MBR Issue 6

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Issue 6 – January/February 2015

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cover story Strategies, Tactics and Actions The Minister for Tourism Dr. Edward Zammit Lewis on the National Tourism Policy - p.06 tALKING PoINt Was It A Case Of “Je suis hypocrites” For World Leaders?

Patrick J. O’Brien questions the raison d’être behind the Charlie Hebdo killings - p.13 eXcLUsIve INtervIeW Quality Over Quantity An exclusive interview with Parliamentary Secretary for Agriculture, Fisheries and Animal Rights Roderick Galdes - p.20 FeAtUre Our Plan For The Labour Market Economist Clyde Caruana talks about the Government’s ambitious unemployment plan and important related initiatives - p.24

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Issue 6 – January/February 2015

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cover story Strategies, Tactics and Actions The Minister for Tourism Dr. Edward Zammit Lewis on the National Tourism Policy - p.06 tALKING PoINt Was It A Case Of “Je suis hypocrites” For World Leaders?

Patrick J. O’Brien questions the raison d’être behind the Charlie Hebdo killings - p.13 eXcLUsIve INtervIeW Quality Over Quantity An exclusive interview with Parliamentary Secretary for Agriculture, Fisheries and Animal Rights Roderick Galdes - p.20 FeAtUre Our Plan For The Labour Market Economist Clyde Caruana talks about the Government’s ambitious unemployment plan and important related initiatives - p.24

PubliSher MBR Publications Limited editor Martin Vella

MBR Publications Limited

technical adviSor Marcelle D’Argy Smith SaleS director Margaret Brincat

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SaleS executive Charlotte Munro art & deSign Jessica Camilleri advertiSing 9940 6743 / 9926 0162; Email: margaret@mbrpublications.net; martin@mbrpublications.net

cover Story

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SPecial thankS

Bortex Fine Tailoring; David Casa; DOI; ETC; Eurostat; FimBank; Miriam Dalli; Ministry for Tourism; NSO; Parliamentary Secretary for Agriculture, Fishers & Animal Rights; Peugeot; PKF; Royal Malta Yacht Club; Samsonite; Alfred Sant; The Malta Independent

Print Production Printit

StrategieS, tacticS and actionS The Minister for Tourism Dr. Edward Zammit Lewis speaks to the Malta Business Review about National Tourism Policy during a consultative meeting at MHRA

contributorS

Anatole Baldacchino; Clyde Caruana; George Carol; Emanuel Deguara; Rex Merrifield; Patrick J. O’Brien; Mark Ransley; Lynsey Schembri; Astrid Veld; Werner Jung

talking Point

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WaS it a caSe oF “Je SuiS hyPocriteS” For World leaderS Patrick J. O’Brien questions the raison d’être behind the Charlie Hebdo killings

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anniverSary: honouring Martin luther king We bring you some of the most inspirational quotes from the civil rights icon to mark Martin Luther King Jr Day 2015

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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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Quote oF the Month “Man is subject to innumerable pains and sorrows by the very condition of humanity, and yet, as if nature had not sown evils enough in life, we are continually adding grief to grief and aggravating the common calamity by our cruel treatment of one another”- Joseph Addison

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oFFiceS 41B, Wayne, Triq il-Herba, Birkirkara, BKR 2322 telePhone +356 2149 7814

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CONTENTS 24

Quality over Quantity

an exclusive interview with Parliamentary Secretary for agriculture, Fisheries and animal rights roderick galdes

our Plan For the labour Market

economist clyde caruana talks about the Government’s ambitious unemployment plan and important related initiatives

FeatureS

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heroeS oF charlie hebdo We pay tribute to the fallen colleagues who worked at Charlie Hebdo

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Malta ProPoSeS €1.42 billion Monorail ProJect SPread over eight yearS We take a look at Malta’s bid for financing on an investment plan announced by the European Commission President JeanClaude Juncker

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viSa reFuSed Mark Ransley argues why visa issues in Malta are hindering foreign students form enrolling in programmes for further and higher education

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dance caMe FroM the PeoPle and it Should alWayS be delivered back to the PeoPle An interview with professional Dancer and founder of Plethora Dance Sarah Falzon

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chogM Malta 2015 The latest news about the event of the year: The next Commonwealth Heads of Government Meeting

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a vieW FroM the MountainS Our resident analyst Werner E Jung shares his views and draws parallels about Malta from his unique observation point

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editorial he abhorrent slaughter of twelve people in Paris, in and around the offices of satirical publication Charlie Hebdo, ostensibly at the hands of two terrorists and ‘religious’ extremists, was the deadliest terrorist attack in postwar France.

excluSive intervieW 20

Malta Business Review

China’s Global Corporate Vision – 2015 risks – realties - opportunities Anatole Baldacchino gives us an expert insight into Chinese companies corporate vision

Irreverent and stridently non-conformist in tone, Charlie Hebdo describes itself as above all secular and atheist, far-left-wing, and anti-racist publication publishing satirical articles and cartoons about religion (Catholicism, Islam, Judaism), politics, culture, and other themes. According to its former editor Stéphane Charbonnier (“Charb”), the magazine’s editorial viewpoint reflects “all components of left wing pluralism, and even abstainers”. The magazine has been known for its controversial cartoons and the mocking on religion and religious extremism, including the Pope, Christianity, Islam and the Prophet Mohammed.

In the fallout, many have pleaded for a peaceful, sensible reaction, and for the general public and national governments to uphold the French values of Liberté, Égalité, Fraternité. Others have taken a more aggressive stance against Islamist terrorism. While I am not a not a fan of Charlie Hebdo’s content, as a journalist I am obviously supportive of their freedom to publish whatever they choose. However, let’s not make cartoons just for the sake that this is our freedom of speech and do what we can do and insult anyone contentious satire. On the other hand, one cannot consent to murder someone whose humor and wit so outraged a few fanatics that have been the lightning rods for violent extremism.

Ten years ago, the world-wide uproar over the original, Danish “Muhammad Cartoons” was widely seen as justifiable outrage over a thoughtless provocation.

However, I had to wonder how all this violence could come out of an article in a provincial newspaper, published in a diminutive country, in a language that very few may ever read. Today, it is known, that the seemingly spontaneous, righteous reactions were carefully orchestrated; that a couple of Danish imams (who later repented in public) traveled to the Near East and agitated for demonstrations; that some governments welcomed the occasion; that religious leaders fanned the flames.

Ten years later, mainstream media continue the simplistic narrative about the provocative cartoonists and the hurt believers, a point of view that is possible only because the actual cartoons remain off limits and the nuanced opinions they conveyed remain unknown. And today, the pseudo-official condemnation of that drawing as aggressive became the final word on the matter (never mind that even this drawing was fundamentally pacifistic).

A lot can be said against unnecessary acts of provocation, but it is hard to deny that humor in debates is preferable to deadly earnest. It would be a great loss if religious iconoclasts were allowed to enforce their views on the rest of the world.

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57 MARTIN VeLLA www.maltabusinessreview.net

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StrategieS, tacticS and actionS

by Martin Vella

We have been following the National Tourism Policy with avid interest. Therefore, it‘s no surprise that this subject attracted our interest as the main cover story for January. Here we highlight the salient aspects of the speech given by Minister for Tourism during the Consultation forum organised by MHRA, wherein it emerged that the Government’s aim is to penetrate new emerging markets and widen its appeal in existing ones he Minister for Tourism Dr Edward Zammit Lewis was the special guest during the Tourism Policy consultation session organised by the MHRA Council, barely a week before this publication was sent to print.

The Draft Tourism Policy constitutes a very important pillar of Government’s commitment to the tourism industry and it is therefore very appropriate that, within the overall framework of public consultation, which the Government is currently going through, MBR Publications Limited had the opportunity to follow this discussion the Policy within a more direct stakeholder environment.

internally to the Consultative Committee and having also joined us in the press launch, and the Malta public consultation sessions which took place during the past three weeks,” Minister Zammit Lewis began to explain.

“MHRA has been involved since the very start of the process leading to the formulation of this Policy having contributed its verbal and written inputs to the Consultative Committee of which it formed part, having sent its written reaction to the very first draft which was distributed

The Minister for Tourism added that, “Our tourism is at a very important juncture in its development. We have enjoyed a number of years of solid growth which has resulted in wider geographical diversification, improved seasonal performances, a more diverse

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In 2014 Malta has hosted more than 1.7 million tourists, together with a further 471,000 cruise passengers

spectrum of age groups and interests, improved expenditure, higher occupancies and a never before reached level of accessibility from our source markets.”

According to the latest Eurostat statistics published on 29th January 2015, “Tourism in the EU28”, tourism in Malta has been growing from strength to strength, also evidenced by the record results in the field of tourist numbers, bed nights and expenditure which last year are all estimated at having reached record levels. In 2014 Malta is estimated to have hosted more than 1.7 million tourists together with a further 471,000 cruise passengers which together combine to a total count of around 2.2 million visitors. Bednights generated by tourists reached the elvel of 13.5 million while expenditure rose the exceed of the €1.5 billion benchmark to reach an unprecedented high.

COVER STORY

“We have outperformed Global, European and Mediterranean performances in a sustained fashion, and tourism has reclaimed its top spot as Malta’s foremost economic contributor,” confirmed Minister Zammit Lewis.

this within an understanding that a healthy tourism industry still needs to be based on a wide spectrum of visitor types which complement each other,” he explained.

Dr Zammit Lewis stated that, “The challenges we face revolve round finding the optimal way of growing our tourism. Ten years ago, volumes were low, growth was in a rut and occupancies were barely good enough to ensure survival rather than profitability and investment. Our source markets were stagnant and our market positioning highly dependent on the whims of the tour operators on whom we are so heavily dependent. Malta was rarely a destination of choice.”

A National Tourism Policy can only be successful if it incorporates the entire range of stakeholders which constitute the industry

He added that today we are at a different crossroads, maintaining that, “Volumes have reached more attractive levels, our inflows are neatly divided between tour operator business and independent travellers and revenues are superior to what they used to be. We have now reached a critical mass of tourism activity where our destination has become a permanent fixture on the radar of airlines, operators and other tourism companies,” he stated, continuing, “We have grown beyond being a destination of marginal relevance and are currently operating at a stage of our development where we need to decide on how to grow further.”

Whether we continue to grow or not is not the question. The question is how to grow added Minster Zammit Lewis. He said that the answers to this question are multiple: ranging from simply expanding what the Government currently has to the more ambitious reengineering of how the Government manages the growth for the next few years.

The need to extend our season further by establishing a strong city/culture destination standing in markets, which still associate us only with summer, the sun and the beach was addressed during this meeting with the stakeholders, including the need to penetrate new emerging markets and widen Malta’s appeal in existing ones.

“Our efforts in the formulation of the Tourism Vision to 2030 and the Tourism Policy to 2020 are all steps in this direction,” declared the Minister, adding on, “they consist of steps which are meant to help us reach our objectives of growing our tourism in the best possible way.

These steps have already been formulated on the basis of what you have told us to date. It is in a session like this that we have the opportunity to discuss matters even further so that we can fine tune more in line with your views.”

Malta Business Review

A National Tourism Policy can only be successful if it incorporates the entire range of stakeholders which constitute the industry. In this respect this process has already benefited from widespread inputs which have been received from such stakeholders. An allencompassing policy embraces the needs of the different components of the industry and would not succeed if it did not include them.

This is why the inputs of the hotels and catering sector via MHRA, Air Malta, Malta International Airport, the Gozo Tourism Association, FATTA, the ITS, FELTOM, MUTG, Valletta Cruise Port and numerous others have been so relevant and important.

So what’s next? The Minster’s reply was as definite as decisive, “Subsequent to the finalisation and adoption of the Tourism Vision and Policy, the next stage obviously relates to the implementation phase, wherein policy direction is translated into strategies, tactics and actions. This is where our national tourism agency, the Malta Tourism Authority takes a leading role in ensuring that the direction forthcoming from the Policy is incorporated into the work programmes of the forthcoming years,” he concluded. And MTA’s efforts obviously need to be supported by all other public and private sector organisations which subscribe to this Policy, and most of all MHRA for eventual success. MBR Source: Eurostat PO

The variables are there for all to see: tourism volumes will keep growing as an increasingly resilient industry continues to evolve from a luxury to a necessity. People of all age groups and economic backgrounds, from short-haul and long-haul markets will seek additional and different travel experiences over the decades to come. The competition will also increase as more and more countries and regions join the race for tourists’ money.

All of this implies that we need to decide on the way ahead. And the Minister for Tourism said that, “the way ahead is to build on a strong Malta brand which blends and fuses seamlessly with our European Mediterranean character.

A brand which differentiates itself in a clear manner from the competition and which promises a proposition based on quality and value for money.”

To achieve this Dr Zammit Lewis insisted that we need to work hard. “We need to build on our strengths and eliminate our weaknesses.

We need to engage in a selective exercise, which allows that which is good to grow while phasing out that which is less desirable. All of www.maltabusinessreview.net

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SMEs

Malta Business Review

PKF at the SMe Malta SuMMit & B2B NetworKiNg ForuM

by Lynsey Schembri

Anna Golis, Colette Mangion, Dr Chirs Cardona, Minister for the Economy, Investments and Small Business, Lynsey Schembri

Throughout all Europe, SMEs are considered to be the backbone of Europe’s economic activity and the same can be said for Malta. This was a phrase highlighted by many speakers at the SME Malta Summit & B2B Networking Forum, and rightly so.

PKF Malta was supporting the event by the prescence of an exhibition booth and our Senior Statistician, Ms. Lynsey Schembri was part of a panel discussion which included the Minister for the Economy, ICT, Investments & Small Business, the Hon. Chris Cardona; CEO of Malta Stock Exchange, Ms. Eileen V. Muscat; the President of the Malta Business Bureau, Mr. Mario Spiteri and Deputy Director R&I Programme Unit from the Malta Council for Science and Technology, Ing. James Foden.

Ms. Schembri also gave a speech whereby she discussed the topic concerning current situation vis-à-vis the challenges that SMEs

are facing to access to finance. When she was addressing the conference she spoke about how PKF Malta has been one of the catalysts to create awareness on such an important issue and she also gave the views it faced from the many stakeholders they met throughout the study. “It is important to note that the views of both the banks as well as the SMEs were sought in order to remain impartial,” explained Lynsey.

During this conference, Ms. Schembri gave vital statistics from various studies regarding SMEs, particularly concerning their problems and the existing bank attitudes. Other interesting points included the recognition of the problems that SMEs are facing as new schemes and programmes are being introduced by authorities and other stakeholders. Furthermore, Ms. Schembri moved on to make an important observation, mainly, in her own words, “one must be careful what they wish for, as from a Bank’s point of view, by loweing the interest rates this could result in certain SMEs not getting a loan at all. This could be the case as at the moment, an SME that is classified as a high risk, will be able to get a loan albeit with high interest rates and a significant collateral. If the interest rates and the collateral value are lowered, then this reduces its chances for a loan to be approved,” she said.

Giving the good turn out, the event was a successful one that attracted over 280 participants representing SMEs from various industries, starting from financial service providers to ICT specialist, to

manufacturers and constructors. Most of the attendees were directors, CEOs, DMUs, marketers and SME managers.

An SME that is classified as a high risk, will be able to get a loan albeit with high interest rates and a significant collateral PKF are looking forward to the next event ‘Malta’s Premier Marketing & B2B Networking Convention’ being organised

by MBR Publications Ltd at The Palace in Sliema on the 20th February, 2015. MBR For further information kindly contact us on our email: info@pkfmalta.com

EDITOR’S NOTE

Lynsey Schembri B.Sc. (Hons), is a Senior Statistician with PKF Accountants & Business Advisors

www.maltabusinessreview.net

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TODAY’S DECISION IS TOMORROW’S LEGACY. Lasting success goes beyond numbers and percentages.

At HSBC we have a unique global perspective, which allows us to see the extraordinary impact that today’s business decisions can have in the future. That’s why we focus on building long-term partnerships with our clients, so that we can help them move forward in the right way. www.hsbcnet.com/growth

IT’S NEVER JUST BUSINESS

Approved and issued by HSBC Bank Malta p.l.c.,116, Archbishop Street, Valletta VLT1444.

Eurostat BusinEss rEport

Malta Business Review

Third quarter of 2014

Business investment rate nearly stable at 21.7% in the euro area and 22.0% in the eu28

Business profit share nearly stable at 38.7% in euro area and stable at 38.4% in EU28 Announcement As part of the process of improving timeliness, from April 2015 onwards the business News Release of European sector accounts will be issued earlier (at around t+102 days) focussing on selected euro area non-financial transactions. The complete set of sectoral data will be updated (at +120 days) in the dedicated section of the Eurostat website.

In the third quarter of 2014, the business investment rate1 was 21.7% in the euro area2, compared with 21.6 in the second quarter of 20143. This was the result of an increase in both investment (+1.1%) and gross value added (+0.7%). Total stocks (materials, supplies and finished goods) fell.

In the EU284 the investment rate was 22.0% in the third quarter of 2014, compared with 21.9% in the previous quarter.

These data come from a detailed set of seasonally adjusted5 quarterly European sector accounts6 released by Eurostat, the statistical office of the European Union, and the European Central Bank (ECB).

Business profit staBle in the eu28, nearly staBle in the euro area

In the EU28 the business profit share7 was 38.4% in the third quarter of 2014, stable compared with the second quarter of 2014. In the euro area the profit share was 38.7% in the third quarter, compared with 38.8% in the previous quarter.

The profit share was nearly stable in the euro area as compensation of employees (wages and social contributions) plus taxes less subsidies on production increased at the same pace as value added (+0.7%).

Source: Eurostat Press Office / NSO www.maltabusinessreview.net

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The Official cOrpOraTe Wear Of The MalTa Business revieW

OpiniOn

Malta Business Review

by Patrick J. O’Brien

WAs IT A CAse OF “Je suis hypocrites” FOr WOrld leAders?

by Patrick J. O’Brien

Our Award-winning journalist Patrick J O’Brien questions the raison d’etre behind the Charlie Hebdo killings and ponders about the two million people march on 11 January, with more than 40 world leaders who met in Paris for a rally of national unity. The phrase Je suis Charlie (French for “I am Charlie”) was a common slogan of support at the rallies and in social media. Or was it?

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he killings in Paris were truly appalling offense to human life and dignity. The enormity of these crimes will shock us all for a long time. But the suggestion that violence by self-proclaimed Jihadists is the only threat to liberty and freedom of speech in Western societies ignores other, often more immediate and intimate, dangers.

Liberty was indeed under attack in Paris and as a writer, I cherish the right to offend as to oppose. I support that right in other writers too but what tends to amaze me is the tone of genuine puzzlement which always seems to accompany terrorist attacks in the centers of Western power.

Why have they visited violent horror on our peaceful societies? Why do they kill when we don’t?

As journalist especially now we think of the twelve brave victims targeted by gunmen for their affiliation with the satirical French magazine Charlie Hebdo. Charlie has often been aimed at Muslims, and has taken particular joy in flouting the Islamic ban on depictions of the Prophet Muhammad.

It’s done more than that, too, including taking on political targets, as well as Christian and Jewish ones. The magazine depicted the Father, the Son, and the Holy Ghost in a sexual threesome. Illustrations such as this have been cited as evidence of Charlie Hebdo’s willingness to offend almost everyone.

But in recent years the magazine has gone specifically for racist and Islam phobic provocations, and its numerous anti-Islam images have been inventively perverse, featuring hook-nosed Arabs, bullet-ridden Korans, variations on the theme of sodomy, and mockery of the victims of a massacre. It is not always easy to see for many the difference between a certain witty dissent from religion and a bullyingly racist agenda, but it is necessary to try.

Astounshing it would be the image of World leaders assembled in Paris in support of press freedom which caused many to raise a “eyebrow”.

The rally was meant to show solidarity with the victims of the attack and defiance against those who wish to curtail free expression. However,

many of the countries represented have poor records when it comes to press freedom at home.

Liberty was indeed under attack in Paris and as a writer, I cherish the right to offend as to oppose The U.S., the U.K., and France for instance approach diplomacy in different ways, but they are allies in a certain vision of the world, and one important thing they share is an expectation of proper respect for Western secular religion. Heresies against state power are monitored and punished. People have been arrested for making anti-military or anti-police comments on social media in the U.K. Mass surveillance has had a chilling effect on journalism and on the practice of the law in the U.S. Meanwhile, the armed forces and intelligence agencies in these countries demand, and generally receive, unwavering support from their citizens. When they commit torture or war crimes, no matter how illegal or depraved, there is little expectation of a full accounting or of the prosecution of the parties responsible. The group Reporters Without Borders condemned what it calls the “presence of ‘predators’’ in the solidarity march. The group says it is “appalled by the presence of leaders from countries where journalists and bloggers are systematically persecuted” such as Egypt, Russia, Turkey and the United Arab Emirate There is many lessons to be learnt from the tragedy which has befalling our French neighbor’s and I think especially of the families of have lost loved ones. I personally agreed with Voltaire who was a French Enlightenment writer and philosopher famous for his wit, his attacks on the established Catholic Church, and his advocacy of freedom of religion, freedom of expression, and separation of church and state “I disapprove of what you say, but I will defend to the death your right to say it”. MBR www.maltabusinessreview.net

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EU

Malta Business Review

DaviD casa concluDEs work on Eib annual rEPort, EP grouP aPProvEs oPinion The European Parliament’s Employment and Social Affairs Committee has just approved an Opinion drafted by David Casa MEP on the European Investment Bank Annual Report for 2013.

“Against the backdrop of high youth unemployment in Europe, we welcome the EUR 9.1 billion spent by the EIB in 2013 to promote skills training and employment opportunities for young people. We believe that SMEs are a crucial part of the solution. SMEs have an enormous potential for creating employment, in particular youth employment, and in promoting a dual system of vocational training and apprenticeship,” stated the Head of the PN Delegation David Casa after the vote.

The Opinion welcomes the 50 % increase on 2012 in EIB financing for SMEs, which has resulted in the sustenance of 2.8 million jobs in the EU. It also

nEw Ec stratEgic invEstMEnt funD too littlE too latE’ alfrED sant Former Prime Minister and MEP Alfred Sant told the European Parliament that the new strategic investment fund for 2015 proposed by the European Commission is too little, and comes too late. Dr. Sant said that he hoped that those like him who believe so will be proved wrong. The Maltese MEP issued anexplanation of his vote after he had followed the line of his political group the S&D on the different Motions for a Resolution on the Commission’s work programme for 2015, issued by each of the political groups in the European Parliament. That makes seven of them. The vote took place in the European Parliament in Strasbourg.

“My vote is conditioned by the following reservation”, explainedAlfred Sant. The Maltese MEP said that the European Commission work programme 2015 is condensed and to the point. As such, it can only be welcome. The programme also rightly acknowledges the need for urgent action to stimulate new investment.

The question remains whether the proposal to set up a new strategic investment fund can make much difference. The fund is being built out of monies that have already been appropriated.

They will be jacked up by private commitments, still to materialise up to a total envelope of 315 billion euros. Dr. Sant said that in reality no fresh money is involved. Yet the need for a substantial injection of investment funds is most urgent.

“Contrast this with the $ 788 billion fund voted by the Obama administration in the US covering the years 2009 - 2011 under the American Recovery and Reinvestment Act of 2009. Of this amount, $ 224 billion went as grants to the states,” maintained Alfred Sant. MBR

points out that SMEs can only create growth and jobs if favourable financing opportunities are also available for investments with a higher risk profile.

Speaking on behalf of the EPP Group, MEP Casa welcomed the EIB’s new ‘Skills and Jobs - Investing for Youth’ initiative which focuses on financing facilities for vocational training and student/apprentice mobility to provide young people with lasting employment opportunities. “This is a step in the right direction but I actually call for increased investments in this lending programme in the coming years,” stated EPP Group Coordinator David Casa.

Casa concluded by thanking all the shadow rapporteurs for the valuable role they played in contributing to the final draft of this Opinion. The Casa Opinion will now feed into the main Report being discussed in the Committee for Economic and Monetary Affairs before being voted on in plenary by all MEPs in the coming weeks.

This is the second Opinion drafted by Mr Casa since the May 2014 European elections and today’s vote is the culmination of three months of negotiations with other political groups and meetings with stakeholders. MBR

MEP MiriaM Dalli wElcoMEs suPPort for Malta’s ProPosal towarDs conflict rEsolution in libya Member of the European Parliament, Miriam Dalli said that it is encouraging to see other countries agreeing with Malta’s suggestion to establish a peacekeeping initiative, headed by the United Nations, in order to bring about stability in Libya.

She also welcomed the fact that Italy has agreed to lead such a peacekeeping mission under the auspices of the United Nations.

Miriam Dalli was addressing the European Parliament during its plenary session in Strasbourg on a motion for resolution on the situation in Libya. During the discussion with the European Commission’s vice-presidents and Commission’s High Representative for Foreign Affairs and Security Policy, Federica Mogherini, the urgency of the situation in Libya was emphasised due to the fact that Libya is beyond being a failed state and whatever happens in Libya will have an impact on the EU. Dalli appealed to the European Union to be coherent with its talk on the situation in Libya

and to focus its attention on this country. She argued that Europe does not have the luxury of allowing terrorism, fanaticism and extremist ideologies grow within our neighbouring country.

During her speech, Miriam Dalli said that the European Union must start considering Libya as a priority because “while it is encouraging that the EU focuses its attention on countries on the Eastern borders, it has done so at the expense of its southern borders.” Miriam Dalli emphasised that while it is true that the Libyan people themselves can bring about lasting solutions to the instability, the EU that has the responsibility to seriously survey the situation.

Dalli concluded by emphasising that the EU cannot continue to turn a blind eye to the situation on the ground in Libya where innocent citizens are the ones suffering most, being kidnapped or even dying while terrorist groups such as ISIS continue to strengthen. MBR

www.maltabusinessreview.net

15

GOVERNMENT OF MALTA CALL FOR REQUEST FOR PROPOSALS

Design, Construction and Operation of a Fish Processing Plant at the Fish Market in Marsa The Privatisation Unit (‘PU’), acting on behalf of the Parliamentary Secretary for Agriculture, Fisheries and Animal Rights, is issuing a public Request for Proposals (RFP) in connection with the concession for the Design, Construction and Operation of a Fish Processing Plant at the Fish Market buildings in Marsa.

The PU is inviting submissions for the RFP from reputable persons and/or entities with the necessary experience and resources to undertake such task.

In the first instance, interested parties are invited to communicate with the PU, at the email address shown below, expressing their interest to undertake the task. Once this initial communication takes place, the PU will forward a process letter inviting interested parties to collect the RFP document. The process letter will explain the procedure to be followed for the collection and submission of the RFP document.

Opening date for collection of RFP: Closing date for collecting the RFP: Closing date for the submission of the RFP:

26th January 2015 (12.00hours CET).

16th February 2015 (12.00hours CET).

23rd February 2015 (12.00hours CET).

The Chairman Privatisation Unit Ministry for the Economy, Investment and Small Business 4, Clock Tower, Level 1 Tigne Point Sliema TP01 Tel: Email: Website:

(+356) 22209573 privatisation.meib@gov.mt privatisation.gov.mt

AnniversAry

Malta Business Review

g n i K r e H t u L n i t r a M g n i r u o n Ho It’s January 19th so it’s Martin Luther King Jr Day 2015, also referred as MLK Day. This is an opportunity to commemorate the great man and a day that promotes equal rights for all Americans and all those who cherish freedom and liberty. They are as valid today as when he said them. “A genuine leader is not a searcher for consensus but a molder of consensus. In honour of MLK Day 2015, here are some of the most inspirational quotes from the civil rights icon

www.maltabusinessreview.net

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Malta Business Review

Science

eerie Sound detected coming From roSetta’S comet

By Lisa Winter

The Rosetta spacecraft and its Philae lander have a lot to teach scientists about what Comet 67P/ChuryumovGerasimenko looks like, is composed of, and even what it smells like, but what does the comet sound like? The day before Philae made history by landing on the surface of the comet, ESA released an audio clip of 67P/C-G singing. Unfortunately, its song is creepy as hell and sounds a lot like Predator, the alien that tried to kill Arnold Schwarzenegger.

Of course, sound waves can’t travel through space, so it isn’t a direct audio recording. Instead, Rosetta’s Plasma Consortium (RPC) picked up variations in the magnetic field around the comet, due to interactions between 67P/C-G’s coma and the plasma from the Sun, better known as solar wind. These variations resulted in frequencies between 40 to 50 millihertz, about 10,000 times lower than can be detected by humans. ESA scientists altered the frequency of the comet’s song into human hearing range, and discovered it was a series of clicks that are very reminiscent of Predator’s growl.

RPC scientists first picked up on these fluctuations in August as Rosetta approached the comet, but it isn’t entirely clear what is causing them.

“This is exciting because it is completely new to us.

We did not expect this and we are still working to understand the physics of what is happening,” RPC principal investigator Karl-Heinz Glaßmeier said in a press release.

Photo credit: Artist’s impression of the ‘singing comet’ 67P/ Churyumov-Gerasimenko. Credit: ESA/Rosetta/NavCam

For now, the team’s best guess is that neutral material that is shedding off of the comet is becoming ionized, or charged, by the solar wind. As of right now, the mechanism that would accomplish that task is not known. MBR Source: http://www.iflscience.com/space/rosetta-s-comet

Quality assurance & competitive prices choose from a variety of local produce directly from the farmers’ hands

Birgu (fortini) - every Saturday 07:00 - 12:00

Ta’ Qali - every Tuesday & Saturday 07:00 - 17:00

2292 6124/5/6

farmersmarkets.msdec@gov.mt

MINISTRY FOR SUSTAINABLE DEVELOPMENT, THE ENVIRONMENT AND CLIMATE CHANGE CASA LEONE, ST. JOSEPH HIGH STREET, SANTA VENERA

http://www.msdec.gov.mt

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Farmers’ Markets Malta

www.agric.gov.mt

Marketing event

Malta Business Review

The imporTance of markeTing and invesTing in growTh for smes

by Astrid Veld

Following wide success achieved during previous events, Malta’s Premier Marketing & B2B Networking Convention is a completely customised multi- stream event offering SMEs the flexibility to build a personalised itinerary around their information needs to improve growth for their businesses. Malta’s Premier Marketing & B2B Networking Convention is Malta’s biggest and best marketing practice event with over 400 Marketing Professionals and Industry Leaders registered so far

For today’s SMEs, exporters, small businesses and marketers who want to market and Invest in growth opportunities, the route to success can be complex and convoluted, with a bewildering array of options, tools, choices and channels available.

It’s precisely this challenge that the Malta’s Premier Marketing & B2B Networking Convention scheduled for the 20th of February at The Palace, is aimed at addressing, offering succinct, actionable information and networking opportunities on all the key options under one roof in one dynamic day.

The organisers of this convention have left no stone unturned to provide an intense content- packed, one- day conference, with top SME exhibitors, leading experts on marketing and SMEs providing delegates an unforgettable event which covers the most important marketing topics for SMEs and exporters, including finance, insurance and investment essentials.

With a great agenda, top speakers and contemporary subjects, the event will also be attended by the Minister for the Economy, ICT, Investments & Small Businesses, Dr Chris Cardona, who will be addressing the Digital Agenda and Digital Marketing for SMEs,

while the Minister for Education, Evarist Bartolo, will talk about Developing of Marketing Education and Skill Sets for SMEs. Keynote speakers include Marica Tonna, COO Malta Enterprise, Brigitte Tanti, Project Coordinator of Malta Enterprise, Professor Louis Naudi, Judith Galea from Head of Business Development with Middle, Marcel Mizzi, Director of General Informatix Ltd, with a presentation on digital marketing and e-commerce, Cain Grech, Manager (Policy and Administration) Malta Enterprise, Maastricht University’s fellow Professor David J Dingli, Mario Duca, President Malta Association of Family Enterprises and Werner E Jung, from Flexible-Factory Institute of Germany, as special guest leading this event’s single Workshop.

Subjects treated with open floor Q&A sessions include international marketing and growth strategy, fair trade centre business development, marketing research and finance schemes and opportunities for SMEs and start-up companies.

Definitely worth a day away from the office, a right spend of your time and a boost for your career. MBR For further information please contact; Margaret Brincat 9940 6743 / margaret@ mbrpublications.net; Charlotte Munro 9926 0163 / charlotte@mbrpublications.net www.maltabusinessreview.net

19

Quality Over

Quantity

by Martin Vella

In this extensive interview with Honourable Roderick Galdes, Parliamentary Secretary for Agriculture, Fisheries and Animal Rights, we ask the PS about various issues ranging from viticulture, the quality mark on local products, reformms in the agriculture and fisheries sector, as well as the Birds Directive and hunting MBR: The government has declared the wine sector as a strategic one for Malta’s agricultural development and sustainability.

How may this position be asserted strongly both at home and on the international scene?

RG: Viticulture and oenology are considered to be of strategic importance in Malta’s agricultural development since Malta’s climate is ideal for the growing of good quality grapes to produce good quality wines. Viticulture provides employment and economical returns to a considerable number of fulltime and part-time farmers, and indirectly provides full-time and part-time employment to hundreds of workers employed with the wineries. Viticulture is also important from an environmental point of view since it provides a green environment during the hot arid summer season, enhancing the environment during these months. Oenology is also important to Malta’s tourism since most of 1.8 million tourists would normally go for a locally produced wine during their stay on the island and this provides ‘hidden’ exports to the industry.

MBR: What are the main challenges that this sector is facing, particularly issues regarding importation of grapes and quality?

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RG: The biggest challenge facing the sector remains the fact that since Malta became an EU member in 2004, importation of wine has become liberalised due to the EU’s Internal Market. Prior to 2004, local wine was heavily supported through import control mechanisms such as import licenses, quotas and prohibited levies, all of which had to cease with Malta’s accession. This has resulted in a considerable volume of wine imports from other EU member states, besides imports from other countries such as New Zealand, Australia, Chile and South Africa just to mention a few. These have special trade agreements with the EU. Due to obvious economies of scale issues, imported wines tend to be cheaper than locally-produced wines.

MBR: Can you update us with the developments on the quality of the Maltese grapes and also where does the credibility of the Maltese wine sector stand right now?

RG: This applies mainly to wines in the lower, cheaper, market bracket, where there is heavy competition. At the up market range Malta seems to be coping well with the situation, through the introduction of enforced DOK and IGT quality wines, which have been developed in recent years.

The quality mark can be described as a recognition to genuine local products which excel in quality and are traceable from the farm to the consumer MBR: Is there a stigma on Maltese wine by Maltese?

RG: One cannot say that there is no stigma, but I’m noting this is gradually changing.

The stigma developed during the post-war years, when the Maltese wine produced at that time was of low quality and hence led to a bad reputation among Maltese consumers. However, in the last two decades there has been a serious move towards the production of high-quality wines, produced from good-quality grapes of international well-known varieties such as Chardonnay, Syrrah, Pinot, Cabernet, Vermentino and others.

MBR: The definition of wine laid down in the EU regulations is “the product obtained

Agriculture & Fisheries

Malta Business Review

exclusively from the total or partial alcoholic fermentation of fresh grapes, whether or not crushed, or of grape must (crushed grapes)”.

How would you define local mark of quality and DOC denomination standards?

RG: High quality local wines are produced in line with stringent EU regulations and certified to be of DOC and IGT quality standards. These quality wines fully conform to EU regulations for such products.

MBR: The concept of “origin” becomes important when a wine has to be designated as a Quality Wine produced in a specific region (QWPSR). How is the government encouraging the production of quality wines produced from Malta grown grapes?

RG: Initially, in the pre-accession stage and immediately after, Malta encouraged the production of quality grapes through heavy funding measures where farmers willing to invest in production of quality grapes were given financial aid amounting to approximate €1,000 per tomna, to cover a substantial part of the capital costs involved in planting of international varieties, and thus guaranteeing the production of high quality grapes. Presently, the Government is assisting in the necessary research to develop Malta’s two indigenous varieties – Gellewza and Girgentina – for the production of quality wines. It is felt that there is a promising future for these two varieties which can only be produced in our country, either as a mono-varietal wine or possibly in blend with international varieties.

MBR: Can you tell us what the ‘Marka ta’ Kwalita’ is all about and its objectives, ethcis?

RG: The quality mark can be described as a recognition to genuine local products which excel in quality and are traceable from the farm to the consumer. It will be placed on local agricultural products which not only meet minimal European standards on matters such as cultivation or breeding, packaging and transport, but also exceed them, as certified through an independent audited process. I assure you that this will not be a simple label that could be affixed on any product but it is a measure to promote and reward genuine local producers.

MBR: What can you tell us about the reforms currently being conducted in the Fishery, Abbattoir, ‘Pitkalija’ and also in the fishing industry?

RG: Upon taking office we felt the need to undertake several reforms in departments which fall under our responsibility. In the Abbattoir a process of infrastructural maintenance and changes in the building structure was kickstarted. In the fishing sector we focused primarily on a National Aquaculture strategy to improve management, reduce environmental impacts, and mitigate conflicts with other coastal uses. Its implementation should ensure

that aquaculture becomes a contributor towards a greener national economy while it also lay down the foundations for it to become a leader in sustainable aquaculture in the Mediterranean region. Regarding the pitkalija reforms, these aim to give a fair value to the local agricultural product while giving added value to consumers. With our approach of opting for quality rather than quantity, we are safeguarding the livelyhood of local farmers while making our product competitive to face the challenges of the imported produce.

We are safeguarding the livelyhood of local farmers while making our product competitive to face the challenges of the imported produce

MBR: Referring to Malta’s spring hunting derogation, George Eustice MP, Parliamentary Under Secretary of State for farming, food and marine environment in the UK, recalled the 2009 European Court of Justice ruling on the matter, which recognised Malta’s unique biogeographic circumstances and reaffirmed Malta’s right to permit limited hunting for turtle dove and quail in spring, subject to fulfilment of strict parameters of the Birds Directive. He said that in response to this judgement, Malta developed a new legislative framework and introduced a number of ways in which the authorities control adherence to these parameters. Do you agree and what are your comments on this please?

RG: Yes I share these views, the EU derogation is being applied in the context of article nine of the Birds Directive while taking into consideration the ECJ Judgement. The annual bag limit for these species, namely the

turtledove and quail, vary annually according to current scientific studies with regards to their status. Furthermore each catch is required to be declared instantly through an SMS, so as to have a live update on the catches and be in a position to close the season immediately once the national bag limit is reached.

MBR: How does Malta remain committed to its increased efforts in order to ensure strict enforcement of the established hunting rules?

RG: Repeatedly, we have declared that this government is in favour of sustainable hunting, but there is no room for illegalities or criminals who have other interests. In this regard Malta now has penalties which are among the highest in Europe to serve as a deterrent. A specific unit was set up ‘ad hoc while educational initiatives such as campaigns to increase awareness on avian species and biodiversity were also undertaken. Ultimately, it is true that increase in enforcement in the past months resulted in less infringements. MBR All Rights Reserved | Copyright 2014

EDITOR’S NOTE Roderick Galdes 39, serves as Parliamentar y Secretary for Agriculture, Fisheries & Animal Rights. He was first elected to Parliament in 2004, and successfully reelected in the 2008 and 2013 elections from the sixth district. Hailing from Qormi, he was the youngest councillor in the locality in 1994 and the first Labour mayor in 2001. He holds a Masters degree in Small Islands States, Bachelor’s in Urban Planning and Diploma in Planning Studies.

Married to Joanne nee Carabott and father of Daniel, Andrew and Nathan.

www.maltabusinessreview.net

21

HigHer education

Malta Business Review

new COURSeS STARTInG SOOn The eie Institute of Education is now 15 years old. The eie acronym stands for – Excellence in Education. Excellence is confirmed by the student and graduate testimonials that eie regularly receives from satisfied customers. eie has grown into an established organisation both in Malta and internationally. Apart from locals, the institute hosts foreigners who choose Malta and eie as a place to further their education.

One can opt to follow part-time, distance

learning or lecture based programmes, which are carefully designed to be both enticing and versatile – what working students require while studying and coping with their busy lives. EIE’s education will help students reach their goals as a highly qualified professional individual to play important roles globally both in commerce and industry. All academic programmes are approved by the NCFHE, as per local regulations governing tertiary educational programmes.

EIE Institute of Education is licensed by the Ministry of Education as an Institute of Further and Higher Education - (License Number: 2005-TC-001) MBR

AcAdemic courses stArting soon:

trAining modules stArting soon:

Postgraduate Diploma (MQF Level 7) in Management

Numeracy & Statistics- 16 sessions of 3 hrs each

Advanced Diploma (MQF Level 6), Diploma (MQF Level 5), Certificate (MQF Level 4) in Business Studies

Business Law- 16 sessions of 3 hrs each

Advanced Diploma (MQF Level 6), Diploma

Management in Theory & Practice - 16 sessions of 3 hrs each

(MQF Level 5), Certificate (MQF Level 4) in Accounting & Finance (Covered by Get Qualified Scheme)

Marketing Management- 16 sessions of 3 hrs each

Media & Society- 8 sessions of 3 hrs each

Advanced Diploma (MQF Level 6), Diploma

The Business of Shipping- 12 sessions of 3 hrs each

(MQF Level 5), Certificate (MQF Level 4) in Marketing Management

Management of Travel & Tourism Operations - 16 sessions of 3 hrs each

Advanced Diploma (MQF Level 6), Diploma (MQF Level 5), Certificate (MQF Level 4) in Professional Computing & Information Systems (Covered by Get Qualified Scheme)

Management of Change- 16 sessions of 3 hrs each

Advanced Diploma (MQF Level 6), Diploma (MQF Level 5), Certificate (MQF Level 4) in Tourism & Business Studies (Covered by Get Qualified Scheme)

A certificate of attendance will be presented to those students who attend at least 90% of the lectures.

Advanced Diploma (MQF Level 6), Diploma

To guarantee individual attention, classes are limited to small numbers, so early booking is recommended.

(MQF Level 5), in Human Resources Development Advanced Diploma (MQF Level 6), Diploma (MQF Level 5), in Maritime Management (Covered by Get Qualified Scheme)

We invite you to call eie on 21332804 or 21332805 or email us on info@eie-group.com for any assistance.

Diploma (MQF Level 5), Certificate (MQF Level 4) in Journalism

www.maltabusinessreview.net

23

Our plan fOr The labOur MarkeT

By Clyde Caruana

Government has embarked on an ambitious plan which aims to boost Malta’s employment rate and help reach the set employment ratio target of 70.0% by 2020. as this plan has started to unfold a number of initiatives have not only been kick-started but are already yielding the desired results

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T

he first two crucial initiatives aimed at facilitating female participation in the labour market are the free childcare measure and Breakfast Clubs. Free childcare services are offered to all working parents, who may choose to send their children to whichever childcare centre they prefer, be it public or private. This initiative aims to encourage parents, particularly mothers to re-join the workforce or take up new studies. Mothers who are already in employment are also eligible for free childcare for their children.

Similarly, the free Breakfast Club enables parents to bring their children to school early before going to work allowing them greater flexibility. Since the launch of free childcare, around 1,000 new mothers have benefitted from the measure. Currently, we have circa 3,000 children in free childcare and 950 children make use of the Breakfast Clubs.

Another important initiative which also plays a crucial role in government’s ‘Making Work Pay’ plan, is the tapering of social benefits.

In essence, government is committed to

In essence, government is committed to decrease dependency through schemes which attract people to work decrease dependency through schemes which attract people to work. Through the tapering of social benefits, a beneficiary who takes up a job does not lose all the benefits from day one. The beneficiary will retain 65% of the benefit during the first year of employment; subsequently it is reduced to 45% in the second year, and 25% in the third year.

Labour Market

Malta Business Review

weeks without any cost. Moreover, if the employer chooses to retain the trainee as an employee, government will also cover the first six months of the cost.

Another crucial Budget 2015 initiative is the In-work benefit, which will continue to strengthen the concept of making work pay. This benefit will be given to those families in which both parents work, have low income (between €10,000 and €20,400) and have children up to 23 years old. One of the parents within this family unit would need to earn at least €3,000 per year to be entitled to a maximum of €1,000 per year per child. Single parents in employment with an income of between €6,600 and €15,000 will be entitled to a maximum of €1,200 per year per child.

Through these initiatives and schemes government is gradually building a structure of supply-side measures which in turn will help industries become more efficient through sustained growth. These measures were further supplemented by the Budget 2015 which continued to highlight the concept of ‘work pays’ by providing incentives for people to enter the workforce and reduce dependencies on social benefits.

The Employment and Training Corporation together with the private sector will be working together to help jobseekers who are either registered unemployed or inactive Perhaps one of the government’s entities mentioned most throughout the Budget 2015 was the Employment and Training Corporation (ETC), which essentially is a cornerstone of the government’s plan to boost Malta’s labour market. The Corporation is undergoing a period of internal restructuring so as to become more efficient in its operation and services.

This year the Corporation will also have a new job matching system together with a new website. These new digital tools will create a virtual labour market which will help facilitate the interaction between employers and job seekers. In turn, this will also completely modernise ETC’s registration system. Job matching will no longer be based solely on what the

individual wants but ETC will also take into consideration the skills and abilities of the applicants.

Furthermore, government also strongly believes in the important role which the private sector plays for the amelioration of the country’s economy. An important budget initiative which highlights exactly this role is the concept of the Work Programme. This initiative is very similar to the work programme which is operated in the UK. The Employment and Training Corporation together with the private sector will be working together to help jobseekers who are either registered unemployed or inactive, re-insert themselves in the labour market.

The budget has also encouraged the employment of persons with disability. In fact, the government intends to enforce a 1967 law that stipulates a 2% quota.

Employers who fail to reach the quota will be asked to pay a yearly contribution of €2,400 up to €10,000. The contribution is set to enter in full by 2017. The income from this contribution is earmarked towards a fund created specifically for persons with disability. This is undoubtedly a positive initiative that further enforces the integration of persons with disability in the labour market.

Malta was also one of the first European countries to launch the Youth Guarantee which focuses on individual empowerment and continued education. With regards to youth employment, government will be co-financing through the European Social Fund, €2 million worth of traineeships.

Employers will be encouraged to engage 700 trainees for a training period of 12

All these initiatives shed light on the government’s plan for a dynamic labour market aimed at increasing Malta’s employment ratio. The Employment and Training Corporation will play an important part in all this. ETC is the key player in the implementation of the National Employment Policy and the Corporation has now found itself at the centre of several initiatives as presented in the budget for 2015. We want to help more people access the labour market by facilitating the process as much as possible. In turn, this will help government fulfil its plan to better the standard of living across all strata of the population. Malta deserves to be the best country among the European Member States. MBR EDITOR’S NOTE

Clyde Caruana is a 29-year-old economist with a specialisation in welfare state topics.

He occupies the post of Chairman at the Employment and Training Corporation, Malta’s Public Employment Service. Mr. Caruana holds an M.A. in Economics and has worked as a statistician at the National Statistics Office of Malta between 2007 and 2012. For the past five years, Mr. Caruana has been lecturing various economics related credits at the University of Malta.

His main areas of interest include the labour market, welfare policy, poverty and income distribution. Mr. Caruana was the main author of a number of policy documents such as the Jobs+ policy (2013) and the National Employment Policy (2014). www.maltabusinessreview.net

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talking message from the employment and training Corporation to malta’s thought leaders: ETC’s ‘new vision’ is to address the gap in the skills needed by the labour market by providing skills-related financial assistance, advice, information and qualification opportunities to job-seekers and employers.

ETC’s IMAGE Your perception of us today may be that we are a national employment mediator/recruiter that has not kept up with the times.

ETC’s UNIQUE SELLING PROPOSITION We are sitting on a mountain of information about job vacancies and job seekers’ work history, skills and competencies which we intend to make optimal use of by making it available to all stakeholders in the labour market.

ETC’s ACTION We are making preparations to operate the concept of ‘Open Data’ before the end of 2015; primarily we are introducing proven technology which enables automatic matching of CVs (including skills and competencies) with job vacancies, a career platform where the citizen manages his/her own career and CV screening. We use both jobseekers and employers to have ‘direct’ (but confidentiality secured) access to all of that round the clock.

ETC’s PROMISE We will, henceforth, always put the customer (both jobseekers and employers) first; we will strive to be flexible and to become able to guarantee the speed that he/she expects. I.T. and a more user-friendly, front-end website will act as the driving force behind ETC strategy in the future.

COMMENTS & SUGGESTIONS May be addressed to: Felix Borg, Head of Corporate Planning Division ETC Head Office, Hal-Far Road, Hal-Far / Email: felix.l.borg@gov.mt / Telephone No: 22201104

Sailing

Malta Business Review

Match Racing Series first selection event for the prestigious Etchells Invitational Regatta

With the 2015 season just kicking in, an eagerly awaited fixture on the Royal Malta Yacht Club racing calendar is the Match Racing Series. Races will be held on the 31st January; 7th and 21st February; 7th and 31st March and wrapped up with a final series between the four top placed teams on the 12th April

T

o the uninitiated Match Racing is a sailing discipline where different teams sail on two identical boats against each other in a tournament format.

In Match Racing second place is actually last place and this results in a more intense competition with a “first or nothing” attitude resulting in very different tactics to normal fleet racing. It is worth noting that since all races are sailed in identical boats and each team swaps boats after each race, it is the skill of the crew that determines the winner.

So far six teams have signed up for the 2015 winter series. Once again this event will be one of the selection events to choose a team to represent the RMYC at the International Etchells Invitational Regatta, which will be held in Cowes, between the 1st and 5th August.

This event sees Yacht Clubs from around the world competing for the prestigious Royal Thames Gertrude Cup.

Photo Credit: RMYC

Matthew Fleri Soler, Matthew Xuereb, Michael Anastasi and James Schembri are racing as a team for the first time though all have built a strong sailing background, each having acquired substantial experience throughout the years. “Although we are a new team, we are all close friends, and in match racing knowing your team and working well together is essential to give a good performance” commented Matthew Fleri Soler.

Last year a team from the Royal Malta Yacht Club, made up of David Anastasi, Mark Vassallo, Karl Miggiani and Thomas Bonello Ghio participated for the first time, and by showing great commitment achieving a commendable result in an extremely competitive class at an event which included world champions and Olympic sailors.

“For me Match Racing is the most competitive sailing discipline; the direct competition with the opponent in Match Racing is like no other form of sailing. It is as much a test of sailing and boat handling skill as is it a psychological battle to intimidate your opponent and anticipate their next move, a little bit like heads up poker or chess!,” said David Anastasi, Rear Commodore Sailing, Royal Malta Yacht Club.

“This year our team will be racing to defend the title we won last year and hopefully represent the Royal Malta Yacht Club once again at the Etchells International Invitational Regatta” The Royal Malta Yacht Club will stage all Match Racing events on two H-Boats in Marsamxett Harbour. Overseeing the race will be Principal Race Officer Luca Lacitignola who will be assisted by Francesca Vincenti and Paul Ellul as Chief Umpires.

Due to the racing location, Match Racing is an excellent spectator sport opportunity since racing action can be viewed either from the Club’s terraces or on the Ta’Xbiex promenade.

In case of any queries please contact the Royal Malta Yacht Club via email on info@rmyc.org, by calling +356 21 333109 MBR Please check out the RMYC website and like the RMYC Facebook page and the Malta Match Racing Facebook pages to be kept up to date with any events being www.rmyc.org https://www.facebook.com/pages/Royal-Malta-Yacht-Club https://www.facebook.com/malta.match.racing

EDITOR’S NOTE The Royal Malta Yacht Club Founded in 1835. It is the only yacht club in Malta and is a founder member of the Malta Sailing Federation. The Royal Malta Yacht Club has a deep commitment to yachting and organises a full programme of racing and social activities throughout the year. Located right on the water in Ta’ Xbiex Marina the club offers extraordinary facilities which include a lounge bar and dining area with outdoor terraces, roof top terrace, conference rooms, a fitness room with changing rooms, waterfront facilities for small boats and a seasonal marina for larger boats.

The club is an ideal base for yachtsmen whether for racing or cruising at any time of year. It is a favourite port of call for members of renowned yacht clubs from all over the world with which the club has reciprocal agreements. The members vary in age and profession but share a common passion for, yachting and the social life that is generated around the club.

www.maltabusinessreview.net

27

Malta Business Review

Audit & tAx News

New director AppoiNted At rsM MAltA RSM Malta, one of Malta’s leading audit, tax and advisory firms, has appointed Gordon Micallef as Director. Reporting to the firm’s partners, Gordon will be primarily responsible for Business and Technology Advisory services, ensuring the firm’s continued growth in key service areas such as business performance improvement, IT portfolio & project management, and technology governance, assurance and related services.

sector. In overseeing the project management of selection and implementation of information systems, the management of technology compliance and information security risks, and the development of digital strategies focused to deliver business benefits through cloud computing and social media, Gordon has assisted various organisations to improve their operational performance.

Gordon joins RSM Malta with several years’ experience, having provided advice to clients operating in the financial services and digital entertainment industries, and to the public

Gordon is a Certified Public Accountant and a Certified Information Systems Auditor. He is also certified in Risk and Information Systems Control and in Governance of Enterprise IT, and was a founding director of the ISACA Malta Chapter, serving as its president for a number of years. He has also delivered various training sessions focused on cloud computing, internal IT audit and information security.

“Gordon brings to his new role a wealth of leadership, technology and business insight that are important to drive growth in our firm’s business advisory pillar,” said Deo Scerri, Managing Partner, RSM Malta. “Our clients will surely benefit from Gordon’s experience in providing sound advice, particularly with regard to technologyenabled business performance solutions and improvements.” MBR

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Mobility

Malta Business Review

Accessibility and free movement to all

by Emanuel Deguara

The irreversible worm screw reduction gear equipped with a toothed belt with rubber tracks grips well and the load is spread evenly on the steps. The steering bar has clamping and control functions of the wheelchair both on the stairs and on the landings. Manual operation on the landing is also possible if such a need arises. The main controls on the steering bar cater for the forward / backward or stop actions, emergency stop button, release knob of the steering bar, gradient indicator and battery discharge indicator.

In today’s era ‘accessibility to all’ is on the agenda of most private and public institutions. Fortunately enough the various awareness campaigns raised in the past decades from various organisations have led to improve at least the human attitude towards people with special needs

M

ost new projects are including the necessary action plans to develop and provide a more adequate access to wheelchair users.

People with mobility problems should be given the freedom of movement and equal opportunities to enjoy life to the full. We should not hinder these people to live a normal life due to lack of planning especially when we are embarking on new projects. Highly inclined ramps or unsafe transportation systems should be banned.

Technology in the lift industry has evolved and improved drastically. Various new products for the safe transportation of persons are continuously being launched on the market.

We at APEX LIFTS as our mission statement states are committed to provide the best possible solutions to remove architectural barriers through an efficient and professional approach. We are receptive to the needs of our customers through product innovation, which ensures high health and safety features.

Apart from the well known hydraulic and traction lifts we offer also a wide range of products which overcome architectural barriers in most homes and public places.

Leaving your home where you have spent your entire life or departing from an office you were accustomed to visit can be very stressful to say the least. Our aim is to help people renovate their home or office with the least possible inconvenience and continue to enjoy their property.

Stair lifts, platform elevators, scissors platform, scooters and electric wheelchairs are the most common products offered to our esteemed clientele. We have also placed on the local market two other new products to compliment our range – the stair climbers; models include T10 and T09. The T09 model, (which can be seen on the advert), is a battery operated stair climber, which is guaranteed to carry a wheelchair with a load of 130Kg up and down practically any kind of staircase without damaging the stairs.

The equipment is key operated to avoid tampering and is also easily dismantled in two pieces to handle in a normal car boot.

One can also adjust the headrest and the wheelchair height as the T09 model caters for various sizes of wheelchairs. The main advantage of this stair climber is the fact that since it is not installed to a particular staircase one can benefit from the utilization of the equipment wherever he/she needs.

Although it is a mobile piece of equipment for the transport of persons the T09 model provides a very stable ride and the person on board feels safe. The helper controlling the steering bears no load, he/she only needs to guide the stair climber in the right direction.

The imported equipment manufactured in Northern Italy is CE certified and is in conformity with European Directives.

Nowadays thanks to innovative products like the stair climbers possibilities to improve one’s lifestyle exist. One only needs to put on some effort and courage to benefit from the new products available on the market. The most important and determining factor is resistance to change.

We must not be afraid to change our lifestyle. In life we should always consider to learn from our past experience, be assertive and improve our well being. MBR If you wish to receive more information on such innovative products you can come to our office to discuss further at 14, St Michael Street Rabat, RBT 2440, Malta, visit our website on http://www. apexlifts.com.mt or call us for an appointment to visit your site on 21455051. www.maltabusinessreview.net

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30th annivErsary

Malta Business Review

How tHe fall of tHe Berlin wall transformed europe’s researcH landscape

by Rex Merrifield

After the fall of the Berlin Wall, ‘science diplomacy’ was recognised as encouraging European cultural reunification when other paths were still difficult.

The collapse of communism in the Eastern Bloc in 1989 redrew of the map of Europe, and the aftershocks were also felt strongly in the foundations of European research.

The fall of the Wall and the other momentous changes in Eastern and Central Europe from 1989 opened up new possibilities for researchers to meet and collaborate with their Western European counterparts and gave them hope of new partnerships. ‘After these changes there was an extraordinary opening towards international research,’ said Professor Anton Anton, a lecturer in Romania at the time and now professor of hydraulics and environmental protection at the University of Civil Engineering in Bucharest.

‘Researchers were very positive.’

New efforts were made at European Community level to encourage cooperation previously impossible because of the Iron Curtain, and ‘science diplomacy’ was recognised as encouraging European cultural reunification when other paths were still difficult.

‘We realised it would not be easy to become part of the European research community, but there was a lot of enthusiasm, a lot of optimism,’ said Dr Jan Krzysztof Frackowiak, of the Polish Academy of Sciences. He was a physicist before becoming Deputy Science Minister of Poland for 14 years from 1991.

Schemes such as PECO/COPERNICUS, launched in 1992 with funding of EUR 55 million, encouraged new ways of working together for Central and Eastern European countries seen as potential future members of the EU. Eastward growth Along with scientific and technical research fellowships, it also provided for projectby-project participation in parts of the Framework Programmes, with joint activities on the environment, health, information and communication technology, materials, agriculture and food.

‘The special actions played a very important role for us in gaining experience of European rules and methods,’ Dr Frackowiak said.

‘Later on this meant we could gradually take on more important roles.’ Identifying the Central and Eastern European countries as a focus played a large role in the expansion of the Framework Programmes. This eastward growth continued through the 1990s and into the next decade, when 10 Central and Eastern European countries were to join the European Union. By the Fourth Framework Programme (FP4) in 1994, COPERNICUS was included in a specific programme of International Cooperation (INCO).

‘Without the Framework Programmes, we would have never reached this stage.’

-Professor Anton Anton, former Romanian Secretary of State for Research

smoothEr knEEs Participation was still on a project-by-project basis, on limited themes, but once the countries were on track for EU membership and became associates of the Framework Programmes, their participation increased. By the Sixth Framework Programme, which began in 2002, Poland for instance was proposing advanced projects as a coordinator and it was to lead more than 180 consortiums in the Seventh Framework Programme (FP7), in the specific programmes of People, Ideas and Cooperation, and the Research Potential (REGPOT). These have included a selection of prominent projects ranging from information technology, security, and energy efficiency to nanotechnology.

Among the Polish-led advanced nanotechnology projects in FP7 have been the ENSEMBLE study of self-organising electromagnetic structures and SUPERSONIC, looking at depositing layers of lubricating solid nanoparticles to ease the use of wind

turbines, aeroplane engines or even artificial knees. Developing research capacity has benefited greatly from participation in the Framework Programmes, which have kept growing with the EU itself. From EUR 13.1 billion at the start of FP4, when the European Union had just 12 Member States, the funding has swelled to EUR 80 billion for the 28-strong European Union of Horizon 2020.

CombinEd bEnEfits For new Member States, the benefits of the Framework Programmes have, in many cases, been multiplied by using EU Structural Funds to develop new laboratories and modern facilities for research. Austria, Finland and Sweden already had very well developed research infrastructure when they joined the European Union in 1995. But Spain has shown the benefits of combining these different forms of European funding to transform its relatively underdeveloped research system in the 1980s to world-class status.

The Extreme Light Infrastructure (ELI) project shows a similar synergy in Romania, Hungary and the Czech Republic, where some of the most intense lasers ever made are being built for research.

The preparatory phase was carried out under FP7 and the three facilities are being developed with support from the Structural Funds. They are expected to be operational by 2018 and to host substantial Framework Programme research in fundamental physics, materials, pharmacology, cancer and X-ray and gamma ray imaging.

‘This is one of the main benefits for us,’ said Prof. Anton, who is also a former Romanian government minister and Secretary of State for Research. ‘Without the Framework Programmes, we would have never reached this stage.’ MBR About the Author Rex Merrifield is a Journalist, media consultant and trainer with Industry Information Technology and Services, Finland. www.maltabusinessreview.net

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TribuTe

Malta Business Review

Heroes of CHarlie Hebdo faCes beHind tHe Cartoonists and tHe Paris PoliCe offiCer

by Astrid Veld ecause the pencil will always be

“b above the barrel, because freedom

is a universal right, we will support you in your rights.” On Wednesday 7th of January the news that reached us from Paris shocked the free world. A hideous planned terrorist attack took the lives of twelve people working at the office of the magazine Charlie Hebdo, the French satirical weekly magazine, featuring cartoons, reports, polemics, and jokes published since 1970.

Members of the Charlie Hebdo crew stood up for the freedom of speech. In honour to those who lost their innocent lives by this bloody massacre, we are featuring the faces of the victims of the attack on Charlie Hebdo. To those who paid with their lives during their journey practicing freedom of speech and testing it to its extremes and also to the courageous Policeman on duty that day.

PARCE QUE LE CRAYON SERA TOUJOURS AU DESSUS DE LA BARBARIE… PARCE QUE LA LIBERTÉ EST UN DROIT UNIVERSEL…PARCE QUE VOUS NOUS SOUTENEZ… - Je Suis Charlie Stephane ‘Charb’ Charbonnier - Stephane Charbonnier, the publication editor of Charlie Hebdo. He joined the company since 1992. The 47 year old Charbonnier was under protection since 2006 but was not afraid of terrorist threats. One of the other victims, Franck Brinsolaro, was assigned as a bodyguard for Charb. After his office was firebombed in 2011, he replied on it in an interview: “I am not afraid of reprisals, I have no children. No wife, no car, no debt.

It might sound a bit pompous, but I would prefer to die standing than lives on my knees.”

Bernard ‘Tignous’ Verlhac - Bernard Verlhac, a 57 year old regular contributor of Charlie Hebdo. Drawing under the pseudonym Tignous, Verlhac was a versatile and profile caricaturist and illustrator. One of his quotes was: “A caricature...is the hardest thing to get right, you have to put everything into a single image.” Last recent years his caustic sense of humour appeared to match with the uncertain mood of the French nation. “My work never seems to be done.”

George Wolinski - George Wolinski, the cartooning doyen, aged 80 and involved in the Charlie monthly project. He was a French cartoonist and comics writer. Back in the days he was the editorin-chief from 1970 to 1981 of Charlie Hebdo. As a child of Jewish parents he moved from French Tunisia to metropolitan France in 1945 short after World War II. He discovered comics thanks to the US soldiers stationed in Tunis during the War, Wolinski once said: “Other children asked the GIs for chocolate and chewing gum. Have you comics? I would say to them. And they would give me comics but chocolate and chewing gum too!”

Jean Cabut - Jean Cabut, aged 77, is one of the drawers of Charlie Hebdo. He was already uniquely talented at the age of 16 while his first work was published. Also known as Cabu, he was a French comic strip artist and caricaturist. A few years ago he said: “The rise of fundamentalism in any religion has changed things. Ending up in court to argue about freedom of speech is bearable.” Some other wise words of Cabut: “Sometimes laughter can hurt but laughter, humour and mockery are our only weapons.”

Philippe Honore - Philippe Honore was well- known for his political caricatures. Aged 73 and has been involved in Charlie Hebdo since 1992. The last cartoon tweeted by Charlie Hebdo minutes before the attack was an illustration by Honore of the ISIS leader, presenting his new year message, saying “and especially good health!”

Mustapha Ourrad - Mustapha Ourrad, was the copy editor of Algerian descent at Charlie Hebdo. He was a self- taught man, regularly impressing his colleagues with his knowledge of philosophy. According to friends who were devastated by the loss of Mustapha Ourrad, he was a ‘Well-loved man.’

Bernard Maris - Bernard Maris, 68, was an author and economist. For Charlie Hebdo readers he was called ‘Uncle Bernard’. He regularly commented on economic issues for the France inter radio network. “Bernard Maris was a man of heart, of culture and of great tolerance,” the bank’s president, Christian Noyer said about Maris. Maris was also a member of the general Council of the Bank of France.

Frederic Boisseau - Frederic Boisseau, aged 42, was a worker of a French catering and site facilities named Sodexo. He was in business for 15 years. He was a father of two children. A statement about Boisseau announced: “Such a terrible loss of life” was “unconscionable.”

Elsa Cayat - Elsa Cayat, aged 54, was a psychiatrist and psychoanalyst, she wrote a twice- monthly column for Charlie Hebdo, titled: Charlie Divan – Couch and also published essays on relations between women and men and sexuality. She was the only women who was involved in the massacre.

Michel Renaud - Michel Renaud, one of the two founders of the biennial Carnet de Voyage in Clermont- Ferrand. He was at the office to visit Jean Cabut at the moment of the massacre. Renaud was also a former journalist.

Franck Brinsolaro - Franck Brinsolaro, a 49 year old man, married with two children and a personal protector of Charlie Hebdo after they received threats. Especially Charbonnier was under the protection of Brinsolaro.

Ahmed Merabet - Ahmed Merabet a Police officer of Paris, he was a married man and a Muslim. After being injured by a bullet in his legs, lying on the pavement with his arms holding up in hope for forgiveness, one of the gunmen shot him dead. Merabet grew up in a suburb, as one of five children of Algerian immigrant parents.

People described him as a quiet, conscientious officer who was always smiling. He started joining the police 8 years ago and worked hard to receive a promotion. A man who was dedicated to his job till the last breadth. www.maltabusinessreview.net

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Credit rating

Malta Business Review

S&P REAFFIRMS BBB+ RATING FOR MALTA WITH STABLE OUTLOOK Standard and Poor’s credit rating report confirms Malta’s BBB+/A-2 long- and short-term rating and reaffirms the outlook of the Maltese economy as stable. This positive assessment that Malta will continue to grow more quickly than the eurozone is being attributed to investments in the energy sector

These investments are the direct results of government’s economic and energy policies, which have been and are still being disputed by the Opposition.

Standard and Poor’s acknowledges the robust economic growth achieved by the Maltese economy and further highlights that it expects Malta to continue to grow more rapidly than the eurozone as whole, with economic growth expected to equal 3 per cent in 2014 and 2.5 per cent in 2015. This growth is attributed to the investments in the energy sector which, coupled with the reduction in utility tariffs, boosted domestic demand.

The credit rating agency also highlights the increase in household disposable income as a result of rising real wages and broader female participation in the labour market. This is a further confirmation of

the positive impact of the policy measures undertaken by this Government.

The Credit Agency also notes positively the huge investment in the energy sector and Government commitment to decrease utility prices for businesses in March of this year.

Furthermore S&P are forecasting that the tourism sector and e-gaming, as well as a rebound in microelectronic manufacturing, will continue to be major contributors to economic growth.

Standard and Poor’s note the rising real wages in Malta and observe that this has led to an increase in household disposable income.

On the fiscal front, Standard and Poor’s is also foreseeing a positive outlook. Indeed, it expects the deficit-to-GDP ratio to fall to 2.1 per cent and 2.0 per cent in 2014 and 2015, respectively. This improvement in deficit is being attributed to higher tax receipts as a result of Malta’s GDP growth.

Despite the fact that S&P says that our key trading partners will face a deteriorating economic activity, Malta’s net exports should continue growing. In fact, S&P are predicting a rebound in Malta’s manufacturing exports. This contrasts with the Opposition’s predictions that manufacturing in Malta is in crisis.

Commenting on these positive results, the Minister for Finance, Edward Scicluna, noted that “in the last administration, government debt as a per cent of GDP had increased by 8 percentage points of GDP. Standard and Poor’s predict that by the end of this administration this increase will have been completely reversed.” MBR www.maltabusinessreview.net

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Malta ProPoses €1.42 Billion Monorail Project sPread over eight Years

by George Carol

Malta has proposed a total of €1.629 billion in projects that will compete for financing from an investment plan announced by European Commission head Jean-Claude Juncker.

According to the list published by the EC yesterday, Malta has proposes a total of five projects for consideration: •

The construction of a breakwater for Marsamxett harbour including land reclamation and quay development inside both the Grand and Marsamxett harbours - price tag: €140 million over two years;

•

The construction of rural airfield in Gozo - price tag: €14 million over one year;

•

The construction of a mono rail involving mixed over-ground and underground lines running North-South and West-East intersecting at key traffic junction and feeding at its various stops into other above ground public transport means - price tag: €1.42 billion over eight years;

•

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Developing infrastructure for procurement, handling, storage and distribution of medicines under public health ervices price tag: €15 million over two years;

•

And social housing and community centres for adult persons with disability - price tag: €40 million over eight years

These projects will compete for a total of €1.3 trillion in EU funding, according to the list published recently by Brussels. The plan will be run by the European Commission and the European Investment Bank, with projects picked by “independent experts” according to their ability to capture private investor interest.

There has been a severe disconnect between the available investment and credible projects on the ground The EU Task Force on Investment published the report showing identifying around 2,000 projects across Europe worth some €1.3 trillion of potential investments, out of which over €500 billion worth of projects could potentially be implemented over the next three years. Many of these projects are currently not being realised due to financial, regulatory or other barriers.

EU fUnding

Malta Business Review

Vice-President Jyrki Katainen

In its report to Brussels, the government says that technical, socio-economic and financial feasibility studies are underway and are expected to be completed by June 2015. Following that, execution studies will have to be extremely well planned to ensure that the project is sequenced in a way which, in conjunction with other works being executed at traffic junctions under other EU programmes, allows traffic problems to remain manageable during the execution phase. The project, according to the government, will have broad popular support and it cites a survey carried out in November that shows that traffic/parking has become the top concern for the Maltese.

The barriers Technical studies to confirm technical viability and budget costs; technical studies to confirm best execution sequencing in phases; regulatory and environmental issues.

Financing soluTions

Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said yesterday: “Today’s report shows there are huge investment needs and viable projects that could lift economic growth and open up more job opportunities in Europe. There has been a severe disconnect between the available investment and credible projects on the ground. We are now taking a big step to restore investor confidence and connect the two.”

EIB President Werner Hoyer added: “The work of the Task Force demonstrates that there are enough investment projects in Europe.

Member States provided a great number of proposals on which we can build upon to create a pipeline of projects and ensure we put money where it can best meet demand. Now we need to assess the projects and select those that are economically viable and can best foster the competitiveness of Europe´s economy. The EIB stands ready to finance those projects on the list, as well as any other, that meet the relevant viability and strategic relevance criteria. It is also urgent to tackle the significant non-financial barriers identified by the Task Force that prevent investment for viable projects from materialising.”

The monorail projecT By far the main project proposed by the government, the €1.42 monorail project has been on the drawing board for years, if not decades.

According to the government’s proposal, the monorail could generate its own revenues if properly executed to deliver what the population is strongly yearning for i.e. a reliable, efficient and environmental friendly means of urban transport. The government believes that successful implementation of this project will unlock substantial economic potential as travellers will add at least 30 minutes per day to productive work or social quality time, which is currently being wasted blocked in traffic. It will stimulate the much desired increase in female labour participation as parents can reliably plan the daily commute of their children to school rather than having to drive them back and forth individually.

Time Frames Technical Studies, execution plans and regulatory/environmental approvals and detailed financial feasibility studies could be completed within a maximum of 18-months so that the project will become shovel-ready in the second half of 2016 or early 2017, provided financing is in place.

Execution will be planned in four phases each involving duration of 24 months so that the first phase will be completed by end 2018. It is yet to be established whether some overlap of the phases would be possible bearing in the mind the need to keep traffic flows manageable during the execution stage of the monorail project.

Consideration will be given, according to the government, to using the rails and tunnels of the Malta Railways which was a train service from Valletta to Mdina, which started in 1882 and was mothballed in 1931, when private car transport rendered train service superfluous. MBR The full report can be found at: http://ec.europa.eu/priorities/jobs-growthinvestment/plan/docs/project-list_part-1_en.pdf www.maltabusinessreview.net

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Talking PoinT

Malta Business Review

VISA REFUSED

by Mark Ransley

Visa issues in Malta are hindering foreign students from enrolling in programmes for further and higher education offered by the private sector. Policies on visa approvals are becoming so strict that there is almost no hope at all in enrolling students from the so called “high” risk countries such as Nigeria, Pakistan, Nepal, Bangladesh and India. Yet, English speaking countries in direct competition with Malta are benefiting from such markets

A

lthough the United Kingdom is known for being very article published online on Morocco World News, ‘The European cautious in issuing visas to students coming from such high Union and Morocco announced on Monday in Brussels the launch risk countries, in 2012 it had a total of 60,768 students of discussions to develop two agreements for facilitating the ability from the five counties mentioned studying in UK Colleges of Moroccans to obtain visas for entering European Union countries.’ and Universities according to the UNESCO Institute of Statistics. Closer It is understandable that the local authorities have to be very to Malta’s size, Cyprus had 2,570 students from these countries in the careful in evaluating the genuine intent of every application. same year compared to just 9 in Malta. If one had to translate these However, almost refusing every application does not solve figures in financial terms, Malta is losing out at least 11 million euro the problem but only shows that this country is unable to per year in tuition fees only whilst not taking into professionally attend to such matters. If so, account the benefits this business would have there is clearly a need to educate, upgrade Malta is doing the opposite generated in accommodation, employment and and modernise the way these matters are what EU policy is suggesting to the Maltese economy in general. being handled. The Government needs to Morocco is another country that seems to support this very important sector and not be tabooed by the authorities. Students from Morocco are being bury its head under the sand, jeopardising the potential growth asked to apply for a visa at the Embassy of Italy in Rabat. From of this rising industry. Time and time again, the private education reports received from students, the Embassy of Italy does not sector including EFL schools have been complaining about the way accept applications to Malta for the purpose of education. visa applications are being handled. Unfortunately to date, very little has been done to improve the situation. MBR Some students were granted permission to apply at the Malta Visa Application Centre in Tunisia. This option is costly and again many of these student’s visa applications have been refused for no apparent About the Author reason. This kind of attitude needs to be seriously addressed. Malta Mark Ransley is the Director and Principal of EEC-ITIS Malta Tourism is doing the opposite what EU policy is suggesting. According to an and Languages Institute. www.itismalta.com www.maltabusinessreview.net

39

Malta Business Review

RTD-RESEARCH

Ready, set, innovate: Commission steps up suppoRt to innovative Companies Today the European Commission is announcing new support for innovative companies around Europe through two initiatives. One of these is a new €200 million Fast Track to Innovation initiative launched today by the Commissioner for Research, Science and Innovation Carlos Moedas. This instrument will promote innovation by reducing the time it takes to bring innovative ideas to market. In parallel, the Commission also announces that over 275 European small and medium-sized enterprises (SMEs) have been selected to receive new grants of €117 million in total

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to finance innovation activities and the development of their business plans, or feasibility studies for their projects. All of these grants are awarded under the EU’s SME Instrument.

Both the FTI initiative and the SME Instrument are run under the EU’s research and innovation funding programme Horizon 2020, and are designed to better and faster exploit excellent ideas on the market and help generate jobs and growth for Europe.

News announcements for the FTI launch and the latest results of the SME Instrument calls are available online. MBR

Photgraphy Malcolm Laudi | Dancer Sarah Lanzon

Community

Malta Business Review

Dance came from the people anD it shoulD always be DelivereD back to the people

by Martin Vella MBR: What ethics guide your work with Plethora Dance?

SL: We keep our classes small and limit attendees to give value to our customers. We work with individuals to help them become the best they can be and start moving at their starting point.

We also provide the skills to help individuals work on their physical weaknesses. We take pride in people’s quick rehabilitation and recovery.

We feel it is our social responsibility to get people moving safely. We work with everyone including those who suffer from sciatica, back pain, knee pain, chronic pain, are slightly overweight or even obese, the elderly, and also the fit. We believe and work towards an inclusive environment and tailor make programmes to suit individual needs.

Our classes and activities bring out the best and the positive in people. They help people re-gain their confidence, strength, and the realization that their body is a marvellous instrument.

MBR: Often, it’s a single spark that ignites us to become agents of social change. Is there a particular moment or event when you realised that you had to step up?

SL: In our case, it was more of a journey. In London I was working with Parkinson’s UK teaching dance to elderly and Parkinson’s patients and their carers and also with Royal Academy of Dance’s Step into Dance teaching creative dance to kids and adults with physical and/or mental disabilities. In April 2013, we launched Plethora Dance with a Spring Dance Retreat aimed at adults to become more conscious of their movement and bodies. Although this was an international project, many Maltese enjoyed various sessions and this was why our drop-in FlexiFit classes were launched late spring. We are firm believers of getting people moving, especially those who have never danced or

are fearful of movement. These classes were a stepping stone and our commitment to the local community to help inspire active living.

Sitting is the new smoking, and Plethora Dance knows this MBR: What benefits can be accrued from Plethora Dance individualised movement program tailored to meet corporate executive’s health and fitness needs?

SL: Sitting is the new smoking, and Plethora Dance knows this. Therefore our programs provide employees with skills and activities that both relieve back and body pain and prevent strain injuries caused by prolonged sitting. We create fun team building events. This month we are booked working with companies on a Valentine’s themed event, and next month we’ll be actively working on our Women’s Day activities. The latest survey of workers from across the EU suggests that 46% of women and 47% of men reported back pain at some time in the last 12 months. Consequently, it is one of the most common reasons for missed work. Having employees moving and making them aware of the benefits of movement and exercise, Plethora Dance helps create a friendly setting to talk about healthy office practices.

MBR: The Plethora Dance methodology has wide applicability in the field of social change.

What other issues will Plethora Dance take on as your work progresses?

SL: We are soon launching a program for corporates and entrepreneurs using dance to inspire creativity in business. Locally, we tend to be set in our ways, and through these creative sessions to be used as part of a company’s review,

we hope to inspire new ideas, ventures, and discussions on current work practices. We are also working on an exciting educational project targeted at both kids and adults. We hope to be able to publish more news very soon! Working with us continues to support these initiatives.

MBR: Where do you see Plethora Dance growing in the next ten years?

SL: In ten years, we aim to be regulars at companies and not a yearly event. We hope companies will see that investing in employees’ and preventing physical strain injuries from sitting is not just another statistic or research paper but Plethora Dance exercises have been a clear indication of the positives of healthy movement within their office.

In ten years time, we will work so Plethora Dance is associated with performances which would focus on different social causes to spark conversation and inspire action. We will work hard to have our educational projects as a regular occurrence.

During the next ten years, we want to be a part of the journey that will see the number of obese in Malta decrease, the number of active adults increase and more creative people in the office having a positive impact. MBR All Rights Reserved | Copyright 2015

EDITOR’S NOTE Sarah Lanzon is a professional dancer who has made her professional debut in 2006, when she was chosen to choreograph a 30-minute performance for the opening ceremony of the Euro-Med Congress of Radiographers held in Malta. Since then, Sarah has taken her dancing career to new heights and has recently started her own business which is based upon her passion for dancing and helping others. Sarah created Plethora Dance to work with company management, community workers, psychologists, physiotherapists and carers to provide a great dance experience regardless of age, fitness, or mental and physical disabilities.

www.maltabusinessreview.net

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Malta Business Review

Credit development

Creditinfo volo has been seleCted to manage the private Credit bureau (pCb) in the West afriCan monetary union (Wamu) Creditinfo VoLo is pleased to announce the result of the recent consultation launched by the Central Bank of West African States (BCEAO) about the establishment of a private credit bureau (PCB) within the eight (8) member states of West African Monetary Union (WAMU). BCEAO issued a tender for the selection of a strategic and technologic investor on the 29th of April 2014 in order to create, operate and manage a regional private credit reporting system that meets the international standards for the eight (8) member states of WAMU

C

reditinfo and its business partner VoLo Africa, grouped into the joint-venture Creditinfo VoLo, are honoured to be selected as the accredited company in order to operate in Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. This selection was based on the experience demonstrated by Creditinfo and VoLo in similar markets in Africa as in the world, and their commitment to comply with the agenda in order to make the PCB operational as of June 2015.

The implementation of this credit information sharing system meets the expectations of monetary authorities and credit institutions of the WAMU, a region with over 100 million people. Such a strategic infrastructure will not only accelerate the credit development in the region, but also will be a new pulse factor in the growth of the economy as a whole. It also gives a better rating in the Doing Business ranking of the World Bank, for each of the eight countries with positive externalities for industry and individuals.

Mr. Reynir Grétarsson, CEO of Creditinfo Group enthusiastically welcomed this opportunity. He said “We greatly appreciate the confidence of the Central Bank towards our company. Creditinfo VoLo Africa and I wish to express our total dedication in the practice of social responsibility and our contribution to the economic development of the countries where we currently operate and in those in which we will operate in the future. The increased financial inclusion will be part of the benefits of this project, which, we believe is one of the most exciting and ambitious project in this sector.”

Creditinfo VoLo, a joint venture created by Creditinfo and VoLo Africa, will work to implement the PCB in the coming months. MBR

ASK THE EXPERTS titititi Eutihtititititititititititititititititititititititititititititititititititititititititititi tititititititititititititititititititititi titititititititititititititititititititi tititititititititititititititititititititi

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AviAtion

Malta Business Review

The MinisTer for TourisM

Edward Zammit LEwis LaunchEs a sEriEs of EvEnts in connEction with 100 yEars of aviation in maLta by a Special Correspondent

The vision of the Government is to create an ‘aviation cluster’

In 2015 Malta will be commemorating one hundred years since the beginning of aviation in our country. In a news conference the Tourism Minister the Hon Dr Edward Zammit Lewis listed several achievements in this sector and explained how our country will commemorate this extremely important anniversary. He said that various events related with a hundred years of aviation in Malta will be held this year Minister Zammit Lewis in his address spoke on various successes in the aviation industry including when the first civil airport was built in 1958, when Malta became a member in ICAO (International Civil Aviation Organization) in 1959, when the national airline Air Malta was set up in 1973, and mentioned the extension of the Runway so that larger aircraft could descend and operate from the Island in 1977. In these hundred years, the Minister said, how we both built solid foundations and how we can really look forward to the future because we have the skills and capabilities to do so.

The Tourism Minister mentioned the work being done within the sector, highlighting how the government is promoting more broad activity related to the aviation industry and also working so that our country is at the forefront of aviation research.

Dr Zammit Lewis explained how a revision of the Act regulating the registration of aircraft is presently being done- the Aircraft Registration Act. “Through this review we can attract more services in aviation, both direct and even indirect, that can create new jobs,” he said.

“It is our intention,” continued the Minister, “that during an activity to be held on 12 February 2015 a ceremony celebrating distinguished persons who have contributed largely to the progress of Maltese aviation will be duly recognised during the Aviation Awards. He explained that a number of criteria were prepared and he had asked for several nominations within the industry, so that people are nominated by colleagues in their own

field. Nominations will be accepted until the end of January and there will be an independent committee to confirm the nominees with most votes.

The Tourism Minister also said that the Ministry intends to hold an open day on Tuesday, 10th February with several leading companies in Aviation invited to particpate soo this can serve as a very good outing for the whole family. A Fly Past by various aircraft companies and possibly Maltese Armed Forces of Malta is being coordinated by the AOPA. Moreover, Dr. Edward Zammit Lewis announced that students of both secondary and post-secondary schools will all have the opportunity to take part in a competition of art related to the theme of hundred years aviation Malta and the criteria for this competition will arrive soon in all schools. The paintings collected will be exhibited at the Ministry of Tourism and the winning artists will be selected by judges specially selected for this competition.

The Minister concluded by reiterating its commitment to the Aviation sector, and insisted that this will no longer be limited solely to the registration of aircraft, but to create an ‘aviation cluster’. This means services other than registration of aircraft such as aircraft leasing and aircraft finance should be set-up to create more income and qualitative employment opportunities in our country.

The Minister also thanked the Civil Aviation Directorate within Transport Malta, Malta International Airport, Air Malta and the entire private sector for the work that they carried so far and their determination to continue moving forward. MBR www.maltabusinessreview.net

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Malta Business Review

GaminG

GaminG inDUSTRY KEEPS FLOURiSHinG in maLTa Minister Chris Cardona visits Betclic Everest Group offices

The Minister for the Economy, Investment and Small Business, Dr Chris Cardona and the Executive Chairman for the Malta Gaming Authority, Joseph Cuschieri, today paid a visit to the offices of the online gaming Operator ‘Betclic Everest Group’ in Sliema. The delegation was welcomed by the Group’s CEO, Ms Isabelle Andrѐs.

Addressing all those present during the visit, Ms Andres welcomed and thanked the Maltese Government and the Malta Gaming Authority for their visit and the support the Group has received locally. The group recently relocated all its trading and finance activities from Gibraltar to Malta, following an intensive period of consultation. This decision has also led to an increase in jobs here in Malta, which is now one of the Group’s largest office locations. Ms Andres said, “Betclic Everest Group is delighted to be licensed in Malta and is committed in furthering its good business relationship with the Malta Gaming Authority”.

“These jobs reflect the Government’s proactive approach at creating new and better jobs.” said Minister Chris Cardona. “It is always encouraging to see the continuous investment from reputable

international companies like the Betclic Everest Group in Malta. The Government is committed to supporting the gaming industry in order to keep up the pace of competition and continue attracting foreign direct investment to Malta.”

The Malta Gaming Authority Executive Chairman, Joseph Cuschieri, added that having established itself as a major player in the iGaming field, Malta will continue to deliver innovative solutions to address present and future challenges faced by the industry. “The iGaming sector has proven to be very beneficial to Malta in terms of value add, quality of labour and additional business services,” he added.

Betclic Everest Group is a European online gaming site operating a wide range of on-line gaming offers in more than 20 countries. It has a unique portfolio comprising of five diverse and complementary international brands, namely, Betclic, bet-at-home.com, Everest, Expekt and Monte Carlo Casino. Betclic Everest Group is owned equally by two European entertainment operators: Lov Group and La Société des Bains de Mer. MBR

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45

Car Hire

Car Leasing

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One Stop Shop Car Repair Centre

Meli Car Rentals Ltd. 90, Fremond Street Qormi, QRM 2379 T: 79 03 10 10 E: contactus@meligroup.com

motoring

Malta Business Review

Cars InternatIonal launCh the all-new KIa optIma • An excellent addition to the saloon segment for luxury driving • Ideal as an executive car and chauffeur-driven services • High-end features take cruising in style to new levels The long-awaited, all-new Optima, Kia’s hugely successful mid-size saloon, is now in Malta.

The Optima is expected to have huge success among car buyers looking for a modern and luxuriously good-looking car at a highlycompetitive price for its segment.

Configured to appeal to drivers with high expectations for comfort and high-tech from a saloon car – particularly the business community and chauffeur-driven services- the Optima LX is fitted with an extensive list of very exclusive standard features. These include alloy wheels, dual climate control, LED daytime running lamps, dual projection headlamps, electric folding heated mirrors and cruise control with a speed limiter, a leather-trimmed steering wheel, Radio/CD with MP3 compatibility, Bluetooth with voice recognition, steering wheel-mounted audio controls, powered windows, and chrome belt line.

The boot capacity is 505 litres, and the low loading lip makes the business of lifting in luggage less strenuous. Standard 60:40 split folding rear seats allow longer loads to be transported. Useful storage spaces, shaped to accommodate items which owners like to carry, abound. There is a cooled glovebox, a centre console box, cupholders front and rear, a sunglasses holder, space for bottles in the front and rear doors, pockets in the backs of the front seats and a centre fascia tray large enough for a mobile telephone – conveniently

located adjacent to the standard USB and 12volt recharging socket.

The Optima EX version adds 17” Alloy Wheels, chrome outside handles, rain sensor, centre console leather armrests, keyless entry system with Smart Key and Start Button. For the more discerning drivers, the luxurious Optima EX+ supplements all this with a tilting and sliding panoramic sunroof with automatic electric roller blinds, blind spot detection, Sport Package and paddle gear shift with the 6-speed automatic transmission; the Kia Optima EX+ adds more live to your driving.

Kia’s shift from a purely rational brand to one which is design-driven is typified by the Optima.

This ‘must have’ quality is enhanced in the latest model by subtle but significant changes which sharpen the external appearance and give the Optima even more of the crispness of a fine Italian suit – the phrase which Group President and Chief Design Officer Peter Schreyer used to sum up the car at its introduction.

All versions of the Optima provide exemplary levels of safety thanks to an incredibly stiff structure – featuring almost 60 per cent hightensile steel. All of this ensures outstanding front, side and rear impact protection without adding to the car’s overall weight. Electronic Stability Control (ESC) is also standard to help counter any tendency of the car to skid out of control in bad weather or because of over-

exuberant driving. To alert other motorists to emergency braking, an Emergency Stop Signalling system (ESS) is also fitted. This flashes the brake lights rapidly to warn following drivers. Every Optima is fitted with front, side and curtain airbags, plus active front-seat head restraints to minimise the risk of whiplash injuries. Seat-belt pre-tensioners reduce the forces on the wearer’s chest in a collision, and ISOFIX top tethers and anchors are fitted to allow child seats to be mounted. A class leading safety with 5* EuroNCAP. All manual versions feature Kia’s EcoDynamics fuel-saving, CO2-reducing measures, while automatics have a Drive Select Mode featuring three modes: Normal, Eco and Sport which alter the transmission shift timing, throttle mapping and steering wheel weighting accordingly. The manual can achieve 5.1l/100km, with CO2 emissions of 133g/km, while the figures for the automatic are 6.0l/100km and 158g/km.

As with every other Kia model, the Optima guarantees owners with the peace of mind provided by Kia’s unique seven-year warranty.

The Optima is available for test-drive at Cars International, Mdina Road, Qormi. For more information or to book your test-drive, kindly send an email to kiasales@cil.com.mt, call on 2269 2120 or visit the website www.kia.com/ mt or Facebook page Kia Motors Malta. MBR Contact: Cars International Ltd., Mdina Road, Qormi, QRM 9010; Tel: 2269 2000

www.maltabusinessreview.net

47

o n i n o Pint

Pintonino restaurant is situated at the iconic Valletta Waterfront.

Run by the passionate Chef -Patron Charles DeManuele. To complement all this are both the striking indoor and outdoor dining areas. The indoor space is a contemporary conversion of a wide-arched historical Vault. The spacious outdoors are part of the pedestrianized Valletta Waterfront with the unique views of the Grand Harbour and the historical fortified walls of the Three Cities. At Pintonino we have one goal for our restaurant:creating a hub of the Mediterranean cuisine for our customers seeking

Valentine’s Pick

Malta Business Review

to experience their passion for food and service. Including a temperature controlled aquarium containing live lobsters and other shellfish ready to be ordered by Pintonino’s many regulars. All this can be washed down with one of the many fine wines elegantly displayed in an impressive and modern wine cellar. Both the daily cater and live shellfish aquarium guarantee that Pintonino offers the freshest fish in town. Let Charles guide you through the food and wine options and you’re sure to have a memorable dining experience. MBR

www.maltabusinessreview.net

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Ta’ Kris Restaurant A Mediterranean Gastronomical Treat Hidden in a narrow serene alleyway from the hustle and bustle of the Bisazza Street shops, Ta’ Kris restaurant offers an intimate eatery with a friendly culinary service. Set in a former bakery, with the old oven still in place, the atmosphere is warm and homely, and the food is fresh and traditional with superb value for money.

meat lovers may indulge themselves to the house speciality of prime USDA Rib-Eye or an exquisitely prepared Rump steak Dessert options include cassatella, banoffee pie and even rich Maltese trifle made by Kris’ own mother (although this must be ordered in advance).

Specialising in Maltese and Mediterranean cuisine, with fresh fish available daily, Chef Patron Kris Cassar cooks popular traditional dishes like rabbit, bragioli, beef stew, and specials that change every day.

Diners may find medallions of pork loin with ġbejna, Maltese sausage and

With a tantalising mix of Mediterranean and Maltese cuisine, one can only expect to be pleasantly intrigued.

Ta’ Kris Restaurant Open: Every day for lunch and dinner 12.30pm till 3.30 pm and 7pm till 11pm.

80, Fawwara Lane, Sliema Tel: 2133 7367 / 9984 7713 Web: www.planetsoftpages.com/takris

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General Government

Malta Business Review

Quarterly accounts for General Government In the third quarter of 2014, the General Government recorded a deficit of €29.7 million Quarterly NoN-FiNaNcial accouNts (t/t-4) During the period July-September 2014, total revenue stood at €790.4 million, an increase of €98.3 million when compared to the third quarter of 2013. This was mainly triggered by higher proceeds from Current taxes on income and wealth (€38.5 million), Taxes on production and imports (€34.4 million) and Net social contributions (€11.2 million).

Receivables from Current transfers, Market output and Capital transfers also registered increases, as opposed to, Property income receivable which decreased by €4.2 million.

Total expenditure in the third quarter amounted to €820.1 million.

The largest increases were recorded in Compensation of employees (€17.5 million) and Current transfers payable (€15.8 million). Added outlays were also recorded in Subsidies, Gross capital formation and Intermediate consumption. On the contrary, Capital transfers Payable, Social benefi ts and social transfers in kind and Property income payable went down by €2.1 million, €2.0 million and €1.7 million respectively.

Quarterly FiNaNcial accouNts (t/t-1) During the quarter under review, in relation to fi nancial transactions in assets, Currency and deposits registered a decrease of €335.7 million over the previous quarter. In addition, Other accounts receivable decreased by €7.4 million. Conversly, Long-term loans, Equity and

investment fund shares, and Short-term loans added €2.4 million, €2.3 million and €1.3 million respectively.

With regard to fi nancial transactions in liabilities, the major decrease was recorded in Other accounts payable with €207.5 million. Shortterm and Long-term debt securities went down by €98.7 million and €39.7 million respectively. While Long-term loans added €4.6 million and Currency and deposits increased by €2.4 million.

Quarterly Debt (t/t-4) Total General Government debt outstanding at the end of September advanced by €218.3 million over the comparable period in 2013.

General Government debt amounted to €5,627.3 million, of which €5,623.4 million related to Central Government. The increase in Central Government debt was underpinned by higher Long-term debt securities (Malta Government Stocks) of €311.7 million. Long-term loans went up by €66.8 million, whereas Short-term debt securities and Short-term loans declined by €114.1 million and €51.2 million respectively. The euro coins issued in the name of the Treasury, which are considered as a currency liability pertaining to the Central Government, amounted to €59.5 million, a rise of €5.2 million over the euro coin stock recorded at the end of September 2013. Moreover, the Local Government debt went down by €0.1 million and stood at €3.8 million MBR

Compiled by: Directorate A: Economic Statistics, NSO www.maltabusinessreview.net

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Malta Business Review

CSR

Thomas Smith Group presents €12,000 raised in aid of the Malta Community Chest Fund to President Marie Louise Coleiro Preca

Thomas Smith Group presented the €12,000 cheque to H.E. Marie Louise Coleiro Preca

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Thomas Smith Christmas Charity Swim organisers presented €12,000 to H.E. Marie Louise Coleiro Preca, President of Malta on 9th January at San Anton Palace. The money was raised during the 16th edition of the annual Christmas Charity Swim organised in aid of the Malta Community Chest Fund

The 2014 edition of the Thomas Smith Charity Swim marked the first charity swim to be held under the patronage of President Marie Louise Coleiro Preca. During the cheque presentation, President Marie Louise Coleiro Preca thanked Thomas Smith Group once again for their support to the Malta Community Chest Fund and L-Istrina.

Managing Director Joe Gerada said “I am very proud that members of the organisation together with participants have shown such solidarity and altruism by raising these much needed funds. I am glad that we were able to make a contribution to the MCCF, whose remit is to help philanthropic institutions and more importantly, the individuals with different needs.” Mr. Gerada added that the Thomas Smith Charity Swim is now an annual appointment on the calendar of events of the Office of the President and Thomas Smith, and continues to attract a good number of swimmers.

Joe Gerada, together with Anton Buttigieg, Thomas Smith Port Agency General Manager and Liana Cachia Thomas Smith Marketing Manager, were this year accompanied by Andre Cassar (representing Thomas Smith swimmers), Ashley Rizzo (representing Thomas Smith volunteers), and Sebastian & Thomas Parlato Trigona (representing the young participants) escorted by their mother, Liza Parlato Trigona.

The 2014 Thomas Smith Charity Swim was supported by the Sliema Local Council, Civil Protection Department, Malta Red Cross, Emergency Fire & Rescue Unit, St John’s Ambulance, Malta Police Force, Streetcom, Drinks n’ More, Joe Bonnici & Sons, X-Zone, H2Only (Island Beverages), Għaqda Dilettanti Sajd Sliema, Għaqda Armar San Ġiljan, Giorgio’s Coffee Shop, Clyde Dolceria Valletta, A&M Printing, Sign-It, Visual Trends, Studio 7 as well as many other supporters. MBR

HealtHcare

Malta Business Review

EU REsEaRch EffoRts at fRont linE of fight against EBola The EU has acted decisively since the early stages of the current Ebola crisis.

The EU has announced its latest actions in the field of research. Support to research is part of the EU’s response, together with humanitarian aid, expertise, international coordination and longer-term development assistance.

The European Commission is today announcing eight research projects into Ebola that will be funded with a total of €215 million. These projects will develop in particular vaccines and rapid diagnostics tests, which are key to overcoming the current Ebola crisis. In parallel, another project is now on site in Guinea to monitor the ongoing Ebola crisis with the aim to improve preparedness and planning, operational effectiveness of future interventions in case of similar outbreaks or pandemics.

The eight projects working on vaccine and diagnostics are run under the new Ebola+ programme of the Innovative Medicines Initiative (IMI) and funded jointly by the European Commission and the European pharmaceutical industry. €114 million come from Horizon 2020, the EU’s research funding programme, and the remaining €101 million from the pharmaceutical companies involved in the projects. The announcement comes shortly before the start of the World Economic Forum in Davos, where the Ebola crisis is expected to feature high on the agenda.

European Commissioner for Research, Science and Innovation Carlos Moedas said: “There is no vaccine or treatment against Ebola as yet, so we must urgently step up our efforts in Ebola research. With this funding from Horizon 2020 and our industry partners, we are speeding up the development of an Ebola vaccine as well

as rapid diagnostic tests to aid heroic health workers. These are the tools we need to defeat Ebola once and for all.”

The projects include partners from around the world (mainly Europe, Africa, and north America) and address the following aspects (see Annex for more details). The topics are among the key priorities set out by the World Health Organization in the current Ebola crisis: • Development of Ebola vaccines (3 projects) There are currently no licensed vaccines for Ebola. Three projects will advance the development of such vaccines by assessing the safety and efficacy of different vaccine candidates.

• Scaling up vaccine manufacture (1 project) Ebola vaccines can be manufactured in facilities with a higher biosafety rating. This project will establish a platform capable of rapidly producing sufficient quantities of the vaccine, while adhering to stringent quality and safety requirements.

• Compliance with vaccine regimens (1 project) For a vaccine to have a real impact on an outbreak, high levels of vaccination coverage are essential. In addition, for lasting protection, two doses of the vaccine may be needed. The project will raise awareness of vaccination campaigns and aim to secure patient compliance for vaccines that require two doses.

• Rapid diagnostic tests (3 projects) There is currently no fast, reliable test to determine if someone has Ebola or not. Three projects will pave the way for rapid diagnostic tests capable of delivering reliable results in as little as 15 minutes.

In addition to these, the Miracle project (Mobile Laboratory Capacity for the Rapid Assessment of CBRN Threats Located within and outside the EU) has developed a “Biological scenario” which closely mimics the current Ebola crisis situation and its rapid spread in West Africa, and how it can be addressed.

To reinforce EU efforts to help fight Ebola in rural communities of Guinea, under the leadership of the Commission, the European Centre for Disease Prevention and Control is deploying in the next few days four teams of French-speaking epidemiologists to support surveillance and response at community level. MBR Source: ERC / EC

The European Commission has already mobilised €24.4 million from Horizon 2020, the EU’s framework programme for research and innovation, that will fund five projects ranging from large-scale clinical trials to tests of existing and new Ebola compound treatments (IP/14/1194). It also worked with the industry partners within IMI to launch the Ebola+ programme, a multi-million euro programme on Ebola and related diseases such as Marburg haemorrhagic fever, in November 2014 (IP/14/1462). IMI is a partnership between the EU and the European pharmaceutical industry, represented by the European Federation of Pharmaceutical Industries and Associations (EFPIA), to speed up the development of medicines. IMI was launched in 2007 and had a budget of €2 billion in its first phase until 2013.

IMI2 has a budget of €3.3 billion for the period 2014-2024. Half of the funding comes from the EU, the other half from large companies, mostly from the pharmaceutical sector. by donating their researchers’ time or providing access to research facilities or resources. www.maltabusinessreview.net

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Malta Business Review

MICE

The PerfecT Venue for Any Business eVenT

S

urrounded 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.

The hotel offers a number of halls, suites and outdoor venues, including halls with sea views and natural daylight, which can host various tailor made functions, conferences, business meetings or other related events. The property’s extensive grounds and outdoor venues also make it the perfect venue for larger events.

Our conference rooms, equipped with all requirements, come in a variety of sizes and guarantee efficient working conditions. Our food and beverage team can also assist you in choosing the right catering requirements to compliment your event.

Achieving a perfect business event is no easy feat. 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. Contact our events department now on 21 521166 or events@paradise-bay.com MBR

ACHIEVING A PERFECT BUSINESS EVENT IS NO EASY FEAT. 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. The hotel offers a number of halls, suites and outdoor venues, including halls with sea views and natural daylight, which can host various tailor made functions, conferences, business meetings or other related events. The property’s extensive grounds and outdoor venues also make it the perfect venue for larger events.

Our conference rooms, equipped with all requirements, come in a variety of sizes and guarantee efficient working conditions. Our food and beverage team can also assist you in choosing the right catering requirements to compliment your event.

Contact our events department now on 21 521166 or events@paradise-bay.com

www.paradise-bay.com 54

Talking PoinT

Malta Business Review

A View from the mountAins

by Werner E Jung

©Photos Oberstaufen

Werner E. Jung believes that one’s perception of things depends on where you are looking from. He gives us his views as seen from the Bavarian mountains

©Photos Oberstaufen ©Photos Oberstaufen

S

“

mall thievish tribe at the foothills of the Alps” supposedly was the description of Bavaria in ancient encyclopaedias.

Others are less subtle; they claim that the Bavarians originated from the footsore and venereal disease stricken legionaries the Romans left behind when they retreated across the Alps. Anyway, I happen to live in this special part of Germany which gave root to the stereotype of Germans – “Beer, Bratwurst, Lederhosen”……

This place gives the impression to be at the doorstep to paradise, or maybe even there.

I will write some comments about the world around us as seen from our mountains and in particular about events in Malta. Having lived in many countries around the globe I have learned that there is always a different perspective on things, depending from which side you look. Einstein already said this, although in a more comprehensive way. For me this became very evident while living in US and commuting to Europe. Nowadays my children, living in the Silicon Valley, and I have quite some different views about the world; and rightly so. Flight time between Munich and Malta is around two hours whereas between Munich and San Francisco it is around twelve hours. It seems, however, that cultural differences are inversely proportional to the flight times.

Some three years ago it was almost simultaneous when I decided to move to this part of Germany and set foot in Malta for the

first time. Somehow, a year later I ended up commuting between a small community at the foothills of the Alps, called Oberstaufen and Sliema. How did that come about? It happened because it was there. Sometimes this is like travelling between two planets.

The community of Oberstaufen is in the south western region of Bavaria, called Allgäu.

This used to be one of the poorest areas of Germany; in the meantime it has become one of the most fashionable resort areas being known for hiking, skiing, wellness, golf.

We have the most beautiful green mountain meadows, which are populated by the most beautiful brown cows. The community has about 7500 inhabitants and about the same number of people with vacation apartments here. I am not sure about the number of cows but we do have excellent local cheese.

Why is Malta left on its own by the EU? Why does Malta not scream out louder in Brussels?

When talking to locals or tourists here about Malta, the answer is usually in the form of a question: “oh, that is that island with the many migrant boat people, right? – they are part of Italy? – is that still a British colony? – oh, they are the ones peddling passports? – they are the ones shooting all the birds, like in the middle ages?- oh, isn’t that one of those

dubious tax havens in the Caribbean” This covers the majority of the answers I usually get. The most frequent ones being about the migrants and the passports. I do not have statistical numbers as these answers are usually obtained in one of my favourite pubs.

The migration drama certainly is the one which concerns the majority of the people I talk to. It is also a general disbelief about the way the EU is handling the problem, not realising that Germany is one of the countries which prevented the full implementation of step 3 of the Dublin agreement. Why is Malta left on its own by the EU? Why does Malta not scream out louder in Brussels? I personally wonder what would have happened if the Prime Minister had spent as much time lobbying for Malta’s case on migration as he did on marketing passports……

Here in Oberstaufen the biggest local concern has been about snow, or rather the lack of it.

Just like in Malta tourism is a major source of income and provider of employment in the area. The lack of snow until Christmas has caused many cancellations. Luckily on Dec. 26 it started snowing, dumping over one metre of the white stuff within 48 hours – now that was a little too much in too short a time….. After that it got warm again, melting everything within the next two weeks and then adding about 15 cm again. I do praise the fact that my parents never tried to talk me into becoming a meteorologist. Like I said, there are always two sides of the coin. MBR www.maltabusinessreview.net

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Malta Business Review

Cruise Passengers

Cruise Passengers Transit passengers accounted for the vast majority of total traffi (92.7 per cent), reaching 142,066.

Around 524 passengers visited Gozo, while 3,541 passengers spent at least one night on board their berthed cruise liner.

Visitors from EU Member States accounted for 80.7 per cent of total traffi c, the major markets being Germany, Italy and France. On the other hand, the total number of passengers from Non-EU countries stood at 29,604; of these, 33.7 per cent came from the United States.

On a gender basis, female passengers made up 53.0 per cent of the total. The largest share of passengers were in the 60-79 age bracket and were followed by those aged between 40 and 59.

January-December 2014 Cruise passengers for 2014 stood at 471,554, a rise of 9.3 per cent over 2013. Of these, 77.9 per cent came from EU Member States. The biggest increases were recorded from the German and French markets, which advanced by 29,314 and 28,508 passengers respectively.

In contrast, passengers from the United Kingdom and Spain dropped by 24,062 and 12,496 respectively.

The majority of cruise passengers were females, amounting to 247,687. Most passengers were between 60 and 79 years old, totalling 189,422. These were followed by passengers aged 40-59, reaching 147,740.

There were 303 cruise liner calls in 2014, with an average 1,556 passengers per vessel, compared to 286 calls and an average 1,508 passengers per vessel in 2013 MBR

Compiled by: Directorate A: Economic Statistics, NSO

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PETROLEA THE FOR MOST COMPANY IN HOUSEHOLD, KITCHENWARE HOSPITALITY & GIFTS SINCE 1891

China

Malta Business Review

China’s Global Corporate Vision – 2015 risks – realities –opportunities – Does Malta fits into this biGGer piCture?

By Anatole Baldacchino

The inquisitive mind would naturally ask, but where is China heading in 2015? The adventurous side would definitely say – Chinese companies should continue to go global with calculated risks set on the onset.

The cautious side guarantees industrialisation and urbanisation in the mainland, for at least the next ten years. Chinese companies indeed have the luxury to choose their own destiny VISION’s Inaugural Premiere In Shanghai

China’s rise and its technical ability are somehow impeccable. Staying local is equivalent to globalisation in China. Wanda Group and the Fushun Group two major companies with a proven track record both registered 30% increase in sales last year 2014. Johnson & Johnson the pharma giant expects the industry to make remarkable strides forward, in view of China’s evergrowing ageing population. It is estimated that there are 150M people suffering from various degrees of hearing loss and the people aged 60+ will reach the 200 Million people mark (nearly 40% of the EU population). The Swiss group Sonova is tapping this market and expects continuous increase in revenues for the next decade.

China has also cemented itself as the most important market in the world going forward in the automobile market .This remains a lucrative market that can be tapped even further more.

The cardinal question being faced by corporations in China is” Will future growth come from the mainland or from outside shores?” Investing in new markets with pre-determined rate of returns is another attractive option indeed.

Overseas investments are the inevitable trend and corporations often look at this as their “Flyer of Global Brands”.

Wanda Group’s revenues hit 40Billion last year 2014. China’s corporate debt levels as compared to GDP are still high, however

still lower as compared to the US and Japan counterparts. GDP for 2014 rose to 7.5% and another 7.2% rise is expected for this year 2015.

Investing in new markets with pre-determined rate of returns is another attractive option indeed China in 2015 needs to strengthen its policy “Invest and Innovate”. The establishment of Innovation centers is pivotal in reaching corporate objectives.

The collaboration of Johnson & Johnson with Microsoft in these innovation centers is a truly remarkable proof of synergy between the health giant and the technological giant. Major positive results from this amalgamation are expected soon this year 2015 and surely will give rise to the digital health care in China. This is the innovative edge of China. To keep this momentum, “imagination” is the name of the game and this is at the moment in great demand. Turning the leaf on Malta, where financial resources are limited, we can tap our human resources, to filtrate these Chinese innovative centers by the creation of Joint Venture Partnerships. This is an area where Malta can do very well.

The opportunities are already there and all we need to do is to re-structure and package these resources to make them “JV ready”. Obviously diplomacy has to do its

fair share as well. Nothing comes for free.

China’s e-commerce still needs further development. This market is still undeveloped in China. Ecommerce is another window of opportunities. Wanda Group is investing heavily in this area and expects to be a world leader in this field in 2015.

New energy systems for the outside world should be the next big thing in China. This is another area where Malta can claim its fair share in 2015. These type of investments can create for Malta a chain of other sound investments which our economy and labour market can benefit fully. All we need to do is to act appropriately in time.

I agree with Professor Martin Jacques vision for China that “Time will not make China more western; it will make the West and the world, more Chinese”. China’s corporate vision is indeed beyond imagination. MBR EDITOR’S NOTE Anatole Baldacchino started his professional career with KPMG. As a Certified Public Accountant he moved into the Private Industry and consequently set up his own Consultancy base in Malta. Today he advises Asian companies on matters relating to Foreign Direct Investments and Venture Capital Investments to Major European countries and North Africa. www.maltabusinessreview.net

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InternatIonal

Malta Business Review

EU FOREIGN MINISTERS DISCUSS TERRORISM, RUSSIA AND CLIMATE CHANGE; EXCHANGE OF VIEWS WITH ARAB LEAGUE SECRETARY GENERAL ON LIBYA AND OTHER REGIONAL ISSUES

M

inister for Foreign Affairs, Dr George W. Vella, attended a meeting of the Foreign Affairs Council in Brussels, where Ministers discussed terrorism following the recent attacks in Paris, relations with Russia and the situation in Libya. Ministers held an exchange of views with the Secretary of General of the League of Arab States, Nabil El-Araby, during which regional foreign policy and security issues were raised as well as the state of play of relations between the European Union and the League. Ministers also agreed on an action plan for climate diplomacy in view of the United Nations Climate Change Conference which will take place in Paris in November.

on Syria/Iraq and Counterterrorism/ Foreign fighters adopted by the Foreign Affairs Council last October.

Ministers discussed the external aspects of the EU’s counter-terrorism policy and agreed on the need to strengthen engagement with countries in the Middle East and North Africa countries through political and security dialogue. Ministers also addressed the need to improve EU Communication with the Muslim World population and stressed the importance of the swift implementation of the EU Strategy

Libya needed a political solution not a military one

The Council held a strategic debate on the status of relations with Russia, and agreed that their reflections today did not constitute a shift in direction or a normalisation of relations but an exchange on how to better utilise available tools available to the EU, apart from the restrictive measures already in place.

Ministers stressed that Russia’s obligations under the Minsk Protocol had to be fully honoured for improved relations to materialise.

The Secretary General of the League of Arab States, Nabil El-Araby, joined Ministers for a working lunch, during which the strategic dialogue between the EU and

the League was discussed, as well as ways to deepen relations on key political and security issues. The meeting also served as an opportunity to have an exchange of views on the recent developments regarding Libya, the Middle East Peace Process, Iraq and Syria. Regarding Libya, Minister Vella referred to the ongoing talks in Geneva and possible future actions for a stronger articulation of EU engagement including further EU support to the efforts of UN Secretary General Special Representative, Bernardino Leon to find a political solution. He urged the EU not to allow the Geneva talks to fail and reiterated that Libya needed a political solution not a military one. Minister Vella also called for a stronger EU role in the United Nations Support Mission in Libya (UNSMIL).

The Council agreed on coordinated and strategic diplomatic efforts ahead of the COP21 United Nations Climate Change Conference in Paris. Ministers agreed that EU Delegations and Embassies of EU Member States will be actively involved in promoting the EU position and facilitating dialogue with international partners. MBR www.maltabusinessreview.net

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Investment rankIng

Malta Business Review

InternatIonal Investment PosItIon of malta As at the end of the second quarter of 2014, the Maltese economy recorded an estimated net International Investment Position of €2.44 billion The International Investment Position (IIP) statement shown in this release is presented in accordance with the guidelines provided in the Sixth Edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6). In addition, the statement is incorporating for the fi rst time data for special purpose entities. Consequently, these updates do not allow for comparison with data from previous IIP News Releases.

Total foreign assets as at the end of the second quarter of 2014 showed an increase of €4.50 billion when compared to the corresponding quarter in 2013, while total foreign liabilities rose by €3.80 billion. This resulted in an overall increase of €0.70 billion in the IIP.

The level of Malta’s total foreign assets abroad at the end of the second quarter of 2014 amounted to €212.90 billion. Portfolio Investment accounted for 43.6 per cent of total foreign assets while Other Investment represented 30.6 per cent. The increase in Malta’s foreign assets was characterised mainly by a €7.08 billion increase in equity and investment fund shares classifi ed under Portfolio Investment. A €5.28 billion decline in Other Investment, mainly due to a fall in loans generated by other MFIs, mitigated this increase.

At the end of the second quarter of 2014, Malta’s foreign liabilities were estimated at €210.46 billion. Direct Investment totalled €152.49 billion from €150.12 billion recorded at the end of the corresponding quarter in 2013, accounting for 72.5 per cent of total foreign liabilities.

MBR

Compiled by: Directorate A: Economic Statistics, NSO www.maltabusinessreview.net

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Malta Business Review

Motoring

60

th

AnniVErSArY oF tHE DS: tHrEE iConS to oPEn tHE FEStiVitiES This year marks the sixtieth anniversary of the 1955 DS. Three icons ̶ the original DS, the DS 3 WRC and Sébastien Loeb ̶ are joining forces with the DS brand to celebrate the anniversary of this legendary car and support the launch of the new brand. All three icons will be in Monte Carlo this month: the DS 3 WRC and Sébastien Loeb today for the start of the 83rd Monte Carlo Rally, and the DS 21 in a few days for the 18th Monte Carlo Historic Rally. This year will set the scene for a variety of meetings, shows and special events, along with other surprises yet to be announced by the DS brand

On 6 October 1955, the DS 19 made its debut under the glass dome of the Grand Palais in Paris. Visitors rushed to buy the car, which made 12,000 sales in one day. The styling and high-tech innovations of the DS made it a legendary car, one that is still talked about today. “It was only natural for us to celebrate the anniversary of the historic DS at a time when the brand is beginning its first full year of existence. We are building the brand on the exceptional heritage of this car to bring customers cars that combine outstanding styling and technology, comfort and driving sensations, premium materials, refinement and attention to detail,” explains Yves Bonnefont, brand CEO. For this reason, a multitude of events are planned around the world in 2015 to celebrate this sixtieth anniversary.

THE DS BRAND BRINGS TOGETHER THREE ICONS IN MONTE CARLO Opening the festivities, three icons will be present in Monte Carlo this month: - the DS 3 WRC with its new 2015 livery featuring a large “60” on the rear wings, 64

and Sébastien Loeb, nine-times world rally champion, is on the starting line for the 83rd Monte-Carlo Rally today.

- a sports version of the 1966 DS 21 will be taking part in the 18th Monte-Carlo Historic Rally (28 January - 4 February).

Stamped with the brand logo and carrying the number 21, the DS will be on the starting line at Reims on 30 January next, with Bob Neyret at the wheel. A nod to history since Bob Neyret has already claimed two victories in the Monte Carlo Rally at the wheel of a DS. INTERNATIONAL MOTOR SHOWS IN THE SIXTIETH ANNIVERSARY COLOURS OF THE DS DS is taking advantage of events dedicated to vintage car enthusiasts such as Rétromobile (Paris, France, 4 - 8 February) or Techno-Classika (Essen, Germany 15 19 April), as well as international motor shows in Geneva (Switzerland, 5 - 15 March), Shanghai (China, 22 - 29 April) or Frankfurt (Germany, 19 - 27 September).

The brand will be celebrating the 60th

anniversary of the DS with original exhibitions of vintage vehicles and the showcasing of new vehicles placed alongside the historic DS. FAN MEETINGS TO CELEBRATE THE SIXTIETH BIRTHDAY OF THE DS DS enthusiasts all over the world will be celebrating the 60th birthday of the DS, as in Belgium (on 26 April) or in Australia (2 and 11 October). One of the main international events, set to take place on 22 and 23 May next at the historic Montlhéry track in France, is set to bring together 700 vintage DS vehicles.

DS WEEK: A MAJOR EVENT TO CELEBRATE THE SIXTIETH ANNIVERSARY OF THE DS AND LAUNCH THE BRAND Between 19 and 22 May, the DS brand will be welcoming representatives of its global network to Paris, home of the brand. On the weekend of 23 and 24 May, it will be organising events for the general public in the heart of Paris. The meeting place will be the Tuileries Garden. MBR

Motor AwArds

Malta Business Review

Best sMe CoMpany Car of the year to Buy – peugeot 308 The Peugeot 308 has won the Best SME Company Car to Buy at this year’s Business Car Manager SME Company Car of the Year Awards.

Vehicle Leasing, Paul Bulloch.

Cars in this category must qualify for the 100% first year allowances to be eligible. This equals emissions up to 95g/km CO2, but they must also be fun-to-drive, and the 308 stood out above the rest.

It’s not just the 308’s CO2 figures that are impressive, this Peugeot’s stylish, spacious and comfortable cabin, is perfect for spending plenty of time in on long motorway journeys.

“With fantastically low CO2 and excellent fuel efficiency, the Peugeot 308 is clearly the choice for any SME looking to purchase their next company car,” said managing director of Concept

One of the key reasons why the Peugeot won, was its ultra-clean 1.6-litre diesel engine, which emits just 82g/km of CO2.

The SME Company Car of the Year Awards 2015 is sponsored by Concept Vehicle Leasing and Fleet Alliance. MBR Source: http://www.businesscarmanager.co.uk/best-sme-company-car-yearbuy-peugeot-308/

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Malta Business Review

nEwSMakErS

Shanghai ElEctric PowEr invESt in Malta EnErgy ProjEctS Yun Dan Wang, chairman of Shanghai Electric Power, after signing the Enemalta agreement with Konrad Mizzi.

Photos: Matthew Mirabelli

Shanghai Electric Power responded positively to the Chinese national “going out” strategy, and implementing the effective use of “two markets and resources,” when the company signed a deal to invest in energy projects in Malta.

Specific investment projects: plans to invest 100 million euros equity Enemalta PLC company, holds 33.3% of the shares; plans to invest 150 million euros capital increase D3 Power Holdings, holds 90% stake; € 1,626,100 to be funded with Enemalta PLC Company investment in new renewable energy company, holding 70%; 300,000 euros to be invested with Enemalta PLC energy companies to invest in new service center, the company holding 30%.

The company said the investment in Malta include the developing of clean energy projects in favour of low-carbon energy, and stimulate domestic output of new energy equipment and labour. The project is in line with the company’s overseas development strategy, through energy cooperation projects carried out in Malta, the layout of the European Union for the company to take the first step, to accumulate experience for the company to enter the EU electricity market. MBR Source: Securities Times Online

launch oF gagliardi The Bortex Group’s ‘Gagliardi – Sartoria dal 1964’ menswear brand has finally made it to native soil by recently inaugurating its very first flagship store in Malta’s Pjazza Tigné in Sliema. Although Malta is the brand’s original birthplace and the brand is already well known on the Maltese market it had yet to opened its own dedicated mono branded brick and mortar store on the island.

The Gagliardi brand has also been making major inroads on a number of European and international markets. So far the brand has been extremely well received wherever it has set up a retail presence outside of Malta and there are currently sixteen Gagliardi outlets trading in six countries with plans in hand for further opening throughout 2015. The Gagliardi e-commerce platform which is also based in Malta is registering triple digit growth annually and ships products worldwide from its warehousing facilities which are also based in Malta.

The Gagliardi retail project is unique in the Maltese context as it is the only local retail brand which offers a complete menswear concept created entirely in Malta. Maltese designers working from the Bortex headquarters in Marsa create menswear ranges which are inspired in part by Maltese and Mediterranean lifestyle, culture, history and above all joie de vivre. The elegant and distinctly Mediterranean feel of the retail environment conveys a clear message. Elegant, good quality clothing for discerning men which is keenly priced yet presented in a prestigious environment and with efficient and personalized service to boot.

The Maltese Gagliardi store is located in one of the busiest and most prestigious locations in Sliema’s Pjazza Tigné and a well-attended launch event was held last week to celebrate this milestone. Now that this objective has been achieved it gives the Malta based Gagliardi team another platform from which to continue its drive for further international growth. Manufacturing, merchandising, marketing and distribution teams also operate from the Bortex Groups Marsa headquarters and all are committed to the ultimate objective; that of creating the very first Maltese brand of international renown and repute. An international brand that is proud to declare its nationality and heritage and that becomes a testament to Maltese flair and creativity worldwide. MBR

66

FiMBank grouP PrESidEnt rEtirES acting cEo aPPointEd

The Board of Directors of FIMBank plc has announced the retirement of the Group’s President, Margrith LütschgEmmenegger and the appointment of an acting CEO. Margrith Lütschg-Emmenegger has worked in trade finance for most of her professional life, first with Barclays Bank and subsequently with Midland Bank Aval in London, before joining WestLB AG, which was at the time a market leader in trade finance products, and where she had responsibility for forfaiting and factoring world-wide.

Ms Lütschg-Emmenegger joined FIMBank on the 1st April 2003 as Executive Vice President responsible for Business Development. She was appointed President on the 1st September 2004. Ms Lütschg-Emmenegger is considered an authority in trade finance, particularly in the fields of factoring and forfaiting. She has written numerous articles on trade finance, including a book on forfaiting. She has also been a regular speaker on the subject for many years, travelling around the world and promoting the benefits of alternative finance. During March of this year Ms LütschgEmmenegger was awarded the highest decoration of the Republic of Malta, that of the National Order of Merit, in recognition of her ‘exceptional contribution towards the common good of the Maltese and the development of Malta as a financial centre.’

FIMBank’s Board of Directors expressed their sincere gratitude towards Ms Lütschg-Emmenegger, thanking her for her sterling service, and wishing her all the best for her retirement. The Bank’s chairman, Dr John C. Grech stated that “Margrith transformed FIMBank from a regional player to a global one. Amongst her many achievements throughout the twelve years of her tenure are the acquisition of London Forfaiting and the creation of FIMBank’s international factoring network. In light of her experience the Board deems it befitting for her to act as a consultant to the Bank”.

Meanwhile, the Board has appointed Simon Lay as acting CEO of FIMBank ad interim with effect from 1st January 2015. Simon Lay is currently Managing Director of London Forfaiting Company Ltd (LFC). He is a First Executive Vice President and Member of EXCO at FIMBank and is also FIMBank’s Representative Officer in the United Kingdom. Mr Lay started his career with the Midland Bank/HSBC Banking Group, where he worked in a number of areas, including International Banking, Corporate Finance, Controller of Lending, Trade Finance and Forfaiting. He joined London Forfaiting Company in 1991 to expand business activities in the Americas, Middle East and Turkey, before being appointed to the Main Board in 1997. Following, an acquisition by FIMBank in 2003, Simon was appointed as Managing Director of LFC with global responsibility for the company’s business, including its overseas branches and subsidiaries. MBR

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