MALTA
BUSINESS REVIEW
ISSUE 27 JANUARY 2017
COVER STORY
PEOPLE, CREDIBILITY & TECHNOLOGY
SHIELD Consultants Managing Director
John Schembri talks about risks
06
12
TALKING POINT
Ynet 2017: An Optimistic Prediction
Predication for 2017 by famed thinker Michael Laitman
16
ANALYSIS & DEBATE
Fasten Seatbelts and make sure it’s really tight
Werner E Jung’s review of events taking shape around us
46
BUSINESS
The New Rules of Marketing
It’s time to supercharge our marketing with Peter Fisk
Design, Innovation
& Excellence
02/06/2017 19:30
BIGHI ESPLANADE &
GARDEN, KALKARA
FOR FURTHER INFORMATION CONTACT
Margaret Brincat M: 9940 6743
E: margaret@mbrpublications.net
Malta Business Review
06 COVER STORY
PEOPLE, CREDIBILITY & TECHNOLOGY
Shield Consultants Managing Director, John
Schembri talks about risks
10 SPECIAL REPORT
WORLD EMPLOYMENT AND SOCIAL OUTLOOK
ILO special report on the drivers of the global
growth slowdown
12 TALKING POINT
YNET: “2017: AN OPTIMISTIC PREDICTION
A unique and optimistic prediction for 2017 by famed thinker Michael Laitman
36
your perfect atmosphere
Our Golden Partners
Continental Cars Ltd.
44
12
06
CONTENTS
January 2017
16 ANALYSIS & DEBATE
VIEW FROM THE MOUNTAIN SERIES: FASTEN
SEATBELTS AND MAKE SURE IT’S REALLY TIGHT
Werner E Jung returns with a compelling view of
events taking shape around us
20 EU PRESIDENCY
VISIT BY THE PRESIDENT OF THE EUROPEAN
UNION AND THE COLLEGE OF COMMISSIONERS
Jean Claude Juncker talks of an EU where dignity,
peace and wellbeing are central
22 YACHTING
KEY CONSIDERATIONS WHEN PURCHASING A YACHT
Eqiuom’s VAT Director Ayuk Ntuiabane discusses
key areas to consider when purchasing a yacht
16
32 DAVOS 2017
WORLD ECONOMIC FORUM ANNUAL MEETING
An exclusive guide of the most salient newsmakers in DAVOS
courtesy of Florian Eder and Brian Heath of POLTICO
36 FOCUS
WHY RUSSIA IS USING THE INTERNET TO UNDERMINE
WESTERN ECONOMIES
Irish writer Maria Farrell analyses the recent hacking
controversies and cautions on the threats and risks
40 BUSINESS TURNING POINT SERIES
8 BEST PRACTICES FOR IMPROVING YOUR WORK-LIFE
BALANCE
Paul Petroni reasons out why work-life balance is the Yeti of the
professional world
44 LESSONS ALL ENTREPRENEURS CAN LEARN FROM
BUSINESS PIVOTS
There are important lessons to be learnt from transformation,
tells us Nathalie Clarkson
46 THE NEW RULES OF MARKETING
Let’s find out why it is time to supercharge our marketing
according to Peter Fisk
52 COMPANY PROFILE
A BUSINESS IMPERATIVE
David Demicoli, Managing Director, Casasoft Ltd showcases the
reasons of his company’s growth
PUBLISHER
MBR Publications Limited
OFFICES
Highland Apartment - Level 1,
Naxxar Road,
Birkirkara, BKR 9042
+356 2149 7814
EDITOR
Martin Vella
TECHNICAL ADVISOR
Marcelle D’Argy Smith
SALES DIRECTOR
Margaret Brincat
DESIGN
Jacqueline Muscat, Adam Munton
ADVERTISING
Call: 9940 6743 or 9926 0163/4/6;
Email: margaret@mbrpublications.net
or admin@mbrpublications.net
CONTRIBUTORS
David Abela; Jean Paul Abela; Jackey Backman;
George Carol; Nathalie Clarkson; Jean Paul
Demajo; David Demicoli; Maria Farell; Peter Fisk;
Rob, Boston; Werner E Jung; Thomas Mahoney;
Michael Laitman; Ayuk Ntuiabane; Paul Petrone;
Brian Scudamore; James Vella Clark
SPECIAL THANKS
BOV; Demajo Dental; DOI; Eqiuom; FIMBank;
International Labour Organisation; LinkedIN;
Ministry for Finance; Ministry for Tourism; OPR;
POLITICO Brussels Playbook & Davos Playbook;
PRINT PRODUCTION
Printit
QUOTE OF THE MONTH
After living with their dysfunctional behaviour for so
many years (a sunk cost if ever there was one), people
become invested in defending their dysfunctions rather
than changing them.
Marshall Goldsmith Moj
Disclaimer
All rights reserved. No part of this work covered by copyright may
be reproduced or copied and reproduction in whole or part is strictly
prohibited without written permission of the publisher. All content
material available on this publication is duly protected by Maltese
and International Law. No person, organisation, other publisher or
online web content manager should rely, or on any way act upon
any part of the contents of this publication, whether that information
is sourced from the website, magazine or related product without
first obtaining the publisher’s consent. The opinions expressed in the
Malta Business Review are those of the authors or contributors, and
are not necessarily those of the editor or publisher.
Talk to us:
E-mail: martin@mbrpublications.net
Twitter: @MBRPublications
Facebook: www.facebook.com/MaltaBusinessReview
EDITORIAL
Malta Business Review
The editorial board of the MALTA BUSINESS REVIEW and the
Publications Management Committee of MBR Publications
Limited have been involved in ongoing efforts to improve the
value of our publications to our readers. A number of changes
in our current policies have recently been made and are initiated
in this issue. The most noticeable of these is the new cover and
content pages. In designing this cover, we have attempted to
illustrate to the MALTA BUSINESS REVIEW readers that we our
true to our spirit of innovation, value creation and change.
Over the years our Publications Management has discussed
changes in the way that references are cited in same of the new
content design and presentation. Many of our authors like the
current format of an author and biography presentations. This
format has given a direct indication of both who was involved in the research and profiling cited,
and how current the data should be. As printing costs are always increasing, an alteration in print is
also in the offing.
Finally, two broader issues, electronic submission and open access to the published literature are
under consideration. The editorial board is working with the Publications Management toward
enhancing and electronic submission and updating web/online and set out an improved social
media pronounced presence. We trust that these changes, keeping in sync with modern times, will
be welcomed positively and anyone who wishes to recommend any valid suggestions is welcome to
write to us.
At MBR Publications Limited, preserving our strong culture is a top priority. We must continue to
embed the values of integrity, fairness and accountability in all that we do. Doing the right thing
forms the foundation for how we do business, and our Code of Conduct represents our shared
commitment to operate with the highest level of ethical conduct. The quality of the goods or
services that government procures is obviously a very important consideration in deciding which
supplier should be awarded a particular public contract. It follows that in the regulation of public
procurement, particular attention should be given to the role of quality (also called functionality)
in the adjudication of public tenders and the final award decision. Apparently, there are times
when vested interests are concerned that the distinction between responsiveness and qualification
seems to break down, with the result that the distinction between qualification and award criteria
becomes, or rather is intentionally, blurred.
It is in this regard that our company has filed a judicial protest against Yachting Malta. As long as I
remain at the helm of the company, I shall not tolerate anyone trying to use and abuse our good
intentions, and take us for a ride. We shall speak up if we have concerns or suspect violations,
and shall always safeguard our interests, according to local laws and regulations and wherever we
operate, or endeavour to operate correctly, protecting confidential information and intellectual
property— trust is essential to our business success
We stand to fight to ensure best ethical business practices, and that we are always dealt fairly and
in good faith, and shall never allow anyone to take unfair advantage of our sound practices, ideas,
information and written submissions through manipulation, concealment or abuse of privileged
information. Personal investment activities should never conflict with public and business, or client
interests, and we shall never offer, give, solicit or receive anything of value if it is intended to be
used, abused or exploited. We shall stand up to anyone who gives, or appears to give, an improper
business advantage or benefit through manipulation or prejudice.
No amount of intimidation and threats will deter us from pursuing our righteous path, and no
twisting of truth shall discredit and smear our sound reputation.. Only those who have committed
wrongdoing need be afraid. The ones who are on the right side of the coin do not have anything to
fear.
Remember, we are in charge of our own decisions. No one, at any level, has the authority to tell us to
do something unethical or illegal, or intimidate or blackmail us. And in this quest, we are determined
to take whatever action is vital to safeguard our and defend our interests, and protect our noble
reputation.
Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s
opinion, are written to represent a fair and impartial representation of facts, events and provide a
correct analysis of local and international news.
Agents for:
Martin Vella
Editor in Chief
4 5
www.maltabusinessreview.net
Malta Business Review
COVER STORY OF THE MONTH
COVER STORY OF THE MONTH
Malta Business Review
MBR: When the opportunity presented
itself at SHIELD Consultants, what made
you feel it would be the right fit and
career destiny?
JS: First off, I created SHIELD Consultants
from scratch, with two business
partners, back in 1999 when security
was embryonic in Malta and risk
management a distant pipedream.
The commercial opportunity came
about due to a breakthrough change
in security related legislation and the
decision to change career path at that
time was mine and mine alone. In 2004,
regulations governing maritime security
came into effect on an international
scale. I was still a serving officer back
then and remember reading the laws,
determining in my mind that I could
meet the standard requirements and
simply resigned my commission. It really
was as simple as that. You could argue
that the real drive was a need to be truly
and solely in charge of my own destiny.
Over the years SHIELD has
invested in and built itself a
burgeoning reputation in Malta
MBR: Looking at the broad array of
challenges and risks, are there specific
areas that you focus on?
JS: The area I enjoy working in most is
organizational security and resilience.
Within this, my specialization is in
risk assessment, risk analysis and
designing operational risk management
systems within critical infrastructure.
I particularly enjoy challenging
environments and have been fortunate
enough to contribute in places such as
People,
Credibility &
Technology
By Martin Vella
Prior to our first issue for 2017, the Malta
Business Review always aims to surface the main
challenges, most compelling opportunities, and
best practices in business, we asked SHIELD
Consultants Managing Director, John Schembri,
for his views on the challenges and complexities
and, how corporate affairs professionals can
manage risk within their organisations.
Libya, Saharan Algeria, Kurdistan, Iraq
and even Pakistan. At the moment
Somalia and Lebanon may even be
opportunities, let’s wait and see. Of
course, against that backdrop is all the
work we do in Malta.
It is professionally challenging and
intellectually satisfying to assist
organisations in diverse fields such
as aviation, oil and gas, maritime
installations and critical infrastructure to
put together resilient security programs
that can withstand the business case.
MBR: Is the SHIELD Consultants client
the larger, more complex institution or
is it much broader than that?
JS: Good question. We cater for all
manner and size of organisations, really.
Keep in mind that our portfolios include
security, information security, health
and safety, business continuity, maritime
security, emergency response, crisis
management – basically those aspects
of businesses that require attention
from an operational risk perspective.
In Malta we protect a wide range of
organisations, of various structures
and sizes. Our international clients are
actually quite large in size, as you can
expect.
MBR: When services can sound similar
across companies, does it come down
to your people, your credibility or the
technology?
JS: I might have written that question
myself! Thank you! In reality all three
elements create the mix.
The SHIELD team is composed of
amazing individuals, all of whom are
highly qualified and exude the correct
attitude and temperament. Emotional
intelligence within the Company is high,
as it needs to be within the profession.
We invest a lot of effort in selecting the
correct type of person to join our team.
Over the years SHIELD has invested
in and built itself a burgeoning
reputation in Malta, which favours our
credibility, as we are beginning to see
also internationally. Since 2014 our
reputation within the security industry
in general has literally shot up and we do
not intend to relent.
SHIELD embraces and harnesses
technology in a very unique manner.
We are at the forefront of managing
operational risk in near-enough real time
through our own specialist software
solution, STORM.
That combination of talent, ethics, high
standards, hard work and innovation
is a magical brew, which is well worth
nurturing.
MBR: Are the risks different today than
they once were or are we just hearing
about them more?
JS: Risk is an intrinsic part of life, which
in turn, as we know, is ever changing. So
risk is by definition dynamic.
We certainly live in an extremely
challenging epoch, characterized by
volatility, in which a perfect storm of risk
appears to have hit us. Globalisation;
migration; untrammeled liberalism;
nationalism of the pernicious kind;
recurring financial recessions; failing
states; excessively powerful media;
incompetent statesmanship; it can make
for very despondent reading. So yes, in
a sense, the risk is very real and at the
same time, you sense, the media report
with a sense of purpose, if not glee.
But let’s not forget that opportunity
is always the flipside to risk and the
times we live in are also characterized
by unprecedented opportunity.
Technology; information systems;
transportation systems; human
intellectual capital; renewable energies;
health care and well-being; State
reconstruction; wealth re-distribution;
sustainable environments – these are
all immensely powerful opportunities
which beckon us to embrace and bring
about meaningful change for the better.
And in my personal world-view, risk
management truly can be a force for
good. Its intrinsic properties dictate so.
Risk is an intrinsic part of
life which, as we know, is
ever changing. So risk is by
definition dynamic
MBR: On another issue, is it disheartening
to see where the relationship between
the police and the public has gone?
JS: If you are referring to the recent
violent attack as a result of road rage, that
was absolutely despicable and should be
condemned in the harshest of terms.
I am wary of being drawn into an
argument in the limited space available.
All I am prepared to say is that the Police
carry out a vital job and we must all, as
responsible citizens, not only uphold
the rule of law but also respect and
support and value the Services, all of
them. Unfortunately politics percolates
down into all aspects of our lives in
this Country and we seem incapable of
taking a detached, objective view.
Personally I am of the opinion that a
lot of good work is happening within
and around the Malta Police Force and
we should all take a longer term view
of improvements rather than criticize
at every turn and opportunity. Public
order and societal wellbeing are in the
National interest and should be above
partisan politics.
MBR: Did you know early on that you
would end up heavily engaged in Risk
Management and that this would
eventually lead to you being recognized
as Malta’s Best Entrepreneur of the Year,
as well as scooping two other prestigious
awards in Malta’s Best Entrepreneur
Awards 2016, including CSR?
JS: I have always enjoyed the challenge
of facing up to risk, believe me. But
to expect to win the National awards?
That sort of thing is quite simply unforecastable
(laughs).
I truly enjoy working in the risk profession
and feel blessed with the work. The way
I see it, the work we do at SHIELD places
us at the service of our clients, which is
a privilege for which I openly thank all
our stakeholders who might be reading
this article.
MBR: In your Risk Management work,
was it difficult to maintain a positive
attitude with all the difficult situations
you had to face?
JS: Sometimes I feel jaded, I do admit.
That said, I am naturally a “glass half full”
individual and am in love with life. I am
generally risk prone and not risk averse.
My big let down is frustration. Poor
standards and mediocrity generally
irritate me a great deal and try my
patience big time. That said, the
flipside is that I have learnt the value of
perseverance and patience; something I
would not have imagined ten years ago.
I also draw great strength from within my
family, our lifestyle and even my hobbies,
which I have quite a number of. MBR
All Rights Reserved / Copyright 2017
SHIELD Managing Director – Winner of Malta’s Best Entrepreneur of the Year Award 2016
“Hailing from a military background as a foundation
for my outlook towards risk management consultancy,
in 2004 I made a conscious transition into business as a
second career after eighteen years of military service,
by founding SHIELD CONSULTANTS LTD. Under my
guidance and technical orientation SHIELD has grown
into a market leader in the field of operational risk
management, comprising five pillar disciplines: security
risk management; business continuity; emergency
planning and crisis management; fire risk and HSE.”
6 7
www.maltabusinessreview.net
Malta Business Review
SALES & MARKETING
"The Good, The Bad, & The Ugly":
Sales Edition
Clint wipes sweat from his
glistening brow as he faces the
mid-afternoon sun on his walk
back to his car from a sales call. Last quarter
was a lean one, and he just barely met his
sales target. This quarter will be different.
He can feel the warm waters of a whitesand
beach lapping at his toes, waters that
will come to him when he blows past his
target this quarter and qualifies for the
annual company sales retreat. He needs
that vacation.
Angel reads his latest email from Clint, and
sits back in his handed-down office chair.
His employer has a goal to reach, and he’s
dead-set on being the one to deliver a
solution. If he delivers, he’s got an excellent
chance at being promoted this year. His
latest acquaintance, Clint, appears to
understand those goals. Angel has been let
down by sales reps too many times to feel
any confidence in Clint’s ability to deliver.
As the chair emits a familiar squeak, Clint
ponders his next move.
Tuco’s the wildcard. He knows that his
firm’s target audience often has very
By Rob Boston
specific goals. He knows that his firm’s
products help them meet those goals.
Clint’s counterpart in marketing is an expert
at crafting content that communicates
how his firm’s products help companies
meet those goals, and he’s crafted a lot of
very useful content. Problem is, he’s not
a field guy. He doesn’t get to sit in front
of customers and listen to their problems.
He’s got the keys, but he’s not sure where
the door to new business is.
These three are far from being desperados,
but they do have a singular mission- to
reach Angel’s employer’s goals. If they
do that, they all win. Clint gets a nice
commission check, and gets to relax on the
beach for a week next May. Tuco gets to
prove that his market research is accurate,
and that his content is useful. Angel gets
to be a hero, and jumps to the top of the
list of internal candidates for the next
available senior management position.
Here’s the bottleneck- Tuco and Clint don’t
always work well together. In fact, Clint
has had choice words for Tuco on more
than one occasion because he felt that
Tuco was withholding valuable collateral
that could be used to close deals. Add in
Angel’s distrust of Clint, and you’ve got a
pretty sticky situation.
The fact is, these three don’t need to be
adversaries. They share a common goal,
and collectively have the tools they need
to reach it. Clint can use Tuco’s content
to demonstrate his firm’s ability to help
Angel’s employer reach their goals,
thereby proving the value of the content
Tuco has created. When Angel sees how
well-informed and capable Clint and his
firm are, he’ll know he’s found the solution
he needs to stand out and increase his
chances of promotion.
The question here is how to bring these
three together in a healthy way. At
PandaDoc, we believe in making it easy for
Clint to leverage Tuco’s content during the
sales process. In doing so, we allow Clint
to demonstrate his employer’s innovation
and ability to his prospects. The result is
shorter sales cycles, higher close rates,
and true ROI for marketing content and
collateral.
BOV
Investment
Funds
Some people think investments are
complex. We can help you better
understand and choose the right
investment strategy that fits your personal
risk tolerance.
BOV Asset Management, at the forefront
of your investment needs
To learn more about how your sales
and marketing teams can work closer
together, check out our latest ebook:
"The Smarketing Libary: Content Assets
Every Sales & Marketing Team Need to
Collaborate On". MBR
Creditline: PandaDoc
EDITOR’S
Note
BOV INVESTMENT FUNDS
8
Image credit: Mental Floss
Rob is the President
of Risr Marketing, a
marketing agency based
in San Antonio, Texas.
He works with the internal team at Risr to
produce content and campaigns for clients
around the world.
2122 7311
bovassetmanagement.com
BOV Branches/Investment Centres
& Licensed Financial Intermediaries
Past performance is not necessarily a guide to future performance. The value of the investment can go down as well as up. Investments should be based on the full details of the Prospectus, Offering Supplement
and the Key Investor Information Document which may be obtained from BOV Asset Management Limited, Bank of Valletta p.l.c. Branches/Investment Centres and other Licensed Financial Intermediaries. BOV
Asset Management Limited is licensed to provide Investment Services in Malta by the MFSA. The BOV Investment Funds is a common contractual fund licenced by the MFSA as a collective investment scheme
pursuant to the Investment Services Act and the UCITS Directive. Issued by BOV Asset Management Limited, registered address 58, Triq San Żakkarija, Il-Belt Valletta, VLT 1130, Malta. Tel: 2122 7311, Fax:
2275 5661, E-mail: infoassetmanagement@bov.com, Website: www.bovassetmanagement.com.mt. Source: BOV Asset Management Limited
Malta Business Review
SPECIAL REPORT
SPECIAL REPORT
Malta Business Review
World
Employment and
Social
Outlook
Trends 2017
The ILO's World Employment and
Social Outlook: Trends 2017
takes stock of the current global
labour market situation, assessing the
most recent employment developments
and forecasting unemployment levels
in developed, emerging and developing
countries.
It also focuses on trends in job quality,
paying particular attention to working
poverty and vulnerable employment.
Key findings
1. Economic growth continues to
disappoint and deficits in decent
work remain widespread.
Where is unemployment highest?
Where are workers most likely to be in
vulnerable employment?
Where are they most likely to be living
in poverty? Explore the data behind the
World Employment and Social Outlook –
Trends 2017.
Economic growth continues to disappoint
and deficits in decent work remain
widespread
Global GDP growth hit a six-year low
in 2016, at 3.1 per cent, well below
the rate projected in the previous year.
Looking ahead, global economic growth
is expected to pick up modestly in 2017
(3.4 percent) and 2018 (3.6 per cent).
However, as this report highlights, the
forecasts for growth for 2017 have
continually been revised downwards
over recent years (from over 4.6 per cent
forecast in 2012 to 3.4 per cent forecast
in 2016) and there is persistent elevated
uncertainty about the global economy.
The rather disappointing economic
performance in 2016 and the belowtrend
outlook for 2017 raise concerns
about the ability of the economy to (i)
generate a sufficient number of jobs, (ii)
improve the quality of employment for
those with a job, and (iii) ensure that the
gains of growth are shared in an inclusive
manner. Countries around the globe are
facing the twin challenges of repairing the
damage caused by the crisis and creating
quality employment opportunities for
new labour market entrants. First, global
unemployment is expected to rise by 3.4
million in 2017.
Global unemployment levels and rates
are expected to remain high in the
short term, as the global labour force
continues to grow. In particular, the global
unemployment rate is expected to rise
modestly in 2017, to 5.8 per cent (from
5.7 per cent in 2016) – representing 3.4
million more unemployed people globally
(bringing total unemployment to just
over 201 million in 2017). And while the
global unemployment rate is expected to
hold relatively steady in 2018, the pace of
labour force growth (i.e. those in search
of employment) will outstrip job creation,
resulting in an additional 2.7 million
unemployed people globally.
The increase in unemployment levels
and rates in 2017 will be driven by
deteriorating labour market conditions
in emerging countries (as the impacts of
several deep recessions in 2016 continue
to affect labour markets in 2017). In
fact, the number of unemployed people
in emerging countries is expected to
increase by approximately 3.6 million
between 2016 and 2017 (during which
time the unemployment rate in emerging
countries is expected to climb to 5.7 per
cent, compared with 5.6 per cent in 2016).
Of notable concern are developments in
Latin America and the Caribbean, where
the unemployment rate is expected to
rise by 0.3 percentage points in 2017, to
reach 8.4 per cent – largely driven by rising
unemployment in Brazil.
In contrast, unemployment is expected
to fall in 2017 in developed countries (by
670,000), bringing the rate down to 6.2
per cent (from 6.3 per cent in 2016). In
Europe, notably Northern, Southern and
Western Europe, unemployment levels
and rates are both expected to continue
to fall, but the pace of improvement will
slow, and there are signs that structural
unemployment is worsening. The same
applies to Canada and the United States.
For example, in both Europe and Northern
America, long-term unemployment
remains elevated in comparison to precrisis
levels and, in the case of Europe, it
increased recently, despite the reductions
in the unemployment rate. In fact, in the
EU-28, the share of unemployed people
who had been looking for a job for 12
months or longer reached 47.8 per cent in
the second quarter of 2016, up from 44.5
What are the drivers of the global growth slowdown?
Several drivers have continued to underpin
slow economic growth. In particular,
subdued private investment and trade
flows have remained a major concern for
both current economic conditions and the
medium-term outlook. The trend decline
in investment and trade is creating a large
gap in aggregate demand, which cannot be
fully offset by public spending because of
the tight fiscal constraints (and is unlikely
to be filled by private consumption due to
sluggish employment and labour income
growth). Moreover, forgoing investment
today results in lower productive capital
stock and productivity growth in the future,
thus lowering income growth.
• Weak productivity gains and slack investment
growth are mutually reinforcing: Slow
productivity growth and subdued aggregate
demand – exacerbated by policy uncertainty
in some large economies – continue to
hold back private investment, especially in
developed countries.
per cent for the same quarter of 2012.
Furthermore, in the second quarter of
2016, more than two-thirds of this group
– a total of 6 million people – had been
unemployed for over two years.
2. World Employment and Social
Outlook – Trends 2017
Unemployment levels in developing
countries are also expected to increase in
Low commodity prices are likely to continue
to restrain private investment in the
extractive sectors, while overcapacity in
some highly capitalintensive sectors is likely
to constrain investment growth in China.
Furthermore, fiscal policy remains tight in
oil-exporter economies of the Arab States
and in crisis-hit emerging countries (such
as Brazil and the Russian Federation), which
is likely to result in additional reductions in
public investment in these countries.
• Trade deceleration persists: As aggregate
demand – especially the more tradeintensive
components – remains weak,
trade volumes are unlikely to pick up
in 2017. The global volume of trade in
goods and services is estimated to have
expanded by only 1.2 per cent in 2016,
the slowest rate since 2009 and the thirdlowest
rate of trade growth over recent
years.
Source: UN DESA, forthcoming
2017 (by 450,000), with unemployment
rates hovering at around 5.5 per cent in
2017 and 2018. For many developing and
emerging countries, however, chronic
poor-quality employment – as represented
by high shares of own-account workers and
contributing family workers (collectively
classified as workers in vulnerable forms of
employment) and working poverty – takes
centre stage. MBR
Source: ILO’s Trends Econometric Models, November 2016.
10 11
www.maltabusinessreview.net
Malta Business Review
TALKING POINT
Ynet:
12
Terrorism, waves of immigration,
Brexit, Donald Trump, jingoism,
ISIS, the legalization of soft
drugs, climate crises, raging
social networking, and a host of
negative dramatic events plagued
us in the past year. Summarising
the year is the easy part; the
wisdom is in understanding
what must change so that next
year’s summary will be better.
Rav Laitman with an optimistic
prediction for the year 2017
“2017: An Optimistic Prediction”
2016 was a year of many upheavals in the
entire world. It was a complex, intense
year full of sharp turns that ultimately
permeated the public consciousness
with the recognition that we are in a
problematic social, economic, and security
situation. This recognition is also the best
thing that has happened to humanity, and
it also grants an opening to great hope.
It turns out that we can succeed in anything
or at least prevent deterioration if we just
change our way of thinking. The secret of
success lies in identifying the connection
between the various negative events,
locating the factor that motivates them,
neutralizing it, and in this way, balancing
the course of events in 2017.
The End of the Era of Egoism
According to Kabbalah, the factor that
links a variety of events, both positive
and negative, is the egoistic nature of
humans—the desire to receive pleasure
and delight—the attempt to benefit
maximally and succeed in all areas of life,
even if we trample others on the way
there.
What is surprising about the year 2016 is
that there already are clearly recognisable
signs of the end of egoistic development
after the thousands of years of the
existence of the human species. The wars,
crises, and great disappointments that we
experienced this year are a sign that the
egoistic system in its exploitative form
doesn’t work anymore.
The egoistic fuel has run out. There is
no more drive to enter into financial,
commercial, political, military, and
cultural competition because the end
is in sight. In this way, no one wins; all
of us lose. Combine the processes of
globalisation, advanced technology, and
three-dimensional printers in the equation
occupying the world, and the conclusion
is that the future in the labour market
starting from the year 2017 will be very
different than what we have been familiar
with up to now. In such a situation, even
more severe events are liable to happen
than what we were exposed to in the past
year.
A Time for Renewal
Egoism will not disappear. It is inherent
in us from birth. But the moment the
understanding becomes more clear in
the consciousness of humanity that if
we continue to operate only from our
egoistic nature, we will fall into an abyss,
only then can the need for an essential
change be awakened, and from it, we can
begin to search for a new method that will
transcend the negative power of the ego
for somewhere new and positive.
The desire for profit, the drive to
succeed, and mutual competition that
have motivated us up to now—the
characteristics and inclinations of human
nature—will not blur or become extinct.
We need to learn to use them wisely and
beneficially, instead of for an individual’s
personal benefit, directed toward the
benefit of all of society.
The method of connection that the ancient
wisdom of Kabbalah offers provides a
way that can change our attitude toward
Michael Laitman
others, treat each other correctly, and
make a living from each other, but with
respect. With the help of a process
that integrates study and experiential
workshops, the ability to connect with
each other is developed. We become
closer to each other emotionally, and we
transcend our innate egoistic nature to a
broad, eternal, and higher reality.
Symbolically, the end of the year is
celebrated with the end of Chanukah, the
Festival of Lights. From the darkness, the
Light breaks through; from the crack in
the ground, the plant sprouts, and from
the crisis, life is born. I have never been so
optimistic toward a new year in which the
two components required for achieving
a good and happy life have been placed
together before our eyes: despair in the
results that we have achieved so far, and
in contrast, the wisdom of Kabbalah is
available to everyone who desires it; it
provides the right direction toward the
royal road. The future is in our hands. 2017
can be optimistic. MBR
EDITOR’S
Note
Michael Laitman is a
leading global thinker and
the founder of the ARI
Institute. He has developed an educational
method that can be applied to every area of
our lives; social, economical, educational and
environmental.
We are dedicated asset guardians,
more than just a service provider.
A partnership built on trust.
Whether you are a successful individual or corporation, you can trust Equiom to protect
and nurture your wealth. We are your asset guardians, here to assist with:
• The establishment, formation and administration of trusts, foundations and companies
• Specialist tax & VAT planning and tailored ownership structures for property, yachts and aircraft
• eBusiness solutions, including eGaming licence applications, corporate structures and VAT advice
Trust | Corporate | Family Office | Tax & VAT
Property | eBusiness | Yachting | Aviation | Crewing
www.equiomgroup.com
Equiom (Malta) Limited is authorised to act as a trustee and fiduciary services provider and as a company service provider by the Malta Financial Services Authority.
Malta Business Review
HIGHER EDUCATION
eie educational group
Committed
to Providing
the Best
Education
Learning
Experience
OUR MISSION
To enhance the level of Academic
training and Tuition of both pre and
post graduate levels by:
• Contributing actively towards the
propagation of equal opportunities
for all.
• Continually engaging in the pursuit
of excellence.
• Continually investing in its own
people.
• Striving to afford the best service to
all our clients.
Learning a language or obtaining
an academic qualification is more
important than ever in the global
economy. eie Educational Group provide
students with a first-class educational
teaching and training service at a fair price.
Students ask for an excellent teaching
environment so that they quickly progress
through their course, but also that they will
want to enjoy themselves whilst studying.
At eie Educational Group, you will have a
fantastic studying experience. eie encourage
social interaction trough regular, fun and
varied leisure programmes, as this improves
a learning experience.
eie Educational Group, was established in
January 2000 and their success is built on
a long-standing commitment to the specific
needs of local and international students. eie
constantly expands its worldwide networks,
partners with established renowned
organisations, invests in its facilities and in
social commitments. The eie Educational
Group is redefining the landscape of modern
education.
The eie Educational Group aims to develop
the appropriate competencies and
knowledge needed in planning, evaluation,
research and development tasks in education
and related fields in the midst of societal
changes, both on local and global levels. This
network gives eie the key to be competitive
and to share the collective experience and
continuous professional development with
their cilients.
In a fast moving world, challenges are
demanding and change is constant.
Tomorrow’s future depends on today’s
knowledge.
Through its companies, the eie Educational
Group is able to offer the following services:
Academic programmes - Certificate,
Diploma, Bachelor, Master degrees
in various subjects for young and
mature adults are offered through
eie Institute of Education (Licensed
by the NCFHE as an institute of
Further and Higher Education –
License Number 2005-TC-001);
Training programmes - Business
courses, thematic seminars for
business excecutives offered trough
eie Mangement Centre;
English Language courses - English
courses at Beginner, Elementary, Pre-
Intermediate, Intermediate, Upper-
Intermediate, Business English and
Advanced levels are offered through
eie Languages Centre (Licensed by
the EFL Monitoring Board – License
Number 282/MB42)
Student Accommodation - Provision
of quality accommodation around
Malta ideal for students offered
through eie Residences
Internships – Organisation of
Work placement and Internships
for international students offered
through eie internships.
For more information about eie’s degree
programmes, English language courses
or other business related courses you can
e-mail at info@eie-group.com, phone on
+35621332804/5 MBR
COMMITMENT TO EXCELLENCE
The eie Educational Group
is an acknowledged leader in international education
We specialise in providing
* Higher Educational courses - eie Institute of Education (NCFHE License Number 2005 - TC - 001)
* English Language courses - eie Languages Centre (EFL License Number 282/MB42)
* Executive and Business courses - eie Management Centre
* Internship services - eie Internships
* Student Accommodation - eie Residences
* International Educational services - eie International
• Establishing itself as a leader in the
international education field.
• Contributing towards the social
welfare of the community.
14
eie Educational Group,
Valletta Buildings, South Street, Valletta
Tel: +356 21 332804/5 info@eie-group.com
www.eieEducationalGroup.com
Malta Business Review
ANALYSIS & DEBATE
ANALYSIS & DEBATE
Malta Business Review
VIEW FROM THE MOUNTAINS
FASTEN SEATBELTS...
…. AND MAKE SURE IT’S REALLY TIGHT.
By Werner E. Jung
We are all in for a rough ride –
you are going to experience
a new kind of roller-coaster
– one which might not be very joyful
and where we do not know whether the
breaking system at the end will work.
2016 has seen the transformation of
our lives into a post-factual existence.
“I spare myself the idle question of how
we will be in the future, and use the
future instead as a perspective of the
contemplation of today, then I will not
ask who we are, but who we have been”,
Roger Willemsen wrote in his manuscript
in 2015 before his early demise in 2016.
It seems that he foresaw the trend
that man is not driving innovation and
technology any more, but instead man
is being driven by technology and his
own innovations. Or as T.S. Eliot wrote:
“Where is the Life we have lost in living?
- Where is the wisdom we have lost in
knowledge? - Where is the knowledge
we have lost in information?”
Whilst the world is anxiously awaiting
what Mr. Trump, holding the most
powerful office of the world, is going
to tweet next – we are all sitting still,
shivering like the rabbit in front of the
rattlesnake. The irony is that Mr. Trump
and his slogan of “Make America great
again” in itself is post-factual. The
“Good Old Days” are not coming back
– manufacturing jobs, when cars were
predominantly assembled by real people
on an assembly line, are a thing of the
past. Real people today program the
robots which do the assembly. What will
happen when the people who voted for
him, most of them not beeing the ones
doing the programming, will realise this?
We are seeing on a daily basis that the
majority of corporate managers, our
so called “business leaders”, typically
are whining wimps when it comes to
making tough but sustainable long-term
decisions. What they care about, are
short-term profits, stock prices and their
own bonuses, which in turn are tied to
short-term profits and stock prices…..
All Mr. Trump has to do is to send out
a tweet and the CEOs of Carrier, Ford,
GM etc. cave in, postponing the future
of their industry – but making sure
that their bonuses will still be intact for
another year….
The “Good Old Days” are not
coming back – manufacturing
jobs, when cars were
predominantly assembled by
real people on an assembly
line are a thing of the past
We have all grown used to false promises
by our elected representatives, and in
the words “Grown Used To”, lies the real
danger for all of us; and it is our own
damn fault. We have to ask ourselves:
Was the election of Trump, Brexit and
the “right wing” developments we are
experiencing in Europe, just unfortunate
“We were those who knew,
but did not understand,
full of information,
but without perception,
rich on knowledge,
poor on understanding.
So we went,
not stopped by ourselves.”
Roger Willemson
or a “hiccup of history” which will correct
itself. Adam Smith, the forefather of
modern macrocroeconomics, believed
that an “Invisible Hand” will eventually
correct market asymmetries and
imbalances and, strangely enough, there
still are economists around who actually
believe this. The effects of globalisation
have shown us to great extent, that the
“Invisible Hand” is exactly what it says
– Invisible! So do not wait for anything
to correct itself – it ain’t gonna happen!
The taxpayers are the ones who pay
for market imbalances. Barrak Obama,
in his final address to the nation, said:
“The biggest treat to democracy is
complacency”! All we have to do is look
around us to see the effects. In the US
we have are experiencing the mutation
of democracy to “moneycracy” – “one
person, one vote” hast been transformed
to “one dollar, one vote”. And when
we see that in Brussels we have more
than thee lobbyists for every elected
representative, we have to realise that
Europe is not far away.
The extent of our complacency is
exemplified by the reactions to the
terrorist attack in Berlin: whereas
there was a great show of solidarity of
politicians, social groups and media
when the attacks happened in Paris
and Brussels, there was almost nothing
to be seen in and about Berlin. “It
was inevitable – just a matter of time,
when it was going to happen” was the
common attitude one seemed to come
across. How sick can our society get?
The big difference between the EU and
the USA is that America probably can
be fixed. When the going gets tough,
America comes first for Americans – this
is why the right to bear arms is written
into the constitution and why this right
is also being defended by many people
who have no intention of ever buying
a gun. How many people in Europe are
going to stand up for “Europe First” –
certainly not many in my part of the
woods. Where is our solidarity with
Our Europe? A recent survey among
the EU population revealed that
for only 12% of all people put
Europe first.
Malta, normally too small to
notice, in contrast to many
financial institutions, which are too
big to fail, has an opportunity to set a
mark during the next six months of her
presidency of the European Union. Will
she / can she, live up to this challenge
and opportunity? The only alternative
may well be the “Reset” button for
Europe…..
Maybe taking charge of the steering
wheel is a better idea than to fasten
seatbelts…… MBR
EDITOR’S
Note
Werner E. Jung, lecturer
and writer, looks back at
an eventful international
management and consulting career. He lived
and worked in many countries around the
world. As consultant and lecturer he took
a special interest in SMEs and developing
markets. After the financial crisis in 2008,
he discontinued his “old style” teachings and
has taken to research into socio-economic
developments. The focus is on the rising
inequalities and the resulting disruptions.
Mr. Jung holds a degree in Industrial
Engineering and Business Management from
the Swiss Federal Institute of Technology and
the Massachusetts Institute of Technology.
He now lives in the foothills of the Bavarian
mountains. wej@think-different.org
16 17
www.maltabusinessreview.net
Malta Business Review
TOURISM
Record Year for
Cruiseline Passengers
IT INTERVIEW OF THE MONTH
Malta Business Review
According to figures published this
morning by the National Statistics
Office (NSO), 2016 was yet another
record year for cruiseline passengers visiting
Malta. Cruiseline vessels entering our Grand
Harbour last year carried a total of 682,222
passengers, meaning an increase of nearly 2%
on 2015. Among the total passengers, more
than 626,0000 were foreign passengers, which
is also a growth of 4.3% on the previous year.
Minister for Tourism Edward Zammit Lewis
welcomed these positive figures for the local
cruise line sector. The Minister noted that
according to a study commissioned by the
Valletta Cruise Port (VCP), it is estimated that
in 2015 the cruiseline industry contributed
around €90 million through direct expenditure
into the Maltese Economy. “Moreover, the
multiplier effect increases this contribution
and creates even further economic benefits”,
explained Minister Zammit Lewis.
Minister Zammit Lewis stated that the sister
island of Gozo is also reaping extensive
economic benefits from the success generated
by the cruise sector. In 2016, according to
figures produced by Transport Malta, 19 cruise
port calls were registered in Gozo, carrying
nearly 7,000 passengers. “This number of
passengers is actually double that recorded in
2012,’’ continued the Minister for Tourism.
The Minister noted that Malta is
strategically positioned in the middle of the
Mediterranean, and also enjoys a resilient
level of security, while this industry is serving
as an important incentive for regeneration
projects and investment, particularly within
the Grand Harbour region.
Minister Zammit Lewis affirmed that the
Government is committed to continue
investing and working to maintain the cruise
sector on the growth path in the short and
long term through more infrustractural
investment and further collaboration with
stakeholders, in order to attract more
cruiseliners towards Malta and Gozo.
Economic revenue from cruising is not the
only contribution that Malta benefits from
this sector. Passengers spend a few hours on
local shores, and enjoy a taste of what the
country has to offer, that is, a fantastic tourist
destination and a natural choice for their
holidays. Many passengers are charmed by
our islands during their short visit and decide
to return for a longer holiday. “Cruising is
serving as an exceptional and very effective
showcase for our islands”, explained the
Minister for Tourism.
Valletta Cruise Port stated that 2016 was
another very positive year, with 42 cruise
companies and 81 different cruise liners
calling the port. Clearly, the cruise industry
is growing year-on-year, and is increasingly
contributing towards Malta’s economic
growth and prosperity.
During the year, Valletta Cruise Port, a
subsidiary of the biggest cruise port operator
worldwide, Global Ports Holding, was the
recipient of two awards: namely, the Best
Terminal Operator by Cruise Insight, and
the Best Mediterranean Port & Destination
Award by Cruise Excellence Awards. These
awards reflect the company’s drive towards
excellence, and certify the efficient port
infrastructure and outstanding service,
including passenger flows, safety and
security, besides the attractiveness of the
destination itself.
Acquiring ‘Homeporting’ operations is key
to the growth of this sector, and there is
intense competition within all Mediterranean
cruise ports on this front. The Government
is committed to work relentlessly, together
with all stakeholders, to attract more
cruiseline companies that are interested in
offering cruises that set sail and terminate
at our harbour. “Therefore, it was of great
satisfaction that last year we secured our
second homeporting operation for Malta,
with the prestigious P&O Oceana,” Minister
Zammit Lewis stated.
During 2017, this cruiseline is expected to
effect 27 port calls, carrying over 100,000
passengers on a Fly and Cruise programme,
together with another 5 port calls, where
another 10,000 passengers will be visiting
Malta as a port of call. The Minister for
Tourism stated that thanks to such new
initiatives, the cruiseline sector in Malta is
growing succesfully, and our tourism industry,
and economy at large, is benefitting both
directly and indirectly.
“These results reflect the coordinated and
collaborated drive amongst all stakeholders,
particularly Valletta Cruise Port, to continue
developing our product and promote Malta
as a unique and effective destination for
Mediterranean cruises,” concluded Minister
for Tourism Zammit Lewis.
Furthermore, the Malta Cruise Network
Forum was also established, bringing
together in one forum all stakeholders to
ensure that Malta delivers efficiently, reliably,
and flexibly, to the cruise lines and their
passengers, while ensuring alignment among
all parties involved.
The forecasts for financial year 2017 raise
the bar even higher, with a target of over
700,000 passenger movements through 330
port calls.
Stephen Xuereb, CEO of Valletta Cruise Port
and COO of Global Ports Holding commented
that: “The cruise industry is growing, with
more new ships being ordered, in line with
increased demand. Between 2016 and 2026,
the total of new beds coming on-board
exceeds 220,000 worldwide. Continuous
timely investment in our infrastructure and
our service delivery is paramount for us to
remain competitive. A planning application
for a €6 million project to widen Quays 4/5
has been submitted. Plans are being finalised
to redevelop the Old Power House to create
further quayside cultural and entertainment,
with additional check-in facilities. 2017 is
also the run-up year to Valletta 2018, where
Valletta will hold the title of the European
Capital of Culture, with the calendar of events
adding exciting layers to what the destination
already offers.” MBR
Credit: Ministry of Tourism/DOI
18 19
www.maltabusinessreview.net
Malta Business Review
EU PRESIDENCY
Visit by President of the European
Commission Jean-Claude Juncker and the
College of Commissioners
“I urge you to make the European Union a
place where the dignity, the peace, and the
wellbeing of all is effectively and truly central”
This was the message which President of
Malta Marie-Louise Coleiro Preca relayed to
the President of the European Commission
Jean-Claude Juncker who is on an official visit
to Malta with the College of Commissioners.
President Coleiro Preca shared her vision of the
need for a more united Europe, stating that for
meaningful unity to be achieved and nurtured
“we need a stronger European Union”.
We need a European Union for the people
Reiterating what she had stated during
the visit of the President of the European
Parliament Martin Schulz in December 2016,
the President said that we need a European
Union which is socially conscious, strongly
democratic, embedded in solidarity, and which
prioritises the wellbeing of every member of
our diverse communities and societies.
Denoting the challenges which are currently
being experienced across the Union, “in
terms of its economic, social, and political
life”, President Coleiro Preca said that
these challenges offer an unprecedented
opportunity for deep-rooted review and,
where necessary, reform.
“I urge you to take this chance to adapt the
structures and instruments of our Union, so
that they can fully embrace the real concerns
of all those who call Europe their home”, the
President said.
Our traditions embody our core values,
which we make tangible when we safeguard
universal human dignity, when we protect
universal human rights, and when we
celebrate universal human freedoms.
Speaking about our traditions, the President
said that these embody our core values,
values which are made tangible when
universal human dignity is safeguarded;
when universal human rights are protected;
and when universal human freedoms are
celebrated. The President said that securing
a meaningful reform of the Union must not
mean a break with our traditions.
At a time when different interpretations of
the European project and its future are being
proposed, with voices calling for walls to be
built, for borders to be reinforced and for
divisions to be reasserted, President Coleiro
Preca appealed to all those present and said
that “we cannot be silent or complicit when
so much is at stake”, whilst adding that “we
must remind one another of the important
gains we have made”. Such gains have been
made, the President said, in terms of the
bridges which have been built “to unite
us”; the friendships which have been made
“across our borders; and our solidarity, which
we have nurtured in the service of peace”.
There is precious little talk of the
‘Founding Mothers’ of Europe
Referring to the point which some people
make when saying that a return to the values
of our Founding Fathers is what is needed,
the President reminded those present of
the fact that there is precious little talk of
the ‘Founding Mothers’ of Europe, stating
that “there is much we should learn from
the example of Europe’s women, such as the
Founder of the European Union of Women,
Dr Lola Solar”, who had, in 1953, already
recognised the fundamental importance
of a cultural synergy between the different
political and economic ambitions of the
respective countries.
The most essential message of our founders is
their great awareness of the need for friendship,
for solidarity, and for peaceful collaboration
amongst us all. President Coleiro Preca echoed
once more her belief that the spirit of solidarity
must be present throughout our lives. She said
that solidarity “must begin with our individual
choices, percolating up from our families and our
communities, into our societies, our institutions,
and across our nations”.
The power of the individual, as a catalyst for
transformation, cannot be underestimated.
The President said that we are the ones who
must begin to make a difference, by rejecting the
structural oppressions which have resulted in one
in four people within the European Union to live
at risk of poverty or exclusion, according to the
latest data from Eurostat.
The President also said that without a Union which
prioritises the emotional, psychological, physical
and cultural wellbeing of its citizens, “there can
be no positive change towards greater equity,
peace and prosperity”. “We cannot allow certain
individuals and communities to go on being
systematically excluded, even if they are not the
majority, from full and equitable participation in the
life of our Union. This will only create environments
of hostility, which will result in potential extremism
and violence’, the President stated.
President Coleiro Preca stressed that exclusion
cannot be tolerated, irrespective of whether it was
brought about by economic precarity, by social
marginalistion and stigma, by displacement, or by
the inequality experienced by certain individuals
because of their faith traditions, their gender
identity, or their sexual orientation.
The Founders of the Union worked to build
peace and solidarity through our economic
collaborations, in order to lessen social tensions
and reduce poverty.
The President reminded the members of
the College of Commissioners that it is their
responsibility “to ensure that such collaborations
continue, while also ensuring that the social
values of Europe are reflected in the social and
cultural lives of our communities and nations”;
she also said that they must revitalise the
European Project by ensuring that the institutions
are connected to the aspirations of the European
peoples, whilst adding that Europe’s institutions
must reflect the principles of social inclusion.
“We must work together to make our European
family of nations a better place, where dialogue
replaces division; where friendship triumphs over
suspicion; where peace speaks more strongly
than hostility”, President Coleiro Preca said.
Finally, the President urged the College of
Commissioners to make the European Union a
place where solidarity is the defining characteristic
of our European identity, “and an inheritance
of lasting benefit for both present and future
generations”. MBR
Photos: DOI/OPR -- Creditline: OPR
Accounting
Multi-currency
Multi-warehousing
Progressive Information Systems Ltd
La Roca, Triq Leli Falzon, Naxxar
+356 21524777
info@progressive.com.mt
Lot &
Serial number
tracking
Job
Costing
progressive.com.mt
Integrated
Point-of-Sale
Business
Intelligence
Sage Evolution ERP is a cost effective solution that brings all aspects of your operating environment
together, giving you the ability to control your financial situation as well as your relationships with your
customers, suppliers and employees.
Annuity
Billing
At Progressive we are Sage specialists and Sage Super Platinum
Business Partners. Talk to us - we promise to deliver the best
solutions that will enable your organisation to unleash its
business potential, on time and at the best price possible.
20
Malta Business Review
YACHTING
YACHTING
Malta Business Review
Key considerations when
purchasing a superyacht
Ahead of Ayuk Ntuiabane’s attendance as a speaker at the ‘Opportunities
in Superyachts’ conference on 23 February, Equiom’s VAT Director discusses
the key areas to consider when purchasing a superyacht.
Yacht ownership for vessels operating in European waters has become increasingly complicated. The introduction of new
maritime and employment laws, changes to the VAT rules that apply to charters, and the requirement to obtain charter licences
and appoint fiscal agents represent some of the many challenges. One area which is often overlooked relates to setting up the
most appropriate ownership structure for the vessel as well as the ongoing administration.
There is a vast array of company, trust and foundation jurisdictions to select from and, accordingly, it is difficult to identify the optimum
structure without obtaining specialist advice. Making the wrong decision can be costly.
Some of the key areas owners should
consider are:
Ownership structures - ownership
can be by means of companies, trusts
or limited partnerships. For corporate
structures, consideration needs to be
given to the type of company and how
it is structured in terms of directors,
shareholding and capitalisation to ensure
any potential liabilities are ring fenced.
Tax - what is the corporate tax position for
the structure? Are there any tax treaties or
double taxation agreements relevant to
the structure? Are there benefit in kind
charges as a result of the structure? What
are the rules governing inheritance tax in
the chosen jurisdiction? Full consideration
of these tax issues ensures the structure
can be tax compliant from the outset.
VAT – is VAT registration required? If so,
in which jurisdiction should the company
register? VAT fiscal agents may also
need to be appointed for commercial
yachts. Owners should consider the VAT
implications both on acquisition and
disposal of the yacht. Suitable VAT planning
is necessary for all yachts operating in EU
waters regardless of the owner being non-
EU resident and operating within European
waters under temporary admission rules.
VAT planning is essential when VAT rates
vary from 18 to 27%.
Legislation - this is particularly important
where finance is required to purchase the
vessel. Sophisticated corporate laws are
a key consideration as disputes can arise
where there is joint or shared ownership
of the yacht. High regulatory standards
and reporting requirements are therefore
seen as an advantage when selecting a
jurisdiction.
Yacht registration - consider if the yacht
will be chartered, as this will impact on the
choice of flag, the manning requirements,
the registration type and the survey costs.
Many flag states, including the popular
Maltese flag, have qualified ownership
requirements. The flag choice may have
an impact for VAT purposes. There can
be significant variance in costs between
yacht registries as some registries charge
an annual tonnage tax and require the
appointment of a local Representative
Person. Lastly, flags of convenience should
be avoided as they are generally subject to
more frequent port state authority checks.
Insurance - insurance premium tax rates
are another consideration when choosing
a registry. Owners should also ensure the
appropriate level of hull and machinery
insurance and crew medical cover.
Finance - political and economic stability
of the owning vehicle is key where finance
is required to facilitate the new build or
purchase. Banks must be comfortable
with all aspects of the ownership structure
and are more willing to lend to quality
jurisdictions knowing that they can easily
enforce their charge if required.
Corporate administration -
some owners choose to delegate
the administration to their captains.
Invariably they often do not have the
time, particularly for active charter yachts.
The captain's time should be freed up to
manage his crew and concentrate on the
safe operation of the vessel. Delegating
these functions to a trusted corporate
service provider or a yacht management
company with specialist yachting
knowledge and expertise is a wise decision.
The maintenance of company records, VAT
and financial reporting may appear to be
straightforward but the financial penalties
can be significant for non-compliant
companies. The penalties in getting it
wrong, particularly with regard to VAT, can
By Ayuk Ntuiabane
often far outweigh any perceived savings.
In conclusion, professional advice should be
sought at an early stage of the acquisition
process. The legislation and regulations
governing the ownership and operation
of superyachts are continually changing
and what may be appropriate today may
change in the future. It therefore pays to
appoint a professional corporate service
provider which specialises in yachting in
order to ensure ongoing tax compliance
of the structure. This gives absolute peace
of mind for owners, leaving them free to
enjoy their yacht.
As experts in our field, Equiom can advise
you on the most efficient path when it
comes to yacht ownership and the most
effective structure plan for you. Looking
after a fleet of yachts worth €2.3 billion,
we manage a portfolio of ownership
structures for some of the world’s most
prestigious and valuable superyachts, with
all the hallmarks of outstanding service
and dynamic, innovative solutions. Equiom
operates across multiple jurisdictions
serving corporate and private clients on a
global scale. MBR
EDITOR’S
Note
Ayuk Ntuiabane works
with Equiom’s yachting
and aviation clients and
their advisers to optimise
the asset ownership structures and business
models required for secure and cost-effective
operation of yachts and aircraft within the
EU. This can include the exploitation of these
assets for income, or simply accessing the EU
for temporary use. Ayuk also provides VAT
support and opinions relating to yachting and
aviation financing and asset due diligence.
22
www.maltabusinessreview.net
23
Malta Business Review
BUSINESS LEADERSHIP
Why Employees Aren’t Invested
By Jackey Backman
Taking comfort to a
whole new dimension
Does it seem that despite everything
you’ve tried you just can’t seem to get
your employees to be truly invested?
Do either of the following somewhat
describe your work environment?
• Employees drag their feet
unmotivated and whiny, giving only
a mediocre performance?
ESSENTIALS
FFICIENCY
XPERIENCE
XCELLENCE
• 2. Do you experience high turnover?
At an estimated $15,000.00 per employee
turnover costs and unmotivated employees
are not only affecting the morale of the
people being left behind every time some
one leaves, which in turn affects the
remaining employees performance, it’s
directly impacting your bottom line.
How to tackle the above “symptoms” (and
I do mean symptoms as they are not the
problem only indicators of a problem) slightly
differs. Nonetheless in 500 words here are
some pointers to get you moving in the right
direction.
Ask yourself this question:
“Would you want to work for you?”
Based on the core values of your demographic
employee pool, aka your ideal candidates, do
you provide an Outstanding Employer Brand
that makes your workplace a great place to
work? Human beings are emotionally driven;
are your leaders fully equipped with the EQ
(emotional intelligence) based competencies
to deal with the human element? In other
words, do your leaders even have have the
skills to tackle the problem of employee
retention? It’s highly unlikely or you wouldn’t
be experiencing these symptoms. That
means the cards are stacked against you right
from the start.
VISION
What is your vision? People want to know
they are part of something great and they
want to make an impact. So if your greatest
allure is a few ping pong tables, flexible
work hours and a hefty pay cheque (all
attractive, value added features by the
way)…I guarantee you there’s someone
right around the corner offering a bigger
table.
INVEST IN YOUR LEADERS
Human beings are loaded with insecurities.
People more than ever are turning outwards
to validate themselves. It’s far beyond what
kind of car you drive, or which brand of
jeans you wear, today it’s whether or not
you get enough likes or who’s following
your tweets.
Nowadays your employees need strong
leaders that can validate them and their
choices. They need leaders to point them
in the right direction, that understand how
to drive desired behaviour, create healthy
supportive work environments and how to
give an effective kick in the butt if required,
without all the drama and still achieve the
mandated directives.
BE AUTHENTIC
Authenticity is a huge value for our
Millennial generation. How is your
workplace authentic? It probably is at the
core, but do your employees know it? Is it
communicated through everything you do
and how you operate?
For your success! MBR
Jackey Backman
EDITOR’S
Note
Jackey Backman
specializes in emotional
intelligence, soft skills
development, and
organizational and personal behavioural
change. She is a candid yet compassionate
international speaker and trainer who has
delivered highly motivational and lifechanging
presentations to more than 35,000
people during the past 20 years. In her talent
development and management consultancy
she works exclusively with start-up to midsize
companies (up to $50MM). Through
her highly integrated Business Operating
System (BOS), she consults with and teaches
senior leadership executives and middle
management the essential processes by
which organizations build well-founded,
exceptionally well-formed, solid teams.
The whole process is designed to maximize
human potential and nurture healthy
productive work environments to facilitate
exponential growth. Through her personal
development training company, One Spirit
Inc, she offers certification programs in
Neuro Linguistic Programming, and provides
workshops and retreats for individuals ready
to go beyond conventional thinking to lead
exceptional lives. Through the Emotional
Intelligence Soft Skills Academy (EISSA), a
division of One Spirit Inc., Jackey provides
public workshops where organizations can
send select individuals for highly specialized
and advanced training in various soft skills
including ultimate sales, assertiveness,
communication skills, and dealing with
conflict and confrontation.
Excellence In Air Conditioning
Cutrico Ltd. Mriehel Bypass, Mriehel, BKR 3000 - Malta
T: +356 2149 8658 | sales@cutrico.com | www.cutrico.com
24
Malta Business Review
MBR EU & GLOBAL NEWS ROUND-UP
MBR EU & GLOBAL NEWS ROUND-UP
Malta Business Review
COMMISSION ON TOUR:
WELCOME TO POLITICAL GYMNASTICS, 2017 STYLE:
OTHER EU PARLIAMENT HIGHLIGHT — COMMISSIONER OETTINGER …
The first college of
commissioners meeting
for 2017 will take place
Wednesday, after the whole
college travelled to Valletta
in Malta during 2nd week of
January 2017. MBR
PARLIAMENT IS DEFINITELY BACK TO SCHOOL …
Paul Taylor calls for fresh
blood in the European
Parliament, labeling the
declared candidates in next week’s
presidential election fixers rather
than leaders. “Europeans deserve
better than a choice between
two dull Italian politicians and a
veteran Belgian federalist out of
sync with public opinion as the
next president of the European
Parliament.”
Guy Verhofstadt
Meanwhile, Guy Verhofstadt and Beppe Grillo are set to inject the
building with an unexpected dose of adrenalin today. They propose
Italy’s Brexit-supporting populist 5Star Movement ditch their UKIP
allies in the Parliament and join the arch-EU (and sometimes federalist)
liberal ALDE group. If finalized, the merger would cement ALDE as the
third-largest bloc in Parliament, but potentially leave it at the mercy of
its new largest member. Nicholas Hirst covers the basics of the planned
political marriage. MBR
WHAT’S NEXT:
5Star members finish voting in an internal
referendum at noon, and the ALDE bureau
(its executive committee composed of
national delegation leaders) starts at 5:30
p.m. The Parliament deadline for notifying
changes in party group size (which affects
parliament-funded resources for 2017) is
January 11 at 6 p.m.
On the ALDE side, while there is serious discontent among the ranks,
the working assumption is that the plan will pass the party’s executive
committee (bureau) and full group. On the 5Star side, it’s impossible
to predict their direct democracy system. But Grillo holds all the cards.
If the party rejects the idea, it’s proof of how democratic it is. If it’s
split, he can gracefully change tack. If it supports the move, his vision
is validated. MBR
Questions that had the EU bubble scratching its collective head
Sunday included:
• How will Verhofstadt square this move with his opposition to
nationalism and populism?
• What else, other than 17 votes for the Parliament presidency, is
changing hands?
• Which political party would want ALDE at a coalition table if it
meant the 5Star Movement tagging along?
• Will this simply push the EPP and Socialist group back together
again?
From a pure party management perspective: how did one side of the
deal start a referendum on it, before many on the other side even
learned of its existence?
Counter-narrative — Maybe this isn’t about the European
Parliament. Is the ALDE leadership team of Guy Verhofstadt, Sophie in
‘t Veld and Pawel Telička attempting to defuse Grillo’s destabilization
of Italian (and by extension European) politics by bringing him into the
mainstream tent at European level?
Hypocrisy alert: In the wake of the 2014 European elections,
Verhofstadt wrote on Facebook that teaming up with Grillo would be
“to abandon the European project … It is impossible for any responsible
pro-European group to take the Movement 5Stars on board.”
So what changed — a summary of the political agreement between
the two parties: Playbook has seen the shared manifesto and powersharing
deal drafted by ALDE and 5Star leadership. We are bound
not to quote the agreement to protect sources, but here’s what you
should know:
The two groups identify themselves as radicals who share core
values including freedom, equality and transparency and believe in a
fundamental overhaul of the EU.
• 5 Star Movement commits to the European Union as an essential
counterweight to uncontrolled globalization.
• The two groups want a smaller Commission, more powerful
Parliament, and a deeper single market.
• They claim the euro currency has failed to deliver.
• The power-sharing arrangement will see the broad ALDE group
in Parliament managed by its “executive vice presidents,” in’t
Veld (ALDE), Borrelli (5Star) and Marielle de Sarnez (European
Democracy Party).
• The parties admit to being split or diverging on economics and
finance, trade, agriculture, industry, EU regional funding, and
culture policy.
What Grillo says: “Staying in the EFDD is tantamount to facing the next
two-and-a-half years without a common political goal, with a delegation
that will have no interest in bringing home concrete results,” he wrote in
a blog post published Sunday 1st week Jan ‘17.
What the jilted EFDD party has to say: Not happy, but not giving up.
By the numbers — ALDE and 5Stars agree half of the time.
The list of people Verhofstadt is alienating with this move threatens
to be a long one: It starts with Italy’s Europe Minister Sandro Gozi,
and continues with vanquished liberal presidential contender Sylvie
Goulard, who blogged of her calm contempt for the plan. MBR
Martin-Schulz-president-European-Parliamen
Commissioner Günther Oettinger presented his case today at 6 p.m. 9th January for taking over the Commission’s budget and
human resources portfolio, following Kristalina Georgieva’s resignation. The “exchange of views” will be presided over by Ingeborg
Gräßle, who like Oettinger belongs to Germany’s Christian Democratic Union.
While around half of MEPs will be playing hardball, Gräßle is firmly in Oettinger’s corner. “I’d like us to use the opportunity for what it’s
supposed to do — to get to know the candidate in order to better work with him,” Gräßle said. “The more we antagonize him, the more
difficult it will be afterward to work together.”
UK — JOHNSON FLIES TO NY TO VISIT TRUMP
TEAM: Boris Johnson, Britain’s foreign secretary, is expected to meet Trump’s son-in-law, Jared
Kushner and incoming White House chief strategist Steve Bannon in New York for the U.K.’s
government’s first formal face-to-face meeting with the new Trump administration.
UK — CORBYN COPIES TRUMP PLAYBOOK: “U.K. Labour leader Jeremy Corbyn has signed off on a
plan to adopt Donald Trump-style media tactics in a bid to turn around his poll ratings, according
to a senior party official familiar with the initiative,” report Tom McTague and Charlie Cooper.
“Corbyn’s inner circle, alarmed at the party’s dramatic slump in support, agreed over Christmas to
overhaul their media strategy, taking direct inspiration from the U.S. president-elect’s aggression
against mainstream TV networks and newspapers, which they hope will whip up support among
those already distrustful of the media. MBR
BREXIT CORNER …
Commissioner Günther
Oettinger
COMMISSION — MEGA-MERGER HEARING: Dow and DuPont will today defend their $130 billion merger at a Commission hearing. Investigators are particularly
worried that the deal would lead to less innovation, and there are claims that a wider set of three mega-deals in the agrochemical sectors will put an oligopoly
on top of world food markets, with farmers at their mercy. Nicholas Hirst and Simon Marks have the story for POLITICO Pro Agriculture and Food subscribers.
COUNCIL — GERMANY BLOCKING TRANSPARENCY ON SPECIAL TAX DEALS: POLITICO’s Simon Marks has learned via a freedom of information request that
Germany has waged a behind-the-scenes fight to prevent the public disclosure of tax rulings between governments and multinational companies. The story is
available to POLITICO Pro Technology and Financial Services subscribers.
CYPRUS REUNIFICATION — THE ENDGAME THIS WEEK: Sara Stefanini reported on a make-or-break week for both Cyprus and the EU, which needs a win to
demonstrate it is a peace-bringing force in the world. The odds for success are slightly better than even, according to Stefanini. If they manage to strike a deal, it
would mean separate but simultaneous referendums to bring a final end to “a 43-year standoff and Turkish Cypriots’ inclusion in the European Union.” MBR
COMMISSION — JUNCKER CAN’T SHAKE
THE BAD TAX NEWS: This time it’s an investigation by EU competition tsar
Margrethe Vestager into ENGIE, the recently rebranded Belgian electricity
company (formerly Electrabel), that’s making uncomfortable reading for
European Commission President Jean-Claude Juncker.
Vestager’s case suggests the Luxembourg tax authority turned a blind eye
to blatant tax dodging. Juncker, who was the country’s prime minister at
the time, has always said he didn’t get involved in Luxembourg’s generous
Jean-Claude Juncker,
European Commission President
tax rulings in favor of companies like ENGIE. And yet Luxembourg is such a tiny government, and there were
so many tax rulings of this nature, that Juncker is finding it difficult to escape criticism-by-association.
More details, by Nicholas Hirst, are available to POLITICO Energy and Financial Services Pro subscribers. Also
from L’Echo and DPA.
Left-wing MEP Fabio de Masi and Green MEP Sven Giegold argue the role of a secretive EU tax body should
be called into question, as its 19-year existence has done little to limit aggressive corporate tax practices
across the bloc. (Link for POLITICO Pro Technology and Financial Services subscribers). Earlier this week, the
Guardian published an article that accused Juncker of secretly blocking EU initiatives to curb tax avoidance,
via the Brussels tax group, which was first set up in 1998 to prevent EU countries from being played off against
one another by global companies. MBR
TECH — HACKERS INCREASINGLY TARGETING EU, KING SAYS:
“It’s clear that many institutions across Europe and more widely, and
that includes the European Commission, are subject to a continuously
increasing number of cyber attacks from different sources,” Julian King,
the EU security commissioner, told the FT. “These threats are persistent,
they are aggressive, and more and more dangerous and potentially
destructive.” The most dangerous are those that aim to “undermine
Donald Trump and Vladimir Puttin the trust in our democracies,” he said.
US — TRUMP ACKNOWLEDGES RUSSIA PLAYED ROLE IN DNC HACKS: Incoming White House chief of
staff Reince Priebus said Sunday that U.S. President-elect Donald Trump accepts that Russia played a role
in hacking the Democratic National Committee and Clinton campaign Chairman John Podesta.
FOCUS ON FINLAND …
Back when Finland was run by Russia, Playbook’s great grandparents set off by boat from a Swedishspeaking
enclave in southern Finland, for Australia. A hundred years on from independence from
Russia, celebrations are in full swing and will continue all year. Russia’s President Vladimir Putin has also
confirmed a summer visit to mark the celebrations. MBR
MEET MICHEL
BARNIER’S BREXIT
DREAM TEAM: Britain’s
negotiating team in
Brussels has been in
the spotlight following
the resignation of Ivan
Rogers from his post
as EU ambassador. But
Michel Barnier, the EU’s what of the other side
Brexit negotiator
of the table? Michel
Barnier, the EU’s Brexit negotiator, has assembled a
team of roughly 30 staffers from secretaries to top
advisers. The taskforce, which is likely to double
in size, is thus far notable for being composed of
francophone EU nerds and former Barnier staffers.
MAY SENDS SINGLE MARKET SIGNAL: In an
interview with Sky News show “Sophie Ridge
on Sunday,” Theresa May confirmed she will
meet Donald Trump in the U.S. next month and
defended the U.K. government’s friendly embrace
of the president-elect despite his “unacceptable”
comments on women, reports Tom McTague.
“In the biggest hint yet that she is prepared to
abandon the single market, the Tory leader said
Britain was leaving the EU and will not seek to keep
elements of membership.”
A SOFT BREXIT IS A ‘FAKE BREXIT’ SAYS MICHAEL
GOVE: Fake Brexit must be stopped, writes the now
backbench MP Michael Gove, for BrexitCentral, a
pro-Brexit website.
“The vote on 23rd June last year was not simply
a rejection of the democracy-denying, growthdiminishing,
job-destroying EU, it was a vote for
wholesale change … We are still far too unequal
a society … The good news is that leaving the
European Union makes it easier for us to rebalance
our economy … we need to deliver a full Brexit,
not settle for fake Brexit … We don’t want to be
bound by being members of the customs union.”
ROGERS FORMALLY RESIGNS FROM UK CIVIL
SERVICE: The former British ambassador in
Brussels did not seek another role within the U.K.
civil service. MBR
Credits: POLITICO Brussels Playbook;
rheath@politico.eu | POLITICO SPRL;
26 27
www.maltabusinessreview.net
Malta Business Review
GAMING
DraftKings continues international expansion
About
DraftKings
Photo / DOI: Pierre Sammut
DraftKings is an innovative sportstech
entertainment platform,
changing the way consumers
engage with their favourite sports,
teams and athletes worldwide.
DraftKings, headquartered in
Boston, MA, offers daily and weekly
fantasy sports contests across ten
professional sports in the U.S.,
Canada and the United Kingdom.
Founded in 2012 by Jason Robins,
Matt Kalish, and Paul Liberman,
DraftKings is the exclusive daily
fantasy sports partner of Major
League Baseball, The National
Hockey League, NASCAR and the
Canadian Football League.
The Malta Gaming Authority has
issued a Controlled Skill Games
License to DraftKings, with
regulations that will protect consumers,
while bringing sports fans in Europe closer
to the sports they love.
DraftKings Inc., announced that its
subsidiary, DK Malta OpCo Ltd has been
granted a Controlled Skill Games License
from the Malta Gaming Authority (MGA),
following Malta’s recent introduction of a
new regulatory regime for certain games
of skill.
DraftKings is the world’s largest skill-based
Fantasy Sports (FS) platform, allowing
players to compete in daily or weekly
Manager Game-type online contests
across the largest variety of professional
sports, including seven leagues of Football
(soccer), North American Sports (NFL,
MLB, NBA, NHL, CFL & NASCAR), Mixed
Martial Arts, Golf (PGA & European Tour)
and eSports.
The Skill Games License will enable
DraftKings to operate in Malta and other
select European countries. DraftKings
intends to begin offering Fantasy Sport
contests in some markets in the first
quarter of 2017, with additional countries
to follow.
“Malta’s intention to regulate digital skill
games with a prize was first announced in
December 2014 when the MGA published
a consultation document. From then
onwards, the MGA sought the input of
various industry stakeholders and experts
in order to develop a framework which
facilitates the development of the sector,
while ensuring adequate protection for
players and fairness of the games”, said
Executive Chairman of the Malta Gaming
Authority Joseph Cuschieri.
We have taken a responsible, fair and less
conservative approach in order to enable
companies such as DraftKings, in obtaining
a license to operate in Malta and other
European countries, whilst protecting the
consumers. Such a regulation will again
put Malta at the forefront in the sector
of the digital economy”, said Minister for
Competitiveness and Digital, Maritime and
Services Economy Dr Emmanuel Mallia.
“We are excited to embark on this
important phase of our international
expansion,” said DraftKings co-founder and
CEO Jason Robins. “We are pleased that
Malta has recognized the need for special
regulation of certain skill-based games
such as online fantasy sports, which are an
important and growing sector of the digital
economy. The Malta Gaming Authority has
been a terrific partner in terms of depth
of analysis, appreciation of DraftKings’s
product, and examining how our system is
built to provide maximum enjoyment and
peace of mind to our customers. We take
pride in being regulated by this Authority.”
DraftKings’s announcement comes
nearly a year after it began successfully
operating in the United Kingdom. With
more than seven million registered players
worldwide, DraftKings has experienced
significant growth since its 2012 inception.
In 2016, the company saw year-to-year
growth of 20 percent, and a twelvefold
increase since 2014. In the United
Kingdom, DraftKings has averaged nearly
20 percent month-over-month growth of
its user base in the first nine months of
operation, outpacing the growth curve of
the US launch for the same time period.
“We are excited to embark on this
important phase of our international
expansion,” said DraftKings co-founder and
CEO Jason Robins. “We are pleased that
Malta has recognized the need for special
licensing of daily fantasy sports and other
skilled based games. The Malta Gaming
Authority is an innovative organization
and it is clear that they have put a lot of
thought and rigor into this process.”
The strength of the company and success in
the United Kingdom underpins DraftKings’
further European expansion. MBR
Credit: THE MINISTRY FOR COMPETITIVENESS AND
DIGITAL, MARITIME AND SERVICES ECONOMY/DOI
28
Malta Business Review
BUSINESS NETWORKING
Getting
Face
Time Is
The Best
Way To
Network.
Here's
How To
Kill It.
By Brian Scudamore
Call me old-fashioned, but I have
found person-to-person networking
is still one of the most powerful
business tools there is. Twitter, LinkedIn
and the rest have their place, of course.
But in a digital era when everyone is
swarming virtual channels, old-school
networking is especially important. It’s a
lost art, and one that’s worth re-learning.
The numbers show how influential face
time is: Ninety-five percent of people
say it’s essential for long-term business
relationships. Studies show that 93% of
communication is done through body
language, and face-to-face meetings
generate 30% more ideas than virtual
ones.
As someone running four companies, I
depend on the power of my networks to
help me efficiently problem-solve, share
news, and create new opportunities. Here
are my key tips for building and nurturing
your network the old-fashioned way.
Pick Up The Phone
How did I successfully pitch the 1-800-GOT-
JUNK? story to Oprah and the Wall Street
Journal? I picked up the phone. It sounds
simple, but a phone call – even a cold call
– can have huge impact. In fact, you’re
10 times more likely to close a deal over
the phone than over email. It’s a more
effective way to make an emotional appeal
and it’s a way to stand out from a crowded
inbox (a critical advantage, given that the
average person receives 121 emails per
day). So get dialing.
Make Conferences Work For You
Even better than a phone call? Making your
first impression face-to-face. Conferences
are a great place to do this, especially if
you make a conscious effort to connect
with the key players and influencers once
they’re off the stage. I once chased down
Subway founder Fred DeLuca after he
was done speaking so I could ask for his
advice about franchising. From there, we
developed a mentor-mentee relationship
that lasted fifteen years and changed
my business for the better – all because
I didn’t let the opportunity for a one-onone
pass me by. MBR
EDITOR’S
Note
Brian Scudamore is the
founder and CEO of
O2E Brands, the banner
company for 1-800-GOT-JUNK?, WOW 1
DAY PAINTING, You Move Me, and Shack
Shine. He is a strong believer in ongoing
personal and professional development, and
likes to show others how to use goal-setting
to take the lead in their own business. As
someone who is passionate about people,
he created a corporate culture where we are
building something bigger, together. The
author is also Forbes contributor and shares
stories of entrepreneurship: vision, growth
and people.
CORPORATE
Brief
EDITOR’S
Note
30
Malta Business Review
DAVOS 2017
DAVOS 2017
Malta Business Review
World
Economic
Forum
Annual
Meeting
Welcome to POLITICO’s
Davos Playbook, our
guide for this month’s
gathering in the Swiss
Alps. Florian Eder and
Ryan Heath have teamed
up to make this little
extra goodie possible for
you.
Anthony Scaramucci Stars
As ‘The Trump Whisperer’:
The billionaire founder of SkyBridge Capital
was mobbed by journalists clamoring to get
into a hastily organized press briefing after
his on-stage session with the forum’s Philipp
Rösler on Tuesday. Speaking shortly after
Theresa May announced the U.K. would not
seek to remain in the EU’s single market,
Scaramucci backed May’s determination
to go it alone. “I wouldn’t bet against the
United Kingdom,” he said.
Gossip: Scaramucci was called home
shortly after his remarks in Davos and was
already on a plane to the U.S. on Tuesday
evening.
Background
THE EUROPE FIX: Donald Trump bookends this
Davos. Opening festivities (in a sense) from his
office in Trump Tower on Monday, he lashed out
at Angela Merkel, declared NATO “obsolete” and
rooted for the EU’s downfall in his first interview
with European newspapers since winning the
presidency. The Donald’s ascendance to the most
powerful job in the land closes things up here on
Friday too. And of course, in between Theresa
May delivered her Brexit démarche to Europe, in
another sobering dose of reality.
The world as the Davos crowd knew it for decades
is coming apart at Mach speeds. Sure, the
“European project” was bruised up by migration,
economic stagnation, financial crises and various
populist uprisings. Nothing compares to the
double blow of its second-largest economy pulling
out altogether, and a new president in America –
usually the patron saint of Europe’s postwar order
– sounding openly hostile to it.
The diagnosis of the predicament, mixed in with
anxiety only a few steps removed from panic, is
dominating discussion so far. Ideas are not in short
supply. POLITICO co-hosted an event Wednesday
Europhiles can temporarily
rejoice until the next Trump
tweet: Scaramucci said Trump “wants to
have a great relationship with the EU. I really
believe that, if we can get the trade deals
right.” He couldn’t offer any commitment to
continue negotiations on the EU-U.S. trade
deal TTIP, however.
DAVOS PLAYBOOK WOULDN’T
BE POSSIBLE WITHOUT Gabe
Brotman and Vince Chadwick.
BREAKFAST BATTLE: Gillian Anderson
(of X-Files fame) is throwing around some rare
7 a.m. A-list star power,
headlining a breakfast
discussion on forced
labor. That’s the time
slot normally reserved
for worthy and wonky
discussions like Deloitte’s
“Smart cities and smart
nations,” one of the
sessions that will go headto-head
with Anderson
today. Let’s see if the host,
CNN’s Richard Quest, can
pull in the same numbers
Anderson does. Playbook
will keep tabs.
called, prescriptively, “Fixing Europe’s Disunion.”
One of the panelists, Pierre Moscovici, the former
French finance minister and current European
economic commissioner, argued “the way to
combat populists is to be popular — to show
results,” primarily by improving the economy.
“More Europe” is his answer. Joseph Stiglitz, the
Nobel Prize-winning economist, blamed the euro,
but seconded Moscovici’s call for budget transfers
from rich countries to poor and a eurozone finance
minister. Others talked about touting the EU’s
benefits more effectively, and much was made of
spending more on infrastructure. But how any of
this will go down with European voters, say in a
Germany asked to pick up these checks, wasn’t
discussed.
For the last 50 years of the 20th century, the point
of the EU was not to repeat the first 50 years: A
Continent, at peace and prosperous, nothing more
or less. The power of this narrative – that one
Big Idea – is gone. It needs a new one. The EU’s
leaders see an opportunity in the current crisis
too, to find that elusive fix. “Brexit is a wake-up
call for us,” Moscovici said. Though the European
political class hopes it’s sufficient, it won’t leave
Davos any more optimistic than it arrived.
That’s where the
compliments ended: Brussels
is too far removed from local markets and
concerns in the eyes of Trumpland: “His
[Trump’s] political observation is not that
he wants the EU to go away but that it
is not being managed effectively for the
people it is supposed to serve.”
The most direct criticism
of Trump: Without naming the U.S.
president-elect, Xi told participants: “We are
not jealous of the success of others. We will
open our arms to other countries.”
RAGE AGAINST THE MACHINES:
Alert readers will have seen the signs long
ago, and the World Economic Forum itself has
been pushing the theme of a “Fourth Industrial
Revolution” for more than a year. In a widely read
article published December 21, the New York
Times’ Claire Cain Miller pinpointed automation,
not China, as the real American jobs killer. The
European Parliament released a report January
12 on how to regulate robots’ role in our world,
while McKinsey analysts declared automation is
inevitable. Then there’s Uber’s head-first dive into
driverless cars and Amazon’s exponential use of
robots. Like it or not, pretty much everyone will
be forced to talk automation this week.
So it was no surprise that WEF founder and chief
Klaus Schwab addressed the issue in his speech
to open this year’s event. What did surprise
was Schwab’s stirring language as he called for
more humanization and voiced fears that we
now face “nearly an avalanche” of technological
transformation with little political capital left to
help pay for the adjustment. Hence Schwab’s
lament: “Davos is a global village but an isolated
place.”
Bankers are used to being bashed; for politicians it’s
a daily ritual. But tech titans who bask in delivering
convenience are not ready for the backlash their
products are generating. Automation could eat
the global middle-class alive. That may be the real
killer message from Davos 2017. Donald Trump
and Marine Le Pen may be symptoms of emerging
populism. Globalization may indeed be one of its
causes. But if the tech sector can’t do more to
solve the problems it helps create, then the Davos
Man could truly face extinction.
DAVOS INSIGHT — CHINA MAKES ITS PITCH:
Chinese President Xi Jinping sounded more
Silicon Valley than single-party Communist
leader at times during his opening keynote
speech in Davos, issuing a strong rebuke
against protectionism. If Xi wanted his carefully
calibrated and reassuring remarks to contrast
sharply with the style of U.S. President-elect
Donald Trump, he succeeded, in a speech
peppered with quotes from Dickens, Chinese
proverbs and his own jokes.
Xi spoke directly from the Davos playbook
— even naming it “Schwab-onomics” after
the WEF’s grand seigneur. Some wondered,
however, if his description of the forum as a
“cost-effective brainstorming session” was a tad
backhanded.
He went on to defend economic globalization
from the attacks of populist politicians, arguing
it does more good than harm. It was an
alternate new world order to the one laid out
by the U.S. president-elect in an interview a day
earlier — and Xi seemed to be applying for the
vacant job as global sheriff.
Special Address by Joe Biden,
Vice President of the United States
In the final days of President Barack Obama’s
administration, Joe Biden is addressing Davos for the
last time as Vice President. He’s expected to share
his thoughts on global security and the relationship
between the United States and Europe.
ARTIFICIAL INTELLIGENCE:
Is it replacing or amplifying humans? The
judgements were mixed at an Infosys
session on “Keeping the machines in check.”
One angle Playbook had never considered
before: the ability of algorithms to teach
themselves to breach antitrust laws without
knowing it. The WEF has produced a handy
summary of Ginny Rommetty (IBM), Satya
Nadella (Microsoft), and others weighing in
on the role of AI. IBM launched a new set of
principles it is committed to using regarding AI.
REAL WORLD: Days before Trump’s
inauguration, General Motors announced
it would invest $1 billion in the U.S. and
Wal-Mart promised to create 10,000
additional jobs there by the end of the year.
Bayer announced an $8 billion research
investment in the U.S. after discussions with
the Trump team.
An economist’s view: Li Daokui, from Tsinghua
University: “One of the few things on which
China and Trump agree is that the dollar must
fall,” h/t La Stampa’s Marco Zatterin.
Christine Lagarde's 2013
warning about inequality
In the session Squeezed and Angry: How to
Fix the Middle-Class Crisis, IMF Managing
Director Christine Lagarde spoke about the
Davos speech she gave in 2013 warning
about rising inequality.
Here is excerpt from her speech - watch from
13:55 for her main warning:
"You can be absolutely sure that nations
will revert to their natural tendency of
hiding behind their borders, of moving
towards protectionism, of listening to
vested interests, and they’ll forget about
transcending those national priorities."
—Christine Lagarde, speaking in 2013
"Why did people not listen, I don’t know,
but certainly I got a strong backlash, from
economists in particular saying that it
was not really any of their business to
worry about these things," she said in this
morning's session.
P r i v a t e
c a p i t a l
welcome: “In
the past, we’ve relied
on governments to
power our countries;
we now need to bring
in the private sector
to help empower
our economies and people,” said Cyril M.
Ramaphosa, South Africa’s deputy president,
during a panel discussion on the future of
energy across the African continent.
The Klaus Schwab reply: “We cannot go
back to old policies,” the forum’s founder
said. “We cannot take recipes which may
have worked in the old world but are not
working anymore in the new world.”
The most popular line came when Xi likened
protectionism to “locking yourself in a dark
room,” in that “you keep out wind and rain but
also air and light.” He added that “no one will
win a trade war.”
THRIVING AT DAVOS: It’s the serendipity,
stupid: Keep your eyes open and chunks of
your agenda free. You will be late at times.
You will run into old friends and interesting
people. MBR
Source: POLITICO Davos Playbook; POLITICO SPRL
32 33
www.maltabusinessreview.net
Malta Business Review
DENTAL CARE
MOVE IT MOVE IT
With
New Beginnings!
How many times have you looked in the mirror and said to
yourself…. I should have fixed my teeth a long time ago? Time flies.
Things get in the way, university, career moves, family and more.
Before you know it, years have gone by without doing anything
about it. Then one fine morning you wake up and decide for your
own benefit that enough is enough. Where do you start from?
Extra-oral after treatment
The consultation
Treatment planning
34
Intra-oral after treatment
Extra-oral before treatment
Intra-oral before treatment
DR JEAN PAUL DEMAJO
Dental and Implant Surgeon, Trained in
London working in private practice in Malta
Setting up the first appointment for a
consultation is probably the biggest step.
After years of procrastination, you finally
bring forward all your thoughts and
emotions and tell the dentist all you wish
to achieve from your teeth and smile. This
information is very important allowing the
dentist to come up with the right treatment
plan targeting YOU, and enabling you to
set the ball rolling for the start of your
transformation. Timeframes and costs
told, you consent for the treatment and all
systems go!
A Case Study
Following a thorough consultation
including clinical and radio-graphical
examination, options for treatment
are discussed and decided on. General
dentistry such as gum and tooth health
is addressed first. Once stabilized
the cosmetic treatment plan may get
underway. Implants, crowns, veneers and
bridgework may all be included using
several materials to be chosen from.
Simultaneous tooth whitening regimes
may also accompany the treatment. And
finally a maintenance program to keep
all dental work and underlying teeth and
gums in good shape.
A middle-aged career woman with a very active social life finally takes the plunge and
addresses her lifetime dream of fixing her smile. Knowing that orthodontic (brace)
treatment would have been the best plan when she was young and also that it is still an
option, she opts for a cosmetic job to give her the immediate result she wishes.
The treatment consisted of all-ceramic metal free restorations; 6veneers, a 3-tooth
bridge and a crown. Additional techniques used included a minor bone grafting
procedure and periodontal plastic surgery.
These cases are best tackled by experienced clinicians who know the ins and outs of
treating these clinical situations also using particularly high caliber materials not to
mention managing those unexpected problems both during and after treatment. Ask
your dentist!
MBR
TA' KANDJA CARGO COMPLEX
Mqabba Road, Ta' Kandja Limits of
Siggiewi SGW 2606
In collaboration with
For COST EFFECTIVE
Shipping Service
From Sicily and any part of Italy
No matter the size or weight
For a reliable and easy daily service
Tel: +356 2144 3031 / +356 2146 0427
E-Mail: kevin@attardholdings.com.mt
Website: www.attardholdings.com.mt
Malta Business Review
FOCUS
FOCUS
Malta Business Review
Why Russia
Is Using the
Internet to
Undermine
Western
Democracy
Powerful Russians were terrified by the
internet in 2011. Now they have made
sure we are, too.
By Maria Farrell
At a recent international meeting on
internet freedom and democracy,
one of the chairs made an unusual
request: He asked contributors to share
only research results, not anecdotes. I was
puzzled—why did this need to be said?
The couple of hundred attendees were
policy wonks and government ministers.
Politicians’ talking points and newspaper
editorials might base their calls to action
on horror stories, but the professionals
look for the data, right?
Half an hour later, a panel opened up to
the audience for questions, and then I
understood. A woman from an “official”
Russian nongovernmental organization
started to speak. Though her English was
excellent, her statement-as-a-question
was pretty incoherent. We can’t have
unfettered internet freedom, she said,
because just a few months ago, a boy in
central Russia got hooked on an online
game. When his parents cut off his access,
he tried to kill them. I think she said one
of them survived. It was all a bit emotional
and confusing. But her point was as clear
as it seemed ridiculous: The state must
control the internet to stop boys in central
Russia from stabbing their parents with
kitchen knives.
Now, I live in the United Kingdom, where
the state does more surveillance than any
other functioning democracy and requires
extra-legal and untransparent censorship by
internet service providers (because “Won’t
somebody think of the children?”). But even
to me, this statement—at an international
meeting, no less—sounded borderline
unhinged. I wasn’t the only one. Around the
room, people smirked as they fiddled with
their interpretation headsets. A few raised
eyebrows and exchanged knowing smiles.
Chatting to a European diplomat afterward, I
asked what had just happened. “Oh, it’s just
what they do now,” he said. He had recently
worked at the U.N. in New York and observed
Russia’s new M.O.: tell scary stories and
wreck the chance of a reasonable discussion.
Trolling, basically. Gesturing around at the
room of people mostly from Europe and
countries on Europe’s periphery, he said,
“They don’t want this kind of thing to work.”
By “this kind of thing,” he meant the
multistakeholder internet governance
model, which brings together governments,
business people, civil society, activists, and
internet engineers. Russia’s discomfort with
it is well-known. Along with China, Saudi
Arabia, and Iran, Russia has long lobbied at
the U.N.’s International Telecommunication
Union to keep decision-making to
governments.
But as I wrote a couple of weeks ago, U.S.
foreign policy on the internet hasn’t played
so well abroad, either. Internet Freedom
can sound like just another way to lock
in U.S. tech firms’ first-mover advantage
and de facto monopolies. American “soft
power” seems anything but benign to
leaders of autocracies. To them, the muchtouted
ability of tech giants like Twitter and
Facebook to facilitate revolutions looks like
deliberate sedition by a foreign power.
Russia’s leaders already see Western
conspiracy everywhere: the Orange
Revolution, the Arab Spring, the entire
internet. All of these play out in Moscow
as plots by the U.S. and its allies to ensure
the world order protects only Western
values and therefore Western interests.
And we play right into their hands, saying
the internet is a samizdat—the famously
hand-copied literature of opposition to
Soviet rule—and claiming the Che Guevara
of the 21st-century is a network. (And rather
ahistorically, too, given the United States’
violent antipathy to Guevara’s aims.)
Does the internet drive people-powered
revolutions? Maybe. It’s complicated. But
2011 began with the Arab Spring chasing out
the rulers of Tunisia and Egypt, and ended
with Moscow’s middle classes taking to
the streets in Facebook-organized protests
against electoral corruption. Facebook did
more than just make it easier to organize;
in a year of popular revolution, it let some
Russians feel they were part of something
bigger, that they had a chance. It was a
profound shock to Putin’s government. To
Putin’s ex-KGB mindset, there is no such
thing as spontaneous, popular protest. In
his world, power is vertical. Someone is
always pulling the strings. So the Russian
state married its existential pessimism to the
West’s internet cheerleading. The internet
had to be brought under control.
The Red Web, by Andrei Soldatov and
Irina Borogan, shows that before 2012,
Russian internet censorship was surprisingly
decentralized and inconsistent. It took the
shock of the short-lived middle class revolt
for Russia to really go on the offensive.
Opposition websites were hit with powerful
and coordinated distributed denial of service
attacks, trolling, and disinformation. Deluged
with pro-government propaganda, local
news platforms basically gave up trying to
separate fact from political fiction. The sheer
volume of fake news, plus its sophistication,
meant algorithms could no longer tell the
difference. (To be fair, humans—even those
in democracies—have trouble sorting fake
news from real, too.)
To Putin’s ex-KGB mindset,
there is no such thing as
spontaneous, popular protest
In 2012, new censorship measures were
brought in, using technologies that
indiscriminately block addresses and
inspect each packet of data. The official
rationale? “To protect the children.” Data
localization rules were also introduced,
requiring data about Russian citizens to
be stored on servers physically located in
Russia. The official rationale? To protect
Russians against American surveillance,
post-Snowden. The internet in Russia
was starting to come under control, but
for a state that believed it was facing an
existential threat, it wasn’t enough.
Russia turned its attention abroad. At
a 2012 U.N. meeting to create binding
international telecommunications rules,
Russia and Iran lobbied hard to increase
the role of states in internet governance. A
last-minute procedural U-turn caused most
Western countries to walk out. The chance
for global agreement was dead. While the
authoritarian states failed in their highprofile
U.N. efforts, they continue to make
steady progress in standardization study
groups where real work gets done. But it
still wasn’t enough.
When Russia finally emerged from internal
chaos, it was eager to take its place in the
international order.
The Russian state lacks the discipline
and capacity of the Chinese state. It is
too insecure to think long-term, as the
Communist Party of China does. Nor does
Russia offer a lucrative enough market to set
its own terms of engagement with foreign
firms. So Russia can’t assume into itself the
parts of the internet it wants (economic
growth) and isolate and expel the parts it
rejects (accelerated political change). But the
internet, with its politically and economically
disruptive power, remains both a symbol and
a channel of Western values and interests.
A purely defensive Russian response was
never going to be enough.
So Russia did the only thing it could: It
took the West’s proudest, strongest, most
transformational tool and helped to turn
it against us. Internet jiujitsu, in the form
of information war (what we used to call
propaganda) and cyberwar (plain old
hacking and sabotage), turned the energy of
the networks against their creators.
Russia almost certainly hacked the
computers of U.S. election officials and
the Democratic National Committee, and
funneled its damning findings through
willing stooges. This is not a fringe view. We
still don’t know whether the U.S. presidentelect
shares more with Vladimir Putin than
just an onanistic cult of toxic masculinity.
Links between the U.S. right and the Kremlin
are murky, though I expect more information
will emerge. But even if we find proof,
millions of Americans will simply refuse to
believe it. Homegrown propaganda sites will
amplify and disseminate disinformation, as
they did all through the U.S. election. Russia’s
adversary during the U.S. presidential
election was not Hillary Clinton but faith in
the American electoral process.
Kremlin propaganda outfits like RT and
Sputnik aggressively push a mix of news and
conjecture whose aim is not to convince
viewers that a particular narrative is true
but rather that they live in a world where
disinterested, objective fact does not, indeed
cannot exist. Their stories are disseminated
further by right-wing populists around
Europe. The Kremlin has funded far-right
parties’ growth across Europe, just as the
Soviet Union funded far-left ones in the Cold
War. But this time, the aim is not to create a
new, socialist world order, but to destroy the
possibility of any stable global order at all.
And the internet is key to that. As the
internet’s democratization of speech cuts
across traditional channels, more people’s
views can be heard. But in a deluged ideas
market, the law of supply and demand
applies. Each view is worth less, and our
ability to reflect and discriminate between
them disappears. Hearing everyone’s
Cont. on pg 38
36 37
www.maltabusinessreview.net
Malta Business Review
FOCUS
TRANSPORT & LOGISTICS
Malta Business Review
Vladimir Putin in Berlin on Oct. 19. 2016
Cont. from pg 36
opinions on everything all the time sums to
a helpless sense that it’s all broken and no
one can be trusted. We retreat further into
our echo chambers where dissenting views
become unknown unknowns. For Putin, this
stuff is pure gold. The loss of civility and trust,
and the radical flattening of political space,
which the Kremlin so feared, turn out to be
perfect for turning democracy against itself.
It can be insidious. The recent statesponsored
attempts on the Gmail accounts
of well-known U.S. progressives likely isn’t
aimed at finding out who they know and
what they think—just reading the New
York Times tells you that. It signals that
our private talking and thinking spaces
are no longer secure. Writers who believe
they are listened to by even a “friendly”
government will self-censor. When you can’t
think, talk, and listen freely, you don’t act
independently. Civil and political rights aren’t
just nice to have; they’re the basis of a stable
and scalable global order. (There are good
historical reasons we codified all this stuff
after World War II.)
What to do? Understand first that this is
something we are largely doing to ourselves,
and second that Russia’s profound cynicism
is, paradoxically, utterly sincere. Yes, the
Kremlin has remade the Russian internet
in its own paranoid, hierarchical, and
slightly shambolic image. Yes, the Russian
government is aggressively spreading its
nationalist and nihilist world view around
the world. But ask yourself why, in little
more than a decade, Russia switched from
being an enthusiastic joiner of international
institutions to a wrecker, why Russia become
the ultimate online and offline troll.
It signals that our private
talking and thinking spaces
are no longer secure
We in the West ideologically and materially
helped to wreck Russia’s post-Communist
economy and make it a kleptocracy. People
died. When Russia finally emerged from
internal chaos, it was eager to take its place
in the international order. But the credibility
to Russians of that order was damaged
by several events, including the bombing
of the Chinese Embassy in Belgrade, the
invasion of Iraq, and the U.K. and France’s
2011 adventure in Libya. As the West
punishes Russia for invading its neighbors
and slaughtering Syrian innocents, Russia
might observe that we believe in rule-bound
self-restraint only when it suits us. I am just
EDITOR’S
Note
as frightened and angry as anyone else
that Russia is using the best things about
democracy—openness and freedom of
speech—to undermine it. But I can partly
see why it acts as it does.
The tactic I saw being used by the “official
NGO” woman was just a Kremlin technique,
sure. But the anger and fear motivating
her comment seemed genuine. Powerful
Russians were terrified by the internet in
2011. Now they have made sure we are, too.
For people like me who work in internet
governance, the biggest challenge of the
next decade is no longer how to get the
next billion online, or even how to curb the
global monopolies taking over the traditional
roles of government. It’s how to protect the
most important part of our global critical
infrastructure: democracy.
This article is part of Future Tense, a
collaboration among Arizona State
University, New America, and Slate.
Future Tense explores the ways emerging
technologies affect society, policy, and
culture. MBR
Sources: SLATE, NEW AMERICA, AND ASU
Maria Farrell is an Irish writer and consultant on internet governance and policy,
based in London. She blogs at Crookedtimber.org.
Looking
into the
Future
By David Abela
2016 was a turbulent year for the shipping
industry. Personally, the following three
issues were the main topics discussed in
our own forums. First, we had the new
form of terrorism where the aggressors
hijacked freight trucks to conceive their
attacks. The Nice and Berlin attacks
immediately spring to mind. We also
had to make do with weekly problems in
the French port of Calais where irregular
immigrants where constantly trying to get
into the UK illegally by climbing into moving
freight trucks. This resulted in increased
security, which in turn resulted in several
delays, which also affected Maltese
imports from the UK. Finally, the Hanjin
Shipping Line (one of the world’s largest
shipping lines) bankruptcy brought about
a global stock market meltdown especially
in the Far East, great discomfort to the
thousands of families directly concerned
and huge delays for the shipments that
were being handled by Hanjin at the time
of its financial collapse. Tens of Maltese
importers were directly affected by this.
If we look at the local market, one has to
say that imports and exports continued to
increase steadily. It is no secret that the
Maltese economy is faring magnificently
in spite of the uncertain economic
environment still felt throughout the
world and one can feel the good factor
in almost all the sectors of the
local economy. Over here
at EuroBridge,
we have truly
enjoyed 2016
which resulted
in us breaking
all the records
established just
the previous year.
Towards the end
of the year, we
got the ‘cherry on
the cake’ when we were awarded Malta’s
Best in Business ‘Outstanding Industry
Contributor’ Award.
As we look to 2017 and beyond, us
at EuroBridge know there are many
challenges ahead. We will embrace such
challenges and make sure that we continue
towards our aim to offer complete
customer satisfaction. In fact, there are
3 main projects we are already working
on with the customer in mind. First is to
move into our new state-of-the art office in
Qormi, which will occur over the next few
months and secondly, to make as many as
our procedures as paperless as possible
increasing our efficiency throughout.
Finally, we have also started the process to
digitalize the local delivery process, which
will give our customers the opportunity to
know in real time when their next delivery
will take place.
In the meantime, we will continue
searching for better deals and improve our
foreign networks as much as possible. We
are already renowned for our efficiency
when dealing with our customers and
their shipments but we know there is
always room for improvement. This can
only be achieved by staying on your toes,
listening and discussing issues with all
your partners, them being colleagues,
customers or suppliers.
If you would like to know more about
EuroBridge and its services, we invite you
to visit our website www.eurobridge.com.
mt. We would also be thrilled if you could
communicate directly with us by calling
our office on 22487000 or send us an
email on sales@eurobridge.com.mt. We
always sign with our motto ‘Yours to count
on’ and it is our intention that you feel you
can always count on us for your shipping
needs. MBR
38 39
www.maltabusinessreview.net
Malta Business Review
BEST PRACTICE
8 Best Practices for
Improving Your Work-Life Balance
By Paul Petrone
MALTA’S BEST ENTREPRENEUR OF THE YEAR AWARDS
SMARTCITY MALTA | FRIDAY, 30 TH JUNE
2017
MALTA’S
BEST
ENTREPRENEUR
OF THE YEAR
AWARDS
2017
MALTA’S LARGEST AND INTERNATIONALLY RECOGNISED BUSINESS AWARDS
Make 2017 the year where your personal life and professional life are finally treated equally.
Work-life balance is the Yeti of the professional world – often discussed but rarely seen. And even
the people who have claim to seen it, well, you probably don’t believe them anyway.
In reality though, it is achievable. It’s just a skill, and like any other skill, there are best practices
you need to learn to master it. Good thing for us, “Chaos Crusher” Dave Crenshaw has spent
his career studying work-life balance to uncover those best practices, which he shared in his
LinkedIn Learning course, Balancing Work and Life.
Eight of those best practices are:
1
Create a line in the sand between
work and personal time.
A “line in the sand” is the time each day where you
stop your work and start your personal life each
day, Crenshaw said in his course.
Not everyone needs the same “line in the sand”
– for some people it might be 6 or 7, for some
people it might be 4:30 and then back to work
from 8 to 8:45, and then off again. The point is to
have a clear line and honor it, Crenshaw said.
2
Schedule power-down time
between that line in the sand.
Once you hit your “line in the sand”, you should
have some power-down time where you don’t
immediately take up family responsibilities,
Crenshaw said. For many people, this is the
commute, where Crenshaw said it is essential to
focus your mind on non-work related thoughts.
If you don’t have a commute or your commute
is short, there are other options. For example,
you could exercise or do a hobby, Crenshaw said.
Whatever you do, this 30-minute-or-so powerdown
time will give you more energy for the rest
of the day.
3
Create a tech-free sanctuary.
One of the biggest threats to a good work-life
balance is our phones and tablets, which are
constantly buzzing with new texts and work
emails. If you aren’t careful, you’ll get swallowed
up by all these updates and essentially be working
all the time.
To fix that, Crenshaw recommends having a tech-
free sanctuary in your house. Maybe it’s your
bedroom, so you aren’t checking email before bed.
Also, when you are with your family, you should do
your best to stay off your phone, Crenshaw said.
This will make that time higher quality and it sends
a message that they come first, not work.
4
Use just one calendar.
One problem Crenshaw sees again and again is
that people have multiple calendars – say one for
work and one for personal – or no calendar at all.
A better solution is to have just one calendar, he
said.
The reason is that you are just one person and
you only have so much time in a week. By having
one calendar, you hammer home that point home,
Crenshaw said. Also, it’s easier to stay organised
that way.
5
And don’t schedule every minute
of that calendar.
Along those lines, Crenshaw recommended not
trying to fill up every minute of your calendar with
tasks, meetings and appointments. Instead, give
yourself time to handle the unexpected or even
just to give you time to reflect.
6
Schedule your vacations well in
advance and make a plan.
Often, before we go on vacation, we work more
and our work-life balance is thrown out-of-whack.
To fix this, Crenshaw recommends scheduling your
vacations as far in advance as possible and then
planning accordingly.
It’s also essential to keep your vacations free
of work. This will actually allow you to be more
productive when you get back, as often your best
ideas come when you aren’t so consumed by the
daily grind.
7
Proactively schedule time when you
are hit with something unexpected.
We all have unexpected events in our lives,
whether they be positive or negative, which can
drastically change your work-life balance. Using a
positive example, your business suddenly booming
is a great thing, but it can also mean more work
and therefore affect your work-life balance.
How should you handle unexpected events like
this?
First, acknowledge the unexpected event and
realize the impact it’s going to have on your time.
Then go to your calendar and literally schedule
time to allow yourself to either process that
unexpected event (if it’s negative) or make time for
it (if it’s positive). The quicker you can make a plan
for dealing with whatever the unexpected event is,
the better you’ll be able to handle it.
8
Focus on results, not busyness.
Finally, Crenshaw said the biggest key to having
a great work-life balance is changing your
perception. And that means focusing on results,
instead of busyness.
For example, you aren’t successful because you
work 10 hours a day or even if you are a top-five
salesperson at your company if that’s affecting
other parts of your life. You’re successful if you
are getting positive outcomes in all areas, meaning
happiness in your job and happiness in your
personal life.
That means valuing both your personal and
professional time equally. The quicker you do that,
the quicker you’ll attain a lasting work-life balance.
Along with time management and other business
skills, LinkedIn Learning has thousands of courses
on the latest tech and creative tools. MBR
Credit: LinkedIn Learning
CELEBRATING
6 YEARS
OF ENTREPRENEUR
EXCELLENCE
INFO
FOR FURTHER
INFORMATION PLEASE
CONTACT
Margaret Brincat
• M: 9940 6743
•
VISION, GROWTH AND PEOPLE
40
Malta Business Review
F&B INTERVIEW OF THE MONTH
WASTE MANAGEMENT
Malta Business Review
BEYOND
EXPECTATIONS...
By Jean Paul Abela
When sitting down with Noel Borg of Mannarinu Caterers, the conversation inevitably turns
to the humble beginning of their catering business in the 1950s. Years later the business was
inherited by the younger son Noel and his wife Bridget who nowadays along with their two
sons manage a company committed to creating catering that surpasses expectations.
“Going that extra mile for our clients has
always been part of our vision as we seek
to provide delicious food with added
touches of class, creativity and quality,”
says Noel Borg of Mannarinu Caterers.
Nothing sets the tone of one’s celebration
quite like an elegant, delicious menu.
One of the most important choices one
will make, as far as guests’ enjoyment is
concerned, is the cuisine one chooses to
offer. Whether one is having a reception
with an offering of small bites and
tasty treats, or planning out a refined,
three-course meal – one must have full
confidence in his wedding caterer.
The hallmarks of Mannarinu caterers
With over 50 years’ experience in the
industry, Mannarinu and its highly trained
team has the knowledge to guide it’s
clientele to perfection. Mannarinu has keen
attention to detail, high level of customer
service coupled with a true sense of style in
food display and table settings.
The team is passionate about making every
event an incredible experience, regardless
of the size. Whether entertaining a few
friends for a special occasion, hosting a
substantial amount of guests for a lavish
gala, or planning a garden wedding,
dedicated staff will assist the clients’ needs
and challenges before flawlessly planning
the event.
What kinds of cuisine does Mannarinu
Caterers specialise in?
Mannarinu is well known for its vast
selection of food items, from traditional
delicacies to recent innovations. All items
are carefully produced locally from the
finest and most natural ingredients with
no added preservatives. Mannarinu can
also customise menus to one’s unique
taste. Food stations are a creative way to
showcase the character of the new couple
while wowing guests and pleasing an array
of picky palates. Mannarinu’s signature
dishes exquisitely fuse classic recipes
along with innovative items. Guests may
feast their eyes and bellies with spicy
tuna, crazy crab, cooked salmon and Ebi
kyuri at the Sushi table. The key to a show
stopping coffee table is all in the detail and
understanding on how best to display your
delicacies. With over thirty types of mini
petite fours and two chocolate fountains,
our coffee table makes a statement at your
wedding. The Cheese and Parma table
includes cheeses from a variety of regions
as well as quality salami and Parma ham.
The Pasta table also offers an array of
pasta accompanied with different sauces.
For an extra touch of class and celebration,
guests will have the opportunity to choose
from a selection of whiskies from the
Whisky Bar.
The key to a show stopping
coffee table is all in the detail
and understanding on how
best to display your delicacies
Although Mannarinu’s past has been a
celebration of success and the present
is very bright, the journey never stops.
The future entails continuous hard
work. "You're only as good as your last
performance. The past is part of history
but you have to build on last week or last
night's performance to ensure the future
remains strong,” explains Noel. MBR
All Rights Reserved / Copyright 2017
Wasteserv acquires National
Champion status in the European
Business Awards
WasteServ Malta Ltd is
one of the Maltese
National Champions
selected for The European Business
Awards 2016/2017. The independent
awards programme, sponsored by RSM
International, now in its 10th edition, has
tens of thousands of participants and this
year spans 34 different countries.
Wasteserv entered the competition
under the Environmental and Corporate
Sustainability award category and
has been chosen after the first phase
of judging. The independent panel
evaluated participants on the core values
of innovation, ethics and success and
National Champions will now go through
to the second stage of the competition,
which also includes a public vote. You
can watch our story & vote for us by
Wednesday 1st March!
http://www.businessawardseurope.
com/vote/detail-new/the-awardfor-environmental-corporatesustainability-1/19836
Wasteserv Chairman, Mr David Borg said,
“It is truly an honour for Wasteserv to have
been selected as a National Champion
in this prestigious competition. We are
extremely proud of the work we’ve done
so far to serve the local community and
we are glad to see our achievements
being recognised at this level in Europe.”
Wasteserv’s success in improving
drastically the waste management
infrastructure in Malta over the past 2
years formed the basis of the company’s
entry into the competition. Between
April 2015 and February 2016, Wasteserv
Malta inaugurated 4 new facilities – a
Civic Amenity site at Ta’ Qali, a central
location in Malta, an Autoclave Rendering
Plant complementing the incinerator
facility in Marsa, an underground
new waste facility in Gozo and finally
the biggest achievement being the
inauguration of the €50 million ‘Malta
North’ facility located within the Magħtab
Environmental Complex. In line with
Wasteserv’s vision, a vision redefined
following a rebranding exercise launched
in July 2015, all these new facilities
contribute to ‘creating resources from
waste’ either through the preparation
of materials for recycling or through the
generation of renewable energy from the
treatment of non-recyclable waste. MBR
For further information:
www.businessawardseurope.com
www.wasteservmalta.com
42 43
www.maltabusinessreview.net
Malta Business Review
BUSINESS TURNING POINT SERIES
BeSmartOnline!
Malta Business Review
BeSmartOnline!
continues the fight
against online risks:
Funds allocated for
the 4th phase of
the BeSmartOnline!
project. A number of
initiatives planned to
be implemented over
the next 30 months
Lessons all entrepreneurs can learn from business pivots
By Nathalie Clarkson
According to one estimate, as many as 20 per cent of businesses have undergone a significant transformation as they
have grown. Whether your business is looking to pivot or not, there are important lessons to be learnt from this trend.
Are you at a turning point in your life or career? Then read on to find the inspiration for making the most of it.
Listen to your
customers
No matter what
kind of product
or service you’re
running you need
to know what your
customers think of it. Photo
sharing service Flickr started
life as an online roleplaying
game, but they realised that
the most popular part of their
offering was the small photo
sharing element. When it came
to looking at pivoting, it was
clear to the team what direction
the product should be going in
as they knew what their users
liked.
“It turned out the fun was in the
photo sharing,” Caterina Fake,
co-founder of Flickr, said in a
2006 interview with USA Today.
“Had we sat down and said,
‘Let's start a photo application,’
we would have failed. We would
have done all this research and
done all the wrong things.”
Take inspiration
from everything
Had Howard
Schultz not
travelled to Italy
in 1983, your
morning coffee
could look very
different. The Starbucks CEO
was inspired by the European
coffee shops that he visited
to change the direction of the
business.
"I saw something in Italy which
was the genesis of it all,”
Schultz said in a 2013 interview
with ABC CBN. “What I saw
was people coming together
and human connection over
coffee and it was the romance
of the beverage that was the
genesis of the idea.”
In the same way,
entrepreneurs should always
be aware of what they're
seeing and experiencing and
consider how it could affect
their business.
Think outside
the box
N i n t e n d o
might now be
synonymous with
video games but
the company’s roots
are actually in trading cards.
Between the years of 1889 and
1956, the company exclusively
created playing cards. It wasn’t
until they found themselves
struggling to survive in the
Japanese toy market in 1966
that the company developed its
first product, an extending arm
released as the ‘Ultra Hand’ in
time for the Christmas rush. It
sold over a million units.
However, the story goes that
this toy would never have been
created had it not been for
maintenance engineer Gunpei
Yokoi who was responsible for
fixing conveyor belts at the factory.
He developed the product for his
own entertainment. However,
spotting it in the factory was
potentially the best move Hiroshi
Yamauchi, president of Nintendo
at the time, made as Yokoi went
on to create the Gameboy –
one of Nintendo’s most popular
products of all time.
Stay ahead of the
game
Android started
its life as a camera
operating system
that would allow
users to connect
their camera to their PC.
However, the team quickly
realised that the sharp decline
in camera ownership meant
that their product was heading
for a niche market. As such,
they decided to pivot into
mobile operating systems – a
market where there was and
is a huge potential for growth.
“We decided digital cameras
wasn't actually a big enough
market,” said co-founder Andy
Rubin. “I was worried about
Microsoft and I was worried
about Symbian, I wasn't
worried about iPhone yet.”
Launching with a mobile
operating system in 2005 put
Android significantly ahead of
their major competitor Apple,
which didn’t enter the market
until 2007 – which offers an
explanation as to why Android
enjoyed a 88 per cent market
share in 2016. MBR
Creditline: Virgin Group Digital
Following the successful application
for EU funds under Connecting
Europe Facility, the fourth phase of
the BeSmartOnline! project was officially
launched during a press conference held
this morning.
This marks yet another important
milestone for the consortium, which
can now continue its work as the ‘Safer
Internet Centre’ in Malta.
BeSmartOnline! has been the national
flagship initiative that promotes the
safer use of the Internet for the past
six years. These funds will allow it to
carry on this mission over the next 30
months. The project is coordinated by
the Malta Communications Authority and
implemented through a consortium made
up of the Foundation for Social Welfare
Services, the Office of the Commissioner
for Children, and the Directorate for
Quality and Standards in Education (DQSE).
The overarching mission of the consortium
is to proactively safeguard the well-being
of children as they navigate and explore
the Internet in order to ensure a positive
online experience. It also aims to help
children fully recognise and reap the
benefits of the many opportunities that
the Internet can present. This is done
through the implementation of a number
of awareness-raising and educational
initiatives targeting children and their
supporting networks, particularly parents,
carers, and educators. In this regard, the
learning objectives and outcomes of the
Personal, Social and Career Development
(PSCD) subject, which focus on digital
citizenship, are instrumental in reaching
all students within compulsory schooling.
Appoġġ, through the Foundation for Social
Welfare Services, has been offering the
services of a helpline, which is provided
through the national supportline 179,
through which the general public,
especially children, carers and educators,
can seek help in the event that they have
fallen victim to, or encounter cases of
online risk. The helpline has had significant
impact, receiving over 270 calls in 2016,
with cyberbullying and sexting topping the
reasons for support.
Aġenzija Appoġġ also administers a hotline,
an online portal accessible through www.
childwebalert.gov.mt where individuals
can report websites containing images
or videos depicting child sexual abuse
material (CSAM) . In 2016, approximately
32 web pages containing over 3200 child
sexual abuse images were analysed and
inputted in the iCCAM platform. Through
this platform the Maltese Hotline alerts
international colleagues about CSAM
hosted on their countries’ servers. As
of last year, the hotline also started
contributing to the ICSE (International
Child Sexual Exploitation) image database
managed by Interpol.
A number of resources developed over
the past year were also presented during
the launch. Resources included: a digital
game that promotes critical thinking
and which has since been installed on
all tablets distributed in primary schools.
The PSCD section with the Department of
Curriculum developed workbooks for all
students in years 3, 4 and 5.
Commenting during the launch,
Minister Emanuel Mallia highlighted the
importance of finding the right balance
between on the one hand harvesting an
economic environment that supports the
proliferation of innovative technologies
and services and, on the other hand,
instilling the necessary skill set in the
younger generation and the supporting
community to ensure a healthy and positive
digital experience, without engendering a
sense of fear of technology. ‘Our aim is
to ensure that everyone fully enjoys the
benefits of technology. Whilst the benefits
are plentiful, risks are still a reality and
they need to continue to be addressed.
This project, together with other initiatives
such as the Malta Security Strategy, which
will be launched in the coming weeks,
contribute to making the Internet a safe
place for our users. It is heartening for me
to see such collaboration between entities
and the truly positive outcomes that are
resulting,’ continued the Minister.
On his part, Minister Evarist Bartolo
lauded the initiatives being undertaken
and how these are fully supporting
and complementing the digital literacy
programme. ‘The synergies created
between the BeSmartOnline! project
partners and numerous education
departments it has worked with over the
years are truly commendable and proof
that pulling the same string can really
render results. Although digital natives,
our students still need to understand and
appreciate the need for proper online
conduct—it is not a technology issue, but
rather a behavioural one. Just as we teach
them the rules of the street, we need to
instil the same mindset for the online
world. The BeSmartOnline! project has
been instrumental in this regard and the
initiatives rolled out over the years have
truly complemented our digital literacy
programme.’
Minister Michael Farrugia made
reference to the importance of a strong
support system and the indispensable
services offered by the helpline 179 and
the hotline. ‘Education and technical
knowledge are both critical elements
that need to be addressed in a coherent
manner and it is highly reassuring to see
that the BeSmartOnline! Project is doing
exactly this. MBR
Creditline: Doi/The Ministry For Competitiveness
And Digital, Maritime And Services Economy
44 45
www.maltabusinessreview.net
Malta Business Review
MARKETING
MARKETING
Malta Business Review
A
new generation of businesses (new
technologies, new business models,
new leadership) is emerging to
address a new generation of customers
(new audiences, new geographies, new
aspirations). Marketing exists to connect
businesses and customers, in relevant and
profitable ways.
A new approach to marketing is therefore
required. Some of the new approaches,
and maybe the language, will be familiar.
But not all, and not joined up as a
fundamental approach to driving business
performance. Together, some call it
Marketing 4.0 or Exponential Marketing,
but whichever labels you apply, it involves
a seismic shift in philosophy and practice.
It fundamentally challenges every
marketer who still turns first to their
strategic plan. And then to their advertising
agency, or even their web developer.
It is fundamentally digital in mindset,
but human as well as technological. It
demands analytical thinking, content and
networks, but also vision and creativity.
It requires new types of leaders, and a
new mindset for every marketer. It is built
around 7 transformations. These are the
“new rules of marketing” ...
The New Rules of
MARKETINGBy Peter Fisk
4. Brand Storytelling
Forget brands built around
who you are – brand logos,
slogans and ownership.
People engage with brands
about them, brands that
reflect their aspirations, and
brands that connect them
with other people who share
their values and aspirations.
Brand stories are living
fables, encouraged by the
company, but interpreted and
spread by people to people.
Content must be realtime and
relevant, and keep moving
forwards. Encouraged but not
controlled. Inspiring, human
and memorable.
5. Social Influencers
Forget advertising, whether a
TV campaign with 30 second
slots, or even personalised
mailings – people are not
listening, and they don’t
trust you. Instead they trust
people like them, friends and
peers. Word of mouth in a
digital world, PR and celebrity
endorsement is replaced by
Instagramers or Youtubers
who they trust. Brand stories,
advocates, and community
building help to guide and
shape this influence.
6. Enabling Experiences
Forget customer experiences
as a semi-automated series of
incentivised touchpoints built
around the “sale”, think instead
from a customer’s perspective.
Think about the experience
they have – the outcomes, not
the inputs, what they do not
what you do. Which is usually
more about how they use,
apply and exploit the products
and services which they buy,
rather than the purchase itself.
Use their language, think about
their experience, and how they
use, store, apply and even dispose
of products and services.
Enable them to achieve more.
7. Exponential Growth
Forget an obsession with sales
volumes, even revenues, which
are the short-term measure
of sales people. Marketers
should be focused on growing
the business – profitably and
sustainably – creating a better
business future, and a longterm
platform and guide for
customers. Think profitably.
Think growth. Think economic
value creation. Exponential
growth is now the expectation
of investor, achieved by
harnessing the power of
branded networks, social
influence and agile business
models. Fast, exciting and
rewarding.
1. Growth Hacking
Forget strategic planning that is slow,
structured and stable – instead think
of strategy like a portfolio of fast and
relentless experiments, seizing and shaping
the best opportunities for growth. It still
needs direction and choices – a vision still
matters, making sense of change, having
a clarity purpose, and a defined context
in which to hack. Strategy becomes agile
and creative, outside in, big ideas and
small experiments, driven by changing
markets and customer aspirations, rather
than fixed by your own capabilities and
products.
2. Customer Analytics
Forget mass-market segmentation,
whether geographic, demographic or
anything else. People are individual,
and don’t want standardised solutions.
The power of big data, connecting and
interpreting, automating and exploiting
– together with more qualitative and
creative insights through customer
immersion and “design thinking” – is
used to focus, engage, customise, deliver,
support, enable the right customers over
time. Linking to the hack culture, is the
ability to keep learning, about people,
about yourself, and what works.
3. Platform Innovation
Forget innovation around a product, or
even a service. Think strategically about
how you can shape the market, in particular
the platform that engages buyers and
sellers, suppliers and distributors. Business
model innovation, channel innovation,
price innovation, then follow. Innovation
is about shaping the market and all its
dynamics to your advantage, whilst also
personalised for each individual through
micro-innovation – collaborative and
customised solutions and experiences.
These new rules of marketing, and specifically
the 7 transformations, are the cornerstones
of my next book and also of a new range of
inspiring keynotes and practical workshops.
We explore each mantra in detail, with
detailed case studies together with the tools
and partners for action.
a provocative challenge for change. Of
course, solutions are not black and white.
Every business still has a mix of structured
and hacked strategy, uses a box of earned
and paid media, and has a balance of push
and pull. But it is a rapidly changing area,
a revolution.
the future, engages the customer and
aligns the organisation to deliver. It is the
growth engine, the innovation catalyst and
customer champion. Markets are changing
at incredible speed, requiring new agility
and new capability.
Whilst of course, every market and every
business is different, the 7 mantras are
Marketing is the driving force of business
– it moves the business forwards, shapes
There has never been a more exciting time
for marketing, or to be a marketer.
MBR
46 47
www.maltabusinessreview.net
Malta Business Review
ECA REPORT
Malta Business Review
European Court of Auditors Report
2015 presented to Parliament
Photo: DOI / Pierre Sammut
“For a reform to work it has to be built
on transparency and accountability,
together with strong financial foundations.
Citizens cannot possibly begin to consider
trusting the European Union Institutions
unless they are convinced that we are
appropriately taking care of their money
and that we are keeping a good account of
how we are doing this.”
This was the message delivered by Mr Leo
Brincat, Member of the European Court
of Auditors (ECA) when on Monday, 12
December 2016 he presented the Court’s
Annual Report covering the financial year
2015 to Deputy Speaker Ċensu Galea
and then to a joint session of the Public
Accounts Committee, the Economic and
Financial Affairs Committee as well as the
Foreign and European Affairs Committee.
The ECA Member said that European
citizens are interested in the source of
the budgetary funds; how they are spent;
what is the present financial situation; and
whether the accounts represent a true and
fair view, as well as whether the estimated
overall level of error remains significantly
above the materiality threshold of 2%.
People want to know whether the
European Institutions are transparent in
the way they manage these finances, even
more so at a time when public interest
and awareness are becoming increasingly
evident as to the determination of whether
there were errors, waste and/or potential
fraud during the past financial year. Saying
that the level of error stood at 3.8% does
not mean that €5bn from the EU finances
were wasted. What would have actually
happened is that, at the testing stage the
ECA would have verified whether the EU
budget was used in accordance with their
intended purpose, whether the costs
charged were properly calculated, and
whether the eligibility conditions were
adhered to. In fact, the percentage of 3.8%
refers specifically to this.
The report clearly shows that errors relate
mainly to ineligible costs being declared
by beneficiaries. Additionally, some of
the projects that were examined did not
meet eligibility conditions set out in the
regulations and/or the national eligibility
rules.
Mr Brincat announced that while the
European administrative expenditure had
the lowest estimated level of error (0.6
%), the Court again found the highest
estimated levels of error in EU spending
under ‘Economic, social and territorial
cohesion’ (5.2 %) and for ‘Competitiveness
for growth and jobs’ (4.4%). The ECA
Member remarked that if the Commission,
authorities in the Member States or
independent auditors had made use of
all information available to them, they
could have prevented, or detected and
corrected a significant proportion of the
errors before the related payments were
made.
Mr Brincat highlighted the expressed EU
Audit’s concern that the Commission has
not produced a cash flow forecast covering
the next 7 to 10 years. He made this
remark in view that such a forecast would
EDITOR’S
Note
enable stakeholders to anticipate future
payment requirements and budgetary
priorities. The ECA Member also welcomed
the spending of EU money in line with the
principles of sound financial management:
economy, efficiency and effectiveness.
In the 2015 Annual Report, Malta is
mentioned generally in the context of the
reporting data on all 28 Member States,
as well as being sampled for reviews in
the Court’s assessment of the European
Commission’s control systems. During
2015, no specific findings on Malta were
reported in the Annual Report.
During the meeting, Mr Brincat explained
in detail the Court’s commitment to
further renew and strengthen itself, after
pointing out that the ECA is presently
facing a number of new challenges and
opportunities.
He concluded by saying that as the Court
is approaching the 40-year mark since its
establishment, its commitment towards
its inter-institutional enhancement and
strengthened links with stakeholders is
increasing thus, helping it to continue
working towards fulfilling its own mission
MBR
statement.
Creditline: House of Representatives/DOI
The European Court of Auditors is the independent external audit institution of the European Union
established by the EU Treaty. The ECA plays a crucial role in ensuring effective EU accountability to
citizens for the public funds put at stake to meet EU objectives by identifying risks to the financial interests
of EU citizens; providing independent assurance on EU financial management; and advising policy makers
on how to improve the use of EU public funds. The Court of Auditors operates as a collegiate body of 28 Members, one from
each Member State. The college adopts: Annual reports (on the EU budget and the European Development Funds, covering the
reliability of accounts, the regularity of income and spending and performance issues); Specific annual reports (on EU agencies and
bodies); Special reports (assessing the economy, efficiency and effectiveness of selected areas of the EU budget); Landscape reviews
(on selected areas of EU policy, analysing broader challenges and long term trends) and Opinions (on new or revised rules and
regulations with financial impact audit reports and opinions by the Court). ECA’s publications contribute to public oversight of
the implementation of the EU budget and to informed decision-making on EU governance arrangements, policy and programme
design and the allocation of EU funds. Spending totalled €145.2 billion in 2015, or around €285 for every citizen. It represented 2.1
% of the total general government spending of EU Member States. The full 2015 Annual Report of the European Court of Auditors,
together with other materials, including photos and videos, can be accessed on the ECA website at http://www.eca.europa.eu/en/
Pages/AR2015.aspx
48 49
www.maltabusinessreview.net
Malta Business Review
iGAMING: THE EMPLOYER BRANDING TOUR
Videoslots.com
A workplace away from work
FOR SALE
buy. sell. rent. consult.
FOR SALE
By Thomas Mahoney
We thank you for tuning in again to read about the forefront of employer branding. Our tour’s second
stop takes us to a leading iGaming employer brand…Videoslots.com
Videoslots.com boasts to be the
world’s largest and most innovative online
casino offering players over 1800 games,
exceptional customer service and unique
features like no-other. A Casino that is
constantly coming up with Innovative
products and ideas such as the unique
‘Battle of Slots’. The organisation’s core set
of values are introduced by the following
phrase; ‘Tickle the Family’, which stands
for; Transparency, Innovative, Creative,
Kick-ass, Leaders, Entrepreneurs and
Family members.
When walking through the front door at
Videoslots.com the instant feeling one gets
is purely colourful and fun! It feels exactly
like walking into a luxurious home with the
most part of it being an office. Visually it’s
an attack of cool ideas such as mural art,
office décor and an overlay of green colour
coming from numerous clusters of plants
at the end of each line of working stations.
This organisation really embraces their
employer branding concepts! Videoslots.
com promises anyone who forms part
of the ‘family’ to benefit from working
in brand new offices and in an eclectic
ambience with great flexibility.
I was toured around by Lorraine, the Events
and Office Coordinator and Ulle, the Chief
Operating Officer whom both introduced
me to their growing concepts. As their
slogan states, working there just feels like
a work place away from work, rather than
spending another day at a regular office.
On route to satisfying their objective they
have created a cosy and comfortable
working atmosphere. This also contributes
to maximize the best working attitudes
whereby staff members are extremely
friendly, and everyone is ready to assist
other team members to highly perform
and progress well.
By now you would think, ‘WOW, this is just
great’. Wait, there is more! The top floor is
mostly dedicated to employee recreation.
One can find a stunning terrace with ample
space, chairs and tables for recreational
purposes, from where one could also
work or also hold team meetings or team
events.
The product brand is very customer
centric, and the customer support agents
are highly trained on all the products and
EDITOR’S
Note
services Videoslots.com offers before they
are permitted to effectively participate on
the job and get in contact with customers.
Employees also partake in ‘team leader’
battles giving support agents a platform
to showcase their skills sets and abilities,
which gives them a chance to get noticed
and to climb a step higher in their personal
career at Videoslots.com.
Managers are continually trained on
leadership skills by an external company
using the company’s values to develop
themselves, as well as to perform better
and achieve more for the organisation.
Most recently, two of the casino’s senior
members were chosen as the winners
of iGaming Idol in Malta. They picked up
awards for ‘Product Idol of the Year’ and
‘Customer Service Idol of the Year’.
Amongst the most generous employer
branding initiatives here are some of the
most prominent ones; a generous annual
fitness allowance; ‘My Plan’ development
program; flexible working hours’ scheme;
fresh fruit daily; weekly get together over
a fully-fledged breakfast; monthly team
events, social parties, days out, and other
activities; VIP tickets to cultural events,
festivals, and football matches; travel car
allowance; transport for shift workers; and
last but not least an annual company trip
(this year featured an all-inclusive 5*****
trip to the colourful city of Barcelona).
When walking through the
front door at Videoslots.com
the instant feeling one gets is
purely colourful and fun
My visit narrative says it all, there is
merely anything else I can add. Would I
recommend this organisation? Absolutely
YES! Videoslots.com is a true employer
branding example. TOP! MBR
Thomas Mahoney (MBA) is an Employer Branding Specialist & Project Director
at the Malta Gaming Authority.
C
M
Y
CM
MY
CY
CMY
K
IKLIN FULLY DETACHED BUNGALOW
€1,800,000 PP16117
Located in a highly sought after area Spread over 1150sqm of
land Dining/sitting room Spacious kitchen leading to outdoor
area Pool with a large BBQ area Three bedrooms Three
bathrooms An interconnecting three car garage Underlying,
fully equipped, three bedroom flat-let Surrounding garden
BORMLA
PALAZZINO
€550,000 PP20142
Baroque style, semi-converted 17th Century Palazzino Ideal as
a Boutique Hotel Central courtyard, Sala Nobile, barrel vaulted
high ceilings, birth room, rain water cellar Airspace Can be
developed further
ST.JULIAN’S FULLY DETACHED VILLA
€3,500 MONTHLY LFDV38296
Furnished, fully detached villa Open plan kitchen / living /
dining Pool with decking area Three/four bedrooms
Three bathrooms Fully equipped flat-let
SALES
48, Erin Serracino Inglott Street, Iklin, Malta
(+356) 2258 4000 (+356) 9999 9983
FOR SALE
TO LET
SLIEMA
APARTMENT
€1,550,000 PP19781
Forms part of the prestigious Tigne Point development An
internal are of 177sqm Entrance hall Fully equipped Kitchen
including Siemens appliances Living/dining area leading to a
spacious front terrace with open sea views Two bedrooms Two
bathrooms (one en suite) 2 parking spaces Highly finished
including parquet/marble flooring, intelligent lighting, motorized blinds
VALLETTA
CORNER APARTMENT
€300,000 SAPT38316
Meters away from the heart of Valletta Brand new
73sqm Corner apartment Fully finished Served with
lift
ST.JULIAN’S
APARTMENT
€1,450 MONTHLY PP18834
Five minutes away from St. Julian’s promenade Brand new,
highly finished Fully furnished Spacious kitchen / living /
dining area leading to a front balcony with distant sea views
Three bedrooms Two bathrooms Optional garage
LETTINGS
65, St George's Road, Spinola Bay, St Julian’s, Malta
(+356) 2258 4010 (+356) 9999 9983
FOR SALE
TO LET
50
info@benestates.com
benestates.com
Malta Business Review
ECONOMY
BUSINESS APPOINTMENT
Malta Business Review
An Economy
Mediterrania Capital Partners appoints
Senior Director for Sub-Saharan Africa
that is facing a
number of threats
I
n its staff concluding Statement on Malta published on 16 December 2016, the International
Monetary Fund (IMF) gave its assessment on the Maltese economy. Similar to the assessment
given by the Central Bank earlier on this month, the IMF’s report speaks of an economy that
is growing but also of an economy that is facing a number of threats.
The IMF in particular makes reference to:
• the possible negative effects of Brexit on the Maltese economy;
• the economic and financial risks arising out of the rapid increase in property over the
past months;
• the need for more responsible and sustainable public spending;
• the delay in Air Malta’s restructuring;
• Enemalta’s elevated government-guaranteed debt;
• the need to incentivise long-term savings and for further measures to align the
effective retirement age with life expectancy;
• challenges being faced by the local banking sector;
• the need to bolster further the resilience of the private sector;
• the need for ongoing vigilance of the financial sector particularly in view of the
demand for the Individual Investment Programme (IIP) and of the importance played
by the financial services sector and gaming sector to the local economy.
None of these points were made by the
DOI which was, again, selective in its report,
seeking to hide from the public the full picture
of what is being stated by the IMF.
These points were raised by the Nationalist
Party over the past months. Our economy
could very well be skating ahead but one
needs to constantly check on the thickness
of the ice beneath our feet. It is clear from
both the IMF and Central Bank’s reports that
there are cracks in the system which need
to be addressed while there is still time. Left
unchecked, these cracks could lead to very
serious consequences and threaten the
sustainability of our economy.
The Nationalist Party is again calling on
government to take heed of these challenges
and of the challenges highlighted by the
Central Bank of Malta rather than focusing
solely on the selective economic indicators.
The Nationalist Party furthermore refers to
its policy papers, in particular to the two prebudget
documents, to the policy paper An
Economy for the People and the Policy for
Retailers, containing hundreds of proposals
that can help boost the country’s economic
performance even further.
The Nationalist Party reiterates the need for a
stronger focus on small economic activities, in
particular to start-ups and innovation-driven
enterprises. The future of our economy
cannot be sustained merely on the back
of consumption trends but needs to be
based on substance and a strong local SME
environment. MBR
Creditline: From PR signed by Mario de Marco,
Deputy Leader of Parliamentary Affairs &
Shadow Minister for Finance, PN; Claudio Grech,
Shadow Minister for the Economy, PN.; PN Media
INSIST PN
OFFICIALS
Strategies to
combat the dangers,
drive productivity
enhancements, and
build present and future
prosperity.
31 January 2017, Malta/Barcelona.
Mediterrania Capital Partners, the
regional Private Equity firm focusing on
growth investments for companies in
North African and Sub-Saharan countries,
announces the appointment of Mr Pacôme
Zahabi as Senior Director for Sub-Saharan
Africa, based in Abidjan.
With 20 years of professional experience in
the finance industry in Africa, Mr Zahabi is
responsible for identifying new investment
opportunities and driving financial and
risk analysis of potential projects. He is
also in charge of the legal processes and
negotiations related to new investments,
for the monitoring of Mediterrania Capital
Partners’ portfolio companies in the region
as well as for the exit strategies.
“We are delighted with the appointment of
Mr Pacôme Zahabi to lead our operations
in Sub-Saharan Africa. Mr Zahabi’s strong
financial background and deep experience
in a wide range of industries and markets
are an enormous asset for Mediterrania
Capital Partners, and make him the ideal
candidate to drive our expansion plans in
the region”, said Albert Alsina, CEO and
Mr Pacôme Zahabi, Senior Director for the Sub-Saharan region, Mediterrannia Capital Partners
Managing Partner of Mediterrania Capital
Partners.
Prior to joining Mediterrania Capital
Partners, Mr Zahabi collaborated with
La TULIPE Group, an Independent
Advisory and Investment Banking Firm
which offers financial services to Private
and Corporate Sector Organisations,
Institutional Investors, Family Offices, and
Governments. Mr Zahabi also worked
at NSIA Participants, SA, where he was
Group Head Investments, and spent three
years at UBA Group in different positions
related to Credit Analysis, Global Investor
and Securities Services, and Business
Development. Mr Zahabi also worked at
the Central Depository & Settlement Bank
(DC/BR) as Head Operations and Business
Development for Ivory Coast and West
Africa; and at the Bourse Régionale des
Valeurs Mobilères (BRVM) for Ivory Coast
and West Africa, as CFO.
Mr Zahabi is a graduate from ESLSCA,
Paris, France; and holds a Master’s Degree
in Audit and Consulting from ESCP-AP from
Paris, France. He speaks English, French
and Spanish. MBR
About Mediterrania
Capital Partners
Mediterrania Capital Partners (www.
mcapitalp.com) is a dedicated Private Equity
firm focusing on growth investments in
SMEs and mid-cap companies in Africa.
The company started its operations in 2008
under “Fons Mediterrania Capital” and since
2013 is an independent General Partner
Structure. With offices in Abidjan, Algiers,
Barcelona, Casablanca, Tunis, and Malta,
Mediterrania Capital Partners takes an
intensely proactive, hands-on approach to
implementing its growth strategy by leading
the governance of the companies and driving
the key internal value creation process.
The partners of Mediterrania Capital have
extensive experience in managing companies
spanning commercial experience, strategy
formulation, finance, and operations.
Consistent with its strategy, Mediterrania
Capital Partners continues to search for
SMEs with an equity value of €25 million
to €400 million and expansion strategies
into North African and Sub-Saharan African
markets. Mediterrania Capital Partners is
a regulated financial investment manager
licensed by the Malta Financial Services
Authority (MFSA). Mediterrania Capital II is
also an MFSA regulated Private Equity Fund.
For more information, please contact
communications@mcapitalp.com.
Website: www.mcapitalp.com YouTube
channel: www.youtube.com/channel/UCmBxa-
EDilIWakYJr1_J6SQ LinkedIn: www.linkedin.
com/company/mediterrania-capital-partners
52 53
www.maltabusinessreview.net
Malta Business Review
MALTA GOVERNMENT SECURITIES
EU TOP STORY
Malta Business Review
Malta Government Securities
2017 Indicative Calendar
Securities with maturity of more than one year
Maximum amount of issuance
The Treasury announces that the issuance
of Malta Government Securities with
maturity of more than one year for the
financial year 2017 has been set not to
exceed € 600 million.
Purpose of issuance
It is planned that the funds raised from the
borrowing programme shall be applied to
finance the Central Government borrowing
requirements for 2017 including:
• The redemption of five (5) MGS issues
amounting to €371,824,689 which are
due to mature as hereunder
20th August
2017 € 71,963,700
3.75% MGS
2017 (IV)
• Financing of Central Government
deficit estimated at €128.3 million; and
• Effecting changes in the Central
Government debt portfolio, as and
when required, in line with the
Government’s debt management
policies.
Types of issuance
The issuance programme will be covered
by the issue of three different types of
securities:
• The conventional fixed rate MGS;
• The Floating Rate MGS (FR Bond)
linked to the six month Euribor; and
• Malta Government Savings Bonds
The conventional fixed rate Malta
Government Stock shall be the Treasury’s
primary financial instrument by which to
fund the central government borrowing
requirements during the year 2017.
Maturity and terms of issuance of
Malta Government Stocks
The maturity structure of the 2017 MGS
issues will be a mix of short and medium
to long term MGS. The exact maturity and
details on whether the offer will be for a
new stock or a re-opening of an existing
MGS will be announced one (1) to two
(2) weeks prior to the opening of each
issuance.
The terms and conditions of MGS issues
will be published in the Government
Gazette prior to the actual date of each
issue.
Collective Action Clauses (CACs) in newly
issued Malta Government Stocks
In accordance with paragraph 3 of
Article 12 of the modified version of
The Treaty establishing the European
Stability Mechanism (ESM), all new MGSs
issued on or after 1st January 2013 will
incorporate the Model Collective Action
Clauses (CACs).
Treasury Bills
Antonio Tajani
elected president:
“I will be a
spokesman for the
whole Parliament”
Antonio Tajani was elected president
of the European Parliament on 17
January, succeeding Martin Schulz.
Tajani, an Italian member of the
centre-right European People’s Party
(EPP) group and vice-president of
the Parliament, received 351 votes in
the fourth and final round of voting,
compared to 282 votes for Gianni
Pittella, the Italian leader of the S&D
group. His term in office will end in
2019, when the next elections for the
European Parliament will be held.
The election took four rounds of voting
over 12 hours. At the press conference
following the election, Tajani said: “This
was a long day of democracy."
The new president also thanked his
predecessor Martin Schulz for the work
he did as well as the MEPs who voted
for the other candidates, telling them he
would be a "president for everybody".
Tajani said he would seek to ensure that
Parliament would be strong and have its
views heard by the Council, representing
national governments in the EU. He also
said he dedicated his election to the
victims of last year's earthquakes in Italy.
The election on 17 January started at
9.00 CET with speeches given by the
candidates and concluded 12 hours
later with the announcement of Tajani
becoming president. In addition to Pitella,
the other candidates were Helga Stevens
(ECR, Belgium), Jean Lamberts (Greens,
UK), Eleonora Forenza (GUE/NGL, Italy)
and Laurentiu Rebega (ENF, Romania).
Guy Verhofstadt, the Belgian leader of
ALDE, was also a candidate, but withdrew
before the first in favour of Tajani. Tajani
received the most votes in every round
and the final round was only between
him and Pittella. MBR
Tajani served in the Italian army and worked as a journalist before entering politics
with Forza Italia. He was first elected to the European Parliament in 1994 and served
as a spokesperson for Italian prime minister Silvio Berlusconi, the leader of Forza
Italia, in 1994-95. He became the commissioner in charge of transport in 2008 and
take over responsibility for the industry and entrepreneurship portfolio in 2010.
Tajani, who holds a law degree and is married with two children, was re-elected as
MEP in 1999, 2004 and 2014. Following his latest re-election he was elected vicepresident
of the European Parliament. He is the Parliament’s 30th president and the
15th since the first Parliament elections in 1979.
Avoid unnecessary legal costs when chasing your debts
5th
September
2017
FRN MGS
2017(V)
€25,000,000
Alongside the conventional fixed rate
MGS, the Treasury is expected to offer a
limited amount of the Floating Rate MGS
linked to the six-month Euribor via the
auction system for institutional investors
as well as a limited amount of Malta
Government Savings Bonds for pensioners.
Frequency of issuance
• Auctions will continue to be held on
a weekly basis, typically on Tuesday
of the auction week.
• The maturity structure of issues
will include a mix of 28-day, 91-
day, 182-day, 273-day and 364-day
Treasury bills.
Creditinfo Pressure Letters
An alternative method of collecting money owed to you
that is both Inexpensive and Effective
6th
November
2017
4.25% MGS
2017 (III)
€263,853,300
Ex-Church Property Stock redeemable
between 1st January 2017 and 31st
December 2017
7% MGS 2017 (I) € 668,998
7% MGS 2017 (II) € 10,338,691;
The Treasury intends to fund the financing
requirements for 2017 over four (4) to five
(5) issues. The first MGS issue is expected
to be launched in February 2017. The
issuance of the Malta Government
Savings Bonds is expected to be launched
in the second half of 2017. As part of its
issuance strategy, the Treasury will need
to retain the flexibility and capability to
adapt quickly to changing market and
other conditions and, where necessary,
review and readjust the amount that will
be allocated for each issue as well as the
intervals of issuances.
• The issuance is expected to focus on
the 91-day and 182-day tenor.
• An issuance calendar of Treasury
Bills showing the tenor, the auction
date and the issue (settlement) date
will be published in the Government
Gazette on a monthly basis for the
next month.
• The Treasury Bills Prospectus may
be viewed under the Treasury Bills
section on the Treasury’s website at
www.treasury.gov.mt. MBR
Source: Ministry of Finance/DOI
Close to €500,000 of
debt paid back in 2016 alone
2131 2344 - info@creditinfo.com.mt - www.creditinfo.com.mt
Over 45,000 letters sent on behalf of
companies and individuals.
54 www.maltabusinessreview.net 55
Malta Business Review
COMPANY PROFILE FITCH RATINGS
Malta Business Review
A Business
IMPERATIVE
By David Demicoli
CasaSoft Ltd. is a team of highly creative
designers, talented developers and
strategic thinkers full of passion and
innovation. CasaSoft’s aim is to help
businesses expand digitally and online, by
striving to deliver projects of exceptional
quality. We build outstanding projects
which are extremely user-friendly, highly
functional and which deliver results.
CasaSoft started off in Mark’s bedroom,
the founder, who was following his
dream of showing local businesses how
to properly devise a digital strategy.
Today, CasaSoft has moved to new offices
and expanded its team to eight highly
talented individuals.
For CasaSoft, delivering high-quality
services, providing innovative solutions,
and sustaining the optimum customer
satisfaction, was a vision set from the
very early beginning. It realised from
the early beginning that this was what
customers were looking for. This has led
to CasaSoft’s growth from an organisation
which was securing a few local clients,
to a leading organisation which is now
providing solutions to a wide portfolio
of high-profile, local and international
clients.
In September 2016, CasaSoft was
selected as the National Champion in the
European Business Awards, competing in
the category for the ‘Award for Customer
Focus’, which recognises organisations
that have enhanced their prospects and
profitability by putting the customer at
the heart of their business. The EBA is
Europe's largest business competition
set up to celebrate business excellence
and practice in the European business
community. The second stage of this
competition opened on January 9th 2017,
whereby the general public can vote for
their most preferred company. You can
support CasaSoft by watching their video
and voting for them on the EBA website
(www.businessawardseurope.com/vote/
detail-new/malta/19095). Your support
is greatly appreciated!
In November 2016, CasaSoft also won the
Malta’s Best in Business Award as the Best
Online Web and Design Agency, for the 2nd
consecutive year. This award is awarded to
the best company providing the best digital
landscape, designing great experiences for
customers along the way.
These are not CasaSoft’s first awards.
Amongst the various awards, some of the
other prestigious awards were the two
international Design Firms Awards in 2015
and 2011 and The Best Flash Website Award
in the Digital Arts 2009 Awards.
CasaSoft invests strongly in the quality of
service that it provides to its clients. This is
reflected in their 100% money back guarantee
which was launched in recent years. CasaSoft
involves its valued clients throughout the
entire project so as to be certain that it is
shaped and developed with them, designing
until clients are far more than happy, ensuring
an outcome which meets and exceeds their
requirements. CasaSoft provides its clients
with a long-term strategy with a profitable
return on investment.
CasaSoft’s aim is to help businesses expand
digitally - whether it is with design and
branding, web design, web development,
software development, web applications,
and even marketing and strategy. They build
outstanding projects which are extremely
user-friendly, highly functional and which
deliver results. This is all done with impeccable
attention to detail which results in satisfied
customers and exceptional solutions. Most
of CasaSoft’s clients reach to them directly,
either because they fall in love with their work
or else because they are recommended by
previous clients. This speaks volumes on how
highly regarded CasaSoft is by its past and
current customers. MBR
FIMBank welcomes
Fitch Ratings upgrade
Fitch Ratings has upgraded Malta-based
FIMBank's Long-Term Issuer Default Rating
(IDR) to 'BB', from 'BB-', and its Support
Rating to '3' from '5'. In its report, the rating
agency also confirms the outlook for the
Bank as being ‘Stable’. The agency’s report
highlights the fact that the upgrade takes
into account the demonstrated record
of capital and funding support provided
to FIMBank by Kuwaiti-based Burgan
Bank, and its sister bank, Bahrain-based
United Gulf Bank, as well as the increased
management and operational integration
of FIMBank with Burgan Bank.
Commenting on the news of FIMBank’s
upgrade by Fitch Ratings, Group CEO
Murali Subramanian explained that “Strong
and demonstrated parental support as
required, for the funding and capitalisation
of FIMBank, is the main reason Fitch have
cited for this ratings upgrade. While we
welcome this decision, we believe the best
is yet to come. We have unrelenting focus
on delivering the kind of performance
which is expected to progressively render
ever stronger returns to our shareholders.
It vindicates our strategy based on a series
of organisational restructuring, operational
review, and cost control measures, which
we have been implementing over the past
18months”. He added that “As a result of this
strategy, 2016 has been a turnaround year
for the Group, and this is also reflected in
the improved profitability of our operations.
Moreover, legacy misadventures of prior
years are being dealt with firmly, and will be
fully behind us in 2017”.
Noting the dynamic process of
transformation being undertaken at
FIMBank, and its anticipated positive
effect on the Bank’s profitability, the Fitch
Ratings report concludes by stating that “a
successful restructuring of FIMBank and a
strong recovery in its financial metrics could
result in FIMBank's VR being upgraded”.
For more information about MBR FIMBank plc,
visit www.fimbank.com
CasaSoft Team at BiB Awards 2016
56 57
www.maltabusinessreview.net
Malta Business Review
FINANCE & ECONOMY
CSR/MALTESE LANGUAGE
Malta Business Review
Finance Minister meets European Banking Federation
Minister for Finance Edward Scicluna
met with a delegation from the European
Banking Federation, during which he
expounded on the priorities of the 2017
Maltese Presidency of the Council of the
European Union.
The meeting focused on the Capital
Markets Union, insolvency law, the need
for educational programs to empower the
public, risk reduction measures, taxation,
and solidarity among member states.
Furthermore, Minister Scicluna stressed
that Malta has the ability to assess the EU’s
problems and challenges from a vantage
point which is different from other member
states, due to its size and geographical
position. He indicated that due recognition
should be given to the needs of the
Maghreb Region and the flow of economic
migrants from North Africa to the EU.
The European Banking Federation
delegation was led by Chief Executive
Wim Mijs, Head of Public Affairs Enrique
Velázquez and Head of Banking Supervision
Gonzalo Gasós.
Accompanying the Minister at the meeting
were Deputy Governor Central Bank
Alfred Mifsud, Permanent Secretary Alfred
Camilleri, Chief of Staff Tania Brown, and
Head of the Presidency Unit Matthew
Buttigieg. MBR
Sources: Ministry of Finance/DOI
Photo: DOI - Jason Borg
FIMBANK CSR
CLIPS ON MALTESE
LANGUAGE DESTINED
FOR SCHOOLS
The Nationalist Party
calls on Government to
act on the challenges
flagged by the Central
Bank of Malta
In its economic forecast published
recently, the Central Bank of Malta revised
downward its GDP growth projections
stating that “the most significant revision
arising in 2016. The downward revision
is mainly driven by the less upbeat
assessment for exports, taking into account
the negative surprise in goods exports
in the first half of the year and a less
optimistic outlook for foreign demand”.
Besides projecting a deceleration in GDP
growth, the Central Bank is also predicting
a slight increase in unemployment in
2017-2019.
The Central Bank report also highlights the
risks associated with sustaining economic
growth with one-off measures, as revenues
from the IIP programme are expected to
be halved over the coming three years.
This report sheds light on the economic
and financial impact of a forecasted
decrease in government revenue resulting
from this drop. To mitigate for this drop
in revenue, the Central Bank is expecting
government to place a restrain on public
sector expenditure. The Central Bank is in
this context considering the new public
sector collective agreement as a possible
risk to maintaining fiscal projections on
target.
The Central Bank has also confirmed
that disposable income, - that is people's
available cash at hand - is drastically going
down as a result of this slowdown in
economic activity.
Despite's Governments efforts at labeling
this issue as a perception, the CBM is
projecting a further drop of 37% over two
years, which is worrying in the context of
an inflationary rate which is rearing its ugly
head again.
The Nationalist Party notes that all in all,
this report tallies with and vindicates the
Nationalist Party’s view on a number of
fronts namely, that while on the whole the
economy is performing well:
• the manufacturing sector continues
to face challenges and is losing
its competitive edge, a fact
that government is refusing to
acknowledge;
• Government failed to create any new
economic activity bar the selling of
citizenship programme;
• economic growth in the past years
was fuelled mainly by one-off events
and that in the absence of such events
GDP growth is going to take a knock;
• the fast rate of growth in government’s
recurrent expenditure over the past
three years is unsustainable; and that,
• the real income of Maltese families
is being eroded by inflation. The
Maltese economy is working for some
but less so for many others who are
struggling to make ends meet.
The Nationalist Party is calling on
government to recognise and act on these
challenges. The Nationalist Party over
the course of this administration did not
limiting itself to highlighting economic
concerns but came out with concrete
proposals and alternatives. The Nationalist
Party is again inviting government to give
due consideration to these proposals in
the interest of all but not least of those
families who are not benefiting from
economic growth and those businesses,
particularly manufacturing concerns and
small and medium sized businesses, who
are seeing their competitive edge being
eroded. MBR
Creditline: PN Media Information Office
Minister for Education and Employment, the Hon. Evarist Bartolo at FIMBank’s head office in St. Julian’s
Schoolchildren attending
government, church and
independent schools will
soon have access to a series
of video clips which trace the meaning of
specific words in Maltese, and which focus
on the origin and meaning of Maltese
proverbs. These educational clips, produced
by FIMBank plc as part of its Corporate
Social Responsibility programme, will be
distributed to all primary and secondary
schools in Malta. This initiative was
announced by FIMBank Group Chairman Dr
John C. Grech, during a recent visit by the
Minister for Education and Employment,
the Hon. Evarist Bartolo at FIMBank’s head
office in St. Julian’s.
In 2015, FIMBank plc had partnered with
Public Broadcasting Services Ltd (PBS) in
an initiative which saw the broadcast of a
series of 30-second video-spots, focusing on
Malta’s linguistic heritage. The series of 100
clips, entitled ‘Kelma Kuljum’ (or ‘A Word
Everyday’), includes both Maltese words
used colloquially, as well as others which are
being utilised less frequently. Meanwhile,
earlier this year, as a continuation of this
project and as part of its CSR programme,
FIMBank launched a new series of video
clips which focus on Maltese proverbs and
their meanings, entitled ‘X’jghid il-Malti?’
(‘Maltese sayings’). The new series has
been featured extensively on PBS and the
Bank’s social media channels.
Commenting on this initiative, FIMBank
Chairman Dr John C. Grech stated that “As a
Malta-based institution we feel we owe it to
the people of Malta to help raise awareness
of our Islands’ rich cultural heritage. This
consideration has always been a mainstay
of our Corporate Social Responsibility
programme. The Maltese language is
recognised as being an essential part of
our DNA. Its uniqueness, derived from
its eclectic mix of Semitic and Romance
influences, is appreciated and endorsed
by linguists worldwide. We are proud to
be in a position to highlight its beauty and
relevance.”
The Hon. Evarist Bartolo stated that he is
"grateful that FIMBank is investing in the
teaching of the Maltese language in our
schools. Such support helps us to reach
more kids in learning their language in an
interesting way. We need more different
programmes to reach more kids as am
not satisfied that nearly half of our fifth
formers are not passing their SEC exam in
Maltese. We need different programmes
and different methods of assessment in
Maltese to reach more students."
Jason Zammit, FIMBank’s Head of
Marketing and Administration, said that
the video spots had proven to be quite
popular with Maltese viewers. He added
that “very positive and encouraging
feedback had been received after the spots
from both campaigns were posted on
Facebook and YouTube, where they were
shared extensively by users. Getting people
engaged and talking about our linguistic
wealth is precisely the main objective of our
project. This helped us to better understand
the potential of this tool for the benefit of
schoolchildren and their teachers.” MBR
For more information about FIMBank plc, visit
www.fimbank.com.
For further information please contact:
Jason Zammit, Head of Marketing & Administration,
FIMBank plc
58 59
www.maltabusinessreview.net
Malta Business Review
AVIATION NEWS
DEBATE: BLOGS
Malta Business Review
CUSTOMER
e x p e r i e n c e i n v e s t m e n t s
Emirates was named World’s Best Airline
2016 at the Skytrax World Airline Awards,
and in the past year, the airline continued
to work hard to deliver memorable
experiences for its customers.
Emirates continued to strengthen its inflight
entertainment (IFE) offering. With the
airline now operating an all-Airbus A380 and
Boeing 777 fleet, this means customers on
all Emirates flights can access on-demand
entertainment with up to 2,600 channels of
movies, music, TV shows, games and more,
to choose from.
Reflecting the increasingly connected
digital lifestyle, over 8.8 million Emirates
passengers connected to Wi-Fi on board
in 2016. In addition, more than 400,000
phone calls were made in-flight, and 1.7
million sms messages were transmitted by
passengers.
For its premium passengers, Emirates rolled
out a range of enhancements onboard
with luxury in mind. New additions in First
Class included the world’s first moisturising
lounge wear designed for an airline,
keeping skin hydrated during the flight. New
blankets were introduced including plush
faux sheep-skin blankets for First Class and
soft duvets for Business Class passengers.
Emirates also partnered with VOYA luxury
spa products for its passengers to enjoy
in its signature shower spa, dedicated
lounge bathrooms and First and Business
Class washrooms. In addition, Emirates
and luxury Italian brand Bvlgari redesigned
the airline’s exclusive amenity kit bags by
giving them a sleek, modern look. So far
in 2016, 2.75 million First and Business
Class amenity kits have been distributed on
Emirates flights.
Building on the strength of its loyalty
programmes, the airline’s frequent flyer
programme Emirates Skywards marked
a milestone of 16 million members by
launching Cash+Miles. The innovative
flight redemption programme allowed
members to redeem a combination of cash
and Skywards Miles on any Emirates flight,
reducing the cost of tickets and making any
seat available for members. The airline also
revamped its corporate loyalty programme,
Emirates Business Rewards, delivering a
more competitive and easier redemption
process for flights as well as upgrades at any
time for businesses.
BRAND
A P P E A L
Emirates topped The Brand Finance
Global 500 report as the world’s most
valuable airline brand in 2016, with the
airline’s brand value growing more than
17% to US$ 7.7 billion. Throughout 2016,
Emirates continued to use sports, musical
and cultural events as a platform to engage
with its customers and fans.
In October, Emirates returned with
Hollywood actress, director and producer
Jennifer Aniston for another fun global
advertising campaign that showcased the
iconic Emirates A380.
In November, Emirates teamed up with
Dubai Miracle Garden to construct the
world’s largest floral installation through
a life-size version of the Emirates A380,
covered in more than 500,000 fresh
flowers and living plants.
Emirates operates daily scheduled
flights between Malta and Dubai on a
Boeing 777-300 aircraft. Emirates flies
twice weekly to Malta, on Mondays and
Wednesdays, via Larnaca in Cyprus, and
on Sundays, Tuesdays, Thursdays, Fridays
and Saturdays the airline operates the
Dubai - Malta route on a circular routing
via Tunis in Tunisia. Emirates unveiled
plans to re-route its daily service between
Dubai and Malta via Larnaca, Cyprus, from
1st February 2017. MBR
How and
why your
customers
engage
with
bloggers?
By George Carol
I’m sure all marketers out there
know the terms “opinion leaders,”
“influencers” and know about
“turning customers into brand advocates.”
But, I am not sure if all marketers
acknowledge how much influential
fashion, travel and other bloggers have
become over their target audience.
Something to seriously think about.
It’s all about their influence, their trust and
– their reach!
According to reliable sources and
statistics, 5-10 percent of social media
users are responsible for 60 to 80 per
cent of influence. Especially in beauty and
fashion industry, customers tend to follow
number of bloggers at once to see what is
trending. The most popular blogs with the
highest number of followers work as socalled
hubs in the blogosphere and have
the highest influence on their followers.
The influencing power of bloggers lies in
the engagement with consumers. They
trigger conversations and are credible
because they are normal people just like
us with families and real lives. They aren’t
top models, but the woman or daddynext-door
types that are trustworthy. And,
the similarity between reader and blogger
makes a big impact on the final purchase
decision. Got it?
A good, professional fashion blogger also
adds value and expertise because he or
she discovers, evaluates, compares and
introduces products to a wide audience.
And the blogger also helps to explain how
the products can be used to achieve a
particular look. The real bloggers, not the
wanna-be-ones, who buy fake likes and
followers are the ones you want to be
watching out for going forward.
Fashion & Travel Blogger Grazielle Camilleri
Fashion
blogger turned
journalist?
A shining example of a fantastic blogger
that made her hobby into a profession is
Grazielle Camilleri, a Maltese blogger with
more than 20,000 followers on Facebook
and another 20,000 Followers on
Instagram. She recently won Malta’s Best
in Business Award for Best Start Up in 2016.
In December 2015, she published her first
blog and a year later she is going strong,
spreading the message to her strong-target
audiences that are hungry for information
and fresh content with beautiful imagery
and excellent writing skills. Check her out
at www.graziellecamilleri.com
So, do I market online or via bloggers?
My reply to you is to find a pleasant balance
to do both. One works best alongside the
other. You will reach your various target
markets this way. Some of your customers
are constantly on their iphones while
others prefer their traditional hardback
magazine coffee to read with their cup of
tea in the garden at tea time!
Stay tuned for more marketing tips!
MBR
60 61
www.maltabusinessreview.net
Malta Business Review
COMPANY LAW
AVIATION & POLITICAL EVENTS
Malta Business Review
ANNUAL COMPANY LAW
CONFERENCE’S SUCCESS BODES
WELL FOR FORTHCOMING
CONFERENCE
Almost 200 lawyers and other
professionals working in the commercial
law field convened at the latest Annual
Company Law Conference, which once
again proved a significant success.
This annual event is organised by the
Department of Commercial Law within
the University of Malta in collaboration
with the Malta Law Academy, and the
Chamber of Advocates.
The Conference, chaired by Dr David Fabri,
Head of the Department of Commercial
Law within University’s Faculty of Laws,
addressed the most recent regulatory
developments in the field of Company
Law. Other leading speakers from the
Department of Commercial law discussed
topics such as the provisions relating to
squeeze-out of minority shareholders,
practical applications of article 402(3)
(g) of the Companies Act, duties and
responsibilities of Company Directors,
developments in EU Company Law, and
a review of recent company law court
decisions and interpretations.
In his opening address, Minister for Finance,
Prof Edward Scicluna explained that 3,800
new companies have been registered
by September 2016, bringing the total
number of registered companies up to
around 50,000. The Minister also noted
how over 1,000 companies were involved
in local mergers during the last five years,
with another 55 Maltese companies being
involved in cross-border mergers.
EDITOR’S
Note
By James Vella Clark
“This reflects the vibrant landscape within
which local limited liability companies,
entrepreneurs and investors are operating
and confirms the importance for local
practitioners to keep up with the everevolving
body of corporate law emanating
from the EU. It is in this light that the EU
seeks to enhance effective administration
of cross-border insolvency proceedings and
to establish common framework for the
benefit of all stakeholders,” said the Minister.
In his closing address, Dr George Hyzler,
President of the Chamber of Advocates,
noted with satisfaction how the Annual
Company Law Conference is acting as a
vital forum for Malta’s legal professionals
to discuss and adjourn themselves with
the latest legal developments.
“Our profession is a very vibrant one
where the application of the law
is constantly being challenged and
reinterpretation reflects the changing
environment in which we operate.
The Annual Company Law conference
serves as a solid point of reference for
commercial lawyers to convene and
keep themselves updated with the latest
developments,” said Dr Hyzler.
The next joint event will be the Annual
Consumer Law Conference which will be
held on 15th March 2017 at the Chamber
of Advocates to coincide with World
Consumers Day. MBR
As from this month, CORPORATE IDENTITIES has been appointed to handle
the Chamber of Advocates public relations and public affairs. Therefore, should
you require any input from the Chamber, you can contact Corporate Identities,
James Vella Clark, to assist you in your queries.
THE BUREAU OF
AIR ACCIDENT
INVESTIGATION
SIGNS MOU
WITH AAIB, UK
The Maltese Bureau of Air Accident
Investigation (BAAI), established under
Maltese law for the investigation of
air accidents and incidents, has signed a
Memorandum of Understanding with the
Air Accidents Investigation Branch (AAIB),
Department for Transport, United Kingdom.
The purpose of this MOU is for both
countries to cooperate in relation to aircraft
accident and incident investigations, sharing
experience and expertise in investigation
techniques in various specialist fields,
equipment and research. Such cooperation
shall enhance aviation safety in Malta and
the United Kingdom.
The BAAI will benefit from the opportunity
to gain hands-on experience, with observer
status at accident sites and subsequent offscene
investigative activities.
The parties have also agreed to exchange
views on the latest development in
European and International standards and
share experiences on developing legislation
in the territory of each participant that
governs aircraft accident and incident
investigation.
BAAI Chief Investigator Captain Frank
Zammit said, “After various discussions I am
pleased to have signed this agreement as
it is another means to increase the BAAI’s
knowledge and expertise in aviation safety.”
The UK Air Accidents Investigation Branch
acting Deputy Chief Inspector of Air
Accidents said “the UK AAIB is pleased
to be able provide assistance to Malta
through this agreement, it is beneficial that
EPP Congress in Malta will
be held at a crucial time
for Europe
Speech by Partit Nazzjonalista Leader Simon Busuttil during the EPP Summit
being held in Brussels
“I am very proud that our European
People’s Party chose Malta for its 2017
Congress which will be held on the 29th
and 30th March 2017. I look forward to
welcoming you on our island of eventful
history and beckoning future,” stated a
beaming Simon Busuttil during a recent
Press Conference.
“During the same days, the EPP Group
will be holding its Study Days at a venue
which is at a walking distance from the
Congress’ venue. This Congress is being
held during Malta’s Presidency of the EU,
during a crucial year for Maltese politics,
as the general election will be within
the 12 months following the Congress
and at a time when the EU is at a cross
roads. It is thus why I urge you to attend
this Congress whilst seeing that your
parties are represented with the number
of delegates that have been recently
States are able to increase their knowledge
and expertise in aviation safety through
accident and serious incident investigation
using the experience of other established
Safety Investigation Authorities”.
Minister for Tourism Dr Edward Zammit
Lewis stated that, “this MOU is another step
in the right direction for Malta to continue
investing in expertise with a country like the
United Kingdom which has deep expertise
in the aviation industry.” He stated that
this MOU complies with Malta’s vision in
strengthening safety and security within
the Aviation industry. MBR
Source: Ministry of Tourism/DOI
approved during the last EPP Political
Assembly,” said Dr Busuttil, adding on
that, “The comprehensive theme of the
Congress will be the future of Europe.
Because politics is about people. It is
time we put our heads together to pave
a bright future for our fellow Europeans,
especially after the Brexit vote.”
The Congress will also be discussing
migration which is a challenge for both
Malta itself and the Mediterranean
region. Preparations for the Congress
are well underway. Delegations led by
the EPP Assistant Secretary General have
been visiting Malta during the last year
and most of the spade work has been
carried out. “At Partit Nazzjonalista we
are working very hard for this largest
event of its kind ever to take place on
our island,” concluded Dr Busuttil. MBR
62 63
www.maltabusinessreview.net
Malta Business Review
ENVIRONMENT
CULTURE
Malta Business Review
DR JOSÉ HERRERA PRESENTS
MALTA’S PRESIDENCY PRIORITIES
AT THE EU ENVIRONMENT
COUNCIL MEETING IN BRUSSELS
Minister for Sustainable Development, the Environment and Climate Change José Herrera with
Slovak President Donald Tusk. Photo: Ray Attard
Minister for Sustainable
Development, the Environment
and Climate Change José
Herrera presented Malta’s Presidency
priorities at the Council of the European
Union on environment in Brussels. Dr
Herrera said that Malta would like to
focus on initiatives that will promote a
competitive, resource-efficient and lowcarbon
economy within the framework
of the 2030 Sustainable Development
Agenda.
on the revision of the Emissions Trading
Scheme as well as advance discussions
on the Commission Proposals for sectors
not covered by the Emissions Trading
Scheme: namely, the Effort Sharing
Regulation and the Land Use, Land Use
Change and Forestry Regulation.
Dr Herrera said that Malta, together
with its counterparts, will also give
due attention to the EU’s follow-up on
emissions from aviation, following the
International Civil Aviation Organisation
General Assembly, and will further
advance the Circular Economy agenda by
making substantial progress in negotiating
proposals to amend six waste directives.
Additionally, the Maltese Presidency
plans on progressing on a number of
other open as well as new files, including
the amendment to the scope of the
Restriction of Hazardous Substances
Directive, the recast of the Persistent
Organic Pollutants Regulation, the Fitness
Check of the Birds and Habitats Directives,
and the Environmental Implementation
Review.
Minister Herrera also announced that
Malta will be hosting a union for the
Mediterranean Ministerial Meeting
in April, where we hope to see the
adoption of a Water Strategy for the
Mediterranean in Valletta along with an
Informal Ministerial Meeting in April,
where climate change adaptation, marine
litter and water re-use will be discussed.
The Parliamentary Secretary for the EU
Presidency 2017 and EU Funds Dr Ian Borg
launches the official cultural programme of
the 2017 Maltese Presidency of the Council of
the EU, themed rEUnion. Dr Borg said that in
a present reality where political unrest looms
over the continent and the rest of the world,
the spirit of reunion taken up by this culture
programme is a much needed breath of fresh
air. Culture is a single thread in different hues;
uniting people from all walks of life, across
nations, genders, age groups and class, in one
melting pot of diversity and togetherness.
“The citizen is right at the centre of the 2017
Maltese EU Presidency, and this is reflected
in the multidisciplinary nature of its varied
culture programme, with over 90 different
events set to take place across the Maltese
Islands, in the central hub of Brussels,
Luxembourg and Strasbourg, and across the
globe,” commented Dr Ian Borg.
During his address, Dr Borg announced that
More than 1,100 artists and 29 Cities
across the globe
the Official Opening Ceremony of the 2017
Maltese EU Presidency is scheduled for
the 11th January and will take place at the
Mediterranean Conference Centre. ‘BAHR’
will be performed by the Malta Philharmonic
Orchestra under the direction of Mro. Brian
Schembri, who will accompany national dance
ensemble ŻfinMalta in their interpretation of
Albert Garzia’s original music score composed
for the occasion.
The Malta Philharmonic Orchestra, under
Mro. Brian Schembri’s direction, will also
be accompanying world-renowned Maltese
tenor Joseph Calleja, in the concert set to
herald in the 2017 Maltese EU Presidency on
16th January at the BOZAR Centre for Fine Arts
in Brussels. The concert will feature classical
masterpieces written by great composers,
including three Maltese greats, Charles
Camilleri, Carlo Diacono and Joseph Vella.
The culture programme will then take flight,
with events coming from several different
disciplines populating each of the six months
from January to June 2017. Photography,
painting, architecture, digital arts, music,
singing, dance, theatre, fashion and history
are among the different disciplines which
make up this colourful cultural programme,
which will feature both well-established
and up-and-coming artists, both local and
We are Quality
international.
In the spirit of rEUnion, Dr Borg explained
that the 2017 Maltese EU Presidency culture
programme encourages the participation
of citizens, with several projects depending
directly on the citizen’s involvement.
Apart from featuring the citizen as well as
the artist in a variety of spaces, the 2017
Maltese EU Presidency culture programme
also features the Maltese Islands and different
aspects which make up their geographical,
historical, anthropological and social realities.
Among the most interesting events centred
on the Maltese Islands, is the three-month
exhibition ‘Malta – Land of Sea’, curated by
Sandro Debono at the BOZAR Centre for Fine
arts.
In his concluding remarks, Parliamentary
Secretary Borg thanked Arts Council Malta
and the Valletta 2018 Foundation for their
collaboration and in putting together this
varied culture programme. The full culture
programme can be found on the official
culture website for the 2017 Maltese
Presidency of the Council of the European
Union: reunion.org.mt. MBR
Creditline: THE PARLIAMENTARY SECRETARIAT
FOR THE EU PRESIDENCY 2017 AND EU FUNDS
In the area of climate change, the
Maltese Presidency will continue to build
on the momentum achieved by the Paris
Agreement, and will focus on the UNFCCC
negotiations following the recent COP22
in Marrakech.
The Maltese Presidency of the Council
of the European Union will also seek to
make concrete and substantial progress
The Minister for Sustainable Development,
the Environment and Climate Change
thanked the Slovak Presidency for its hard
work and collaboration with Malta as the
incoming Presidency. MBR
Video link: https://goo.gl/swAFWl
Creditline: THE MINISTRY FOR SUSTAINABLE
DEVELOPMENT, THE ENVIRONMENT AND
CLIMATE CHANGE
PROFESSIONAL WATERPROOFING MATERIALS & RESIN FLOORINGS
Visit our showroom for professional advice on how to protect your home.
The Resin and Membrane Centre, 264, Old Railway Track, St. Venera
Web: www.theresincentre.com E-mail: info@theresincentre.com Tel: 27 477 647 Mob: 99 477 647
64 65
www.maltabusinessreview.net
Malta Business Review
NEWSMAKERS
PHOTO: DOI - Omar Camilleri
The Parliamentary Secretary for the EU
Presidency 2017 and EU Funds Ian Borg is
pleased to announce that eight projects,
which include nine Maltese partners, have
been approved for funding under the second
call for project proposals in connection with
the INTERREG EUROPE Programme.
Parliamentary Secretary Ian Borg said that
these projects, which shall address the four
priority axes tackled under this programme,
focus on research, technological
development and innovation, enhancing
Eight projects, involving nine Maltese partners, selected for funding under the
second call for project proposals of the Interreg Europe 2014-2020 Programme
the competitiveness of SMEs, a low carbon
economy, protection of the environment as
well as the promotion of resource efficiency.
The budget allocated to the nine partners
participating in such projects which include
public bodies, bodies governed by public
law and also a private not-for-profit partner,
amount to €1.2 million in ERDF funds.
The third call for project proposals under
the INTERREG EUROPE Programme is
envisaged to open in March 2017. This call
which might be the final opportunity for
prospective applicants to participate in this
Programme shall also focus on the ‘classic’
interregional cooperation projects similar
to those funded under the first and second
call for project proposals.
For further information on the above
mentioned call or on the INTERREG EUROPE
2014-2020 Programme in general, kindly
contact the Territorial Cooperation Unit
within FPD either by phone on 2200 1142 or
by email: fpd.meaim@gov.mt. Information is
also available on the FPD’s website
http://eufunds.gov.mt/ and the Programme’s
website http://www.interregeurope.eu/.
Parliamentary Secretary Ian Borg invites
interested prospective applicants to start
the preparatory work required before the
publication of the next call while thanking
the Territorial Cooperation Unit within the
FPD for their availability and help in any
guidance required. MBR
Source: THE PARLIAMENTARY SECRETARIAT
FOR THE EU PRESIDENCY 2017 AND EU FUNDS
Emirates announces daily service from Dubai to Malta via Cyprus
Cyprus is again reachable on daily basis from
Malta on Emirates
Emirates unveiled plans to re-route its
daily service between Dubai and Malta
via Larnaca, Cyprus, from 1st February
2017. This means that the current five
weekly flights with routing Dubai/Tunis/
Malta/Dubai will be changed to Dubai/
Larnaca/Malta/Larnaca/Dubai, the same
as the current flight operating every
Monday and Wednesday. The Malta route
allows travellers to book tickets between
Malta and Cyprus.
Travellers from Malta can once again enjoy
daily access to Larnaca, as Cyprus is only two
hours away. The daily Dubai-Larnaca-Malta
service will be operated by a state-of-the-art
Boeing 777-300ER aircraft in a three-class
configuration, with eight Private Suites in
First Class, 42 lie flat seats in Business Class,
and 310 spacious seats in Economy Class.
As with all Emirates flights, passengers also
enjoy generous baggage allowances: 50 kilos
in First Class, 40 kilos in Business Class, and
up to 35 kilos in Economy Class.
Starting 1 February 2017, EK 109 will depart
Dubai at 0750hrs, arriving in Larnaca at
1020hrs. It will then depart Larnaca at
1150hrs, arriving in Malta at 1325hrs. The
return flight, EK 110, will leave Malta at
1455hrs, arriving in Larnaca at 1815hrs. It will
Cyprus Tourism Organisation
then depart Larnaca at 1930hrs, and land in
Dubai at 0125hrs the next day. The timings
are ideal for onward connections from Dubai
to Australia, the Middle East, Asia, Africa and
North and South America. Businesses and
traders will also benefit from the aircraft’s
belly-hold to carry cargo on the Boeing 777-
300ER aircraft by Emirates SkyCargo offering
23 tonnes of capacity per flight. MBR
Further information and flight schedules are
available from: www.emirates.com/mt
Corruption index: Malta loses 10 places to 47, worst place ever, PN reacts
Malta has lost 10 places in one year on the
Corruption Perceptions Index, falling to its worst
ever 47th placing since it started to be monitored
by Transparency International in 2004.
The latest figures were published last night, with
Malta dropping from the 37th place in 2015
to the 47th in 2016. Malta has figured among
the list of countries vetted by Transparency
International since 2004, when it appeared
in the 25th place, which it kept in 2005 and
remains its best placing. Since then, besides the
28th place obtained in 2006, Malta has been
yo-yoing between the 33rd place in 2007 and
the 47th placing in 2016, its worst placing ever.
In 2008, Malta was 36th, in 2009 45th, in 2010
37th, in 2011 39th, in 2012 43rd, in 2013 45th, in
2014 43rd, in 2015 37th and, now, in 2016, 47th.
All through 2016, Malta was in the international
limelight for the wrong reasons after Minister
Konrad Mizzi was the only serving minister in an EU
country to be named in the Panama Papers scandal.
In reaction, the Nationalist Party made reference
to the story as revealed by The Malta Independent
this morning, saying that this confirmed that the
government led by Joseph Muscat is the most
corrupt in history. The position Malta obtained, at
number 47, is the worst ever, and relates to 2016
which was a year in which the Panama Papers
scandal involving Konrad Mizzi and Keith Schembri
erupted. This classification is a bad advert for Malta,
and it is worse because potential investors look at
such classifications seriously. This is worrying for
Malta's economy, the PN said. More than ever
before, the country needs different politics which
raise standards, and it is only the Nationalist Party
under Simon Busuttil that can guarantee this, the
PN said. From all the promises made by Muscat,
the only one that was achieved that Malta is first in
Europe - in corruption, the PN said. MBR
66
Salaroo
.com
Online Payroll
Software
Simple Efficient Cheap
Change language