MBR_Issue_28 -February 2017 (1)

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 

30 

MBR INTERVIEWS 

Multiculturalism, Tolerance & Respect 

Celebrating 30 years of success with Sue Rossi 

34 

Character & Trust 

Ian Casolani, discusses 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 DISCUSSION 

4 SALES STRATEGIES TO MAXIMISE YOUR TRADE SHOW 

INVESTMENT 

PanaDoc’s Partner Marketing Manager Bethany Fagan discusses 

trade show sales tactics 

10 TALKING POINT 

A RETAIL REVOLUTION 

Paul Ricci, LinkedIN Editorial & Account Manager on smart 

technology vs retail customer experience 

12 ANALYSIS & DEBATE 

MALTA WON’T BACK NEW EU CORRUPTION PROSECUTOR 

Harry Cooper tells us all about the new European public prosecutor’s office 

30 

your perfect atmosphere 

52 

Our Golden Partners 

Continental Cars Ltd. 

08 

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 

MBR Publications Limited 

OFFICES 

Highland Apartment - Level 1, 

Naxxar Road, 

Birkirkara, BKR 9042 

+356 2149 7814 

EDITOR 

Martin Vella 

TECHNICAL ADVISOR 

Marcelle D’Argy Smith 

SALES DIRECTOR 

Margaret Brincat 

DESIGN 

Jacqueline Muscat 

ADVERTISING 

Call: 9940 6743 or 9926 0163/4/6; 

Email: margaret@mbrpublications.net 

or admin@mbrpublications.net 

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 

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prohibited without written permission of the publisher. All content 

material available on this publication is duly protected by Maltese 

and International Law. No person, organisation, other publisher or 

online web content manager should rely, or on any way act upon 

any part of the contents of this publication, whether that information 

is sourced from the website, magazine or related product without 

first obtaining the publisher’s consent. The opinions expressed in the 

Malta Business Review are those of the authors or contributors, and 

are not necessarily those of the editor or publisher. 

Talk to us: 

E-mail: martin@mbrpublications.net 

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Facebook: www.facebook.com/MaltaBusinessReview 

EDITORIAL 


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 

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 

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

to our audiences. 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. 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 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. Filing 

an unwarranted libel will never deter or intimidate us from pursuing a righteous path, nor serves to act as an 

“intrusion into the function of editors.” 

4 5 

www.maltabusinessreview.net


COVER STORY OF THE MONTH 

COVER STORY OF THE MONTH 


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 



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. 

8 

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 

PandaDoc 

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Contact us to find out how your business can benefit. 

+356 21322100 fimbank.com 

FIMBank p.l.c. is a licensed credit institution regulated by the Malta Financial Services Authority and is listed on the Malta Stock Exchange.


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 

CELEBRATING 

THE 

30 

th 

ANNIVERSARY 

IN THE FASHION INDUSTRY 

HAIR BY 

USING 

PHOTO BY BERNARD POLIDANO – MUA – NATASHA POLIDANO 

CLOTHES BY LUXURY OUTLET 

MODELLE INTERNATIONAL 

Sue Rossi | +356 2131 6304 | +356 9949 4817 | sue@modelleinternational.com | www.modelleinternational.com


ANALYSIS & DEBATE 

Malta won’t 

back new EU 

corruption 

prosecutor 

Renault Crossovers 

Fall in love with driving all over again. 

The agency will be charged with 

investigating and prosecuting corruption 

and fraud involving EU funds. 

By Harry Cooper 

CAPTuR 

Starting at €18,800 

EX 1.5 CDI 90BHP 

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 

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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12


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


EU PRESIDENCY 

EU PRESIDENCY 


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. 


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 

WORKING LUNCH DURING WHICH MIGRATION 

AND TRANSATLANTIC ISSUES WERE DISCUSSED. 


SECOND WORKING SESSION: TOUR-DE-TABLE. 

THE PALACE, VALLETTA 

PHOTO CREDIT – DOI – JASON BORG 

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. 


WORKING LUNCH DURING WHICH MIGRATION 

AND TRANSATLANTIC ISSUES WERE DISCUSSED. 





16 17 



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 

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• Special Cargo 

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• Personal Effects 

• Courier Service to/from Malta 

www.gfs.com.mt


CORPORATE INTERVIEW OF THE MONTH 

CORPORATE INTERVIEW OF THE MONTH 


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 



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


EU/GLOBAL NEWS ROUND 

EU/GLOBAL NEWS ROUND 


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 



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 

NEW ON THE MARKET 

WE HAVE PROPERTIES IN: 

• GUDJA • MARSASKALA • SAN PAWL • QAWRA 

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• QRENDI • QORMI • ZURRIEQ •XGHAJRA 

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www.tadernis.com 

26


GLOBAL BRANDS 

RISK MANAGEMENT 


• 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 



INTERVIEW OF THE MONTH 

INTERVIEW OF THE MONTH 


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 

www.maltabusinessreview.net 

31


HIGHER EDUCATION 

eie educational group 

Committed 

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Learning 

Experience 

OUR MISSION 

To enhance the level of Academic 

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• Continually engaging in the pursuit 

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• Continually investing in its own 

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• Striving to afford the best service to 

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The eie Educational Group aims to develop 

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Training programmes - Business 

courses, thematic seminars for 

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Student Accommodation - Provision 

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For more information about eie’s degree 

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The eie Educational Group 

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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) 

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• Establishing itself as a leader in the 

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32 

eie Educational Group, 

Valletta Buildings, South Street, Valletta 

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

www.eieEducationalGroup.com


REAL ESTATE INTERVIEW OF THE MONTH 


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 


34 35 



THE ESSENTIAL 

The Essential 

2017 

On our journey through concepts 

borne along by words, we came 

upon this one: 

Business Software 

& Integration Solutions 

Maximise your operational efficiency 

with Computime Software 

2017 will be under the aegis of.... 

all that is Essential. 

Which is all that is not incidental. 

Real-Time Visibility 

Ease of Use 

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High Value 

This enables one to navigate 

without getting lost among 

the meandering clamor of the 

hubbub of the world. 

“ 

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. 

€ 

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 

R 

36 www.computimesoftware.com +356 2149 0700 info@computimesoftware.com


iGAMING 

DENTAL HEALTHCARE 


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


CASE STUDY 

CASE STUDY 


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 



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


LOCAL BUSINESS NEWS ROUND-UP 

ECOFIN reaches 

Anti-tax Avoidance 

Agreement (ATADII) 

EXCLUSIVE 

AGENTS 

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 

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

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 

State of the Art 

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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 

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 

2011 8000 

PUTTING PEOPLE IN 

SINCE 1967 

44 

info@belair.com.mt 

belair.com.mt


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


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


TEAM BUILDING 

AMNESTY INTERNATIONAL 


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. 


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 



HEALTHY LIVING 

CSR 


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. 



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 



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


SOCIAL 

HEALTHCARE 


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 



DIGITAL STRATEGY 

CREDIT NEWS 


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 



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


BUILDING & CONSTRUCTION 

BUILDING & CONSTRUCTION 


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 



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) 


Year Hong Kong & Singapore 


Year Isle of Man 


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 


Year Hong Kong (Runner-up) 


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


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.

MBR_Issue_28 -February 2017 (1)

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