MALTA
BUSINESS REVIEW
ISSUE 29 MARCH 2017
COVER STORY
EVERYBODY IS A LEADER!
Kevin and Jeff Buttigieg who tell us just why
RE/MAX are ahead of the curve
06
16
33
40
DEBATE
Who is afraid of the Twitter Man?
Werner E Jung’s dissertations on the tweeting President
iGAMING FEATURE: THE EMPLOYMENT BRANDING TOUR
LeoVegas - The Lion’s Den
Europe’s fastest and most user-friendly mobile gaming platform
DIGITAL CURRENCY TRADING
The Biggest Major Bitcoin Crashes in the Last 10 Years
Scarlett Anderson gives us an update on the bitcoin trading ecosphere
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p Street, Valletta VLT 1444 which is regulated by the Malta Financial Services Authority.
Malta Business Review
CONTENTS
March 2017
23 FOCUS: BAHRAIN
NEW RULES PROVIDING 100% FOREIGN OWNERSHIP
WILL BOOST INVESTMENT IN BAHRAIN
Nbail Khoury brings us the latest comprehensive changes
which Bahrain is making to its corporate laws
26 ICT
CHOOSING THE RIGHT SOFTWARE IMPLEMENTATION
PARTNER CAN MAKE OR BREAK YOUR PROJECT – AND
YOUR BANK
Darren Sammut discusses IT software project implementation
33 iGAMING SPECIAL FEATURE
LEOVEGAS- THE LION’S DEN
We find out why LeoVegas runs Europe’s fastest and most
user-friendly mobile gaming platform
06
34 THE EMPLOYMENT BRANDING TOUR: CATENA
MEDIA
Jackie Porsche writes about the most successful online lead
generation companies within the iGaming industry
36 EXCELLENT NETWORKING FOR BTOBET IN
GEORGIA
We follow the multinational igaming software provider BtoBet
in the Georgia Gaming Congress in Tbilisi
06 COVER STORY
EVERYBODY IS A LEADER!
Interview with Kevin and Jeff Buttigieg who tell us just why RE/MAX
are ahead of the curve
12 EU ANALYSIS
FUTURE OF THE EU
MEPs discuss five EU future scenarios set out by Jean Claude Juncker
14 TALKING POINT
THE BIG DATA
Denise De Gaetano probes why business and institutions have
become deeply focused on Big Data
14
16 ANALYSIS & DEBATE
WHO IS AFRAID OF THE TWITTER MAN?
Werner E Jung makes several comparisons and dissertations on the tweeting President
42
39 CORPORATE INTERVIEW
PARAGON EUROPE WITH AN ACTIVE ROLE DURING IN MALTA’S EU
PRESIDENCY
Edwin Ward, Chairman of Paragon Europe speaks to the Malta Business
Review about his company’s involvement in upcoming EU Presidency
conferences
40 FEATURE: DIGITAL CURRENCY
TRADING
THE BIGGEST MAJOR BITCOIN CRASHES IN THE LAST 10 YEARS
Scarlett Andreson gives us a speedy update on the bitcoin trading ecosphere
58
60
Our Golden Partners
Continental Cars Ltd.
42 FEATURE REPORTS
4 WAYS TO BECOME A PAPERLESS BUSINESS
Laurie Leiker, PandaDoc team, discusses how they can help your business cut
your paper use completely.
50 CYBERCRIME MALTA CONFERENCE 2017
Microsoft is Platinum Sponsor of the CMF, which will deal recent trends in
cybercrime and cybersecurity technologies
58 RESEARCH DATA
GIVING CONTEXT TO RESEARCH DATA
A powerful data insight by Rebecca Zammit, Director of MISCO International
Limited
your perfect atmosphere
60 BUILDING & CONSTRUCTION
WHY CONSTRUCTION CLIENTS SHOULD INVEST IN HEALTH &
WELLBEING
Katia Knox tells us why buildings influence the health, wellbeing and
productivity of their occupants
4
Malta Business Review
EDITORIAL
The pressure on business leaders to meet or exceed
short-term performance expectations continues and
can, result in actions that may damage long-term value.
Dynamic leaders will not allow that to occur. They have
the vision, courage and motivation to stay on the path to
building long-term, sustainable value for their business.
The individuals appearing on the cover are committed to
branding, growth and providing superior services which
create long-term and lasting customer value.
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; Scarlett Anderson: Antoine
Bonello; George Carol; Reza Deghati; Denise De
Gaetano; Jean Paul Demajo; Werner E Jung;
Nabil Khoury; Katia Knox; Laurie Leiker; Dean
Lomax; Cezary Lewanowicz; Jackie Porsche;
Olga Saliba; James Vella Clark; Rebecca Zammit
SPECIAL THANKS
Demajo Dental; DOI; HSBC; Farsons Simonds
Cisk plc; LinkedIN; Ministry for Finance; Ministry
for Tourism; POLITICO Brussels Playbook &
Brexit Files, POLITICO SPRL
PRINT PRODUCTION
Printit
QUOTE OF THE MONTH
“Innovation distinguishes between a leader and a
follower.”
Disclaimer
Steve Jobs
All rights reserved. No part of this work covered by copyright may
be reproduced or copied and reproduction in whole or part is strictly
prohibited without written permission of the publisher. All content
material available on this publication is duly protected by Maltese
and International Law. No person, organisation, other publisher or
online web content manager should rely, or on any way act upon
any part of the contents of this publication, whether that information
is sourced from the website, magazine or related product without
first obtaining the publisher’s consent. The opinions expressed in the
Malta Business Review are those of the authors or contributors, and
are not necessarily those of the editor or publisher.
Change is a constant occurrence but now, with most
business organisations of size operating globally and
dealing with new markets, the pace of change has
accelerated at what many consider lightning speed.
The explosive ingenuity of technologists, and the innovations that stem from that, has
rendered past operating methods obsolete and future actions more challenging and
uncertain. In other words, “what works well tomorrow may no longer come from the
experiences of yesterday.” In such a rapidly changing environment, strong and decisive
leadership becomes all the more critical in order to take on the strategic, tactical and
structural issues required to win in tomorrow’s struggles and contests.
We believe that Kevin Buttigieg, CEO / Managing Director at RE/MAX Malta, is precisely
on target when he talks of “the right leadership talent at the top that is committed to
constant innovation, constant reinvention of the business, and continuous and persistent
investment and training”. The real estate industry has led in technology innovation and
Buttigieg recognised early that RE/MAX “had to become a tech savvy company”. This
required a “structural change” and a “resetting the mindset of everyone in the company”.
Jenny Arnell, Catena Media, stresses that, “Management recognises its workforce as its
biggest asset, and says it’s the prime success factor of the company. Diverse, creative
and innovative people holding an ‘outside the box’ mentality is what the organisation
promotes in order to deliver the best solutions for their clients.” When we view how
politics often stymies getting things done, we appreciate the clear and decisive words
and actions of ex-New York City’s mayor Michael Bloomberg who believed that “Mayors
are expected to deliver results, not engage in endless debates; and we’re expected to be
pragmatic problem solvers, not partisans”. Most leaders have an intuitive sense of the
importance of behaviour in business performance. They know from experience that it
all comes down to not only what their people do or don't do but—just as importantly—
what's expected of them and what corporate habits motivate their actions.
Can firms systematically and rigorously develop and manage behaviour to achieve
predictable and superior performance? The short answer is yes, and the field of
applied behavioural science (ABS) reveals how. ABS offers compelling insights into
what actually influences human behaviour. It shows that any behaviour—what people
say or do—is prompted by antecedents and then powerfully reinforced or undercut by
the consequences of those actions. When the right behaviours become habitual, when
they are consistently modelled by leaders, and when they are reinforced by policies and
adopted by all, they create the kind of human willingness to perform great things.
Martin Vella
Editor-in-Chief
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.
Talk to us:
E-mail: martin@mbrpublications.net
Twitter: @MBRPublications
Facebook: www.facebook.com/MaltaBusinessReview
Agents for:
www.mbrpublications.net
5
Malta Business Review
COVER STORY OF THE MONTH
EVERYBODY IS A LEADER!
by Martin Vella
After being nominated two years in a row , Kevin and Jeffrey Buttigieg
came home from the RE/MAX R4 International Convention in Las Vegas,
Nevada with the coveted trophy of “Global Region of the year”.
6
COVER STORY OF THE MONTH
Malta Business Review
Background
RE/MAX LLC. was founded in 1973 in
Denver, Colorado in the USA by Dave and
Gail Liniger. RE/MAX is world’s largest real
estate operator, with presence in over 100
countries, with over 7000 offices opened
accommodating 110, 000 plus agents . In
2004 Malta was the 45th country to join the
worldwide brand and today has 23 opened
offices and over 350 sales and letting
associates covering Malta and Gozo.
Over their 13 years with the company, Kevin
and Jeffrey have received the “European
Award of Excellence” and “European Region
of the Year” whilst they have also received
awards for their office achievements. The
RE/MAX Malta CEO and COO respectively
met with MBR publications at their new RE/
MAX Headquarters in Portomaso Marina to
discuss this milestone:
MBR: RE/MAX Malta affiliates have
recently scooped various prestigious
awards at the international convention
Las Vegas, USA. What is the significance
behind this achievement?
KB: One of the big significance for us
is that winning these awards was done
on merit and won on accomplishments
reached by our team. It is not easy to win
such awards. Actually, we finally won one
of the award categories, namely “Global
Region of the Year” after two years being
nominated. To be honest with you we had
our disappointments as well, where we
thought we were going to win an award
and we did not. However, this year has
secured the fact that we won it and it is
not just based on commissions ; it has been
a momentous year for us, culminating in
these awards.
MBR: What has contributed to this
meaningful achievement?
KB: : We won these awards because of what
is happening and what RE/MAX is doing in
Malta. Besides our growth in operations,
per capita income and community service,
RE/MAX LLC also take note of the valuable
input that we put into the European and
Global markets through assisting other
regions. This year I shall be speaking at
three of the other regional conventions. I
just delivered a presentation in London, I
shall be speaking at the Greece Convention
and last year spoke in Romania. Most likely
I shall be speaking in the Spanish and Italian
Conventions, and also at the RE/MAX Europe
Regional Owners meeting, taking place in
Malta next May. These involvements have
a significant contribution towards reaching
such milestones.
MBR: What can you tell us about the
RE/MAX delegation that went up to Las
Vegas?
JB: The RE/MAX Malta delegation
consisted of fifteen team members. We
invite any agent who wants to make the
trip, registering them and most of these
agents are the ones who have won awards
and have been singled out for outstanding
achievement. The most noteworthy of
these has been Cherton Caruana. She
has won the Global Award for most
transactions done by an individual agent.
That is a top accolade, although it is not
the first time we had agents win a top
global award, albeit it is remarkable. Malta
is a small nation, yet it’s heaving up quite a
punch In the Real Estate biosphere and in
the RE/MAX world we were recognised on
a global stage.
MBR: How many delegates does this
event attract, and how does it feel for a
team of fifteen people?
KB: 7,000 world-wide delegates and over
the thirteen years that we have been
participating we are neither the quietest,
nor the shiest of delegates. Everybody
knows us. The biggest thing that I enjoy
is that everybody is very happy for us.
There is no animosity and people share
your joy, even to the point of stopping,
congratulating and hugging us for our
achievements. All RE/MAX associates
offer a toast and its great fun. Obviously,
it is an outstanding achievement that no
other real estate company in Malta has
ever managed to achieve!
Malta is a small nation, yet it’s
heaving up quite a punch in
the Real Estate biosphere and
in the RE/MAX world we were
recognised on a global stage
JB: Our per-capita earning rates are
the highest. Our initiatives from a
community point of view are well known.
Our strategy and input throughout the
European regions has been acclaimed and
established to the point that other foreign
regional owners come down to see how
we operate. We always love to share our
ideas and also learn from other regions all
the time.
MBR: How do you recognise and appraise
your team of achievers?
KB: Firstly, being taken to Las Vegas is
already a huge acknowledgement to the
team. Within our group we try to run and
manage this business as a family. One
thing for certain is that from the beginner,
to the smallest achiever, up to the biggest
achiever; we treat them all equal. We are
always listening to people and encouraging
them.
MBR: In 2016 you registered another
record year with an overall turnover
of €600M. What are the key factors
attributing to this and what is the
winning strategy here?
KB: Our main attributes to this is training
our agents to understand what they need
to do, setting up the right management
structures, following up and being always
involved because every single one of us
is enmeshed in sales on a daily basis, we
all get our hands dirty, we have a great,
great management team, and in which
over the years we have nurtured them
to grow their own businesses. Therefore,
our main attributes to this is that within
RE/MAX you have an opportunity to grow
with the company, you can manage your
own business with the company, and
you can become a leader with RE/MAX,
as everybody is a leader! The property
market is in a so called boom at the
moment, with various different elements
attributing to this boom, where we service
a lot with first-time buyer and cover
the whole market. We are the largest
wherein foreign investors are concerned,
the biggest in buy-to-rent and the reason
why we lead on every single section of
the real estate market boils down to the
fact that we have people focusing on the
Cherton Caruana, Letting Associate, winner of
most transactions as an individual
www.mbrpublications.net
7
Malta Business Review
COVER STORY OF THE MONTH
different clusters and market segments.
Combined with our marketing, the RE/
MAX brand and a cocktail of specialists,
we generate a unique selling perspective
to our customers.
MBR: Thirteen years of non-stop
operations and continued growth,
together with the recent launch of an
expansive, modern and comfortable
offices set out in a prime location at
Portomaso. How does this position the
RE/MAX brand for further growth and
what advantages does it offer to your
customers?
KB: This office has been my brainchild,
perhaps for many selfish reasons! Spending
a major part of my time here at Hilton
and at the Business Tower in Portomaso
creating synergies with customers even
when our offices were in Sliema, for me my
life has become a lot easier! The location
of this office has allowed us to hold much
more intense, intimate meetings with
our management team and has proved
to also offer easier access and parking to
our staff and associates. In view of easier
parking facilities, today we can organise
meetings at short notice. The ambience
and surroundings also give an aura of
relaxation and serenity to both customers
and also our affiliates. All the people
involved with us, from the accountants to
the IT persons are much more happier and
smiling now, then they were at the other
office. This is a corporate office with a
quantum leap.
JB: Probably the most important aspect
of our new office is that we have a stateof-the-art
training facility, one which
management may supervise and also join
in and take part in training from time-totime.
One thing we have here at RE/MAX
is that the top management are handson,
listen in on training and the questions
asked so we understand even deeper
where we stand in terms of education.
MBR: What challenges did you face to
open these brand new offices?
KB: Making a move is always a huge
challenge. Obviously, there is a big
expense to relocating over 25 people but it
was a total non-brainer. We certainly have
did the right thing, in fact, the general
atmosphere and morale is very high!
MBR: Three important elements in
the RE/MAX success story: Brand,
Distribution and Training. How do
you successfully leverage these three
elements?
KB: We leverage the brand by making it
successful through having it well positioned
and marketed comprehensively. Our
Kevin Buttigieg, CEO, Cherton Caruana, Letting Associate & Jeffrey Buttigieg, COO
brand is a non-brainer, since it is the 5th
most widely recognised logo in the world
apart from being immensely popular
brand. It is also the 8th most popular
franchise on the Entrepreneur 500 survey.
There are no other real estate companies
in the top 100. The RE/MAX offices are
strategically located throughout Malta,
making our brand visible everywhere you
go, including Gozo, where we are the only
real estate company that will have opened
two offices in Gozo.
JB: We were among the first to expand
the advertising and portray our brand
in the media strategically. Today we see
competition doing the same and we are
always at least one step ahead.
MBR: Your franchise approach is
incredibly efficient- can you tell us why?
KB: Firstly, it is a great driver for growth
and success. Our franchise approach is
incredible because we look internally first,
we empower our associates and managers
making them understand that they too
may be our partner in the future. In fact,
the majority of our franchise owners have
worked within RE/MAX as an associate
or manager for a certain amount of time
before they are ready to take on the
challenge. It’s quite hard to believe, but I
turn down three to four franchise requests
a month. Our brand is not for everybody.
We are very careful with our brand
because we know we have to take care
of over four hundred families that rely on
this brand. We want to stay strong, remain
healthy, get the right people on board and
keep on performing the right due diligence
upon engaging people. Our mantra has
been: Real Estate Maximums. MBR
All rights reserved © 2017
8
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Malta Business Review
PRIVATE EQUITY
MEDITERRANIA capital partners
raises €250 million for third fund
7 March 2017, Malta/Barcelona.
Mediterrania Capital Partners, the
regional Private Equity firm focusing on
growth investments for companies in
North African and Sub-Saharan countries,
announces its plans to raise €250 million
for its third fund, Mediterrania Capital III
(MC III).
Through MC III, Mediterrania Capital will
maintain its focus in North Africa while
expanding into selected Sub-Saharan
countries such as Ivory Coast, Senegal and
Cameroon. The firm is planning to continue
investing in strong core sectors that
benefit from the favourable demographics
of the region, a growing middle class with
increased purchasing power and rapid
urbanisation trends.
The first closing of MC III is scheduled for
Q4 2017 with full deployment of the funds
planned to be completed within three to
four years of the closing.
Through offices in Abidjan, Algiers,
Barcelona, Casablanca, Cairo, Tunis and
Valletta, Mediterrania Capital Partners is
currently advising two funds, Mediterrania
Capital I (MC I), which closed in Q2 2008,
and Mediterrania Capital II (MC II), closed
in Q4 2013 and with 80% of the funds
deployed as of today.
MC I’s and MC II’s investor bases both
consist of corporate and public pension
funds, funds of funds, family offices and
development finance institutions from
the US, Canada, Europe, Middle East and
Africa.
Mediterrania Capital Partners’ current
portfolio include companies in a wide
range of sectors such as financial,
pharmaceutical, education, consumer,
industrial, transport and logistics, support
services and telecommunications.
“Our unique, repetitive Value Creation
model is allowing portfolio companies to
deliver excellent results, outperforming
the markets in which they are operating
and setting the right foundations for
the future,” said Albert Alsina, CEO and
Managing Partner of Mediterrania Capital
Partners.
Until December 2016, Cumulative EBITDA
of MC II´s portfolio companies reached
€53 million, up 64% on 2014; Cumulative
Revenues came to €340.8 million, a 63%
growth rate; and Cumulative Net Income
CAGR amounted to €24.5 million, a 42%
growth rate, in the same period.
“MC III is the natural step forward for
Mediterrania Capital Partners. Since
2008, we have witnessed Africa’s steady
evolution, economically and politically,
and an increasing number of SMEs with
strong growth potential. In fact, the
prospects of our third fund look very
encouraging, with several solid projects
that could benefit from our hands-on
Value Creation approach already in the
pipeline,” concluded Albert Alsina.
With MC III, Mediterrania Capital Partners
aims to continue delivering superior
returns to its investors and partners
while having a positive impact in the
region through sustainable and socially
responsible investments.
1Office under creation.
2For a full list of Mediterrania Capital Partners’
portfolio companies, please see: www.mcapitalp.
com/portfolio-companies. MBR
CORPORATE
Brief
Mediterrania Capital Partners (www.mcapitalp.com) is a dedicated Private Equity firm focusing
on growth investments in SMEs and mid-cap companies in Africa. The company started its
operations in 2008 under “Fons Mediterrania Capital” and since 2013 is an independent General
Partner Structure. Consistent with its strategy, Mediterrania Capital Partners continues to seek
North African and Sub-Saharan-based SMEs with an equity value of €25 million to €400 million.
The firm is a regulated financial investment manager licensed by the Malta Financial Services
Authority (MFSA).
For more information, please contact communications@mcapitalp.com.
Website: www.mcapitalp.com
YouTube channel: www.youtube.com/channel/UCmBxa-EDilIWakYJr1_J6SQ
LinkedIn: www.linkedin.com/company/mediterrania-capital-partners
10
Malta Business Review
EU: ANALYSIS
Future of the
EU: MEPs
discuss five
scenarios
set out by
Jean-Claude
Juncker
By Cezary Lewanowicz
Debate with the President of the European Commission, Jean-Claude
Juncker on the White Paper on the future of the EU© EU 2017 - EP
Lead MEPs from Parliament’s political groups reacted to the Commission’s Future of Europe White Paper,
presented by its President Jean-Claude Juncker to the full House. Some MEPs welcomed the Commission’s
decision to outline five possible paths for the EU to take in the coming years, while others criticized it for not
picking a clear preferred path or providing concrete examples.
Opening the debate, Parliament’s
President Antonio Tajani urged that the
“future of Europe” debate, begun by
the three reports voted at Parliament’s
previous plenary session, “must go on”. He
stressed that the upcoming Rome Treaty
60th anniversary celebrations must be “an
opportunity for the institutions to listen
more closely to citizens, in order to address
their concerns”
European Commission President Jean-
Claude Juncker presented five possible
replies to the question “ Quo vadis Europa“,
stressing that this means a “Europe of 27”.
“Our task today is to show what Europe can
and cannot do”, he said, pointing out for
example that “Europe alone cannot be held
responsible for fighting unemployment”.
“We cannot offer the moon. In some cases,
all we can do is offer a telescope“, he said.
Mr Juncker listed five scenarios:
1. “carrying on”,
2. “nothing but the single market”,
3. “those who want more do more”,
4. “doing less more efficiently”, and
5. “doing much more together.”
”I shall not tell you my absolute preference
today, because it is not up to me all to
take this decision”, he said, inviting the
European Parliament, national parliaments,
governments and citizens to contribute
to the debate. The Commission will go
on listening until September, when in the
annual State of the Union address and
having consulted the European Parliament
rapporteurs, a conclusion may be drawn.
Esteban Gonzales Pons (EPP, ES) thanked
Mr Juncker for choosing to present his
White Paper in Parliament and underlined
that the House must be “fully involved”
in the subsequent debate. He agreed
with Mr Juncker that we have to “align
expectations with reality” and urged
member states to “stop blaming Europe
for what Europe cannot do because it does
not have the tools”. “This is a wrong and
dangerous game and Brexit is one of its
consequences”, he concluded.
S&D leader Gianni Pittella (IT) told Mr
Juncker “Your paper includes five options,
and I believe that by putting these five
options on the table as realistic scenarios,
you are playing into the hands of all those
who want to weaken the European Union
or even get rid of it”. (…) “You put five
options on the table, but I can only see
one: to work together as Europeans and
do much more together”, he added.
Ulrike Trebesius (ECR, DE) said that past
hopes in Europe and the Eurozone have
fallen victim to centralism and delusions
of grandeur. The EU should concentrate
on fewer policy areas and become more
efficient, e.g. in fighting terrorism and
protecting its borders. "Times have
changed, we need more flexibility and to
adapt our institutional set-up", she said.
Guy Verhofstadt (ALDE, BE) stressed the
need to start a further inter-institutional
reflection on the future of Europe. He
also said that the EU currently lacks real
capabilities to address many of today’s
challenges, and urged EU countries to
stop using the unanimous vote rule to
block vital efforts to move the Union
forward. “But how convince EU leaders at
national level to take the steps that we so
desperately need?” he added.
“We need to listen to the citizens”,
stressed Patrick Le Hyaric (GUE, FR), calling
for another, “bottom-up” scenario, which
takes account of people’s aspirations for
justice, equality, solidarity, environment
protection and public health. “Otherwise,
we’ll fail to meet the challenge”, he
warned.
Philippe Lamberts (Greens, BE), urged
the Commission to consider proposing a
radical change of direction, so as to halt
the explosion of inequality. "To reconquer
citizens' hearts and spirits, we need to (...)
ensure peace and shared prosperity, and
abandon fiscal and social competition", he
added.
For the EFDD group, Gerard Batten (UK)
said that the White Paper recognizes
the problems facing the EU, “but fails
to understand that many of these were
created by the EU in the first place”.
For the ENF group, Vicky Maeijer (NL)
said that the EU is collapsing. “We in the
Netherlands said no to the European
constitution, no to the trade agreement
with Ukraine, and it is time we said no to
Europe.”
MBR
Cezary LEWANOWICZ is a EP Press Officer
Credit: EP/Plenary/REF. : 20170228IPR64287
12
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Surfacing the most beautiful spaces
The Factory, Mosta Road, Lija. T: 21 433636 www.halmannvella.com
Malta Business Review
TALKING POINT
The
BY DENISE DE GAETANO
With one of the top spots retained
for the request of Facebook
personal data per capita by the
Maltese government, it is becoming more
evident that Malta is adjusting to the big
data revolution. We no longer can keep
much of our lives personal. With every
supermarket transaction, Facebook and
Twitter login and discount card usage,
our personal data, buying habits, posts,
photos, likes and chats, we reveal our
lives to help companies and governments,
achieve the two Ms: Monitoring and
Monetization.
Businesses and institutions, have become
deeply focused on big data to drive profits
on customer insights. The more data, that
data scientists and statisticians can take
up, the more precise the forecasts over
specific algorithms will be. Such forecasts,
can communicate something of value and
potential. Hence, client data is an asset to
any company. Nowadays, more companies
are realizing that they cannot continue
being competitive if they cannot put good
data to use. Whereas before, analytics
was run under the business intelligence
branch, focusing on reporting, it is ever
more important to concentrate on a more
personalized service and product. To
this end, asset surveillance is of utmost
importance and the process of managing
such assets to maintain client privacy is
audited thoroughly. There is currently no
big data code of ethics, though, there are
controls over who can access the data
and how they can use such data. Privacy
regulations should not only be put in
place at the national level, but also at the
industry level. The main challenge faced
is that online data, comes in so quickly
that in some cases, there may be a lag
between when data comes in and when
such regulations are put into place.
The reality is that proper
collection of such data and
sieving through it, can reap
more benefits
With the constant advancement on the big
data front, comes an every changing range
of different technologies, which enable
the storage, manipulation and forecasting
of big data. Although such technology is
still in its initial stages with the utilization
to its full potential in Malta, we have
a number of international companies,
employing these technologies, with the
help of more data scientists. Getting into
the big data game is not as easy as it may
seem. Many companies fail to recognize
that the collection of large quantities of
data alone, is not the answer. The reality
is that proper collection of such data and
sieving through it, can reap more benefits.
Companies and firms that are looking into
the monetization on Big Data, should look
beyond the simple data and more into the
economic questions that can be answered
with such data. Often times, data can
help answer very specific questions,
pertaining to the particular business about
the risk, future and current value, risk
of a specific asset or product. Data will
provide information about the market and
how customers behave in general. Such
information is of extreme importance to
market participants. Companies should
start with understanding the business
challenge and gather the information,
specifically in relation to this challenge,
as it is more likely to provide the
most valuable insight. Investment in
technologies and the skills to use them,
such as predictive analytics, smart data
discovery solutions and advanced naturallanguage
generation, will help attain the
true value from the data the company has.
Such companies, looking at getting into
the big data company, should therefore
have to their availability, large quantities
of readily available data and information,
access to advanced analytical tools, such
as Hadoop and NoSQL and the human
workforce capable of putting these tools to
work. Big data is not just to be considered
as another technology fad, as this won’t
help anyone get the most out of such data,
but rather, this has to be embedded into
every department, where the employees,
can understand the significance of data
at hand to the whole company. It is a way
forward, to understand that, should data,
information and insights be shared, these
can help recognize synergies between
different departments and help scale up
the benefits that analytics and forecasting
can provide. The Big Data boom has
effected all of us, sometimes, without even
realizing. It’s an exciting revolution and
one which we shall hear more about in the
years to come. It can easily be considered
as the current future.
MBR
14
Malta Business Review
ANALYSIS & DEBATE
Who is afraid Of thE
TWITTER MAN?
Hopefully complacency will not gain the
upper hand over time, meaning that we
will all soon be getting used to this type
of madness. The sixties have shown that
“democracy is in the streets” – it is now
time for a revival, so it appears.
There is, however a big difference: In
‘68 the objective of the younger (postwar)
generation was to bring down the
entrenched establishment which formed
the post-war times. The objective was
to generate a new set of ideas and a
progressive outlook at the world. At that
time the world was still being defined
by a generation heavily traumatised by
their experiences during the war and
many of them were still convinced that
By Werner E. Jung
While there is a lonely man in the White house disseminating his wisdom
via Twitter to the hostile world around him, (bad, very bad media) there
are more and more people in the US taking to the streets in protest. One
can only hope that these opposition movements and the protests will go
on and that especially the younger generations keep pushing ahead. It
is time for civil disobedience and for damage control.
“not everything was bad” under the
Nazis. The 60’s and early 70’s could be
characterised as a time of “creative
destruction” as defined by the economist
and political scientist Joseph Schumpeter
in order to propagate innovation and
entrepreneurship. In utter contrast
to that, the mastermind in the White
House, Steve Bannon, has a declared
objective of “complete destruction” of
all “evil developments” since the 60’s.
Bannon sees all evil stemming from the
60’s (r)evolution and wants to return to
a world of proper white fences around
the lawns of rural white America, where
religion, family, work ethics and discipline
were still in place.
So, what should be the answer? I have
to admit that it has taken me some time
to regain my stance after the election
of the Twitter-Man; the conviction that
lamentations will not really get anybody
ahead has taken the upper hand. We
have all enjoyed a long period of growth
and growing prosperity – at least “on
average” despite some recessions and
financial crises, caused primarily by greed.
While most of us have been lulled by the
“on average” statistics, some people,
over time, developed a gut feeling that
somehow the average was not working for
them. They realised that, over time, they
could not afford a yearly family vacation
any more and a new car every three or
four years also was not within their budget
any more; despite al the statistics. What
many of us have overlooked is that in the
past decades, growth and prosperity have
been allocated progressively unequally.
Average figures do not tell the real story.
When 10 people have an additional
income of $ 10.000 over the past year,
then the average increase is $ 1.000 per
person. However, if one of them gets $
9.000 and then the other 9 persons only
get $ 111 each; – the average is still $
1.000, but 9 out of 10 might just come to
the conclusion that something is not quite
fair! This type of development was more
evident in the US than in Europe, and in
16
ANALYSIS & DEBATE
Malta Business Review
a way it was also welcome there because
it upheld the American dream “from rags
to riches”. The effect of this development
has been described extensively by Joseph
Stiglitz in his book “The Price of Inequality”.
The election of the Twitter-Man is part
of that price. That, however, does not
mean that his administration is going
to do something about the inequality;
on the contrary, as exemplified by the
staffing of the cabinet with billionaires.
This, unfortunately, will take quite some
time for his followers to comprehend and
understand, independent of their level of
education.
Probably we are giving this guy far too
much credit. In contrast to Erdogan in
Turkey, Kaczynski in Poland, Orban in
Hungary, or Marine Le Pen in France, the
Twitter-Man does not really want to rule
and exude absolute power. He, in the
meantime has realised that he does need
an apparatus and people around him to
govern, which actually is a damn nuisance
for him. Having to govern distracts him
from his real objective: to have greater
press coverage than George Clooney and
to become more famous than Jesus Christ.
And, at last but not least, to become
richer than either Warren Buffet or Bill
Gates. I, for one, still strongly believe in
the American democracy and the principle
of checks and balances. In the end the
judiciary and the legislative branch of the
government will ascertain that the country
will stay out of harm’s way. However, the
idea that a Twitter-Man would have been
in charge during the Cuban Missile Crisis,
does make my toenails curl backwards.
Europeans, and especially the Germans,
are not sleeping well lately; their
comfortable lives all of a sudden are
disrupted by uncertainty and “angst”.
So, in terms of the opening sentence,
this “wake-up call” is a good thing at the
right time, and, maybe, we should all be
thankful to have the Twitter-Man around.
At least one could argue in the sense of
the philosopher Bernard de Mandeville
in the “Fable of the Bees”, where he
concludes that private vice creates
public benefits. If this appears as not so
obvious, imagine everybody was good
and benevolent to his/her fellow citizens.
What would happen? We would have
millions of people unemployed: Lawyers,
judges, policemen/women, prison guards,
manufacturers of doors and hardware
would all not be needed any more. This
scenario undoubtedly belongs into the
world of fairy tales and sagas but it does
emphasise the two sides of a coin.
More probable, however,
is that the Twitter-Man
disseminates enough fear
and uncertainty amongst the
people of Europe so that they
finally stop bickering and
come to the conclusion that
“united we must stand”.
More probable, however, is that the
Twitter-Man disseminates enough fear
and uncertainty amongst the people of
Europe so that they finally stop bickering
and come to the conclusion that “united
we must stand”. Early indications seem to
suggest that this might be working. Finally
Jen-Claude Juncker has taken up with the
thought that for closer cooperation, it is
not necessary for all countries to proceed
with the same speed. Different nations
do have different ideas of how to cope
with that imminent threat; they have to
address their own specific problems to
deal with. In this context it’s foolish to
assume that all countries can always agree
on the priorities, nor are they willing and
capable of advancing at the same speed
socially, economically and politically. This
is perfectly all right as long as everybody
can all agree on the same basic principles.
If they do away with the totally impractical
“unanimity” rule in Brussels and
Strasbourg, Europe can proceed at a much
faster pace.
Let us all hope that the Europeans have
finally grasped the monumental chance
to find a fruitful way of togetherness and
cooperation, and that the Twitter-Man
stays around long enough for this goal to
be accomplished, before he is escorted out
of the White House in a straitjacket by two
men in white. SAD, Very, Very SAD MBR
EDITOR’S
Note
Werner E. Jung, lecturer
and writer, looks back at
an eventful international
management and
consulting career. He lived and worked
in many countries around the world. As
consultant and lecturer he took a special
interest in SMEs and developing markets.
After the financial crisis in 2008, he
discontinued his “old style” teachings and
has taken to research into socio-economic
developments. The focus is on the rising
inequalities and the resulting disruptions.
Mr. Jung holds a degree in Industrial
Engineering and Business Management from
the Swiss Federal Institute of Technology and
the Massachusetts Institute of Technology.
He now lives in the foothills of the Bavarian
mountains. wej@think-different.org
www.mbrpublications.net
17
Malta Business Review
TRANSPORT & LOGISTICS
SAVING
BIG
ON EXPORTS
Exasperated. This is the feeling many of
the local shipping executives of exporting
companies used to feel when searching
for a reliable but at the same time costeffective
forwarding solution for their
export business. It is very easy to find
reliable and competitive freight forwarders
with regards importations but as far as
exports go, there always seemed to be
much less options on the market. This
resulted in very high costs compared to
imports and less than satisfactory transit
times resulting in the local manufacturing
exporting companies having an even
tougher time competing in the competitive
global market.
Not anymore! EuroBridge has just
launched its groupage export service to
all European destinations. The company
which is well renowned for its import
services felt it was the right time to enter
the export market and it is guaranteeing
its customers 3 major promises with this
new service:
Rates as low as the Import Rates. The cost
of exporting is actually less than that of
importing so how come groupage export
rates are much more expensive than
imports? It is an easy one to answer. Lack
of reliable competition. It is a well-known
fact that up till now, only a handful of local
trailer operators could offer a reliable
service for export companies and in view
of this situation, they took advantage
in quoting high rates. EuroBridge will
make sure this problem stops here and
it is offering the same import rates to all
their customers making exporting a much
cheaper proposition from now on.
Super-fast transit times. EuroBridge
understands that the buck does not stop
with just offering cheap rates. It has to offer
the best possible service and that is what
it set out to do from day one. It is already
loading weekly shipments departing every
Saturday and the first deliveries in North
Italy will be done by the following Tuesday.
All deliveries to the major European
destinations will be effected within the
following Friday therefore guaranteeing a
less-than-1-week transit time to all major
European destinations. Timed deliveries
are also available if needed.
Real-time updates and follow-ups. As
with the imports, EuroBridge will follow
up all export shipments from their local
offices guaranteeing its customers realtime
updates without the hassle and timewasting
of going to their overseas agents
for such updates.
To promote this new service, EuroBridge
is launching with immediate effect a
promotion offering a 20% discount on the
quoted rates for all shipments booked
prior the end of June 2017. This means
that besides offering an already cheaper
rate than the current market rates, for
the next 3 months, all exporters can take
advantage of this offer and reduce even
more their exporting costs.
If you would like to know more about
EuroBridge and its services, they invite
you to visit their website www.eurobridge.
com.mt. They would also be thrilled if you
could communicate directly with them by
calling their office on 22487000 or send
them an email on sales@eurobridge.com.
mt. They always sign with their motto
‘Yours to count on’ and it is their intention
that you feel you can always count on
them for your shipping needs. MBR
18
Malta Business Review
TRANSPORT & LOGISTICS
MORE GROWTH
ENVISAGED
THIS YEAR FOR
EXPRESS
TRAILERS’
SIDE-LOADER
BUSINESS
“In less than a year since Express Trailers
announced its appointment as HAMMAR's
European base for the re-building and
customization of HAMMAR side-loaders
for the global market, Express Trailers has
already delivered rebuilt side-loaders to
clients in UK, Turkey, Spain, Portugal, the
Canary Islands and the US.”
This was stated recently by Franco
Azzopardi, Chairman and CEO of Express
Trailers during the recent Malta Robotics
Olympiad held at the MFCC in Ta’ Qali.
Express Trailers was the Olympiad’s
Logistics Partner and was trusted to
transport and deliver the delicate
competing projects. Express Trailers was
also present throughout the event with its
Side-Loader, giving demonstrations of how
it operates.
Express Trailers displayed its side-loader
during the Malta Robotics Olympiad and
gave the public the opportunity to see this
vehicle in action, to see how it operates
and to understand the advantages that
side-loaders can bring to their logistical
operations.
Side-loaders, or side-lifters, enable
transport companies to load and unload
containers and out of gauge cargo onto
flat-bed trailer trucks without the use
of cranes but instead, with the use of a
specially mounted hydraulic-powered
mechanism installed on the trailer chassis.
These hydraulic structures can also be
telescopic; adjusting to varying sizes of
containers and can handle weights of up
to 33 tons without any counter weight.
“Express Trailers has invested a lot in this
new collaboration with HAMMAR to rebuild
and re-condition side-loaders on
behalf of HAMMAR for its clients round the
world. This move effectively saw Express
Trailers move into the manufacturing
business. The result of this investment is
that we have already seen a successful year
and this coming year will see us working on
an event and a bigger order book because
we are committed to produce seven sideloaders
throughout this year and we are
sure this number will increase.”
“However, availability of capable and
talented workers in this field remains
an issue and unless we find more
tradesmen, we will not be able to meet
the demand. We are looking at the MRO
also as an opportunity to get in contact
with interested people who would like
to join our team to work with us in this
manufacturing business,” adds Franco
Azzopardi.
“We currently have a team of very talented
workers who are doing a fantastic job but
as we expect business to grow, we know
we will need to recruit more workers
especially welders. We need people who
are passionate, want to learn and are
willing to be part of a successful team.
From our end, we are ready to offer them
all the required training. However, it is
proving to be very difficult to find these
types of workers,” added Franco Azzopardi.
Express Trailers is seeing a lot of
potential growth in this business and to
accommodate this growth, the company
has recently invested in the installation
of a new internal crane system. Besides
allowing workers to move the side-loader
structures from one place to another at
production phase in a faster and more
efficient way, this new structure guarantees
a safer environment. Over the coming
weeks, further investment is envisaged
with the replacement of the current roof
with a brand new structure.
MBR
20
Pride can lead to great things.
We are proud of what we achieve,
through our ability, our services
the reliability we offer and the trust we enjoy.
Orange is our pride.
#WeAreOrange
We deliver your cargo from anywhere to wherever.
We are the experts in logistics.
PHOTO: ONE OF OUR EMPLOYEES’ PHOTOS IN THE 2016 EXPRESS TRAILERS PHOTOGRAPHIC COMPETITION THEMED ‘WE ARE ORANGE’.
Express Group Malta
Velbro House, Qormi Road,
Luqa LQA 9040,
MALTA
Tel: (+356) 21 242311
Email: info@expressgroup.com
www.expressgroup.com
Malta Business Review
TRANSPORT & LOGISTICS
Evonik
optimizes
supply chains
with DHL
Resilience 360
For Evonik, Resilience 360 means a further
digitalization of its numerous logistics
activities.
• Analysis tool examines road and rail
transport routes.
• Risk management strengthens resilience
of supply chains and minimizes potential
impact on operating business
Whether it’s heavy rainfall, manufacturing
issues or road closures – a variety of
causes can disrupt supply chains and
the flow of goods in a globalized world.
The consequences can mean halted
production, sales losses or damage to a
company’s image. In order to avoid such
scenarios, the logistics arm of Evonik
Technology & Infrastructure GmbH
will work with the risk-management
solution DHL Resilience 360 in the future.
Representatives of Evonik and DHL have
signed the respective contract in the Marl
Chemical Park.
The risk-management solution Resilience
360 provides real-time analysis of problems
that vessels, trains or trucks can encounter
along their transport routes after setting
out from Evonik locations around the
world. On this basis, the software proposes
countermeasures – such as whether and
how the supply chain’s resources can
be redistributed in order to minimize or
completely avoid damage. For this purpose,
the platform connects information regarding
natural disasters and socio-political or other
risks to Evonik’s global production and
distribution network. This is partly done
by using heat maps, which visualize the
locations where problems may occur on
various routes. In this way, tracking potential
dangers becomes much easier.
“Particularly in industries such as the
chemicals sector, in which delicate
products are transported, the security of
the environment, employees and goods
plays an important role,” says Tobias
Larsson,Head of Resilience 360, DHL
Customer Solutions & Innovation. “We are
delighted to help Evonik with this in the
future while reducing the costs and risks
along the supply chain by providing our
data and expertise.”
For Evonik, Resilience 360 means a further
digitalization of its numerous logistics
activities. “In doing so, we are continuing to
take account of our responsibility for safely
transporting chemical goods,” says Robert
Schmidkunz, Head of Logistics Security,
Evonik Technology & Infrastructure GmbH.
“Through actively monitoring supply
chains, Evonik is supporting the transportrisk
analyses that have already been
introduced successfully. With this tool, we
are also contributing to the digitalization of
our supply chain processes.”
From the Marl Chemical Park alone,
approximately four million tons of products
start their journey throughout the world
every year – via vessel, train and truck.
Evonik will primarily use Resilience 360
for evaluating potential dangers in road
transport. The platform also serves as an
early-warning system to guarantee a rapid
response to unscheduled disruptions and
to ensure that appropriate measures are
implemented. MBR
22
FOCUS: BAHRAIN
Malta Business Review
New rules providing 100% foreign
ownership will boost investment in
Bahrain
By Nabil Khoury
The Kingdom of Bahrain is in the
process of making comprehensive
changes to its corporate laws and
procedures to make it easier to set up
and carry out business in Bahrain. The
changes will allow for easier company
incorporations, the streamlining of the
company administration process and the
easing of restrictions on foreign ownership.
A series of new laws and amendments
have been introduced over the last 24
months to modernise and streamline the
regulatory regime, enhance corporate
governance and increase accountability,
empower shareholders and facilitate
foreign participation in Bahrain companies.
They are designed to promote enterprise in
Bahrain and encourage foreign investors to
choose Bahrain as a destination of choice
for doing business in the Middle East.
The Bahrain cabinet has further
announced that it is to allow 100% foreign
ownership in residency, real estate,
administrative services, health and social
work, information and communications,
manufacturing, mining and quarrying,
food, arts, entertainment and leisure, water
supplying and professional, scientific and
technical activities.
Business opportunities in Bahrain are set
to increase heavily in the period leading
up to the new the Ministry of Industry and
Commerce (MOIC) regulations, which for
the first time puts Bahrain on a competitive
footing with some of the region’s mega
free zones and business hubs. The nature
and size of the proposed business, as well
as the particular requirements of investors,
will govern the choice of legal structure in
Bahrain. All types of Bahraini companies
give the shareholders or the directors an
Investor’s Residence Visa.
Bahrain imposes no exchange control
restrictions on repatriation of capital,
profits and dividends, enabling full financial
transferability of capital, profits and
dividends. Bahrain currently levies no taxes
on personal or corporate income. There is no
capital gains tax, no withholding tax and VAT.
Bahrain currently levies no
taxes on personal or corporate
income. There is no capital
gains tax, no withholding tax
and VAT
Forming a company in Bahrain offers
excellent access to the GCC states,
especially Saudi Arabia, which is the
largest market in the region. Bahrain has
an expanding treaty network that includes
over 30 double tax agreements with key
partners in Asia, Europe and the Americas,
as well as the Middle East and Africa. This
is supplemented by bilateral investment
treaties with countries including India, Italy
and the US, and Free Trade Agreements
with trading partners such as the US and
Singapore.
Potential investors should speak to a
consultant to ensure that the company they
are establishing complies with the various
new MOIC rules and regulations. Sovereign
is in a unique position, through its global
network of offices, to give guidance on
suitable structures available to meet any
personal and business requirements.
The Bahrain property market is already
highly competitive when compared to
other regional locations due to its attractive
residential and commercial rents and
values, but the huge monetary investment
into the city and its infrastructure
combined with the new opportunities for
foreign investment will certainly help to
support sustained activity in the long term.
Given the boost to real estate values
and rents in Bahrain, property owners
should be ensuring that their ownership
structures and succession plans are fit
for purpose. Many property owners
are not fully conversant with local legal
procedures or taxes and may not fully
recognise the longer-term implications
in terms of potential exposures to capital
gains tax, inheritance tax or forced heirship
rules. Substantial benefits may be derived
through the use of corporate, trust or
foundation structures to address these
issues.
Sovereign assists many of its clients with
the acquisition of real estate worldwide.
We advise on tax and structuring and
can manage the transaction process and
financing arrangements. With our regional
knowledge of property ownership laws and
regulations, along with our tax planning
expertise, we can help you reduce any
potential exposure. MBR
EDITOR’S
Note
Nabil Khoury is the
Managing Director,
Sovereign Trust
Consultancy (Bahrain)
WLL
wwww.mbrpublications.net
23
Malta Business Review
FEATURE READOUT
Theresa May
BREXIT FILES
— Theresa May didn’t come to Brussels to
talk about Brexit, but there’s not much else
her continental counterparts want to hear
from her. Even Irish Prime Minister Enda
Kenny failed to get any Brexit details. In the
only one-on-one meeting May held at the
European Council on Thursday, Kenny asked
on what date she would trigger Article 50.
Her response? By the end of March. So much
for the luck of the Irish!
Irish Taoiseach Enda Kenny Getty Images
— May warned leaders at the summit she will
fight demands for Britain to pay a €60 billion
“divorce bill” when it leaves the EU. However,
EU leaders are having none of it. “When you
sign on for a contract you commit yourself
to participation and obviously the extent of
that level of money will be determined,” said
Enda Kenny.
— Here is the “working document” that
formed the basis of March’s summit
discussion, effectively a draft of what EU27
leaders plan to declare in Rome on March
25 on life after Brexit. The most contentious
point in the document is toward the end
where it states that “we work together” but
“on the understanding that some of us can
move closer,” code for agreeing a multispeed
Europe.
European Parliament's chief Brexit negotiator Guy
Verhofstadt | Patrick Seeger/EPA
— Negotiators should allow British citizens to
keep their current EU rights, such as freedom
of movement and voting in European
elections — if citizens request them on an
individual basis, the European Parliament’s
chief Brexit negotiator Guy Verhofstadt said
today. He also poured cold water on the idea
Bad luck of the Irish
Bavarian friends for Britain?
INSIGHT
SNICKERS DANGER
that Britain could make a clean break from
the bloc within two years.
— Britain is facing a £700 million-a-year tax
shortfall by 2020-2021 because of Brexit’s
impact on the wage growth of the top 10
percent of earners in business and financial
services, according to the independent
Office for Budget Responsibility.
— The U.K.’s post-Brexit trade deal with
the EU could take more than a decade to
conclude, Danish Foreign Minister Anders
Samuelsen said. “The question is, can we
do it in two years or will we take 15 years?
We don’t know.” Asked about Samuelsen’s
comments at the EU summit in Brussels,
Theresa May said she’s still working to a twoyear
deadline.
— Global food giant Mars has warned that
a hard Brexit would increase the prices
of its products and put jobs at risk. Fiona
Dawson, president of global food, drinks and
multisales, said in a speech to the American
Chamber of Commerce to the European
Union this morning that the cost of trade
barriers would inevitably flow through to
consumers and threaten the company’s
Europe-wide supply chain. Mars makes
Snickers, Maltesers and Uncle Ben’s, and
employs more than 18,000 people across
Europe, including 3,800 in the U.K.
Behind the scenes in the Bundestag, one
conservative politician is pulling strings
to make sure the interests of German
lawmakers are heard once the time comes
to discuss Britain’s future relationship with
the EU.
Germany’s former Interior Minister Hans-
Peter Friedrich, a 59-year-old Bavarian,
leads a new Brexit working group of
Chancellor Angela Merkel’s Christian
Democrats (CDU) and their Bavarian sister
party, his Christian Social Union (CSU).
The conservative bloc of CDU and CSU
is by far the largest group in the German
parliament, holding almost half of all seats.
Under German law the national parliament
will have to ratify any deal covering
Britain’s relationship with the rest of the
EU once it has left the bloc.
The working group’s guest list reads like a
who’s who of Brexit negotiation VIPs. At
their first closed-door meeting in February,
Uwe Corsepius, Merkel’s chief adviser on
European affairs, and Christian Calliess,
legal adviser to the European Commission,
came in. On Wednesday, Elmar Brok,
former chair of the European Parliament’s
Foreign Affairs Committee, and British
Ambassador Sebastian Wood showed up
for their second meeting. The plan for the
next session in early April is to bring in a
high-ranking member of the Commission’s
Brexit task force.
The goal of these early discussions is to
speak with one voice as a conservative
group, Friedrich said, though such sessions
have the added benefit of signaling that
the lawmakers are not willing to hand over
the most important parts of the Brexit
negotiations to unelected sherpas in the
chancellory in Berlin and the Commission
in Brussels.
“We certainly don’t want to imply that
the German government and its civil
servants have no idea about the needs
of people,” Friedrich stressed, “but as
parliamentarians, we were elected to
clearly formulate those interests, and not
leave anything to chance.”
It’s an open secret in Berlin that the
U.K. hopes to find allies among Merkel’s
conservatives, who traditionally have
close ties with the car industry — one of
Germany’s biggest exporters to the U.K.
— and particularly in Bavaria, where trade
relations with the U.K. are especially close.
“Of course, Bavaria has a great interest
in reaching an amicable settlement,”
Friedrich admitted on Thursday, “But it’s
not just Bavaria, it’s all of Germany, and
essentially all of Europe, who has this
interest. We need the Brits, for example,
when it comes to security or making sure
that the flow of goods and trade runs
smoothly between the U.K. and the EU.”
Brexit Files is compiled by Paul Dallison and
Sanya Khetani-Shah. Insight is compiled by
Janosch Delcker. MBR
Credit: POLITICO SPRL
24
Malta Business Review
ICT
Choosing the right software
implementation partner can
make or break your project –
and your bank
Choosing the right software implementation
partner can make or break your project –
and your bank
Business software projects are often
complex and require a high degree of
commitment from both the customer
and supplier – commitment to effort and
commitment to change.
This is an area of Information Technology
that is full of failed projects and of projects
which fall short of meeting customer
objectives. In fact, a recent CIO survey
placed the level of customer satisfaction
with ERP and CRM projects at the very
lowest levels of all IT projects.
In this area, Computime Software enjoys
a consistently high customer satisfaction
rating, with 96% of our clients saying that
Computime exceeds their expectations,
while 99% would recommend Computime
to their peers. Computime have a positive
track record of 35+ years in successful
BY DARREN SAMMUT
business software implementations and
software development projects, and our
philosophy is to be completely transparent
with our clients from day one to completion,
ensuring they understand the amount of
time, effort, and cost required to implement
a successful software project.
We employ an experienced and multidisciplined
team of experts, including
technology specialists to ensure that the
system is built using technology that is fit
for purpose, performs well, and integrates
into the customer's environment – but
also usability experts to ensure that the
software is easy-to-use by non-technical
users, business experts who are able to
interface with the customer's business
users to ensure that the customer's
business objectives are met, and finally
project managers who oversee the whole
process and work together with our
account manager and the customer to keep
the project on track.
We utilise cutting edge technologies
developed by our R&D team or from
leading vendors to make maximum use of
the various platforms which are available
nowadays to everyone, such as the internet
and mobile devices. At the same time we
provide choices – for example if a customer
prefers to run their solution from a more
traditional on-premises server as opposed
to a cloud-based solution, then this can also
be easily achieved.
We firmly believe that most projects should
deliver value in stages, and expecting a
project to meet all objectives in one single
‘big bang’ is often a recipe for failure, as
this approach puts a massive burden on
both the customer and the implementation
team.
As a result, we normally recommend
focusing initially on delivering a few small,
but measurable objectives, together with
the customer ensuring these are met, and
then moving onto subsequent phases,
always at the customer’s pace. Apart from
everything else, customers are usually
consumed with their day-to-day tasks, so
planning a project in bite-sized phases is
very often a preferred option.
The customer engagement process that
we adopt starts with our first meeting
and builds one layer at a time, always with
the objective of delivering the maximum
benefit at minimal risk and cost to the
customer.
While we borrow from standard
methodologies such as PRINCE II and
Agile, we strive to ensure that our primary
approach is pragmatic, not overly formal,
and above all fit for purpose.
Learn more about Computime Software:
www.computimesoftware.com.
Email us info@computimesoftware.com or
call us +356 2149 0700. MBR
EDITOR’S
Note
Darren Sammut
Operations Manager,
Computime Software
Darren has been working in IT for 12 years.
He joined Computime in 2008 and has
held roles in Quality Assurance, Project
Management, and Operations Management.
Darren has led projects in Oil & Gas,
Banking, Telecommunications, iGaming, and
many other industries. Currently, Darren is
responsible for the delivery of all Computime
Software projects.
26
Malta Business Review
TOP STORY: MIDDLE EAST PEACE
ISRAEL AND PALESTINE
HOPES FOR A LASTING PEACE IN THE REGION?
THE EU AND THE MIDDLE
EAST PEACE PROCESS
UNRWA CHIEF ON GAZA:
"WE'RE ESSENTIALLY TALKING
ABOUT A TIME BOMB"
A lasting peace between Israel and Palestine
remains a priority for the European Union. In
September 2015 MEPs called for a fresh EU
approach to the Israel-Palestine conflict and for
the resumption of credible peace efforts without
delay. They also stressed the importance of
preserving the viability of the two-state solution.
In December 2014 MEPs voted overwhelmingly
in support of the "in principle recognition of
Palestinian statehood".
The resolution of the Arab-Israeli conflict is of
fundamental interest to the EU, believing that
the best outcome would be a two-state solution
with an independent, democratic, viable and
contiguous Palestinian state living side-by-side in
peace and security with Israel. MBR
ISRAELI PRESIDENT CALLS ON
MEPS TO HELP BUILD TRUST
IN THE MIDDLE EAST
“The elected Israeli leadership has been and is in
support of two states for two peoples solution”,
President of the State of Israel Reuven Rivlin, told
MEPs on Wednesday. However “at this time, a
permanent agreement for peace between us and
Palestinians cannot be achieved”, he added, calling
on EU to help build trust between the parties. MBR
VOTE: SHOULD PALESTINE BE
RECOGNISED AS A STATE?
Sweden recently became the first EU country in
Western Europe to recognise Palestine as a state.
Today MEPs will vote on a resolution calling for
Palestine to be recognised as a state. Would such
a move help defuse violence in the region? We
discussed it with Martina Anderson (GUE/NGL,
UK), chair of the delegation for relations with
the Palestinian Legislative Council, and Fulvio
Martusciello (EPP, Italy), chair of the delegation for
relations with Israel. MBR
The hostilities in the Middle East also affect the five
million Palestine refugees living throughout Jordan,
Syria, Lebanon and the Palestinian Territories, with
a risk of radicalisation as the region becomes more
unstable. Pierre Krähenbühl, the commissionergeneral
of the United Nations Relief and Works
Agency for Palestine Refugees in the Near East
(UNRWA), issued the warning when he addressed
the EP's foreign affairs committee on 2 March. He
also said the EU had a crucial role to play. MBR
EUROPEAN PARLIAMENT
RESOLUTION ON RECOGNITION
OF PALESTINE STATEHOOD
The European Parliament supports "in principle
recognition of Palestinian statehood and the two
state solution, and believes these should go hand
in hand with the development of peace talks,
which should be advanced", it says in a resolution
passed on Wednesday. To support EU diplomatic
efforts in the Middle East peace process, it also
decided to launch a “Parliamentarians for Peace”
initiative to bring together MEPs and MPs from the
Israeli and Palestinian parliaments. MBR
Palestinian President puts his
state’s case to MEPs
“It is time for our people to live in freedom,
without walls and checkpoints”, urged President
of the Palestinian National Authority Mahmoud
Abbas in his address to MEPs on Thursday. He
conveyed his people’s gratitude to the European
Parliament for recognising a State of Palestine
and criticised Israel for pursuing its occupation of
Palestinian territories. MBR
Lebanon: better EU resettlement
tools needed to help the country
deal with refugee crisis
From Syrian refugees on their way to being
resettled to Europe to Palestine refugees who have
been living in camps for years: members from the
civil liberties committee delegation got to speak
to many different people during their fact-finding
mission to Lebanon on 19-22 September. They
were there to assess the situation to help prepare
future rules on the resettlement of refugees. They
also spoke to representatives of local NGOs and
large international organisations. MBR
PALESTINE PRESIDENT
MAHMOUD ABBAS VISITS THE
EUROPEAN PARLIAMENT
Palestinian president Mahmoud Abbas visited the
European Parliament in Brussels on 12 February
where he was welcomed by EP President Martin
Schulz. They had a meeting during which they
discussed developments affecting the Middle East
peace process. MBR
NABIL EL ARABY: "THE EU IS
LOOKED UPON BY MANY AS
THE CONSCIENCE OF MANKIND
TODAY"
Following the Paris attacks the secretary-general
of the Arab League has urged greater cooperation
between it and the EU to counter extremism.
Addressing Parliament's foreign affairs committee
on 20 January Nabil El Araby said "the problems
we face now are of universal character and are
not confined to one place." He outlined how the
Arab world looks upon Europe and said that "the
European Union has been to the forefront of all
just causes." MBR
28
MOTORING
Malta Business Review
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surfaces and coupé-like window lines
characterise the exterior of the A-Class. With
a new, more arrow-shaped front bumper, new
LED High Performance headlamps and modified
tail lights, the new generation emphasises the
sportiness and dynamism of the successful
compact-class model series.
Countless possibilities are available to make the
A-Class your own; from small details that add
special touches, to comfort features which until
recently were only reserved for the luxury segment.
In fact the A-Class is the first Mercedes-Benz
model to be available
with comprehensive
smartphone integration
- the Apple® CarPlay®
(for iPhone® owners)
and MirrorLink®
infotainment systems
(optional extras). Now
available at €29,700
including a free 5 year
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The A Class
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For more information or for a test drive kindly contact the
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www.mbrpublications.net
29
Malta Business Review
SPECIAL REPORT: PALAEONTOLOGY
ANCIENT REPTILE MYSTERY
SOLVED AS TWO EXTINCT SPECIES FOUND
TO BE THE SAME
Dean Lomax & Judy Massare examining
ichthyosaurs at London Natural History Museum
Artwork with 'bait ball' Ichthyosaur (c) Julio Lacerda
Artwork with 'bait ball' Ichthyosaur (c) Julio Lacerda
Ichthyosaurs, which are similar-shaped to
dolphins and sharks, but are reptiles, swam
the seas for millions of years during the
Triassic, Jurassic and Cretaceous periods. They
were the first, large extinct reptiles brought to
the attention of the scientific world.
Dean Lomax, a palaeontologist and Honorary
Scientist at The University of Manchester,
working with Professor Judy Massare of
Brockport College, New York, have studied
thousands of ichthyosaur fossils and have
delved through hundreds of years of records
to solve an ancient mystery.
Many ichthyosaur fossils were found in
England during the early 19th century, but it
was not until 1821 that the first ichthyosaur
species was described - called Ichthyosaurus
communis. This species has become one of
the most well-known and iconic of all the
British fossil reptiles. A sea of Ichthyosaurus
fossils can be seen on display at the Natural
History Museum, London.
In 1822, three other species were described,
based on differences in the shape and
structure of their teeth. Two of the species
were later re-identified as other types of
ichthyosaur, whereas one of these species,
called Ichthyosaurus intermedius, was still
considered closely related to I. communis.
In the years that followed, many eminent
scientists, including Sir Richard Owen (the
man who coined the word dinosaur), studied
ichthyosaur fossils collected from Dorset,
Somerset, Yorkshire and other locations in
England. Their studies and observations of
Ichthyosaurus communis and I. intermedius
resulted in confusion with the species, with
many skeletons identified on unreliable
grounds.
Lomax said, “The early accounts of
ichthyosaurs were based on very scrappy,
often isolated, remains. This resulted in a
very poor understanding of the differences
between species and thus how to identify
them. To complicate matters further, the
original specimen of Ichthyosaurus communis
is lost and was never illustrated. Similarly, the
original specimen of I. intermedius is also lost,
but an illustration does exist. This has caused
a big headache for palaeontologists trying
to understand the differences between the
species”.
In the mid-1970s, palaeontologist, Dr Chris
McGowan was the first to suggest that
Ichthyosaurus communis and I. intermedius
may represent the same species. He could
not find reliable evidence to separate the two
species. Subsequent studies argued for and
against the separation of the species.
In this new study, the duo have reviewed all
of the research for and against the separation
of the two species. This is the most extensive
scientific study ever published comparing
the two. The duo confirm the species are
the same and that features of Ichthyosaurus
intermedius can be found in other ichthyosaur
species, including I. communis.
In recent years, the duo have described
three new species and have provided a
reassessment of historical species. Their work
has provided a far superior understanding of
the species than has ever been produced.
The research has been published in Journal of
Systematic Palaeontology. MBR
Creditline: Taylor & Francis Group
To read the full article please visit: www.tandfonline.
com/doi/full/10.1080/14772019.2017.1291116
Author
ABOUT THE
Dean Lomax is a
multiple award-winning
palaeontologist, science
communicator and author.
He has travelled around the
world and worked on many
fascinating projects from excavating dinosaurs
in the American West to discovering new fossil
hunting locations and describing new species of
extinct marine reptiles in the UK. An Honorary
Scientist at The University of Manchester,
Dean is passionate about communicating
palaeontology and actively engages with
traditional and social media. He has written
two books, numerous scientific papers and
many popular articles and regularly appears on
television, most recently as series advisor and
recurring on-screen expert presenter for ITV’s
Dinosaur Britain. Dean is also the patron of the
UK Amateur Fossil Hunters organisation.
30
MALTA
BUSINESS REVIEW
SPECIAL FEATURE: iGAMING SERIES
iGAMING SPECIAL FEATURE
HELPING CREATIVE PEOPLE ACHIEVE EXCELLENCE
THE EMPLOYMENT BRANDING TOUR
33
34
36
Leo Vegas - The Lion's Den
We find out why LeoVegas runs Europe’s fastest and most
user-friendly mobile gaming platform
The Employment Branding Tour: Catena Media
Jackie Porsche writes about the most successful online
lead generation companies within the iGaming industry
Excellent Networking for BTOBET in Georgia
We follow the multinational igaming software provider
BtoBet in the Georgia Gaming Congress in Tbilisi
Malta Business Review
SPECIAL FEATURE: iGAMING SERIES
A company is as good as its people
by Jackie Porsche
NetRefer is the global leader in the provision
of Performance Marketing. Established in
2005, NetRefer provides the most complete
and trusted ‘Performance Marketing’
platform in iGaming and other verticals.
The system is constantly developed and
innovated in order to create a platform that
unifies the activities of partners, customers
and employees through a single universal
measure in order to measure and manage
marketing costs. By the end of 2016 the
Customer Satisfaction Index (CSAT) was
registered at 90%+. In relation to NetRefer’s
customer service they have won multiple
awards during 2016 including 3 Stevie’s
and other recognitions. NetRefer created
a culture that supports the delivery of
high quality customer service within the
business.
As the saying goes, ‘A company is as good
as its people’. Employees at NetRefer are
considered as the beating heart of the
Business. Their highly successful workforce
is made up of highly motivated individuals
who place clients at the heart of everything
they do. The company philosophy focuses
around attracting and retaining a strong
pool of diverse talent who can add value
to clients and the organisation. Timothy
Buttigieg, the COO, remarked that NetRefer
takes great pride in supporting its staff
members realise their career aspirations
through empowerment and clear career
development plans. ‘Our culture is one
that supports diversity, high performance,
inspirational leadership, knowledge sharing,
learning and growth’. All this ensures that
the business is structured to succeed today
and can evolve dynamically into the future.
Apart from having a successful client
facing organisation, the employee value
proposition is just awesome! Employee
ideas are embraced and they are
empowered to be part of the NetRefer
success story. Throughout my discussion
with Timothy and Rianne Falzon, the HR
Manager, it was quite evident that the
organisation is after giving its workforce
a safeguarded and flexible environment
to work in. Such initiatives include a work
from home policy to support family friendly
measures and to give the opportunity for
every employee to work close to their
loved ones or in the comfort of their own
preferred space.
Group CEO, Raphael Arnold is a true
believer and an evangelist of Maltese
talent. His vision is to invest in the Maltese
people and to create a secure working
environment where people can learn,
grow and share their ideas. This will in turn
empower them towards contributing to the
success of the business as well as towards
the accomplishments of their professional
career. NetRefer’s workforce split is 70%
Maltese versus 30% International. This
organisation is a national award winner!
The more we go, the more NetRefer
will consolidate and stabilise its self as
a premium employer, now also making
part of the Microsoft ‘Hi-Potential’ client
programme whilst Investing in ultimate
cutting edge technologies. One of the
organisation top values is investing in
people’s training with the ‘NetRefer
Academy’ being their most recent project
- An online learning platform where
employees can learn on new products,
processes and systems with the support of
a virtual learning environment.
Timothy Buttigieg – ‘NetRefer
provides Unified Performance
Marketing which empowers
our clients to consistently
outplay their competitors’.
Employee investment is KEY. NetRefer
offers its hard working organisation;
annual company bonuses; salary increases
based on individual performance; career
development plans to support and retain
talent in the business; training; knowledge
share sessions; fully equipped multimedia
training rooms; and above all an open
door policy.
Additionally, ongoing benefits are a
given. Free Friday lunch; fresh fruit; gym
membership; health insurance; team
events; referral bonuses and a recreational
zone comprising of table games & board
games are some of the great initiatives
one would come across.
Without a shadow of a doubt, this is one
of those organisations with huge employer
branding value, utilising smart methods to
retain their talent internally. Furthermore,
being a Maltese managed success story
makes me very proud! Way to go team
NetRefer!! MBR
32
SPECIAL FEATURE: iGAMING SERIES
Malta Business Review
LEO VEGAS
by Jackie Porsche
My first impressions upon
walking through the front
door just lived up to their
expectations. Numerous soft toy lions
are placed everywhere in an office which
cannot even be described by the words
UBER cool. Hosted by Frida Svensson, the
Head of HR and Roderick Spiteri Schillig,
Head of Communications I was toured
around what may be described as a forwardlooking
organisation in every aspect.
LeoVegas runs Europe’s fastest and most
user-friendly mobile gaming platform
offering 700+ casino games, the world’s
largest suite of live casino entertainment
in HD and their all new sportsbook. With
cutting edge technology, innovative data,
and a strong entrepreneurial management
and team spirit, LeoVegas is recognised as
an employer of choice within the iGaming
industry.
At LeoVegas, the most valued resource is
their Lions – often referred to as ‘staff’ in
other organisations. They currently have a
strong team of 250+ people in the Malta
office. The organisation places its people
at the core of its operation, and not viceversa;
they believe that LeoVegas is defined
by the great people it is made up of.
The working environment is both fun and
efficiency-driven through a fine balance
between working and recreational areas,
including multiple terraces with almost
360 degrees of stunning Sliema front sea
views. LeoVegas is considered to be a
young entertainment company (with the
average age being less than 30 years) and
whilst professionalism is a key component
in everything they do, they also value a
fun and friendly culture instilled between
employees and also with their customers.
Working at LeoVegas means
that you wake up to a roaring
morning, every morning. Our
vision is to create the greatest
gaming experience and be
number one in mobile gaming
Roderick Spiteri Schillig
The internal culture cherishes the
entrepreneurial spirit that permeates
throughout the organisation. One can
also experience the ‘start-up’ vibe where
decisions convert into fast delivery results.
The fusion of internal talent mixed with a
culture promoting personal responsibility
to reach shared goals works wonders.
The organisation does not fall short from
offering opportunities to employees to
improve their skills and to better their
position within the organisation. Recently
they have been able to provide many
opportunities to their employees and
many have progressed up the success
ladder. Make no mistake, a career at
LeoVegas requires hard work which is duly
recognised internally. So much so, that the
reputation within the iGaming industry in
Malta is that LeoVegas is a fun company
to work for.
The lions proudly offer some of the best
employee benefits in Malta including
fully paid private health insurance, sports
allowances, fitness classes, a healthy snack
bar that is always packed with free snacks
and a scrumptious breakfast every Friday.
Fun and adventurous staff events are
organised throughout the year.
LeoVegas works hard to keep their people
happy, healthy and fit by providing a fun and
flexible yet focused working environment.
An internal survey shows that a whopping
90% of the workforce would recommend
a career at LeoVegas to their family and
friends. This survey corroborates their
Glassdoor account (social platform for
employees to anonymously write about
employers) in which current and past
employees gave LeoVegas an overall 4.6
(out of 5) stars and 100% of them would
recommend them to a friend.
Absolutely WOWED! *****
MBR
ABOUT THE
Authors
Roderick Spiteri Schillig, Head of
Communications, Leo Vegas together with
an MBR Specialist, Jackie Porsche.
www.mbrpublications.net
33
Malta Business Review
SPECIAL FEATURE: iGAMING SERIES
The
Employer
Branding
Tour
by Jackie Porsche
2017
Q1 Q2 Q3 Q4
220
employees
speaking
+28
languges
representing
33
countries
Jenny Arnell: “We encourage
employees to come and do
what they enjoy doing best
rather than just work.”
Damien Azzopardi: “Our
core values are curiosity,
professionalism and passion –
and we live those values each
day through both our work
and our people.”
Catena Media sprouted in 2012
from a shared hobby between two
childhood friends. Since then, it
has rapidly expanded to become one of
the most successful online lead generation
companies within the iGaming industry,
consistently expanding into new markets,
and acquiring an ever-growing portfolio of
innovative websites.
Catena Media customers have a wide
array of sites to choose from in multiple
languages, all providing customers with the
information they need to make confident
decisions when choosing an online casino
or sportsbook of their choice.
I was invited over to Catena Media’s office
for lunch by Jenny Arnell, Fiona Ewins
Brown and Damien Azzopardi, who are
core members of the HR team at Catena
Media.
At first, I thought we would be going for
lunch somewhere closeby to discuss
their employer branding structure and
initiatives, followed by an office tour.
But hey, I was totally wrong – I enjoyed
a delicious lunch prepared by Catena
Media’s very own professional chef.
Each day, Catena Media’s chef provides the
company’s staff with a spread of options
for meat-lovers, pasta fanatics, health
evangelists and vegans. How cool is that?
I was then given a tour of the office’s
four floors – and instantly I could feel and
understand there’s a considerable amount
of growth going on within the organisation,
which is reflected in the way the offices are
structured and its high amount of people
traffic in corridors and between floors. The
vibe is great and on the rise!
And that buzzing vibe is about to be
taken to another level with the upcoming
opening of Catena Media’s new
headquarters in Gzira. The new office is
set to be one of the most modern of its
kind on the island, with large open spaces
for both work and play for the company’s
ever-expanding workforce to enjoy.
Catena’s workforce grew from 70
employees in 2015 to over 220 employees
in Q1, 2017, with employees currently
representing 33 countries and speaking
over 28 languages.
Management recognises its workforce as
its biggest asset, and says it’s the prime
success factor of the company. Diverse,
creative and innovative people holding
an ‘outside the box’ mentality is what the
organisation promotes in order to deliver
the best solutions for their clients.
The organisation preaches that creativity,
passion and inspiration are sparked by a fun,
collaborative and supportive environment.
The culture strongly encourages its
workforce to keep a curious and open mind
to constantly improve the status quo at all
times. Employees are heartened to push
beyond their boundaries, to collaborate,
and to think creatively and innovatively –
and to not fear failure while trying.
Keeping employees’ spirits and fitness levels
high is at the pinnacle of the organisation’s
priority list, in conjunction with promoting
a healthy work-life balance. Each and every
Catena Media employee is offered private
health insurance, free exercise classes,
daily fresh fruit smoothies, and an annual
health benefit contribution.
Encouraging an active social life is also
important to Catena Media, and employees
are provided with regular opportunities to
unwind, socialise and get to know each
other in non-working environments. This
is achieved through regular company social
events and team-building activities.
The near future promises a very
proactive organisation from a company
HR perspective, with great focus being
given to employer branding across the
group’s offices. While keeping up with
organisational growth and delivering
improved company results, Catena Media
promises to be an employer brand champ
in the making. Would I work for this brand?
Absolutely! MBR
34
SPECIAL FEATURE: iGAMING SERIES
Malta Business Review
Online Casino Reports IS new partner in
Malta's iGaming Excellence Awards 2017
Malta's iGaming Excellence Awards 2017
(MiGEA) are pleased to announce that
ONLINE CASINO REPORTS as their newest
Media Partner.
As we move along, our partners, sponsors,
nominees and all participants will be
receiving updates and e-newsles in the
following days!
The press release revealed the four
“special offers” available to these with our
new media partner:
• A dedicated page to the MiGEA
with a link and image that we have
provided has been launched by
Online Casino events directory: Here
is our dedicated page for the event:
http://www.onlinecasinoreports.
com/events/the-malta-internationaligaming-excellence-awards.php?q=3
• Online Casino Reports shall post
articles about the event before it
takes place, based on PRs/news that
our partners, nominees and sponsors
are free to send us send us (we usually
rewrite these, and in other cases
- share on our Facebook/Linkedin/
Twitter profiles) and posting. We can
also translate the news and post them
in different languages which you can
see on OCR list of local sites;
• Online Casino Reports also have social
media profiles (Twitter / Facebook
/ Linkedin) where we will push the
event.
Please visit our dedicated web page:
http://www.mbrpublications.net/
maltas-igaming-excellence-awards-
2017/?preview_id=2980&preview_
nonce=d5fad7a167&post_
format=standard&preview=true
Please make sure you keep an eye out for
more MiGEA-related news. If you have any
event related or PR material you wish to
post on all the above, please send them to:
martin@mbrevents.com
An acknowledgement and online link will
be sent in reply.
We thank you for your firm support and
trust. MBR
By Martin Vella
EnergyBet
withdraws from
Polish MarkeT
It is with great disappointment that
EnergyBet announces it will be
withdrawing from the Polish market. In
step with many other online international
gambling services, EnergyBet will be
ceasing to offer services to customers in
Poland, effective as of April 1st 2017.
EnergyBet management have been
watching developments regarding
regulations in Poland closely for some
time, and had hoped that the Polish
government would listen to the advice of
the European Union and other authorities.
Sadly, however, this was not the case,
and the new highly restrictive and
hostile regulatory environment has made
continued operations unviable.
EnergyBet CEO Marcin Sapinski explained
“The Polish market has always been
very important to us, and we share the
frustration of Polish customers. We will
continue to monitor developments, with
the aim of returning to the Polish market if
things change. In the meantime, we would
like to thank our Polish customers for their
understanding.”
EnergyBet will cease to direct advertising
or promotions to the Polish market,
and all EnergyBet affiliate partners have
been instructed to remove advertising
and promotions aimed at the Polish
market, before April 1st 2017. Accounts
for all Polish residents will be closed
and any balances returned, with bets
placed before the cut-off date being
honoured. The decision to cease offering
EnergyBet services to customers is Poland
was not taken lightly, and any resulting
inconvenience and disappointment is very
much regretted. MBR
www.mbrpublications.net
35
Malta Business Review
SPECIAL FEATURE: iGAMING SERIES
EXCELLENT NETWORKING
FOR BTOBET IN GEORGIA
During the Georgia Gaming Congress in
Tbilisi, the multinational igaming software
provider BtoBet has met online and landbased
Sports betting and Casino operators
wishing to operate an advanced, modern
and technological platform to develop
their business, and speed up revenues and
operations in the evolving Eastern European
regulatory framework.
In the new regulated markets expanding in
Eastern Europe, such as the Czech Republic,
Slovakia, Poland and Romania, amongst
others, operators need the innovative
and clever omnichannel platform with
multi-currency and multi-jurisdiction
characteristics, to administer their business
seamlessly, land-based, online and mobile.
In a farsighted perspective, operators
of these countries have to be quick and
grasp the opportunity offered by the nextgeneration
technology to run the evolution
of physical bet-shops into intelligent shops
via a single channel, integrating web and
physical stores by giving the opportunity to
better understand players.
BtoBet’s CEO, Kostandina Zafirovska
highlighted:
Attendees had the possibility to discover
BtoBet’s next-level Sportsbook and Casino
solutions, based on Artificial intelligence
which benefit from the offers of the main
leading supplier of sports betting content
and 1000s of different games for casino
players. The ultimate trading and risk
management feature of the company’s
solution, which is also geo-customizable,
allows operators worldwide to minimise
potential risks, ensuring maximum efficiency
and safety. Attendees had the possibility to
discover BtoBet’s next-level Sportsbook
and Casino solutions, based on Artificial
intelligence which benefit from the offers of
the main leading supplier of sports betting
content and 1000s of different games for
casino players. The ultimate trading and
risk management feature of the company’s
solution, which is also geo-customizable,
allows operators worldwide to minimise
potential risks, ensuring maximum efficiency
and safety.
Commenting on the transformation of
player expectations and new perspectives
Kostandina Zafirovska BtoBet CEO
to attract and retain East European players
and bettors, Kostandina added:
“AR is appealing to a greater number
of customers combining entertainment
and technology for seamless marketing
strategies. The AR through the mobile
app allows operators to open a direct and
interactive communication with players,
providing ultimate and peerless services
(compared to retail) driving offers according
to player’s interests, creating attractive
rewards and interactive communication
experiences. For example, a Virtual Avatar
can replace the static communication via
Sms - and email - in a more emotional and
advanced way; the Bonus Hunting – apart
from the 1 to 1 bonus delivery in Augmented
reality - becomes a powerful unconventional
marketing tool to promote the brand and
push street players to play mobile and
land-based; Odds comparison in AR can
become an innovative instrument instead
of expensive traditional media campaigns.”
After Georgia Gaming Congress, BtoBet will
showcase its AI igaming and sportsbook
omnichannel platform at Enada Primavera
and VIGE, in Rimini (15-17th March) and
Vienna (20-22 March) respectively. MBR
CORPORATE
Brief
BtoBet is a pioneer in new technologies for
iGaming operators and the betting industry
by using technological intelligence as its
main base for its products. It offers unique,
customizable, secure and flexible cloudbased
systems delivering unprecedented
capabilities to drive sportsbook and
iGaming business. BtoBet has 13 offices.
The Technical team of the company is in
Skopje and has an ever growing team of
developers. BtoBet’s dynamic Sportsbook
team operates from Rome, whilst Malta
hosts the commercial and marketing
centre. Visit our site on: www.btobet.com
36
SPECIAL FEATURE: iGAMING SERIES
Malta Business Review
LVbet
Supports
International
Womens’ Day
and FORWARD
LVbet is proud to announce its support of International Women’s
Day (8th March), by donating a percentage of player deposits
to FORWARD (Foundation for Women's Health Research and
Development). 10% of all player deposits on a special promotion,
running from Friday 3rd to Wednesday 8th March, will be donated
to the charity.
FORWARD is working to safeguard and promote the rights of girls
and women across Africa, through partnerships in the UK, Europe
and Africa. Particular focus is placed on tackling discriminatory
practices that affect female health and dignity, especial female
genital mutilations (FGM), child marriage and obstetric fistula.
LVbet PR Manager, Simona Pinterova explained “The team at LVbet
is a vibrant mix of sexes, nationalities and ages, and respect and
equality are central to the workplace ethos – so the issues tackled
by FORWARD strike a chord with our team, and we are delighted to
be able to do something to help change lives for the better.”
The specific promotion is offering LVbet customers a 25% Reload
Bonus up to €200 + up to 200 Free Spins on popular slot game
Fairytale Legends: Red Riding Hood - and LVbet will donate 10% of all
deposits made using the bonus. As expected, LVbet customers have
stepped up and embraced this great cause. LVbet will be announcing
the total to be donated after the offer has finished.
More information about FORWARD can be found at
forwarduk.org.uk
MBR
www.mbrpublications.net
37
MBR Publications Limited
PRESENTS
Maltaʼs iGAMING EXCELLENCE AWARDS 2017
Helping Creative People Achieve Excellence
Corinthia Palace Hotel & Spa, San Anton, Malta | Friday 5 th May, 2017
In Collaboration with:
SIMON
ESTATES
FOR FURTHER INFORMATION CONTACT
Margaret Brincat M: 9940 6743 E: margaret@mbrpublications.net
CORPORATE INTERVIEW OF THE MONTH
Malta Business Review
Paragon Europe
with an active role during
Malta’s EU Presidency
Paragon Europe’s vision is to positively change our world for the better by assisting
local and European regional stakeholders in sourcing EU funding to implement
EU projects, bringing professional excellence to bear on behalf of the community.
Paragon’s commitment to excellence is now being extended to Malta’s EU Presidency
with a calendar of conferences to be held over the coming months as part of Malta’s
official EU Presidency. EDWIN WARD, Chairman of Paragon Europe speaks to the
Malta Business Review about these forthcoming events.
What does Paragon Europe’s active
involvement in the EU Presidency mean
to you?
For most of us, the thought of tiny Malta
chairing the EU Presidency was a distant
notion, a quasi-impossible idea to even
imagine, let alone experience! And yet,
here we are today, living a historic moment
for our country, witnessing a milestone
achievement for the nation as Europe’s de
facto leaders. This will mean nothing if we
as citizens do not do our part. We are being
called to become protagonists through
active participation by understanding
the challenges, the threats and the
opportunities that lie ahead and together,
to find solutions for us all, and for the next
generations. Perhaps this explains why I am
so proud to Chair a pro-active company like
Paragon Europe at this point in time.
How does this fall within Paragon’s
mission?
Paragon Europe always understood and
embraced the immeasurable opportunities
that EU accession would bring to Malta and
through the vision of Dr. Anton Theuma,
Paragon’s founder, we wanted to grasp
these opportunities to help those with a
mission to bring change in their community.
Through dedication, hard work, innovation
and a lot of travel, Paragon Europe today is
a Maltese company with the professional
will and integrity to contribute both in Malta
and in Europe, to the objectives of the EU
Social Agenda and the ‘headline targets’ of
the Europe 2020 Strategy.
More tangibly, how does Paragon plan to
bring more value to Malta’s EU Presidency?
We started asking ourselves “what can we
as Paragon bring to Malta at this very special
moment in time? How could we leverage
our years of experience in important areas
such as Education and Training, Sustainable
Development and Environment, Energy,
Climate, Transport and Water, Cultural
Heritage and Tourism, Social Inclusion, ICT,
Innovation and Entrepreneurship?” It ws
here that we decided that Paragon Europe
should adopt an active role by doing what
it does best: building collaboration with our
networks and together with them address
some very important issues concerning
Corporate Governance, Climate Change,
Transport, Energy, Innovation Funding,
Intrapreneurship and Unemployment
through a series of milestone conferences.
Will you be tackling any specific subjects
or sectors?
We are looking at the main three priorities
of Malta’s Presidency namely the
Mediterranean, Maritime and Migration.
In line with our mission, we will be
delivering excellence through high-profile
conferences with world-class speakers on
Corporate Governance, Circular Economy,
Urbanisation, Access to Finance and more,
bringing together key stakeholders from
national governments, corporate and civil
society.
The first conference will be the 20th
European Corporate Governance.
Yes, the 20th European Corporate
Governance Conference will be held on May
4th and will be Europe’s most important
corporate governance conference this year.
It will be hosted on behalf of the Institute
of Directors Malta Branch together with
ecoDa with the support of European
Issuers, Business Europe, EY EAME as a
major sponsor and DG Justice, endorsed
by the Ministry of Finance under the
auspices of the Malta Presidency of the
Council of the EU. It will explore corporate
governance as a tool for rebuilding trust,
generating shareholder value, redefining
the CSR debate while discussing recent
changes in corporate governance in the
global context in relation to digitalisation
processes as foreseen in DG Justice’s Green
Paper on Company Law which is expected
to go before the European Parliament in
November and thereafter apply across the
EU. More than 200 European Directors,
Chairmen, CEO’s and Non-Executives are
expected to attend supplemented by local
experts and Directors.
Edwin Ward, Chairman of Paragon Europe
And the second conference will tackle the
environment right?
Indeed. The second conference will be
led by Paragon Europe Executive Director
Dr. Nadia Theuma and the topic will be
specifically Towards a Zero Carbon Economy
in the Mediterranean and Beyond. This
conference will be organised in conjunction
with the EU’s Climate-KIC project and with
the support of the Maltese Ministry for
Sustainable Development, Environment
and Climate Change. This event will tackle
global warming and the fact that if climate
change is not mitigated, within the next 30
years Malta could be very different to how
we know it today. It will also discuss how
innovation will be playing an extremely
important role in confronting the challenges
of climate change and how challenge-led
innovation is confronting climate change.
How do these events build a stronger
context for Malta’s EU Presidency?
Malta’s EU Presidency is indisputably
happening at a very complex time for
EU integration. When one takes into
consideration the fact that Malta will be
the last Mediterranean country to hold the
Presidency before 2020, one understands
better how this is an opportunity for the
Mediterranean region. It is within this
context that Paragon Europe has found a
leading role to raise the profile of important
issues in this historic time for Malta.
For more information about these
forthcoming events and for a more active
collaboration with Paragon Europe, visit
www.paragonevents.eu MBR
www.mbrpublications.net
39
Malta Business Review
DIGITAL CURRENCY TRADING
The Biggest Major
Bitcoin Crashes in
the Last 10 Years
by Scarlett Anderson
Bitcoin underwent a lot of ups and downs
in its brief history and we have made a a
complete guide to bitcoin for those who
need a speedy update on the bitcoin
trading ecosphere. However for those
who are quite familiar with bitcoin, here
is our run down of major crashes during
the early years of this digital currency
experienced by Bitcoin traders. From the
first bitcoin transaction in which resulted
in the kick off the bitcoin blockchain on
January 3rd 2009; To the mull restriction
of bitcoin transaction by Chinese officials,
the journey taken by bitcoin is long going
and expanding.
An Overview on Bitcoin Trading
Bitcoin is undoubtedly the most popular
digital currency that is created and
stored online. The idea of Bitcoin was
a brainchild of Satoshi Nakamoto – a
gifted programmer. The main difference
between Bitcoin and physical currencies
is that Bitcoin can’t be mined (created)
in unlimited numbers. On the other
hand, central banks usually print their
local currencies in large quantity just
to settle their national debts etc. which
consequently results in widespread
inflation and other economic problems.
There are a number of choices available
for Bitcoin trading on margin. Let’s discuss
those options and explain some effective
means to forecast Bitcoin price. However,
before coming to our subject matter let
us warn everyone that trading Bitcoin on
margin can be extremely risky because of
its highly volatile nature. History shows
that Bitcoin has a capability to move
800$-900$ within 30 days – that’s the
level of its volatility. The given below chart
shows the highly volatile nature of this
crypto currency.
As opposed to major currency pairs that
hardly move 1% a day, Bitcoin can move
30% in a single day. If you are a good
trader then consider trading Bitcoins
without margin. However, we are aware
that because of high Bitcoin price not
everyone can afford trading Bitcoins
without margin so let’s discuss some
options for leveraged Bitcoin trading.
Below are some popular trading platforms
for leveraged Bitcoin trading;
BTC-E
BTC-E allows shorting of Bitcoin as well
as leveraged trading. Shorting of Bitcoin
means you can generate profits even
when the price of Bitcoin is falling. This
feature is particularly useful if you want
to hedge your long Bitcoin positions. The
Bulgarian exchange – BTC-E- offers worldfamous
Metatrader platform for Bitcoin
trading with leverage upto 1:3 and a small
fee of just 0.3% per side.
AVA Trade
AVA Trade is a popular forex broker that
allows leveraged Bitcoin trading through
CFDs. The broker offers two Bitcoin CFDs
that are Bitcoin Mini and Bitcoin Weekly.
Bitcoin mini has a leverage of 1:2 and
doesn’t expire while Bitcoin weekly has
a leverage of 1:20 and expires on every
Friday. Both CFD contracts use price feed
from BTC-E. AVA Trade adds mark up of
around $10 on spread.
MBR
40
DIGITAL CURRENCY TRADING
Malta Business Review
THE HISTORY OF
Major Bitcoin Crashes
January 3
2009
February 9
2011
June 19
2011
February 11
2012
March 1
2012
August 17
2012
April 10
2013
December 5
2013
December 5
2013
February 7
2014
February 21
2014
February 24
2014
March 26
2014
August 19
2015
November 3
2015
January 14
2016
August 2
2016
The first Bitcoin transaction record kicks off the Bitcoin
blockchain.
Bitcoin achieves parity with the U.S. Dollar.
Bitcoin crashes $3 within minutes to less than $16 after Mt.Gox
hacking.
Bitcoin nosedives $2 to almost $4 after Paxum stopped
accepting Bitcoin.
Bitcoin plunges to $4.89 after 46,000 Bitcoin were stolen in
Linode hacking.
Bitcoin plunges to $3 to less than $11 after Pirateat40 stopped
Bitcoin payments.
Bitcoin crashes $60 to just $122 as increased trading volume
disrupts Mt. Gox servers.
Bitcoin plunges $131 to $126 within minutes as Tradehill
announces closure.
Bitcoin nosedives $300 to $840 as China bans financial
instituations from using Bitcoin.
Bitcoin records $100-plunge as major exchanges experience
widespread DDOS attacks.
Bitcoin plunges $30 as Bitcoin miners and developers debate
block size.
Bitcoin plunges by almost $57 to $550 as Mt. Gox shuts
down.
Bitcoin plunges sharply by $150 to $453 as IRS declares
Bitcoin to be a property.
Bitcoin plunges $45 to $214 after the release of new client
software XT Fork.
Bitcoin fell by $50 to $334 as its sign was accepted into Unicode.
Bitcoin records $40 decline as Mike Hearn terms Bitcoin a
“Failure”.
Bitcoin crashes $175 to $198 after unknown hackers stole
18,866 bitcoins from Bitstamp.
January 5
2017 Bitcoin plunges 31% to $889 as Chinese
officials mull restriction of Bitcoin
transactions.
Source: © Investoo Group Ltd.
www.mbrpublications.net
41
Malta Business Review
BUSINESS
4 WAYS
to Become a
PAPERLESS
BUSINESS
By Laurie Leiker
Ever since the 1980s, we have been
dreaming of a world where we did
not need so much paper. But it
seems like there’s more paper being used
now than ever before. In every office, in
every city, people are printing out emails
and reports so they can read it and mark it
up, or, *gulp* “just to have.”
Our mailboxes are still jammed with
bills and letters. And not to mention the
number of catalogues and flyers you get in
the mail, both at home and in the office.
Companies are spending millions to print
paperwork- sharing it, filing it and then
shredding it so no one can get their hands
on it. What a waste.
Luckily, it’s never been easier to do the
responsible thing and use less paper. We’re
here to discuss four ways that PandaDoc
team can help your business cut your
paper use completely.
Use Technology to Reduce Your
Reliance on Cash
Sure it feels good to pull out a wad of bills
(even if they’re all 1’s) to pay for dinner, but
paper currency is a bit old-fashioned and
not exactly eco-friendly. Besides, using a
debit or credit card helps you keep track
of your expenses because most banks offer
free budget tracking to help you see where
your money goes. Almost all smartphones
have built-in payment functionality that
replaces your credit and debit cards, so you
can leave your bulky wallet at home. And
as an extra tip, PandaDoc can help your
customers embrace digital transactions
by accepting secure credit card payments
right inside your proposals, quotes, and
invoices.
Save Time, Money, and Trees with
Paperless Invoicing
Speaking of invoices, consider transitioning
away from sending paper bills to your
clients and sign up for paperless billing
from companies you work with. Going
paperless has helped thousands of our
own users improve their cash flow and
invoice tracking. Paperless invoices also
save you money and time you’d normally
spend printing, mailing, and following up
on paper invoices. As an added bonus,
you’ll likely reduce the clutter on your desk.
Join Us in the Cloud
Cloud services are the best thing for trees
since, well, water. It’s true you can’t hug
a cloud like you can a tree, but you can
embrace it. There are a wealth of cloud
storage options for today’s businesses, and
we’re proud to integrate with the best of
them, including Box, Google Drive, and
Dropbox.
We believe in cloud storage so much that
we’ve built it right into PandaDoc, making
it easy for you to store and organize your
digital documents without needing any
additional technologies. By leveraging
cloud storage in your business, you’ll
drastically reduce your reliance on paper,
saving money and countless trees in the
process.
Streamline Sales with Digital
Proposals
You don’t have to get down on one knee
to propose digitally. Think about the last
proposal you received - at least five pages
of important information that could just as
easily been sent digitally. With PandaDoc,
we’ve it easy to create, generate and sign
proposals and other business documents
faster than ever before. Digital proposals
not only save trees but also open the door
to a more efficient sales process.
Today’s technology makes it easy to reduce
your carbon footprint by using less paper.
We would know -- PandaDoc is the digital
document platform that more than 5,000
companies use to create, send, track, and
sign their digital documents every day.
To learn more about how you can clean
up your proposal process, download our
eBook: "Proposal Automation - Automate
Your Proposals Workflow with PandaDoc"
today. MBR
EDITOR’S
Note
Laurie is a contributing
author for Risr Marketing.
She’s a published author
and business coach,
specialising in the
appropriate and beneficial
use of technology in the
business world.
42
ARTS
Malta Business Review
It’s never too late...
to learn
review and photos by Olga Saliba
Chapel, 5070, Acrylic on canvas
Schooners in Marsalforn, 40x30cm, Watercolour
Mdina, 40x30cm, Watercolour
Malta landscape with Luzzu, 45x30cm, Oil on Canvas
Valletta, 120x70cm, Oil on canvas
Ludmila Skrivanek,
Art Exhibition, Corinthia Palace Hotel, 02/12/2016
L
udmila Skrivanek is Czech,
was born in 1974 in the USSR,
received two graduate degrees
in Economics and information systems/
technology, worked in the financial sphere
more than 20 years... in spite of such
serious no-nonsense speciality Ludmila
is very sociable, multiple talented person
and she has managed to combine love
to the economics with her other such
hobbies like painting, playing the piano,
sailing and even sports therapy! She never
stops learning! Ludmila is currently living
in Malta and working as an auditor for the
company Griffiths & Associates.
Her first art exhibition was held in
December 2016 in the Corinthia Palace
Hotel in Attard under the auspices of
Ray Piscopo. Painting in totally different
techniques and styles (class of Anastasia
Pace), Ludmila is not confined to one
subject, everything is interesting for her -
the urban landscape, architecture, marine
and even... icons...bright, “screaming”
colours, contrasts... almost all of the
paintings are potent as bright flashes,
they attract attention, not leaving anyone
indifferent, her pictures pass on the
message that she has something to say...
it can be said that Ludmila like most artists
is searching... whilst expressing herself...
experiences, dreams, fantasies, thoughts,
people, experiments... actually, she’s
not drawing, she is changing the living
space around her... MALTA is the sacred
place under the sun, symbolic place of
our world... she opened up on her own
private Malta, what changed her and
became a source of inspiration which she
has embodied in her works... What else to
add? Probably only... it’s never too late to
learn and there are no restrictions for one
to express oneself in art. MBR
www.mbrpublications.net
43
Malta Business Review
HIGHER EDUCATION
Committed
to Providing
the Best
Education
Learning
Experience
OUR MISSION
To enhance the level of Academic
training and Tuition of both pre and
post graduate levels by:
• Contributing actively towards the
propagation of equal opportunities
for all.
• Continually engaging in the pursuit
of excellence.
• Continually investing in its own
people.
• Striving to afford the best service to
all our clients.
• Establishing itself as a leader in the
international education field.
• Contributing towards the social
welfare of the community.
Learning a language or obtaining
an academic qualification is more
important than ever in the global
economy. eie Educational Group provide
students with a first-class educational
teaching and training service at a fair price.
Students ask for an excellent teaching
environment so that they quickly progress
through their course, but also that they will
want to enjoy themselves whilst studying.
At eie Educational Group, you will have a
fantastic studying experience. eie encourage
social interaction trough regular, fun and
varied leisure programmes, as this improves
a learning experience.
eie Educational Group, was established in
January 2000 and their success is built on
a long-standing commitment to the specific
needs of local and international students. eie
constantly expands its worldwide networks,
partners with established renowned
organisations, invests in its facilities and in
social commitments. The eie Educational
Group is redefining the landscape of modern
education.
The eie Educational Group aims to develop
the appropriate competencies and
knowledge needed in planning, evaluation,
research and development tasks in education
and related fields in the midst of societal
changes, both on local and global levels. This
network gives eie the key to be competitive
and to share the collective experience and
continuous professional development with
their cilients.
In a fast moving world, challenges are
demanding and change is constant.
Tomorrow’s future depends on today’s
knowledge.
Through its companies, the eie Educational
Group is able to offer the following services:
Academic programmes - Certificate,
Diploma, Bachelor, Master degrees
in various subjects for young and
mature adults are offered through
eie Institute of Education (Licensed
by the NCFHE as an institute of
Further and Higher Education –
License Number 2005-TC-001);
Training programmes - Business
courses, thematic seminars for
business excecutives offered trough
eie Mangement Centre;
English Language courses - English
courses at Beginner, Elementary, Pre-
Intermediate, Intermediate, Upper-
Intermediate, Business English and
Advanced levels are offered through
eie Languages Centre (Licensed by
the EFL Monitoring Board – License
Number 282/MB42)
Student Accommodation - Provision
of quality accommodation around
Malta ideal for students offered
through eie Residences
Internships – Organisation of
Work placement and Internships
for international students offered
through eie internships.
For more information about eie’s degree
programmes, English language courses
or other business related courses you can
e-mail at info@eie-group.com, phone on
+35621332804/5 MBR
44
Malta Business Review
eie educational group
COMMITMENT TO EXCELLENCE
The eie Educational Group
is an acknowledged leader in international education
We specialise in providing
* Higher Educational courses - eie Institute of Education (NCFHE License Number 2005 - TC - 001)
* English Language courses - eie Languages Centre (EFL License Number 282/MB42)
* Executive and Business courses - eie Management Centre
* Internship services - eie Internships
* Student Accommodation - eie Residences
* International Educational services - eie International
eie Educational Group,
Valletta Buildings, South Street, Valletta
Tel: +356 21 332804/5 info@eie-group.com
www.eieEducationalGroup.com
www.mbrpublications.net
45
Malta Business Review
INTERNATIONAL WOMEN'S DAY
THIS IS FOR YOU,
Women Fighters On The
FRONT LINES OF CREATIVITY
BY RACHEL DEGHATI
F
or long hours I observed her,
standing, reaching for the
ephemeral inexistence of the
material, in a strange face-to-face.
I followed her with my gaze, as she pushed
one of her slender fingers into the wet clay,
playing it against her palm, hesitating over
a curve, a hollow, filling it in, then taking
up a misshapen clump, beginning over and
over again. But that is not all...
I saw her, attentive, loving, grazing the clay
with infinite tenderness, smoothing out
the bumps in a search for a fragile instant
of harmony. A face emerged from her
hands, that of an unfinished man, in the
rough. Then, finally, she etched out a line,
provoking the hint of a smile.
At the Erbil University of Fine Arts, at the
heart of the creative effervescence of
students in a newly forming country, she
seems to have found her place. She had
resolved to begin a silent and intimate
dialogue with him, her alter ego in clay
that she had brought to life with her hands.
I have always thought that woman is
blessed with a supreme creative power,
that of giving life to both things and human
beings.
In that moment, I remembered some of
the fates of these Kurdish women—poised
between struggle and grace, renunciation
and creation, battlefront and hearth,
shadow and light, sorrow and joy, winter
and spring, between war and peace.
The elders know that one must be born at
least once in order to be reborn. Thus they
sow the seeds of rebirth. You see, while it
is woman who makes man, it is the culture
transmitted from generation to generation
that forges the strength and the identity of
a people.
Sometimes, a shadow darkens insouciance.
But, here, more than ever, life is hope.
Excerpt of "HOPE" from Kurdistan
Renaissance project MBR
46
Malta Business Review
WORLD ECONOMY
CHINA'S ECONOMIC GROWTH
COULD HELP OTHER
DEVELOPING COUNTRIES
by Justin Yifu Lin
Research published today examines
China’s recent successful economic
growth and how this could be applied
to help other developing countries grow
their economies.
The research from the journal Area
Development and Policy, published
by Taylor & Francis with the Regional
Studies Association, shows that while
other countries’ reforms in the 1980s
and 1990s subsequently failed, China
managed to achieve unprecedented
economic growth. This means there
is a potential for similar growth if
other developing countries devaelop
their economies according to their
comparative advantages, as China did.
The study also outlines how it was
possible for China to achieve a prolonged
period of growth, the price that has been
paid for success, if and how this can be
maintained, and the implications for
other developing countries who wish to
achieve similar growth.
Author and former Chief Economist of
the World Bank Justin Yifu Lin said, “It
is the strategy for development and
transition that determines success or
failure in a developing country.”
A key reason for China’s success was
the pragmatic approach adopted, along
with the advantage of backwardness,
where developing countries benefit from
imitating technologies and industries
from high-income countries, which
involves lower costs and fewer risks.
Before 1979, China had chosen not to
benefit from this advantage. The desire
to rapidly build a strong national defense
system and advanced capital-intensive
modern industry meant it was necessary
to do the innovation itself in a country
lacking capital but with abundant labor.
The research suggests there is potential
for other developing countries to grow
continuously for a prolonged period of
time, but to achieve this it is necessary to
do two things. The first is to develop the
country’s economic strength according
to its comparative advantages. The
second is not to immediately expose
uncompetitive domestic industries to
international competition. It is important
for developing countries to learn from
one another instead of using theories
generated from developed countries
because of the differences between
developed and developing countries.
Despite the successes of China’s
economic growth, Lin identifies that
there remain drawbacks including
corruption, environmental degradation
and increased income disparities
between the rich and poor.
The question remains as to whether
China can maintain dynamic growth in
the coming decades. There is potential
for continued growth but recent figures
show decelerated growth in comparison
to previous years. Lin argues that the
deceleration is mainly due to external
and cyclical factors, and is confident that
China is on track to join the world’s highincome
countries.
MBR
Creditline: Taylor & Francis
Read the full article online: http://www.
tandfonline.com/doi/full/10.1080/2379
2949.2017.1298971
MBR
48
Malta Business Review
CYBERCRIME MALTA CONFERENCE 2017
in the new Cyber Defence Operations
Centre, or our customers, in the Enterprise
Cybersecurity Group. We’ve also increased
collaboration across the company so that
our built-in security technologies work
together to deliver a holistic, agile, security
platform. All this forms part of our constant
commitment to protect our customers.
Microsoft in fact, invests more than a billion
dollars a year in security related R&D to help
protect its customers,” added Panayiotis
Ioannou.
Thanking Microsoft for its support, Dr
Antonio Ghio and Mr Robert Farrugia,
respective Presidents of MITLA and ISACA
Malta explained how this conference is
being hosted within a current local context
of a growing economy which is becoming
increasingly dependent on technology and
as such, needs to bolster cybersecurity with
the aim of mitigating costs, risks and threats.
MICROSOFT is Platinum Sponsor of the
forthcoming Cybercrime Malta Conference
2017, a conference that will discuss the most
recent trends in cybercrime, cybersecurity
technologies and practices adopted against
cybercrime. The event is being organised
jointly by ISACA Malta Chapter and the Malta
IT Law Association (MITLA).
The speaker-line up should offer an interesting
variety of perspectives ranging from some of
the industry’s biggest international players
to more local and practical insight. They
include Axel Voss MEP - EPP Coordinator for
Legal Affairs, Uwe Rasmussen, Legal Counsel,
Digital Crimes Unit at Microsoft, Enrico
Bellini, Public Policy Senior Analyst at Google,
Luis Enrique Oliveri from IBM Global Security
Services, Dr. Jan Ellermann, Senior Specialist
at EUROPOL’s Data Protection Office,
Patrick Curry, CEO of Multinational Alliance
for Collaborative Situational Awareness,
Joseph Cuschieri, Executive Chairman,
Axel Voss MEP - EPP Coordinator
for Legal Affairs – one of the main
speakers during this conference
MICROSOFT Platinum
SPONSOR OF CYBERCRIME MALTA CONFERENCE 2017
By James Vella Clark
Malta Gaming Authority, Inspector Timothy
Zammit, from the Cyber Crime Unit at the
Malta Police Force, Prof Joe Cannataci, UN
Special Rapporteur on the Right to Privacy
and Raef Meeuwisse, author of a number of
publications about cybersecurity.
“Microsoft uses its unique insight to
understand cybercrime threats with the sole
aim of protecting its customers better against
identity attacks, accidental or intentional
loss of corporate data and the installation of
malware. This is why Microsoft is proud to be
Platinum Sponsor of this event and support
MITLA and ISACA Malta in the organisation
of this important event,” says Panayiotis
Ioannou, Country Manager for Microsoft
Malta.
“When it comes to security, Microsoft’s
approach reflects today’s realities of our
mobile-first, cloud-first world. This includes
bringing teams and technologies together
to evolve our security posture, for example,
“Government launched its National Cyber
Security Strategy Green Paper in 2015 as a
precursor to new legislation, however at
MITLA, we believe it is high time for industry
and regulator, the private and public sectors,
to sit down at a common table to discuss
concerns and initiatives. This conference will
create the right forum for discussing pressing
issues related to cybercrime, local and
international cybercrime trends, emerging
threats that strain the reach of the law, risks
posed to critical national infrastructures,
our legislative response, the rise of identity
theft and online fraud, big data, information
security, cybercrime and more,” said Dr Ghio
and Dr Gatt.
we believe it is high time for
industry and regulator, the
private and public sectors, to
sit down at a common table to
discuss concerns and initiatives
The conference at the Radisson Blue Hotel
in St George’s Bay will attract all those
interested in cybercrime and cybersecurity,
technology and cybersecurity professionals,
lawyers and law professionals, law
enforcement agencies and policy experts,
professionals, C-level executives and people
in management, academics, students and
government officials.
Registrations for the Cybercrime Malta
Conference 2017 are open and may be found
on the conference’s official website: The
Cybercrime Malta Conference 2017
http://cybercrimemalta.com MBR
50
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Malta Business Review
EU: COHESION POLICY
LOCAL LEADERS GATHER IN WARSAW WITH
COMMISSIONER CREŢU AND VISEGRAD GROUP:
Cohesion Policy is vital to build the future of the EU
Investing more to reduce regional
disparities and to mobilise regions and
cities to create opportunities for citizens
should be the key answer to the challenges
of the post-Brexit scenario. This was the
main message shared by members of the
European Committee of the Regions (CoR)
at a meeting in Warsaw on 2 March with
the European Commissioner for Regional
Policy Corina Crețu and the ministers for
development from the Czech Republic,
Hungary, Poland, Slovakia as well as
Bulgaria, Croatia, Romania and Slovenia.
Cohesion policy – worth €454bn until 2020
– is by far the largest investment tool of
the EU, supporting inclusive and smart
growth in every European region. It reduces
development gaps, spreads innovation and
enhances the competitiveness of the EU
economies by involving EU institutions,
national governments as well as local and
regional authorities.
A day after the presentation of the
European Commission White Paper on
the Future of the EU, these concerns were
discussed in Warsaw by members of the
CoR's Commission for Territorial Cohesion
Policy and EU Budget (COTER). "A strong
Cohesion Policy, showing the benefits and
solidarity of the EU at local and regional
level, is decisive to address the current
cycle of despair and disengagement. Our
message from Warsaw is that the objective
of economic, social and territorial cohesion
is a key element for the future of Europe,"
said COTER's chairman, Raffaele Cattaneo
(EPP/IT), President of the Regional Council
of Lombardy.
In Warsaw, local leaders discussed and
adopted a draft opinion on the future
of Cohesion Policy after 2020, prepared
by the President of the EPP Group in the
CoR, Michael Schneider, Saxony-Anhalt's
Secretary of State for EU Affairs.
"No other EU or national policy can achieve
what Cohesion Policy has helped to create
in countries such as Poland or Germany
in the past decades. It is one of the EU
policies that has truly an impact on the
everyday lives of our citizens, by creating
opportunities and support for jobs, growth
– contributing to a sense of Europeanness in
an age of growing populism. That is why we
must ensure that Cohesion Policy remains
'the' investment tool of the European
Union, supported in synergy by other funds
and grants such as the European Fund for
Strategic Investments or Horizon 2020," Mr
Schneider emphasised.
European Commissioner for Regional Policy
Corina Creţu said: "Over the last months,
we have heard more and more citizens
tell us 'We feel politicians and institutions
do not care about us, we feel left out!'
Therefore, it is time to give them a strong
signal. Our message to them must be that
Europe cares. And what better way to prove
it than through Cohesion Policy? Cohesion
Policy's aim is to leave no one behind, to
improve everybody's daily life. This is why
we must fight for it and for its future as it
is our common future. Jobs and growth
through Cohesion Policy, yes; but jobs and
growth for all, for all regions."
The meeting was held in parallel with
a ministerial gathering of the Visegrad
Group+4, at which ministries for economic
12th meeting of the COTER Commission in Warsaw
development from the Czech Republic,
Hungary, Poland, Slovakia as well as
Bulgaria, Croatia, Romania and Slovenia
adopted a document stressing the vital role
of Cohesion Policy for the future of the EU.
"Cohesion Policy must be reformed in a way
to remain in the interest of all EU Member
States and regions and be an important,
useful instrument for the achievement of
the EU's strategic long-term goals, while
promoting issues of key importance for
particular regions," added Deputy Minister
of Economic Development Jerzy Kwieciński.
At a high-level conference held on 3 March,
experts and practitioners exchange views
on how to simplify the EU's Cohesion Policy
while making it more effective and more
responsive to the needs of local economies.
The CoR will discuss and adopt its opinion
on the future of Cohesion Policy at its
plenary session on 10 May. MBR
Credit: Pierluigi Boda (IT, EN)
pierluigi.boda@cor.europa.eu
EDITOR’S
Note
The EU’s Cohesion Policy is implemented over a seven-year cycle (2014-20) through five European Structural and Investment Funds (ESI
funds):
• European Regional Development Fund (ERDF): promotes balanced development in the EU’s regions.
• European social fund (ESF): supports employment-related projects throughout Europe and invests in Europe’s human capital – its
workers, its young people and all those seeking a job.
• Cohesion Fund (CF): funds transport and environment projects in countries whose gross national income (GNI) per inhabitant is less
than 90% of the EU average. In 2014-20, these are Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Greece, Hungary, Latvia,
Lithuania, Malta, Poland, Portugal, Romania, Slovakia and Slovenia.
• European Agricultural Fund for Rural Development (EAFRD): focuses on resolving the particular challenges facing the EU’s rural areas.
• European Maritime and Fisheries Fund (EMFF): helps fishermen to adopt sustainable fishing practices and coastal communities to
diversify their economies, improving the quality of life on Europe’s seaboard.
The total allocations for 2014-20 are 454bn from the EU budget, matched by 183bn from national funds. With a total value of 638bn,
Cohesion Policy is the Europe’s main investment tool. It is managed in partnership by the European Commission, national governments and
regions. More than 176bn have already been invested in the real economy of the EU since the beginning of the current programming period.
For more information and country-specific trends and figures, please consult the Cohesion Open Data Portal.
52
FINE DINING
Malta Business Review
Looking Back on Sciacca’s Beginnings
From the moment you enter into the world
of Sciacca, be it the Paceville or Valletta
restaurant, there’s that undeniable sense
of authenticity and genuineness. Founder
and owner, Noel Zammit has always had
that innate passion for anything that had
an affinity to the culinary world. As time
passed, his interest in the catering industry
grew stronger. Needless to say, he wanted
to build a more solid relationship with
the gastronomy. To do this he decided
to invest time and money in what he had
the most passion for: food. And thus, his
journey into becoming a restaurateur
began…
Modest beginnings: the inspiration
behind Sciacca
Noel’s love for food began at a very tender
age. He used to enjoy watching his mother
cook, observing her traditional techniques
and perhaps, even ‘stealing’ her recipes.
But of course, it didn’t stop there. From
as early as 16 years of age, Noel made it
a point to be a regular restaurant goer to
many local establishments. Indeed, like
clockwork, he made sure to jot down
his weekly restaurant bookings into his
already increasingly busy schedule.
Each Sunday of every week presented
Noel the opportunity to enter into a new
environment: a different atmosphere,
with a novel menu that displayed a
smorgasbord of food, some of which he
devoured with gusto, others he refused
with abhorrence. Of course, like every
restaurant goer, there were always those
couple of places that he thought deserved
a repeat visit, simply because they
encapsulated what he looked for when it
comes to the catering sector: good service
coupled with honest, hearty food.
Eventually, after borrowing and adapting
ideas from his family members and
friends, Noel quickly became enthused
with the idea of cooking and hosting for
entertainment purposes. Over time he
started learning more about different
styles of cooking through his extensive
travels, noting and absorbing different
culinary techniques and practising them
at home. In due course, he started
sharing his emergent skills when inviting
loved ones at home, sometimes hosting
luncheons for up to 30 people. It was at
this moment Noel began to feel like he
was completely in his element.
Sciacca’s recipe for success
In a nutshell, the secret to Sciacca’s success
is very humble in its simplicity: making use
of fresh and genuine products. It’s all about
letting the food speak for itself, because a
great dish shouldn’t be overpowered with
over the top garnishes or a cacophony
of ingredients. When looking Sciacca’s
dishes, you can forget about unnecessary
garnishes and over-embellished plate
decorations. Simplicity is key, because
ultimately, it’s all about making the food
the star of the dish.
Apart from freshness and genuine
ingredients, Sciacca prides itself in having
chefs that are constantly experimenting
in the kitchen, striving for innovation,
because to them, there’s always room for
improvement and if there’s something that
could be better, it’s a safe bet that they’ll
make sure it will be an augmented version of
their original idea. Through their creativity
and imagination Sciacca’s culinary mavens
make sure each meal is served from the
restaurant kitchen represents what the
restaurant’s trademark.
Noel was always interested in the food
industry as he felt it was something that
was deeply instilled in him ever since he
was a child. Thus, he ultimately decided
to take the plunge after years of serious
contemplation. Starting a business comes
with its fair share of challenges, and of
course going into an already booming Food
and Beverage industry is an even bigger
risk, because there’s no in between: you
either sink or swim. But what is life without
risks? Cliché as it may sound, to fulfil one’s
dreams, one must forget about remaining
in their comfort zone. Noel’s only regret
is not having started his business venture
sooner. Basically, the main inspiration
behind both of Sciacca’s restaurants is plain
and simple: a passion for good quality food.
We hope you’ve enjoyed reading the brief
history of Sciacca as much as we’ve enjoyed
reminiscing on our beginnings. If you’d like
to come and have a taster of the fruits of
our labour and relish the essence of our
culinary creations, we encourage you to
book a table at Sciacca. We work tirelessly
to invent dishes that truly personify
Sciacca’s brand.
Remember to follow us on Facebook and
Twitter. MBR
www.mbrpublications.net
53
Malta Business Review
REBRANDING
Malta Payments Company, Swish,
Rebrands as Truevo
Swish, the Malta-based acquirer and payment solutions
provider, rebranding as Truevo
Swish Payments Ltd, the Malta-founded
card acquirer and payment solutions
provider, will be rebranding as Truevo
Payments on 1st March 2017.
Founded in 2012, Swish enables European
businesses to easily accept payments
across various channels, including instore,
online, over the phone and through
mobile card terminals. The company also
offers Original Credit Transactions for fast
and convenient fund transfers to over a
billion eligible Visa, Mastercard or Maestro
cards around the globe.
“The rebranding decision was taken to
avoid confusion in the marketplace with
a similarly-named peer-to-peer payment
solutions company in Sweden”, says Steve
Grech, company CEO.
Grech explains that as a licensed financial
institution and a full principal member
of Visa and Mastercard, the company
is uniquely positioned to provide card
acquiring services across multiple
channels at very low costs to its clients.
Steve Grech, company CEO
“It is our intention to provide merchants
with an efficient alternative to the more
traditional acquiring solutions provided by
banks”.
Under the new name, he says, Truevo will
continue to deliver truly holistic payment
solutions that facilitate convenient, fast
and secure transactions.
Apart from the new trading name and
logo, it will be business as usual at Truevo
from next month with no other changes
for its clients or partners.
MBR
54
DENTAL HEALTHCARE
Malta Business Review
Replacing a long-lost tooth
with a Dental Implant
Replacing a long-lost tooth with a more
permanent solution is not always an easy
task. Teeth like the upper or lower first
molar or an upper central or lateral incisor
are often missing from a young age. These
cases normally arise due to failed root
canal treatments, fractures or even trauma
caused by a road-traffic accident. The status
of the tooth site may vary considerably
with the time lapsed to the type of incident
causing tooth loss. Other factors such a
tooth position as well as dental and oral
health, also play an important part.
A Case Study
A young woman in her late 30s has a history of losing her upper central incisor in her
teenage years. She has worn a fixed bridge attached to the one tooth on either side
of the missing incisor. Over the years the gum and bone have receded leaving a large
space and unaesthetic noticeable defect. She also has a high smile line exposing all
the defects in the gum. Although she knew that a newer bridge would have already
improved her smile, she opted for an implant regaining 3individual teeth instead of
a 3-tooth fixed bridge. Bone was harvested from the lower wisdom tooth area and
grafted in the area of the long-lost tooth. 4months post-grafting, an implant was
placed with some minor additional bone grafting. Once healed she had 3 new allceramic
single crowns fit into place.
Taking for example the loss of an upper
central incisor, this tooth is often lost at
a young age; typically 7-12 years of age.
The trauma would more often than not
necessitate a root canal treatment. At
the younger end of the spectrum the
root development is often incomplete
jeopardizing the long-term prognosis of
the tooth. When more mature with its
root end closed, the prognosis is better.
This tooth however may still not offer a
good prognosis. At times the trauma is so
extensive that the tooth either falls out of
its socket and is lost, or fractures at the
mid or apical third of the root and must
be removed at once. Soft tissue as well as
bone is often lost.
Once the tooth is out the ageing process
starts taking place. The bone surrounding
the area does not receive any biting
stimulus and so starts resorbing. The gum
also recedes and reduces in size. Over
the years the area suffers considerable
tissue loss resulting in difficulty for the
implant surgeon to restore the area to the
functional and aesthetic norm.
The best way to replace a tooth with the
above history is with a dental implant.
However not until long ago the typical
replacement was with a bridge or a
denture. Today we know better and try
not to involve adjacent teeth like when
using a bridge. A denture too remains an
undesirable removable prosthesis and
where possible, should be eliminated. The
implant carries many advantages. Besides
being an independent structure it also
reduces the bone/gingival tissue loss and
when done properly facilitates hygiene
maintenance. Ask your dentist! MBR
Extra-oral before treatment
Intra-oral after treatment
Extra-oral after treatment
Intra-oral before treatment
DR JEAN PAUL DEMAJO
Dental and Implant Surgeon,
Trained in London working in
private practice in Malta
www.mbrpublications.net
55
Malta Business Review
EU & GLOBAL NEWS ROUND-UP
THE EMPIRE STRIKES BACK: Happy
Commonwealth Day (said no one, ever, until
now)! Fifty-two nations of the former British
empire were officially marking those ties on the
13th March 2017, and Brexiteers will use the day
to talk about a glorious free trade future outside
the EU. In related news, the next Commonwealth
summit will be held in the U.K., not Vanuatu, after
a cyclone severely damaged the Pacific island
nation’s infrastructure, the British PM is set to
announce today. MBR
We spent the month of March skipping
across the globe: From the traveling EU circus
heading to Strasbourg, to Angela Merkel and Wolfgang
Schäuble visiting Washington, then back to the
Netherlands for Dutch elections Wednesday. Theresa
May could trigger Article 50 any day, but Europe-
Turkey relations have been lit to explode, giving Brexit
some competition for column inches. MBR
NATO — ANNUAL REPORT RELEASED: NATO
boss Jens Stoltenberg has published. Playbook’s
NATO source says Stoltenberg’s outline shows how
the alliance has responded to a tougher security
environment, and will appeal to statistics geeks
with a pile of new facts and figures, including
on defense spending. Stoltenberg is expected
to hammer home U.S. President Donald Trump’s
demand (and the existing commitment by NATO
members) for fairer burden-sharing between the
U.S. and Europe and Canada. MBR
EUROPOL — CRIMINAL ORGANIZATIONS
ON THE RISE: According to the EU police agency
Europol, more than 5,000 international organized
crime organizations are operating in the EU, up
from 3,600 estimated in 2013. MBR
ITALY — THE ‘SOFT
REVOLUTION’
WITH A HARD EDGE
IN RENZI’S PARTY:
When Matteo Renzi
decided to trigger a
leadership contest
in his Democratic
Party, the former PM
underestimated the
Matteo Renzi
risk of an open leftwing
revolt, writes Giada Zampano. With the PD
neck-and-neck in polls with Beppe Grillo’s antiestablishment
5Star Movement, the man once
known as “Demolition Man” may have bitten off
more than he could chew. MBR
EUROPE-TURKEY
RELATIONS AT BOILING
POINT …
Prime Minister
Paolo Gentiloni
PARLIAMENT IN STRASBOURG: The top VIP
speaker is Italy’s Prime Minister Paolo Gentiloni.
The big debates will be on conflict minerals and
shareholder rights. Tighter food inspection rules as
well as new gun controls should be agreed. MBR
Despite a lastminute
campaign
by Vicky Ford (one
of the British MEPs
excluded from the
list because of Brexit)
to get European
Conservatives and
Vicky Ford
Reformists MEPs and
staff to vote for her and other ECR members, all
the group’s candidates combined scored less than
Charanzová. The same goes for the four British
MEPs on the shortlist. MBR
**A message from the EPP Group: A year
after the Brussels attacks and on our initiative,
the EP will discuss the EU’s security using the new
instrument of topical debates. We will also make
the case for the European Defence Union, which
is already a legal possibility, and welcome the
freeing-up of the 700 MHz frequency for 5G. MBR
COUNCIL — THE EFFECTS OF POLAND’S
SUMMIT STAND: “EU takes a huge step
forward,” concluded Der Tagesspiegel. “As the day
the EU remembered its capacity to act — thanks to
Jarosław Kaczyński! … A country that tried to use
blackmail tactics for domestic reasons that had
nothing to do with Europe’s common interests. In
this case it was Poland. But this will be a lesson to
others, too.” MBR
PARTY PEOPLE — SOCIAL DEMOCRATS
MEET IN BERLIN TO DISCUSS FIGHT AGAINST
POPULISM: A ‘Progressive Alliance’ convention
began gathering Sunday in Berlin (not the be confused
with the usual congress of the Party of European
Socialists) and continues today. Heads of government
in attendance include Stefan Löfven (Sweden),
Paolo Gentiloni (Italy), Christian Kern (Austria) and
António Costa (Portugal), as well as German Foreign
Minister Sigmar Gabriel and Martin Schulz, the Social
Democrats’ candidate for chancellor in Germany’s
September general election. MBR
TRADE — EU-ASEAN RESTART TRADE
TALKS: More good news for Trade Commissioner
Cecilia Malmström. The EU and the 500 millionstrong
Association of Southeast Asian Nations
agreed this month they would start preparations
to relaunch stalled trade talks. Meanwhile, the FT
reported that a civil war has broken out within the
White House over trade policy. MBR
ITALY SHOCKER
— THE RAPE AND
SLAVERY PROPPING
UP SICILIAN
Nicoleta Bolos and her baby
daughter in Ragusa province.
Photograph: Francesca Commissari for the Observer
FARMING: This is a
must-read from Lorenzo
Tondo and Annie Kelly.
“Hidden among fields
of flapping white plastic
tents across Ragusa
province, 5,000 Romanian women like Bolos are
working as seasonal agricultural workers. Their
treatment is a growing human rights scandal, being
perpetrated with almost complete impunity,” write
Tondo and Kelly. “More than half of all Romanian
women working in the greenhouses are forced into
sexual relations with their employers. Almost all of
them work in conditions of forced labor and severe
exploitation.” MBR
Turkey President Erdoğan
ERDOĞAN CALLS DUTCH AUTHORITIES
NAZIS: Turkey vowed to retaliate against the
Netherlands in the “harshest ways” after Dutch
authorities barred Turkish Foreign Minister Mevlüt
Çavuşoğlu from landing in Rotterdam after a
political rally at which he was slated to appear
was canceled. A Dutch official told the Sunday
Times’ Bojan Pancevski: “We wanted to come
to an arrangement but [President Recep Tayyip]
Erdoğan turned this into an issue about who is the
boss in our own country.” MBR
First German calls for Turkey’s EU
membership talks to end: Daniel Bössler
writing in Suddeutsche Zeitung said the weekend
dispute would mean “the formal end of accession
negotiations with Turkey is inevitable.” We’re yet
to see Frankfurter Allegemeine Zeitung, Bild or Die
Welt join the chorus, but if you call modern-day
Germans and their allies Nazis, it’s unlikely to be
discreetly ignored. MBR
FRENCH ELECTION
CORNER …
Endorsements update: The deadline for
presidential hopefuls to get 500 endorsements
from local officials is Saturday. Top candidates
François Fillon, Emmanuel Macron, Benoît
Hamon and Marine Le Pen are all across the line.
Radical left’s Jean-Luc Mélenchon still needs 68
signatures. MBR
French power podcast: Playbook recommends
for its Francophile readers the podcast from the
weekly “L’Atelier du pouvoir.” MBR
CREDITLINE: BY RYAN HEATH | POLITICO SPRL
56
EU & GLOBAL NEWS ROUND-UP
Malta Business Review
BIG MONTH, LADIES AND
GENTS … with three major central bank
meetings, a fraught election in the Netherlands,
and the possible triggering of Article 50 by the U.K.
So let’s take some of this in turn, shall we? MBR
Howard Archer
Howard Archer at IHS
Markit: “Of key interest in the March
meeting is whether or not the MPC are becoming
more pessimistic about the U.K. GDP growth
outlook given the current mounting signs that
consumers are reining in their spending as the
purchasing power is increasingly squeezed,” he
writes in a note to clients. “While the Bank of
England has been expecting consumer spending
to slow, it may have been surprised by the overall
softness of the recent data relating to retail sales,
car purchases and consumer services. The Bank
of England GDP growth forecast of 2.0 percent
in 2017 is at the top end of projections, and it
will look increasingly hard to reach if consumers
sharply rein in their spending.” MBR
Equity investors should
not worry too much about
a hike: So says Patrick Moonen at NN
Investment Partners. “From a historic point of
view there is no convincing evidence that a U.S.
rate hike is negative for the U.S. equity market,” he
writes to clients. To be fair, he does admit that rate
hikes have driven down equity valuations in the
past but, at least during the last two rate-hiking
cycles in 1994 and 2004, stock markets continued
to move higher. MBR
Look out for key changes
to the Fed’s post-meeting
statement: Goldman Sachs’ Zach Pandl
and Jan Hatzius believe they will all point to the
Fed’s eagerness to raise rates a couple more times
this year: “[The Fed will indicate] that risks to the
economic outlook are ‘balanced’, and [signal]
that the 2 percent inflation objective will likely
be reached before too long. In the Summary of
Economic Projections (SEP) we look for slight
upgrades to GDP growth and core inflation,” they
write in a note to clients. MBR
UniCredit’s
Vasileios
Gkionakis: “Wilders will probably shake
the political landscape of the Netherlands, but he
is unlikely to disrupt it.” MBR
NOW, THOSE MEMORABLE
FOOTBALL MATCHES: Thanks to the
many readers who sent in their suggestions, after
we were inspired by Barcelona’ stunning comeback
against Paris Saint-Germain to ask for memorable
football matches of all times. The obvious ones
made it in, because they should: the 1999
Manchester United victory against Bayern Munich
in the Champions League Final and Liverpool’s
“Miracle of Istanbul” against AC Milan in the 2005
CL final.
But some of the less-heralded entries were intriguing,
including: Liverpool-Newcastle in the Premier League
in 1996: 4-3 with the winning goal in the second
minute of stoppage time; Sheffield Wednesday-
Sheffield United in the 2000 League Cup; Real
Madrid-Espanyol in La Liga in 2007; and Belgium-
Austria 4-4 in the qualifiers for Euro 2012 MBR
Bank of England
BANK OF ENGLAND PREVIEW:
Unlike its U.S. counterparts (see below), the BoE
is expected to stay put, both on interest rates and
stimulus measures, despite growing inflation. That
doesn’t mean that investors will tune out. MBR
FED PREVIEW: The Americans have
the finger on the interest rate trigger. Investors
absolutely expected a rate hike mid-march
and will be parsing words by Janet Yellen very
closely in the subsequent press conference.
Barring an unforeseen event, markets’ reaction
on the day should be muted since the hike
should surprise no one. But how will markets
react in the longer term? MBR
FT calls end of long bull
market for US government
bonds: The paper’s Joe Rennison and John
Authers do the honours: “One of the longest and
most important trends in world finance may be on
the cusp of a reversal. U.S. 10-year Treasury bond
yields, used as a benchmark in transactions the world
over, have been in decline since inflation came under
control in the early 1980s.
“But in the past weeks, yields have risen to their
highest in almost three years, while the U.S. jobs
market has grown its fastest in more than a decade.
With equity markets suggesting that growth and
inflation are in store under President Donald Trump,
and with the Federal Reserve committed to raising its
base rates this week for the third time in a decade,
some bond market luminaries are convinced that
the great ‘bull market’ is over. From now, they expect
interest rates to rise steadily.” MBR
THE INSTITUTE OF
INTERNATIONAL
FINANCE’S BART
VAN LIEBERGEN:
“Wilders’ Freedom Party
seems to be running
out of steam lately.
Rather, a fragmented
Bart van Liebergen
parliament may arise in
which no less than four parties may be needed
for a governing coalition. Current PM Rutte of
the conservative-liberal VVD is likely to lead that
government, while his current junior partner
Labor is set to lose these elections.” MBR
HSBC TO NAME TUCKER NEW
CHAIRMAN: Sky News’ Mark Kleinman has
the story: “HSBC Holdings, Europe’s biggest bank,
is lining up the former Prudential chief executive
Mark Tucker as its next chairman — a move that
will have far-reaching implications for some of the
world’s biggest financial services groups.” MBR
NEW YORK FINANCIAL PROBES LIKELY
TO CONTINUE AFTER DEPARTURE OF
TOP PROSECUTOR:
The Wall Street
Journal has the
story: “The sudden
departure of Preet
Bharara, the top
federal prosecutor
in Manhattan, isn’t
likely to change
the course of
Preet Bharara
several high-profile
investigations even as it raises uncertainty about
his office’s long-term direction. On Saturday, Mr.
Bharara was fired as Manhattan U.S. attorney, a day
after the Justice Department asked the 46 remaining
U.S. attorneys appointed by former President Barack
Obama to step down. Mr. Bharara, who has served
in that role since 2009 and had become prominent
with a string of high-profile white-collar and public
corruption investigations, refused to resign and was
subsequently let go.
“For the moment, Mr. Bharara’s departure is
unlikely to have a significant impact on the pending
investigations within the office, largely because the
interim leader of the office, Joon Kim, is a close friend
and longtime colleague of Mr. Bharara’s.” MBR
THANKS TO: FRANCESCO GUERRERA & ZOYA SHEFTALOVICH, POLITICO SPRL
www.mbrpublications.net
57
Malta Business Review
RESEARCH DATA
Giving
Context To
Research
Data
Rebecca Zammit
Rebecca Zammit has just been
appointed Director of MISCO
International Limited, responsible
for MISCO’s Marketing and
Opinion Research services. In this
interview, Ms Zammit explains
how in today’s competitive
environment, data is a very
important currency and the more
data is available for marketers
and company leaders, the better
and more effective their business
decisions will be.
A recently published review on
smartinsights.com on what the toprated
digital marketing techniques will
be during 2017 reveals how Big Data
(20.3%) together with Content Marketing
(20.4%) will this year be the top marketing
tools followed by Marketing Automation
(10.3%), Mobile Marketing (9.2%) and
Social Media Marketing (8.8%) amongst
others.
“Data however can also be very boring
especially for all those who do not
understand it. This is why we like building
a story with the data. A story, puts the
client in the right context which helps him
understand where his business stands and
where it needs to be taken.
MISCO has been offering marketing and
opinion research services for 33 years.
Eventually, it developed the full range
of data collection techniques now used
through both quantitative and qualitative
methods supported by a pool of around 80
experienced and trained interviewers.
“Our role is to help customers feel the
pulse of people’s behaviour, attitudes,
perceptions and opinions, identify and
measure market size and market share,
analyze the characteristics of markets,
understand market developments and
focus on the critical factors for success in
marketing,” adds Rebecca Zammit.
“Customers who engage MISCO’s
Marketing and Opinion Research Section
include national and international
organisations, operating in both the private
and public sector across a wide range of
activities such as telecommunications,
consumer products, banking and insurance
services, transport, pharmaceutical and
automotive sectors. MISCO is also very
active in the areas of social research and
opinion polling and has garnered extensive
experience through its participation in
numerous multi-country projects.”
“Data is universal so really and truly,
we are equipped to service any sector.
However our experience and continued
investment in technology enables us to
be flexible in that we do not apply an offthe-shelf
approach but devise a research
methodology according to the particular
needs of our customer.”
With long years of experience, MISCO
has had the opportunity to watch the
sector evolve and give birth to new trends.
One such trend is the increased use of
mystery shopping exercises, a research
methodology for which MISCO is very
sought after.
“We are living in an age where we all want
to know how we are being perceived.
Brands too want to constantly know how
they are being received by their target
audiences. Companies constantly request
reviews and testimonials because these
reinforce their public reputation. No
wonder over the past few years most
sectors have experienced a dramatic
increase in the use of mystery shopping
techniques to better understand what
they can do to improve their processes,
products and services,” added Rebecca
Zammit.
Another aspect that makes MISCO’s
Marketing and Opinion Research Unit
unique is the application of specific
technology.
“All the software we use for our research
projects is developed in-house by our own
people. This gives us added flexibility that
allows us to adapt the research according
to the particular client. We feel this is an
important advantage for us given the
increasing use of technology in today’s
modern research methods.”
But no matter which methods are
employed during research, or how capable
one is to interpret data, truth and integrity
are two qualities that best define MISCO’s
Marketing and Opinion Research services.
“Clients sometimes hire our services
expecting us to give them the answers
they want to hear. We challenge the client
and ask what the real problem is that we
are trying to solve. It does happen that the
problem that the client is trying to solve is
a symptom of a much deeper issue. On a
number of occasions the data we collect
paints a different picture from what the
client would be expecting. We know
that the methods we use in our research
processes, return us with a high level of
accuracy with which we can assist our
clients to move forward. Therefore, even
when the results are way different from
their expectations, clients always show
us an element of trust. Being trusted and
respected, helps our clients understand
and accept our recommendations more,”
concluded Rebecca Zammit. MBR
58
FINANCE DATA ANALYTICS
Malta Business Review
NSO data points to certain unsustainable spending patterns
Government finance data released by the
National Statistics Office point to further
increases in recurrent expenditure and
a substantial drop in capital expenditure.
The drop in capital expenditure of €13
million is, in fact, the major contributor
to the lower consolidated fund deficit
registered in January 2017.
A comparison between government
expenditure data for January 2017 and
that of January 2015 points to some
worrying and unsustainable trends.
Capital expenditure went down from €30
million to €10 million representing a 68%
drop. Recurrent expenditure during the
same period went up by €29 million or
13%. Public service wages increased by €5
million (9%), Operation and Maintenance
expenditure by a further €5 million (35%)
and Interest expenditure by €3 million
(23%).
Total revenue in January 2017 increased
by €51 million when compared to the
corresponding period of 2016. However
nearly half of this increase was due to an
increase in receivable grants amounting to
€22 million.
Total government debt in January 2017
increased by €61 million when compared
to the previous year and €301 million
when compared to the January 2015.
The data released today points to certain
unsustainable spending patterns. Capital
expenditure, essential to ensure that our
economy remains competitive and that
our infrastructure is capable of meeting
present and future demands, is decreasing
year on year. On the other hand, recurrent
expenditure is shooting up as government
continues its spending spree not least
through the creation of hundreds of
positions of trust across the public sector –
a fact that was noted by the International
Monetary Fund in their recent report on
Malta’s economy. While government is
finding solace in ratios, the undeniable
fact remains that government debt in
absolute terms shot up over the past four
years. This debt will have to be carried by
future generations. MBR
Source: Mario de Marco, Deputy Leader for
Parliamentary Affairs, Shadow Minister for
Finance, PN
Payment Collection Period
IN MALTA
The Average DSO – Days Sales Outstanding
or as also referred to ‘the payment
collection ratio’ across all the Maltese
business sectors as at 31 December 2016
was 89.04 days.
This figure was derived from a survey
conducted by The Malta Association of
Credit Management (MACM) amongst its
members. MACM represents suppliers
selling on credit in Malta and other
creditors hailing from all sectors of the
Maltese economy.
compared to last year’s DSO figure.
However, a DSO of 89.04 days is still
relatively high when compared to the
average DSO of other European countries.
In fact, the average DSO for Malta comes
very close to that of Italy (80 days)
according to the European Payment Index
issued recently by Intrum Justitia.
MACM is committed to assist the Maltese
business community securing sound cash
flow and selling on credit profitably.
MBR
The DSO figures for specific industries
and sectors were also issued and
communicated to the respective MACM
Members who participated in this
important exercise.
MACM notes with that there has been
a marginal improvement of 2.63 days
www.mbrpublications.net
59
Malta Business Review
BUILDING & CONSTRUCTION
WHY CONSTRUCTION CLIENTS
SHOULD INVEST IN
Health and Wellbeing
A
high-functioning, profitable
building is no longer just about
bricks and mortar. It’s not even
just about the aesthetics of the design.
Health and wellbeing plays an increasingly
important role in the planning, design,
the construction process and the finished
product, and any construction client
holding the purse strings would do well to
not ignore this growing trend.
By Katia Knox
The relationship between people and
the building in which they are working is
vital. The way that buildings are designed,
constructed and maintained impacts the
way we work, sleep, what we eat, and how
we feel. The right building can advance
health, happiness, mindfulness and
productivity.
Health and wellbeing is the new frontier in
construction, growing fast as we realise the
many benefits it has. This is an opportunity
for organisations to think differently and
use their physical premises for competitive
gain, whether that’s a construction client
or an investor trying to command a higher
price for a new, high-performing building
or an occupier looking to take on a space
needed to drive business success.
Credit: Barbour Products; LinkedIn
MBR
For architects and designers, the idea that
buildings influence the health, wellbeing
and productivity of their occupants is not
new. But this type of thinking is still not
influencing most design, financing and
leasing decisions as much as it should.
The Health and Wellbeing concept is
making big noise in the industry, so buyers
will keep a look out for buildings that
adhere to the guidelines set out companies
like WELL. And in the construction industry,
it's always better to be a forerunner than a
backbencher.
Let’s have a look at the office sector. The
physical work environment has an impact
on the health and productivity of the
office worker. Of course, the terms health,
wellbeing and productivity encompass
a whole range of related and complex
issues. Health encapsulates physical and
mental health, wellbeing hints at broader
feelings or perceptions of satisfaction and
happiness, and productivity refers more
explicitly to business-oriented outputs.
Clean air, for example, is a critical
component to our health. Good indoor
air quality, and also thermal comfort, high
quality views, daylight, good acoustics and
indeed location and amenities all play a
crucial role in creating a healthy, productive
workplace. And a productive workplace
equals an easy sell of a profitable building.
One way of promoting wellbeing is to have
workspaces that employees can engage
with and feel comfortable in. Conversely,
a poorly designed workspace can quash
any green shoots of creativity, good
performance, engagement and innovation.
ABOUT THE
Author
Katja Knox is an
Editorial Account
Manager, LinkedIn
60
Malta Business Review
BUILDING & CONSTRUCTION
SILENCE IS
GOLDEN
AT NIGHT
by Antoine Bonello
Bliss is when someone can sleep
comfortable in bed on a stormy night
knowing that your house is protecting you
and your loved ones from the elements, or
if you are awake and drinking a nice cuppa
while starring at the window waiting for the
lightings to light the sky with their magic.
But what happen when things go wrong or
better why things go wrong. An old friend
of mine who I haven’t see for a long time
called me not long ago in the middle of
the night, in a state of panic. He asked
me what to do due to river like water
infiltrations inside his house from almost
everywhere. Later I came to know that this
was mainly due to badly applied DIY with a
low quality waterproofing membrane.
The truth is that many of us here in
Malta love the DIY, which in my opinion is
something very positive. Waterproofing
applications looks so simple on paper
yet two important factors are always left
out of the equation. First the qualities
of the materials used and second the
application itself. Here in Malta we have
a huge problem with regards product
Waterproofing must be applied also inside
the drain
and application knowledge, many are
self-thought and they tend to pass their
incorrect information to one another.
What is worse is when one decides to visit
the local ironmonger..., amazingly these
people know it all, from the tiny screw of
the flushing to the motherboards of the
space shuttle. It is the place where one can
hear all sorts of unthinkable solutions just
to convince you to pick up that particular
membrane or product, which usually
carries the most profit. Let us start with
the first problem, the product used itself.
There are different types of membranes in
the market. The term liquid membrane is
very misleading as it groups varies types
of membranes under one roof. This means
that that the good the bad and the worse
membranes are grouped under the same
roof. Most liquid membranes fall in the
category of plastics /acrylics, cement and
latex, bitumen, resins, Polyurethanes and
polyacrylics.
The plastics/acrylics compounds or
membranes lack UV resistance and will
deteriorate after a year or two. The
cement based which usually consists of a
mixture of cement and latex invented way
back in the 70’s is very rigid and fail when
subjected to structural movements, the
bitumen based are dark in colour absorb a
lot of heat intake and melt at 35% definitely
the worst of them all. The last three are the
new generation of membranes they are
designed to withstand almost everything.
The resin based membranes that are CE
certified can withstand UV rays, concrete
expansion, foot traffic and direct bonding
of tiles; some of them have micro fibres
for extra strength and elasticity. A thermal
version which can reduce heat intake
inside the buildings by 90% also exists.
The polyurethane membranes exist in
two versions dual or single component.
The single component is very delicate
and if used incorrectly can create more
damage than good. They are very sensitive
to humidity and once the can is open
must be used in a very short period of
time and can’t be stored for the next day,
while the two components can be mixed
in the required quantities and are much
stronger then the mono component.
Polyacrylics on the other hand is the
latest innovation they are a mixture of
polyurethane, solvents and acrylics, they
are proving to be also very reliable and are
also reinforced with micro fibres. Of the
above mentioned I personally would opt
for the Resin liquid membrane as they are
superior to the first three mentioned and
it is almost as strong as polyurethane and
polyacrylic systems while at the same time
it is more economical.
When it comes to application one has to
bear in mind that materials alone is not
enough. It is always recommended to
sand and remove the previous coatings,
an acid wash to eliminate moss and other
microorganisms is a must and after at least
24hours proceed with the application of
the primer. What is a primer one might say?
The primer is bonding agent that when
applied on the surface stops concrete
dusting and enhances the adhesion of the
membrane. This will make sure that you
will not experience any membrane peeling
afterwards.
When we apply the liquid membrane we
must not reason in number of coats as
62
BUILDING & CONSTRUCTION
Malta Business Review
this differs from one person to another. A
popular misconception is that for a perfect
application we must apply 2 coats, well
its wrong. Membrane must be applied by
weight, and for a good application strong
enough to withstand the Maltese climate
must be of not less than 1 kg of material
per square metre, for sure this means not
less than 3 coats if one presumes to apply
an average of 300g per coat. The correct
quantity of material applied must be
according to the square metres of the roof
(Ex 100sq m = 100kilos).
Product knowledge and how to use the
material correctly is the secret of an able
installer and this applies also when it
comes to DIY or a professional installer.
A good advice if you opt to have your
waterproofing needs carried out by third
parties, always make sure they are members
of the Malta Professional Waterproofing
and Resin Flooring Association. Always ask
to see the Association’s INSTALLERS CARD.
This will save you a lot hassle as improper
roof protection by unaccountable or
unethical persons can give way to a
serious of unwanted damages. Over 80%
of building damages originates from water
intake. The result is an endless court case,
if you are lucky enough to trace the guys
who carried out the works. All this will
eventually take years and prove fruitless.
The Malta Waterproofing and Resin
Flooring Association provide technical
knowledge and professional formation to
all Maltese installers who wish to improve
their workmanship or start a carrier in the
waterproofing business. The Association
also assists its members by providing the
services of a profession advisor when facing
challenging situations or other difficulties
during their works. The Association
also provides its qualified members the
Certified Installers Card. This is done to
reassure the general public that the person
is able to carry out the requested job at its
best. All this is being made possible thanks
to the Resin and Membrane Centre and
NAICI International Academy. For further
information with regards the Malta
Professional Waterproofing and Resin
Flooring Association visit our website on
www.maltawaterproofing.com or call on
27477647.
MBR
Certifications & Standards of a
good quality membrane
For more information:
www.maltawaterproofing.com
+356 27477647
We are Quality
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
www.mbrpublications.net
63
Malta Business Review
BANKING NEWS
FIMBank announces
USD 5.3 million
profit for 2016
Refocused strategy yields positive results
The FIMBank Group’s return to
profitability is the outcome of a successful
consolidation and turnaround strategy
launched in 2015. This is the highlight of
the Group’s 2016 performance.
FIMBank’s Group Consolidated Audited
Financial Statements show that for the
year ended 31 December 2016, the Group
registered a profit of USD5.3 million,
compared to a loss of USD7.1 million
in 2015. At 31 December 2016, total
Consolidated Assets stood at USD1.74
billion, a substantial increase of 21 per cent
over the USD1.44 billion reported at end
2015, while total Consolidated Liabilities
stood at USD1.57 billion, up by 24 per cent
from USD1.27 billion in 2015. Operating
income before net impairment for 2016
stood at USD46.1 million, at par with
2015 levels. On the other hand, during
the year in review, net interest income
decreased by USD7.6 million to USD22.0
million. Operating expenses decreased
by USD8.3 million, from USD47.0 million
to USD38.7 million. Significantly, “as a
result of energetic and consistent recovery
efforts”, for the second year running
net impairments saw a very significant
decrease, this time by more than 70
per cent, to stand at USD2.3 million,
compared to USD10.3 million in 2015.
Meanwhile, the Board of Directors will not
be recommending a dividend, however,
subject to the Regulator’s approval, the
Board will be recommending a 1 for 80
Bonus Issue of Ordinary Shares by way
of capitalisation of the Share Premium
Account.
According to the FIMBank Group’s
Chairman, Dr John C. Grech, the 2016
financial results “are a vindication of our
steadfast resolve to bring the Group back
on the road to profitability following the
bleak performance of 2014”. He explained
that “after considerable effort and sound
strategic decision-making, today we are in
a position to witness the financial response
to a successful turnaround strategy,
superbly crafted and ably delivered by
FIMBank’s management team, led by our
CEO Murali Subramanian”. Dr Grech also
referred to the fact that “on the back of
consistent support of our controlling
shareholders Fitch Ratings upgraded
FIMBank to BB and its Support Rating to
3 from 5”.
Commenting on the financial results,
FIMBank Group CEO Murali Subramanian
stated that the pillars for the successful
turnaround of the Group’s fortunes post-
2014, included an improved origination
strategy, the harmonisation of FIMBank’s
product offering, exploring new product
opportunities, developing a marketappropriate
risk appetite, as well as the
implementation of cost efficiencies across
the whole Group. “These principles
provided a platform from which FIMBank
has, since then, been successfully
stabilising its performance, growing its
loan book and reversing the negative
financial trend, eventually returning a fullyear
profit by end-2016”.
Mr Subramanian identified the
strengthening of FIMBank’s management
structure, the vigorous implementation
of cost control measures, and the
implementation of a common risk
management framework, as key
contributors to the success of the
turnaround. From an operational
perspective, during 2016 the re-alignment
and streamlining of FIMBank’s international
factoring strategy “proceeded as planned”,
with the ongoing restructuring of business
units across the factoring network.
FIMBank’s CEO highlighted the Bank’s
Shipping, Factoring as well as lending
into selected Real Estate in Malta, as
sectors expected to drive increasingly
important revenue streams to the Group.
He also mentioned the Group’s “successful
approach to the retail depositor market,
thanks to the diversification of our funding
base and a reduction in the overall cost of
funding”.
Referring to the immediate outlook for
the Group, Mr Subramanian said that “We
will evaluate further avenues to diversify
the target sectors wherever viable, in
order to reinforce balance, and rebuild
or consolidate the different portfolios”.
He referred to the macro-economic
outlook as encouraging, and reiterated
management’s intention to continue
monitoring closely developments in all
the markets, “thus allowing us to exploit
opportunities and protect ourselves from
potential external risks to the business”.
FIMBank’s CEO stated that “The overall
objective is to continue growing our
business to more sustainable levels of
profitability, generating greater returns
to shareholders, while strengthening our
balance sheet further”. MBR
FIMBank p.l.c., Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian's STJ 3155, Malta
Tel: +356 21322100 - Email: marketing@fimbank.com
64
GLOBAL ECONOMY
Malta Business Review
Deloitte
Global
Economic
Outlook
Q1 2017
As 2017 begins, the global economic
environment is characterized by
new political realities.
In the United States, there is a new
president with ideas and goals different
from those of his predecessor. The US
election has led to higher bond yields
and a higher-valued US dollar based
on expectations of faster growth and
more inflation. In Europe, growth and
inflation have begun to accelerate, yet
unemployment remains stubbornly high
in much of the continent. Meanwhile,
important elections are on the horizon
for both Germany and France, setting the
stage for the policy environment in the
coming year. In Asia, growth is stabilizing,
but risks are piling up in the form of
higher debts and rising trade tensions. In
this edition of Deloitte’s Global Economic
Outlook, economists across the globe
examine the unfolding environment and
offer their thoughts on how things might
evolve.
First, Patricia Buckley discusses the US
economy in light of the election. She notes
that the economy is in “fairly good shape,”
but that the incoming administration has
fiscal plans designed to boost growth
and trade as well as immigration plans
meant to shield the US economy from the
vicissitudes of the global economy.
In the second article, Alexander Börsch
looks back at 2016 and how it was not
a bad year for the Eurozone from an
economic perspective. He discusses how
the current environment sets the stage
for continued moderate growth with rising
inflation. On the other hand, he notes the
political earthquakes that struck Europe
in the past year, such as Brexit and the
Italian referendum, as well as the various
downside risks to Europe’s economy.
In the third article, Dr Ira Kalish looks at
the Chinese economy. He discuss how two
issues in particular are likely to determine
the path of the Chinese economy. First,
trade is top of mind, with exports declining
due to a high-valued currency, rising wages,
and weak external demand. Moreover,
the threat of protectionist action by the
United States makes the trade outlook
uncertain. Second, efforts to cool down an
overheated property market are bearing
fruit but threaten to undermine growth.
Japan is the topic of the fourth article. Dr
Ira Kalish examines how stronger exports
have led to an acceleration in economic
growth. Moreover, the weakness of the
yen bodes well for continued export
growth.
In her article on India, Rumki Majumdar
offers a detailed examination of the
government’s recent and controversial
demonetization. She notes the potentially
disruptive effect of this policy.
Mexico is the subject of our next article
by Jesus Leal Trujillo and Daniel Bachman.
The country has attracted quite a bit of
attention given President Donald Trump’s
talk about renegotiating NAFTA. Jesus and
Danny examine the history of Mexico’s
shift toward freer trade in the past two
decades and the economic impact.
In the next article, Akrur Barua examines
Turkey, an economy with many positive
attributes. However, currently Turkey faces
some significant challenges, including
terrorism, an influx of refugees, slow
growth in export markets, and political
uncertainty.
Lester Gunnion examines the South African
economy in the next article. He points to
relatively slow growth and the necessity
of tight monetary and fiscal policies,
which don’t much help persistently high
unemployment.
In the final article, Akrur Barua and Anshu
Mittal take a look at the global shipping
industry. They discuss the upheavals facing
the industry as a result of excess capacity
and a slowdown in global trade.
The Deloitte Global Economic Outlook Q1
2017 may be downloaded from http://
deloi.tt/2lfr5hq. MBR
www.mbrpublications.net
65
Malta Business Review
NEWSMAKERS
Maltco Lotteries presented
Malta U21 Football Coach
Silvio Vella with Coach of
the Year Award
Maltco Lotteries, sponsored the Sport Malta
Awards for the fifth consecutive year and presented
Coach of the Year Silvio Vella with his award at the
Mediterranean Conference Centre.
Maltco Lotteries, supported the Sport Malta
Awards for the fifth consecutive year and
presented Malta U21 Football Coach Silvio
Vella with the coveted Coach of the Year Award.
Maltco Lotteries broadcast a number of sports
through their U-BET platform. Coach Silvio
Vella, who masterminded the Malta U-21s’
positive run in the European qualifiers, was
presented by David A. Gatt - Maltco Lotteries
Sales & Marketing Director with the Coach
of the Year award in front of an appreciative
audience at the Mediterranean Conference
Centre broadcast live on television. Coach
of the Year Vella obtained 110 points from
the 8 independent juries and was the only
nominated coach to garner a three figure
points score, underlining the tremendous
coaching work in the last Euro Championship
qualifying campaign. Under Vella’s guidance,
the Malta U-21 team gained three wins, beating
Latvia 1-0 at home and 2-1 away, and Moldova
3-2 at home in their final qualifier, played on
October 11. They also figured in two goalless
draws away to Moldova and Montenegro for an
unprecedented tally of 11 points which placed
them above Latvia and Moldova in the group
standings. Malta U-21 team’s feat in collecting
11 points in Group One of the 2017 UEFA U-21
Championship qualifying campaign, a record
for a Maltese national side, meant Coach Vella
had every reason to celebrate his Coach of the
Year title. A spokesperson for the Company
said that it is an honour for Maltco Lotteries to
support this event year after year and to award
the successful coaches and athletes. She also
emphasised on the importance of promoting
all sporting disciplines being practised in Malta
in an effort to boost sports participation in the
country. For further information email info@
maltco.net, visit the Maltco website www.
maltco.com or call 2388 3000. MBR
MALTCO LOTTERIES PRESENT H.E.
MARIE-LOUISE COLEIRO PRECA
WITH CHEQUE FOR €10,000 IN AID
OF THE MALTA COMMUNITY CHEST
FUND FOUNDATION.
Maltco Lotteries, presented Her Excellency,
Marie-Louise Coleiro Preca, President of Malta
with a cheque for €10,000 in support of the
President's Solidarity Fun Run 2016 in aid of the
Malta Community Chest Fund Foundation.
The President’s Solidarity Fun Run brings
together the whole nation in an effort to
help those in need and also promotes the
importance of an active healthy lifestyle
through regular physical activity. The Malta
Community Chest Fund Foundation provides
financial, material and professional support
to people experiencing difficulties because
of severe chronic illness, such as cancer.
The foundation also supports persons with
disability, people in poverty and NGOs through
the Fund for Voluntary Organisations.
Maltco Lotteries CEO Vasileios Kasiotakis said:
Minister for Competitiveness and
Digital, Maritime and Services
Economy Emmanuel Mallia
addressed directors and employees
on the occasion of the celebration
of the thousandth employee to have
been engaged with Betsson Group
in Malta.
Emmanuel Mallia said that it is the Government’s
responsibility to provide the necessary
frameworks, platforms, resources and tools
which will allow Betsson Group and other
companies within the iGaming sector to operate
smoothly and achieve the desired growth in the
years to come. The Minister stressed that it is the
government’s vision that the iGaming industry
is nurtured in order for it to become a leading
driving force in the Maltese economy, achieving
year-on-year growth whilst also attracting
further business and investment.
‘The Government of Malta is committed to
attracting sector leaders such as Betsson Group,
as well as budding start-ups to our shores, and
believes that a symbiotic partnership between
the public sector and such technology- and
innovation-driven business is critical for Malta’s
economic development’, Minister Mallia said.
Betsson presently employs almost 2000 people
from 43 different nationalities with a wage bill
that reaches 40 million a year. Malta has by far
the largest office and company headquarters.
Betsson commenced operations in 2016 and
employed ten people—today it is the largest
iGaming company in Malta. MBR
Minister for Competitiveness and Digital,
Maritime and Services Economy, Emmanuel Mallia
Maltco Lotteries, Malta’s national
lottery brand, presented a cheque
to President Marie Louise Coleiro
for €10,000 in support of the annual
President’s Solidarity Fun Run in aid
of the Malta Community Chest Fund
Foundation.
"Maltco Lotteries supports this event as part
of our community support, with the company
having also mobilised its Agents on behalf of
the Malta Community Chest Fund Foundation.
Maltco Lotteries is pleased to combine with
the enthusiasm and generosity of the Maltese
people to raise funds for such a worthy cause."
For further information email info@maltco.net,
visit the Maltco website www.maltco.com.mt
or call 2388 3000. MBR
NEW STUDY: A European
Statute for Social and
Solidarity-Based Enterprise
Social enterprises (SE) are subject to ad hoc
legislation in an increasing number of EU
jurisdictions and legislative initiatives in this
field are under consideration by EU institutions.
This paper explains why tailor-made legislation
on SE is essential for the development of this
unconventional form of business organization.
It describes and compares existing models of SE
regulation and discusses the core elements of
an SE’s legal identity, with the aim of providing
recommendations on the potential forms and
contents of an EU legal statute on this subject.
This study was requested by the European
Parliament’s Committee on Legal Affairs and
commissioned, overseen and published by
the Policy Department for Citizens’ Rights and
Constitutional Affairs. MBR
66
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is a Ready Business
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Managing Director
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