her ERC grant, the
higher numbers than even our human
researcher collected samples from children
cells, Prof. von Mutius discovered the
with different backgrounds and disease
importance of coming in contact with a EDITOR’S NOTE
Project details: Researcher (PI): Erika Von Mutius Host institution: Ludwig-Maximilians-Universitaet Muenchen, Germany Project: Host-environment interactions in the protection from asthma and allergies, (HERA) ERC call: Advanced Grant , ERC-2009-AdG, panel LS7 Max ERC funding: 2,155,697 € Duration: Start date: 2010-05-01, End date: 2015-04-30
Erika von Mutius is both Professor of Pediatrics and Epidemiologist. She is head of the Asthma and Allergy Clinics at the Dr von Hauner Children’s Hospital of LudwigMaximilians-University Munich. and the Munich University Asthma and Allergy Research Group. Professor von Mutius has been involved in many large pan-European projects concerning asthma and allergic diseases.
www.maltabusinessreview.net
35
Malta Business Review
erc stories
Towards new quality sports broadcast
By Leif Katsuo Oxenløwe
Imagine your favourite football team entering a stadium. An army of wireless cameras is following the players to give you the best possible view – of the whole pitch, of the chanting crowd, of each footballer, from the tip of his head to the grass blades he treads with his cleats. Thanks to Prof. Leif Oxenløwe’s research, this kind of wireless ultra-high definition television broadcasting can one day become a reality. Combining cutting-edge technologies Athletes are not the only ones hoping to set world records. With his ERC Starting Grant, Prof. Oxenløwe, from the Technical University of Denmark, has pushed the boundaries of optical communication. He is now engaged in the race to enhance wireless communications, the type that would allow high-speed video transfers and which would open a world of possibilities for extremely-high definition broadcasting. “It is a race for higher and higher speed”, says Prof. Oxenløwe, “and we are investigating the extremes”. In 2014, his team set the world record for data transmission through an optical fibre cable with a single laser source, reaching 43 Terabit of data per second - enough to download the whole Spotify library of 30 million songs in less than a minute. Now, they are trying to leverage this record to improve wireless transmission. “The focus of my ERC grant was to explore high-speed optical telecommunication systems with low-energy consumption. But as we talked to another team in our department, we realised the potential in combining our results with the wireless Terahertz emitter they were working on”, explains the grantee. “This is one of the positive aspects of ERC grants: the freedom to follow new, unexpected ideas.” The team patented the concept and could test the value of the prototype further thanks to an ERC Proof of Concept grant. Their 2015 milestone, a wireless speed of 60 Gigabits per second (Gbps), or 32 times the data transmission rate needed for full HD images to reach viewers’ TV screens, was achieved by using the 400 Gigahertz (GHz) frequency range. “And now, we exploit this frequency range even further”, says Prof. Oxenløwe. At the international Opto-Electronics and Communications Conference (OECC 2016) taking place in Niigata (Japan) last week, his team will present the next step: a demonstrationof 36
a data transmission rate of 160 Gbps in the “THz regime” (300-500 GHz) achieved in their labs. “This is the highest wirelessly transmitted data rate ever demonstrated and shows the potential of higher carrier frequencies for wireless communications.” The future of events broadcasting With 60 Gbps speed, a smartphone could already download a Bluray movie in less than four seconds. Unfortunately, these extremely high-speed wireless transfers are not designed for this purpose, as they require an antenna accurately set and directed to the sending source. This technology, however, could be a breakthrough, for example, in broadcasting sport tournaments and music festivals.
Nowadays, TV cameras recording live events are usually connected to a mixing centre through a cable. Prof. Oxenløwe’s prototype would allow the use of ultra-high definition cameras to send their footage to the mixing centre without the need to wire them. In the future, we could see every single centimetre of the running track, the pitch or the concert stage recorded and broadcast in real time and in unprecedented quality. According to Prof. Oxenløwe, the technology could also become a tool for emergency teams in the event of natural disasters: “Medical and security staff could easily set up local, flexible, high-capacity mobile communication units to retrieve huge amounts of data, for example patients’ medical records, in a matter of seconds.”MBR
Presentation reference July 2016: “THz Photonics-Wireless Transmission of 160 Gbit/s Bitrate,” Xianbin Yu, Shi Ji, Hao Hu, Pengyu Guan, Michael Galili, Toshio Morioka, Peter U. Jepsen and Leif K. Oxenløwe. The 21st OptoElectronics and Communications Conference (OECC2016) and the conference on Photonics in Switching 2016 (PS2016), Niigata Japan, Postdeadline paper PD1-2.
Project details: Researcher (PI): Leif Katsuo Oxenløwe Host institution: Danmarks Tekniske Universitet, Denmark Project: Serial Optical Communications for Advanced Terabit Ethernet Systems, (SOCRATES) ERC call: Starting Grant , ERC-2009-StG, panel PE7 Max ERC funding: 1,518,387 € Duration: Start date: 2009-09-01, End date: 2014-08-31
new series: one question interview
Malta Business Review
International Growth
By George Carol
MBR recently interviewed Simon DeBono, Managing Director, SIMON Estates, to learn more about the new overseas franchise opening. Debono dishes on why he chose the Geneva franchise, the challenges he faced while getting his business up and running, as he shares with us his advice for potential franchisees. MBR First of all I would like to congratulate you on having been awarded the 'Best Real Estate & Property Entrepeneur of the Year Award’ 2016. I have heard that you have opened a Branch in Geneva, Switzerland. What is the rationale behind this? SD: Thank you for the Congratulations. I was not expecting it and it came as a rather pleasant surprise. Property in Malta is fetching an ever increasing price, especially at the higher end and upmarket real estate. So much so that the Maltese Owners have come to expect such raised prices when selling. It is therefore important to look at Malta from the eyes of the High Net Worth Individuals (HNWI). Property is very expensive in Switzerland, so from the comparative angle, if you can offer a very 'high quality' property in Malta, a Swiss client will definitely give you
the price you deserve. Accent on the 'high quality'.
Add to this equation the enforcement of
There are however other macro economic fiscal reasons for the move to Geneva. It is becoming increasingly difficult to move funds abroad. National Governments and their multitudinous Regulatory, AML and Fiscal Authorities ask a plethora of questions, mainly related to provenance of funds. So if you are promoting Malta abroad, a logical analysis would lead you to target a country where the foreigners have already moved their funds abroad. Switzerland ticks that box on many levels. It is like the United Nations of the World HNWI's, who were not happy with the Tax situation of the country of their birth. This now brings an uncanny affinity with the Maltese Government promoting Malta as the Switzerland of the Mediterranean.
all OCED countries from February of next
the Common Reporting Standard (CRS) in year, and those people who know what I am talking about, will be lending a very attentive ear to what we have to say. We are not going to go down the path of turning into an NTOM, as we are aiming at a totally different segment of Clientele. Though
promoting
the
beauty
and
convenience of Malta, on many levels, does help to make the package that much more attractive. If you have a property that would be appropriate for our Swiss clients, now might be a good time to pick up the phone and tell us about it.
MBR
For further information contact: Simon Estates Real state Services 2388 0099; www.simonestates.com
SIMON ESTATES 159, Il-Gebla, Labour Avenue, Naxxar NXR 9025, Malta 223, Republic Street, Valletta VLT 1116, Malta 6, Chemin du Repos, 1213 Petit-Lancy, Geneva, Switzerland Mob: 00356 7944 6688 Tel: 00356 2388 0099 www.simonestates.com info@simonestates.com
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Malta Business Review
CFSP-CSDP
Maltese Parliament delegation participates in the CFSP-CSDP Inter-Parliamentary Conference in Bratislava A Maltese delegation composed of Chairman of the Foreign and European Affairs Committee Luciano Busuttil and Jason Azzopardi participated in the inter-parliamentary conference (IPC) on the common foreign and security policy and the common security and defence policy in Bratislava between the 2nd and the 4th of September 2016, which was organised by the Slovak Parliament as part of the events of the parliamentary dimension of the Slovak Presidency of the Council of the EU. The IPC convenes once every six months in the country of the Presidency Parliament and is presided over by the same Parliament, in close cooperation with the European Parliament. It brings together the chairpersons and members of the Foreign Affairs and Defence Affairs committees of the member states. The conference focused on the role of the EU in world politics and as a global player.
The EU is faced with an unprecedented set of challenges, both internally and externally but it has all the means to be an influential foreign policy maker if it speaks with a united voice. During the session concerning the EU’s neighbourhood policy, the European MPs recognized the importance of selective engagement and dialogue with Russia to ensure accountability and maintaining the option to cooperate on resolving global crises where there is a clear EU interest. They also urged member states to comply with EU decisions, including Council Decision (EU) 2015/1601 and implement the relocation scheme across the EU member states proportionally to their size and population. Luciano Busuttil moderated the workshop dealing with sustainable development and migration. The issue of migration is one of the dominant themes concerning not only member states but all of Europe. Cooperation
with countries of origin and transit is essential for a long-term sustainable solution to the migration crisis in Europe. The conference ended with the adoption of the conclusions. The next IPC on the CFSP-CSDP will be held in Malta in the first half of 2017. MBR Photo: HOR
U*BET entertain Maltese fans with thousands of matches for the new football season Maltco Lotteries, the custodian of Malta's national lottery, has an unrivalled programme of football across the 2016/2017 season featuring the UEFA Champions League, English Premier League, the Italian Serie A, the Spanish Liga, Germany's Bundesliga and the growing French Ligue together with a raft of international leagues. Thousands of games will be available to Maltese football fans through U*BET's live-betting and other options, and U*BET will be offering all the major leagues and secondary leagues, as well as covering other European Leagues, Scandinavian Leagues, Asian Leagues, American Football Leagues and all major football Cups and championships. The Champions League is widely regarded as European football's most exciting competition. Maltese fans can support their favourite team and join in all the excitement with U*BET's coverage of all the Champions League matches. Very important matches, the ‘Big matches’, Champions League or other featured leagues, will have extra special bets that fans can enjoy such as first goal scorer, first penalty and first red card. In England, Leicester City are the current champions, after a remarkable season that saw them win the title when nobody gave them a 38
chance. The reigning champions have inaugurated the Premier League season after travelling to the KC Stadium to face Hull City in the opening match on Saturday 13th August at 13:30. In Italy's Serie A, last season Juventus became the champions for the fifth year in a row with Napoli and Roma trailing them with excellent performances. Roma hosted Udinese in the kick off match scheduled on Saturday 20th August. The Bundesliga is the top level of football in Germany. Bayern Munich are the most successful club, having won their 24th title in 2014/5, and Bayern look set to be very competitive in the coming season, having started their campaign on Friday 26th August with a bang! The Primera Liga is the top division of Spanish football, and has been dominated by bitter rivals Real Madrid and Barcelona, with Barcelona claiming the title last season, and this rivalry will extend into the 2016/2017 season. The Blau-Grana side debutted in this year’s La Liga against Real Betis on Saturday 20th August. The 2016-17 French Ligue 1 season is the 79th season and Paris Saint-Germain commenced their defence of the title playing the first game of the season against Bastia on Friday 12th August.
A spokesperson for Maltco Lotteries said that whilst the English Premier League promises incredible action and drama, the betting across Europe and rest of the world will be action packed too. The growth of European Football League betting means that there is always a wealth of football betting opportunities with U*BET, such as the new leagues which cover the second division in Holland, Switzerland and Denmark, as well as new leagues such as Chile, Croatia, Poland, Slovakia, Czech Rep, Australia, China and South Korea. Whether local Maltese fans are betting on footballing giants like Manchester United, Chelsea, Juventus, Barcelona, Real Madrid, Bayern Munich or Inter Milan to the lesser known European clubs, U*BET will always provide a host of exciting matches to add to the entertainment value. MBR For further information go to the Facebook page https://www.facebook.com/UBETsport/ or www.ubet. com.mt, visit the Maltco website www.maltco.com or call 2388 3000. PHOTO CAPTION: Maltco Lotteries, Malta’s national lottery brand, is covering thousands of matches through their U*BET brand to make football even more enjoyable for Maltese fans.
bems
Malta Business Review
INTELLIGENT BUILDING TECHNOLOGIES
Darryl Schembri
Saving money by reducing energy consumption through the renovation of existing buildings is a growing trend. Not only is it one of the most attractive and low cost options available today to reduce your carbon footprint, but it is also financially rewarding to do so. Wise energy management in buildings is the first step towards reducing building running costs. By focusing on managing the indoor climate, significant energy consumption savings are immediately realised. The strategy is simple: use energy only when and by how much you need, and not a unit more! By simple example, imagine a room inside a building on a very hot day. The room may be either full of people, half full, or even empty. Intelligent controls would respond to these population changes and adjust the light levels, air conditioning and ventilation accordingly, resulting in reductions in the
energy bill of up to 25%. Even better news is that today’s range of intelligent controls makes it possible to renovate existing buildings, opening up endless possibilities for buildings such as offices, hotels, government buildings, hospitals, schools and museums to invest in energy saving technology. Intelligent energy efficiency technologies have short Return-on-Investment (ROI). Building Energy Management Systems (BEMS) and Room Energy Management Systems (REMS) typically bring an immediate 15% reduction in the energy use of a building with an ROI of less than 3 years. These smart technologies allow accurate control of energy-consuming equipment by adopting the simple strategy of using energy only when and by how it is needed, without reducing the level of comfort. Whether the building is a hotel, a retail outlet or an office block, the comfort
YOU’RE
of the guests or clients is assured, offering a productive working environment leading to good business. These technologies also allow energy usage throughout the building to be continuously monitored, even remotely, enabling building operators to keep track of their facility’s efficiency at all times. Investing in systems that reduce energy wastage is the starting point of a sensible strategy which should come before investing in renewables to generate the energy to be wasted! Also a 3 year ROI is better than any ROI offered by solar technologies on the market. With rising energy costs, unsustainable greenhouse gas emissions and EU funding in place, there has never been a better time to invest in intelligent building technologies. MBR Darryl Schembri B. Elec Eng, MSc (Management) – AIS Technology Ltd
SO IS YOUR
SMART.
BUILDING.
The human body has evolved over millennia, acquiring the ability to sense changes in its surroundings and adapt to them, thousands of times every second. It deserves a building that is just as clever.
The smart building detects changes to its environment and intelligently adapts to them. In doing so, it protects and preserves its environment by reducing the energy it consumes to a minimum. Now that’s smart.
ais TECHNOLOGY
AIS Technology Ltd. TEL: +356 21 803350
A MEMBER OF EMAIL:
info@ais.com.mt
WEB:
ais.com.mt
ais GROUP
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Malta Business Review
anniversary
ShipLowCost.com celebrates 4 years of operations
Year-on-year growth in e-commerce
A
s Express Trailers celebrates the 4th anniversary of its online logistic application ShipLowCost. com, the service keeps confirming its successful growth rate. In the first seven months of this year in fact, the service saw year-on-year growth in the number of registered users and take-up. Launched in 2012 to assist consumers bring their online shopping to Malta, ShipLowCost.com rides on the strength that no size or weight limitations apply and therefore, holiday and online shoppers can have practically anything they buy, shipped to Malta, right to their door. ShipLowCost.com started operating from four depots, in the UK, Germany, Italy and France with the addition of Sicily which came a few months after the service was launched. The service kept growing with the addition of three new depots earlier this year, in the Netherlands, in Spain and another in Austria, bringing the number of European depots to a total of eight, all strategically located across Europe, the biggest source of holiday and online shopping.
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freight solution for their cargo. All they need to do is choose the closest depot, have their items sent there and through our seamless and customer-friendly platform, we make sure their items are delivered straight to their door.”
The UK is by far the most popular hub of activity for ShipLowCost.com customers, followed by Italy and then Germany. “The application is an online solution complementing e-commerce business. We are logistics people, providing total logistic solutions, and practically, ShipLowCost.com applies our service philosophy online,” explains Franco Azzopardi, Chairman and CEO of Express Trailers. “Customers can take advantage of our expertise in logistics and trust our risk awareness, directly through this portal by accessing ShipLowCost.com when booking the mode of delivery of their purchases to their address in Malta. The service is popular among travelling customers buying goods whilst abroad, or having oversized or overweight luggage. It has also complimented e-commerce and has become the online shoppers’ preferred solution to bring their purchases home. The solution is also popular among business people opting for a self-service type of
“We have invested in a solid online platform and a strong e-shopping infrastructure and our service is backed by our long years of experience in the transport business which has already given us an excellent reputation as Express Trailers identifiable by the hallmark #WeAreOrange and Delivering Trust strapline. Our reliability and safety have been tried and tested and we are proud of this service which we plan to keep expanding and improving for the benefit of our increasing customer base,” concluded Franco Azzopardi. MBR
waste management
Malta Business Review
Managing waste in the workplace
Do your bit
T
oday more and more local businesses are implementing good waste management initiatives to encourage the reduction of waste in the workplace. The infrastructure to support the management of commercial waste is already in place, and privately financed
schemes operate in areas for the recovery of packaging waste and electrical and electronic equipment. The annual European Week for Waste Reduction encourages a wide range of audiences to come up with practical solutions that help to reduce waste
or increase recycling. The number of businesses participating proves that there is a willingness to install sustainable waste management practices. Many creative yet simple ideas may be put in to practice and can also be adopted by other businesses. A few ideas include encouraging customers to the use of reusable shopping bags at retail outlets, circulating documents electronically to avoid printing which when absolutely necessary should use both sides of the paper and have wider margins and smaller fonts to maximize paper area. Make sure that you favour purchasing products that are reusable, returnable or refillable and where possible use electric dryers instead of paper towels in bathrooms and cloth towels and reusable crockery in office kitchens. Separate your waste effectively encouraging recyclables, and where possible, organic fractions to be collected separately. For more tips on how to introduce green habits into the workplace please visit http://dontwastewaste.gov.mt/ MBR
This is why we take pride in assisting you every step of the way and ensure that your business event does indeed become one to remember. Surrounded by breathtaking views of the Mediterranean Sea, the Paradise Bay Resort Hotel’s unique position, make it the obvious choice as an ideal venue for your next business event.
ACHIEVING A PERFECT BUSINESS EVENT IS NO EASY FEAT. www.paradise-bay.com
Whether you’re planning a large-scale conference, or an intimate boardroom meeting, the Paradise Bay Resort Hotel offers some of the best conference facilities in Malta. Our Ambassador and Premier Suites are ideal for smaller meetings and presentations, while the spacious Stella and Moses Halls both benefit from beautiful sea views and natural daylight. Extensive outdoor venue space, combined with our well-equipped internal meetings facilities, provides the perfect location for large functions and product launches.
For more information or to make a booking enquiry, please contact us on 2152 1166 or events@paradise-bay.com
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Malta Business Review
feature: eba awards
On the Leading Edge By George Carol
NetRefer understands that the world of Unified Performance Marketing has evolved over the past decade. From developing cutting edge solutions, integrating to complex 3rd party systems, designing innovative customisations, providing premium services and data analytics – NetRefer’s ability to simplify the complex cycle of Unified Performance Marketing has never been more finely-tuned. We caught up with NetRefer’s COO, Timothy Buttigieg, to see what features customers need to stay ahead of the digital curve.’ MBR: What makes NetRefer such an attractive place to work?
services within a culture of continuous improvement.
TB: NetRefer is quite possibly the best place to work in Malta. The key to the success of our workplace is the constant drive to innovate, collaborate, whilst keeping things fun. What’s beautiful about this approach is that our environment is a self-reinforcing one. All of our people constantly support one another, and together have established an organisation that is creative, hardworking and highly productive.
MBR: Having participated and won in Malta’s Best Entrepreneur Awards 2015, NetRefer has now been shortlisted for the EBA Awards. How do NetRefer encapsulate the excellence of the advisers and managers in the Performance Marketing sphere that make it stand out from other international companies?
MBR: How do you believe the company’s core principles are reflected in the everyday culture at NetRefer? TB: NetRefer focuses on openness, transparency and general ethics to motivate staff. One of the most important principles for NetRefer is empowerment. NetRefer values productivity and results, and believes that management should maintain a healthy interest in direct reports supporting their success and overall wellbeing. NetRefer’s culture is very focused on allowing staff to realise their career development goals by guiding them on the path to success by fostering a clear vision and strategy for the team. MBR: What makes NetRefer’s approach to developing relationships and forming partnerships so different and successful? TB: At NetRefer we place partnerships at the heart of everything that we do. Our goal is to maintain High Quality Client Service to delight our clients. The premise for Client Services is two-fold. The external focus places the client at the centre of all business planning, providing responsive and accessible, high quality services. The internal focus is on developing the capability and capacity of resources to deliver effective and efficient integrated 42
TB: At NetRefer we continuously work to optimise our product offerings, focusing on innovative enhancements to our already robust solution, as well as guaranteeing that we maximise our clients experience by offering exceptional and professional client engagements through our Professional Services units. By understanding that our greatest asset is the vast range of data we are able to process for our clients, we are continuously discovering ways to improve our solutions to empowers our clients enabling them to effortlessly complete marketing decisions.
One of the most important principles for NetRefer is empowerment. MBR: What can you tell us about NetRefer’s business model, expertise, market-leading products and services, innovative solutions to private client dilemmas, contribution to the profession, and leadership and vision, among other criteria? TB: NetRefer is the industry leader in the provision of Unified Performance Marketing software. We power some of the most successful and high volume affiliate programs through a centralized
and scalable solution. The system manages the whole affiliate life cycle, including affiliate signup, CRM, media serving, performance-based advertising tracking, customer reporting, finance and rewards management, and automated payments back to affiliates. Industry recognition comes from our software’s unrivalled features coupled with the professional experience gained through the years, successful delivering extremely high volume affiliate programs requiring fast, scalable, accurate, reliable, secure, flexible and robust performance marketing technology. Backed up by a bright and experienced team of technology and marketing experts – all passionate about what they do, and with constant attention to the needs of its clients and their affiliates, NetRefer continues to evolve its software products and related services in line with its vision: to constantly uphold its position as the global leading affiliate management software provider. MBR EDITOR’S NOTE Timothy Buttigieg is a target-oriented executive with comprehensive combination of technical and business competencies within the IT industry. Tim is the COO at NetRefer, a leader in the provision of Unified Performance Marketing software. Tim provides day-to-day oversight of NetRefer’s operations and leads the leadership team responsible for all of NetRefer’s business lines, including Professional Services, Business Development, Programme Management and the Product team.
feature: eba awards
Malta Business Review
Learn, Adapt and Innovate
By George Carol
As we kick off a new series profiling EBA company nominees, we interview Mark Cassar, who tells us that one of our most valued asset is, without any doubt, a highly talented workforce. They shape our unique personality and demonstrate our passion for performance. MBR: What makes Casasoft so special and standing out from competition? MC: We have a very strong commitment towards the quality of service that we provide. We are so confident in our level of service that we commit to offer a 100% money back guarantee. Such commitment differentiates us from our competitors. Another key element which we value is that we ensure to involve our clients very closely throughout the entire project, so that we shape the project together with them, making sure it meets and exceeds their requirements. MBR: From an inside perspective, what has made Casasoft so successful? MC: We invest highly to keep ourselves updated with the latest technologies. This enables us to provide our clients with the highest quality of service possible, while guaranteeing that their digital strategy is cutting edge. After all, what customers want to invest in, is a solution that can deliver exceptional results for a long-term strategy. We strongly believe in continuous learning and development. In fact, following every finished project, we ask clients to participate in a satisfaction survey. This helps us to gather a deeper understanding on areas in which we need to improve and areas where we excel. The positive feedback we receive is the reason behind starting our 100% money back guarantee.
CasaSoft winning Malta’s 2015 Best in Business Online & Web Design Agency
new opportunities to learn, enabling us to stand out from the crowd. In our field, we believe it is of utmost importance to have a solid understanding of not just the market, but also the industries in which our clients operate in. Participating and winning the title of National Champions in the EBA Awards was important for us not only because it gives us recognition on a European level, but also because it gives us the motivation to continue to excel, as well as increasing the prospects of securing reputable clients both locally and internationally.
MBR: How critical is diversity to Casasoft and how important was it for you in participating in the EBA Awards?
MBR: What can you tell us about Casasoft’s business model, expertise, market-leading products and services, innovative solutions to private client dilemmas, contribution to the profession, and leadership and vision, among other criteria?
MC: Diversity is crucial in every aspect for CasaSoft. From the team itself all the way to the projects we embark on. It equips us with different perspectives and
MC: In a nutshell, our aim is to help businesses expand digitally - whether it is with design and branding, web design, web development, software development,
web applications, and even marketing and strategy. We can do it all. The core principle of our business model is to maintain a high level of customer satisfaction and to deliver exceptional solutions. Most of our clients reach to us directly, either because we are recommended by our previous clients or because they love our work. This gives us a high profile clientele, who trust us in providing them with innovative solutions. We are strategic thinkers. We listen closely to our client’s requirements and devise a custom-made solution which fits their needs while delivering exceptional results. In this regard, we believe we set the industry standards. Our vision is to always deliver the best results possible and to inspire others to excel. We aspire to reach both local and international clients who value a high level of service. MBR
Corporate Brief CasaSoft Ltd. is a team of highly creative designers, talented developers and strategic thinkers full of passion and innovation. CasaSoft’s aim is to help businesses expand digitally and online, by striving to deliver projects of exceptional quality. We build outstanding projects which are extremely user-friendly, highly functional and which deliver results. Since our start, back in 2004, CasaSoft has won several awards, such as the Malta’s Best in Business Online and Web Design Company Award in 2015, two international Design Firms Awards in 2015 and 2011 and The Best Flash Website Award in the Digital Arts 2009 Awards, back when Flash was the thing to have.
www.maltabusinessreview.net
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Malta Business Review
feature: eba awards
Passion and Motivation By Martin Vella
Exclusive interview with Deborah Schembri, Managing Director, STM Malta Trust and Company Management Ltd (STM Malta), a member of STM Group PLC, which is a multi-jurisdictional financial services group listed on the Alternative Investment Market (AIM) of the London Stock Exchange.
Deborah Schembri at Malta’s Best Entrepreneur of the Year Awards 2015
MBR: STM Malta Trust and Company Management Ltd (STM Malta) has been shortlisted for the Citywealth International Financial Centre Awards. How does STM Malta encapsulates the excellence of the advisers and managers in the private wealth sector in the major international financial centres that make it stand out from other international companies? DS: STM Malta primarily provides pensions administration services and trusteeship to international clients. Over the past years the Company registered exceptional growth and performance results. STM Malta forms part of STM Group Plc. STM Group is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. Incorporated in the Isle of Man, its countries of operation are Gibraltar, Malta, Jersey, Spain and Australia. It also has satellite offices in Africa, the Middle East and Asia. 44
STM Malta achieves operational excellence by focusing on four quadrants: 1. policies and processes: the pace of change in the financial services business requires that policies and processes be frequently reviewed and updated to ensure their integrity and relevance.
MBR: Can you tell why STM Malta’s philosophy is significant and what are its objectives? DS: Our mission statement is to provide a reliable and outstanding service to meet our customers present and future needs. Our values are summarised as follows:
2. systems and tools: reliance on systems and tools is now greater than ever before. These should be effective in monitoring performance and generating reports documenting exceptions.
• Integrity: transparent, ethical and clear communication with staff, customers, partners and community
3. organisation and people: an organisation structure with clearly established reporting lines and a cross-functional interaction supported by well defined roles and responsibilities enables effective management.
• Development: our people are the most important asset
4. data & insights: robust reporting and realtime dashboard assist in determining trends and thus anticipate risk.
Our Vision Statement is reaching a wider-spectrum of both national and international potential pensioners. Our
• Dignity and respect: in all our interactions
• Effectiveness: we adapt to the ever-changing and varied business environment so that appropriate relevance is consistently attained
feature: eba awards
Malta Business Review
core competencies can be described in three words: knowledge, innovation and excellent service. A company’s philosophy is very important in reaching the long term objectives. MBR: How does STM Malta strive to build enduring client relationship and provide excellent service? DS: Five essential elements are required: 1. respect: respect the fact that customers actually pay the salaries and make a company’s profits. One should make them feel important. The customer may not always be right but the customer must always win. 2. understanding: understand, identify and anticipate needs. The better you know your customers, the better you can anticipate those needs. Regular communication is important to be in a better position to satisfy customers. 3. listening: one should keep eyes and ears open. Hear what the market is saying, open a dialogue and be a good listener. 4. responding: one should respond positively. Always do what you promise. 5. serving: essentially this means fulfilling your promises. Help customers understand your systems.
Our core competencies can be described in three words: knowledge, innovation and excellent service. MBR: How does STM Malta uphold such ethos and practices? DS: The capabilities to turn knowledge into practice and to uphold continuous innovation are important for long-lasting strategy. MBR: How and in what say is STM Malta committed to serving the interest of its clients? DS: The main criteria include: 1. set customer expectations: the earlier the better 2. be expert in your particular field 3. build trust through relationship 4. implement anticipatory service 5. make use of automation 6. build KPIs around customer service 7. build relationships
Deborah Schembri, STM Malta, during Malta’s Best in Business Awards 2015
8. go above and beyond, go the extra mile MBR: What can you tell us about STM Malta’s technical expertise, market-leading products and services, innovative solutions to private client dilemmas, contribution to the profession and leadership and vision among other criteria? DS: I would say that STM Malta is the main international pensions provider in Malta providing a number of trust based schemes leading to STM Group being a major international pensions provider globally. Secondly, STM Malta has been instrumental in shaping the pensions industry in Malta, together with the collaboration of our staff and external stakeholders. STM Malta is based on a knowledge based culture leading to innovation. MBR: How do you think Citywealth International Financial Centre Awards will support your strategy for growth, impact your business and increase STM Malta’s brand awareness? DS: Being shortlisted for such awards adds credibility, confirms our position as experts in our field of international pension solutions & pension administration and increases staff motivation. MBR: To what do you attribute your continued success? DS: Success is achieved through hard work, passion and motivation, self-belief and disciplined dedication, adaptability and flexibility, planning and networking capabilities. All this can be achieved by
working collectively so a big thank you to all our employees for their sterling work. I take the opportunity to invite all readers to consider voting for STM Malta by going to the below IFC Awards 2017 link: https://www.citywealthmag.com/events/ international-financial-centre-awards2017#shortlist
MBR
Note STM Malta Trust and Company Management Limited is registered as a Retirement Scheme Administrator with the Malta Financial Services Authority. It is also authorised to act as trustee or co-trustee to provide fiduciary services in terms of the Trusts and Trustees Act.
EDITOR’S NOTE Deborah has twenty years’ experience in the financial services, gaming and hospitality industries. In her various C-level and board member roles she had formulated new strategic directions and implemented the necessary changes. She has been instrumental in setting up and growing various companies. She is a Certified Public Accountant, holds a Masters in Business Administration from Henley Management College and she holds a Diploma in Retirement Provision pursued with the UK Pensions Management Institute. She is the only Maltese resident holding such a qualification in pensions. She is a Fellow Member of the Malta Institute of Accountants, and a Member of the Malta Institute of Taxation, Malta Institute of Management, Institute of Financial Services Practitioners and Pension Management Institute UK. Last year Deborah won Malta’s Best Knowledge Entrepreneur of the Year Award 2015. She has also been nominated and then voted as one of the four finalists for the Commonwealth Women Entrepreneur of the Year 2015. www.maltabusinessreview.net
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Malta Business Review
feature: eba awards
Long Term Success
By Rochelle Beighton
Interview with Mario Muscat, Chairman, Ozogroup
Mario Muscat being interviewed by TV personality Dr.Thea Saliba during Malta’s Best Entrepreneur of the Year Awards 2015
MBR: Ozo Group has been shortlisted for the EBA Awards. How does Ozo Group encapsulate the excellence of the advisers and managers in the private cleaning sector that make it stand out from other international companies? MM: Being named national champions by the EBA for the second year running is a great achievement for the group, and that what makes us stand out because regardless the achievements obtained we still look to improve our service and stay one step ahead of our competitors. The reputation we have created within our organisation, encourages us to go the extra mile. We are open to new ideas and innovations and will always think creatively to overcome challenges and develop robust solutions.
we do and are relentless in our perusal for
MM: At OZO group we believe that we
exceptional standards.
work as one team. We value each and every
MBR: How do you think the EBA Awards
individual equally no matter the role and
will significantly support your strategy for
level of management. We find that treating
growth, impact your business and increase
the employees with the utmost respect,
OzoGroup’s brand awareness?
loyalty and freedom will eventually build
Acceptance of open communication is definitely a key value for our own employees MM: The EBA Awards, will definitely boost
which will eventually lead to better services and a better reputation to the company. Acceptance of open communication is definitely a key value for our own employees. MBR: What are the company’s core
our brand awareness giving us the chance
principles and how do you enforce them?
to showcase, and share our achievements
MM: The Company’s sustainable growth is
and growth to other great organization’s
based on two important aspects, which we
around Europe. Our objective is to expand
believe and emphasize the need of investing
MBR: How and in what way are OzoGroup committed to serving the interests of its clients?
internationally exploiting new markets and
MM: We are committed to working closely with them and to understand their needs whilst developing high quality solutions yet remaining cost efficient. We enjoy 99% retention rate, and this is not a coincidence its mainly because of the consistency in our work. We take pride in everything that 46
a stronger company, a happy environment
in them. The core values withstanding in
sectors and coming from a small island,
the company’s heart are the Client and
ventures on foreign soil could be very
the employee. The guiding Principle of our
challenging and demanding therefore being
company, “not short term profit, but long
backed by such recognition perfectly fits
term success”
within our growth implementation plan.
has proven successful and will continue to
MBR: What do your senior staff and
be our objective in the future, while helping
employees value most in your working
and contributing to the communities in
relationship?
which we live and work in.
MBR
feature: eba awards
Malta Business Review
Integrate, Innovate and Create By Nathan Archer
Charlo Callus, Managing Director of Cloudlabs describes the satisfaction of delivering custom made digital solutions that facilitate growth and improve customer’s businesses. MBR: What is the heritage of this company and how has it evolved to where it is today? CC: Cloudlabs Limited is a recently established company that specialises in producing tailored-made solutions for businesses. The company was founded when we were given the opportunity from Vodafone to manage SMS Advertising and vouchercloud on their behalf. Eventually, Cloudlabs became the official franchisee for vouchercloud in Malta. After gaining substantial experience in mobile and digital marketing, we also started managing Digital Marketing campaigns for clients. Over the years, we started to build the company’s reputation by investing in new projects and seeking novel opportunities in local and international markets. In fact we are planning to launch another three products in the next six months. MBR: How does Cloudlabs impact its clients through technology, innovation and best practices? CC: We were the first to bring a highly technological voucher discount application technique having won the MCA Most Innovative Solution Award back in 2012. We were also the first to introduce a self-serving, digital and eco friendly product sampling technique, utilising own developed technology integrated within vending machines. Maltese consumers used their smartphones to get a Free CocaCola Life. Campaign video can be found on the vouchercloud YouTube Channel. These milestones show that we are moving beyond digital marketing to adopt a more modern smart marketing approach by introducing innovative technology into the marketing value chain. MBR: How important is diversity and inclusion for a company like Cloudlabs in a technology-driven environment? CC: From a human resource perspective, we as Cloudlabs strongly believe in our people. We feel that having people who have lived different experiences, share
different backgrounds, coming from different industries can really add value to our company. Some of the team members are in fact foreign employees, or students studying in Malta, or coming from a foreign countries on an internship basis. We have learnt that combining this talent with local skill and experience is truly beneficial to our company’s long-term growth. Further to our diverse workforce system, we strive to create a fun working environment that allows our team to build friendships, be flexible and feel comfortable, sharing their own views and opinions. We spend a lot of time together brainstorming, sharing news about current events, as well as, our personal experiences in order to inspire ourselves to add more value to our product offering. This diversity and inclusion allows us to perform at a much better rate, as well as, feel part of something even bigger, resulting in the design of unique and diverse products for our clients.
CC: Our exact mission statement is to “amalgamate innovative, creative products and techniques into the market, resulting in an exponential growth in its client’s businesses”. In other words this means that whatever we create has to always be done with the client in mind as the main priority – are we offering solutions that help our clients grow and succeed?
MBR: How do you define Cloudlabs brand message and how critical is it that it be consistent?
Charlo Callus is an IT graduate from the University of Malta. He is now the managing director of Cloudlabs specialising in tailormade digital systems. For the previous ten years he worked and held positions in the telecommunications sector mainly with Vodafone. He also has experience working within the technical area in the Energy sector.
CloudLabs .com.mt
MBR: How critical is diversity to Cloudlabs and how important was it for you in participating in the EBA Awards? CC: As mentioned earlier, diversity is of extreme importance to Cloudlabs. We feel that it’s one of the main factors why we were chosen as National Champions in Malta (something we are immensely proud of) whilst also contributing greatly to our ability to provide innovative products and solutions to help overcome challenges that businesses are facing every single day and exceed customers’ expectations. MBR EDITOR’S NOTE
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Malta Business Review
case study
Purchasing a Trading Company The Situation Three investors wish to purchase one third
The Situation
each of a profitable UK trading company. One investor is tax resident in the US, one in Canada and one in Australia. They wish to structure their affairs to be as tax efficient as possible whilst not interfering with the existing operations of the UK company. The Problem Each investor would be liable to pay full rates of local tax on dividends received from the UK company, as well as full rates of capital gains tax from any subsequent sale of shares in that company. Incorporating an offshore company, or one company for each investor, to hold the shares in the UK trading company might,
The Solution
in theory, provide a way of deferring tax on the income and capital gains pending distribution. But in practice, US, Canadian and Australian anti-avoidance legislation would attribute the undistributed income and capital gains of an offshore company to the beneficial owner and tax them as though all income received by the offshore companies had been received directly by their beneficial owners. In other words, US, Canada and Australia all require the interest in the offshore company to be reported, rendering the offshore structure ineffective. The Solution Each investor should incorporate a hybrid
until actual distribution. By using these
irrespective of his country of residence,
vehicles tax can be deferred indefinitely.
he would still be subject to US tax. But
of his country of residence, and use such
In the case of the Canadian and Australian
considerable advantage could still be
a company to hold his shareholding in the
investors, distribution could be delayed until such time as the investor has moved
obtained for the US person by deferring
UK trading company. Hybrid companies are limited both by
to a low or zero tax country when it
shares and by guarantee and can therefore
would no longer be liable to Australian
be effective in deferring payment of tax on
or Canadian tax. The US investor could
Creditline: Š 2016 The Sovereign Group;
the underlying income and capital gains
not employ such a technique because,
China Focus
company, structured specifically to take into account the anti-avoidance legislation
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the tax and being able to reinvest out of the untaxed funds.
MBR
renewable energy
Malta Business Review
European Commission gives green light for €140 million Malta support scheme for renewable energy The European Commission has announced that it has approved Malta’s scheme to support large scale renewable energy installations. The intent of the Maltese Government’s proposed scheme, as part of the energy roadmap, was primarily for photovoltaic installations with a capacity of at least 1MWp, and may apply to wind farms in possession of a development approval. The scheme has been assessed by the European Commission and found compatible with the 2014 guidelines on state aid for environmental protection and energy in view of its beneficial impact on the environment and minimal distortion of the market. The maximum budget to be allocated between 2016 and 2020 will be around €140 million. This would be paid in the form of a premium
above the market price of electricity over the 20 year guaranteed support period. Currently, over 80MWp photovoltaic capacity have already been installed in Malta. The new scheme is essential for Malta to develop clean energy and is expected to provide support for at least 55% of the remaining 110MWp Photovoltaic capacity which still needs to be developed by 2020. Smaller systems shall continue to be supported through existing feed-in tariff schemes and grants. Support shall be allocated through a competitive process whereby prospective project developers will be able to submit a sealed bid for a support level corresponding to a specific capacity. Different ceilings shall
apply depending on the installation type. However, all submissions will ultimately compete together. This will ensure that the most cost effective sites are developed first. This scheme shall be complimented by the Solar Farm Policy which will determine suitable sites for the development of large scale photovoltaic systems and minimize the impact on the landscape. Minister Konrad Mizzi welcomed the green light received from the European Commission and highlighted that this will incentivise significant investment by the private sector in green energy. He also highlighted that, over the last three years, the Government turned around the renewable sector and is now committed to sustain the momentum for further reducing emissions. MBR
The Science Behind Bad Posture
Affecting body and mind
By Stephanie Borg
P
osture is not a position, it is the way we live, the physical manifestation of our comfort zone. It is any habitual positioning that causes unnecessary strain on the body and the tension we constantly hold subconsciously that eventually snowballs into pain. Poor posture is the new problem causing more mental and physical health complications than most people realise. Incorrect posture differs from person to person. When the body is slouched and constricted, it prevents it from working optimally, resulting in a poor mood. When the body remains in a seated position for a long time, all internal processes slow down, energy levels decrease and you may
start feeling irritable, tired or aggravated.
posture,” always keep moving.
Your posture says a lot about your personality, and about how your joints and muscles are working. How you look and feel is directly related too. Despite the importance of having good posture, most of us don’t do anything to improve it; little do we realise that it can be a factor in chronic pain later in life.
As a Nurse and holistic therapist, I know that poor posture is a factual thing. Unlike other bad habits, poor posture can be relaxing to correct because massage can help get your body back on track, allowing body and mind to reinforce healthily.
Body awareness is where it all starts. Without it, we go through our work not realising how movements affect our health. One effective way to correct imbalances is to stretch the overactive muscles and to strengthen the underactive muscles. The LUMOback team advise “the best posture is always the next
With ongoing massage muscles are loosened, relaxed-joints have greater freedom and pressure points are relieved. This allows the body to position itself in a healthy and natural posture, avoiding the movements and positions developed over time. MBR For more information contact Stephanie Borg (SRN) on: +356 77893760 www.maltabusinessreview.net
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Malta Business Review
solar energy
Advantages & disadvantages of solar energy By Paul Ricci
One of the most talked about technologies in construction at the moment is solar. With projects having to adhere to strict efficiency targets, and renewables being used more frequently, the use of solar products are becoming ever more common. I have decided to take a look at what the advantages are of using solar, but also if there are things you need to consider before taking the plunge. Firstly, solar power can be defined as the conversion of the energy from the sun to usable electricity. One of the most common uses of solar power utilises photovoltaic cells to convert sunlight into electricity. Take a look at modern homes and it is likely you will see solar panels adorning the rooftops. With this in mind, one of the most obvious advantages of solar is that it is a renewable energy source. With its power emanating from the sun, it can be harnessed in all areas of the world and is available every day. We cannot run out of solar energy, unlike some of the other sources of energy. Solar energy will be accessible as long as we have the sun. Conversely, being reliant on the sun can also be detrimental. Although solar energy can still be collected during cloudy and rainy days, the efficiency of the solar system drops. Solar panels are dependent on sunlight to effectively gather solar energy. Not ideal if you live in England, and normally enjoy a good week of sunshine during the whole year. A few cloudy, rainy days can have a noticeable effect on the energy system. You should also take into account that solar energy cannot be collected during the night.
When you are a homeowner, one of the things likely to be on your mind is electricity bills, and this again is where solar can help. Since you will be meeting some of your energy needs with the electricity your solar system has generated, your energy bills will drop. Furthermore, solar energy systems have low maintenance costs. You only need to keep them relatively clean, so cleaning them a couple of times per year will be sufficient. There are no moving parts, and
there won’t be rust or wear and tear. Cost is something you need to consider very carefully before investing in a solar energy system, as even though you can make savings in the long run, the initial cost can be quite high. The upfront costs include paying or solar panels, inverter, batteries, wiring and for the installation. Another thing to ponder is the space these products require. The more electricity you want to produce, the more solar panels you will need, because you want to collect as much sunlight as possible. Some roofs will not be big enough to fit the required number of solar panels that you would ideally like, so that is an important judgement that will need to be made before possible installation. No matter what way you look at it, solar energy is a growing force and is becoming ever more popular. There are important factors to consider before you make the decision, is your home or building big enough, would the savings in the long run outweigh the initial cost of installing the panels? After giving these factors some thought, will you be saying see you soon or so long to solar?
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MBR
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Malta Business Review
gender pay
Malta shows relatively small gender pay gaps only in business and administration careers In Maltese business and adminstration years of experience do not account much for the small gender pay gaps that do exist. These range from just 1% difference in favour of men in the 11 to 20 years of tenure category to a 7% difference for people with 6 to 10 years of working experience. Amongst managers, technicians, sales and elementary workers, service workers and plant operators, the gender pay gaps are more evident. There is just one occupational group where women earn slightly more than men, i.e. clerical support workers in their first years of tenure (2% more up to 5 years). In the other tenure groups the wage differences favour men, with 8 % difference the 6 to 10 years of work experience group, 5% in the 11 to 20 years of tenure group and a 8% difference after more than 20 years experience. The largest gender pay gap (21%) in favour of men has been recorded for elementary occupations with 11 to 20 years of experience. Men earn more (12%) also with 6 to 10 years of tenure. Technicians and associate professional men earn 18% more when with 6 to 10 years of experience. Plant and machine operators and assemblers earn more than women in their early careers, with up to 22% difference in the 6 to 10 years of tenure group, but later on, after 11 to 20 years of working, men earn just 2% more than women. A large gender pay gap (18%) is found also in service and sales, where the differences between men and women are most visible for people with 6 up to 20 years of experience. Where does the gender pay gap come from? The gender pay gap is defined as unequal pay for work of equal value which is performed with the same skills and qualifications. This pay gap results from gender segregation attitudes and practices. These attitudes and 52
practices reinforce the existing unequal development opportunities for men and women, as well as unjustified remuneration within occupational groups and professions. Note that the gender pay gaps portrayed below are for the analysed occupations and professions only. Source: 2013-2014 European Union Statistics on Income and Living Conditions (EU-SILC) database The gender pay gap was obtained through a comparison of the gender-specific gross median wages and dividing the resulting difference by the male median wage. All occupational groups in the table have at least 10 observations for both male and female respondents.
What is the WITA-Gender Pay Gap project? With Innovative Tools Against Gender Pay Gap – WITA GPG (January 2015 - December 2016) aims to make a significant contribution in reducing the large and enduring gender pay gap. It is made possible by the European Commission PROGRESS program Action Grant nr. 4000004929. One of the activities is to compare male and female wages at the level of occupational groups and release the results for publication at the national WageIndicator websites of all 28 EU-member states and Turkey, as well as dissemination though press releases. MBR More information about the WITA project http://www.wageindicator.org/main/ Wageindicatorfoundation/projects/wita-gpg
Occupation
Years of work experience
Median gr wage €/hr (Male)
Median gr wage €/hr (Female)
Gender pay gap % Difference
Managers
Less than 5 6 - 10 11 - 20 More than 20
11.26 12.92 14.43 13.98
9.66 10.43 13.21 13.20
14.2% 19.3% 8.5% 5.6%
Business and administration professionals
Less than 5 6 - 10 11 - 20 More than 20
10.61 11.79 12.54 13.26
10 11 12.37 12.56
5.8% 6.7% 1.4% 5.3%
Technicians and associate professionals
Less than 5 6 - 10 11 - 20 More than 20
8.09 9.72 9.57 10.42
7.42 7.97 8.51 10.08
8.3% 18.0% 11.1% 3.3%
Clerical support workers
Less than 5 6 - 10 11 - 20 More than 20
6.46 7.26 7.95 8.65
6.56 6.71 7.54 7.96
-1.6% 7.6% 5.2% 8.0%
Service and sales workers
Less than 5 6 - 10 11 - 20 More than 20
6.21 7.55 8.06 7.84
5.63 6.17 6.58 7.39
9.3% 18.3% 18.4% 5.7%
Plant and machine operators, and assemblers
Less than 5 6 - 10 11 - 20 More than 20
6.09 7.41 7.63 8.15
5.33 5.77 7.46 7.58
12.5% 22.1% 2.2% 7.0%
Elementary occupations
Weniger als 3 3-5 6 - 10 11 und mehr
5.57 5.76 6.60 6.46
5.1 5.08 5.9 5.62
8.4% 11.8% 21.4% 13.0%
Table 1. Gender pay gap for large occupational groups in Malta based on years of work experience
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Web: www.daikin.com.mt
Email: info@maa.com.mt
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Malta Business Review
construction
What is Waterproofing? By Antoine Bonello
Waterproofing is the process of making an object or structure watertight or waterresistant. These terms refer to the penetration of water in its liquid form, whereas damp proof refers to the resistance to humidity or dampness. Waterproofing materials are used in building structures to prevent water intake.
Application of Fibre glass reinforced resin membrane
Waterproofing is a fundamental aspect of creating a building envelope, which is a controlled environment. The covering materials of roofs, exterior walls, foundations and all of the various penetrations through these surfaces need to be water-resistant and sometimes waterproof. Roofing materials are generally designed to be water-resistant. There are many types of waterproofing systems in the market. The most reliable ones are resins and polyurethane systems. Exterior walls are also subject to water and require a proper coating to avoid damp inside the buildings. Masonry walls are built with a damp-proof course to prevent rising damp and the concrete in foundations needs to be damp-proofed or waterproofed with a liquid coating. Water seepage can lead to mould growth causing significant air quality issues, health problems and building deterioration.
Sealing of structural joints and openings with Naico Giunti
Plastering of roof with NAI Ripristino to level or creation of slops
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Another specialised area of waterproofing is roofs, terraces, decks and balconies. Always apply a good stagnation resistant seamless elastic membrane prior installation of any tiles or decking. Waterproofing systems have become quite sophisticated and specialised for this particular area. Many Failed waterproof decks and failed waterproof tile areas are one of the leading causes of water damage to building structures. Major problems happen when improper products are used for the wrong application. While the term “waterproof� is used in many products, each of them has a very specific area of application, and when manufacturer specifications and installation procedures are not followed, the consequences can be severe. Avoid plastic compounds, bitumen carpets, acrylics and cement based products as they are not made to resist, water stagnation, high UV rays and structural
movements. Another factor is the impact of expansion and contraction on waterproofing systems Concrete constantly move due to temperatures changes, putting stress on the waterproofing systems. One of the leading causes of waterproof failures is the lack of elasticity. Another problem with certain membranes is their lack of resistance to water stagnation; the mentioned waterproofing systems are designed to hold water and not to keep, thus resulting in fast deterioration of the product and water penetration. Waterproofing of decks, terraces and balconies is a bit more complex. Tiles and grouting alone are not enough to stop water infiltrations due to structural movements, as they creates hair line cracks in the grouting giving way to water to penetrate. Roofs should always have adequate slopes, triangular fillet at corners and a proper drain system to facilitate the water exit Over the past two decades, the construction industry has had technological advances in waterproofing materials, including integral waterproofing systems as well as more advanced membrane materials. Integral systems in concrete structure are also being used now a day to waterproof concrete. There are two main types of integral waterproofing systems: the hydrophilic and the hydrophobic systems. A hydrophilic system typically uses a crystallisation technology that replaces the water in the concrete with insoluble crystals, while hydrophobic systems use fatty acids to block pores within the concrete, preventing water passage. Sometimes the same materials used to keep water out of buildings are also used to keep water in, such as in ponds, wells and swimming pools. The new membrane materials seek to overcome shortcomings in older methods like PVC, HDPE and Bitumen carpets. The new technology of waterproof membranes relies on polymer-based materials that are extremely adhesive to create a seamless barrier around the outside of a structure. They can be reinforced with fibreglass netting or micro fibres. These new materials
construction
Malta Business Review
Waterproofing with thermal insulation resin membrane reduces 90% of heat intake
are move pro-environment than the previous mentioned and are made to last longer. They are easily applied and DIY friendly. Another important benefit these products carry is their ability to repel the UV rays, thus able to reduce heat intake by 90% inside buildings. Quality materials and properly trained installers is the secret to a perfect waterproofing. The idea of one material fit all is just a fairy tale, especially when it comes to waterproofing. Product knowledge and
how to use them correctly is the secret of an able installer. The Malta Waterproofing and Resin Flooring Association provide technical knowledge and professional formation to all Maltese installers who wish to improve their workmanship or start a carrier in the waterproofing business. The Association also assists its members by providing the services of a profession advisor when facing challenging situations or other difficulties during their works. The Association also provides its qualified
members the Certified Installers Card. This is done to reassure the general public that the person has all that is required for a job carried out at its best. All this is being made possible thanks to the Resin and Membrane Centre and NAICI International Academy. For further information with regards the Malta Professional Waterproofing and Resin Flooring Association visit our website on www.maltawaterproofing.com or call us on 27477647.
MBR
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HIGHER EDUCATION
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newsmakers
Minister for Foreign Affairs receives Rear Admiral Hidetoshi Iwasaki for a courtesy visit Iwasaki and discussed matters of interest to both sides.
Minister for Foreign Affairs, Dr George W. Vella received Rear Admiral Hidetoshi Iwasaki for a courtesy visit at the Ministry for Foreign Affairs. The courtesy call coincides with the visit of the Japan Maritime Self
Defence Force Training Squadron in Malta. Malta is one of 16 ports and 13 countries being visited, during the squadron’s aroundthe-globe training, which started on the 20th May. This overseas training schedule is an annual deployment conducted so as to share experience with the counterparts of the visited countries and to enhance bilateral relations. Minister Vella welcomed Rear Admiral
Simblija Care Home Maltese Night Residents and care staff at Simblija Care Home in Naxxar invited families, friends and visitors to join them for a special ‘Maltese Night’ Dinner held at the Gazebo area within the care home. A well renowned entertainer who
is much loved by the Maltese “L-Ghannej” Tony Camilleri sang some of the residents’ all-time favourites and popular traditional and folkloristic Maltese songs. Delicious and scrumptious treats were served, with the main highlights being the ‘Veal Bragjoli’ and
‘Pudina tal-Hobz’ which the residents loved.
Minister for Foreign Affairs, Dr George W. Vella receives Rear Admiral Hidetoshi Iwasaki
Commanded by Rear Admiral Iwasaki, the training squadron includes three ships; JS Kashima, JS Asagiri and JS Setoyuki, crewed by 750 Japanese sailors and 200 newly commissioned ensigns. MBR Source: Ministry of Foreign Affairs
The evening was a huge success! Truly the creation of a vibrant community which is what Simblija Care Home strives to achieve. www.SimblijaCareHome.com
MBR
The High Commissioner of the United Kingdom to Malta presents his credentials to the President of Malta Marie-Louise Coleiro Preca
Photo-Doi-Clodach Farrugia O’Neil
On the 1st September 2016, Mr Stuart William Gill presented his credentials to the President of Malta Marie-Louise Coleiro Preca at The Palace, in Valletta. During the ceremony, the President of Malta and the High Commissioner discussed bilateral relations. Stuart William Gill, began his career in the UK Government’s Department for Trade and Industry, before moving to the Foreign and Commonwealth
Office in 1994. Between 1994 and 1998, he ran the Government’s Inward Investment operations in the British Consulate-General in Chicago, USA, covering the Midwest and Southern US states, encouraging US companies to set up operations in the UK. In 1998, he moved to the UK’s Permanent Representation to the European Union in Brussels, where he led negotiations on the completion of the EU’s Single Market. Returning to London in 2002, Stuart was responsible for transatlantic trade issues before heading up a team dealing with the EU’s relations with the Americas and Asia. During the UK Presidency of the EU in 2005, he chaired the EU’s committee on EU-US relations. High Commissioner Stuart William Gill, was appointed Deputy Head of Far Eastern Group
in the Asia-Pacific Directorate of the Foreign and Commonwealth Office in September 2006, covering the UK’s relations with China, DPRK, the Republic of Korea, Japan and Mongolia. From 2008 to 2012, he was Consul-General in Melbourne, Australia, where he had consular and commercial responsibility for Victoria, South Australia and Tasmania. Stuart William Gill was Her Majesty’s Ambassador to the Republic of Iceland from October 2012 to August 2016. Stuart William Gill graduated from the University of Kent, Canterbury, in 1980, with a degree in Politics and Government and he is the author of one published book on the Second World War. His UK home is in Kent, England. High Commissioner Gill is married and has two daughters, Elizabeth and Claire. MBR Source: DOI
Maltese Parliament delegation participates in the CFSP-CSDP Inter-Parliamentary Conference in Bratislava A Maltese delegation composed of Chairman of the Foreign and European Affairs Committee Luciano Busuttil and Jason Azzopardi participated in the inter-parliamentary conference (IPC) on the common foreign and security policy and the common security and defence policy in Bratislava between the 2nd and the 4th of September 2016, which was organised by the Slovak Parliament as part of the events of the parliamentary dimension of the Slovak Presidency of the Council of the EU. The IPC convenes once every six months in the country of the Presidency Parliament and is presided over by the same Parliament, in close cooperation with the European Parliament. It brings together the chairpersons and members of the Foreign Affairs and Defence Affairs committees of the member states. The conference focused on the role of the EU in world politics and as a global player. The EU is 58
faced with an unprecedented set of challenges, both internally and externally but it has all the means to be an influential foreign policy maker if it speaks with a united voice. During the session concerning the EU’s neighbourhood policy, the European MPs recognized the importance of selective engagement and dialogue with Russia to ensure accountability
and maintaining the option to cooperate on resolving global crises where there is a clear EU interest. They also urged member states to comply with EU decisions, including Council Decision (EU) 2015/1601 and implement the relocation scheme across the EU member states proportionally to their size and population. Luciano Busuttil moderated the workshop dealing with sustainable development and migration. The issue of migration is one of the dominant themes concerning not only member states but all of Europe. Cooperation with countries of origin and transit is essential for a long-term sustainable solution to the migration crisis in Europe. The conference ended with the adoption of the conclusions. The next IPC on the CFSP-CSDP will be held in Malta in the first half of 2017. MBR Photo: HOR
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