MBRmay 2017_PG ALL LR

MALTA 

BUSINESS REVIEW 

ISSUE 31 MAY 2017 

COVER STORY 

CHANGING THE WAY YOU COLLABORATE 

We learn more about 3XP, a specialist Omni-channel 

Voice & Contact Centre solution provider 

06 

16 

22 

26 

ANALYSIS: ELECTIONS 2017 

Living in a Paradox 

Joseph Farrugia’s superb analysis of the current political 

and economic scenario 

SPECIAL FEATURE: TRANSPORT & LOGISTICS 

Reliable Logistics Experts 

Jonathan Vella, CEO Express Logigroup, tells why the company 

emerges as the solution driver for any freight requirement 

SPECIAL PULL-AND-KEEP SUPPLEMENT: MiGEA 2107 

Vision & Strategy 

An interview with Alan Brincat, Operations Director, Quasar Ltd

Malta Business Review 

06 COVER STORY 


We learn more about 3XP, a Cisco UCCE ATP, specialist 

Contact Centre solutions provider delivering and supporting 

world class contact centres worldwide 

8 ELECTION 2017 

MALTESE GENERAL ELECTIONS 2017 

Summary analysis of the snap general elections, which will 

be held in Malta on Saturday, 3 June 2017 

12 LEADERSHIP 

GOVERNANCE 

Study by Malta Employers Association on what 

Governance should all be about 

16 ANALYSIS: ELECTIONS 2017 

LIVING IN A PARADOX 

Joseph Farrugia from the Malta Employers Association 

superb analysis of the current political and economic 

scenario 

your perfect atmosphere 

52 

Our Golden Partners 

54 

06 

SPECIAL FEATURE: TRANSPORT 

& LOGISTICS INTERVIEW OF THE 

MONTH 

20 DELIVERING SECURE, SUSTAINABLE AND 

COMPETITIVE ENERGY TO EU CITIZENS AND INDUSTRY 

The Editor interviews Dirk Beckers, INEA Executive Director 

(EC) 

22 RELIABLE LOGISTICS EXPERTS 

Jonathan Vella, CEO Express Logigroup, tells why the 

company emerges as the solution driver for any freight 

requirement 

SPECIAL PULL-AND-KEEP 

SUPPLEMENT FEATURE: 

MiGEA 2017 

26 VISION & STRATEGY 

An interview with Alan Brincat, Operations Director, Quasar 

Ltd, outright winners of three prestigious iGaming awards 

32 VALUE & OPPORTUNITIES 

We meet LVBet’s captivating Simona Pinterova, PR 

Manager, who was voted as Malta's Best iGaming Woman 

Leader of the Year 

26 

CONTENTS 

May 2017 

32 

43 PROFILE 

DAPHNE CARUANA GALIZIA: THE BLOGGING FURY 

We profile Malta’s most prolific and controversial journalists and blogger, 

thanks to our association POLITICO SPRL 

FEATURE STORIES 

46 GAMING IN MALTA 

Colin Gregory, Managing Director at EQUIOM MALTA gives an overview 

of the Gaming sector in Malta 

51 NEW RULES TO PROTECT INVESTORS AND HELP SMES ACCEPT 

DIVERS SOURCE OF CAPITAL 

Single capital market and ease small firms access to finance 

52 SO LONG JOB FOR LIFE 

Maria Zahra tells us just why job hopping is getting close to becoming 

the norm 

54 BUILDING & CONSTRUCTION 

RESIN FLOORINGS VOICING THE FUTURE 

Antoine Bonello, MD at the Resin & Membrane Centre on maintain 

healthy resin florings 

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 

MBR Design 

ADVERTISING 

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

Email: margaret@mbrpublications.net 

or admin@mbrpublications.net 

CONTRIBUTORS 

Antoine Bonello; George Carol; Jean Paul 

Demajo; Joseph Farrugia; Colin Gregory; 

Donata Kalinska; Denise Nestor; Silvia Pedrotti; 

Charlie Williams; Maria Zhara 

SPECIAL THANKS 

Corporate Identities; CELENT; Demajo Dental; 

DOI; European Commissioner for Transport; EU/ 

EP Plenary Session/Institutions – External 

Relations; GRTU; ICF MOSTRA; LinkedIN; Malta 

Communications Authority; Malta Employers 

Association; Ministry for Finance; Ministry for 

Transport & Infrastructure; POLITICO SPRL; 

Reza Visual Academy; The Malta Independent; 

Wikipedia 

PRINT PRODUCTION 

Printit 

QUOTE OF THE MONTH 

- Abraham Lincoln, on the accusation that he was 

two-faced: “If I had two faces, would I be wearing this 

one?” 

ABRAHAM LINCOLN 

Disclaimer 

All rights reserved. No part of this work covered by copyright may 

be reproduced or copied and reproduction in whole or part is strictly 

prohibited without written permission of the publisher. All content 

material available on this publication is duly protected by Maltese 

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

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

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

is sourced from the website, magazine or related product without 

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

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

are not necessarily those of the editor or publisher. 

Talk to us: 

E-mail: martin@mbrpublications.net 

Twitter: @MBRPublications 

Facebook: www.facebook.com/MaltaBusinessReview 

EDITORIAL 


Beethoven rocks France! It was one of the most enjoyable 

moments of politics, especially in recent history, when Emanuel 

Macron entered the stage on the night following his landslide 

victory. They were playing the European Hymn, Beethoven's "Ode 

to Joy", and not the Marseillaise, the French national anthem. At 

the same time they were showing some young girls showing an 

illuminated sign reading, "Hope beats Hate". This, for me, was 

very emotional. 

A couple of weeks ago in one of the absorbing articles penned 

by Werner E Jung- "Who is afraid of the Twitter Man", the author 

had expressed the hope, that the bad example of Trump might 

encourage the people of Europe to think a little more about their 

own future when going to the ballots. It had worked in Austria 

and in The Netherlands (although by a close margin), which kept the radicals out. In France the polls 

had predicted a big win for Macron, but ever since Brexit and Trump, nobody really trusts polls any 

more…. This gets us back to Bernard de Mandeville and his "Fable of the Bees", where he concludes 

that, "private vice will create some public virtues" – although, that is bending the story and the 

interpretation quite a bit! 

It is very refreshing, to see a new young politician who came out of "nowhere" a year ago to come to 

power, withstanding the trend towards nationalism all around us and winning the election in France, 

of all countries. At 39 he is the youngest head of government since Napoleon. He will have a hell of a 

job, since France badly needs social and fiscal reforms. It is said that France cannot do reforms, they 

can only do revolutions! Well, his election was the first part of a revolution. Vive la France! 

I am very happy to see young people take the helm and get some fresh ideas into our socio-political 

system. Time to look forward instead of backward. I am one who does not believe that history 

repeats itself; we should learn from it but avoid trying to predict the future on that basis. I watched 

how Macron’s electoral win has united the French. Europeans are looking at America, watching how 

a great Federation can be destroyed. They seem to be learning from a strikingly bad example. Maybe 

Europeans will build a monument for Trump one day; who knows? 

Dear Reader, I have been very quiet lately, sorry – I was and I am depressed. I have been watching 

Maltese build a wall of hate instead of fraternity, intolerance instead of unity, applaud corruption 

instead of morality and it disgusts me to still see a lot of ignorance around instead of intellectualism 

and wisdom. I have watched how fear and terror is creeping over stability, chaos instead of truth, 

segregation instead of convergence, and above all how hypocrisy rules over fairness. Maybe it is time 

for me to join Waldorf and Statler on the balcony on the Muppet Show! 

It is hard to face that fact and it will probably take some time for me to come to grip with that. 

Suzy Kassem, a contributor to this respectable publication, commenting on how a nation’s greatness 

depends on its leader, remarked, “Pick a leader who has substance, not superficiality, character, not 

immaturity, who is transparent, not secret, who practices justice, not lawlessness, who is truthful, 

not a lier… who is steered by his conscience, not a bribe”. 

With a highly successful climax to Malta’s iGaming Excellence Awards, one foreign visitor to our 

Island told me that now the event is over, he wanted to make a comment about iGaming. He said, 

“As far as I am concerned iGaming in Malta is nothing else but government sanctioned money 

laundering! And it was not even the present administration who introduced that legislation. Malta 

is really lucky that they are such a small entity within the EU, so they can literally do whatever 

they want – it will go unnoticed. Malta does have a long history of piracy, deceit and corruption, 

so I guess it is just a way of life. I cannot explain the daily news otherwise; who really gives a damn 

about Panama, kickbacks, blind police commissioners, passport peddlers, energy, hospital or bank 

scandals? As it looks nothing is going to change with the upcoming elections. Your PM must have a 

clever plan to call a snap election. He will probably appoint Keith Schembri as Finance Minister and 

Konrad Mizzi as Head of the Gambling Commission.” 

Admittedly, it is so frustrating to see, read and hear all these developments about all the ramblings 

in Malta, that it has also become thorny to express one’s free opinion. It is for the Maltese people to 

clean up their own mess. Up to this point it seems that they can live with it quite comfortably, else 

they would be out in the streets shouting for "La Revolution" and setting up a Guillotine in front of 

Castille! 

I hope that all Maltese, as the French have shown us, will also have good cause to finally come 

together and unite following the election results. I Hope we have better weather following the 

elections. Enjoy the read! 

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. 

Agents for: 

4 5 

www.maltabusinessreview.net


COVER STORY OF THE MONTH 

COVER STORY OF THE MONTH 



Helping Call Centres automate processes and enable customer communication via 

social media channels such as Twitter, Facebook & LinkedIn 

PRODUCTS 

3XP belong to an exclusive group of companies that can Design, 

Implement and Mantain Cisco enterprise Voice & Contact Centre 

solutions, in addition to highly functional and cost effective Small to 

Medium Businesses solutions. 

3XP Audit 3XP Live 3XP Manage 

COMPREHENSIVE NETWORK CARE 

IT'S DIFFERENT WHEN IT'S LIVE… 

1. 3XP Live Streaming Internet Video Generates A Bigger Audience 

2. 3XP Live Streaming Internet Video Provides Content Urgency 

3. 3XP Live Streaming Internet Video Whipps Up Online 

iGaming Interaction 

4. 3XP Live Streaming Internet Video Opens Opportunities 

For New Revenue 

5. 3XP Live Streaming Internet Video Makes your Audience Stand Out 

From The Crowd 

6. Streaming live events and content gives your brand or business 

a fantastic point of differentiation 

3XP Group team during the MiGEA 2017 

Whilst we specialise in customer 

collaboration solutions, we never lose 

sight of the fact that any collaboration 

solution requires a strong network at 

its foundation. 

3XP are OMANI-CHANNEL SPECIALISTS, enabling 

business to blend media channels such as: 

• Voice 

• Video 

• Email 

• Web chat 

• Twitter 

• Facebook 

• LinkedIn 

And much more 

6 7 



ELECTIONS 2017 

Maltese general election 2017 

General elections will be held in Malta on Saturday, 3 June 2017. The elections will be contested by the Labour, led by Prime 

Minister Joseph Muscat, the Nationalist Party, led by opposition leader Simon Busuttil, and four other parties and will see 

the most parties fielding candidates since 1962 

3 June 2017 

Participating parties 

The Maltese political landscape is regarded 

as one of the most pure two-party systems 

of the 21st century, and has been dominated 

by moderate centre-left and centre-right 

groups for decades; no third parties have 

elected MPs since the 1962 election. Six 

parties are expected to field candidates in the 

2018 election, the first time since 1962 that 

Maltese voters will have that many parties on 

the ballot: 

Nationalist Party implying that 

Joseph Muscat let the country down 


Background 

The previous general elections were held on 

Saturday, 9 March 2013. The Labour Party, 

led by Muscat, defeated the incumbent 

Nationalist Party of Lawrence Gonzi in a 

landslide victory, taking 39 seats in the 

House of Representatives, against 30 for the 

Nationalist Party. However, on 5 February 

2015 the Constitutional Court ordered two 

additional seats to be given to the Nationalist 

Party. The Labour Party lost a further seat 

when Marlene Farrugia resigned from the 

Labour parliamentary group, later forming 

the Democratic Party. 

Muscat was sworn in as the new Prime 

Minister on 11 March. The cabinet of 15 

ministers was the largest cabinet in Maltese 

history. This record was again surpassed 

when Muscat announced a cabinet reshuffle 

following the appearance of Minister Konrad 

Mizzi's name in the Panama Papers; the new 

cabinet featured 16 ministers as well as the 

Prime Minister. Mizzi was included in the new 

cabinet as Minister within the Office of the 

Prime Minister. 

Prior to the 2013 elections, Muscat had 

pledged that the size of his Cabinet would 

never exceed the size of the largest Cabinet 

of the Fenech Adami administrations, the 

largest of which consisted of 13 ministers. 

Following their defeat, Gonzi stepped down 

as leader of the Nationalists, with Simon 

Busuttil taking his place on 13 May. As of 

2016, Busuttil contesting as the Nationalist 

candidate as potential prime minister in the 

next election. 

The Labour Party (PL) of incumbent Prime 

Minister Joseph Muscat held a majority in 

the legislature since the 2013 election, with 

38 MPs at dissolution. The Labour Party 

traditionally pursues social democratic ideals, 

and is rooted in the mainstream European 

centre-left. 

The Nationalist Party (PN) of opposition leader 

Simon Busuttil is the major opposition party 

in parliament, with 29 MPs at dissolution. 

The party's last prime minister was Lawrence 

Gonzi, who also served as prime minister from 

2004 to 2013. For much of its history, the PN 

has embraced conservatism and Christian 

democracy, as well as European integration. 

The Democratic Party (PD) which was 

founded when Labour MP Marlene Farrugia 

left her party on 4 June 2016. It had 1 MP 

(Farrugia herself) at dissolution. Under a 

coalition agreement announced on 28 April 

2017 PD candidates will contest the election 

as Nationalist candidates, with the additional 

descriptor "tal-orange", and any elected PD 

members would participate in a potential 

Nationalist-led government.The Democratic 

Alternative (AD), led by Arnold Cassola since 

2013, is the most successful contemporary 

third party in Malta. It is, however, not 

represented in parliament. Originally an 

Opinion Poll 

Labour Party poster implying that Simon Busuttil 

and Marlene Farrugia disagree on proposals 

offshoot from the Labour Party in 1989, the 

party stresses green politics and sustainable 

development. Moviment Patrijotti Maltin 

(MPM), an offshoot of the anti-immigration 

group Għaqda Patrijotti Maltin led by Henry 

Battistino which campaigns against illegal 

immigration, Malta's participation in the 

Schengen Area, and Islam in Malta. 

Alleanza Bidla (AB), a conservative Christian 

and Eurosceptic party led by Ivan Grech 

Mintoff. 

Electoral system 

The Maltese voting system is a variant of 

proportional representation, achieved 

through the use of the single transferable 

vote, with five MPs to be returned from each 

of thirteen districts. Overall, there are 65 

constituency seats, with a variable number of 

at-large seats added to ensure that the overall 

first-preference votes are reflected in the 

composition of the House of Representatives. 

Creditline: Wikipedia, the free encyclopedia MBR 

Corporate 

US Dollar 

accounts that fit your 

business needs 

Whatever your corporate activity, if you are working 

with US Dollars, we can provide your business with 

a suite of banking products including corporate 

current and savings accounts, fixed term deposits, 

forex services and international payments. 

Contact our Sales Relationship Team and discover 

how your business can benefit from our US Dollar 

Currency services, including competitive interest 

rates on US Dollar fixed term deposits. 

Freephone 80073110 

cm.sales@fimbank.com 

On 1 May 2017 Muscat announced a snap 

election to take place on 3 June 2017. The 

announcement was made during a May Dy 

SINGAPORE SÃO PAULO SANTIAGO PARIS NEW YORK MUMBAI MALTA LONDON ISTANBUL DUBAI COLOGNE CAIRO ATHENS 

rally organised by the Labour Party in Valletta. 

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

All interest rates quoted are on a gross per annum basis. 

8 www.maltabusinessreview.net 9 

$ 

Corporate 

Fixed Term Deposits in USD 

3 month 

6 month 

1 year 

1.30% p.a. 

1.60% p.a. 

2.30% p.a. 

Minimum deposit: USD50,000 

Doing Business in US Dollar?


ELECTIONS 2017 

MEDIA/PR 


GRTU presents 33 proposals for election, 

calls on government to create new 

economic sector 

democratisation of the powers of the Prime 

Minister. Mr Abela said that it is dangerous 

and not ideal for one man to have so much 

power. He argues that important decisions 

should always be backed up by the cabinet's 

majority. 

GRTU, the Malta Chamber of SMEs, has 

this morning presented its proposals for the 

electoral manifesto. In a presentation before 

the media, GRTU CEO Abigail Mamo explained 

that some of the proposals were already taken 

aboard by the two major political parties, 

such as the removal of SISA, which is included 

in the PN election manifesto. 

GRTU presented a list of 33 proposals based 

on five key principles which includes the 

protection of ODZ land. The union believes 

that the government should ratify MCESD 

agreements without hesitation. Government 

should not compete with the private sector. 

Ms Mamo explained that government always 

has a huge advantage over the private and 

it risks destabilizing the local market. The 

manifesto looks into the issue with Local 

Councils issuing permits for temporary stalls. 

GRTU argues that Local Councils do not 

have the capacity or the remit to regulate 

commerce in their locality. "Unless specifically 

related to their religious feats or a specific fair 

organised in the locality, Local Councils should 

not extend the permits to allow street selling." 

The protection of ODZ land is given 

prominence in the GRTU manifesto. President 

Paul Abela said that he believes that ODZ land 

should simply not be touched. However, 

he explained that if the need arises for an 

ODZ area to be developed, the price should 

be hefty enough to serve as deterrent for 

investors. He referred to the Zonqor point 

project for the American University of Malta. 

He said the government should have asked 

for double the price so that investors do not 

even consider of buying that land. GRTU 

argues that there needs to be a mechanism 

set in place to properly calculate the price of 

ODZ land. 

The Chamber for SMEs believes that despite 

the recent economic success, the government 

should look into creating a new sector where 

the economy can flourish. GRTU requests 

that in the next legislature, the elected 

government should commit the creation 

of a new economic sector. The manifesto 

also looks into good governance and the 

role of the institutions. GRTU believes in the 

Transparency in the Planning Authority, or 

the lack of, has been one major concern for 

GRTU members. Mamo explained that the 

restructuring has started but it is far from 

completed. GRTU argues that enforcement 

should be equal for all. Mr Abela gave the 

example of the billboard bonanza and how 

the abuse, although flagrant, is still allowed 

to happen, especially during an election 

campaign. The Small Business Act, which 

is present across Europe, should be legally 

enforceable. This will help protect small 

businesses when, for example, participating 

in tenders. GRTU also believes that the 

right of appeal against a decision should be 

introduced. 

GRTU insists that more pro-business 

measures should be introduced. Ms Mamo 

said that traffic remains one major obstacle 

for businesses and retail shops to run 

smoothly. GRTU embraces the proposal to 

have free student transport for all. MBR 

Courtesy: The Malta Independent 

10 11 



GOVERNANCE ELECTIONS 2017 

GOZO 


GOVERNANCE 

There should be a strategy for Gozo which reduces the gap 

between its GDP and that of Malta by identifying high-end 

niches which strike a balance between specific investment 

and the retention of its natural splendour. 

Gozo still has considerable untapped economic potential 

which could preserve the environment, improve the quality 

of life of its inhabitants, and attract more people to live there. 

This strategy should include: 

• A second bre op c cable to improve the infrastructure for 

financial, IT and gaming companies. 

• Turning all agricultural produc on on the island to organic 

farming. 

• Converting the island into a wi-fi hotspot. 

• Providing special incentives for the di usion of electric cars 

and vehicles that run on alternative fuel on the island 

• Incentivising a wider di usion of photovoltaic energy. 

• Attracting cultural tourism through the establishment of an 

annual cultural calendar, which includes the opera season. 

• Establish the feasibility of the proposed tunnel connection 

between Malta and Gozo. Conducting a cost benefit 

analysis to determine the resources required and the 

opportunity cost of using such resources vis a vis other 

national priorities. 

• Increasing connectivity through direct marine linkages 

to Sliema and Valle a through a catamaran service, and a 

helicopter service. 

• Marketing Gozo as a separate product to attract market 

niches: religious, health, sport and agritourism. 

• Using synergies from organic farming, eco- technologies 

and the medical infrastructure to develop a niche in medical 

tourism. Gozo can be an ideal destination for cosmetic 

surgery and recovery for Maltese and foreign citizens. 

• Releasing labour from the public sector to meet demand 

for labour in private sector led economic activities. 

The introduction of this memorandum highlighted the 

importance of good governance and the need to improve 

governance structures in the public service and public 

authorities. 

MEA is proposing the following actions to improve 

governance. 

3.1 Positions of trust 

Although it is understandable that any party in government 

needs to appoint persons in positions of trust, the number 

of such appointments should be subject to a ceiling. These 

appointments should not be perceived to be the result of 

political favours. 

3.2 Contracts 

• All contracts entered by Government with other parties 

will be made public within reasonable time – not exceeding 

three months – since the date of signing. 

• The director of contracts should be given back the authority 

to take an active part in adjudication processes, and not 

to just act as a regulatory body. Tenders are not to be 

adjudicated by Ministries but by independent adjudicators. 

• Government will not enter into binding agreements 

(commercial or otherwise) with entities whose ultimate 

owners are unknown. Such agreements will be made 

illegal. 

3.3 Direct Orders 

• Members of parliament should not hold positions of trust. 

This may be in conflict with their duties in parliament. 

• There shall be full public disclosure of contracts, 

remuneration conditions, including bonuses and perks, of 

persons occupying positions of trust. 

• All persons occupying a position of trust with public entities 

and who have not been employed through a recruitment 

process should be subject to a periodic audit by an 

independent board to justify their position. The board shall 

include representatives from the opposition. As with any 

private sector company, they will report on time spent, 

activities and results achieved. 

• Key positions in Authorities need to be approved by a two 

thirds majority in parliament. 

• Government should ensure that the parameters that 

regulate direct orders are respected and enforced. Any 

direct orders that go against these regulations should be 

immediately be declared illegal and null. 

3.4 State Visits Abroad 

• The media will be represented on all state visits abroad. It 

will be unacceptable to have state visits in which the media 

are not invited. MBR 

Creditline: Towards Sustained Economic Growth & Better 

Governance, Malta Employers Association 

12 

www.maltabusinessreview.net 

13


ERP DASHBOARDS 

ANALYSIS & DEBATE 


Accelerate business growth with 

customised ERP dashboards 

Accelerate your business performance 

By Charlie Williams 

Is your business slowing down from internal 

process inefficiencies and bottlenecks? Do 

you want to improve profitability and reduce 

your operating costs? If you don’t have a 

clear, concise, real-time view of your business 

position, you should consider a cloud ERP 

software solution. 

ERP streamlines and automates processes, 

boosting your profitability while keeping costs 

under control. Ultimately, you gain business 

intelligence and insights to make better 

decisions with real-time dashboards and KPIs. 

Acumatica is the world’s fastest growing 

provider of cloud ERP software that 

empowers small and mid-sized businesses 

to unlock their potential and drive growth. 

Built on the world’s best cloud and mobile 

technology and a unique customer-centric 

licensing model, 

Acumatica delivers a suite of 

fully-integrated applications, 

powered by a robust and 

flexible platform 

all available on the cloud or on-premises for 

easy-access anywhere, anytime, and on any 

device. 

What’s the first thing you see when you logon 

to your ERP system? Most likely a dashboard, 

and for good reason – dashboards display the 

information that’s most important to you, 

from among the volumes of data being stored 

and processed in the ERP system. 

Commonly, dashboards serve to highlight 

trends in key metrics, or KPIs that you care 

about. If you have profit and loss responsibility, 

you would want to see various components 

making up revenue and costs. If you manage 

the warehouse, you would want to see order 

fulfilment lead times, stock turnover, and so 

on. 

ERP dashboards, such as those found in 

Acumatica, offer business leaders a focal 

reference point where they can quickly digest 

key information about their company's health. 

These dashboards typically present key, highlevel 

data in the form of tables, pie charts, 

and other graphical visualisations. However, 

ERP dashboards offer much more than 

summarised views of important information. 

Users can customise their main dashboard 

so that it only displays the data that is most 

relevant to their role. A personalised, realtime 

dashboard lets you accelerate business 

performance with automated processes, 

accurate data collection and analysis, and 

forecasting capabilities that drive better 

business decisions. 

Another benefit of ERP dashboards is that 

they highlight points of strength, while also 

isolating areas for growth. Tailoring your ERP 

software to fit your exact needs enables you 

to turn data into meaningful information 

which makes it possible to manage operations 

more effectively – and grow your bottom line 

at a quicker pace. 

Acumatica’s dashboards provide customised 

views of real-time results from across your 

organisation, and thanks to cloud and mobile 

technology you can access them from any 

device. With company data always visible, and 

at your fingertips, you too can finally regain 

control of your business's path to success. 

Learn more about Acumatica: 

www.computimesoftware.com/acumatica. 

Email us at info@computimesoftware.com 

or call us on +356 2149 0700. 

MBR 

Acumatica ERP delivers adaptable cloud and mobile technology with a unique all-inclusive user 

licensing model _ enabling a complete, real time view of your business anytime, anywhere. 

A single, real-time version of the truth 

Drive better business insights and decisions 

through processes automation. 

Do more with less 

Control workflows and 

maximize your efficiency. 

Ease of use 

Collaborate easily and efficiently on Mac, 

PC, tablet, or mobile phone. 

EDITOR’S 

Note 

Charlie Williams is Head 

of Business Development, 

Computime Software. 

Charlie is a seasoned 

sales and marketing 

professional, bringing 15+ 

years of senior leadership 

experience to Computime 

Software, spanning 

both the business to business and business 

to consumer technology markets across the 

globe. Currently, Charlie is responsible for the 

commercial growth of Computime Software 

through its products, clients, and markets. 

Management precision 

Cash forecasting, period-end close, 

reconciliation and consolidation activities. 

High value 

Unlimited users with 

no increased expense. 

Business Software 

& Integration Solutions 

Smart system 

Individuals see only information 

relevant to their jobs. 

www.computimesoftware.com/acumatica +356 2149 0700 info@computimesoftware.com 

14 www.maltabusinessreview.net 15


ELECTIONS 2017 ELECTIONS 2017 


Living in a Paradox 

By Joseph Farrugia 

The business community believes in high 

ethics and governance. Corruption - even if 

only perceived - is not good for business. Our 

international reputation (which is key for a 

number of business sectors and not only the 

financial sector) will only be secured if we can 

ensure and demonstrate that our institutions 

have strong values and ethics. International 

business and particularly those which are 

highly regulated such as banks will not do 

business in a jurisdiction which is perceived 

to be of high risk to their reputation. The 

mere presence of companies with low ethical 

standards in a jurisdiction is enough to spark 

alarm and scare off legitimate companies. 

Locally, businesses need to believe that 

there is a level playing field and strong future 

prospects for them to develop further and 

invest. 

Unfortunately, there have 

been too many incidents 

– undisclosed contracts, 

suspicious direct orders, hidden 

accounts by politically exposed 

persons, dubious appointments 

of persons in positions of trust – which are 

certainly damaging business confidence and 

Malta’s international image. 

Paradoxically, the election is also occurring at 

a time of positive economic performance. The 

main point of the memorandum presented 

to political parties during the run up to the 

last election focused on fiscal consolidation. 

The document stated that: ‘Political parties 

need to assure the electorate through an 

unequivocal and measured commitment to 

reduce the public debt by an average of 2% 

per annum in the coming five years. All other 

electoral promises, including any revision 

in welfare, pensions and any existing and 

projected public sector expenditure have to be 

subjected to this fundamental obligation’. 

The reason behind the appeal was that in 2013, 

inspite of the aftermath of the international 

recession and the political instability in North 

Africa, the general macroeconomic indicators 

were positive and the economy was 

performing better than many others within 

the Eurozone and the EU. Unemployment, at 

around 6500 persons, was significantly below 

the EU average and employers were already 

experiencing a shortage of labour in many 

areas. Malta had also managed to avoid being 

dragged in the excessive deficit procedure 

as the fiscal deficit was retained at less than 

3%. The activity rate of females in the labour 

force was increasing considerably, particularly 

among younger cohorts. 

This momentum was retained, and 

also accelerated during this legislature. 

Unemployment has continued to decline 

to unprecedented levels and the current 

administration has introduced a number 

of active labour market policies which 

have contributed to a reduction in welfare 

dependency and to a significant increase the 

activity rate. Concurrently, labour market 

shortages have been addressed through the 

increase in the number of foreign employees, 

which currently stands at 34,000 (up from 

13K in 2013), or 18% of the labour force. This 

phenomenon has had both a positive and a 

negative socio-economic impact on Maltese 

society, but has certainly contributed to robust 

economic growth over the past four years.The 

Association has noted with satisfaction that 

the fiscal deficit has shrivelled and turned into 

a surplus in 2016, with the public debt falling 

below 60% of GDP. In a recent statement, the 

Association said that: ‘The sustainability of a 

balanced or surplus budget depends on the 

governance of public funds and to economic 

growth generated by the private sector which 

can sustain the increased demands of services 

such as health and education which are 

provided by the public sector.’ 

The surplus for 2016 should not be a flash in 

the pan, but a sustained effort by whoever 

is elected to continue to reduce the public 

debt during the coming legislature. A 

sustained surplus should also not materialise 

at the sacrifice of capital projects that are 

essential in supporting economic activity 

in the medium to long term. In spite of the 

overall very positive economic performance 

over the past years, the Association has 

warned of a number of fault lines that can 

change these positive trends, and which 

the political parties need to address in the 

interest of long term sustainability. These are: 

• That our economy will probably not be 

eligible to further EU structural funding 

post 2020. This is a reality that will have to 

be faced in the coming years and one has 

to analyse the extent of the growth of the 

past ten years which has been attributable 

to this injection of EU funds. 

• The possibility that the tax incentives 

which have been critical in attracting our 

financial services and gaming sectors 

will be removed or toned down. EU wide 

corporate tax reform is major threat facing 

these sectors, which have contributed to 

29% of the economy’s growth, apart from 

the ripple effects that they have on other 

sectors. These also happen to be our most 

volatile economic sectors, as relocation 

to other countries can take place almost 

instantaneously. 

• Maintaining positive tourism figures 

once there is more stability in the 

Mediterranean region. Tourism has had 

an unprecedented boom during the past 

four years, and our capacity has increased 

to accommodate these levels of occupancy. 

• Increasing Malta’s economic output 

capacity. In a country with limited resources 

and output capacity, we will have to make 

choices as a society, as some activities may 

interfere or even disrupt others. A classic 

case is the threat to sea cleanliness posed by 

the pollution being generated by fish farms. 

Will we have to choose between fish farms 

or quality tourism, or can there be a happy 

coexistence between the two activities? 

The same can be said about Malta’s carrying 

capacity as a tourist destination in terms of 

available accommodation, flight capacity, 

and environmental sustainability. The major 

future challenge may well be one not of 

utilising existing resources to full capacity, but 

rather of how to establish the best mix 

of economic activities to maximise 

sustainable economic performance 

together with environmental and quality 

of life considerations. In the same way that 

ten years ago Malta had to restructure its 

economy because of circumstances which 

were forced upon it, namely the outsourcing 

of our low end manufacturing sector to low 

cost destinations, the country will have to 

take important decisions which can well 

mean the deliberate phasing out or reduction 

of activities which yield a low return or which 

have an adverse effect on our society’s quality 

of life. 

• Reconciling economic growth with 

objectives related to environmental 

constraints and quality of life. This will 

become an increasingly sensitive issue in the 

coming years. In the same way that leisure 

time may take precedence over additional 

earnings, people’s priorities will also shift 

towards other quality of life indicators such 

as less pollution and open spaces. 

• The drop in national revenue once the 

sale of Maltese citizenship subsides. In 

November 2013, MEA had expressed its 

reservations about the sale of Maltese 

citizenship on the basis of national ethics 

and its impact on the country’s reputation 

as a destination for the financial services 

sector. The revenue is expected to be a oneoff 

cash generator, and like the EU funds 

cannot be expected to result in a sustained 

injection in the economy. Political parties 

need to plan for contingency measures 

once this well dries up. 

• Ensuring that Malta’s reputation of good 

governance does not deteriorate further. 

Our current rate of economic growth is 

strongly dependent on a reputation of 

decent and ethical good governance which 

has been built over decades. There is an 

urgent need to restore and build upon this 

reputation in order for this growth to be 

sustainable. 

Government policies have to be based on an 

understanding that Malta has a two speed, 

diversified economy, whereby traditional 

economic sectors are experiencing lower 

rates of growth than those of the new 

economic sectors. This may be a source of 

social tensions which cannot be addressed 

through blanket measures which may be 

affordable for some sectors but which may 

harm the competitiveness of others. The 

competitiveness of traditional sectors like 

manufacturing, which still employs 26,000 

persons, depends on small profit margins. 

Our major manufacturers also face internal 

competition, meaning that even if a domestic 

plant is profitable, the company can still 

relocate to other destinations which yield a 

higher return. 

There is a need for government 

and politicians to make active 

reforms to curtail corruption. 

These need to address the very structure 

of our government and authorities as well 

as political parties. Our governments need 

to move away from the many promises on 

transparency, meritocracy and governance 

to a framework of actual policies that address 

the issues at source. 

More and more, we are seeing that in order 

to attract foreign direct investment and in 

particular in the financial related sectors, 

Malta needs to offer a strong banking system. 

In todays Globalised economy international 

companies require solid financial institutions 

and reputable banks which can operate 

effectively at international level. The strength 

of the international banking system is to the 

financial sector as perhaps the network of 

international airline connections is to our 

Tourism sector. Unless we are able to maintain 

our existing banks and attract more 

international banks to operate from Malta our 

attractiveness as a hub in a number of sectors 

will diminish considerable as will those of 

attracting business opportunities coming out 

of Brexit. The international banking system is 

also essential for Maltese companies wanting 

to trade internationally. 

There is a need for governments to come up 

with long term visions. Proposed policies and 

projects need to be evaluated against the 

true added value which is not only monetary 

but also takes into consideration the 

environmental as well as social requirements. 

The widely-used sustainability needs to be 

evaluated and defined according to a set 

of objectives and priorities. These priorities 

and objectives need to be discussed with the 

various social partners and business to set an 

economic direction and a stable economic 

environment. Other challenges include the 

impact of an ageing population on health and 

welfare spending, global competitiveness and 

the rising cost of the public sector wage bill. 

Political parties must be open and rise above 

theworrying trend of populism. Politics is 

not about telling people what they want to 

hear, but to convince the electorate about 

the best course of action out of a number of 

alternatives, even if such actions might not 

be popular in the short term. Many electoral 

promises by both major parties are being 

thrown in the campaign with disregard to 

their cost and implementation. Unfortunately, 

recent issues are giving rise to a return to a 

highly polarised society, with rising tensions 

that are certainly not good for business. MBR 

Creditline: Towards Sustained Economic Growth & Better Governance, Malta Employers Association 

16 17 



BANKING 

EPP CONGRESS 


Another Successful 

Year for IIG Bank 

MINISTER MIZZI HANDS OVER THE NATIONAL TRANSPORT STRATEGY. 

Best practices, combining political strategy and concrete implementation. 

#Malta 

European Commissioner for Transport Ms Violeta Bulc 

IIG Bank continued to register significant 

as the Bank provided fully to cover impaired 

on maintaining its high standard of service 

progress in developing its business strategy 

which is targeted towards a global presence 

loan assets while pursuing a suitable course of 

action to recover such debts. 

delivery to clients. 

in international trade and commodity 

finance. This development was supported by 

yet another year of significant profits despite 

a focus on maintaining balance sheet size 

consistent with the average level of 2015, 

while concentrating on maintaining customer 

deposits within the desired parameters 

commensurate to asset growth. 

As in previous years, all the income generated 

during 2016 will be reinvested in the form 

of Tier I capital, since the Board continues 

to apply the same policy to ensure that the 

equity base of the Bank continues to grow 

and sustain its development. 

The year-end balance sheet position of 

The initial economic indicators and inflationary 

expectations for 2017 are encouraging and 

should lead to increased levels of activity in 

global trade. The Bank is very well prepared to 

take advantage of the evolving opportunities, 

while still retaining a very positive outlook 

should market conditions not develop in line 

with existing expectations. 

During the year, significant progress was made 

in the internal organisational structure, with 

additional recruitment of skilled personnel 

to increase its operational capacity and to 

US$154,109,412 is the result of an exercise 

to reduce in excess funding and associated 

cost. Loans and advances grew by 8% to 

US$89,031,527 while investments in financial 

Reporting on the performance of the Bank, 

Raymond Busuttil, Managing Director and 

Chief Executive Officer of IIG Bank (Malta) Ltd, 

continue enhancing its risk management and 

compliance team. 

During the financial year under review, 

the Bank registered a profit before tax of 

$4,367,366. Net interest income increased 

to $5,516,183 and net fee and commission 

income to $813,043. Other income resulting 

from trading gains and disposal of financial 

assets generated a comprehensive operating 

assets reduced to US$20,679,444 in an effort 

to minimise the exposure to market risk on 

bond holdings, given the prevailing market 

conditions. 

As mentioned, and in line with the strategy 

adopted, customer deposits reduced to 

US$120,670,756 from USD143,670,301 at 

year-end in 2015. 

said: "Our success depends on the exceptional 

skills and dedication of our staff. We give 

extra attention to our service delivery as this 

gives us a competitive advantage, despite our 

size. Therefore, I thank our highly motivated 

staff and dedicated board members for yet 

another very successful year. I also thank our 

loyal customers for their trust and continued 

support." MBR 

Minister Mizzi (right) with EU Commissioner Violeta Bulc, presiding over the Transport 

Ministerial Conference in which the Member States adopted the Valletta Declaration on Road Safety. 

income of $11,384,825, a 20% increase over 

The Bank has a regular customer base on both 

the previous year. 

the deposit liabilities side of the business and 

in its loan asset portfolio. Significant progress 

Administrative expenses of $2,905,467, saw a 

has been made and opportunities of business 

marginal increase of 10% over 2015. A charge 

continue to flow despite the moderate 

of $4,111,992 was taken to profit and loss 

marketing effort, as the Bank concentrates 

18 19 



ENERGY/TRANSPORT 

ENERGY/TRANSPORT 


Delivering secure, sustainable 

and competitive energy to EU 

citizens and industry 

The Editor interviews Dirk Beckers, INEA Executive Director (EC), who explained he was content that the new INEA is now up and 

running following several months of cost-benefit study, consultations and other preparatory work. In this exclusive interview 

with MBR, Mr Beckers told us that out of the six EU Executive Agencies, INEA will manage the biggest MFF 2014-2020 budget - 

around €37 billion. 

Background 

The Innovation and Networks Executive 

Agency (INEA) was officially inaugurated 

March 7th, 2014, with an event to recognise 

its new mandate and the ongoing successes 

in project implementation. European 

Commission Vice-Presidents Siim Kallas 

(Transport) and Neelie Kroes (Digital Agenda) 

as well as Robert-Jan Smits (Director-General 

of DG RTD), Mat-thias Ruete (Director-General 

of DG MOVE and Chairman of INEA’s Steering 

Commit-tee), Fabrizio Barbaso (Deputy 

Director-General of DG ENER), and Dirk 

Beckers (INEA Executive Director) delivered 

short welcome addresses to commemorate 

the new Agency, which is responsible for 

implementing parts of the Connecting Europe 

Facility and Horizon 2020 programmes on 

behalf of the Commission. 

Commission Vice-President Siim Kallas, 

responsible for transport, stated: "I am 

confident that INEA will be the ideal 

environment to find and promote synergies 

so that Europe’s energy, transport and ICT 

networks can be successfully developed 

together in the years ahead. […] As 

policymakers, we have planned a vision for 

the future. It will be INEA that will make it 

hap-pen.” 

Commission Vice-President Neelie Kroes 

echoed Mr Kallas’ comments, adding: “This 

is not just about handling this or that project, 

or managing this or that call for proposals. 

It is about investing in our future economy 

and in our future society through the power 

of digital tools. I know that INEA is up to the 

challenge.” 

MBR: Can you tell us what is the key role of 

NEA? 

DB: Our key role will continue to be bridging 

the gap between policy and implementation, 

covering the whole lifecycle of the projects 

we manage. It is INEA’s firm intention to live 

up to the expectation of the Commission that 

the Agency will continue to perform well. May 

we all enjoy many years of successful project 

implementation, effective programmes and a 

very fruitful partnership. 

Accountant 

Milena Chakarova 

Department C 

CEF 

Andreas Boschen 

C1 TRANSPORT 

Baltic Sea (DE, DK, SE, FI, EE, LV, LT, 

PL), Austria + MoS, ERTMS 

Morten Jensen (acting) 

C2 TRANSPORT 

East Mediterranean, Black Sea, SE 

Europe (CZ, SK, SI, HU, HR, RO, BG, 

EL, IT, MT, CY) + Marco Polo, ATM 

Cristóbal 

Millan de la Lastra 

C3 TRANSPORT 

West Mediterranean, Atlantic (PT, 

ES, FR, BE, NL, LU, UK, IE) + ITS, RIS, 

Innovation 

Christian Faure 

C4 ENERGY & ICT 

Andreas Boschen (acting) 

We hope that with our grant the 

technology is really improved 

MBR: Could you perhaps give some 

examples of projects that are potentially 

attractive to private investment with the 

help of FC; the kind of projects that can be 

used for CEF? 

DB: This is a co-ordination, however this will 

bring feedback about the projects, based 

on the outcome of the projects. We give 

feedback to the European Commission on 

where we think that they should be changing 

their policy based on the outcome we get 

on the feedback that we get from Member 

States, from beneficiaries that say yes the 

Director 

Dirk Beckers 

Department H 

Horizon 

2020 

Alan Haigh 

H1 Energy Research 

Robert Goodchild 

H2 Transport Research 

Marcel Rommerts 

Assistant 

Montserrat Madern Carretero 

MoS - Motorways of the Sea 

ERTMS - European Rail Traffic Management System 

ITS - Intelligent Transport Systems 

RIS - River Information Services 

ATM - Air Traffic Management 

Internal Control Manager 

Ann Vanroelen 

Department R 

Programme 

Support & 

Resources 

Paloma Aba Garrote 

R1 

Programme Support, 

Coordination & 

Communication 

Marc Vanderhaegen 

R2 Administrative, 

Finance, Legal & 

Financial Management 

Philippe Stalins 

R3 Operational Finance 

Joachim Ball 

R4 

Human Resources, IT 

& Logistics 

Maria Novak 

Commission should be more working, or 

the priority should be changing. We give 

that feedback to the Commission, but then 

I would say, as well that the major role we 

have and which I’m quite proud to say is that, 

we achieved good results in which is also 

the reason why the Commission decided 

to extend the mandate of our agency. We 

have an important role to play towards our 

beneficiaries; meaning that we make sure, 

since we make all the payments and so on, 

to make it an important role to ensure that 

the payment delays are short as possible, 

and that we even improve them, because 

our performance on payment delays must 

be extremely short. We make sure that 

whenever we get amendments requests from 

beneficiaries that they are dealt with quickly. 

In fact we are trying to improve permanently 

the service to the beneficiaries so that they 

feel that their projects have been taken care 

of. The feedback from the beneficiaries and 

from the Commission services shows that we 

are on the right track. The track record is still 

improving after this year so I think it’s going 

quite well. 

MBR: In what ways will INEA be the ideal 

environment to find and promote synergies 

so that Europe’s energy transport in our 

City networks are connected and how can 

be these successfully developed together in 

the years? 

DB: The synergy is something that we 

started a while ago and something that we 

are working on. We have one thing which is 

quite interesting since we have as well a rise in 

2020, which is the research part in which we 

try to evaluate. We have someone else taking 

care of Horizon 2020. This project is starting 

to organise meetings because from Horizon 

2020 we get to see the results of the research 

project and we try to see where this can fit 

with the infrastructure, and where it can 

lead to projects. There is already an internal 

consensus within the agency and we are trying 

to see how we can make suggestions to the 

Commission. We reflect and consult internally 

on how we can give the best feedback to the 

commission as well and how we can achieve 

synergies between these programs. 

Examples from transport area 

1. We need good electric batteries and good 

charging infrastructure so of course there’s 

a lot of research. Researching institutions 

normally finish at the level of proto-type 

and they hand it over to the operators and 

they want to start with a first real market 

scale experience and they come in and we 

give them a grant to take the risk to run a 

real trial in real market conditions to see 

how they are accepting technology, the 

interconnectors. We hope that with our 

grant the technology is really improved 

established and the real market uptake can 

take place without public market and the 

markets take it over. 

2. Traffic management: The European union 

has also invested a lot in research to make 

the sky safer and more environment 

friendly and so on. We are now giving 

money to deploy at airports, area traffic 

control centres. 

3. ITS Connected Cars: The cars of the future 

discussed with the role of infrastructure 

of how they communicate and how data 

will be exchanged between individual cars 

and infrastructure has a lot of research but 

then you have to try it. This combines and 

goes together with our colleagues from our 

research site. Hopefully the markets and 

the manufactures and the road operators 

Martin Vella interviewing Mr Dirk Beckers, Director at INEA (Innovation & Networks Executive 

Agency and Mr Jean-Eric Paquet, Deputy Secretary-General of the European Commission 

will say that the technology is now mature 

and proven and safe. 

That’s one type of synergy. We also use 

another type of synergy on the procedures 

that we use between the different programs 

so that when we carry out a certain approach, 

which is being fruitful and we see the 

outcome is doing well, we try to syndicate it 

with the other programs as well. First with 

the CEF between transport energy/ICT, we try 

to have common grounds, as sometimes we 

have some common beneficiaries that they 

might get the same process. 

MBR: How is INEA best place to understand 

the market needs and how is it also 

positioned with the EU policy framework to 

help and deliver these objectives? 

DB: Since we are managing now all these 

projects, we have the information from the 

research files and congolmerate. In particular 

on CEF we have an analytical basis, we get 

an update for all the projects, by the end of 

March. Every year we get an update from 

Commission Directorate-Generals, which is 

the status report for all the projects and so 

this gives us information on all the projects on 

where they are, where problems ly; positive 

and negative things. 

It allows us as well to give them on that basis, 

positive feedback to the commission; we give 

them a general view of what’s happening, 

we give them as well an overview per 

member states so that they can see that its 

going good in Malta, Belgium, Italy, wherever 

and we give them feedback on the projects, 

on the idea of projects. 

The idea then, is to give them feedback on 

maybe where they should change their 

procedures, so I would say that since we get 

all the input from the projects, we think we 

are very well placed to give this qualitative 

feedback to the commission to keep them 

updated on what’s happening. MBR 

The importance of INEA was 

key as the Agency is best placed 

to understand the market needs 

and whether the EU policies 

are helping to deliver the EU 

objectives 

About INEA 

INEA is the successor of the Trans-European Transport 

Network Executive Agency (TEN-T EA), which was created by 

the European Commission in 2006 to manage the technical 

and fi-nancial implementation of its TEN-T programme 

supporting European transport infrastructure projects. 

INEA officially started its activities on 1 January 2014 in order 

to implement the following EU programmes: 

• Connecting Europe Facility (CEF) – transport, energy and 

digital 

• Parts of Horizon 2020 – Smart, green, and integrated 

transport + Secure, clean and efficient energy 

• Legacy programmes - TEN-T and Marco Polo (2007-2013) 

INEA’s main objective is to increase the efficiency of the technical 

and financial management of the programmes it manages. 

Mr Dirk Beckers, Director at INEA 

20 21 



TRANSPORT & LOGISTICS 


Reliable Logistic 

Experts 

by George Carol 

“Express Logigroup emerges as the solution 

being delivered. We suggest that whoever 

more efficient and competitive? How does 

driver for any freight requirement” – 

Jonathan Vella, CEO Express Logigroup 

requires the assistance of freight forwarder, 

one must find one that suits the needs of 

using Express Logigroup consolidate this? 

MBR: What services [Solutions] does 

Express Logigroup offer to customers? 

that individual or organization. The following 

are some questions, which would assist in 

completing this assessment. 

JV: Express Logigroup possess far-reaching 

knowledge in logistics for all market sectors 

including specialized branches such as the 

JV: Express Logigroup offers a diverse portfolio 

of services which converge into a freight 

and logistics powerhouse. Our experience 

is coupled by our flexibility to meet every 

customer requirement be it a small sized 

package to the transport of large exhibition 

events and valuables. Our principles are 

based on trust, quality and economical 

value, which are being represented by a 

management team which brings decades 

of experience in the field of transport and 

logistics. Our distinguishable yellow colour, 

unique branding, brings freshness to the dull 

screen of the local freight industry. 

MBR: What should a customer keep in 

mind/consider when choosing the best 

freight option for their business? 

JV: One has to be extremely careful when 

considering, assigning responsibility onto 

a carrier/freight forwarder or operator, 

commonly referred as the freight forwarder. 

The most notorious situation is that the 

assigned party is incapable of delivering on 

the agreed terms. Using the right freight 

forwarder can save time, money and establish 

a more competitive base for the product 

Our growth plan is coupled 

by primarily investing in our 

people. 

Does the freight forwarder: 

• Have the appropriate network which 

services the location of pick-up or delivery? 

• Have an experience in handling the type of 

product and shipment within the market 

place? 

• Have experience with the type of carriers 

you require? 

• Have favorable shipping rates and delivery 

schedules? 

• Receive good recommendations from other 

users? 

• Have a reputation for friendless, 

competence, efficiency reliability, cost – 

effective, trustworthiness and using fair 

business practices? 

MBR: Choosing the right freight company 

can be critical for any business in making it 

health, retail, automotive and the chemical 

industry. Our highest level of specialist 

competence comes from the years of 

experience and from listening and adopting 

to our customer needs on one hand. On the 

other hand, our healthy growth also enriches 

our competition. We are reliable logistic 

experts, which consolidates and neutralizes 

every challenge. 

MBR: What are the plans of ELG to continue 

improve on the service currently offered in 

future 

JV: Our plans are ambitious and challenging! 

Our growth plan is coupled by primarily 

investing in our people. We believe in what 

the Maltese talent can provide and this is how 

we intend to bring the quality leap, which this 

industry has been long after. Concurrently we 

have continued with our overseas expansion. 

We are present all over EUROPE and now 

we’re branching into the eastern market 

thus providing a wider network, which caters 

for all of our customers’ demands. Express 

Logigroup brings bright transport solutions 

with brighter colours! 

MBR 

International Freight Forwarding Solutions 

We deliver every time. 

road sea air 

+356 21 221 999 

expresslogigroup.com 

22 


23


eCOMMERCE 

E-COMMERCE IN MALTA 

IS QUICKLY GROWING 

An MCA research has shown that e-Commerce in Malta 

is developing at a fast rate 

MALTA 

BUSINESS REVIEW 

SPECIAL FEATURE: MiGEA 2017 

The Malta Communications Authority (MCA) 

has recently commissioned a study with the 

aim of better understanding online shopping 

trends in Malta. 

A representative sample made up of 800 

individuals were interviewed in July 2016. 

Results show that e-Commerce in Malta is 

quickly growing. 

Internet usage across the Maltese population 

rose to 81% in 2016 resulting in a 10% and 

16% increase when compared to 2014 and 

2010 respectively. 

The use of mobile devices to access internet 

has also increased drastically whereby access 

via smartphone increased from 30% to 59% 

via tablet from 23% to 40% in the past two 

years. 

It was discovered that 70% of the respondents 

who have access to the Internet conduct 

some form of research online before making 

a purchase. This applies both if they envisage 

to make the purchase online or by visiting a 

physical store. Generally, respondents search 

for the below listed information: 

• Products or services 

• Opening hours, location and contact details 

• Consumer reviews 

• View online catalogue 

• Offers 

• Ideas, inspirations, suggestions 

An increase of 8% (from 70% in 2014 to 78% 

in 2016) was reported in e-Commerce in 

Malta. Out of these, 89% had made at least 

one online purchase in the past 3 months. 

This marks a 10% increase compared to 2014 

and an increase of 23% compared to 2010. 

The importance of a strong web presence 

is becoming more important by the minute 

as more customers flock online to gather 

information and make purchases online. As 

a business it is strategically important not to 

fall behind. 

Financial assistance is currently available to 

assist companies to design and develop new 

websites with e-Commerce functionality. 

Through the e-Commerce Grant Scheme, 

co-financed by the European Regional 

Development Fund 2014-2020, companies in 

Malta will be able to receive a refund of up to 

50% of expenses up to a maximum of €5,000. 

NIU may guide you in developing an attractive 

website using the latest technologies which 

more importantly is an effective means to 

attract customers and improve their online 

shopping experience. 

MBR 

Credit: Malta Communications Authority 

MiGEA SPECIAL FEATURE 

HELPING CREATIVE PEOPLE ACHIEVE EXCELLENCE 

24


Special 

Feature 

SPECIAL FEATURE: MiGEA 2017 SPECIAL FEATURE: MiGEA 2017 

Vision and Strategy 

Special 

Feature 


By George Carol 

We are delighted to announce that Quasar Limited were voted the winner Malta's Best iGaming Company 

of the Year, Malta's Best Employer Brand of the Year, with Alan Brincat, Operations Director, carrying also 

Malta's Best iGaming Ambassador of the Year Award during MiGEA 2017. The Awards’ judging panel 

comprised high calibre, high profile business leaders or Chief Executives hailing from top corporate gaming 

organisations or from distinguished gaming backgrounds. It was a rigorous process including personal 

meetings and interviews between the judges and every nominee individually. The voting was based on 

entrepreneurial spirit, financial performance, strategic direction, community impact, innovation, personal 

integrity and creativity. The process also included a video clip presentation of each nominee which was 

aired at the Awards’ ceremony held at the plush Corinthia Palace Hotel & Spa. We caught up with Alan, as 

Quasar Limited is now officially a multi-award winner at Malta’s iGaming Excellence Awards 2017. 

MBR: How did you get started in the 

industry, and advance to be recognised as 

Malta’s iGaming Ambassador of the Year? 

AB: I started working in the industry back 

in 2010, soon after I graduated from 

university. I had an educational background in 

Management and Tourism, but I was drawn 

towards the novelty and appeal of the sector 

which was starting to flourish in Malta. Even 

though back then the local skill pool was not 

as mature, I had to work my way up from 

the very bottom. I was always lucky enough 

to be surrounded by people that believed in 

my potential. Over the years I touched with 

most aspects of the online gaming operation, 

enjoyed every challenge and never settled for 

‘good enough’. 

MBR: Tell us more about the company you 

run and what it stands for… 

AB: Quasar Limited operates two leading 

online casino brands, QuasarGaming.com and 

OvoCasino.com. The company consolidates a 

tight knit team of professional and dedicated 

iGaming experts. Together we strive to deliver 

a customer experience that is second to none 

by ensuring players remain entertained and 

active for longer. We invest in people with a 

shared passion that can build, operate and 

take our brands to the next level. 

MBR: Describe the market you operate in 

and how Quasar Limited has grown over the 

past few years? 

AB: Quasar Gaming operates in a fastchanging 

landscape where most of the 

dominant pure casino brands are at most, a 

Alan Brincat receiving his MiGEA award 

couple of years old. Only a handful of old time 

casino giants remain popular or even relevant 

today. I attribute our permanence to the bold 

strategy the founders took in catering for a gap 

by delivering quality land based game content 

online, coupled with the initial commitment 

to SEO. Since then, company has gone from 

a tiny unknown start up with very humble 

beginnings, to one of the fastest growing. It is 

enough to say that the daily figures we make 

today, are equivalent to what used to take us 

a month to achieve when I joined three years 

ago. 

MBR: What are the success factors that 

drive your company? 

AB: The key success factor behind any 

company are its people. We would not 

be where we are today if it wasn’t for the 

outstanding execution of the team that bring 

the vision and strategy to life. An engaging 

product, consistent service quality and short 

time to market are also crucial in securing 

long-term sustainability particularly in an 

industry where competitors are just one click 

away. 

MBR: What are the biggest external 

challenges you face? 

AB: Over the last few years’ profit margins 

have shrunk for operators in the industry 

due to regulation and tax. A lot of the 

smaller companies who cannot capitalise 

on economies of scale are feeling the pinch, 

and this explains the surge in mergers and 

acquisitions we have now grown used to. 

I believe the next challenges we 

face are the implementation 

of the Fourth EU Anti-Money 

Laundering Directive and the 

new General Data Protection 

Regulation Bill. 

Both will have a huge impact; but since they 

affect all operators if addressed wisely they 

can translate into a competitive advantage for 

some. 

MBR: Mention one thing that helps you 

differentiate from the stiff competition… 

AB: 

I think the beauty of operating a 

lean team where people are not 

just a number is that everyone 

is very involved and heard. 

This manifests itself in our company culture 

to promote creativity which is reflected in the 

innovative promotions we run. For example, 

last October we ran a promotion sponsoring 

one lucky player every week with a fourfigure 

bankroll for a limited amount of time. 

The interesting part was that we streamed 

this high roller frenzy on social media to 

capitalise on new channels such as Twitch. 

tv. If the player turned a profit he got to keep 

all the winnings. When he lost, the initial 

balance was distributed amongst all the other 

participants in the promotion giving them a 

reason to tune in and watch the action unfold. 

MBR: How does your job affect your family 

life? 

AB: I am lucky to have supportive partner, 

who is also well respected in the industry. I 

tend to work late not because I must, but out 

of genuine love for what I do. Nonetheless 

better time management has been crucial 

for me to enjoy time with my son and go 

on more regular family holidays. Having 

my own child has also made me realise the 

importance of the work life balance and that 

it can ultimately make employees happier 

and more productive. For this reason we 

now offer additional benefits, extra leave 

allocation, more flexible hours and the option 

to work remotely from home. 

Quasar Ltd. 

MBR: What is the significance of being 

named Best iGaming Company and Best 

Employer Brand of the Year? 

AB: We take great pride that our hard work 

is being noticed. It is important for us to 

celebrate outstanding work together to 

keep the team motivated. The success is 

down to the unique work environment and 

healthy corporate culture. We make it a 

point to organise multiple company events 

every year where everyone can unwind and 

build stronger relationships out of the office. 

Over the last few years we have taken the 

whole team to places like Austria, Sicily and 

Barcelona and organised events such as track 

days and skiing trips. Quasar boasts of very 

low attrition levels, so much so that most of 

the employees that started with us still work 

here to the very day, and we hope they retire 

with us too. 

MBR 

26


Special 

Feature 



Value and Opportunities 

LVBet is celebrating a prestigious triumph after Simona Pinterova, PR 

Manager, was voted as Malta's Best iGaming Woman Leader of the Year 

during Malta’s iGaming Excellence Awards 2017 

Motivation and Inspiration 

by Martin Vella 

Held on 5th May and organised by 

Malta’s premier business magazine, 

Malta Business Review, the awards 

celebrated the iGaming entrepreneurial 

achievements of individuals and 

companies both in Malta and 

internationally. The Gala Dinner was 

held at the 5 Star Corinthia Palace 

Hotel & Spa with the theme of ‘Helping 

Creative People Achieve Excellence’, 

and was attended by some of the 

most successful people from the Malta 

gaming community. Winners were 

carefully selected for each of the 24 

award categories by an impressive 

judging panel, consisting of eight 

of Malta’s most influential gaming 

business men and women. 

MBR: What does winning Malta's Best 

iGaming Woman Leader of the Year mean 

to you and also to LVBet? 

SP: Winning Malta’s Best iGaming Female 

Leader of the Year means a great deal to me 

personally, and I know that the entire LVbet 

team have felt a boost from it. Of course, it’s 

nice just to be recognized by my peers, but 

I’m also proud to be a woman successfully 

building an exciting career in an industry that 

stands out as an example of diversity and 

equality. 

MBR: How and why did you decide to 

participate in Malta’s iGaming Excellence 

Awards 2017 and what chances you gave 

yourself to winning? 

SP: Awards and events like this really help to 

stimulate the local iGaming community, so 

being a part of them is important for both 

myself and LVbet. They provide the perfect 

opportunity to meet some truly inspiring 

people, and a bit of healthy competition is 

always good. High-profile events like Malta’s 

iGaming Excellence Awards 2017, also provide 

a great opportunity to highlight the value and 

opportunities that the sector adds to the 

Maltese economy, hopefully encouraging 

more Maltese young people to enter the 

industry. As for my chances of winning, I 

didn’t really think about it too much - though 

I am thrilled that I won, it was being a part of 

the event mattered most to me. 

Ms Simona Pinterova with Denitza Dimitrova and Trustly 

MBR: What has been central to LVBet’s 

philosophy and strategy for success? 

SP: The customer has always been the driving 

force behind LVbet. From day one, we have 

been acutely aware that we operate in a 

highly-saturated industry, where customers 

are presented with massive choice, so 

we knew that we had to offer something 

genuinely special. By growing a professional 

and motivated team, with a clear vision, 

we have been able to create a product and 

service that delivers true entertainment and 

value for our customers. 

seeing creative magic transform 

initial ideas into tangible and 

successful projects is extremely 

rewarding 

MBR: What is the main driving factor which 

motivates you in your work? 

SP: Working in iGaming is fast-paced and can 

be daunting at times, but seeing creative 

magic transform initial ideas into tangible and 

successful projects is extremely rewarding. In 

this role, no two days are the same and I get 

to work with amazing people. Few workplaces 

can boast such an incredibly cosmopolitan 

and motivated team, with people from all 

over the world, and totally different ways 

of seeing things – it makes each day an 

adventure! I hope that, in some small way, I 

play my part in inspiring and motivating those 

around me too. 

MBR: What has been your biggest challenges 

so far as a female gaming entrepreneur and 

to what do you most attribute your success? 

SP: To be honest, within the Maltese iGaming 

industry, there really aren’t many barriers to 

women at the entry level. Having said that 

however, I do feel that the higher you climb 

in iGaming, there’s still a male-dominated 

culture. My own experience has proven that 

women with determination can thrive, but at 

times it has been a challenge to rise above the 

chauvinism that I have encountered. MBR 

EnergyBet 

Gaining popularity with EnergyCasino, 

there is now EnergyBet! A quiet, thoughtprovoking 

new sportsbook was easily the 

most successful, picking up the award for 

Malta's Best iGaming Excellence in Customer 

Service Award, as judges unanimously scored 

points for artistic achievement, game design, 

narrative and original property. We caught up 

with Slawomir Zieliński - EnergyBet Operation 

Manager, who talks about the significance of 

gaming awards and how EnergyBet challenge 

the more established bookmakers and offer a 

wide range of sports betting markets. 

MBR: Can you share with us your feelings 

after having been bestowed as Malta's Best 

iGaming Excellence in Customer Service 

Award and what significance this has for 

EnergyBet? 

SZ: Receiving the Malta iGaming Excellence 

Award for Customer Service is an honour for 

the whole team here at EnergyBet. Despite 

being a very young venture, having only 

launched in summer 2016, we have worked 

hard to make sure we offer customers a truly 

world-class service. To have this recognised by 

our peers in the global hub of one of the most 

competitive industries, is very rewarding. 

MBR: How inspiring is it to see what you 

have accomplished together with the 

EnergyBet team? 

SZ: It’s the second award for EnergyBet, 

coming after winning SBC’s Rising Star in 

Sports Betting at the end of last year, in 

London. Seeing the awards on the shelf in 

the office reminds the team that what we are 

doing is really noticed by people, and that is 

great for motivation and inspiration. 

Seeing the awards on the shelf 

in the office reminds the team 

that what we are doing is really 

noticed by people 

MBR: How important do you consider such 

awards are and what significance do they 

have vis-a-vis growth of gaming professional 

role models in Malta? 

SZ: Aside from the motivational value 

within our company, awards like this, from 

prestigious bodies, are a fantastic way for us 

to back-up our claims when we are trying to 

attract new customers or business partners. 

After all, everyone claims have the best 

product and offer great customer service, but 

not everyone can back it up with awards. It 

gives people confidence in us, both customers 

and other iGaming professionals. 

Awards like this definitely help to raise 

professional standards across the industry, 

and help Malta stand out as an iGaming 

centre of excellence. This is great for everyone 

involved in the iGaming industry itself, and for 

the Maltese economy in general. 

MBR: Do you consider this award as a 

recognition of the EnergyBet business 

model and how does it feel as a winner in 

you category? 

SZ: Well, it certainly reflects well on the 

EnergyBet business model. We have always 

believed that though product quality is 

always paramount, if you fail to back it up 

with excellent customer service, then a 

business can never reach its full potential. 

Many of our competitors here in Malta have 

extremely high standards, so to win against 

them means an awful lot to us. We are aware 

that we cannot afford to take our eyes off the 

ball though, because everyone is constantly 

improving, and we want to win again next 

year! 

MBR: Can you give us your feedback on the 

organisation and also tell us how you will 

remember MiGEA 2017? 

SZ: Our team was impressed with MiGEA 

2017. We have been to events and awards all 

over Europe, and we have to say that MiGEA 

compared very favourably. Obviously, we all 

call Malta home, so it is that bit more special 

winning here. We will definitely remember 

the surprise because, like I said, we were all 

aware of just how strong the competition 

was, and we genuinely did not expect to win. 

Saying that though, we are now confident 

we can get some more awards to the trophy 

shelf. MBR 

28 


29


Special 

Feature 


Special 

Feature 


Corinthia Palace Hotel & Spa | Friday 5th May 2017 

30 


31


Special 

Feature 


A feather in your cap can 

Special 

Feature 


go a mighty long way 

By Martin Vella 

While some big guns dominated this year’s 

MiGEA awards, the event heralded an 

impressive haul for Pragmatic Play, virtual 

newcomers on the local Gaming stage. With 

three award wins it is clearly positioned as 

one of the leaders of the next generation 

to break on to the scene. The prestigious 

accolades awarded to Pragmatic Play were: 

Malta's Best Digital Company of the Year, 

Malta's Best Gamified Experience Company 

and Yossi Barzely, Head of Sales, HR and 

Business Development claimed Malta's Best 

Outstanding HR Director of the Year. 

The multiple wins were announced at the 

MiGEA awards during a grand gala dinner 

held for the finalists - Pragmatic Play taking 

home more highly coveted honours than 

any other company. Independent judges 

evaluated more than 36 nominations, with 

over 16 finalists to select top-place honours in 

this annual gaming awards competition. 

As Yossi Barzely and his colleagues 

accepted the awards during the dinner 

and ceremony on Friday, 5th May at the 

Corinthia Palace Hotel & Spa. They could not 

hide their emotions and elation, although 

seemlingly somewhat surprised that such an 

independent awards event was recognising 

significant achievements within the Maltese 

gaming industry. 

"We are delighted to win three of the most 

prestigious MiGEA honours for our innovation 

and customer partnership, and it is especially 

exciting to be the only games provider to win 

more than one accolade," Mr Barzely said. "It 

is a testament to the focus on our customers 

and how much time we’ve dedicated to 

understanding the needs of the industry. 

We’re thrilled and humbled to be recognised 

by such an esteemed panel of judges among 

such strong competition." 

This year, the Malta’s iGaming Awards saw 

Quasar Limited take home three MiGEA prizes, 

with Bit8 also scooping two and Netrefer 

winning Malta's Best Industry Contributor of 

Yossi Barzely receiving his MiGEA award 

the Year award for the third time along with 

Malta's Best iGaming Technology Provider/ 

Supplier. Congratulations to them all. 

It is a testament to the focus 

on our customers and how 

much time we’ve dedicated 

to understanding the needs 

of the industry. We’re thrilled 

and humbled to be recognised 

by such an esteemed panel 

of judges among such strong 

competition. 

Pragmatic Play stole the show in what was 

a glamorous and well-organised award 

ceremony, complemented with high-quality 

entertainment, excellent dining, great 

animation and visual presentations. There is 

certainly hard work being done there, coupled 

with great innovation and superb numbers. 

It looks as though Pragmatic Play means 

serious business on the local and international 

iGaming scene, as they intend to continue 

raising the bar and going from strength to 

strength. Its slots and games, such as: 3 

Kingdoms, Panther Queen, Queen of Atlantis 

and Gold are second to none. Pragmatic Play’s 

slots perform better than most and it was 

unlucky to miss out on the Casino Supplier 

shortlist but Netrefer did make the shortlist 

after having made an astonishing impact this 

year. 

Successful strategic deals and innovative slots 

made this a breakthrough year for Pragmatic 

Play for its successful slots, casino listings and 

as a game provider. 

Asked about Pragmatic Play’s success, Mr 

Barzely, explained, “Pragmatic Play is proud 

to be one of the fastest growing providers of 

mobile and desktop digital casino games for 

the online gaming industry. Our passion is 

Pragmatic Play 

unrivalled and we strive to create a gaming 

experience that is engaging and evocative.” 

“Containing unique in-house content of 

over 100 proven slot games for mobile 

and desktop, developed in our studios, the 

Pragmatic Play games library is defined by 

our mantra of innovation and dedication to 

shaping the online gaming industry.” 

“We are continuously launching new and 

exhilarating games. This comes from heavy 

investment into research, development and 

our people to support our customers’ needs.” 

Its relative success in a tough vertical shows 

the benefit of doing things differently. 

This is something for which Pragmatic Play 

should be applauded. If there was an award 

for management team of the year, you can be 

sure Pragmatic Play’s tight-knit team would 

have won it. They would, however, have had 

competition from Bit 8. Its M&A attempts 

might have come to nothing but it continues 

to be one of the best managed companies in 

the industry. Look through the MiGEA 2017 

and you will see smaller companies making 

big waves. None made more of a racket 

than Casino Malta and Quasar Limited this 

year. While Yossi Barzely sits quietly behind 

the scenes, chief commercial officer is out 

there making sure everybody knows about 

Pragmatic Play. 

Pragmatic Play does the nuts and bolts well. 

It has a clear vision and delivers a quality 

product without fuss or failure. There are a 

few sluggish suppliers who could take note. 

“The heart of our product offering is our 

portfolio of casino games. With a portfolio 

of 100 slots and table games, our games 

are second to none. They are designed and 

built to create a full immersive experience 

for players. In addition, we are able to design 

customised games with special themes upon 

request, as well as developing a customised 

Download Casino Client and maintaining fast 

delivery,” said Yossi. 

There are founders and pioneers in the 

MiGEA 2017 and more backstage heroes 

than ever before. MiGEA was launched this 

year with huge success and with these people 

in mind. “Collective awards are nice but the 

individual honours allow us to look into the 

future. MiGEA is not just about celebrating 

those that have achieved great things but 

to applaud others for striving for greatness,” 

Yossi affirmed. 

Mr Barzely concluded, “Lastly, winning 

an award can also help your company 

demonstrate value internally. In a tough 

economy, recognition for a job well done 

from a respected, third-party organisation 

can go a long way towards lifting employee 

morale. After all, in today's ultra-competitive 

business world, a feather in your cap can go a 

mighty long way. MBR 

32 33 



MBR: You have recently won Malta's Best 

International iGaming Consultant Services 

during MiGEA 2017. What does this mean to 

you and how significant is this achievement 

to Kyte Consultants Ltd? 

AA: To us this means that finally we have been 

officially recognised by the industry that Kyte 

is truly one of the top companies to provide 

consultancy services to the gaming operators. 

Kyte is practically the only company set up to 

provide services to the gaming industry, pre 

and post licensing, and it’s the type of services 

that require specific knowledge and insight 

into the industry. There are a lot of part-time 

service providers to the industry, we are full 

time, fully focused and totally dedicated to 

the igaming industry and having an award 

shows that we’ve been recognised for it. The 

other day I bumped into a person from the 

industry and he told me that Kyte would be 

auditing him and he was glad that Kyte were 

chosen as at least he was assured that the 

auditor would understand gaming. 

MBR: Were you expecting to win these 

awards and what was your reaction after 

hearing your name being read out among 

the prestigious list of winners, not once, but 

twice? 

AA: You know how it is in life, you always feel 

that you deserve to win, especially when you 

and your colleagues always give a 100% to the 

industry, our clients and to each other. You 

feel you are perfect and the best, this now 

proves that it’s not just our perception but 

that the industry sees us as one of the best as 

well. And that gives us immense motivation 

to carry on as a leading service provider and 

to continuously strive for improvement. 

MBR: How critical is gaming 

entrepreneurship and information 

technology to Kyte Consultants Ltd? 

AA: It is our raison d’etre! Kyte was founded 

specifically to service the gaming industry 

and we used our technical knowledge and 

experience to provide assistance in the 

development of control systems and also 

gaming systems for the past 10+ years. 

Online gaming is based on e-commerce and 

relies 100% on technology. With technology 

come technical risks and we also specialise in 

this area, in such a way that we are able to 

provide various consultancy services, audit 

services and overall ICT risk management. 

Special 

Feature 


Learning & Understanding 

by George Carol 

MBR speaks with Alan Alden, Director, who explains how Kyte Consultants Ltd has become an essential piece of 

the iGaming ecosystem, and we continue to evolve and learn and adapt to always be a key contributor to our 

customers and the industry in general. 

Alan Alden receiving his award 

As the industry has become more regulated 

we are also expanding our knowledge and 

skills to provide compliance related services. 

Compliance is now an essential part of any 

gaming operators’ operational duties. 

Humility is key to learning and 

understanding how anything 

works and functions. 

MBR: How have you become an integral 

part of the culture of how iGaming operates, 

and cater to customer wants and needs? 

AA: Humility is key to learning and 

understanding how anything works and 

functions. We are never afraid to ask and 

to question. Every piece of new, acquired 

knowledge is then disseminated amongst 

the staff and incorporated into our 

documentation and processes. We also 

participate in as many events as possible and 

as affordable and also in working groups, 

committees, etc set up to discuss any type 

of issue. We are now also re-selling an AI tool 

that helps operators with fraud management, 

AML monitoring, Responsible Gambling, and 

other risks without interrupting the customer 

experience. With this tool we feel that we are 

now in a position to provide a number of risk 

mitigation tools and services to established 

operators. 

MBR: How has your career evolved with 

Kyte Consultants Ltd and which area/s do 

you lead today? 

AA: Strangely enough at Kyte I am more or 

less doing what I have been doing for the 

past 26 years, and that is forming an integral 

part of risk management. Internal auditing, 

PCI DSS audits, ISO 27001 audits, AML/CFT 

training, Data Protection services, MGA 

Compliance and System Audits, etc are all a 

form of control and controls mitigate risks 

being faced by operators. The compliance list 

continues to grow and become more complex 

for operators, probably to a state of overregulation! 

Kyte has two directors, Trevor 

Axiak and myself. My focus is on iGaming 

whilst Trevor focuses more on the technical 

audits such as PCI DSS and ISO 27001. Due 

to my banking background, I also handle legal 

and regulatory compliance matters. It works 

very well as it means that each is leading the 

areas they are best in. MBR 

Special 

Feature 

by Martin Vella 

Kyte Consultants & Contact Advisory Services 


A FOCUS ON QUALITY 

I sit down with 

Contact Advisory 

Services Director 

Trevor Axiak, who 

has made quality 

his crusade. 

Trevor tells us 

how the Company 

depends entirely 

on its people, the 

quality of its people 

and their knowledge 

and expertise. 

MBR: What sets you apart from competition 

as Malta's Best Corporate & Legal Services 

Provider of the Year? 

TA: We always try to keep ourselves ahead 

of the competition by paying attention in 

five key areas that we firmly believe make a 

difference: 

Industry Expertise: Contact Advisory Services 

is a specialist consulting firm in remote 

gaming. The directors as well as some of 

our consultants have been working in the 

industry from the very beginning. As we said 

in the interview we had during the awards 

ceremony, we are focused on gaming and 

hence our consultants are not just consultants 

but gaming consultants, our accountants 

gaming accountants and so on. We know the 

industry and by now the industry knows us as 

well. 

Consulting: We take a big picture approach 

to clients’ needs and goals. We recognise 

proactivity is fundamental aspect in 

consulting. We always make sure to provide 

the customer with a solution that addresses 

all his requirements rather than serving him in 

one area and leaving him to fend for himself 

in another. 

Accountability: We believe that we have to 

deliver what we promise. We implement 

processes and systems that maximize the 

benefits of the client. We work with clearly 

defined metrics, providing regular reporting 

and analysis. 

Value: Our service is one of quality but at the 

same time our pricing is fair. A good service 

does not have to come at an exorbitant price. 

Passion: We take our business personally. We 

treat our clients as people, not numbers and 

take great pride in representing them. 

MiGEA has been created as 

one of most comprehensive 

awards events for the iGaming 

industry with some big names 

participating in it 

MBR: What is the key to success of Contact 

Advisory and what has made the Company 

work so well in such a competitive highpowered 

environment? 

TA: There are no secret formulas when 

it comes to succeeding in a competitive 

environment. It takes determination and lots 

of hard work. We are well aware that as a 

service provider our product is our services. 

In other words, our product is our people. 

Our service has to be our main selling point. 

We focus on quality in everything we do and 

this philosophy is passed on to all employees. 

Customers appreciate this and testament to 

this is the fact that not only do we manage to 

retain customers but those same customers 

go on to recommend our services to others. 

In this industry, people tend to move from one 

operator to another. It is of great satisfaction 

when you get clients that have moved to a 

different operator but still choose to continue 

working with you. 

MBR: Should more be done to raise the 

awareness of how critical gaming culture 

and structures are to the economy? 

TA: We think everyone has come to realize 

how important the industry is for Malta’s 

economy. The problem is that too many 

suppliers are raising prices as remote gaming 

is seen to be a high paying, cash rich industry. 

This may be so, however, if we push prices 

up too high then we could lose some of the 

attractiveness and also alienate the Maltese 

from the industry, especially the property 

sector, as prices are pushed up and become 

unaffordable for the locals. The awareness 

should now be focused to ensure that we do 

not over-price ourselves and scare operators 

away. We need to build on what we have 

and also retain what we have achieved. But 

we must not try and get rich quick off the 

industry. In the long term the wrong attitude 

can come back to haunt us. 

TA: Can you give us your feedback on the 

organisation of MiGEA and how you will 

remember the night of Friday 5th May, 

2017? 

TA: We would like to thank and congratulate 

MBR Publications for making this endeavour 

happen. MiGEA has been created as one 

of most comprehensive awards events 

for the iGaming industry with some big 

names participating in it. We believe that 

everything lived up to our expectations and 

the expectations of the other participants 

as well. The event organisers did a fantastic 

job in conceptualizing and delivering such a 

difficult undertaking. We are honoured to 

have been awarded the “Best Corporate and 

Legal Services Provider” of the year and we 

commit to continue providing our clientele 

the best service possible in the future. MBR 

www.kyteconsultants.com 

www.contact.com.mt 

34 


35

J.M. Vassallo Vibro Steel Ltd 

Mdina Road, Zebbug, ZBG 9019, Malta 

www.jmvibro.com 

2146 7421 

BANKING 


INNOVATIVE 

ECO-FRIENDLY 

RECYCLABLE 

HEALTHY 

greenbuilding rating 

Mineral ≥ 60% Recycled Mineral ≥ 30% ≤250g/kg Low Emission Recyclable 

Content in 

natural minerals 

Grey 62% 

White 62% 

Content in 

recycled minerals 

Grey 34% 

White 62% 

ECO/Kg 

emissions 

Grey 244 g 

White 244 g 

Very low VOC 

emissions 

20gg/m³ 

Recycled as 

inert 

NATURAL HYDRAULIC LIME PRODUCTS 

FOR ECO-FRIENDLY RESTORATION 

Products and services 

to build healthy homes 

that are kind to the 

environment. 

FIMBank holds its 2017 

Annual General Meeting 

FIMBank plc recently held its Annual General 

Meeting at the Hilton hotel. In his opening 

address, the Chairman of the FIMBank Group, 

Dr John C. Grech, explained the background 

to the Group’s performance last year. He 

referred to the 2016 financial results as a 

“vindication of our steadfast resolve to bring 

the Group back on the road to profitability”. 

Dr Grech added that “after considerable 

effort and sound decision-making, today we 

are able 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”. The FIMBank Chairman 

stated that “due to the consistent support 

of our controlling shareholders, Fitch Ratings 

upgraded FIMBank to BB and its Support 

Rating to 3 from 5”. 

First on the Meeting’s agenda - the approval 

of the Group’s Consolidated Audited 

Financial Statements, was accompanied 

by a presentation by FIMBank CEO Murali 

Subramanian, who explained 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. 

FIMBank Group CEO Murali Subramanian 

stated that 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 market-appropriate risk 

appetite, and the implementation of cost 

efficiencies across the Group. 

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”. FIMBank’s CEO 

stated that “The overall objective is to further 

optimise our business to achieve more 

sustainable levels of profitability, generating 

greater returns to shareholders, while 

strengthening our balance sheet further”. 

In conclusion, Dr Grech praised the Group’s 

institutional investors, thanking them for their 

unwavering support. He also thanked the 

directors, management and staff members 

for their hard work and the Malta Financial 

Services Authority for its guidance. Finally, he 

extended his gratitude to all of the Group’s 

shareholders for their “understanding, and 

their strong demonstration of loyalty to and 

confidence in FIMBank”. 

For more information about FIMBank plc, visit 

www.fimbank.com MBR 


37



eie educational group 

Committed 

to Providing 

the Best 

Education 

Learning 

Experience 

OUR MISSION 

To enhance the level of Academic 

training and Tuition of both pre and 

post graduate levels by: 

• Contributing actively towards the 

propagation of equal opportunities 

for all. 

• Continually engaging in the pursuit 

of excellence. 

• Continually investing in its own 

people. 

• Striving to afford the best service to 

all our clients. 

Learning a language or obtaining 

an academic qualification is more 

important than ever in the global 

economy. eie Educational Group provide 

students with a first-class educational 

teaching and training service at a fair price. 

Students ask for an excellent teaching 

environment so that they quickly progress 

through their course, but also that they will 

want to enjoy themselves whilst studying. 

At eie Educational Group, you will have a 

fantastic studying experience. eie encourage 

social interaction trough regular, fun and 

varied leisure programmes, as this improves 

a learning experience. 

eie Educational Group, was established in 

January 2000 and their success is built on 

a long-standing commitment to the specific 

needs of local and international students. eie 

constantly expands its worldwide networks, 

partners with established renowned 

organisations, invests in its facilities and in 

social commitments. The eie Educational 

Group is redefining the landscape of modern 

education. 

The eie Educational Group aims to develop 

the appropriate competencies and 

knowledge needed in planning, evaluation, 

research and development tasks in education 

and related fields in the midst of societal 

changes, both on local and global levels. This 

network gives eie the key to be competitive 

and to share the collective experience and 

continuous professional development with 

their cilients. 

In a fast moving world, challenges are 

demanding and change is constant. 

Tomorrow’s future depends on today’s 

knowledge. 

Through its companies, the eie Educational 

Group is able to offer the following services: 

Academic programmes - Certificate, 

Diploma, Bachelor, Master degrees 

in various subjects for young and 

mature adults are offered through 

eie Institute of Education (Licensed 

by the NCFHE as an institute of 

Further and Higher Education – 

License Number 2005-TC-001); 

Training programmes - Business 

courses, thematic seminars for 

business excecutives offered trough 

eie Mangement Centre; 

English Language courses - English 

courses at Beginner, Elementary, Pre- 

Intermediate, Intermediate, Upper- 

Intermediate, Business English and 

Advanced levels are offered through 

eie Languages Centre (Licensed by 

the EFL Monitoring Board – License 

Number 282/MB42) 

Student Accommodation - Provision 

of quality accommodation around 

Malta ideal for students offered 

through eie Residences 

Internships – Organisation of 

Work placement and Internships 

for international students offered 

through eie internships. 

For more information about eie’s degree 

programmes, English language courses 

or other business related courses you can 

e-mail at info@eie-group.com, phone on 

+35621332804/5 MBR 

COMMITMENT TO EXCELLENCE 

The eie Educational Group 

is an acknowledged leader in international education 

We specialise in providing 

* Higher Educational courses - eie Institute of Education (NCFHE License Number 2005 - TC - 001) 

* English Language courses - eie Languages Centre (EFL License Number 282/MB42) 

* Executive and Business courses - eie Management Centre 

* Internship services - eie Internships 

* Student Accommodation - eie Residences 

* International Educational services - eie International 

• Establishing itself as a leader in the 

international education field. 

• Contributing towards the social 

welfare of the community. 

38 

eie Educational Group, 

Valletta Buildings, South Street, Valletta 

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

www.eieEducationalGroup.com 


39


ENVIRONMENT 

ENVIRONMENT 


Malta's Future May Be Tied to Achieving 

a ZERO CARBON ECONOMY 

International Conference Organisers 

Carbon dioxide (CO2) levels in the air are 

the highest they have been for 650,000 

years, according to European Space Agency 

statistics. 

CO2 is a heat trapping greenhouse gas and 

levels in the air must be reduced. In fact, the 

EU's Climate and Energy 2020 package is 

binding legislation to ensure all EU member 

states including Malta meet its climate and 

energy targets for the year 2020; three key 

targets: 20% cut in greenhouse gas emissions 

(from 1990 levels) 20% of EU energy from 

renewables and a 20% improvement in 

energy efficiency. 

Attaining the 2020 targets is not enough. 

The EU is taking action in several areas to 

meet the targets if capping global warming 

at 2C is to be achieved. This is the highest 

temperature scientists estimate the earth 

can stand before global warming has a 

catastrophic effect on food production and 

water reserves, and Malta along with the rest 

of the Mediterranean is not exempt from 

the catastrophic effects such a change could 

bring. 

While pressure is being put on both the public 

and private sectors to change the way they 

operate to reduce their carbon emissions in a 

bid to mitigate the impact of climate change, 

Climate-KIC and Paragon Europe are looking 

at how to achieve a zero carbon economy 

beyond 2030 to mitigate the severely 

damaging effects of climate change. 

Government legislation, the growing green 

economy and innovations in low carbon 

technology are helping to drive change 

and move Malta and our Mediterranean 

neighbours towards a low carbon economy. 

200 concerned delegates from all over the 

world will converge in Malta on May 29 for 

what promises to be Europe's most important 

Climate Conference this year, 'Towards a Zero 

Carbon Economy by 2030' at the Old University 

in Valletta, where high-level speakers from the 

public and private sectors will be presenting 

their views on how business can move to low 

carbon operations, how government and EU 

legislation is helping to tackle this issue, and 

how financial and technological incentives 

can assist organisations in reducing their 

carbon footprint. 

The EU emissions trading system is the 

EU's key tool for cutting greenhouse gas 

emissions from large-scale facilities in the 

power and industry sectors, as well as the 

aviation sector. The ETS covers around 45% 

of the EU's greenhouse gas emissions. In 

addition, National emission reduction targets 

set by the EU covers the sectors not in the 

ETS accounting for some 55% of total EU 

emissions from housing, agriculture, and 

waste and transport. 

EU member countries have also taken on 

binding national targets for raising the share 

of renewables in their energy consumption by 

2020, under the Renewable Energy Directive. 

These targets also vary, to reflect countries' 

different starting points for renewables 

production and ability to further increase it, 

from 10% in Malta to 49% in Sweden. 

KIC and Paragon Europe are highlighting the 

climate challenges in the cradle of civilisation, 

to create a world's first zero carbon economy 

solution in the Mediterranean by 2030 and 

issue an important Valletta Declaration from 

the conference that binds generations to 

come. 

By organising a conference around 3 important 

pillars, the challenges and solutions in green 

urban centres, circular economy and green 

finance; the conference will also showcase 

the key deliverables achieved so far on Smart 

Sustainable Districts in the Mediterranean. 

Throughout the conference the focus will 

be on low carbon mobility concepts, the 

operation of smart grids, energy neutral 

buildings, the promotion of efficient water 

management and improvement of public and 

green spaces. 

The conference will be opened by the 

Hon. José Herrera, Minister for Sustainable 

Development, the Environment and Climate 

Change. Global expert speakers include 

Kirsten Dunlop, Chief Executive Officer, 

Climate-KIC, Dario della Sala, Head of Division 

"Sustainable Materials", ENEA, Giovanni 

Pavesi, CEO, Linde Gas Italy, Jochen Froebrich, 

Coordinator of Water and AgriFood, WssTP 

and Professors C.S Psomopoulos and G.C. 

Ioannides, Electrical Engineering Department, 

Piraeus University of Applied Sciences. 

Paragon Group Chairman Edwin Ward said: 

"With Minister Jose Herrera we agreed to 

work over the long term in 3 areas: mobility, 

circular economy and financial instruments 

to tackle these two: we trust this will frame 

how Malta should start preparing now for the 

future impact of climate change. A long-term 

adaptation and mitigation plan to cope with 

the effects must start now. 

This includes identifying the areas that will be 

prone to sea flooding and building appropriate 

flood defences; drawing up a comprehensive 

water framework plan to ensure the survival 

of the mean sea level aquifer; developing 

comprehensive mitigation and adaptability 

plans to protect our cultural heritage; and 

others. We are proud to lead this from the 

front as the the national contact point for 

Climate-KIC" 

The conference culminates in with a Valletta 

Declaration on a Mediterranean Zero Carbon 

Economy. 

MBR 

Achieving the goals of the 2020 package 

should help increase the EU’s energy security 

and reduce dependence on imported energy, 

contributing to achieving a European Energy 

Union that 

creates jobs, advances green growth and 

makes Europe more competitive. Climate- 

For the programme and to register: http:// 

paragonevents.eu/event.php?c=climatechange 

or email: events@paragoneurope.eu 

40 


41



RISK MANAGEMENT BUSINESS 

AND IT OUTLOOK 2017: 

Traversing the Politics of Identity, 

Industrialization, and Innovation 

Celent has released a new report titled 

Risk Management Business and IT Outlook 

partnerships in order to achieve a meaningful 

step change. 

2017: Traversing the Politics of Identity, 

Industrialization, and Innovation. The “RiskTech and RegTech players are entering 

report was written by Cubillas Ding, a 

Research Director with Celent’s Securities & 

Investments practice. 

this space in earnest, while forward-thinking 

financial firms are looking for innovationenabled 

change to respond to regulatory and 

risk management challenges and ongoing 

The shift towards more intrusive, fragmented cost pressures,” says Ding. 

and data-intensive regulatory regimes 

requires firms to push the envelope to EXHIBIT: 

achieve economies of scale, operational 

consistency, and transparency to be “However, the road ahead entails being 

embedded as much as possible in financial 

services business models. Alongside the 

weight of industry reform focused on risk, 

pragmatic in managing real tensions between 

regulatory conservatism around issues of risk 

and compliance, balancing business-as-usual 

capital, and compliance requirements, commitments, and executing smart tactics in 

financial institutions face a new world where adopting new innovations,” he adds. 

the forces of industrialization and innovation 

intermingle, set against potential fallouts from 

the recent tide of identity politics around 

populism and nationalism. Macropolitical and 

social risks are now important considerations 

for risk managers. 

Not immune to the broader cost reduction 

agenda, risk and compliance functions 

In this report, Celent provides an updated 

view on where firms stand at the current 

juncture around risk and regulatory initiatives, 

and how to respond in the near to mid-term 

horizon. 

Risk management and compliance capabilities 

are next in line to ride the innovation wave. 

are required to align to a bank’s strategic 

responses and contribute to firmwide THE REPORT ANSWERS THE FOLLOWING 

efficiency and cost-cutting targets, with the QUESTIONS: 

near-term focus on keeping regulators at bay 

and keeping the lights on. More institutions 

are pursuing efforts to reduce inefficiencies in 

What expectations lie ahead for the risk 

environment in the near term? 

risk and compliance activities, and to optimize 

an institution's total cost of risk. 

What strategic risk management IT 

imperatives do firms need to focus on this 

The “industrialization of supply chains” — risk year? 

data, risk models, and information production 

and reporting processes — will require 

firms to invest in emerging innovations, 

technologies, IT paradigms, and fintech 

What are the important strategies for 

success to navigate & exploit current market 

dynamics? 

KEY FINDINGS INCLUDE: 

Political risk must become a key part of a 

firm’s strategic decisions in planning, capital 

management and stress testing – Risk 

Management must work proactively with 

business managers to anticipate 'grey swan' 

scenarios, however remote they may look. 

Firms must look systematically to exploit 

emerging innovations, technologies, IT 

paradigms and Fintech partnerships in order 

to reduce inefficiencies in the lifecycle of risk 

and compliance activities, with the aim of 

optimizing an institution's total cost of risk. 

For the longer-term, financial institutions 

must examine the strength of a business case 

for converging regulatory, risk and finance 

data environments across domains such as 

CECL, IFRS 9 and CCAR stress testing. 

Creditline: Celent, New York – Michele Pace 

MBR 

Daphne Caruana Galizia 

POLITICO 28 is a guide to the people most likely to shape our world in 2017. It was not easy to decide to highlight one of Malta’s 

most prolific and controversial journalists and blogger, who’s latest revelations provoked Prime Minister Joseph Muscat to call a snap 

election. Love her or hate her, one thing is beyond doubt: Daphne is known for being a front-runner journalist, revealing controversial 

sensitive information. 

The best way to think of Daphne Caruana 

Galizia is as a one-woman WikiLeaks, 

crusading against untransparency and 

corruption in Malta, an island nation famous 

for both. To John Dalli, a former European 

commissioner whom she helped bring down 

in a tobacco lobbying scandal, Galizia is “a 

terrorist.” To opposition MPs, she’s a political 

force of nature, one who fortunately has her 

guns aimed at the other side of the aisle. “She 

single-handedly brought the government to 

the verge of collapse,” says one MP. “The lady 

has balls,” says another. 

Galizia’s mantra is simple: blog relentlessly 

about the “cronyism that is accepted as 

something normal here. I can’t bear to 

see people like that rewarded.” Nothing 

scandalous is too big or too small, be it false 

declarations of residency by the beneficiaries 

of Malta’s cash-for-passports scheme or 

the evening-wear decisions of the prime 

minister’s wife. 

No one is exempt from Galizia’s digital crossexamination, 

and her language is invariably 

scalding. “Education minister blows own 

trumpet about ethics classes,” is a typical 

headline. “How much is she paid again?” 

she wrote in October of a government 

communications officer. “Enough to cover 

the cancer treatment of several patients, 

no doubt. But they’ve got to go begging off 

charity to get their medication paid for.” 

Fear of where her country 

has headed has made her 

unapologetically pro-EU. 

Whatever one thinks of her style, it’s working. 

On a good day, Galizia gets 400,000 readers, 

more than the combined circulation of the 

country’s newspapers (Malta’s population is 

420,000). 

When she dines out, guests from other tables 

come over to wish her well. But her unease 

with what she sees as the island’s twin 

scourges — big money and shadowy politics 

— leaves her bitter. Fear of where her country 

has headed has made her unapologetically 

pro-EU: “Over my dead body will my children 

be stuck on these rocks,” she says. 

THE BLOGGING FURY 

Illustration by Denise Nestor for POLITICO 

Brief about POLITICO 28 

POLITICO 28 debuted last year with selectees 

from each of the EU countries, but we chose 

28 more as a symbolic than a literal figure; 

as it happens, NATO has 28 members too. 

With Brexit, the EU will soon have one fewer 

member; and with Montenegro slated to join 

the Western alliance, NATO will have one 

more. POLITICO 28 will stay at 28. The choice 

of 28 people from a world of possibilities 

is bound to be subjective and contentious. 

Many worthy people are omitted. Ultimately, 

POLITICO’s intention is to produce a POLITICO 

28 worthy of discussion and spirited debate. 

Career 

Caruana Galizia has worked as a journalist 

since 1987. In the early 1990s, she was a 

regular columnist with The Sunday Times and 

an associate editor of The Malta Independent. 

She remained a columnist with The Malta 

Independent and The Malta Independent on 

Sunday, and is the editor of the Taste & Flair 

magazine. In 2010, Caruana Galizia criticized 

Magistrate Consuelo Scerri Herrera in her 

blog, who then opened a libel and defamation 

case against her. The case was withdrawn 

in November 2011. She was arrested on 8 

March 2013 for breaking the political silence 

on the day before the 2013 general election, 

after she posted videos mocking then-Leader 

of the Opposition Joseph Muscat. She was 

questioned by police before being released 

after a few hours. In 2016, Caruana Galizia was 

named by Politico as one of "28 people who 

are shaping, shaking and stirring Europe." 

Politico described her as a "one-woman 

WikiLeaks, crusading against untransparency 

and corruption in Malta." MBR 

Creditline/Rights: POLITICO SPRL; Wikipedia 

42 43 



DENTAL HEALTHCARE EU GREEN WEEK 2017 


Young and healthy 

with diseased teeth! 

By Dr Jean Paul Demajo 

Jobs for a 

GREEN FUTURE 

As dentists we see all sorts of dental problems. 

These patients fall mainly into two categories. 

There are those patients who suffer from 

developing cavities and others with gum 

disease. Dentists are very quick to point their 

finger at poor oral hygiene, but is it always to 

blame? 

Of course we see patients with very dirty 

teeth and yes this is a cause of holes in their 

teeth and inflamed gums. However we also 

see patients who have dirty teeth and yet 

never require a filling. Others who keep their 

teeth very clean but still need fillings. 

Predispositions and genetic traits also 

play a part. Predispositions include certain 

medical diseases and conditions resulting 

in a compromised immune system. These 

might include diabetes, HIV infections and 

leukaemia. Other risk factors such as the use 

of tobacco and poor oral hygiene, stress and 

certain diets also affect the condition of your 

gums and teeth. 

With gum disease and tooth cavities, the 

best preventive advice dentists can deliver, 

is to maintain very good oral hygiene, visit 

the dentist 1-2 a year, use floss and stay 

away from tobacco and other risk factors. 

Remember, in almost all cases gum disease 

and tooth cavities can be prevented. Ask your 

dentist! MBR 

A Case study: 

A young woman in her late forties presents herself with mobile upper central incisors. The 

teeth have inclined forward and look longer than they ever have. The in-between spaces 

have increased and the teeth appear rotated. She is concerned that these two teeth will 

fall out by themselves. She also experiences pain on biting. Radiographs show generalized 

bone loss throughout her dentition with deep pockets around most of her teeth. However, 

apart from these two very mobile teeth, most other teeth were stable with little or no 

mobility. 

The treatment started with the stabilization of the teeth and gums. The gums required 

deep sub-gingival scaling and root planning. This is performed under local anaesthetic 

eliminating any discomfort by the dental hygienist; a very important member of the dental 

team. The upper central incisors were too diseased and therefore had to be removed. The 

teeth were extracted and immediately replaced with two dental implants with simultaneous 

bone grafting. A provisional fixed resin-bonded bridge was cemented and used during the 

healing process of the implants. Four months later the implants were exposed and ceramic 

crowns fixed onto the implants. The patient was placed on a maintenance program and 

reviewed regularly. 

1. Extra-oral before 

treatment showing anterior 

teeth splinting with wire to 

reduce mobility 

2. Extra-oral after removal 

of teeth and placement of 

temporary bridge 

The green transition – we’ve all talked about it, but are we ready to 

make it happen? From the Paris Climate agreement to the Circular 

Economy Package - the targets are in place across the European 

Union that will help green our environment, economy and society, 

but we also need the skills that will deliver. 

Green Week – the EU’s biggest annual event 

on environment policy from 29 May to 2 

June – will throw the spotlight on the skills 

gaps and potential job opportunities in the 

emerging circular economy. 

The week's highlight will be the Green 

Jobs Summit on Tuesday and Wednesday 

– featuring Commission Vice-President 

Valdis Dombrovskis, Commissioner for 

the Environment Karmenu Vella and 

Commissioner for Employment Marianne 

Thyssen, as well as green business 

entrepreneurs. It will explore the role of 

policy makers, social partners and businesses 

to make sure people have the right skills for a 

greener economy. 

DR JEAN PAUL DEMAJO 

Dental and Implant Surgeon, 

Trained in London working in 

private practice in Malta 

3. Extra-oral after 

placement of final implant 

ceramic crowns 

The Summit will also see the LIFE Awards 

ceremony on Tuesday evening which this year 

celebrates 25 years of successful EU funding 

for environmental projects. 

MBR 

44 45 



TRUSTS & CORPORATE SERVICES 

GAMING OVERVIEW 


Equiom enters US market 

via Guernsey acquisition 

Equiom has announced the acquisition 

of Virtus Trust Group, a Guernsey 

headquartered trust and corporate services 

provider with a diverse international client 

base and a presence in the Cayman Islands, 

New Zealand, UK and the USA, where they 

have a US public trustee licence in the state of 

South Dakota. 

We are dedicated asset guardians, 

more than just a service provider. 

A partnership built on trust. 

Founded in 2005, Virtus offers comprehensive 

private wealth management services such as 

succession planning, trust and foundation 

services as well as investment related 

solutions. 

Virtus Co-Founder, Roddy Balfour 

commented: ‘The market has been aware for 

some time that Virtus has felt the need for a 

larger strategic partner to expand our client 

offering in terms of services and geography. 

In that regard, Equiom is the perfect fit and 

in terms of client service continuity, our entire 

staff will be amalgamating with Equiom’s 

Guernsey operations. Taking Virtus from 

a standing start to its present substantial 

clientele has been very exciting and we 

look forward to the next chapter with equal 

anticipation given Equiom’s dynamic history, 

outlook and plans.’ 

Equiom’s Global CEO, Sheila Dean said of the 

union: ‘The acquisition of Virtus is a fantastic 

addition to Equiom. In addition to increasing 

our foothold in Guernsey, we will now be 

able to deliver structures for our clients in 

three brand new jurisdictions: Cayman, New 

Zealand and the US. As ever, I’d like to thank 

our equity partners LDC and our legal advisers 

Gowling WLG for their valued input and 

support throughout this acquisition project.’ 

Whether you are a successful individual or corporation, you can trust Equiom to protect 

and nurture your wealth. We are your asset guardians, here to assist with: 

• The establishment, formation and administration of trusts, foundations and companies 

• Specialist tax & VAT planning and tailored ownership structures for property, yachts and aircraft 

• eBusiness solutions, including eGaming licence applications, corporate structures and VAT advice 

Twenty five staff members from Virtus 

will join the Equiom team, operating from 

the Guernsey office and the company will 

complete the process of rebranding by June 

2017. MBR 

About Equiom 

To find out more about Equiom, visit 

www.equiomgroup.com. 

Sheila Dean, Global CEO of Equiom 

Trust | Corporate | Family Office | Tax & VAT 

Property | eBusiness | Yachting | Aviation | Crewing 

www.equiomgroup.com 

Equiom (Malta) Limited is authorised to act as a trustee and fiduciary services provider and as a company service provider by the Malta Financial Services Authority. 

46 www.maltabusinessreview.net 47 

MBR


BETTING 

FINANCE 


THE NEW LANDSCAPE 

For Betting On Football 

By Silvia Pedrotti 

Malta Stock 

Exchange in 

discussions with 

Thomson Reuters 

“I am very happy to learn that the Malta 

Stock Exchange (MSE) is currently in 

discussions with multinational Thomson 

Reuters over collaboration in various fields, 

especially training programmes for the 

MENA regim”, said Finance Minister Edward 

Scicluna at the official opening of the Malta 

Stock Exchange Institute in Mosta. 

Kostandina Zafirovska during the Betting on Football 2017 event in London 

BtoBet’s CEO, Kostandina Zafirovska was 

recently part of the Supplier CEO panel during 

the Betting on Football 2017 event in London 

at Stamford Bridge organized by SBC News. 

“Why Football betting is so central” is one of 

the aspects discussed by BtoBet in its recent 

industry report. 

The media exposure, glamour, money and 

accessibility involved in football has turned it 

into the most popular sport in the world. 

It stimulates the fans to want to get involved 

and this is particularly evident in the betting 

realm where technology and marketing 

have combined to provide unique wagering 

opportunities. 

BtoBet’s vision on the current landscape of 

betting on football and on what the future 

holds for operators, suppliers and consumers 

is explained in the dedicated white paper 

airing topics such as: 

• Football popularity and betting opportunity 

• Where next with sports-betting and in-play? 

• Enabling technology, removing barriers to 

consumer understanding 

• Far-sighted gaming software provider to 

avoid risks and conflicts. 

To discover more, download the report at this 

link. 

The leading companies involved in the 

discussions in London agreed on how online 

and mobile betting are becoming very 

challenging in the igaming business and how 

technology is playing a key role in the football 

betting industry. 

Commenting on the conference, Kostandina 

Zafirovska highlighted: 

“Today’s bettors are ever more demanding 

and are now cross-channel users. The key is 

to have the right tools available to, first, collect 

the data and second, transform the raw stats 

into actionable information about a player. It 

means an operator can provide a tailor-made 

offer and a satisfying gaming experience, 

regardless of the channel that a player is 

using to arrive at the product offering. The 

Artificial Intelligence plays a central role in this 

process.” 

About BtoBet 

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 cloud-based 

systems delivering unprecedented capabilities 

to drive sportsbook and iGaming business. 

BtoBet ‘s Technical team 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 center. Visit our site on: www. 

btobet.com. MBR 

MSE Chairman Joseph Portelli added 

that a memorandum of understanding 

between the two parties will be signed 

soon. Minister Scicluna welcomed the 

news that multinationals such as Thomson 

Reuters viewed Malta as a reputable 

country from where to operate and strike 

strategic partnerships in various fields, 

such as education and the development 

and promotion of Corporate Governance 

Software for Northern Africa and the Gulf 

regions. Head of Thomson Reuters’ New 

Business Development for the Middle East 

and North Africa Eric Hammar said that 

Thomson Reuters has years of experience 

in the sector and operates from several 

countries. 

He said that the company is very proud to 

be collaborating with MSE. He added that 

Malta offers many opportunities thanks to 

its vibrant gaming and financial sectors. The 

ceremony saw the inauguration of the Malta 

Stock Exchange Institute at its new premises 

in Mosta after taking up operations from the 

Malta International Training Centre. MBR 

Courtesy: Minister of Finance 

10th FINANCE MALTA ANNUAL CONFERENCE 

Minister Edward Scicluna addresses Financial 

Services Practitioners 

Minister for Finance Prof. Edward Scicluna 

Minister for Finance Prof. Edward Scicluna 

reiterated that Malta, as a member of the EU, 

is a financial and tax jurisdiction which has 

successfully undergone various routine due 

diligence checks from both the EU and the 

Organisation for Economic Co-operation and 

Development (OECD). 

In his keynote speech, delivered at the 10th 

Finance Malta Annual Conference, Minister 

Scicluna said that Malta ranks positively in the 

Tax Justice Network’s Financial Secrecy Index, 

which measures tax jurisdictions according 

to fifteen criteria, ranging from Knowledge 

of Beneficial Ownership, Corporate 

Transparency, Efficiency of Tax and Financial 

Regulations and International Standards and 

Cooperation. This, ranking together with a 

highly-regulated financial sector, bodes well 

for the continuing success of the financial 

industries and igaming industries. The 

Financial Services Practitioners should defend 

their industry from unfair external criticism. 

Regarding Malta’s Presidency of the 

Economic and Financial Affairs Council of 

the EU (ECOFIN), Minister Scicluna said 

that Malta succeeded in brokering the Anti- 

Tax Avoidance Directive II in spite of major 

hurdles. 

Similarly, good progress was reported 

concerning the drawing up by the EU of 

a blacklist for third countries, while the 

Dispute Resolution Mechanism and various 

Vat-related files are progressing well. The 

Common Corporate Tax Base (CCTB) will 

feature for a preliminary discussion at next 

week’s ECOFIN meeting. MBR 

Courtesy: Ministry of Finance/Photo: MFIN 

48 


49


EP: HEH 

EU/SMEs 


EUROPEAN PARLIAMENT OPENS 

THE HOUSE OF EUROPEAN 

HISTORY On 6 May 2017 

Parliament President Antonio Tajani officially 

opened the House of European History on 

Thursday in a formal ceremony cutting a 

ribbon in the presence of former EP president 

Dr Hans-Gert Pöttering (chair of the Board 

of Trustees) and Professor Wlodzimierz 

Borodziej (chair of the HEH Academic 

Committee). The museum will be open to the 

public as of this Saturday 6 May. 

European Parliament President Antonio 

Tajani said "This house is about the things we 

have in common, the events we have lived 

through together. This is indeed not only the 

House of European History, it is also the Home 

of European identity and European memory." 

The Museum also offers educational 

programmes; events for local and visiting 

publics; publications and a range of online 

information. 

House of European History web site: http:// 

historia-europa.ep.eu/home 

Downloadable audio-visual material on the 

HEH, the building up of the collection, the 

permanent and temporary exhibition and the 

opening events: http://audiovisual.europarl. 

europa.eu/house-european-history MBR 

NEW RULES TO PROTECT INVESTORS 

and help SMEs access diverse 

sources of capital 

Former EP President Hans-Gert Pöttering, 

Chair of the Board of Trustees of the HEH said 

"The House of European History is intended to 

help citizens to step into the future wisely and 

with confidence, a future which, from today’s 

standpoint, looks likely to be troubled and full 

of threats. It is a house which, by showing us 

the dynamics of European history, enables us 

to better understand recent history, as well as 

the present. “ 

Professor Wlodzimierz Borodziej, Chair of 

the HEH Academic Committee, said “Like the 

Union, the work of the House of European 

History will never be complete. It will always 

remain a record of the time in which modified 

versions of the permanent exhibition and of 

the subsequent temporary exhibitions will be 

born. Last but not least, it will remain a record 

of the disputes about this, our tiny appendix 

of Asia, where we nest and which we have the 

right to be proud of.” 

The House of European History (HEH) aims to 

encourage citizens to reflect upon and debate 

about the history of Europe and of European 

integration. It wants to increase knowledge, 

arouse curiosity and, over time, become a 

place for the exchange of ideas, reflection 

and debate about Europe and its history, 

linking up people, institutions and networks 

dealing with European history. Visitors will 

be challenged to critically assess European 

history, its potential and its future. 

"Interactions. Centuries of Commerce, 

Combat and Creation" is the House of 

European History's first temporary exhibition. 

It will run until 31 May 2018. It illuminates 

exemplary moments and revealing stories 

of encounters and exchanges in European 

history. 

Uniform rules on the information given in 

investor prospectuses were approved by 

Parliament recently. They aim to protect 

investors, create a more efficient single 

capital market and ease small firms’ access 

to finance. 

"The prospectus is a concrete example of 

how we will build Capital Markets Union. We 

made the prospectus regulation more fitting 

for the current environment; it will benefit 

all issuers who want to raise funds on the 

market, ending the over-reliance of small 

firms on bank funding. The new prospectus 

will reduce costs and increase the readability 

and relevance of investor information, which 

will in turn improve investor protection", 

said Petr Ježek (ALDE, CZ) during the debate. 

Prospectuses are legally required documents 

published when securities such as shares in 

companies or the right to acquire them and 

non-equity securities such as bonds are 

offered to investors or admitted to trading. 

Prospectuses should be publicly available 

and published on the website of an issuer or 

a financial intermediary. 

Protecting investors: key information and 

warnings 

Under the new rules, the information that a 

prospectus provides must enable investors 

to make an informed assessment of assets, 

liabilities, profits, loses and rights attached to 

investment products. 

Prospectuses should include an accurate, 

clear seven-page summary (with an extra 

one, two or three pages where a given type 

of a security requires further explanations), 

providing: 

• key information that investors need to 

understand the risks and make an informed 

decision, 

• information on the issuer, on the securities, 

on the offer to the public and on admission 

to trading, and 

• a clear warning of the risks involved, such as 

the risk of losing part or all of the investment. 

The summary should be read as an 

introduction to the prospectus and be 

consistent with other parts of it. 

Helping SMEs: EU growth prospectus 

A key aim of the Capital Markets Union, 

for which the prospectus regulation is an 

essential step, is to ease access to finance for 

small and medium-sized enterprises (SMEs). 

As SMEs usually need to raise lower amounts 

than other issuers, the cost of drawing up a 

full prospectus could be disproportionately 

high for them. MEPs therefore established a 

specific, standardised and lighter EU growth 

prospectus regime for SMEs, issuers on an 

SME growth market and other issuers wishing 

to raise smaller amounts of money, i.e. up to 

€20 million over a twelve-month period. 

Once approved, these prospectuses would 

be eligible for the EU passporting regime, 

enabling them to be offered to the investors 

across the EU. 

The final text was adopted with 517 votes in 

favour, 109 against and 71 abstentions. 

Next steps 

The new rules will apply from 24 months after 

their entry into force. MBR 

Credit: Dorota Kolinska, Press Officer / EP / REF. : 

20170329IPR69062 

50 51 



HR 

BUSINESS APPOINTMENTS 


So long job 

FOR LIFE! 

By Maria Zahra 

Hertz Malta appoints new 

General Manager 

Hertz Malta, operated by United Garage 

Ltd, a subsidiary of the United Group of 

Companies, has appointed Ron Scerri as 

General Manager, responsible for its local 

car rental & Lease operations. 

One of the oldest Hertz franchisees in Europe, 

United Garage Ltd has been operating the 

leading car rental brand since 1961. 

Mr Scerri comes with years of experience 

in management having worked with some 

leading international brands both locally 

and abroad. Commenting about his new 

appointment, Mr Scerri said “I am proud to 

be joining Hertz Malta, at such an important 

and exciting time for the company. The Hertz 

brand has a rich legacy in the local car rental 

and lease sectors with more than half a 

century of experience in the country.” 

Hertz Malta has recently opened its new 

headquarters in Luqa, just a few minutes away 

from the Airport. “These new offices not only 

helped us reorganise our management and 

administration teams to be able to function 

Ron Scerri 

more effectively, but will also allow us to reassess 

and strengthen our customer-service 

approach and more importantly, Hertz’s local 

presence and visibility.” “As we gear ourselves 

up for the approaching busy summer season, 

Hertz in Malta is in the process of boosting its 

fleet of rental cars with new and interesting 

makes and models to continue to fulfill all 

our customers’ needs and preferences.” 

concluded Ron Scerri. 

MBR 

A few weeks back I wrote about the 

millennials and the Gen Z, and how 

businesses and employers need to change 

to attract and retain them. Discussing 

this topic with a few of my clients, I can 

comfortably say that on average, the lifespan 

of an employee is two years, particularly in 

certain sectors. 

Job hopping is getting close to becoming the 

norm and employers seem to be resigning 

themselves that this is the future of 

businesses, and I must add that job hopping 

is not limited to the millennials and the Gen 

Z. 

Earlier generations would’ve aspired for a 

‘job for life’ when starting their career, but 

are, nowadays, also moving on to other jobs. 

The fact that leaders are considering 

this employment lifespan as the norm 

is worrying. There are huge impacts on 

businesses, not only in relation to the costs 

of recruitment and selection but also in 

productivity and training. We need to start 

addressing this issue because the truth 

is very rarely that employees are purely 

leaving because of ‘better opportunities’. 

There are deeper underlying causes to 

seeking better opportunities. What can 

possibly be a better opportunity if you are 

happy and satisfied with your job? 

You are probably answering this question 

with ‘better money’, ‘more flexibility’ or 

‘they might not be happy doing what they’re 

doing.’; all of which are understandable and 

possible, but very rarely the push factor to 

resign. 

I have been speaking to a number of 

employees who have left their job in the 

recent months and I’m sharing some of the 

reasons I’ve heard: 

• I felt like a number. 

• My feedback was never appreciated. 

• I was never listened to. 

• I was never given the right induction and 

training to do my job well. 

If you are reading between the lines, there 

seems to be a leadership situation. The 

real and harsh truth is company leadership 

could have done something to stop their 

resignations. Until top management starts 

to realise and recognise this, the situation 

will not change. 

Truly valuing our people, by offering training 

and development, spending time with them 

to listen to their feedback and concerns, 

empowering them to explore different jobs, 

exposing and involving them to different 

things within the company, is key to stopping 

the business impact and consequences that 

job hopping is causing. MBR 

52 53 



BUILDING & CONSTRUCTION 

BUILDING & CONSTRUCTION 


Resin floorings 

voicing the future 

By Antoine Bonello 

The desire to know more and the need to 

discover new things form part of the human 

gene. We constantly develop new ideas, 

materials and products to meet today’s 

exigencies and to satisfy our lust for more. 

Industries that produce our daily novelties 

use of high precision machinery and have 

very high standards when it comes to 

cleanliness and dust control. Dust can affect 

their machines and the equipment loses 

its precision or worse can sustain damages 

worth thousands of euros. 

One of the great ways to control dust in an 

industrial environment is by installing durable 

resin flooring. The finish is seamless and can 

withstand heavy traffic, machinery, palletisers 

and acids. The same can be said for hospitals, 

pharmacies, restaurants and were a high level 

of sanitation is required. 

The pharmaceutical and food industry are 

always being audited and frequent inspections 

means a constant need to have perfect looking 

glossy floors. Pharmaceutical production 

tends to have the strictest operational 

guidelines in any industry imaginable and this 

means that have very high expectations when 

it comes to their flooring. Printing facilities on 

the other hand use massive palettes loaded 

with tons of papers, leaflets, brochures and 

other printing material. These massive loads 

are shifted around with lifters and palletisers 

causing enormous stress on the floor. 

A poor quality floor can easily get damaged, 

and cracks and holes start to form in the 

concrete. Furthermore if ink drops on the 

floor it can erode the concrete. Restaurant 

and Hospitals on the other hand require 

something that can be easily washed, nonslip 

and anti-bacterial, while the automobile 

industry requires something that is resistant 

to oils and acids. 

The finish is seamless and 

can withstand heavy traffic, 

machinery, palletisers and 

acids 

A solution to the above mentioned exists in 

the form of epoxy resins, they are continually 

applied abroad and are made to last long and 

deliver. So why many speak badly about resin 

flooring especially in Malta, the answer can 

be divided in two. 

1 Lack of product knowledge and application 

2 Low quality materials 

Before applying a resin flooring the following 

is to be verified. 

1 The grade and strength of the existing 

concrete screed 

2 Humidity levels inside the concrete 

3 The usage of the area 

Resin flooring can never be implemented 

on weak structures and humid areas as it 

will detach due to vibrations and negative 

pressures from below. A humidity and 

concrete grading test is recommended prior 

to any installation and eventually treated 

accordingly with a consolidator and a vapour 

barrier. 

Before any coat is applied it is important to 

know the use of the area in question, thus to 

determine which the best protective coat for 

your requirements. There is no such thing as 

one product fits all when it comes to resins. 

Avoid plastic and acrylic based materials as 

they tent to flake and detach at the very first 

sign of stress. UV rays play a very important 

role as epoxy resins do not withstand it and 

are not recommended for outside use or 

were there is direct sunlight. For this purpose 

polyurethane resins can be used without any 

restrictions. 

Prior to any resin finish a primer must be 

applied. A good primer penetrates the 

substrate and stops the dusting effect in 

concrete; it also consolidates and increases the 

bonding abilities of your finish product. The 

right primer will guarantee better adhesion to 

the substrate, longer life and reduces the risk 

of chipping or breaking. By properly priming 

and sealing the substrate you are reducing 

the risks related to detachment. The finish 

coat must be resistant to the customer’s 

exigencies; serious companies like NAICI can 

provide a detailed datasheet together with 

the required certifications and laboratory 

tests that guarantee the flooring meet all EU 

norms. An important factor is the quantity 

of the material applied. Do not relay on the 

amount of coats applied as they tend to differ 

from one person to another. Always make 

sure that the right amount of kilos consumed 

matches the data sheet, which is about 300g 

per sq m for the primer and 650g per sq m for 

the finish. This way you can be sure that the 

right amount is applied. 

A bad workmen always quarrels with his tools, 

the product alone is not sufficient and an 

important factor is good workmanship. Resin 

can have very undesired effects if applied 

wrongly. Unfortunately materials do not 

speak so they can’t defend themselves when 

someone applies them wrong. If you have 

in mind to hire third parties to do your resin 

works always make sure they are members 

of The Malta Professional Waterproofing 

and Resin flooring Association, only in this 

way you are guaranteed that the persons 

you are hiring knows exactly what it takes to 

implement a good waterproofing system. 

The Malta Professional Waterproofing and 

Resin Flooring Association were formed 

with an aim in mind, to teach and promote 

the correct use of materials and proper 

workmanship. We are also proud to say 

that professional formation with regards 

waterproofing and resin flooring to all 

Maltese applicators is now a reality. The 

NAICI International Academy together with 

the Malta Professional Waterproofing and 

Resin flooring Association and The Resin and 

Membrane Centre, Malta’s largest showroom 

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 

with regards waterproofing and resin 

floorings are regularly organising seminars 

on waterproofing and resin flooring for those 

who wish to learn more about them and also 

to learn how to correctly implement them. 

This academy is renowned in Italy for its 

constant dedication in the trade Industry. 

Visit www.maltawaterproofing.com 

Tel: 27477647 MBR 

54 55 



PHOTOGRAPHY 

MONEY MARKET FUNDS 


REFLECTION 

REFLECTION 

EXILE VOICES: 

An exhibition celebrating the Europe Day 

Training to the language of image addressing Syrian 

refugee children in Iraqi Kurdistan. 

Conducted by Reza Visual Academy 

NEW RULES MAKE CASH FLOW 

INVESTMENTS BY START-UPS 

AND SMES SAFER 

New rules to make money market funds 

(MMFs) more resistant to crises and market 

turbulence were approved on Wednesday. 

MFFs supply easily accessible liquid 

assets to business start-ups and small and 

medium-sized enterprises (SMEs), but can 

be vulnerable to panic runs on their money. 

To improve MFFs’ stress resistance, the new 

rules require them MMFs to diversify their 

asset portfolios, invest in higher-quality 

assets, meet liquidity and concentration 

requirements and have in place sound 

stress testing processes conducted at least 

quarterly. 

MMFs assets will have to be valued at 

least once a day and the result should be 

published daily on the MFF’s website. 

Rapporteur Neena Gill (S&D, UK) said: 

“I believe this is a win-win deal for both 

major European MMF sectors, variable and 

constant net asset value MMFs (VNAVs and 

CNAVs) respectively. 

The key aims of preventing future systemic 

risks and runs on funds have been addressed. 

I am particularly pleased that we found a 

viable operational model for low volatility 

net asset value MMFs, which was included 

at the European Parliament’s initiative”. 

LVNAV: a new type of MMF proposed by 

MEPs 

Parliament proposed a new category of 

MMF: Low Volatility Net Asset Value MMF 

(LVNAV MMF) designed specifically to work 

for small firms in the real economy. 

Its key features include: 

• a diversified portfolio with stringent 

concentration requirements to reduce risk, 

assets described more precisely and subject 

to strict conditions, 

• only limited use of the amortised accounting 

method to value assets, 

• strict daily and weekly liquidity requirements 

to fulfil potential redemption requests, 

• improved transparency, to ensure that 

investors and supervisors get better and 

earlier information. 

LVNAV MMFs should only be authorised for 

a period of five years, says the text. The EU 

Commission is to assess whether these rules 

are fit for purpose four years after they enter 

into force and propose whether LVNAV MMFs 

should be authorised further or indefinitely. 

MBR 

In 2013, I went on an assignment for Arte as a photoreporter to Iraqi Kurdistan, a land that 

welcomes millions of refugees and plays the role of a shield against the Islamic State. 

There, I met refugee children living in the Kawergosk refugee camp. With them, I launched 

the first photo-training workshop conducted by Reza Visual Academy in this area. When I left 

them, I made a promise: I would show the world their visual testimonies. 

Since then, the training workshop is continuing. Two other training workshops have been 

launched, addressing Yazidi refugee and IDP children, in Kabarto and in Baxika, near Arbat. 

Thanks to the willingness of these young camp reporters, their photos have already been 

exhibited on the Seine River banks in summer 2015 (Dream of humanity), in Photo’aubrac 

festival in 2015 and 2016, in Duhok University, in Iraqi Kurdistan, and at the European 

Commission in Brussels, in 2016. 

Today, their work is exhibited in the centre of Erbil. The promise has been kept and I am 

proud of these students who have become my teachers: their work is an example of unfailing 

commitment and humanity. MBR 

REZA 

To commemorate May 9th, 2017 

Sami Abdul Rahman park, Erbil, Iraqi Kurdistan 

Amphitheatre near lake, 5 p.m. 

In the presence of the students from Kawergosk camp. 

The « Exile Voices, camp reporters » exhibition prints are supported 

by the EU Local Area Development program and the UNDP-Iraq. 

For the publication of the book "Seul le vent" 

Credit: Dorota Kolinska, Press Officer / EP / REF. : 20170329IPR69061 

Minister Edward Scicluna addresses 

German media in Berlin 

On Tuesday, Minister for Finance Edward 

Scicluna addressed the Germany press at 

the Maltese Embassy in Berlin, where he 

dispelled fake news appearing on the German 

media. He also gave a description of Malta’s 

tax regime, and an account of the work in 

progress related to the Council Presidency. 

Minister Scicluna dismissed the story carried 

on German and Maltese media about an 

alleged leak of details on 70,000 offshore 

companies, many of which were of German 

origin. He quickly discounted this story as fake 

news on various counts. He stated that the 

Register of Companies - which holds a much 

lower number of companies than stated - is 

publically available online. Furthermore, 

Malta does not have an offshore company 

register. 

Minister Scicluna also told the press that 

Malta ranks high in the list of transparent 

jurisdictions and compares favourably 

with respect to major European countries, 

including Germany. This can be gleaned 

from the Tax Justice Network’s Financial 

Secrecy Index. The index is based on fifteen 

criteria ranging from Knowledge of Beneficial 

Ownership, Corporate Transparency, 

Efficiency of Tax and Financial Regulations, 

and International Standards and Cooperation. 

With respect to the work carried out during 

the Presidency of the Economic and Financial 

Affairs Council of the EU (ECOFIN), Prof. 

Scicluna said that Malta is keeping to its 

programme priorities, having succeeded to 

broker the Anti-Tax Avoidance Directive II in 

spite of major hurdles. Similarly, good progress 

was reported concerning the drawing-up by 

the EU of blacklist for third countries, while 

the Dispute Resolution Mechanism and 

various Vat-related files are progressing well. 

The Common Corporate Tax Base (CCTB) 

will feature for a preliminary discussion at 

next week’s ECOFIN meeting. Following this 

meeting, Minister Scicluna had a bilateral 

meeting with the German Federal Finance 

Minister Dr Wolfgang Schäuble at the Federal 

Finance Ministry, where topics of mutual 

interest to both countries were discussed. 

MBR 

Courtesy: Ministry for Finance/Photos: MFIN 

56 


57


NEWSMAKERS 


Promoting entrepreneurship 

for islands' economic growth 

Insular areas have to tackle a number of 

specific economic challenges connected 

to their geographical characteristics. Low 

population density, high transport costs, small 

size and fragmentation of markets depending 

on a few economic sectors and niches as 

well as the dominance of smalls firms make 

these economies even more dependent on 

entrepreneurial initiatives than other regions. 

"Cities and regions are the catalysers and 

enablers for entrepreneurship and start-ups – 

to co-create the European mentality for new 

jobs and sustainable growth. As policy-makers 

we must create favourable conditions for 

entrepreneurs and start-ups with place-based 

and tailored strategies that focus on exploiting 

their comparative advantages in promoting a 

more efficient use of their existing natural, 

cultural and geostrategic assets", said CoR 

president Markku Markkula. 

"Islands tend to develop different approaches 

in order to be in a position to keep up with the 

social and economic development of other 

regions in mainland Europe. Whilst a one size 

fits all approach may be counterproductive, 

islands’ potential could be better exploited 

through measures aimed at alleviating the 

constraints of insularity such as improved 

trade and digital connections as well as aid 

to foster entrepreneurship and economic 

development", said Christian Cardona, 

Maltese Minister for Economy, Investment 

and Small Business. 

About 17.7 million Europeans live on the 

EU's 362 lowly populated islands with a GDP 

that is less than 80% of the EU's average. 

However, most challenges for SME and 

entrepreneurship development can be 

tackled by adequate public support policies. 

Cohesion policy is essential argued Marie- 

Antoinette Maupertuis, member of Corsica's 

regional authority and rapporteur of the draft 

opinion on entrepreneurship on islands. 

"Entrepreneurs in island regions and island 

citizens in general have to cope with structural 

constraints, which lead to additional costs 

that severely impact on the islands growth 

and development prospects as well as on 

their fair integration in the single market. We 

demand that in cohesion policy post 2020 

special attention is given to islands in order 

to compensate for the economic effects of 

natural constraints and that the complete 

territorial integration of island populations 

in single market is ensured so that they are 

given the same opportunities in production, 

innovation and trade as those living in the 

main land", said Ms Maupertuis. 

She further called on EU institutions and 

Member States to extend business incentives, 

to ease public procurement and state-aid rules 

(particularly for transport and energy), and to 

give more concerted financial, technical and 

policy support to help entrepreneurs diversify 

the "economic monocultures" that dominate 

many islands as well as to promote features 

of the 'sharing', 'circular' and 'knowledge' 

economies. 

The draft opinion, which will also take the 

conclusions of the seminar into account, 

is scheduled for adoption during the CoR 

plenary session on 11 May. The CoR study 

on "Entrepreneurship on islands and other 

peripheral regions" which was presented 

during the event will be available on the CoR 

webpage end of May. MBR 

FITCH’S CREDIT RATING REPORT CONFIRMS 

A NEW PN GOVERNMENT’S COMMITMENT 

TO FISCAL RESPONSIBILITY 

Hate speech and fake 

news: remove content, 

impose fines, foster media 

literacy? 

In its latest report on Malta’s economy and 

fiscal standing, the Credit Agency Fitch 

referred to Partit Nazzjonalista’s most recent 

pre- budget document dated October 2016 

which “contained proposals for expansionary 

fiscal measures...coupled with reforms to 

contain public spending”. 

In view of these proposals, the Credit Rating 

Agency concluded that both main political 

parties share a broad commitment to fiscal 

responsibility. 

This report contradicts recent claims made 

by Joseph Muscat that a new PN government 

will stall the economic progress. The only 

factor that is holding the economy back and 

putting jobs at risk is the uncertainty caused 

by corruption allegations and scandals 

involving Joseph Muscat and his closest aides. 

Joseph Muscat’s failure to act in an effective 

and expedite manner when faced with the 

undisputed facts that Konrad Mizzi and Keith 

Schembri opened secret financial structures 

in Panama and New Zealand irreparably 

damaged his government and is now seriously 

damaging Malta’s economy. 

Recent revelations of kickbacks and serious 

regulatory failings are putting further strains 

on Malta’s reputation and consequently the 

economy. Joseph Muscat is not and cannot 

be the solution in this scenario. He is the 

problem and should go now. MBR 

58 

MEPs worry about the proliferation of hate speech and fake news, particularly in social 

media, they said in a debate in the EP end May. But they disagreed on how best to 

respond. Ideas aired included removing false and defamatory content, imposing fines to 

non-cooperative companies and fostering media literacy. 

The internet has created new opportunities for the media, but it has also made it easier 

to deliberately spread fabricated news stories to fool readers. Parliament President 

Antonio Tajani called attention to the issue in a statement: 

“When we consider press freedom, we also have to look at the internet. It is a source of 

knowledge as much as it is a source of concern. Almost half of all Europeans get their 

news from social media. This has made spreading fake news far too easy. There are 

mounting concerns over disinformation and hate speech, used to promote radicalisation 

and fundamentalism, particularly among young people.” 

During the debate, members of the human rights subcommittee are to discuss the 

World Press Freedom index compiled by Reporters without Borders as well the European 

Endowment for Democracy (EED) activities in the field of media freedom and how the 

EU is reacting to disinformation and fake news. 

Many speakers called on internet companies to step up their efforts to ensure that false 

and defamatory content is removed quickly. Some asked the European Commission to 

explore the possibility of proposing new EU legislation in this field. 

But there were warnings against censorship and public control of media outlets. Several 

MEPs also said it is necessary to improve media literacy among citizens, especially 

youngsters, given that social media are now the main information source for many of 

them. MBR 

ARE THE CORE OF TODAY`S BUSINESSES 

The fusion of two leading IT companies forming J2 Group providing quality IT Services 

with over 20 years of experience with offices in Malta and Gozo, offering tailor-made IT 

Solutions fitted around your personal and unique requirements. ICT Solutions including 

IT Consultancy Services, IT Outsourcing, Office Setup & Network Installation, Onsite & 

Remote Support, Internet & Wireless Configuration, Hardware Support, Computer & 

Laptop Repairs, Hosted & Web Services, Google Apps & Office 365, Microsoft Azure, 

Infrastructure Setup, Microsoft Hyper-V & VMware Virtualization, Multi-Company Payroll 

& Accounts, Point of Sale Systems, Stock Systems, Custom Software & Websites. 

TALK TO US 

J2 GROUP MALTA, OSCAR ZAMMIT STR MSIDA, MALTA EUROPE 

j2groupmalta.com | info@j2groupmalta.com | +356 21360038

MBRmay 2017_PG ALL LR

Create successful ePaper yourself

Delete template?

Save as template?