MBR_Issue_28 -February 2017

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MALTA

BUSINESS REVIEW

ISSUE 28 FEBRUARY 2017

COVER STORY

EMBRACING IDEAS, CELEBRATING DIVERSITY

Interview with Jonathan J Borg, Executive

Vice-President for Europe, JCI International

06

20

CORPORATE INTERVIEW

Preserving Culture, Driving Transformation

Exclusive Interview with Louis A Farrugia, Chairman of the

Board of Directors, Simonds Farsons Cisk plc

30

MBR INTERVIEWS

Multiculturalism, Tolerance & Respect

Celebrating 30 years of success with Modelle International’s

Sue Rossi

34

Character & Trust

Ian Casolani, Managing Director, Belair Property, talks about

latest property developments


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Malta Business Review

06 COVER STORY

EMBRACING IDEAS, CELEBRATING DIVERSITY

Interview with Jonathan J Borg, Executive Vice-President

for Europe, JCI International

08 ANALYSIS & DEBATE

MALTA WON’T BACK NEW EU CORRUPTION

PROSECUTOR

Harry Cooper tells us all about the new European public

prosecutor’s office

10 TALKING POINT

A RETAIL REVOLUTION

Paul Ricci, LinkedIN Editorial & Account Manager on smart

technology vs retail customer experience

12 DISCUSSION

4 SALES STRATEGIES TO MAXIMISE YOUR TRADE SHOW INVESTMENT

PanaDoc’s Partner Marketing Manager Bethany Fagan discusses trade show sales tactics

30

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06

CONTENTS

February 2017

16 EU PRESIDENCY

EU INFORMAL SUMMIT 2017

A unique photo collage of the EU’s Informal Summit in

Malta

18 TRANSPORT & LOGISTICS

GLOBAL FREIGHT: COMMITTED TO DELIVER

Jimmy Cutajar, Managing Director, Global Freight Services

Ltd highlights why 2017 will be a challenging year

20 CORPORATE INTERVIEW OF

THE MONTH

PRESERVING CULTURE, DRIVING TRANSFORMATION

Exclusive Interview with Louis A Farrugia, Chairman of the

Board of Directors, Simonds Farsons Cisk plc

26 ERC STORIES

NOVEL THERAPY STARVES THE ENGINE DRIVING

CANCER CELL GROWTH

Peter Frans Martha Carmeliet sheds light in the latest

developments in the fight against cancer cell growth

20

30 MBR INTERVIEWS

MULTICULTURALISM, TOLERANCE & RESPECT

An interview with Sue Rossi, celebrating 30 years of success with Modelle

International

34 CHARACTER & TRUST

Ian Casolani, Managing Director, Belair Property, talks about latest

property developments and projects

36 REFLECTION PIECE

THE ESSENTIAL

Famed photographer and humanist Reza Deghati on the key essential

inspirational mover for 2017

38 iGAMING SERIES

AN INSPIRATIONAL HOME AWAY FROM HOME

Thomas Mahoney

40 CASE STUDY

LET’S TRY AND GIVE MOURINHO’S TARNISHED IMAGE A BIT OF A

POLISH

A detailed probe into a tax affairs of a controversial football manager by

Howard Bilton, Chairman of Sovereign Group

46 TRAVEL

MUST-SEE PLACES IN EUROPE

A journey into the most amazing European travel destinations

52 HEALTHY LIVING

YOU ARE WHAT YOU EAT… EVEN AT WORK

J P Abela interviews Sandra Zammit, successful SMOOCHIE female

entrepreneur

PUBLISHER

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EDITOR

Martin Vella

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CONTRIBUTORS

Jean Paul Abela; Howard Bilton; George Carol;

Harry Cooper; Jimmy Cutajar; Reza Deghati;

Jean Paul Demajo; Bethany Fagan; Thomas

Mahoney; Cedric Mallia; Peter Frans Martha

Carmeliet; Paul Ricci; Patricia Salamone;

Deborah Schembri; James Vella Clark

SPECIAL THANKS

Belair Property; BOV; Demajo Dental; DOI;

Farsons Simonds Cisk plc; LinkedIN; Ministry

for Finance; Ministry for Tourism; POLITICO

Brussels Playbook & Davos Playbook;

PRINT PRODUCTION

Printit

QUOTE OF THE MONTH

The important thing is not being afraid to take a chance.

Remember, the greatest failure is to not try. Once you

find something you love to do, be the best at doing it.

Disclaimer

Debbi Fields

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:

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EDITORIAL

Malta Business Review

Expectations from European citizens to deliver in the fight against tax

evasion and avoidance, as well as money laundering, are high, given

scandals in the past few years. The government itself did not bother to

launch an investigation, yet continues to play down the full scale of any

corruption or abuse of power. Crime or no crime?! As much as there has

been victims, denials and (un)decorous comments and false allegations

in this occurrence, the actual victims are in the form of Maltese voters

and taxpayers. Is this a case of rotten apples? What is happening around

us should not be minimised. The misconducts that have been publicised

recently give the public a rare glimpse into just how much is wrong with

the Maltese political, social, judicial and democratic systems, now at the

height of the bubble. They should also prompt questions about just how

far have we matured politically and make us wonder what is the state of

journalism and free reporting in Malta all about.

Allegations of corruption, discrimination, cronyism, sleaze, bribery, backhanders, lack of transparency and

institutional inertia have again resurfaced and appear to be the order of the day. This means that democracy

and freedom are under assault. We have warned that turning the clock back is a contempt to all those

who have worked effortlessly to guide Malta where it stands today. A recent report commissioned by the

Greens EFA group in the European Parliament, titled ‘Is Malta a Tax haven?’ stated that, “Depending on the

interpretation of the criteria by the EU and the listing process, Malta could - if EU countries were also screened

- possibly end up in the future EU list of non-cooperative jurisdictions.” Central to this story, and to the entire

whole immoral crisis, is the fact that political opportunists have tried to get big fast. In so doing, they left their

religion, education and mutual respect behind them, inadvertently contaminating their office or positions of

trust, and consequently degenerating their environment, distorting truth, and applying predatory practices at

the expense of truth and justice.

Sometimes, when lies become fantasies there is a big danger that the entire system may come crashing down,

and tragically enough it is the taxpayers who have to fork out hundreds of thousands for all these lies. Judicial

actions are merely a muzzle to restrict access to domestic reporting. Hate campaigns, coupled by revolting and

loathsome statements on social media are unacceptable. Any unwarranted intolerance and distasteful dicta

against any journalist must be condemned.

The varying nature of suing for libel underlines the array of threats – legal, financial, physical, even psychological

– that local media may face, and their various origins. The common theme is that the media face pressure

when they encroach upon powerful interests. The worst excesses of journalists – carelessness, callousness,

sensationalism, bias – have given the trade in Malta a poor reputation. But there are others working tirelessly

and selflessly to inform their communities, with no prospect of wealth or glory but at considerable risk of

intimidation or punishment. And we should protect such brave journalists.

Journalists do not deserve hate, spite and threats. Journalists in Malta should know how to rally behind a story,

so they can show society and reveal a story as it really is. There is a reason why people so often want to shut

them up. Halting print runs, closing down websites, filing libel, floating garnishee orders and freezing assets are

all ways of concealing misdeeds, preventing scrutiny or simply blocking alternative viewpoints. But such actions

also serve to remind us all why press freedom matters.

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

MBR Publications Ltd strives to be fair to all - fair to those our output is about, fair to contributors, and fair to

our audiences. As requested thereby, hereunder we are carrying the Right of Reply sent to us by Tanti-Dougall &

Associates, Advocates for and on behalf of Yachting Malta Ltd.:

“With reference to the editorial which was published in the twenty seventh [27th] edition of the Malta Business

Review of January 2017 and circulated also in the digital version flip over, for which publication you are responsible, as

per Article 21 [Right of Reply] of the Press Act [Chapter 248] of the Laws of Malta, you are being formally requested to

feature in your next edition that contrary to what has been published in the above mentioned editorial, with specific

reference to my clients, Yachting Malta Limited, it is not true what has been contemplated directly and indirectly

thereby in their regard. Yachting Malta Limited denies the allegations so raised thereby and reserves the right to

legally proceed against you by means of a libel.”

Editor’s Note

We feel we have an obligation not just to report the news, but also to show our readers what is good journalism, what

is good practice, based on facts. If we have made a mistake, falsely accused or misrepresented someone, we will do

all we can to correct it. MBR Publications Ltd content is based on facts, respect, openness and straight dealing. We

also have an obligation under our Publishing Code to “avoid unjust or unfair treatment of individuals or organisations

in print”. It is of course an ethical obligation, but it also helps to make it clear that we don’t have agendas against

anyone or any group. We always prefer dialogue. We also believe that offering aggrieved individuals the opportunity

to publish detailed rebuttals can encourage debate and engagement and demonstrates our commitment to fairness,

which is a proof of our media credibility at a time when it’s in short supply. However, also availing ourselves the same

right under Article 21, we also feel that what was written in our editorial in January is based on facts and events

which are substantially correct, well-founded and consist a ‘fair comment’. Naturally, there are sufficient reasons and

evidence for us to back this. We are responsible to remind our readers that the central role of Yachting Malta puts it in

the public eye and also public scrutiny. It is worth pointing out that the US Supreme Court declared the Right of Reply

unconstitutional, concluding that forcing a publication to publish something out of spite against its will violated the

First Amendment and represented an “intrusion into the function of editors.” Filing an unwarranted libel will never

deter or intimidate us from pursuing a righteous path.

4 5

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Malta Business Review

COVER STORY OF THE MONTH

COVER STORY OF THE MONTH

Malta Business Review

EMBRACING IDEAS,

CELEBRATING

DIVERSITY

by Martin Vella

JCI International has become a wide platform for young active citizens age 18 to

40 who are engaged and committed to creating impact in their communities. It

can be observed that a growing number of large active citizens from all sectors

of society are embracing new ideas, collaboration and diversity. During time-out

in Malta, MBR had the opportunity to interview Mr. Jonathan Borg, Executive Vice

President for Europe, about the current status and development strategies of this

non-profit organisation.

MBR: In how many countries is JCI

represented in Europe, and what is the

structure of the team managing it?

JB: In Europe JCI can be found in 40

countries and 934 Local Chapters.

My role as Executive Vice President for

Europe is supported by a core team

of five Vice Presidents, a Growth and

Development Council composed of six

dedicated members working on growing

current and potential countries and

forging a presence in countries where we

aren’t, as well as several appointees who

have specific roles to work on. There is

also an administrative support staff team

based in our offices in Berlin.

MBR: Can you tell us about your role as

JCI Executive Vice President Assigned to

Europe and how do you decide which

areas to focus your time on in your role?

JB: The role itself can be split in three.

The first role is to represent JCI Europe

internally and externally. The work done

internally is of course related to motivating

and managing the above-mentioned

teams. On an external level, I am

contributing as a keynote, or guest speaker

in several conferences and organisations

outside of JCI Europe as well as seeking

new partnerships for our organisation.

The second role is that of Chairperson

for the European Conference happening

in Basel, in May. The work there involves

supervising, coordinating and chairing the

conference and the meetings that happen

during the conference.

members started the JCI

movement with a clear

purpose in mind-which was to

create opportunities for youth

to develop the leadership skills

The third role is to sit as a member on

the Executive Committee at a World level

and this is where I represent Area Europe

in terms of needs and recommendations

for the year, and together with my

colleagues, make strategic decisions and

recommendations for change within JCI

on a global level.

MBR: Will you touch on the different

segments of the JCI philosophy and how

does JCI make a world of a difference?

JB: To understand that you need to see the

history behind us, and our origins where

you will notice the value the organisation

gives on a global level.

Soon after the second World War, in a

time of economic instability and immense

inequality, our founding members started

the JCI movement with a clear purpose in

mind-which was to create opportunities

for youth to develop the leadership skills

and mind set which gives them the drive

to stand up and create the change they

want to see around them. In so doing not

only are they developing themselves with

new skills but they are channelling the

work into something beneficial for the

community around them.

Today this is seen by our values and the

work we do through the projects all across

the world. In Europe the projects are

varied, as they tackle different challenges

in each chapter, but in the last years we

have been on the forefront to tackle

youth unemployment, gender and social

inequality as well as Refugee Integration.

We challenge our members to think

globally and to take a responsibility for

their own self-development and to channel

their skills into solving societal problems.

MBR: As an international nongovernmental

organization (NGO) with

presence in more than 115 countries, how

does JCI play an important role around

the globe?

JB: JCI can be found globally in the main

four areas, Americas, Africa & Middle

East, Europe & Asia Pacific, and in each

area the role and contribution to society

is different.

Over the past few years in Asia our

members living close to natural disasters,

like in countries such as Japan and the

Philippines, were the first supporters to

help rebuild societies in effected areas.

In the Middle East social and gender

equality projects is the contribution given

to society.

But it is not only the contribution we give

directly to society; one must also see the

future leaders whom we help develop in

the process. In parts of Asia for example,

any one wanting to go into public office

normally gets their skills through being a

JCI member for several years. In Europe

we have seen several leaders who came

out of JCI, like former French President

Jacques Chirac, Former Icelandic Prime

Minister Steingrimur Hermannsson as well

as Prince Albert of Monaco.

I can not help but add the strength which

we have in Europe since through one

of the flagship JCI Europe programs, EU

Know How Transfer, which happens later

on in the year, we have a chance to show

the strength of a truly European voice and

how we as JCI Europe can contribute to

the policy and directives which are being

set for the coming years.

MBR: I understand that you promote

youth activism, but you are not the only

organisation to promote this, is there

anything that makes JCI unique?

JB: You are right, there are a lot of

organisations, which have existed for as

long as us, and they also focus on youth

activism. Some of which, we partner up

with in order to have a larger impact like

for example the “Lets Do It Campaign”,

“Aiesec” & “Kiwanis International”.

However most of the NGOs have a

specific focus such as environmental or

educational issues, JCI does not limit itself

to just one focus. Also we promote the

self-development of leadership through

activism, not just activism on one focus.

in the last years we have been

on the forefront to tackle youth

unemployment, gender and

social inequality as well as

Refugee Integration

I have been active in this organisation for

seven years, and I yet have to find another

organisation that is focused on developing

you into a better version of yourself, and

being active whilst doing it.

JCI also gives you the opportunity to

come up with a project, which targets any

societal problem, and run it by using the

JCI framework, without the administrative

expense and burden of opening a new

NGO.

MBR: You mentioned earlier that one of

your roles this year is to represent the

organisation externally as well as bring on

new partnerships for JCI Europe. Can you

mention how do you plan to achieve this?

JB: So far I have already been asked to

contribute to different conferences where

I shall be contributing to varied topics

such as "Peace in Business", "Digitization

changes in Europe and how to make it into

an opportunity”, "relevance of youth in a

global world". I am also actively seeking

where else I can contribute to make JCI

known outside of our usual network.

I also see a lot of value for other NGOs and

even Private Organisations to partner with

JCI in Europe since our values align, and our

joint efforts could yield very good results

in the long term. This is something I am

planning to actively work on this year as it

could open a lot of exciting opportunites

for our future.

MBR: For years, you have talked about the

importance of building good corporate

governance standards. Have you seen

progress in that area?

JB: There has been a progress in that area,

but it is still something that needs a lot

of attention around Europe. My hope is

that the leaders of tomorrow would have

at least half of the values which JCI instils

in our members. When that happens one

would see a paradigm shift in that area.

MBR: How does one qualify to become a

member of JCI Malta?

JB: Each country in Europe tackles

membership differently, in Malta we

are actively seeking any member aged

between 18 and 40 who is seeking to

enhance their own leadership skills

through contributing to society, by either

using the programmes we have already,

or even heading a new program they are

passionate about.

MBR: What programs are coming up this

year geared at developing young people

to create positive change?

JB: There are several, but a few which

come to mind are the “JCI Malta Hack-It-On

Business Bootcamp”, which is a weekend

event that provides attendees with a range

of training related to business, business

management and entrepreneurial

skills. There also is a new program

called the “JCI Malta Friendly Business

Awards”, which seeks to recognise the

important role played by small businesses

in the continuous development and

improvement of our economy and local

communities. MBR

More information about upcoming events

in Malta can be found on www.jci.org.mt

All Rights Reserved / Copyright 2017

EDITOR’S

Note

Mr Jonathan James Borg

is a founding Director for

a research & development

company focusing on

renewable energy solutions, he is also a

founder of a consultancy group focusing on

company restructuring and business startups,

a lecturer in Operations Management

and a business angel and mentor for several

start-ups. In November last year he was

elected as an Executive Vice President

assigned to Europe on the Junior Chamber

International (JCI) World Board.

6 7

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Malta Business Review

ANALYSIS & DEBATE

Malta won’t

back new EU

corruption

prosecutor

The agency will be charged with

investigating and prosecuting corruption

and fraud involving EU funds.

By Harry Cooper

Malta’s Minister of Justice Owen Bonnici | Domenic Aquilina|EPA

A

new European public

prosecutor’s office with powers

to combat corruption and fraud

involving EU funds is closer to becoming

reality, even though some countries —

including Malta, which currently holds the

presidency of the EU Council — won’t sign

up to it.

The Council decided Tuesday to allow

countries to move forward with

the creation of the European Public

Prosecutor’s Office, despite the lack of

unanimous support.

If it gets the approval of at least nine

governments and the European

Parliament, the agency will be able to

investigate and prosecute corruption

and fraud involving EU funds in those

countries, as well as serious cases of crossborder

VAT fraud that cost the bloc at least

€50 billion a year.

“This is not unanimity, but other member

states will be able to join at any time,” said

Justice Commissioner Věra Jourová, who

confirmed that 19 countries are set to

“establish quickly” the new agency.

Sweden, the Netherlands, Hungary and

8

Poland have all expressed concerns about

losing sovereignty to a new EU body. In

December, Hungary’s Justice Minister

László Trócsányi described it as an example

of “the furor of integration” and said it was

“not necessary.”

In contrast, some countries such as Italy

say the new prosecutor doesn’t have

enough powers, arguing it should be able

to investigate and prosecute a far greater

array of crimes.

the agency will be able to

investigate and prosecute

corruption and fraud

involving EU funds in those

countries

Malta won’t join because of its concerns

about the prosecutor’s mandate, though

a spokeswoman for the country’s justice

ministry said Wednesday that Malta

would, in its Council presidency role, “act

as an honest broker” for other countries

who do want to take the project forward.

Shadow justice minister Jason Azzopardi

said the Maltese government’s decision

was “no surprise at all,” given what he

described as the government’s “vested

interest not to fight corruption or moneylaundering.”

He was referring to revelations last year

that a minister close to Prime Minister

Joseph Muscat as well as Muscat’s chief of

staff had opened secret offshore entities

in Panama and New Zealand in order, the

opposite alleges, to take kickbacks from

privatization deals. Both have denied any

wrongdoing. MBR

EDITOR’S

Note

Harry Cooper worked for

five years in the European

Parliament as assistant

to ECR chairman Syed

Kamall MEP and latterly Chairman of the

Internal Market Committee, Vicky Ford

MEP. He advised them both on a wide

range of policy areas, in particular financial

services and technology. Prior to that, he was

a lobbyist for the Confederation of British

Industry, with a focus on environmental

regulation and infrastructure policy. He is a

history graduate of Oxford University and

received his Master’s in global politics from

the London School of Economics.

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Malta Business Review

BUSINESS PERSPECTIVE

A retail

revolution?

By Paul Ricci

As we become more accustomed to ordering things online, from the comfort

of our own homes, the standard retail store might be thought of as becoming

somewhat obsolete. Why wait around in queues, behind that person who has

a trolley full when you have a bottle of water? Then there is the dilemma of

going to the self-service machines and being told there is an unexpected item

in the baggage area. However, as new technologies come forward, such as the

smart store, and the construction industry continues to evolve, is there a big

opportunity here to improve the retail customer’s experience?

10

EDITOR’S

Note

Paul Ricci is Editorial Account Manager,

LinkedIn; Head Of Alternative Programming

and Development at MTV & VH1

According to a report by industry analysts

Barbour ABI, even though the internet

continues to eat into the share of retail

spending, this has not detracted the

industry from building more stores, even

though these tend to be smaller project

contracts. The task facing retailers today

is to improve and enhance the customer

experience. Shopper expectations are

evolving, they want products and services

tailored to their individual tastes and

desires. There are signs that we could be

heading into a smart retail future.

New technologies are springing up all

the time. It’s expected within the next

few years that shoppers will be able to

pay for their items as they go on their

smartphones, saving the need for those

annoying queues. There are interactive

stores opening, which has the merchandise

displayed on smart fixtures, such as glass

top digital displays. Interactive mirror

displays in the futuristic fitting rooms allow

customers to make purchases or request

alternate products without leaving their

room. A shopper will be recommended

a product based on what they have been

browsing. As they walk by, a shelf on the

wall will actually move towards them to

recommend the item it holds. Shoppers

can check out on their own via a mobile

app. These are some of the technologies

currently in operation.

It is becoming all about ensuring the

shopping experience is all about the

shoppers, as retail should be. Data –

coupled with the arts of design and

merchandising – drives product selections

on the floor, with analytics applications

optimizing assortment planning and the

like. Computers that can see, hear, and

understand the world around them will

enable brands and retailers to hold new

types of interactions with shoppers, and

tell stories in new ways. It is an exciting

revolutionary phase in retail.

The retail industry needs to ensure it does

not dismiss and ignore the ever growing

needs and expectations of its customers,

as there are simply too many global

alternatives for frustrated shoppers to

turn to. The technology is ready and a new

era for retail is around the corner. It’s time

to swap the trolley for the tablet.

What do you think the retail experience

will be like in the future? MBR

Creditline: LinkedIn

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Malta Business Review

MICE

4 Sales Strategies To Maximize

Your Trade Show Investment

Bethany Fagan

Trade shows - you either love them or you

hate them. Marketing spends a lot of time

and effort (not to mention a huge chunk

of their budget) to put on these events as

a way to generate leads and opportunities

for sales. Often times though, these huge

events don’t even bring in one closed deal

for an organization.

As the head of sales, you are responsible

for your team’s sales strategy to bring in

revenue post event. In order to make

that happen and make marketing happy,

you need to build a bulletproof plan with

attainable goals.

Here are four steps to building a solid

sales and marketing strategy that would

yield the highest ROI on your trade show

investment.

1. Determine your account and sales

pipeline strategy.

If you attended the event last year, run

the numbers for average sales metrics

achieved after the event. Consider these

figures as a baseline for your sales team

for this year’s event.

How can you ensure you achieve similar

results? Start by asking the right questions

to define your plan:

For Sales Leaders

• Who are you targeting at the event?

Have your sales team create a short list

of target accounts that they are actively

engaging with to schedule time to meet

at the event.

• Who are you best customers?

Determine if your evangelists are

attending and get them in front of

prospects to collaborate.

• Empower the team to be part of the

decision making process. Define your

objectives together and be transparent

about why the team needs to execute

flawlessly at the event.

For Sales Reps

• Analyze your customer base. Knowledge

is power, and knowing your customer is

one of the most powerful ways to sell

more. What do you know about the

people to whom you’re trying to sell?

Make a list (personas can help), and

develop a deep and nuanced view of

your customers’ needs and how your

solution can contribute to their goals.

• Set your goals. It’s impossible to meet

goals if you don’t know exactly what

you’re driving towards. Write down

what you want to achieve and commit

to it. Visibility drives accountability, so

share that with your manager too. How

many meetings are you committed to

scheduling? How much pipeline do you

expect to generate? How many deals

do you want to close?

• Have powerful stats and customer

success stories in your back pocket to

call upon when you’re engaged with

a prospect at the event. You have a

limited window, so get to the point in

30 seconds or less. Rehearse with peers

before you step onto the showfloor.

2. Determine your engagement

strategy pre-event, onsite and postevent.

Engage marketing early in the planning

process. Determine the focus on key

messages that marketing will create and

share on the company website, blog, social

channels and email. Establish campaign

cadence, pre-event, during the event and

after. Empower your sales reps to be social

by equipping them with content they can

post throughout the event.

Determine your “Why.” Why does your

company exist? What are you solving for

and how do you deliver tangible solutions?

Once you know your why, your team can

confidently talk about what you do and

how you make a difference.

3. Engage marketing to publish relevant

content across social channels.

Listen, engage and publish content on

Slack, LinkedIn, Twitter, etc. Enlist your

social media specialist or member of the

marketing team to monitor the social

buzz at the event. Look for opportunities

to promote your brand using the event

hashtag if one exists. If not, create one to

get foot traffic to the booth. This is your

chance to be creative!

Once you register for the event, find out

if there is an app specific to the event

with agenda details and potentially other

attendee contact information. Engage

with prospects or network with attendees

prior to the event. Apps like these allow

you to contact prospects and attendees

via in-app messaging. This is a great way

to set appointments for the booth ahead

of time.

If you are throwing a private party the week

of the event, or your C-level executive is

speaking at the event, the event app is

also a great way to invite attendees and

prospects or spread the word about your

presence.

4. Divide and conquer.

Networking is imperative at the event. If

you don’t have a plan, your team will get

lost in the sea of potentially thousands

upon thousands of attendees. Develop a

plan to divide and conquer.

Encourage your executive team to be

involved in the planning process. They

should be leveraged on all fronts, from

attending, discovery, to closing meetings

with prospects and customers. Register

your executive team to attend sessions.

They will gain valuable insights and

connect with other leaders.

It is also a good idea to set up a shared

calendar in order for the entire attending

team to have visibility into everyone’s

schedules.

In summary, if you build a rock solid, foolproof

plan, your team will see great ROI

from attending a trade show. Whether

you’re an attendee or sponsor, you can

utilize all of these strategies for success.

To learn more ways sales and marketing

can work together to achieve their goals,

download PanaDoc latest eBook: “The

Smarketing Library: Content Assets

Every Sales & Marketing Team Need to

Collaborate On” today. MBR

EDITOR’S

Note

Bethany Fagan is Partner

Marketing Manager at

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12


Malta Business Review

INFORMATION SECURITY

Sigurtá Onlajn Għalik

by Cedric Mallia – Manager MITA Computer Security Team

Your online activity is being tracked, and it

is arguably what keeps most free content

on the internet ‘free’.

The popular saying ‘There is no such thing

as a free lunch’ poetically states that if

something is free, then there is some

other way which you are paying for it just

the same. Most free webmail systems

scan the contents of your email in order to

show you adverts based on what you sent

and received in your emails. Social media

often show you adverts based on interests

in the same site. However, sometimes they

also show product adverts based on the

searches you would have made in online

shopping web sites.

This type of tracking, whilst not always

appreciated, is necessarily as this

information is often sold to advertising

companies in order to create more

effective online advertising based on your

perceived interests.

However, such tracking can be taken

to a more sinister level whereby your

activities are tracked with the specific

intention of observing the activities that

you do. This can include recording your

keystrokes, reading your emails and any

other content shown on your screen such

as bank records, payment details and even

health related information. This personal

information can be sold to other criminals

with the intention of carrying out online

fraud by doing purchases with your creditcards,

or carrying out identity theft.

Cyber criminals typically infect your

computer, in order to install malware

that records your activity, through files or

software downloaded from non-official

software sites, or opening infected email

attachments, and also by clicking on popups.

You can help protect yourself by taking

the usual precautions when online by

not opening web sites and attachments

that you are not sure of, and always

being careful what you download. Always

keep your computer anti-virus program

updated and also keep all your software

up-to-date to reduce the possibility of

vulnerabilities being exploited. And do not

use your personal details on websites that

you do not fully trust.

You should also pay attention if you start

noticing unusual activity, such as your

computer getting much slower in booting

up and shutting down. Try to observe if

your computer is not as responsive as

it usually is, and that when you browse

you are not seeing unusual popups. Any

activity which seemingly starts occurring

without your intervention is always worth

noting. If you are not sure what do to

in such cases, please immediately ask

someone that you trust and it technically

knowledgeable to help you out. At best

it could be something innocuous, but at

worst you may be infected.

Without sounding repetitive, prevention

remains the best way of protecting

yourself. But if you do get infected, then

fixing the problem as soon as possible

will make the difference between a minor

impact and a major problem. MBR

14


Malta Business Review

EU PRESIDENCY

EU PRESIDENCY

Malta Business Review

SECOND WORKING SESSION: TOUR-DE-TABLE.

THE PALACE, VALLETTA

PHOTO CREDIT – DOI – JASON BORG

PRIME MINISTER JOSEPH MUSCAT DURING A PRESS

CONFERENCE WHICH WAS ALSO ADDRESSED BY THE

PRESIDENT OF THE EUROPEAN COUNCIL DONALD TUSK.

PHOTO CREDIT – DOI – PIERRE SAMMUT/JEREMY WONNACOTT

MALTA

EU INFORMAL

SUMMIT 2017

WORKING LUNCH DURING WHICH MIGRATION AND

TRANSATLANTIC ISSUES WERE DISCUSSED.

PHOTO CREDIT – DOI – CLODAGH O’NEILL

EU LEADERS ENJOYING A BIRD’S-EYE VIEW OF THE GRAND HARBOUR

BEFORE CROSSING OVER TO FORT ST ANGELO FOR THE OFFICIAL LUNCH.

PHOTO CREDIT – DOI – REUBEN PISCOPO/JASON BORG/STEPHEN

BUSUTTIL/ANTHONY SULTANA

EU LEADERS STOP OVER AT ST JOHN’S CO-CATHEDRAL ADMIRING MICHELANGELO

MERISI DA CARAVAGGIO’S THE BEHEADING OF SAINT JOHN THE BAPTIST

PHOTO CREDIT – REUBEN PISCOPO/ JASON BORG

WORKING LUNCH DURING WHICH MIGRATION AND

TRANSATLANTIC ISSUES WERE DISCUSSED.

PHOTO CREDIT – DOI – CLODAGH O’NEILL

EU LEADERS DURING A BOAT TRIP

IN THE GRAND HARBOUR PRIOR TO

THEIR WORKING LUNCH.

PHOTO CREDIT – DOI – CLODAGH

FARRUGIA O’NEILL

EU LEADERS DURING A BOAT TRIP IN THE GRAND

HARBOUR PRIOR TO THEIR WORKING LUNCH.

PHOTO CREDIT – DOI – CLODAGH FARRUGIA O’NEILL

EU LEADERS STOP OVER AT ST JOHN’S CO-CATHEDRAL

ADMIRING MICHELANGELO MERISI DA CARAVAGGIO’S

THE BEHEADING OF SAINT JOHN THE BAPTIST

PHOTO CREDIT – REUBEN PISCOPO/ JASON BORG

WORKING LUNCH DURING WHICH MIGRATION

AND TRANSATLANTIC ISSUES WERE DISCUSSED.

PHOTO CREDIT – DOI – CLODAGH O’NEILL

SECOND WORKING SESSION: TOUR-DE-TABLE.

THE PALACE, VALLETTA

PHOTO CREDIT – DOI – JASON BORG

EU LEADERS DURING A BOAT TRIP IN THE GRAND

HARBOUR PRIOR TO THEIR WORKING LUNCH.

PHOTO CREDIT – DOI – CLODAGH FARRUGIA O’NEILL

WORKING LUNCH DURING WHICH MIGRATION AND TRANSATLANTIC ISSUES WERE DISCUSSED.

PHOTO CREDIT – DOI – CLODAGH O’NEILL

WORKING LUNCH DURING WHICH MIGRATION

AND TRANSATLANTIC ISSUES WERE DISCUSSED.

PHOTO CREDIT – DOI – CLODAGH O’NEILL

EU LEADERS DURING A BOAT TRIP IN THE GRAND

HARBOUR PRIOR TO THEIR WORKING LUNCH.

PHOTO CREDIT – DOI – CLODAGH FARRUGIA O’NEILL

16 17

www.maltabusinessreview.net


Malta Business Review

18

TRANSPORT & LOGISTICS

GLOBAL FREIGHT

Michael Quattromani

Jimmy Cutajar

• How would you sum up the state

of Malta’s logistics sector on the

threshold of 2017? What is the

outlook for the industry in Malta in

the year ahead?

• What do you think your major

challenges will be in 2017? How

are you planning to tackle them?

• What will the priorities be for

Global Freight in the year ahead?

What opportunities are you

looking forward to seizing upon?

The Maltese logistics sector has

unfortunately been neglected for many

years. Evaluation of the current trends

shows that there is a dwindling Negative

trade performance. Continued trade

deficits show us that the trend is still

ongoing and far from reaching the desired

positive objectives.

In my point of view we have to evaluate

Malta’s Weaknesses such as

• Under qualified work force in the

logistics sector.

• Lack of guidelines on how processes are

further smoothened to encourage use

of European procedures which will cut

down on costs, especially within the FTZ

(Free Trade Zone)

• Restructuring of terminal operator

charges, specifically for cargo that is

in transhipment which arrives in one

ports, and exits from another.

GFS outlook for 2017 is quite positive

and is looking forward to enhance it’s

ability by supporting the government view

in recognising the need to implement

developments such as the Hal-Far Complex.

2017 will be extremely challenging

for GFS since the desire for growth is

unprecedented, however we cannot

achieve such feat without the required

help of the authorities, since, Malta and

Logistics providers are loosing quite a lot of

cargo routing due to the high charges our

esteemed clients are requested to pay by

the port operators.

One has to bear in mind that Malta

is an island and in order to achieve

competitiveness to attract such FTZ

transactions handling costs, customs

formalities and bureaucracy have to be

drastically reduced.

GFS is continuously investing in it’s

infrastructure, development of IT systems,

by Jimmy Cutajar

modus operandi, and implementation

of ISO standards, together with the

continuous agreement with reliable

worldwide partners, thus enabling the

company to offer a tailor made services.

Continued development of company’s

structure enables GFS to offer more

options, competitive pricing and reliability.

The company’s vision is to continuously

develop and sustain growth within the

local and outside shores.

The world forecast and statistics for trade

show that Global trade is currently on

the downfall due to major shifting in

manufacturer’s operations. We are seeing

the requirements of major manufactures

whereby require their suppliers to develop

their factories next to them.

2017 will be a very challenging year since

the manufacturing sector in Malta is not

showing any substantial growth, hence we

at GFS will persevere by exploring niches

beyond the local market, promote Malta as

a Logistics hub and try its utmost to attract

more logistical solutions via our island.

Our promise for next year will be to

enhance the company’s portfolio, ensure

the company offers its esteemed clientele

competitiveness, reliability, best pricing

and continued development of Tailor Made

Logistical service according client’s specific

requirements and obligations. MBR

EDITOR’S

Note

Jimmy Cutajar’s name is

synonymous with all those

who relate to the local

logistic scene and beyond.

Jimmy has been involved in

the logistics sector for over 20 years. A leading

professional when it comes to organising

transportation by air, land, sea (parcel / courier)

service, Jimmy holds logistics close to his heart

and works with such a passion that attracts a

good number of customers. After a number

of challenging posts in the local logistics field,

Jimmy Cutajar took over the helm at Global

Freight Solutions (FFS) at the beginning of

2016 with the sole intention of developing and

elevating the company to become one of Malta’s

leading and innovative Logistics providers.

Jimmy’s approach with a ‘Can-DO-Attitude’

is what makes every single project a successful

story and achievement for GFS. Apart from

the years of experience in the field, Jimmy has

been one of the very first to graduate with a

higher diploma in Logistics and Transportation

Management, awarded by the University of

Malta in conjunction with CILT.

WE’RE

COMMITTED

TO DELIVER!

GFS Building (MRA009) Industrial Estate, Marsa, MRS 3000 - Malta

Tel: +356 2122 1229 F: +356 2122 3076 E: info@gfs.com.mt

• FCL and LCL Consolidations

• FTL and LTL Consolidations


Personnel

• Imports / Exports on Door to

Door; Door to Air/Port and Air/

Port to Air/Port Basis

• In House Customs Clearance

for both Imports and Exports

• Freight Forwarding

• Project Cargo

• Special Cargo

• Conference Logistics Handling

• Personal Effects

• Courier Service to/from Malta

www.gfs.com.mt


Malta Business Review

CORPORATE INTERVIEW OF THE MONTH

CORPORATE INTERVIEW OF THE MONTH

Malta Business Review

Logistics Centre

PRESERVING CULTURE,

DRIVING TRANSFORMATION

By Martin Vella

Exclusive interview with Mr Louis A Farrugia, Chairman

of the Board of Directors of Simonds Farsons Cisk plc.

Farsons has a history of good governance and a reputation of a

good employer. This has enabled it to employ good people and

engage well qualified representatives on its various Boards. Mr

Farrugia says that maintaining this tradition, Farsons have been

on top of the issues they face, both in the short term and long

term visions that they have set for the Group.

MBR: What is FARSONS culture?

LAF: Farsons Culture is embodied in our

Mission Statement, which states: “Our

strategy is based on creating and nurturing

world class brands which inspire the trust

and loyalty of consumers; championing

customer relationships and building

meaningful partners; engaging talent

and empowering employees to deliver

sustainable and quality driven operations;

connecting with the community and

embracing our social and environmental

responsibilities; providing a fair return

to shareholders to ensure long-term

investment and profitable growth. Thus we

shall accomplish our vision of growing our

local and international business to establish

the Farsons Group as a regional player

within the food and beverage sector.”

MBR: Where is the business today and

how do you see the company positioned?

LAF: Our main business remains the

Maltese market but our vision is to grow

our export markets over the next decade.

Our main investments remain within the

beer industry – increasing our quality and

productivity throughout our operations to

improve our competitiveness.

Our recent major €27 million

investment was that of a new

multi-purpose beer packaging

hall which incorporates three

different packaging lines

MBR: Do you concentrate on particular

industries and what can you tell us about

your current project and investment

strategy?

LAF: Our recent major €27 million

investment was that of a new multipurpose

beer packaging hall which

incorporates three different packaging lines

– a returnable glass unit, a one-way line

and a canning line. This is now enabling us

to export new packages in many different

formats. We are currently exporting our

beers to Italy, UK, China, South Korea and

will send our first consignment to the USA

very shortly.

MBR: Having gone through your

investment process so many times, are

you ever taken by surprise?

LAF: In 2008 we invested in a new PET soft

drink packaging line and a new Logistics

Centre. I was surprised at the improvements

we achieved in our competitiveness once

we got used to the new ways of production.

MBR: Is it challenging dealing with

regulation and the short-term mentality

that is prevalent today when you’re

investing long-term?

LAF: Our biggest frustration is that as

a serious law abiding corporate citizen

we are subjected to elements of illicit

competition from opportunists who seem

to get away with their illegal activities.

MBR: Do you work with the existing

management in the companies you

invest in as opposed to trying to replace

executives?

LAF: As I stated in my first answer, we have

a good track record of recruiting good

management material. Our management

team is a mix of long service elements and

recently recruited experienced managers.

The mix is a healthy one and establishes

the Farsons’ culture.

MBR: How do you define the role the

board should play today?

LAF: The role of the Board of Directors is

fundamental to the success or otherwise

of the company. The Board appoints its

Chairman, CEO and Senior Management

positions. As a result of good decisions

trust is won over from the Group’s

employees and vice-versa.

MBR: How important is the brand for

you?

LAF: The Farsons brand represents all that

the Company stands for. It conveys to the

public all the achievements over its 90 year

history, namely, good quality products,

good employer, a good investment for

its shareholders, proud wholly owned

Maltese Group of Companies competing

on the world stage against the best in the

world. It represents all that everyone to

do with the Group has worked so hard for

all these years. Naturally I feel very proud

of our achievements. MBR

All rights Reserved. Copyright © 2017

New Brewhouse

Packaging Hall

EDITOR’S

Note

Mr Louis A Farrugia

FCA qualified as Fellow

Member of the Institute

of Chartered Accountants

in the UK. He is the Chairman of the Board

of Directors of Simonds Farsons Cisk plc. He

is also Chairman of Multigas Ltd, Liquigas

Malta Ltd and Farrugia Investments Ltd. Mr

Farrugia served as Chairman of the Malta

Tourism Authority and Air Malta. In 2004

he was nominated a member of the Order of

Merit by the President of Malta in recognition

of his contribution on a national level to the

industry and enterprise in Malta and in 2013

he was bestowed the honour of Ufficiale dell’

Ordine al merito della Republica Italiana

for his voluntary involvement in initiatives

outside his direct line of business.

20 21

www.maltabusinessreview.net


Malta Business Review

EU PRESIDENCY

Malta Informal Summit:

citizens and political leaders

from national, regional

and local levels support

President Tusk and the

Maltese Presidency’s call

to regain faith, reunite

and stand up for a strong

European Union

EU citizens gathered just outside of

Valletta last night for a town hall

debate ahead of today’s challenging

Malta Summit to build up a bottomup

movement in response to Europe’s

pressing challenges. Together with

elected politicians from all levels of

government, the debate included Markku

Markkula, President of the European

Committee of the Regions, Parliamentary

Secretary Ian Borg, representing the

Maltese Presidency, Joseph Cordina,

Head of the Maltese Delegation in the

European Committee of the Regions, as

well as Marthese Portelli, Member of the

Maltese National Parliament and Sarah

Agius, Mayor of Zebbug (Malta).

“The weakening confidence in the

European Union is clearly evident“, said

Markku Markkula. “That is why restoring

faith must start from each and every one

of us. Europe is not an abstract concept

or a complex bureaucratic structure.

It is a union of humans and territories,

committed to living and prospering in

peace. We are all Europe and we must be

proud of our European Union citizenship,

which enriches our national, local and

regional identities.“

Ian Borg said: “Noting Maltese citizens’ high

levels of support for the European Union,

politicians must be approachable and

better communicate what the EU is doing

for people’s everyday lives. We must also

remember our history and reiterate why it

was originally conceived and what has been

achieved so far. To be united means not only

showing pride, but also acknowledging the

faults and commit to fixing them. It must be

a time to clearly stand together and say that

the EU is there first and foremost to serve

its citizens.”

Joseph Cordina said: “We want that the

European Union’s leaders to proactively

listen to the concerns and wishes of

citizens. Elected governments at all levels

must work side-by-side to address their

expectations and ensure that the EU

responds effectively. Listening, though,

is not sufficient: We need to propose

innovative solutions, which correspond to

the reality on the ground, in every village,

city or region”.

During the Maltese town hall debate,

participants asked a range of questions

with local and regional dimensions,

including migration, youth unemployment,

the circular economy, the environment

and EU funds. The EU’s wifi for all, support

for SMEs and young entrepreneurs were

all cited as measures that affect people

personally and which could turn the tide

on perceptions.

Markku Markkula concluded: “As we

celebrate the 25th anniversary of the

Maastricht Treaty and we approach the

60th Celebration of the Treaty of Rome,

our message to the Heads of State and

Governments in Malta is simple: if the EU

is to overcome challenges that threaten

current and future generations, it must

stand up for its values and step-up its

response to the frustration felt by many

citizens. This is why as elected politicians

we need to find answers to the issues

that matter most to our citizens. We must

rebuild a public space to bridge the gap

between Brussels and its citizens. This

means being visionary but also pragmatic

and bold in our actions.” MBR

Creditline: PresseCdr@cor.europa.eu

Note

EDITOR’S

The European Committee of the Regions is

launching open debates in towns, cities and

regions. Citizens’ views will be formally

fed back in a report to be submitted to

the European Council’s President. The

Committee is also encouraging regional

and local councils to hold their own

debates, including in their own institutional

bodies, on the future of Europe to ensure

that citizens’ are heard during this time of

reflection.

22


Malta Business Review

EU/GLOBAL NEWS ROUND

EU/GLOBAL NEWS ROUND

Malta Business Review

We can’t spend all day being depressed, and

thanks to Tunku Varadarajan’s list of the 12

people and things that will make Europe great

again, we don’t have to. The snazzily named Le

Canard Enchaîné (the chained duck), Scotland’s

self-described “tough old bird” Ruth Davidson

and Europe’s competition darling Margrethe

Vestager all make the cut. MBR

In a lawsuit filed by National Front leader Marine

Le Pen, the French presidential aspirant is suing

the European Parliament’s Secretary General

Klaus Welle, the head of the EU anti-fraud office

Giovanni Kessler, and Maria Beatriz Sanz Redrado,

the OLAF civil servant who handled a recent

investigation that found Le Pen misused €300,000

of EU money, which she refuses to repay. The FN

leader also accuses former European Parliament

President Martin Schulz of “German arrogance”

in the suit.

Le Pen alleges the Brussels institutions have

falsified evidence to launch a politically motivated

investigation against her. Her lawyer Marcel

Ceccaldi told POLITICO he plans to file another

complaint in Luxembourg in coming days. MBR

Giles Merritt

MARINE LE

PEN SUES

NEARLY

EVERYONE

COUNCIL — SHOWDOWN AT THE ROME

CORRAL: Friends of Europe’s Giles Merritt

says divisions over the eurozone will likely be

laid bare in between toasts to Europe’s future

at the March EU summit in Rome. MBR

COMMISSION — HERE’S WHAT

HAPPENED TO THE LAST

STRUCTURAL REFORM EFFORT:

Playbook applauded and then forgot about a

2015 Commission plan to create a so-called

Structural Reform Support Service. The idea

was to help EU governments do the heavy

lifting needed to make their economies ready

for the rigors of globalisation. It turns out the

program that was meant to be the core of the

service has never officially come into existence.

Playbook was reminded of that fact when the

Commission announced Wednesday that 19

months after it proposed the idea of helping

governments become more productive, those

governments finally got around to agreeing.

This delay does at least explain one other

development — why it was so easy for the

Commission to shift Maarten Verwey, the man

in charge of the non-existent support program,

into the role of implementing the EU-Turkey

migration deal in March 2016. MBR

Jean-Claude Juncker

COMMISSION — JUNCKER’S RADICAL

PLAN TO SAVE THE EU’S REPUTATION:

European Commission President Jean-Claude

Juncker is sick of EU countries using Brussels as

a scapegoat for their own failures. States have

repeatedly undermined Juncker by passing the

buck on toxic issues such as genetically modified

food and pesticides. Simon Marks reports that

Juncker will hit back with a structural reform of

the EU’s obscure and dysfunctional decisionmaking

process known as “comitology.”

Exhibit A: There is a March deadline for EU

governments to decide whether to clear

genetically modified crops for cultivation. They

are unlikely to reach a verdict and will push the

decision back to a meeting of a body called the

Standing Committee on Plants, Animals and

Feed. The upshot is that Juncker will be left

taking the blame for whatever is decided. It is

these meetings Juncker wants to reform.

PARLIAMENT — TAJANI’S FULL TEAM

AND CONTACT DETAILS: European

Parliament President Antonio Tajani wrote

colleagues Wednesday to inform them he

had “put together a cabinet that is gender

and geographically balanced, with fourteen

nationalities represented and its overall

size reduced by 20 percent.” Tajani’s office

has 32 staff members. There’s only one

innovation — Markus Warasin will advise on

“peripheral regions and islands, as well as

linguistic minorities,” an interesting assignment

for someone from Austria, a landlocked

monolingual country. MBR

Antonio Tajani & Carlo Corazza

THE TURF WAR: Carlo Corazza has

prevailed in an internal skirmish over who

would lead Tajani’s communications efforts.

Corazza will have the title of spokesperson and

be responsible for media relations with France,

Italy, Spain and Portugal. The other countries

and tasks such as speechwriting and social

media are divided among Delia Vlase, Nicholas

Simoncini and Peter Agius. MBR

BY THE NUMBERS: Jean-Claude Juncker

has 34 people in his team, compared to

Tajani’s 32. MBR

PARLIAMENT — COUNCIL REBUFFS

PANAMA PAPERS INQUIRY: Both the

current Maltese presidency and the forthcoming

Estonian one have indicated they won’t

show up at the Parliament’s inquiry into the

Panama Papers scandal. A public hearing at the

committee today should provide an opportunity

for MEPs to vent their frustration. MBR

ITALY — ANTI-ABORTION DOCTORS

NOW THE MAJORTY: In Italy, women

have the right to terminate a pregnancy.

Enforcing that right is another matter

altogether. “An unprecedented wave of socalled

conscientious objectors — doctors

declining to perform abortions for personal or

religious reasons — is sweeping the country.

Today, 70 percent of Italian gynecologists and

48.4 percent of anesthesiologists decline to

perform terminations.” MBR

MALTA — JOURNALIST’S ASSETS

FROZEN IN LIBEL CASE: Normally

a blogger on a small island wouldn’t attract

much interest. But Daphne Caruana Galizia (a

member of the POLITICO28 list) is different:

she’s the most read journalist in the country

by a long way. Galizia also happened to write

recently that a Maltese minister slept with

prostitutes in a German brothel on a work trip.

On Wednesday, according to a statement by

Galizia, the minister and an assistant succeeded

in freezing around €47,000 of her assets

pending the result of a libel lawsuit related to

the story. Commented the undaunted journalist:

“When the precautionary warrant is filed by a

politician against a journalist who holds him to

scrutiny, the implications for democracy and

for the freedom of the press are terrible. The

implications of this for my fellow journalists and

colleagues in the press are tremendously bad.

What the deputy leader of the Labour Party/

Economy Minister and his policy officer have

done in these cases can be done to any other

journalist or editor who is currently facing or

will face a libel suit. The negative effect it will

have on the freedom of the press is immense,

because now it is not only libel suits which

journalists have got to be wary of, but also

precautionary warrants which freeze their bank

accounts until the case is concluded. We should

not be surprised that journalism is in severe

decline in Malta, that fewer people wish to be

journalists, that journalists are afraid of doing

their job properly, and that corrupt and abusive

politicians are winning the game.” MBR

TRUMP WORLD …

TRUMP BECOMES EUROPEAN

TELEVISION LAUGHING STOCK:

Major television networks throughout

Europe have broadcast no-holds-barred

Trump satire. The most shocking video

is from ZDF, Germany’s national public

broadcaster. In the four-minute video,

presented by Jan Böhmermann (the

comedian the Turkish government

wanted to prosecute in 2016 for insulting

President Recep Tayyip Erdoğan) Trump

and his strategist Steve Bannon are directly

compared to Adolf Hitler. MBR

Donald Trump

PRESIDENT’S SUPREME COURT

NOMINEE — TRUMP’S ATTACKS

ON COURTS ‘DEMORALIZING’:

Neil Gorsuch, nominated by U.S. President

Donald Trump to fill the late Justice Scalia’s

seat, told a Democratic senator that Trump’s

comments were “disheartening.” MBR

BREXIT INSIGHT

Suggestions that the U.K. might face a £60

billion Brexit bill provoked derision among

British Euroskeptics but some of them may be

among the biggest beneficiaries.

The European Parliament has 73 British MEPs

(20 of whom are from UKIP), and several

hundred British officials, many of whom will be

entitled to a generous pension. Under internal

Parliament rules, MEP pensions equal 3.5

percent of their salary for each full year in office

“but not more than 70 percent in total.”

So if former UKIP leader Nigel Farage, for

example, who has been an MEP since 1999, stays

on in the Parliament until 2019 as he’s promised,

he would expect to receive his full pension — 70

percent of his salary, or around €6,000 a month.

UKIP is quite clear that they will fight to keep

the EU pensions after the U.K. exits the bloc. A

spokesperson said Farage and co “were elected

and worked.” “So why shouldn’t people who

were elected and worked not draw a pension?”

he said. The situation was not “straightforward,”

he added, as some British MEPs had paid into

a private pension fund established in 1989 but

discontinued in 2009.

But who foots the bill after the U.K. leaves? The

answer is still unclear. The U.K.’s contributions

to the EU budget will be a major sticking point

in the divorce negotiations, former British

ambassador to the EU Ivan Rogers warned

last week. The issue is already receiving

considerable attention, including being one

of the main items for discussion at a meeting

between EU sherpas and the European

Commission’s chief negotiator Michel Barnier

yesterday. Commission spokesman Margaritis

Schinas used a pub analogy to get his point

across. “You still need to pay for your round,”

he said, adding it would not be gentlemanly “to

ask for another round and to leave.”

Like the hotel California, checking out is easy

but leaving altogether might be harder than

many had bargained for. MBR

— Maïa de La Baume

Alexei Navalny

RUSSIA — OPPOSITION LEADER

BARRED FROM 2018 ELECTIONS:

Alexei Navalny, a critic of Russian

President Vladimir Putin, was found guilty

of embezzlement on Wednesday. The

verdict bars him from running in Russia’s

presidential election in 2018. Navalny

maintains the charges were politically

motivated as the Russian politician came

to prominence in 2008 when he began

writing about high-level corruption in

Putin’s close circles. MBR

BREXIT SNIPPETS

• It’s 25 years to the day since the signing of

the Maastricht Treaty. Brexiteer Iain Duncan

Smith writes in the Telegraph, with Olympicstandard

levels of hindsight, that the road to

Brexit began back then.

• An American billionaire wants an extra £8

million for a painting because of Brexit.

Hedge fund manager James Tomilson Hill III

had agreed to sell Portrait of a Young Man in

a Red Cap to the National Gallery in London

for just over £30 million but now wants a

lot more because of the fall in value of the

pound.

• The Guardian speaks to couples who have

broken up or seen their relationship suffer

because of Brexit. Alas, David Cameron and

Michael Gove aren’t on the list.

• BBC Radio 4 is running “Brexit: A guide

for the perplexed” all week. It’s presented

by Boris Johnson and that woman in the

Question Time audience who voted Leave

because she saw a straight banana in Aldi

(it’s not). MBR

Credit: Ryan Heath | Brussels Playbook;

POLITICO SPRL

THANKS: Cathy Buyck, Quentin Ariès and Zoya

Sheftalovich

Brexit Files Paul Dallison and Sanya Khetani-

Shah

24 25

www.maltabusinessreview.net


Malta Business Review

ERC STORY

NOVEL THERAPY STARVES THE ENGINE

DRIVING CANCER CELL GROWTH

European researchers have identified a

novel approach to prevent the growth of

cancer tumours and inhibit them from

spreading, potentially leading to highly

effective treatments with fewer side

effects.

By Peter Frans Martha Carmeliet

The work, conducted in the ECMetabolism

project with support from the European

Research Council (ERC), builds on prior

research into the formation of blood vessels

– a process known as angiogenesis – that

supply tumours with nutrients and oxygen.

Blood vessels also provide a route for cancer

to metastasise from the original tumour and

spread elsewhere in the body.

Current anti-angiogenic therapies aim to

destroy all tumour blood vessels and starve

the cancer cells. But the treatment often

provokes numerous side-effects, while its

effectiveness can be inhibited by patient

resistance and may even increase the risk of

metastasis.

“There was an unmet need for novel antiangiogenic

strategies with fundamentally

distinct mechanisms,” explains Peter

Carmeliet, who led the ECMetabolism

research at the VIB Vesalius Research Center

of KU Leuven in Belgium. So the research team

set out to develop a new anti-angiogenic

concept targeting key metabolic pathways in

endothelial cells which line the blood vessels,

rather than the blood vessels themselves.

“Our work has advanced the current state

of the art and scientific understanding in the

field of metabolism and angiogenesis.”

A LITTLE KNOWN CELL

When the ERC project began more than

five years ago, very little was known about

how endothelial cell metabolism regulates

vessel sprouting, a process in which existing

blood vessels grow offshoots that become

new vessels. Carmeliet hypothesised that

endothelial cell metabolism is the engine

driving vessel sprouting and that turning down

the engine in endothelial cells would provide an

alternative anti-angiogenic treatment. What is

the key to turning down the engine? Glucose,

more commonly known as blood sugar, which

Carmeliet and his team identified as a major

fuel source for endothelial cell metabolism

through a process called glycolysis.

“We showed that endothelial cells are

addicted to glycolysis, and that a partial and

transient reduction of glycolysis by blocking

the glycolytic activator PFKFB3 – using

the commercially available small molecule

compound, 3PO – inhibits pathological

angiogenesis without systemic effects. To

the best of our knowledge, these are the first

findings showing that a metabolic pathway

(glycolysis) can be a target for tumour vessel

normalisation and anti-metastatic therapy,”

Carmeliet says.

Crucially, in vitro and in vivo animal studies

conducted by the ECMetabolism researchers

showed that other cell types do not rely as

much on glycolysis as endothelial cells and

are therefore able to switch to alternative

metabolic pathways, potentially resulting in

far fewer side-effects for patients. Following

on from that ground-breaking research,

Carmeliet and his team are now shifting focus

towards translating the results into metabolic

anti-angiogenic treatment candidates for

new drugs, including screening a library of

existing pharmaceutical compounds for an

alternative PFKFB3 inhibitor that would be

more active and easier to administer.

“The ERC grant gave us the freedom and

trust to pursue innovative, high-risk/highgain

research at the frontline of life sciences,

attracting a critical mass of researchers over

a longer period of time and making significant

progress that would not have been possible

via other funding organisations,” Carmeliet

says. “With this support we have been able

to produce ground-breaking scientific insights

and discoveries in an unexplored research field

that will be of great benefit for the scientific

community and clinical medicine.” MBR

Researcher (PI): Peter Frans Martha Carmeliet

Host institution: Vib, Belgium

Project: Targeting endothelial metabolism: a novel antiangiogenic

therapy, (ECMETABOLISM)

ERC call: Advanced Grant , ERC-2010-AdG, panel LS2

Max ERC funding: 2,365,224 €

Duration: Start date: 2011-05-01, End date: 2016-04-30

We are flexible

to your needs

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26


Malta Business Review

GLOBAL BRANDS

MBR EU & GLOBAL NEWS ROUND-UP

Malta Business Review

• The world’s most valuable brand is

Google, with a value of US$109.4 billion

• Apple’s brand value has dropped 27%,

ending a 5 year period at the top

• Lego regains its status as the world’s

most powerful brand ahead of Lego

Batman release

Google’s brand value rose by 24% during

2016 (from US$88.2bn to US$109.4bn)

whilst Apple’s declined from $145.9bn to

$107.1bn, according to the latest Brand

Finance Global 500 report. Google last

occupied the position of the world’s most

valuable brand in 2011. The company

remains largely unchallenged in its core

search business, the mainstay of its

advertising income. Ad revenues were up

20% in 2016 as budgets are increasingly

directed online and Google finds more

innovative ways to monetise users.

David Haigh, CEO of Brand Finance,

said: “Apple has struggled to maintain

its technological advantage, with new

iterations of the iPhone delivering

diminishing returns, while the Chinese

market is now crowded with local

competitors. Apple has been living on

borrowed time for several years by

exploiting its accumulated brand equity.

This underlines one of the many benefits

of a strong brand, but Apple has finally

taken it too far.”

Every year, leading valuation and strategy

consultancy Brand Finance values the

brands of thousands of the world’s biggest

companies. Brands are first evaluated to

determine their power / strength (based

on factors such as marketing investment,

familiarity, loyalty, staff satisfaction and

corporate reputation). Brand strength is

used to determine what proportion of a

business’s revenue is contributed by the

brand, which is projected into perpetuity

to determine the brand’s value. The results

of this analysis are ranked, with the world’s

500 most valuable brands featured in the

Brand Finance Global 500.

Lego has regained its status as the world’s

most powerful brand. The building blocks

for Lego’s brand strength have always

been present but the release of the Lego

Movie in 2014 provided the final push

required to make Lego the world’s most

powerful brand in 2015. The first sequel,

the Lego Batman Movie will be released

on February 9th. Its predicted impact has

helped Lego regain its top position, lost to

Disney in 2016. Further planned releases

will continue to build the brand for years

to come, while contributing significantly to

Lego’s already vast licensing income.

David Haigh adds: “Unvalued brands can

lead to undervalued companies that are

more vulnerable to takeover, struggle

to secure adequate financing and miss

market opportunities. Meanwhile a

powerful brand can protect a company’s

value during turbulent market conditions,

create new market opportunities and

increase profit margins. All companies

should therefore not just know the value

of their brands, but also understand

what drives that value and how it can be

harnessed to benefit the business as a

whole.”

You can find more detailed insights into

brands from industries such as TMT, Oil &

Gas, Tech, FMCG, Banking, Fashion, and

Aviation in the Brand Finance Global 500

2017 Report, highlights include:

• China’s bank brands are now worth

more than those of the United States

• ICBC is the world’s most valuable

banking brand

• AT&T has overtaken Verizon to become

the world’s most valuable telecoms

brand

GOOGLE

PIPS

APPLE

APPLE NO LONGER

THE WORLD’S MOST

VALUABLE BRAND,

GLOBAL BRAND

RANKING REVEALS

• Emirates is no longer the most valuable

airline brand, having been overtaken by

American, United & Delta

• Coca-Cola, Pepsi, McDonalds, KFC

& Subway all see brand values fall,

undermined by healthy eating trends

• Nokia’s brand is back from the brink and

back in the top 500, following takeover

and rebrand of Alcatel and launch of the

Nokia 6 phone MBR

Creditline: Brand Finance

EDITOR’S

Note

For access to any of the infographics

or images in our reports, please get

in touch. Brand values are reported

in USD. For precise conversions into

local currency values, please confirm

rates with the Brand Finance team.

More information about the

methodology, as well as definitions

of key terms are available in the

Brand Finance Global 500 report

document. Brand Finance is the

world’s leading brand valuation and

strategy consultancy, with offices

in over 15 countries. We provide

clarity to marketers, brand owners

and investors by quantifying the

financial value of brands. Drawing

on expertise in strategy, branding,

market research, visual identity,

finance, tax and intellectual property,

Brand Finance helps clients make the

right decisions to maximise brand

and business value and bridges the

gap between marketing and finance.

Organisations need to have a mechanism

for managing risk. This may be through a risk

management group, or a sub-committee

of the executive or board of directors.

There are also many different mechanisms

for managing risk. This might include the

following steps:

• Promote risk awareness in the business.

It is fundamental that everyone in the

organisation, and not just those that sit

on the board or are members of the risk

management group, can recognise the

importance of identifying risks and take

ownership for minimising the exposure

to those risks.

• Identify possible causes and

consequences of hazards in the

organisation. Consistent separation of

causes and consequences simplifies

risk analysis and facilitates efficient risk

handling.

• Assess and evaluate the risks. The

probability of the identified causes

is assessed in terms such as ‘often’,

‘frequent’, ‘sometimes’, etc. The

severity of the identified consequences

is assessed or similarly expressed in

such terms as ‘catastrophic’, ‘critical’,

‘small’, etc. This will also identify those

risks that require action i.e. starting with

The Importance of Organisational Risk Management

By Deborah Schembri, Managing Director, STM Malta Trust & Company Management Ltd

those with highest probability and most

severe impact.

• Take action on the risks identified as

priority. A systematic approach needs

to be adopted which allows risks to be

handled consistently according to their

causes and consequences.

• Cause-related handling uses

measures that avoid or reduce risks

by diminishing the probability of

their occurring.

• Consequence-related handling uses

measures that are productive after

a problem has occurred.

• Integrate the process within the

organisation. This involves periodically

repeating the above four steps. It

is important to have a feedback

mechanism and central to this is the

flow of information from the risk

management process. All information

must be centrally gathered, analysed

and fed back to the business. Risk

management should become second

nature to the senior team and the

workforce. MBR

EDITOR’S

Note

Deborah Schembri

BA(Hons) Accty.,

Dip. Tax., FIA, CPA,

DipPMI, MIM, MBA

(Henley) has 20 years’ experience in the

financial services, gaming and hospitality

industries. In her various C-level and board

member roles she had formulated new

strategic directions and implemented the

necessary changes. She has been instrumental

in setting up and growing various companies.

She is a Certified Public Accountant, holds a

Master’s in Business Administration from

Henley Management College and holds a

Diploma in Retirement Provision pursued

with the UK Pensions Management Institute.

She is the only Maltese resident holding

such a qualification in pensions. Deborah

won Malta’s Best Knowledge Entrepreneur

of the Year Award 2015. She has also been

nominated and then voted as one of the four

finalists for the Commonwealth Women

Entrepreneur of the Year 2015.

28 29

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Malta Business Review

INTERVIEW OF THE MONTH

INTERVIEW OF THE MONTH

Malta Business Review

MULTICULTURALISM,

TOLERANCE

RESPECT

By George Carol

Celebrating 30 years of

constant success and deeprooted

engagement, Sue

Rossi believes that personal

experiences, values and

reasoning brought her to

realise that being positive

is in fact the most crucial

ingredient of all.

&

MBR: What is it that makes Modelle

International so special?

SR: Modelle International has been

evolving ever since its formation thirty

years ago. Its role in fashion has

contributed to paving the way for career

start ups for those willing to commence an

exciting venture whether as TV presenters

or promoters of modelling schools in

Malta. There were others who experienced

international activity with much

satisfaction. Personally I feel honoured to

have been in the forefront of the cultural

change so much in evidence in current

circumstances. There were challenges and

hurdles to be overcome but through sheer

determination and innovative tactics much

has been accomplished and achieved in

an effective and efficient manner. The

talent shows and the several events that

captured the market at the time may be a

distant past but their effects are felt today

in other ongoing events set by Modelle

International. The fashion enterprise

which is Modelle International has altered

attitudes and views with humility and

sheer hard work.

MBR: How important is it that your

model base mirrors the diversity of your

customer base?

SR: We live in a world of change and

excitement. Multiculturalism, tolerance

and respect toward others blend well

in our activities. Diversity of cultures,

genders and ideas combine in a healthy

style with much fervour and colour.

MBR: How important is it to build the

awareness that this is an innovative and

dynamic industry?

SR: Innovation and competition are basic

for a unique end product. The local events,

fashion shows and other promotions

are the result of a realisation of present

situations with a futuristic view. Fashion

is an expression not only of inner beauty

but of freedom from rigid and structured

connotations. I believe that Modelle was

courageous enough to come up with an

alternative social outlook.

MBR: Thirty years on- what excited

you about this opportunity and what

risks did you face; what was one of the

biggest things which was an eye opener

for you?

SR: Risks are part of the package. Any

venture and opportunity carry a hidden

known or unknown factor. Identifying

major risks and modifying a sensible

business model to counter any fault

lines was an imperative obligation

throughout. Being aware of the external

pitfalls made me realise that hedging

against consequential fallouts required

an impregnable presence consisting of a

strong inner circle where loyalty and trust

are valued elements. Keeping an open eye

at chances and possibilities is an obvious

must. This proves to be the driving force

that propels me to move on.

MBR: What has been the biggest change

(and challenge) of working in the

modelling industry after thirty years?

SR: Times change and the crucial aspect is to

keep abreast with the alternative scenario.

Taking a glance at occurrences and daily

happenings is essential to introducing a

new phase built on past achievements.

Educating through modelling may be an

undernoted contribution to social benefit

but the appreciation of the common good

long term objective may have played an

implied catalyst to professionalise the

sector.

Innovation and competition are

basic for a unique end product.

Obtaining licences to the like of Miss

World explains the continuous awareness

I referred to earlier on.

MBR: How has social media changed

models’ job descriptions?

SR: Social media reflects thoughts and

attitudes shared in groups and family

structures. Job descriptions are not only

the result of writings and expressions but

of needs shared by customers and clients.

Requirements are more demanding and

job descriptions mirror the standards

of behaviour and ethical beliefs held by

Modelle International. Customers are

always at the heart of what Modelle does

and my role is to do the right thing by

setting the proper tone. Communication

is the raison d` etre of the media and our

belief and convictions are channelled to

the various strata of society through the

necessary medium. Technology brought

facebook and face book gave rise to a

global networking of emotion and identity

awareness. Partaking to it contributes to

success and other expectations which

mould immediate plans for the foreseeable

future.

MBR: What have you learnt about being

a good leader?

SR: Learning is an endless process and

fundamental for setting the pace. Rather

than being a good leader one has to strike

a deal at being effective and conscious of

others. Feminist views such as tolerance,

empathy and humility feature in moulding

the mythical perfect leader. However in

reality the attainment that such figures

are book bound gives me the energy to

be attentive and open minded. Actually

I was a model myself and my experience

with the modelling agency Model Noveau

in Nottingham made me note that their

success was a result of team work and

vision, both essential to any promoter.

MBR: What is a common misconception

people have about what you do?

SR: Judging others behind their back

is a casual act at striving to undermine

reputation. Such a hard earned intangible

asset is always the target of malicious

attempts by feeble minded under

performers to subdue achievers. Yes there

are at times amateur attempts at denting

name and gain but such risks are well

monitored and brushed aside.

MBR: What type of personality must a

model have? Do you consider this when

looking at a new model?

SR: Upcoming model must possess a

natural aspect about themselves. Artificial

modes are a façade that easily melts under

pressure. My sound advice is quite simple,

project who you are and refinement comes

in later.

MBR: How do you decide whether a

young candidate has potential?

SR: Those willing to move ahead are

all qualified. Promoters who consider

themselves better than others by shunning

them away from the industry are a liability.

Putting others down deliberately is a

conscious attempt at deriding humanity

from its core. I am a good listener

and a motivator for those who wish

wholeheartedly to realise their dream.

MBR: What would you say are the

current model trends and trends going

forward?

SR: Individual outlooks and personalised

touches with an artistic flare may be

sighted as prominent trends. It is essential

to consider these aspects to remain valid

and effective in an ongoing realisation

of a dream that prompted Modelle

International thirty years ago. MBR

All Rights Reserved / Copyright 2017

Contact details:

Modelle International – Sue Rossi

T: 21316304 – M: 99494817

E: sue@modelleinternational.com

W:www.modelleinternational.com

30

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31


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.

32

eie Educational Group,

Valletta Buildings, South Street, Valletta

Tel: +356 21 332804/5 info@eie-group.com

www.eieEducationalGroup.com


Malta Business Review

REAL ESTATE INTERVIEW OF THE MONTH

Malta Business Review

Character

&

Trust

By George Carol

Thanks to their specialised and professional

approach, the Belair Property team is on

the right path. In charge of this well-known

and respected specialist in the Maltese

real estate market, Ian Casolani, Managing

Director, who is a prime mover and shaker

shaping the real estate marketplace and

changing the skyline, lifts the lid on present

prestigious projects and beyond.

Ian Casolani, Managing Director at

Belair Property

MBR: The property market has boomed

over recent years, do you think this

growth is sustainable?

IC: The property market has had a good

run and just as we thought it could go

no further, it did just that. People talk of

bubble and overpriced properties, and

everyone seems to have their own take

on this matter, however, what is certain

is that a market is controlled by demand

and supply and while demand remains

high, prices will remain so too. The market

has evolved radically over recent years

and nowadays it is not only the local

looking to buy a home, but it is also the

investor looking to put savings into a solid

investment and earn a reasonable return,

it is the expat who has spent considerable

time here and now wants to invest in his/

her own property rather than a rental and

then there is the larger investor, local and

nowadays also many foreign, who are

appreciating the way Malta has positioned

itself internationally over the last ten or so

years, and believe they should be taking

advantage of this. All of this compounded

with the increasing number of High Net

Worth international clients obtaining

residency or citizenship on our islands,

continue to fuel this growth and allow it

to remain sustainable. Saying all that, it

is imperative that developments become

more sustainable and investors do not

get carried away, since if things had to

change, it is a cautious and sustainable

approach that will then reign supreme.

As a responsible Real Estate Agency, it is

also our duty to guide developers well to

ensure that the developments that come

on line are quality developments and

meet client need and expectations.

MBR: Belair Property has a solid

reputation as an established and

reputable player on the local Real Estate

scene, how do you feel this adds value to

buyers and developers alike, both locals

and foreigners?

IC: Over the years we have worked hard

to grow slowly but surely, ensuring that

our clients, and this includes both sellers

and buyers, feel comfortable enough to

trust us and take on our advice. This has

been fundamental in achieving the trusted

reputation, we feel humbled to have

managed to earn to date. Most agents

can sell or rent a property (if not they

might as well change careers), however

for us it is more than just that, we take

pride in guiding our clients into the right

investment, we crunch numbers down

to the last penny for them, when trying

to determine which would be the better

property for them to invest in for rental

returns. We sit with developers both

small and large, to study the market,

guide them on current trends, advise on

suitable pricing and more importantly

insist on the criteria and qualities that

their project would need to meet, in order

to be competitive and ahead of the game.

This is part of the added value we have

really managed to develop over the years

and a value which we know our clients are

appreciating and for which developers are

treating us as partners and not just as their

agent.

As a responsible Real Estate Agency,

it is our duty to guide developers

well to ensure that the developments

that come on line are quality

developments and meet client need

and expectations

MBR: Belair has continued to grow, how

do you think 2017 will be for the property

market and what are Belair’s plans for it?

IC: Our head office in Gzira and our

St.Julians Offices, both continue to perform

very well. Our more recent office in Naxxar

has had a great first year and looks all set to

continue to grow. 2017 should be another

exciting year for the property market and

we feel very confident that Belair Property

will yet again leave its mark. For the first

time in the history of Maltese Real estate,

one agency has been entrusted to sell a

major development exclusively. Belair

Property was entrusted to sell the entire

iconic 14 East development (previously

Hertz building) and has since sold the

entire commercial core of this project,

including 4500m2 of high end office space

and to date already 50% of the first phase

of residential units launched, within a

matter of days. In addition, Belair Property

was also given joint exclusivity with

another agent to represent the new City

Centre project. This proposed mixed-use,

lifestyle development is set to become

one of Malta’s prime real estate and we

are proud to have been entrusted with the

sales of the first phase of this project. All

this, together with our ongoing marketing,

events and seminars overseas, including

our continuous efforts to strengthen our

management and back office structures

should keep us pretty busy and we are

quite sure that this should be an exciting

year ahead ! MBR

All rights Reserved. Copyright © 2017

34 35

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Malta Business Review

THE ESSENTIAL

The Essential

2017

EXCLUSIVE

AGENTS

On our journey through concepts

borne along by words, we came

upon this one:

2017 will be under the aegis of....

all that is Essential.

State of the Art

°

Which is all that is not incidental.

This enables one to navigate

without getting lost among

the meandering clamor of the

hubbub of the world.

4,500sqm of high end office space with overlying luxurious

Residential Apartments.

Each apartment with 174 sqm of internal space, designer-finished to

the highest possible standards including fitted kitchen (including

appliances), integrated home automation system, VRV

air-conditioning, security systems and more.


The World is my field of vision.

From war to peace, from the unspeakable to

moments of poetry, my images are testimonies of

humankind.

- REZA -


Observing one’s life, one’s acts,

one thoughts and one’s choices

through the prism of this word

is a refusal to be led astray.

Observing through the prism

of essential is to go to the very

heart of things.

It invites us to act each day for

the world of today and that of

tomorrow.

100sqm of terraces with exceptional views of Manoel Island, Ta’

Xbiex, Valletta and Sliema Creek.

Specifications unlike any other offered in Malta to date (circa €150k

of finishing’s per apartment).

Prices range between €1m and €1.45m.

Construction currently already at level 12.

Completion December 2018 - Fantastic payment Terms!

CONTACT US NOW TO FIND OUT MORE OR TO BOOK AND EARLY VIEWING

36

For nearly 20 years, the

legendary Afghar resistant

Massoud led his people, first

against the Russians, and later

against the Taliban, in order

to liberate his country. Fifteen

years after his assassination

on September 9, 2001, this

is my tribute to a man of rare

intelligence and profound

sensibility.

The Bearer

of Light

by REZA

www.maptia.com

What is essential in this year of

2017?

One hears the whisper of

another word...

Resistance

This is what we wish all of you.

RACHEL DEGHATI

&

REZA

MBR

2011 8000

info@belair.com.mt

PUTTING PEOPLE IN

SINCE 1967

belair.com.mt


Malta Business Review

iGAMING

DENTAL HEALTHCARE

Malta Business Review

An

Aspirational

Home away

from Home

by

Thomas Mahoney

I

was sitting down in reception area

at Mr Green when the surroundings

prompted me to ask myself; where

is employer branding going next? Can

it even get any better? Knowing the

obvious answers to my nonsensical

questions still left me perplexed. There

was something particularly different

about how this brand presents its

self, which I couldn’t quite figure out,

as my eyes were still settling into the

green ambience. Rikard Rinaldo, who

is responsible for the brand and the

responsible gaming division invited

me into one of their arty rooms to

introduce me to an elegant, chic,

modern, edgy, cool man who roles by

the name of Mr Green.

Mr Green is well known for its

Casino offering with endless themes,

extending its portfolio in 2016 to offer

Live Casino and Sportsbook. Their

brand offering has been personified

through the glorious character of Mr

Green. When peeling off all the layers

from the brand strategy, the mission

is clear and simple – They are proud

to offer people a break, a superior

gaming experience, in a responsible

environment.

“Mr Green had a vision of doing

something unique and inspiring,

something beyond what everyone

else in the industry was doing,” said

Rikard. The foundation to all actions

and activities is based on offering

true entertainment in a responsible

environment, or as they like to call it;

Green Gaming.

This has positioned Mr Green as the

gentleman of online gaming and

listening to Rikard’s story of how the

brand came to be and where they are

heading I start to see how they have

been able to connect the dots and

increasingly I feel how their brand

comes across as respectful, honorable,

trustworthy, adventurous and fun.

Over the years it is clear Mr Green has

been able to build a unique corporate

culture based on its brand values. As

a workplace Mr Green strives to be

extraordinaire, social and inspiring. I,

as the writer can vouch for that! The

atmosphere is defined by their values

of; always acting like a gentleman, offer

entertainment and acting responsibly.

To acquire and retain the right talent

the organization understand the need

of offering an aspirational home away

from home - a workplace with a social

lifestyle that feels modern, efficient

and professional. To grow one’s

personal career in parallel to delivering

value to the company, Mr Green offers

a middle management and leadershiptraining

program.

Their healthy mindset stretches from

a player perspective to their focus

on employee care. Benefits like daily

fresh fruit baskets and professional

breakfasts, fresh Friday shakes, local

barista vouchers, team dinners,

activity events and of course after

work refreshments keep energy

levels up and fun at an all-time high.

Mr Green knows that sitting in an

office all day isn’t the best option for

a healthy lifestyle. Therefore every

employee receives a yearly stipend for

gym membership, clothing or health

accessories as well as a private hospital

health insurance that also includes eye

care and dental care.

Green had a vision of

doing something unique

and inspiring, something

beyond what everyone else

in the industry was doing

My conclusion is that this employer

brand is HONEST. Not only does it

portray the image of its internal

culture, but also it is honest about the

way the brand portrays how every day

life looks and feels in the office. If you

would walk into Mr Green right now,

you would experience precisely what

is seen across their branded marketing

visuals!

“Taking care of employee is key in

reaching our vision to be a significant

global player and shape the future of

the online gaming industry. We want

to make sure that people know that If

they are looking for entertainment –

They simply ask for Mr Green.” Rikard

says…

Mr Green… you are like no other!! A

sincere well done! MBR

When treatment

fails!

Intra-oral before treatment

Back in the day, not too long

ago in fact, extracting teeth

was common practice. Today’s

dentistry aims higher. The line of

thinking is always to try and hang onto your

own teeth as there is nothing better. How

do we do this? The first step is to take our

children with us when we visit the dentist.

This way, children will observe their

parents undergo treatment and associate

it with nothing sinister. Once the child is

comfortable with this clinical scenario,

they proceed with a dental check-up. This

is repeated biannually and in time children

associate a dental check-up with routine

health management.

Unfortunately, not all patients have a good

set of teeth. This is either due to their

DR JEAN PAUL DEMAJO

Dental and Implant Surgeon,

Trained in London working in

private practice in Malta

Intra-oral after treatment

genetic make-up or irresponsible behavior

towards their dentition. Luckily today there

are many treatment modalities which we

employ enabling us to fix our teeth and

hang onto them for longer. Treatments

include gum treatment or restorative

treatment, which might include fillings,

crowns and root canal treatment. Surgical

treatment may also be used to remove

sub-gingival inflammatory tissue enabling

the tooth and its surrounding tissue to

heal.

Irrespective of all these fancy treatments,

issues do arise and occasionally treatments

fail. Patients are often disheartened

that after all their time and effort, not to

mention the costs incurred, their teeth

may still be lost. The failure rate is normally

A Case Study

Extra-oral after treatment

very low but it does exist. This may be due

to poor-treatment, re-infection or lack of

adequate after care. In most cases it is

quite easy to point out which it is but in

some others not quite so.

The sequence of events in the above case

study is quite rare. At times even the bestlooking

treatment presents problems

as it did here, and at times the worst

looking treatment presents none. What’s

important is to be well informed about

all types of treatment options. Knowing

their risks, benefits and limitations as well

as their costs and timeframes is a must.

However, patients must also trust their

practitioner and leave themselves be

guided. Ask your dentist! MBR

A young lady in her mid-20s bites into something hard and cracks her upper front

tooth. A large chunk of the crown fractures leaving the nerve of the tooth exposed.

She proceeded to have root canal therapy followed by a crown to restore it to normal

aesthetics and function. Even though on radiograph the root canal therapy looked to

have been performed well, the tooth remained tender. A second root canal treatment

was performed but the symptoms persisted. A surgical procedure was then performed

to section off the upper third of the root. This still left the tooth tender. After 6months

of treatment, radiographs, antibiotic prescriptions and more, it was decided to remove

the tooth and start a fresh with an implant. When the tooth was removed a root

fracture line previously invisible on clinical or radiographic examination was clearly

seen on the side of the root. This was the likely cause of the persistent discomfort and

was completely out of reach of the practitioner. The implant treatment was successful

and patient’s symptoms resolved at once.

38

www.maltabusinessreview.net

39


Malta Business Review

CASE STUDY

CASE STUDY

Malta Business Review

Let’s try and give Mourinho’s tarnished image

a bit of a polish

In his guest post on the FT Alphaville blog, Howard Bilton, chairman of The

Sovereign Group, takes a calm and detailed look at the controversy surrounding

the tax affairs of a certain football manager.

At the beginning of December last year,

The Sunday Times Insight team produced

a rather lengthy article that proved

highly critical of Jose Mourinho’s tax

arrangements. The insights by Insight are

based upon a 1.9 terrabyte cache of data

which had been “leaked”.

That’s a big leak. Normally leaks of this

type tend to be thefts, followed by a

sale of the stolen property. An unkind

commentator might suggest that both

actions are crimes much greater than

the tax planning revealed. But the leak

has happened, so let’s work through

the detail here as best we can. The data

supposedly describes arrangements used

by JM to avoid, or possibly evade, tax on

income resulting from the exploitation

of his image. As readers will know, tax

avoidance is legal – even if it is increasingly

considered to be immoral – whereas

evasion is illegal.

The Sunday Times have detailed how JM

assigned his image rights to a BVI company

called Koper Services SA, which in turn

assigned those rights to an Irish company

called Multi Sports & Image Management

(MIM). The structure was owned by a New

Zealand trust set up by JM for the benefit

of his wife and children. MIM (presumably

a limited company, although not

described as such) then granted licenses

or permissions for the image rights to be

used by various companies in return for

an agreed fee. MIM was acting as agent

for Koper. MIM took a commission for its

services and then passed the remaining

amount to Koper. Koper and MIM are

described as having secret bank accounts,

being inactive shell companies, providing

no services, having no employees, and

being owned by Operating Nominees “a

professional nominee director” (even

though it is a shareholder not director.

And there is no such thing as a nominee

director). The sole director of Koper and

MIM is named as Global Directors Limited,

a professional corporate director. In this

way the true ownership of the companies

was disguised.

The sole director of Koper

and MIM is named as

Global Directors Limited,

a professional corporate

director. In this way the true

ownership of the companies

was disguised

So what’s been going on?

The rationale behind the structure is

simple. The idea is that JM sells the rights

to exploit his image to a company and

that is Koper. This is a normal commercial

practice. Koper then contracts with MIM

in Ireland to exploit the images. The Irish

connection is important because image

rights are royalties which are normally

subject to withholding tax (WHT) at

source. The company paying the royalty

needs to deduct WHT at the required rate

which is usually equivalent or approximate

to the rate of corporation tax to which the

payor is subject. That would generally

be about 25 to 30 per cent. The payor

then pays the WHT over to their local tax

authority. The normal level of WHT can

be substantially reduced if the payments

are made to a resident (whether that be

a company or an individual) of a country

with whom the country of the payor has

signed a tax treaty.

The article mentions that when Real

Madrid paid JM for the use of his image

rights the tax was only 10 per cent. That

makes sense as under Article 12 of the

Spain/Ireland Tax Treaty, WHT on royalties

is reduced from 24 to only 10 per cent.

The 14 per cent saving is possible because

the payment is being made to MIM in

Ireland rather than Koper in BVI. Spain

and BVI have not signed a tax treaty so

payments by a Spanish company to BVI

would be subject to normal and full rate

of Spanish WHT which is 24 per cent.

Ireland, on the other hand, has signed a

lot of tax treaties, so wherever the payor

is located it likely that the royalty gets

preferred treaty treatment.

The Spain/Ireland treaty specifically states

that royalties “arising in a contracting

state and paid to a resident of the other

contracting state may be taxed in that

other state”. Thus royalties arising in Spain

and paid to Ireland may only be taxed in

Ireland, except for the amount allowed

for under paragraph 2c of article 12 which

provides for a reduced 10 per cent Spanish

WHT. Apparently, Chelsea made payments

to MIM with tax being avoided in the UK.

Here theUK/Ireland tax treaty applies.

The relevant clause is paragraph 1 of

article 13 which states “royalties derived

and beneficially owned by a resident of a

contracting state shall be taxable only in

that state”. The UK/Ireland treaty provides

for no WHT. The provisions of tax treaties

override any contradictory provisions of

national tax law.

The usual rate of corporation tax in Ireland

is 12.5 per cent, so on the face of it these

arrangements don’t give much of a saving

on the payments made from Spain. There

is 10 per cent WHT suffered in Spain and

a further 12.5 per cent on the remaining

90 per cent payable in Ireland. This gives

a total tax bill of 21 per cent as opposed

to the normal WHT charge in Spain of 24

per cent. It is possible, however, that the

10 per cent already suffered in Spain may

be credited against the 12.5 per cent due

in Ireland, meaning only 2.5 per cent tax is

payable in Ireland.

There are mitigating factors which further

reduce the tax bill. Ireland has a special

regime for the taxation of royalties. It

could be that the Irish company is taking

advantage of that regime and there is

substantially less than 12.5 per cent

charged on the royalties on arrival in

Ireland. Alternatively and more likely, the

arrangements between Koper and MIM

provide that MIM is paid a fee for collecting

the royalties on behalf of Koper and must

pay the majority of the principal amount

over to Koper. Thus, it is only the agreed

fee, less expenses, which get subjected to

the maximum 12.5 per cent tax in Ireland.

There is nothing unsurprising here. It is

the profit which is taxable not the whole

revenue. The payment to Koper is a

proper business expense so is deductible

from profit.

In theory, Koper and MIM must strike an

arm’s length bargain on the amount of that

fee. If the two companies are owned by the

same New Zealand Trust, that discussion

was unlikely to be too difficult and the

agreed fee was likely to be around 10 per

cent. The fee would be for negotiating the

various contracts with the image rights

users – Real Madrid and Chelsea and others

who use JM – collecting the payments and

passing the balance on. If that were the

case, the effective tax rate on the whole

revenue in Ireland is 1.25 per cent (as 90%

of the revenue received must be paid away

as an expense) so the overall tax bill on the

payments from Spain goes up to 11.25 per

cent and on the payments from Britain to a

rather lowly 1.25 per cent in total.

The Sunday Times article refers to the fact

that many different companies around the

world made these payments to MIM. That

would make sense if JM’s contract with

Real Madrid and Chelsea only gave them

rights over his image if used in connection

with the clubs and football matters.

Sometimes image rights are retained by

the employee. Other times they are ceded

to the employer and his salary is increased

to take account of that. If the latter, the

question arises as to what part of the

overall salary payment relates to their

duties as part of the team and what part

to the valuable image rights.

Jose Mourinho

Insight mentioned payments to MIM

coming from multinational companies

around the world in addition to from Real

Madrid and Chelsea. In other words, if

Chelsea sell a shirt with the JM name on

the back they get all the income from

that, having factored that into the overall

salary package offered. If JM advertises

Audi cars the income belongs to him — or

in this case to Koper. Whether or not tax

is withheld on that payment depends on

whether the Audi company which pays

it is located in a country which normally

withholds tax and has signed a tax treaty

with Ireland which reduces that tax.

All of the above is relatively straight

forward and can be extremely effective.

What is wrong with it?

Insight use emotive terms like shell

companies and secretive bank accounts.

The reality is that there is no such thing as

a shell company. A company is a company.

They have never been defined by how

many people they employ and their level

of activity. The secrecy or otherwise of the

arrangements should not be a factor. If the

arrangements are properly documented

and commercial there is no reason why

they should fail due to lack of secrecy or

level of activity.

There are complications, of course. The

sale by JM of his image rights to Koper

should be made at an arm’s length price.

This could well generate a taxable capital

gain in the hands of JM before he has

generated any income. If he is smart or

well advised he might well have made the

sale at a time when he was subject to a

Cont. in pg 42

40 41

www.maltabusinessreview.net


Malta Business Review

CASE STUDY

Cont. from pg 40

favourable tax regime. The image rights

would have been difficult to value. If

they are assigned before they have been

exploited they are arguable worth nothing

or very little so it is doubtful that the sale

resulted in much tax.

The next problem is transfer pricing. Is the

fee earned by MIM the market rate for the

job? If MIM and Koper are both owned by

the New Zealand trust, MIM would have

to show that it wasn’t granting favourable

terms to Koper to shift profit away from

MIM into BVI by allowing MIM to charge a

reduced fee for its services.

The UK/Ireland treaty states that the

royalties will be taxed only in Ireland if

they are “beneficially owned” by the Irish

company. Arguably, if MIM is receiving

the royalties as agent for Koper it does

not beneficially own the principal amount

so could not take advantage of the treaty

and the UK payor should withhold tax

according to its normal rules. Failure to

deductWHT makes the payor liable for the

tax, so Chelsea and other payors would

have to be satisfied that the treaty should

apply unless it is willing to put itself at risk

by paying gross. Presumably they did that.

Frequently treaties contain anti-avoidance

provisions which prevent the treaty being

borrowed by non-residents. In the case of

companies this would generally mean that

a majority of the company would need to

be owned by an Irish resident if the treaty

was to apply. This “anti-treaty shopping”

provision does not appear in either

the Spanish or UK treaties. If it did an

arrangement which might overcome that

problem would be for the Irish company

to be legally and beneficially owned by

residents of Ireland. As long as Koper

struck a hard enough bargain with MIM it

would be happy to pay away whatever fee

was necessary to get MIM to do the work

on its behalf.

The OECD is currently working hard on

getting all its members to introduce a

series of measures designed to stop Base

Erosion and Profit Sharing (BEPS). These

measures are designed to stop profits

being shifted across borders to lower tax

jurisdictions. Tax rules have not really kept

pace with globalisation and the internet

era, when profits can legitimately be made

wherever the company chooses (within

reason). OECD member states have

agreed to introduce common standards

and regulations to try and capture profit

and tax wherever revenues arise. At the

moment it is relatively easy for multinationals

to make sales in one place but

profits in another by making charges for

the use of IP, financing costs, technical

service fees and head office charges which

shift profit to low tax centres. This has

been well demonstrated by Starbucks,

Amazon, Apple etc.

The personal tax position of JM also has

to be considered. This corporate structure

may work perfectly well but most high tax

countries now have rules which attribute

the profits of a non-resident structure

to the beneficial owner and specifically

prevent deferring tax indefinitely. A

structure similar to this one which was

beneficially owned by an UK resident

and domiciled person would be caught

by sections 720 and section 729 of the

Income Tax Act 2007. In simple terms,

these sections state that the underlying

profits of the structure would be treated

as belonging to that UK taxpayer whether

or not he actually received them. Luckily

for JM those sections don’t apply to him

because he is almost certainly not UK

domiciled so would only be charged UK

tax on income arising in the UK and foreign

income remitted to the UK. These are the

much maligned non dome rules.

It is hard to see how any new

rules or regulations could

prevent creative planning

without stifling the economy

If JM kept the image rights in his own

name, he would normally only pay UK

tax on payments he received from the

exploitation of his image in the UK. As long

as payments made to him for exploitation

of his visage outside the UK were banked in

a non-UK bank account they would not be

taxable in the UK, unless he remitted the

money to the UK. A resident and domiciled

UK taxpayer would be chargeable to tax on

the payments wherever and howsoever

they were made.

The UK has recently enacted a Generally

Anti-Avoidance Rule (GAAR). It is possible

that the arrangements would be caught

by that. But there is no real reason as to

why GAAR should apply if no tax would be

payable if JM had received the payment

in his own name. He is simply doing what

parliament has decreed he is allowed to do.

The Sunday Times’ emphasis on the secret

Swiss bank account is a diversion. If the

arrangements work, they work. They don’t

work any better because they involve a

Swiss bank account. And really there is no

such thing as a secret bank account. Details

of such accounts are discoverable under the

EU savings directive, various tax information

exchange agreements and or the Swiss/

UK tax treaty. And next year details of

any and all banking arrangements will be

automatically disclosed under the Common

Reporting Standard (CRS). The idea of the

secret account seems designed to inflame

passion amongst the tax paying public but I

don’t believe has any relevance here.

How can this type of planning be stopped?

It is hard to see how any new rules

or regulations could prevent creative

planning without stifling the economy.

All countries could agree that a person’s

image rights can only belong to himself,

so cannot be assigned to a company. That

wouldn’t help HMRC in the JM case for

the reasons given above. The UK could

abolish the non-dom status and make all

residents taxable on worldwide income.

That debate is ongoing, exhaustively. All

countries could stop anyone who is not a

resident banking within their jurisdiction.

All countries could stop anybody who is

not a resident from incorporating in their

jurisdiction. Any one of these measures

and certainly all of them taken together

would prevent creative tax planning. But

they would also prevent international

commerce so there would be nothing to

tax in the first place. None are sensible or

feasible in a globalised world.

All steps taken by JM must be properly

documented so that they are commercial.

Any interested revenue authorities are

entitled to look at the arrangements and

use whatever legislation is available to

them to remove tax advantages if they feel

they infringe their laws rather than their

moralities. But making a tax saving does

not automatically make an arrangement

illegal, immoral, wrong or unfair.

JM may be one of the grumpiest and most

egotistical men alive, but that does not

make him a tax evader. He is still entitled to

arrange his affairs however he likes within

the law. MBR

Creditline: SovereignGroup.com; FT

Alphaville

Your partners for HR outsourcing

WWW.OZOGROUP.COM

info@ozogroup.com

42


Malta Business Review

LOCAL BIZ NEWS ROUND-UP

ECOFIN reaches

Anti-tax Avoidance

Agreement (ATADII)

The Ministry for Finance, Edward Scicluna and the Ministry for Gozo, Anton Refalo

Business Software

& Integration Solutions

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The Ministry for Finance, Edward Scicluna

An agreement on Anti-Tax Avoidance (ATAD II) with regard

to hybrid mismatches with third countries was reached

today at the ECOFIN Council in Brussels. This agreement, just

seven weeks into the Presidency, is a testament to Malta’s

unwavering commitment in fighting tax avoidance. Any

allegations by the Opposition party that Malta might have

had a vested interest in dragging its feet on this and other

tax proposals and in delaying its implementation are being

proven unfounded.

Chaired by the Maltese Minister for Finance Edward

Scicluna, the agreement at ECOFIN Council is the latest in

a number of measures designed to prevent tax avoidance,

especially double non-taxation, by large companies. Such

arrangements can result in a substantial erosion of the

taxable bases of corporate taxpayers in the EU. The ECOFIN

Council agenda included a discussion on the proposal of

the EU list of non-cooperative jurisdictions. Once compiled,

the list will blacklist third countries if these are deemed

to be non-cooperative with EU tax authorities—this will

contribute to ongoing efforts to prevent tax fraud and money

laundering.

Minister Scicluna said that: “Our aim is to promote

worldwide good standards that are already applicable in the

EU, and jurisdictions will be subject to a rigorous screening.

This way we can ensure that non-EU countries match our

minimum standards.”

Work on this file is being conducted in parallel with the OECD

global forum on transparency and exchange of information

for tax purposes. It is expected to be finalised by the end of

2017. MBR

Courtesy: Ministry for Finance

Financial Services Gozo

Foundation launched

The Financial Services Gozo Foundation was launched

following a collaborative agreement between the

Ministry for Gozo and the Ministry for Finance, and

the private sector. Its role is to promote Gozo as a

destination for the setting-up of businesses within the

financial services sector.

The aim of the Foundation is to coordinate closely

with players in the industry, so that they can assist

practitioners in the market to consider Gozo when

they are approached by investors, particularly if they

are more cost-conscious and would prefer to work in

a less-congested environment. There are different

financial sectors which can be attracted to operate

from Gozo, such as intra-group financing activities,

holding companies, overseas immovable property

accounts, portfolio management, call centres, backoffice

operations, fund administration, and other

investment services. The Foundation will be geared

towards raising Gozo’s profile as a niche finance centre.

With the announcement in the last budget of an

investment of 3.2 million euro for a second fibre optic

cable for Gozo, the island will have fulfilled the digital

connectivity guarantee for investors who are wary of

the present single cable reality.

The founding members of the Foundation’s Board

of Directors have significant standing in the financial

services sector, and are eager to provide their

expertise in order to ensure that Gozo can also benefit

from Malta’s growing financial services sector. The

Chairperson of the Board of Directors will be Joe Portelli,

who is also the Chair of the Malta Stock Exchange. The

other members are Max Ganado of Ganado Advocates;

Chris Casapinta representing the Malta Funds Industry

Association; Kenneth Farrugia representing Finance

Malta; Juanita Bencini representing the Institute of

Financial Services Practitioners; Pauliana Said, an

accountant; Rose Marie Azzopardi, an economist and

lecturer at the University of Malta, Director of Tourism

and Economic Development (MGOZ) Esther Bajada,

and Director Financial Policy Analysis (MFIN) Efrem

Arpa.

Minister of Finance Edward Scicluna and Minister for

Gozo Anton Refalo were present to inaugurate this

foundation. Afterwards, there was the first meeting

of the foundation’s Board of Directors. Minister Refalo

thanked all those involved in the Foundation who have

worked in the past months to bring this to fruition, and

who are all working together for the benefit of Gozo.

He understands this may not be an easy road, but is

sure that the Foundation will work tirelessly to make

it a success.

Minister Scicluna said, “This project, as a concept,

has a long history but only now has it been brought

to fruition. The enthusiasm shown, thanks to the

excellent working relationship by a number of financial

practitioners who really believe in this concept, was

instrumental in setting up the foundation.” MBR

Credit: The Ministry For Finance And The Ministry For

Gozo | Photos: MGOZ

Real-Time Visibility


Ease of Use

Management Precision

Do More With Less

High Value

a. Start-ups and Scale-ups, and tackling the market

gaps and the missing links in the ecosystem;

SMEs are at

the core of

the European

Project

b. European Industrial Competitiveness, and the

need for an updated Industrial Policy to strengthen

European SMEs;

c. Understanding the contribution of Intangible

Investment such as Intellectual Property Rights to

the European Economy;

The Ministry for the Economy, Investment and Small Business, Chris Cardona

T

he Maltese Presidency looks forward to

starting discussions on the legislative

initiatives in the framework of the Single

Market Strategy, and particularly welcomes the

recently issued Services Package. This was stated

by Minister for the Economy, Investment and

Small Business Chris Cardona, in his address at the

BusinessEurope Conference in Brussels, entitled “Is

the European Single Market SME-Friendly? What do

SMEs Actually Need?”.

The Service Package is an important and long awaited

package, being an important field in which the Single

Market still has to exploit its full potential. Pivotal

elements of the Single Market include the freedom

of movement of people and services, with SMEs and

professionals alike benefitting greatly from the mutual

recognition of professional qualifications.

“Despite the adoption of the Services Directive,

obstacles still remain and European service providers

should be able to provide their services across

borders without being confronted with unjustified

and disproportionate regulation,” Minister Cardona

said.

Minister Cardona also went into the five practical

instances involving Industry and Services, on how the

Presidency is actually giving particular importance to

SMEs. These are:

d. The integration of SMEs into the value chain of

large European defence contractors as part of the

European Defence Action Plan; and

e. The strengthening of the European Single Market

as one of the priorities of the Maltese Presidency.

The Maltese Presidency is building on the good

work carried out by the Netherlands and Slovak

Presidencies, by opening the Competitiveness Council

formation meetings to different stakeholders such as

BusinessEurope, to ensure that SMEs be placed at the

centre of the European agenda. MBR

Credit: The Ministry For The Economy, Investment

And Small Business | Photo: MEIB

R

44

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Malta Business Review

TRAVEL

Must-see places

in Europe

Europe boasts elegance, sophistication,

art, grandeur and definitely the best

cafes you can possibly find. Comprising

approximately 50 countries, the continent

is a spectacular blend of the invigorating

past and breathtaking present. Let’s not

keep you from its charms anymore but

dive headlong into it.

We have listed out a few of the most amazing

destinations you must see for yourself.

Venice

Nicknamed ‘The City of Love,’ and

sometimes, ‘The Floating City’, Venice

is situated among 118 islands linked

with canals and bridges. Famous for its

architecture and culture, Venice is known

to be one of the most beautiful cities

built by man. The Grand Canal, they say,

beckons you from the train station. Water

taxi rides will leave you breathless and

lost in the magnificence of the city. Ears

buzzing with violins, you can soak in the

culture and the calm.

Zagreb

If you are an ardent music enthusiast,

Zagreb, the capital of Croatia is the place

to be. With its boat parties and sunshine,

the city is the paradise for every music

lover. Other than the traditional Klapa

singers, Zagreb welcomes musicians

from all over the world to its grand music

festivals. Croatian cuisine and landscape

are a treat as well. It is one of the most

overlooked destinations of Europe but

your experience in this city would surely

make you wonder why.

Paris

The ‘City of Light’ will leave you reeling

with amazement at every corner you

turn. Paris, bursting with beauty, fashion,

history and petite cafes, is sure to be on

your list for its sheer magnificence. A lot of

attractions in Paris speak for themselves:

* The Eiffel Tower * The Louvre

* Notre Dame

From the most prominent of patisseries to

the overwhelming varieties of cheese and

entertainment on offer, it will all keep you

up on your toes to explore more.

Milan

ZAGREB

Milan, the city of fashion

and Italy’s business hub, is a

luxury and chic destination.

It is not just a shopper’s

paradise but with its valued

museums and architecture

is a perfect place for art

lovers too. The Cotoletta

alla Milanese (breaded veal

cutlet) will please your taste

buds, along with an array of

mouth-watering cuisines that MILAN

the city has to offer. Home to

two famous football teams,

Milan is the epicentre of all

things happening in Italy.

London

The English writer Samuel

Johnson famously said, “You

find no man, at all intellectual,

who is willing to leave

London. No, Sir, when a man

is tired of London, he is tired

of life; for there is in London

all that life can afford.” A few

of the multiple attractions in

the city include:

BUDAPEST

* The British Museum *

The National Gallery * The

Tower of London * Madame

Tussauds

Whether you are at tea or lost

in the rain, London should be

on your itinerary before you

leave Europe.

Budapest

Budapest should definitely feature on your

travel wish-list, including the world famous

Budapest Opera House when you get

there. Immerse yourself in the beautiful

panoramic views from the top of Gellert

Hill or try the Hungarian cuisine. Walk

through the historic Castle Hill or take a

bike tour through the streets of Budapest

to discover the Paris of the East, as it is

quite famously known as.

Rome

Rome is where you will find the astounding

but easy fusion of the past and the present.

Amidst the old ruins you will even find wi-fi

access. The Colosseum, St. Peter’s Basilica

in the Vatican City and numerous chapels

dotted around the city, make it a regal place

with its luscious decadence. Palaces, piazzas,

churches, theatres and so much more, this city

boasts a quiet elegance.

Let your imagination guide you through

Europe and you will end up blissfully lost and

full with art, food and sophistication. If you are

taking a cruise, Cruise Parking in Southampton

will take care of your parking problems so that

you can enjoy your trip. MBR

Courtesy: Wayne

Venice

paris

LONDON

rOME

U MAMI

HIGHLY REC OMMENDED BOOKING ON: 9963 0548 / 2713 4134

46


Malta Business Review

WORLD CONSUMER DAY

Chamber of

Advocates To

Commemorate

World

Consumer Day

4th Edition

of Annual

Conference

To Discuss

Consumer Law

and Policy

- MBR Correspondant -

The Volkswagen emissions scandal,

new rules governing the Insolvency

Fund for travel operators,

recent important ECJ consumer-related

judgements and the first year in operation

of the Arbiter for Financial Services will

be the main topics at the forthcoming 4th

edition of the Annual Consumer Law &

Policy Conference on the 15th of March

2017.

Themed “Consumer Law and Policy”, this

half-day conference organised by the

Malta Law Academy of the Chamber of

Advocates will be held at the Chamber’s

premises inside the Courts of Justice and

will coincide with World Consumers Day.

Speakers will include University lecturers, a

consumer expert from the EU Commission

and the Financial Services Arbiter.

Dr David Fabri, who will chair this half-day

conference, referred to the chosen topics

during the event. “All these topics are of

great relevance today as the emission

scandal extends to other car manufacturers

especially seeing the serious challenges

faced by local consumers in various

spheres. Moreover, after a year in office,

it would be very useful to take stock of

the new Arbiter's Office and its effect on

local financial services consumers and

operators.”

Dr Stefan Camilleri, Secretary General

of the Malta Chamber of Advocates,

explained how the conference, which is

the fourth of its series, has now become

an established annual event on the

calendar of academic activities hosted by

the Malta Law Academy in collaboration

with the Department of Commercial Law

at the University of Malta.

“The Malta Law Academy was founded

by the Chamber of Advocates as a

foundation to provide continuous training

for lawyers beyond their graduation.

These conferences are seeing increasing

participation by legal professionals and

this helps legal practitioners keep up with

the legislation that is constantly changing.

Our final aim is not only to retain but

also to strengthen the level of the legal

profession,” said Dr Camilleri.

Although these conferences are mainly

aimed at practising lawyers, law students

and members of the judiciary also attend.

Registrations are open at €30, and €20

for students. To register call on 21248601,

77208601 or e-mail events@avukati.org MBR

48


Malta Business Review

TEAM BUILDING

AMNESTY INTERNATIONAL

Malta Business Review

Malta: Human rights should underlie all

Presidency work

Malta must put human rights at the

foundation of all of its work during

its EU Presidency, Amnesty International

will tell the Maltese government in

meetings this week.

“Amnesty International will be expressing

deep concern regarding migration deals

with countries such as Libya which expose

refugees and migrants to flagrant human

rights abuses. We will also be asking that

the EU ramps up its work to support

human rights defenders worldwide.

“Malta is well-placed during their 6 month

stint at the helm of the EU to steer Europe

onto a positive course - towards migration

and foreign policies which respect human

rights,” said Iverna McGowan Head

of Amnesty International’s European

Institutions Office.

During a visit to Valletta, Iverna McGowan,

Head of Amnesty International’s

European Institutions Office will be

presenting Amnesty International’s

‘Recommendations for the Maltese

Presidency’ to Dr George Vella, Minister

for Foreign Affairs, and Carmelo Abela,

Minister for Home Affairs. The paper

on EU human rights policies, includes

recommendations to the Malta EU

Presidency for more EU supervision

of human rights compliance within EU

countries, for concrete measures at EU

level to combat racism, xenophobia and

discrimination, for policies that ensure

the EU does not abandon its international

obligations to protect refugees, and for an

increased prioritisation to protect human

rights defenders worldwide.

MBR

Creditline: Amnesty International European

Institutions Office

EDITOR’S

Note

Iverna McGowan will be in Malta on 21-22

February.

SHIELD CONSULTANTS

SICILY TEAMBUILD

8 – 11 December 2016

2016 has been a very positive year for SHIELD

Consultants and company management

recognised that this success would not have

been possible without the commitment,

hard work and dedication of the whole team.

Accompanied by John Schembri, Managing

Director, and Marc Anastasi, Chairman, the

SHIELD team spent four days in Ragusa, Sicily.

The event kicked off by an early morning

Catamaran trip on the 8th of December to

the port of Pozzallo where the team picked

up two rental vans and drove off through the

picturesque scenes that Sicily has on offer

until they arrived at San Giacomo, their home

base for the rest of the trip. The rest of the

day was spent indoors - cooking, drinking and

cracking jokes.

The following day, the team went off quadbiking

in the lovely town of Ibla and its

amazing countryside, stopping for lunch at a

location that was home to some shots of the

famous TV series Commissario Montalbano.

Saturday was less active but allowed the

team to explore their culinary talents by

attending a fun cooking course of typical

Sicilian food and a tour of an Oleficio, home

of a top-ranking world-class olive oil.

The team’s last day in Sicily, Sunday the

11th, was left for the best activity of them

all – ziplining! The team was proud of having

none of the teammates shy away from

ziplining through the breath-taking valley in

the middle of this amazing Adventure Park.

After having lunch, it was time to go back to

Pozzallo for the return trip.

Everyone is now curious on what’s planned

for 2017! MBR

Palazzo

Castelletti

host to the official Malta

Eurovision Song Contest

celebration party

Historic Palazzo Castelletti was the canvas

for the Malta Eurovision Song Contest after

party where contestants wowed numerous

guests attending the event. The event

proved a Eurovision fan’s delight, featuring,

among other Malta Eurovision Song

contestants, an eagerly anticipated Claudia

Faniello – the current winner who joined

the composers, song writers and other

Eurovision officials.

Palazzo Castelletti is a truly versatile venue

functional as a venue for catered meetings,

conferences, banquets, receptions and

private functions. With three differentiating

culinary concepts and two different

kitchens the Palazzo can provide dining and

an array of other social events. MBR

50 51

www.maltabusinessreview.net


Malta Business Review

HEALTHY LIVING

CSR

Malta Business Review

High quality healthy snacks and

drinks are considered as one of the

highest bang for the buck, value for

money, giving the most visible benefits that

virtually every staff member appreciates

and that align with the corporate trend

of helping employees stay healthy. Local

companies that are new to providing food

for employees, are often thinking about

a better return on their investment in

human capital, happier, healthier and more

productive employees. Companies are

realising the many physical and financial

benefits that come with a healthier

workforce, prompting a shift in corporate

policies. Healthy workplaces are no longer

an afterthought, but rather the focus.

Our goal at SMOOCHIE is to provide

healthy options for food and drink by

providing fresh vegetarian soups, energy

balls, pre-washed fruit as well as our

popular smoothies. Sandra explained how

unlike other smoothie brands, “Smoochies

are made locally from a multicultural

array of fruit, with no added sugar, no

concentrates and no preservatives. Each

250ml bottle, contains over ¼ of a kilo of

fruit; smoothies are 98% fat free and 100%

cholesterol free. The focus is to serve

employees healthy and nutritious drinks,

without the hassle of washing and peeling

fruit thus providing a more practical

solution for the office environment”.

Speaking about her line of soups, Sandra

says “We have various flavours and our

soups are slowly cooked so that the fresh

ingredients and spices are added at the

correct point, Smoochie soups are available

in 600ml pots and can be conveniently

heated up in a microwave oven.”

Our range of healthy choices coupled with

our top notch customer service makes our

order and delivery process rather simple

and efficient. Once a budget has been

set we ensure regular replenishment of

your canteen according to a pre-agreed

delivery programme. If a company does

not have the budget to feed employees,

we also work with companies that have a

subsidized programme, where employees

pay a minimal amount and the companies

pay the rest. We do office deliveries on a

regular, dependable schedule that fits the

office’s needs

To ensure a holistic approach to good

health and well-being we have also

teamed up with ‘The Physio Specialists’,

who will be offering advice about back

pain and general health care. This

programme which will be delivered in a

You are what you

eat… even at work

By J P Abela

Creating a healthier workplace is becoming a central focus for companies,

and food is very much at the heart of it. We spoke with Sandra Zammit who

produces and delivers the much sought after all-natural Smoochie smoothies

and ready-made vegetarian soups.

employee turnover and recruitment costs.

practical and innovative approach will see

the employer benefitting from healthier

employees, more productive employees

and an overall positive impact on the

company’s earnings.

MBR: How can a healthy workforce help

prevent absence?

SZ: The obvious benefit of having a healthy

workforce is that healthier employees are

absent less often.

Healthy workers are more motivated to

stay in work, recover from sickness quicker

and are at less risk of long term illness.

In addition, organisations stand to make

substantial cost savings by promoting

health in the workplace and reducing

sickness absence.

MBR: How can a healthy workforce

improve business performance?

SZ: By simply promoting good health

among workers and creating a positive

environment for work, one could reduce

There are a number of other significant

benefits of a healthy workforce- by

encouraging and promoting a healthy

workforce, one can improve productivity,

business performance, staff morale and

employee engagement and reduces sick

leave costs thus avoiding pressure on

employees covering those who are absent.

MBR: A healthy workforce can

demonstrate corporate responsibility

SZ: The consumption of healthy products

at work, one not only reduces the risk of

absenteeism due to illness, but ensures

Corporate Social Responsibility.

The numerous benefits realised by employers

through successful corporate wellness

programs seem to signify that this trend is

here to stay. For the food service industry,

innovative ideas that put healthy meal and

snack choices at the forefront mean everyone

can come away a winner.

MBR

All rights Reserved. Copyright © 2017

The Convenience Shop supports

local Boxing in aid of Caritas

Sports discipline in the spotlight

The Convenience Shop has supported

“Hands of Stone” – the first boxing

event of its kind organised by Chavez

Boxing Promotions. The novelty in this

sponsorship was the focus on local sports

discipline, with Caritas benefitting from

the proceeds of this event.

“We, at The Convenience Shop recognise

and value the role of sport for the physical

and mental well-being of the individual

and community at large,” said Ivan Calleja,

Director at The Convenience Shop. “We

are delighted that through this event

we have indirectly supported Caritas;

this reflects the Group’s long term vision

towards Corporate Social Responsibility,”

added Ivan.

The well attended event was held at Aria

Complex, San Gwann on Thursday 9th

February, 2017 MBR

52 53

www.maltabusinessreview.net


Malta Business Review

START-UPS

Innovation and start-ups are the foundation of a

new economy for our country

Young entrepreneurs are the engine

of a new economy envisioned by the

Nationalist Party. Shadow Minister

for the Economy Claudio Grech said

so in a meeting with Junior Chamber

International (JCI) at Dar Ċentrali in Pietà.

Claudio Grech said that the two pillars

in this vision published in the policy

document “Economy for the People” are

innovation and start-ups. The Shadow

Minister explained how the Nationalist

Party is preparing for the next steps

in the economic development of our

country and said that a new Nationalist

Government will incentivize innovation

especially among young people through

a financial injection directed at start-ups.

Claudio Grech said that in Malta we are

currently going through a phase of selfcongratulation

telling each other that

the economy is doing well without,

however, preparing ourselves for a new

economic cycle. He said that, while the

macroeconomic factors are helping our

economy right now, the Nationalist Party

is already focused on concrete measures

to usher in new developments.

Claudio Grech thanked JCI for their

valuable contribution during the

consultation process by the Nationalist

Party in the formulation of the new

economic policy.

The members of JCI welcomed the vision

of the Nationalist Party and said that the

direction proposed by the document

is music to their ears. They expressed

their satisfaction that the policies of the

Nationalist Party capture the imagination

of young entrepreneurs who today feel

that success depends rather on personal

connections. They said that the vision in

the document “Economy for the People”

gives a fair chance to everyone.

Claudio Grech was accompanied by Kristy

Debono, the spokesperson for Financial

Services, IT, and Gaming, and by election

candidate Ryan Mercieca. MBR

Office Plants & Living Walls

Enhance your business

environment with natural

beauty by adding office plants

to your workplace design.

Plants can offer your company

benefits far beyond simple

aesthetics. People find solace

in spaces decorated with

abundant greenery.

Breathe new life into dreary

conference rooms, lighten

the mood in reception areas,

and brighten lonely cubicle

and desk space with the best

office plants.

54

www.inogreens.com


Malta Business Review

SERVICE ABOVE SELF

HEALTHCARE

Malta Business Review

Rotary Club La Valette, Malta

a member of Rotary International - where 1.2 million

As a Rotarian and member of Rotary

Club La Valette for the last 15 years, I

am frequently asked. ‘What is Rotary?’ I

invariably am quite surprised to find out

that some people still think it is a brand

of watches, a gentlemen’s social club, a

charity organization or some sort of secret

organization.

As a committed Rotarian, I do not hesitate

to explain that we are an International

NGO, a service club, whose main aim is

to be beneficial to society without limits

“Rotarians at work” at

Dar Teresa Spinelli, Valetta

Club Presidents exchanging banners – At

left; Mr. Ernesto Capobianco;Rotary Club

Bari Castello and at Right David J. Dingli;

Rotary Club La Valette

Rotarians are at the service of society

of race, religion, colour or geographical

confines. In fact, the first words one

reads on clicking the Rotary International

website (www.rotary.org) are:‘Rotary is a

global network of 1.2 million neighbours,

friends, leaders, and problem-solvers who

come together to make positive, lasting

change in communities at home and

abroad’. Rotary’s motto is ‘service above

self’ and Rotarians have been living with

this maxim since Paul Harris, a Chicago

attorney, formed the first Rotary club, the

Rotary Club of Chicago, on 23 February

1905, so that professionals with diverse

backgrounds could exchange ideas, form

meaningful, lifelong friendships, and give

back to their communities. This means

giving back in kind not only by offering

financial support, but by sharing one’s

abilities with others for the good of those

in need.

Only 16 years after being founded, Rotary

had clubs on six continents. Today, 35,000

clubs with 1.2 million members in nearly

every country work to solve some of

our world’s most challenging problems.

Rotarians work to bridge cultures and

connect continents, to champion peace,

fight illiteracy and poverty, promote clean

water and sanitation, and fight disease.

In fact, presently Rotary International’s

biggest challenge worldwide is the

eradication of polio by means of the ‘End

Polio Now’ project. This was launched in

1988 and has seen the disease reduced

by 99.8% to this day, when only a handful

of cases are still registered in nations

which have resisted vaccination and made

it difficult for volunteers to inoculate

children, especially girls. Still, 2.5 billion

children have been immunized against

polio and the effort goes on requiring funds

and volunteers to ensure that every child

in all corners of the world is vaccinated

to avoid the risk of this paralysing disease

from spreading again.

Rotary concentrates on safeguarding

the health of mothers and children,

aware that a healthy woman can

influence society in many ways. Rotary

by Rotarian Patricia Salomone

scholarships help the young develop the

skills necessary for the improvement

of their immediate environment and

worldwide. Rotary provides training and

the necessary technology to bring water

where it is lacking, sanitary systems where

these are poor or inexistent, literacy to

the illiterate, basic start-up programs

to create work where this is absent.

Rotary also offers opportunities for youth

exchanges, development of young leaders

in multicultural environments and so

much more. Rotarian clubs achieve this

by working together across the continents

and receiving the financial support of the

Rotary Foundation, the projects arm of

Rotary International.

But what about Rotary in Malta? The first

club, Rotary Malta, was chartered in 1967

by a group of professional businessmen

who were taking over the management

of Malta’s commercial and financial life in

those difficult years of the run-down of the

British services and the birth of Malta as an

Independent Nation. While building the

foundation stone of Malta’s management

by the Maltese, these forward-looking

men realized that, through Rotary, they

could place their expertise to the service

of society. Rotary, through Rotary Club

Malta, has therefore been present in

Malta for 50 years!

A second club, Rotary La Valette Malta,

was chartered, incidentally by the Rotary

International President at the time,

Richard D. King in 2002, and therefore

celebrates its 15th anniversary this year,

while Rotary Club Gozo is 10 years old, this

year. The three Maltese clubs form part of

Rotary District 2110 – Sicily & Malta which

consists of 93 clubs.

Maltese Rotarians are proud to have

been active throughout these years with

projects which have had their weight in

improving the lives of people in Malta.

Rotary Club La Valette is composed

of enthusiastic men and women who

ceaselessly carry out service projects.

Cont. on pg 60

Diabetes

Diabetes or Diabetes Mellitus is a disorder of the metabolism where meal or snack times), an organ called

the body has trouble using glucose for energy. When we eat, our body the pancreas releases an appropriate

breaks down foods known as carbohydrates (fruits, vegetables, breads, amount of a hormone called insulin.

pastas, dairy, and sweets) into glucose, which is sent to our cells through Insulin makes it possible for our cells to

the bloodstream.

absorb glucose and provide the energy

When our body’s systems detect glucose in the blood (particularly during our body and brain need to function. MBR

Type 1 Diabetes

10% 90%

Type 1 diabetes (previously called

juvenile diabetes or insulindependent

diabetes) is a disorder

of the body’s immune system

that results from the pancreas

not producing any insulin. Type

1 diabetes represents only

5%–10% of all diagnosed cases. It

is currently managed with a rigid

therapy of artificial insulin usually

self-administered.

Type 2 Diabetes

For further information contact Technoline Ltd on Tel: 21344345

Type 2 diabetes (previously called adult onset diabetes)

results when the body doesn’t respond appropriately

to insulin, a condition called “insulin resistance.”

This more common (90%–95% of all cases) variety of

diabetes often runs in families or racial groups, but can

also be caused by poor diet and an inactive lifestyle.

Managing diabetes requires the careful, regular and

frequent monitoring of blood glucose levels along

with the appropriate therapy and diet as prescribed by

your physician. Several devices are nowadays available

to assist in returning any diabetic to an independent,

safe and high quality lifestyle. These devices include

home glucose monitors, continuous glucose monitoring

systems and wearable insulin pumps.

56 57

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Malta Business Review

DIGITAL STRATEGY

CREDIT NEWS

Malta Business Review

Right brain meets left brain:

Deloitte Malta combines skills and

expertise to launch Deloitte Digital

Deloitte Malta is placing digital strategy and transformation at the

forefront of its agenda as it launches Deloitte Digital, the accredited

brand of the wider Deloitte network of member firms which combines

Deloitte’s globally recognised strength in business transformation

and technology implementation with the capabilities of a world-class

digital agency.

Deloitte Digital is recognised worldwide

as an innovative leader that can support

organisations across the digital lifecycle

- from working to define a bold digital

strategy to designing and building online

and mobile presence; using agile methods

that move quickly from digital concept to

digital reality; innovative mobile, web, and

social solutions to increase the impact of

digital for its people and its clients.

Its focus is on the areas of digital strategy,

mobile, social/web, content management

and managed services. Underpinned

by digital tech architecture, application

implementation and development

expertise, the approach of Deloitte Digital’s

work is with great energy and passion as

they align the client's business aspirations.

Bringing talent and skills from across the

consulting business, Deloitte Digital’s

people have the business acumen of a

strategic advisor, the design capability

of a creative agency and the engineering

depth of a technology firm. Deloitte Digital

can shape their range of capabilities

into an integrated solution for those

transformation projects requiring expertise

in areas such as operations, human capital

management, risk management and data

analytics.

Malcolm Booker, Deloitte Malta CEO

said, “Digital is enabling business

transformation at an unprecedented

rate. It is impacting business models and

redefining the way companies interact and

engage with clients, while also becoming

an intrinsic and essential part of their

service offering. There is no doubt that

those companies that do not leverage

digital to their advantage will ultimately

lose out to competitors who do.

We envisage major opportunities for

Deloitte Digital in Malta and beyond, as

clients look to us for guidance on how

to counter the disruptive forces that are

challenging their business. This belief led

us to acquire the Alert Group, in order to

be able to hit the ground running when it

comes to offering a top notch digital service

offering. We are now fully committed to

building upon the considerable experience

of the existing digital team in providing the

necessary investment and resources for a

fully-fledged digital agency worthy of the

Deloitte Digital brand.”

Deloitte Malta started the move towards

offering digital services when it acquired

Alert Group earlier this year. Alert Group

will now operate under the Deloitte Digital

global brand. Claudine Cassar, the founder

of Alert Group and Deloitte Malta Digital

and Technology Leader said, “With the

digital revolution, industries are facing

many new challenges and opportunities.

The launch of Deloitte Digital will combine

our digital and creative skills with the

industry expertise we have built up over

the years. The Deloitte Digital team will

be offering a comprehensive range of

services for organisations who want to

make effective use of the internet and

advanced technologies in order to grow

their business.”

The Deloitte Digital team in Malta is

made up of 30 full-time development and

technical staff offering world class solutions

in the fields of web design, web application

development, content management

systems, online payment management

and e-commerce solutions, co-location

services, dedicated servers and hosting

solutions, search engine optimisation and

social media consultancy. MBR

The Reserve Bank of Zimbabwe launching online

exchange of information between banks via Creditinfo

Credit Bureau Solution

The Reserve Bank of Zimbabwe (RBZ)

announced on January 1st the official

launch of the system for online exchange of

information between banks via Creditinfo

Credit Bureau Solution. The operation is

live already.

Creditinfo won the international tender

initiated by World Bank and now provides

RBZ with the latest generation of Credit

Bureau System, CB5. The credit bureau

system in Zimbabwe was built from scratch

in only 4 months, including the transfer of

know-how, training and full set-up of the

new RBZ team for daily bureau operations.

Creditinfo provides RBZ with a solution

enabling fast and reliable way to share

credit information between government

and private banking institutions. The

modern credit bureau system contributes

in increasing the efficiency of risk

assessment for the whole financial sector

of Zimbabwe. MBR

24 Hour Chauffeur Driven Services

24 Hour Chauffeur Driven Services

View from Reserve Bank of Zimbabwe

58 59

www.maltabusinessreview.net


Malta Business Review

NATIONAL AIRLINE

NATIONAL AIRLINE

Air Malta

confirms that

its fleet renewal

plan resulted in a

saving

of €8.2 million for

the year 2016

Air Malta has strongly and categorically

denied a report in the Times of Malta

today. The airline said the report was full

of incorrect and misleading information

intended to damage the reputation of the

national airline.

Air Malta vehemently denied the wet

leasing of aircraft on 14 occasions during

the Christmas period. In actual fact, this

only happened during the course of the

whole year. These wet leases cost a total

of €280,000.

“Air Malta strongly condemned such

sensational reports stating that additionally

these trip leases saved millions of euros in

denied boarding compensation payments

which the airline would have to pay to

passengers for delayed or cancelled flights.

Air Malta has maintained its commitment

not to cancel any flights due to any

operational or weather disruptions”, said

Joe Galea, Acting CEO Air Malta.

Aircraft utilisation is a key performance

indicator in the aviation industry and

Air Malta is making sure to maximise

its resources. It does not make sense to

leave such expensive assets idle in winter

for more than half of the time as was

customary.

The airline was in a situation where its fleet

caters generously for the summer period

but was losing all its profits in winter when

it does not need a large fleet.

Air Malta’s competitors excel in fleet

utilisation, with its main competitors flying

their aircrafts between 15 and 16 hours at

peak.

Air Malta’s is raising its peak flight

utilisation to 14 hours per day per aircraft,

while continuing to fly the same number

of passengers, and potentially even more.

The airline’s current model creates an

optimal fleet that covers most of the

year, with potential to add capacity as

necessary. This is saving money without

negatively impacting any other aspects of

the operation.

This is part and parcel of the drive

to continue reducing costs, become

more efficient and return the airline to

profitability and continuing to service

customers.

Air Malta expects to finish the financial year

2016 with a substantially improved result of

a loss of around Eur 4.5 million. MBR

Cont. from pg 56

Over several years, they have seen to the

refurbishment of Dar Għabex, members

have personally redecorated meeting

rooms and provided children’s play

equipment at Appoġġ in Gwardamangia.

The Club has also contributed to Dar

il-Kaptan, a flagship project of Rotary

Malta. Some years ago, the La Valette

Club provided the Ursoline Creche with

a swimming pool. In collaboration with

the Education department, it also set up

Nurture Groups, small special classes

providing a safe, structured environment

in which children are given opportunities

to re-visit early missed ‘nurturing’

experiences. The club also has an important

project in Tamil Nadu India where it has

helped furnish homes for orphaned boys

and girls and helped build and equip a

school. Year in year out, Rotary La Valette

produces a calendar, sponsored by various

businesses, the funds from which are

devolved to this India project. A research

project to create awareness on dyslexia

has also been set up in collaboration

with the University of Malta. Other more

culture oriented projects have seen the

Notarial Archives in Valletta being provided

with proper lighting, while Mattia Preti’s S.

Rosalia, at Sarria, has been restored by a

joint venture in which 20 Palermo clubs

and the 3 Malta Clubs have pooled funds.

This year, the Club is working on a project

to upgrade the facilities at Dar Tereza

Spinelli in Valletta, a shelter for homeless

women and children run by the Suret il-

Bniedem Foundation. The project includes

the installation of a goods lift, redecorating

the kitchen, living room and roof. The Club

is also participating in an international

project with the Dragos Rotary Club

of Istanbul, Turkey, to provide braille

typewriters to blind children in Instanbul.

The Club will also be forming a twinning

agreement with Rotary Club Bari Castello

in Italy to exchange ideas and work on a

joint project together.

Every 10 years District 2110 is headed by

a Maltese Governor. As from July 2017 to

June 2018, Mr. John de Giorgio, a member

of Rotary Malta will head the District.

Another important landmark in Malta’s

history this year!

While socio-humanitarian projects are

the work of Rotary clubs, friendship is

the lifeblood of the association that also

consists of Interact, the Rotary Association

for young teenagers, Rotaract for young

adults and the Inner Wheel which is

composed by wives and partners of

Rotarians.

For Rotarians, no task is too hard, no effort

too difficult when it is tackled in a spirit of

friendship and collaboration. MBR

Fr. Carmelo Aquilina (first from left) explaining

the work that Rotary La Valette are doing at

Dar Teresa Spinelli to Rotary District Governor,

Mr. Nunzio Scibilia (second from right). Also

included from left to right, Ms. Emma Portelli,

Administrator, Mr. Bryan Sullivan, La Valette

Secretary, Alfredo Nocera, District Secretary and

David Dingli La Valette President.

60


Malta Business Review

BUILDING & CONSTRUCTION

BUILDING & CONSTRUCTION

Malta Business Review

Teaching the

Art of Proper

Waterproofing

BY Antoine Bonello

Waterproofing Seminars

Roof waterproofing with

resin materials

The Malta Professional Waterproofing and

Resin Flooring Association is a recognised

association whose aim is to improve and

teach about professional waterproofing

solutions in Malta. It is recognised by the

European Waterproofing Association

and works closely with ASSIMP (Italian

Waterproofing Association) ITALIA. The

MPWRA is Malta’s centre for learning and

certification of professional waterproofing

installers. The MPWRA constantly brings

over prominent foreign architects and

installers to conduct seminars and courses

with regards the latest waterproofing

Many waterproofing problems are also

the result of arrogance and pride of KNOW

IT ALL installers. They are unwilling to

accept the fact that a qualified person or

instructor can teach them and therefore

they do not provide the best possible

product or solution for any particular job.

Most old school installers tend to persist

on the idea that one product fits all and

keep using the same old product year in

year out. Their reluctance to learn about

new working methods and more modern

products is purely at the detriment of

the customer. Every year there are many

many do not use it at all and or want a

thermal protection from heat. Whatever is

the case now there are products that can

easily withstand the previously mentioned

with great facility. The key is to entrust

your waterproofing works to the right

company or people that are registered

and recognised by this association for a

successful outcome.

Always ask for the MPWRA Certified

Installers Card prior to any waterproofing

works, only in this way you are assured

that the person is qualified and that the

commissioned works whether its a house

roof , factory roof, wells, pools, ponds etc.

are carried out at its best.

When we stop learning in life we are

limiting ourselves and risk being cut out

from the true reality. The constant search

for knowledge helps us to find better and

easier solutions for our daily necessities

and this is what creates progress.

The NAICI International Academy together

with ASSIMP Italy, the Malta Professional

Waterproofing and Resin flooring

Association and The Resin and Membrane

Centre are regularly organising seminars

with regards waterproofing and resin

flooring for those who wish to learn how

to implement them. MBR

For more information visit The Resin and

Membrane Centre showroom at 264, Old

railway track St Venera, Malta or www.

maltawaterproofing.com

systems and product developments.

situations where people have to contact

The Association’s aim is to provide technical

assistance, product and application

knowledge and technical advice to all

third parties do complete or redo poor

executed works.

We have been doing it this way for many

We are Quality

its registered members. The Association

many years … This is the most common

provides all the support required so that

phrase that you hear from a person who is

each and every job carried out by its

adamant in changing with times and new

Implementation of tiles

over membrane

members is stringent to the trade. This

will ensure excellent working standards

are achieved all the time. The Association

working concepts. The fact that a person

is going the same thing does not qualify it

as the right solution or that he is an expert

members make use only of high quality

in the field.

materials and adhere to the product data

sheet with regards consumption and

implementation.

Never let anyone experiment with your

propriety especially when it comes to

waterproofing. A good waterproofing

All this is done to safeguard people from

system cost less than 1% of the building

bad experiences, which are usually the

value yet damages to buildings due to

result of deceiving installers who are

water infiltrations amounts to 80% of the

unprepared, unqualified and making use of

cases. Nowadays Certified Installers can

insufficient and low quality materials that

install a waterproofing system that suits

produce poor results. This will lead to an

your needs. It is important that the finished

Certified Installers Card

improper roof protection giving way to a

serious of unwanted damages due to water

infiltrations. The result is an endless court

case, if you are lucky enough to trace the

guys who carried out the works. All this will

product meets all your requirements prior

implementation. Everyone has his own

using exigencies especially when it comes

to Roofs; there are people who use it

constantly for BBQ’s and entertainment,

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

eventually take years and prove fruitless.

while others have pets or green roofs,

62 63

www.maltabusinessreview.net


Malta Business Review

BUSINESS SUCCESS

Equiom’s

hat-trick

success

at the

Citywealth

IFC Awards

Leading trust and corporate services

provider Equiom is celebrating a win across

three jurisdictions following the Citywealth

International Financial Centre Awards, a

ceremony that highlights excellence in the

private wealth sector. Equiom was named

Trust Company of the Year for Hong Kong

& Singapore, Isle of Man and Malta, whilst

securing the runner up position in the

Guernsey category. This is now the third

consecutive year that Equiom has been

named as Trust Company of the Year for

the Isle of Man.

The well-attended ceremony was held

at Lord's Cricket Ground on Wednesday

18 January and saw Equiom compete

against other prominent businesses in

the sector. Representing Equiom’s various

jurisdictions were Sheila Dean, Global

CEO, Jeremy Fearnley, Managing Director

of Equiom Hong Kong, Aidan Davin,

Managing Director of Equiom Isle of

Man, Colin Gregory Managing Director of

Equiom Malta and Rick Brooks, Managing

Director of Equiom Guernsey.

Sheila Dean, commented on the win: ‘This

is a fabulous achievement for Equiom

and the result of a fantastic team effort

across the Group - I am immensely proud

of our success in every category. Last year

was another milestone year for Equiom

in terms of growth and acquisitions, and

awards like this reflect the fact that our

core focus remains on being a truly global

business. I would like to say a big thank

you to our clients and contacts for their

voting support and the panel of judges for

once again recognising Equiom as a leader

in its field across our jurisdictions.’

Equiom was assessed on its technical

expertise, market-leading products and

services, innovative solutions to private

client challenges, contribution to the

profession, and leadership and vision,

among other criteria. The winners were

selected following both public voting and

judging by a panel of highly respected and

experienced practitioners. MBR

Colin Gregory collecting Malta Trust Company of the Year Award for Equiom

Equiom’s Award Successes

• Citywealth International Financial Centre Awards 2017 – Trust Company of the

Year Guernsey (Runner-up)

• Citywealth International Financial Centre Awards 2017 – Trust Company of the

Year Hong Kong & Singapore

• Citywealth International Financial Centre Awards 2017 – Trust Company of the

Year Isle of Man

• Citywealth International Financial Centre Awards 2017 – Trust Company of the

Year Malta

• Citywealth Future Leaders Awards 2016 – Silver Award: Business Development

Initiative of the Year (Debby Davidson)

• eprivateclient Top 25 Trust Companies 2016

• Citywealth Power Women Awards 2016 – Company of the Year Female Leadership

(Large, Institutional)

• Citywealth International Financial Centre Awards 2016 – Trust Company of the

Year Isle of Man

• Citywealth International Financial Centre Awards 2016 – Trust Company of the

Year Hong Kong (Runner-up)

• Citywealth International Financial Centre Awards 2016 – Trust Company of the

Year Guernsey (Runner-up)

• eprivateclient Top 50 Most Influential 2016 and 2017: Sheila Dean

About Equiom

Equiom is fast becoming the stand-out business in the fiduciary services sector, with offices

in some of the world’s premier International Finance Centres - including the British Virgin

Islands, Guernsey, Hong Kong, the Isle of Man, Jersey, Malta, the State of Qatar, Singapore and

the United Arab Emirates. It provides a range of innovative and effective fiduciary solutions

that have widespread appeal to both corporations as well as high net worth individuals globally.

Equiom’s experienced and highly qualified teams offer services in specialist sectors including

trust, corporate, property, family office, eBusiness, yachting, aviation, crewing, tax and VAT.

Equiom is an independent, management-owned company focused on strategic thinking and

quick responses to clients’ requirements. It is a thriving business, continually seeking to develop

its product range, in order to provide both existing and potential clients with an unrivalled

range of options and opportunities.

The best reputation

built on the best equipment

for the best prices!

Do you really need

to look further?

MRA48A Marsa Industrial Estate

Marsa MRS 3000 Malta

M: 7954 5458, 7947 5880, 9940 6234, 9949 8226

E: sales@nexoslighting.com

64


Malta Business Review

NEWSMAKERS

Malta’s EU Presidency

and the search for

Maltese innovators

As part of Malta's EU Presidency, Malta will be

launching the next round of Ideas from Europe,

and the search for innovators with solutions to

global challenges. Originally launched as part

of the Netherlands’s EU Presidency, Ideas from

Europe is a pan-European platform, connecting

innovators and entrepreneurs with the

stakeholders needed to scale ideas with positive

impact.

Individual member states hold country searches

to identify the idea and entrepreneur that

will represent their country. The top ten are

provided with the required support and network

to improve their reach, scale and impact.

To conduct the search for Maltese and Maltabased

innovators and entrepreneurs, the

Ministry for Economy, Investment and Small

Business has partnered with Deborah Webster,

the Founder of AMANI. Ms Webster, who

was previously a Partner with a global talent

search firm, is an active supporter of start-ups

in Malta, and led the search for the first edition

of Ideas from Europe. The Minister of Economy,

Investment and Small Business Chris Cardona

said: “Business leaders need to understand and

navigate increasing complexity brought about

by a changing world. We believe innovators and

entrepreneurs will help solve them. Ideas from

Europe is the ideal catalyst to activate our local

investors, mentors and partners in identifying,

developing and investing in the ideas and people

that will shape a better future.”

Speaking about the search, Webster said, “We

take a lot of things for granted in this world

such as access to clean water, power and

education. But the reality for almost a third of

the world’s current population is very different.

We also need to think through new ways of

doing business to factor in the growing global

population and the finite resources we have on

the planet. The solutions exist. We just need

to find them and put them into action. Beyond

ideas, we are ultimately looking for great people

with ideas and solutions to some of the world’s

toughest challenges.” In fact, this initiative is not

just about finding the idea that will represent

Malta. Minister Cardona emphasised “Building

a pipeline of innovators and entrepreneurs with

this mind-set is essential. Hence, we encourage

anyone with an idea worth doing, even exploring,

to submit it online at www.ideasfrommalta.

com. This will help us engage the right mentors,

partners, and investors to further develop and

expand on the idea.”

The deadline for entries is 10th February

2017, and the event to choose the Maltese

representative will take place in Malta on 7th

March 2017.

This is a unique opportunity to discover workable

solutions to global challenges and for innovators

to be able to maximise their impact.

Further information is available on www.

ideasfrommalta.com, Facebook, and

#ideasfromMT. MBR

Simon Busuttil meets new

EP President Antonio Tajani

Today in Brussels, Partit Nazzjonalista Leader

Simon Busuttil met Antonio Tajani, the new

President of the European Parliament. Tajani

was elected last week to the EP Presidency and

hails from the European People’s Party (EPP),

which is the Partit Nazzjonalista’s political

family.

In a statement after the meeting, Simon

Busuttil said “It was an honour and a pleasure

to meet Antonio. He is a long-time friend of

Partit Nazzjonalista and a very good friend of

Malta, having visited Malta several times. He

knows Malta very well and he also knows very

well what is happening in Malta. I was glad to

be among the first EPP party leaders to visit him

and to wish him well in his new role,” Busuttil

said. “We share with Antonio his goal of taking

Europe closer to the citizens, especially on

issues that people care about, such as security,

immigration as well as corruption.”

Simon Busuttil was accompanied by the Head

of the Maltese Delegation in the EPP Group,

MEP David Casa. MBR

Partit Nazzjonalista Leader Simon Busuttil

with new EP President, Antonio Tajani

CoR stands side-by-side with Maltese EU

Presidency to rebuild trust in Europe

The Maltese government has set migration, the single market, the security of Europe's borders

and maritime policy as priorities for the Presidency of the Council of the European Union, which

started on 1 January. These are all issues that matter greatly to local and regional governments,

Markku Markkula, President of the European Committee of the Regions, and Dr. Joseph Muscat,

Prime Minister of Malta, underlined today during a bilateral meeting.

"The CoR welcomes the approach taken for the Maltese Presidency and is ready to actively

contribute by sharing real life experience, best practices and expectations from Europe's regions

and cities. We must maintain investment and a strong cohesion policy. A bottom-up Europe, which

works together with local and regional authorities, is the only way to re-build trust by showing the

EU's added value to citizens and business" the CoR President said.

Prime Minister Joseph Muscat added: "the Maltese Presidency and the European Committee of the

Regions share a vision to put the concept of social Europe back on the agenda. Our commitment is

to keep an open channel of communication with this important European institution".

The CoR President recalled that Europe also needs to bridge the damaging gap between Brussels

and citizens. Through a series of town hall debates, held by CoR members, citizens are being invited

to share their concerns and views on Europe. Their contributions will form part of a referral of the

CoR entitled "Reflecting on the EU", which will be submitted to the European Council. The next

event will take place in Valletta, on the fringes of the Informal meeting of EU heads of state or

government foreseen for the 3rd of February 2017. MBR

Contact: PresseCdr@cor.europa.eu

The European Committee of the Regions

The European Committee of the Regions is the EU’s assembly of regional and local representatives from

all 28 Member States. Created in 1994 following the signing of the Maastricht Treaty, its mission is to

involve regional and local authorities in the EU’s decision-making process and to inform them about EU

policies. The European Parliament, the Council and the European Commission consult the Committee in

policy areas affecting regions and cities. To sit on the European Committee of the Regions, all of its 350

members and 350 alternates must either hold an electoral mandate or be politically accountable to an

elected assembly in their home regions and cities.

Excavation

Demolition

Rock cutting

Trenching works

Road works

Drainage connections

Plant hire including large

and small machinery.

Property for sale.

Property for rent including

commercial, residential

and warehousing.

V & C Group Ltd - Whyte Harte, Triq il-Kostinjus, Naxxar NXR 6352

Tel: +356 21 420 086, +356 79 424 661, +356 79 494 661

info@vccontractors.com www.vccontractors.com

Road paving

Landscaping works

Concrete suppliers

Asphalt suppliers

Instant road repair

suppliers

66


NEW INVESTMENT

OPPORTUNITY

Launch Offer

Initial Fees

Discounted to 1.25%

during Launch Period

AIMING FOR

4.1% *

ANNUAL YIELD

Offer Ends 15 th March 2017

MERILL HIGH

INCOME FUND

AIMING HIGHER

A new fund aiming to provide a high overall rate of

return, paying income quarterly, by investing primarily

in fixed income securities from around the world.

Call:

Visit:

8007 2206 www.jesmondmizzi.com

or come and meet us at one of our offices in

Hamrun, Valletta, Ta’ Xbiex or Birkirkara

*The fund aims to achieve an annual yield of 4.1%. The target yield is not based on

simulated past performance and is net of annual charges. Taxes and upfront fees are not

taken into account. The target yield is not guaranteed and may luctuate. This forecast may

not be a reliable indicator of future returns.

This advert is issued by Jesmond Mizzi Financial Advisors Limited. The value of the investment and the income are not guaranteed and may go down as

well as up. The frequency of payments may vary and is not guaranteed. Currency luctuations may also affect the value of the investment. The fund will

invest mainly in rated and unrated bonds issued by both governments and companies in the private sector located anywhere in the world. The fund will

invest in higher yielding bonds which have higher risk than government or investment grade bonds and may be adversely affected by a decrease in market

liquidity which may impair the fund’s ability to acquire or to dispose of securities at their intrinsic value. The fund also have the possibility to invest in equities.

Equities are generally considered as high risk investments, and may result in luctuations of the value of the Fund due to external factors. Changes in

interest rates will result in luctuations in the value of the Fund. An initial charge is applicable and is charged at the time of purchase and may be deducted

from the invested amount therefore lowering the size of your investment. Investments should be based upon the details contained in the Prospectus and

Key Investor Information Documents (KIID’s), which may be obtained from Jesmond Mizzi Financial Advisors Limited. The levels and bases of taxation are

dependent on individual circumstances and subject to change and therefore it is highly recommended that you consult a professional tax adviser. Merill

SICAV plc is incorporated and licenced as an open ended collective investment scheme, registered in Malta, qualifying as a Maltese UCITS in terms of

the UCITS Directive with effect from the 16th of October 2015. The Fund is self-managed but has delegated the day to day investment management of

the sub-funds to Jesmond Mizzi Financial Advisors Limited, who also promotes and distributes the Funds. Jesmond Mizzi Financial Advisors Limited

(IS30176) of 67, Level 3, South Street, Valletta, VLT1105, Malta, is licenced to conduct investment services business by the Malta Financial Services Authority

of, Notabile Road, Attard BKR3000, Malta, and is a member irm of the Malta Stock Exchange, Garrison Chapel, Castille Place, Valletta VLT1063, Malta.

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