MBR AUGUST ALL

MALTA 

ISSUE 34 AUGUST 2017 

BUSINESS REVIEW 

COVER STORY 

PEOPLE AND TECHNOLOGY 

Stephen P DeFalco, CEO with Crane Currency, talks 

about the significant multi-million Malta investment 

06 

8 

16 

40 

EXCLUSIVE INTERVIEW 

Developing a resilient and creative community 

A comprehensive interview with Gozo Minister 

The Hon. Dr Justyne Caruana 

ERC STORIES 

Religious Integration: How to look beyond 

stereotyped images 

Nilüfer Göle ‘s insights from his ERC-funded research into 

emblematic controversies may help to find a way forward 

IN-DEPTH INTERVIEW SERIES 

Equiom’s yachting and aviation experts 

MBR interviews Equiom’s dedicated yachting and 

aviation team

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your perfect atmosphere 

Malta Business Review 

CONTENTS 

August 2017 

FEATURES 

MALTA 

BUSINESS REVIEW 

EDITORIAL 


COVER STORY 

6 PEOPLE AND TECHNOLOGY 

Stephen P DeFalco, CEO with Crane Currency, talks about 

the significant multi-million Malta investment 

GOZO: EXCLUSIVE INTERVIEW 

8 DEVELOPING A RESILIENT AND CREATIVE 

COMMUNITY 

A comprehensive interview with Gozo Minister Justyne 

Caruana 

SPECIAL REPORT 

12 DBRS CONFIRMS REPUBLIC OF MALTA AT A, 

TREND CHANGED TO POSITIVE 

Adriana Alvarado & Nichola James provide us with a 

detailed account following the recent DBRS report on 

Malta’s rating to Positive 

ERC STORIES 

16 RELIGIOUS INTEGRATION: HOW TO LOOK 

BEYOND STEREOTYPED IMAGES 

Nilüfer Göle ‘s insights from his ERC-funded 

research into emblematic controversies may help to find a 

way forward 

22 

CORPORATE INTERVIEWS 

CONTINUOUS INNOVATION, 

UNCOMPROMISING INTEGRITY & 

PROFESSIONALISM 

Liam Ferriggi, Managing Director with Infinite 

Fusion Technology tells us why the firm has become a 

leading global IT Solution company 

26 RESPECT, LEARNING & TEAM SPIRIT 

Added value tactics and inspiring leadership with Deborah 

Schembri, Managing Director of STM Malta Trust & Company 

Management Ltd. 

OUR GOLDEN PARTNERS 

6 

32 WHAT IS PHISHING? 

Brain Darmanin, J2 GROUP explains why Phishing scams 

are among the most prevalent forms of 

cybercrime and how to overcome them 

34 GLOBAL WARMING COULD RESULT IN LOSSES 

FOR THE EUROPEAN WINE INDUSTRY 

Taylor & Francis, in exclusive collaboration with MBR 

provides us with top quality research and studies on the 

effects of global warming 

36 CLIMETRICS 

Josh Snowdin introduces us to Climetrics, the world’s first 

fund rating which enables investors to integrate climate 

impact into their investment decisions 

IN-DEPTH INTERVIEW SERIES 

40 EQUIOM’S YACHTING AND AVIATION EXPERTS 

MBR meets and interviews Equiom’s dedicated yachting 

and aviation team, international professional services 

providers for more than ten years 

8 16 

22 

EU, BANKING & BUSINESS REPORTS 

42 WORKFORCE 

Databyte Dynamic Solutions present us with their latest 

cloud based HR System running on the latest technologies 

44 WHAT’S DRIVING BRUSSELS & EUROPE 

Newsfeeds and latest behind-the-scenes happenings 

within the EU, courtesy of POLITICO’s Playbook 

46 HSBC BANK MALTA REPORTS RESILIENT 

PROFITABILITY IN H1 2017 

A glimpse into HSBC’s performance during the first six 

months of 2017 

40 

52 BE VIGILANT: MFSA WARNING ON VIRTUAL 

CURRENCIES 

The Malta Financial Services Authority (“MFSA”) has taken 

note of recent articles in the media referring to virtual 

currency ATMs following the installation of a first such 

ATM in Malta 

PUBLISHER 

MBR Publications Limited 

OFFICES 

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Naxxar Road, 

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+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 

Adriana Alvarado; Quentin Ariès; Howard Bilton; 

Antoine Bonello; George Carol; Harry Cooper; 

Brian Darmanin; Nilüfer Göle; Jean Paul Demajo; 

Nichola James; Christian Müller; Josh Snowdin; 

Charlie Williams, Hadrian Sammut 

SPECIAL THANKS 

Crane Currency; DBRS Ratings Limited; Demajo 

Dental; DOI; European Research Council; Simon 

Marks; Ministry for Gozo; POLITICO SPRL; 

Taylor & Francis Group 

PRINT PRODUCTION 

Printit 

QUOTE OF THE MONTH 

“I love those who can smile in trouble, who can 

gather strength from distress, and grow brave 

by reflection. 'Tis the business of little minds to 

shrink, but they whose heart is firm, and whose 

conscience approves their conduct, will pursue 

their principles unto death.” 

Leonardo da Vinci 

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 

Martin Vella 

Editor-in-Chief 

Extreme weather events are the new normal. Hurricanes Harvey and 

IRMA have highlighted the struggle to apply climate science. Hurricane 

Harvey is already being described as one of the ten costliest storms in 

US history, with the estimated financial damage put at between US$10 

billion and $20 billion. Oil- and gas-industry infrastructure lies among 

the wreckage, and investors are eyeing the impact on the energy and 

insurance markets. 

In Malta, we have endured and suffered one of the most hottest and 

sizzling summers ever. This year, the sun has been roasting us with 

temperatures exceeding the 30 degrees Celsius since the beginning 

of May, rising well over flaming 40s during the past weeks. Extreme 

weather events such as Harvey, IRMA and the scorching heat wave can 

be described as ‘unprecedented’ only so many times before companies and governments are forced to 

accept that such events are the new normal, and to plan accordingly. Scientists cannot yet supply the kind 

of detailed, quantified information that companies and others require to best plan for changes coming in 

the next few years to decades. 

This is partly a question of resources: the world is a big place, the future infinite and there isn’t enough 

computing power to go around. It is partly political, with the few late-adopters still offering a false flag 

around which to rally those who prefer inaction and obstruction. And it’s partly because the field of climate 

services — as the field of such detailed projections is known — is on the front line of a cultural switch that 

sees science listen to society’s questions, instead of simply offering answers. It is an imperfect storm, and 

scientists can’t meet the cost alone. 

Meanwhile, the International ratings agency, DBRS, has given Malta an ‘A’ rating. According to the American 

experts of DBRS, this reflects Malta's strong economic growth as well as the progress made in respect of 

reducing the deficit and national debt. Indeed international analysts argue that if this progress continues 

and the reforms undertaken in the public sector are successful, Malta’s rating will improve further. 

Following the recent change in the trend on Malta’s rating to Positive, we note below their analyst teams' 

take on why DBRS decided to take this rating action: 

“Malta is now among the few EU countries in full compliance with the EU fiscal rules. The Positive trend 

reflects our view that the important improvements in the fiscal position since 2014 are likely to be sustained. 

Primary surpluses above 2% of GDP, together with steady economic growth between 3% and 4%, should 

allow Malta to continue reducing its public debt. Current forecasts point to a government debt ratio below 

53% of GDP by the end of 2018. 

“A continued reduction in public indebtedness in the near to medium term could lead to an upgrade in 

Malta’s ratings. Other factors such as the successful implementation of reforms to improve the efficiency of 

the public sector, boost private sector investment, and increase further labour force participation, could also 

have a positive effect on the ratings. 

“However, the emergence of additional contingent liabilities, from state-owned enterprises or the financial 

sector, could lead to a change in the trend back to Stable. Large external shocks could also pose downside 

risks, given the small size of Malta’s economy.” 

Government's efforts to address structural and fiscal challenges including the restructuring of Enemalta and 

Air Malta, and measures to address tax evasion and informality were also noted by DBRS. Finally, pressures 

from age-related costs present another challenge for Malta. Healthcare costs and pension liabilities, while 

still below EU averages, have increased rapidly in recent years. Labour market participation is rising, as a 

result of recent reform efforts, but remains among the lowest in the EU, particularly among women and 

older workers. Pension reform measures are being implemented and this should help secure the long-term 

sustainability of the system. However, the overall impact of the measures is still to be assessed. 

Hope you enjoy this month’s read, packed with the best quality business interviews, factual and topical 

information, educational features, stories and articles. 

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 


People and Technology 

By George Carol 

Stephen P DeFalco is the Chief Executive 

Officer with Crane Currency, an established 

company that makes money making money - 

the banknotes used by countries all over the 

world. In this exclusive interview, Stephen tells 

us that Crane Currency’s message has been 

that this is a great time to join a leader in the 

banknote business who is building the most 

modern banknote production and customer 

experience facility in the world here in Malta. 

There has been a phenomenal response to 

all the public calls, and Stephen confirms the 

general feeling is that people want to be part of 

this journey right from the start. In fact, within 

a month after Crane Currency announced 

their intention to locate in Malta, over 1500 

people submitted their information to their 

Malta careers site. We learn more about this 

prestigious multi-million investment and Crane 

Currency in this absorbing interview. 

MBR: What can you tell us about Crane 

Currency? 

SPD: Crane Currency is a fully integrated 

supplier of secure, durable and well-designed 

banknotes for central banks all over the 

world. We are a pioneer in advanced microoptics 

technology and offer an endless series 

of engaging visual effects on a banknote to 

increase the level of security and public trust. 

Customers can benefit from our combined 

expertise in design, paper and printing – and 

a culture of knowledge sharing and long-term 

partnerships. We are a global company and 

a trusted partner of more than 50 central 

banks. 

MBR: What about your history… how long 

have you been in business? 

SPD: The Company was founded in 1801 in 

Dalton, Massachusetts by Zenas Crane. He 

Stephen P. DeFalco, Chief Executive Officer at Crane Currency 

started his own paper mill catering primarily to 

banks, printers and shopkeepers. The biggest 

impact on Crane’s future came in 1879 when 

the company managed to secure an order to 

manufacture U.S. banknote paper. While we 

have been continuously suppling the paper 

for U.S. currency, in 2002 we broadened our 

global footprint through the acquisition of the 

Swedish Central Bank’s (Sveriges Riksbank) 

banknote paper mill and printing operations 

in Tumba, Sweden. 

The biggest impact on Crane’s 

future came in 1879 when the 

company managed to secure 

an order to manufacture U.S. 

banknote paper. 

MBR: How is the company positioned 

today? 

SPD: While we have a 200 year history in the 

banknote business, it has been the last ten 

years that have propelled the company to the 

global technology leader it is today. We have 

grown substantially, driven by strong customer 

pull for our anti-counterfeiting technology. 

Our micro-optic technology (MOTION) can 

be found in over 80 high value denominations 

around the world. It is based on pioneering 

research in material science and proprietary 

equipment, promising decades of innovative 

and effective security for our central bank 

customers and the cash-using public. 

MBR: Isn’t the use of banknotes declining? 

SPD: No, that’s what the credit card 

companies want you to believe. Actually on a 

worldwide basis cash is growing at about 6%. 

Interestingly, a recent study of currency use 

in Asia showed that cash holdings are highest 

in those countries with the most advanced 

Groundbreaking at the Hal Far site, December 14, 2016 

(L-R) Annemarie Watson, Crane Currency; Ambassador G. Kathleen Hill; 

Malta Prime Minister Joseph Muscat; Stephen DeFalco, Crane Currency 

payment platforms, for example in S. Korea, 

Singapore and Hong Kong. Cash guarantees 

economic connectedness for those who 

do not have access to bank accounts, but it 

also remains a preferred payment means 

for those having many payment options. 

And despite the rise in mobile payment 

technology, cash is growing in every country 

in the world except Sweden, with growth in 

the U.S. at four to six percent a year. Electronic 

transactions generally have replaced the 

previous generation of electronics, not cash. 

Someone using Apple Pay uses that instead of 

a debit card. It's the great myth. If you see an 

article saying cash is dying, turn to page three 

and the chart will show cash is just fine. 

MBR: What differentiates Crane Currency? 

SPD: Its people and its technology. We position 

ourselves as a fully integrated partner. Our 

banknote papermaking skills, steeped in over 

200 years of experience have produced some 

of the most durable and functional banknotes 

in the world. Our printworks in Tumba has 

faced challenging deadlines by demanding 

customers and continues to deliver on time 

and on quality. And our investment in research 

and development has yielded numerous 

advances in paper, print and security features. 

Our family of MOTION® micro optics based 

security features have proven to be the best 

defense against counterfeiters. From the 

perspective of our central bank customers, 

it is the perfect security feature: easy for the 

public to authenticate and impossible for the 

counterfeiter to duplicate. 

MBR: Crane Currency was honoured 

with the Banknote and Currency Services 

Provider of the year award. How do you feel 

your team achieved this? 

SPD: We are grateful for the recognition 

from Central Banking Publications. It truly is a 

tribute to our employees who worked so hard 

to create a breakout year for our company. 

Their efforts expanded our relationship with a 

number of key customers. Crane won a record 

number of new micro-optic specifications 

during the year, which will drive an increase in 

paper and banknote orders in the future. We 

also produced a record number of banknotes 

which has led to the need for further 

expansion to increase our banknote printing 

capacity. 

Central bankers from around 

the world will be coming to 

Malta to work with Crane on 

their next series of banknotes 

for generations to come 

MBR: Why Malta? 

SPD: The country of Malta has a wellknown 

history of banknote production, 

providing Crane access to a skilled workforce. 

In addition, the country has a business 

friendly environment and is located in close 

proximity to many of Crane's customers. The 

construction at our site in Hal Far has gone 

extremely well, and we are grateful to the 

contractors and other providers who have 

worked diligently on this facility. I am pleased 

with the success of our hiring to date. The 

experience and skill levels of the employees 

we have hired here in Malta have exceeded 

our expectations. 

MBR: What makes this production center 

unique? 

SPD: Being able to build a greenfield project 

is a great opportunity to establish the most 

modern, efficient and customer friendly 

banknote production facility in the world. 

Crane is very excited about our state of the art 

facility, and its customer experience center 

as a place where we can partner with our 

customers to develop the most advanced 

banknotes in the world. Central bankers from 

around the world will be coming to Malta 

to work with Crane on their next series of 

banknotes for generations to come. 

MBR: When will it be ready to start? 

SPD: We commence operations in December 

and full production Q1 2018. The facility is 

15,000 square meters in size and will have 

space for 3 print lines. 

MBR: What is Crane's company ethos? 

SPD: Beyond earning the trust of our 

customers, Crane has built strong effective 

partnerships with our communities. We have 

worked cooperatively to increase the vitality 

and long term health of the cities and towns 

in which we operate. We have established 

robust relationships with local educational 

organizations to expand the pool of available 

skilled labor not just for Crane – but all local 

employers. 

Crane is a proud founding member of the 

Banknote Ethics Initiative, which has set 

the highest industry standards for integrity 

and ethics. This trade group has made 

significant advancements in building trust and 

partnerships in a highly competitive industry. 

We hold all of our suppliers and vendors to 

these same standards of conduct through our 

global purchasing protocols. 

And lastly, Crane has a 200 year history of 

caring for the safety of our employees and our 

environment. We establish regular meetings 

with local communities to understand the 

issues which are important to them and 

work together on solutions. Our teams are 

focusing on using continuing improvement 

methodologies to innovate solutions to 

reduce waste, conserve energy and minimize 

our environmental footprint. 

Crane is proud to be an industry leader 

in making our business and communities 

economically, environmentally and socially 

sustainable. MBR 

All rights reserved - Copyright 2017 

EDITOR’S 

Note 

Stephen was named 

Chief Executive Officer 

in 2011. Previously, he 

was Chief Executive 

Officer at MDS, a publicly 

traded $1.2B revenue life 

science company with 

5,000 employees in 29 

countries. Prior to that 

he held leadership positions at US Genomics, 

PerkinElmer, United Technologies, McKinsey 

& Company, and IBM. Stephen is the chairman 

of the board of Senseonics Holdings, Inc., a 

medical technology company. Stephen holds 

an MS in Management from the Sloan School 

of Management at MIT. He also holds an 

MS in Computer Engineering from Syracuse 

University and a BS in Mechanical Engineering 

from MIT. 

6 7 






Developing a resilient and creative community 

by Martin Vella 

the responsible participation of the whole 

community. The full perspective is to be kept 

in sight by decision-makers, the civil society, 

entrepreneurs, NGOs and the public in 

general - be they residents and visitors. 

MBR: The presence of pesticide residues in 

food is emerging as the number one enemy 

of people’s health worldwide. What’s being 

done to promote organic farming in Gozo, 

taking into account that, the plots of land 

being so small, organic farming will not be 

possible unless all or most farmers adopt it? 

JC: Despite the size of the island, we already 

have successful industries that have dealt 

in modern technologies to promote Gozo's 

agricultural products. Although agricultural 

policy is another portfolio's remit, as a team 

in government we aim at securing the latest 

methods, such as organic farming, in the 

wake of public health awareness. In itself it 

is an educational process and we diligently 

seek further funds to incentivise our farmers. 

The Ministry for Gozo is in the process of 

upgrading services for farmers in terms of the 

electoral manifesto proposals. 

MBR: Clean air is one of the major resources 

of Gozo. Are there incentives in place for 

eliminating or reducing diesel and gasolinedriven 

means of transport and would you 

support the idea that all Gozo’s public 

transport go electric? 

JC: Clean air is one of Gozo's major attractions 

and is in fact an important reason for 

domestic tourism. In turn, the periodical but 

constant increase in the island's population 

due to year-round tourism, can be a threat 

and must therefore be addressed through 

necessary measures. Although Gozo has its 

particular needs, we are part of a government 

committed to national strategies in the energy 

sector. It is my duty not to leave any stone 

unturned to push forward all that sustains and 

protects the island's eco-system. 

MBR: How would you appraise the strength 

of the financial sector in Gozo and what is 

being done to boost investment in Gozo? 

JC: I have been personally involved in 

formulating this Government's electoral 

proposals for Gozo. We have feasible plans 

that incentivise further investment, not only 

to create more jobs, but also to boost the 

island's financial and economic standing, 

utilising all its potential with regards to human 

resources and technological skills. 

we are part of a government 

committed to national strategies 

in the energy sector 

MBR: What infrastructure projects are 

currently underway in Gozo and have you 

identified areas where you can improve, 

strengthen and make infrastructure projects 

more efficient? 

JC: My first weeks at the Gozo Ministry 

were taken up by long reviews of projects 

in hand with a view to add further impetus 

in full respect of timeframes and efficiency 

- both budgetary and logistic. Consultation 

is a basic requirement, on-site inspections 

are helpful, but decisions have to be taken 

- even the shelving of long overdue projects, 

re-dimensioning or re-locating others as well 

new and innovative ones which we need 

to start from scratch. I have resourceful 

collaborators for whom I do not need to 

invent the wheel, but ensure that it moves 

faster in the right direction. 

MBR: How is the ministry planning to 

balance tourism growth while preserving 

the rich heritage of the island? 

JC: Diligent and coordinated use is the best 

way of preserving the island's cultural and 

natural heritage. We need to be fully aware 

that Gozo is not just made of attractions, but 

is in itself our own home and a destination 

for visitors. In planning and managing our 

programmes, and schedules within the 

tourist industry we must ensure that such a 

heritage is not ours but belongs also to future 

generations. 

MBR: What would you like to achieve during 

your tenure in this role and can you tell us 

more about your future plans for Gozo? 

JC: I have always believed in Gozo's potential 

and the resilient skills of my fellow Gozitans. 

In my new role as Minister, I want to be a 

driving agent to instill further trust in our 

own abilities. This will be achieved through 

more organisational measures in all sectors, 

providing the necessary tools and structures 

to reach our targets on time and within 

budgetary forecasts. As already said, I mean 

to erase the erroneous idea that anything 

goes here. Whether it is economic, social, 

infrastructural or cultural, the concept of 

quality is a must! MBR 

All rights reserved / Copyright 2017 

Gozo is one of the Malta’s most famous tourism destinations, and a potential cruise hub. It’s also a place that has changed 

significantly in the past two decades and is likely to see more in the coming years. And after growth last year upwards of 8 

percent, Gozo Minister Justyne Caruana wants to see tourism continue to climb — in a way that increases development for 

the people. Minister Caruana insists quality is a must and highlights the initiatives underway to boost the local economy. 

MBR: What are the main priorities for the 

ministry, and what have been your key 

challenges and objectives since taking office 

recently? 

JC: The Ministry for Gozo is to lead and 

coordinate the planning and implementation 

of current and future projects in various 

sectors, scheduling a synchronised way of 

doing things around the island. My major 

challenge upon taking office, is to delete the 

wrong perception that in Gozo anything goes 

and to tangibly improve the quality of life of 

Gozitans, particularly by delivering overdue 

projects. 

MBR: How would you define Gozo’s 

identity, and how should it be perceived by 

the international community? 

JC: Gozo is a particular island with a rich 

cultural heritage and the homeland of a 

resilient and creative community. 

The environment is our 

major inheritance and its best 

appraisal is in the balance we 

manage to strike where progress 

is a need and sustainability 

is a must. 

MBR: Hon Minister, you are well known 

for stressing on the importance of leading 

a healthy and sustainable lifestyle. As you 

might expect, ecoGozo comes to mind… 

can you elaborate on what action you 

will embark to enhance how ecoGozo is 

distributed under the four main pillars: the 

Economy, Environment, Society and Culture 

and Identity? 

JC: All four pillars have to work in tandem, 

seeking sustainability in each pillar through 

the full respect of the economic and social 

life of the community. The environment is 

our major inheritance and its best appraisal 

is in the balance we manage to strike where 

progress is a need and sustainability is a must. 

MBR: Under the Eco-Gozo development 

strategy, Gozo aims to become an eco-island 

by 2020. What does this entail? 

JC: In itself Eco-Gozo is a strategy that 

includes development within the limits of 

social requirements and, as such, it involves 

PHOTO: DOI- Clodagh Farrugia O' Neill 

8 9 



COST OF LIVING 


THE REAL COST OF LIVING 

SOVEREIGN WORLDWIDE COST OF LIVING INDEX (SWCLI) 

TAX RATES HAVE MAJOR IMPACT ON COST OF LIVING. 

What you need to earn to afford it is more important than cost. 

By Howard Bilton 

Sovereign’s tax-adjusted Worldwide Cost of Living Index is intended 

to provide businesses with a relevant and authoritative benchmark 

Singapore was 20% more expensive than 

New York and 5% pricier than Hong Kong, 

factors in not only the comparative prices of goods and services in 

which lies in second place, closely followed by 

cities around the world but how much an individual living and earning 

Sovereign’s 

“We were quite surprised by the results. 

Hong Kong and Singapore, which are the 

tax-adjusted Worldwide world’s most expensive cities (according to 

Cost of Living Index 

the Economist Information Unit), drop out 

Zurich. 

of the top 10 altogether when you factor 

is intended to services in after the paying tax.” Howard local taxes. Bilton, Chairman of 

provide businesses 

Sovereign 

with a relevant 

The Economist Intelligence Unit (EIU) 

publishes a bi-annual survey of the cost 

and authoritative 

of living in the world’s major cities, which 

benchmark on 

compares the prices of 160 goods and 

services in 133 cities around the world. The 

which to formulate 

most recent survey, published in March, rated 

iving compensation 

– Sovereign Worldwide Cost of Living Index (SWCLI) 

Singapore as the world’s most expensive city 

PRESENTED BY: 

packages for overseas 

for a fourth consecutive year. It found that 

staff. It factors in not 

nce Unit (EIU) publishes a bi-annual 

only the comparative Country City 

WCOL index 

(New York = 100) 

ng in the world’s major cities, 

prices of goods and 

ces of 160 goods and services in 

orld. services in cities 

around the world 

, published but in how March, much rated an 

s most expensive individual city living for a and fourth 

d that earning Singapore in was a particular 

20% more 

rk and 5% city pricier would than need Hong to Kong, earn 

ce, closely to afford followed these by Zurich. goods 

and services after 

w a return paying to the local top taxes. ten for Tokyo 

ustained recovery in the strength 

th Japanese cities returning to the 

half of the ten most expensive 

urope accounts for a further four 

ity was the lone North American 

ten are ranked as follows: 

The latest survey also saw a return to the top 

ten for Tokyo and Osaka owing to a sustained 

recovery in the strength of the Japanese yen. 

With Japanese cities returning to the fold, Asia 

accounted for half of the ten most expensive 

cities ranked. Western Europe accounts for a 

further four cities, while New York City was 

the lone North American representative. 

The top ten are ranked as follows: 

Rank 

Rank Movement 

Singapore Singapore 120 1 0 

Hong Kong Hong Kong 114 2 0 

Switzerland Zürich 113 3 -1 

Japan Tokyo 110 4 7 

Japan Osaka 109 5 9 

South Korea Seoul 108 6 2 

Switzerland Geneva 107 7 -3 

France Paris 107 8 -2 

US New York 100 9 -2 

MBR 

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more than just a service provider. 

A partnership built on trust. 

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We support corporations and high-net-worth individuals around the world with their fiduciary and related 

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by the Jersey Financial Services Commission. 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. 

10 www.maltabusinessreview.net 11


ISSUER RATINGS 

EU: TRANSPARENCY 


DBRS Confirms Republic of Malta at A, 

Trend Changed to Positive By Adriana Alvarado & Nichola James 

DBRS Ratings Limited (DBRS) confirmed the 

Republic of Malta’s Long-Term Foreign and 

Local Currency – Issuer Ratings at A and its 

Short-Term Foreign and Local Currency – 

Issuer Ratings at R-1 (low). The trend on the 

ratings has been changed to Positive. 

The rating is supported by Malta’s Eurozone 

membership, its solid external position, a 

favourable public debt structure, and the 

robust financial position of households. 

However, Malta’s contingent liabilities remain 

a source of vulnerability, its economy is 

exposed to external shocks, and pressures 

from the rising age-related costs, if 

unaddressed, could pose a concern for the 

pensions system. Nevertheless, the Positive 

trend reflects DBRS’s view that the important 

improvement in the fiscal position over the 

past three years is likely to be sustained. 

A sound budget position, together with 

solid growth, is expected to lead to the 

further reduction in the public debt ratio. 

Improvements in the “Fiscal Management 

and Policy”, “Debt and Liquidity”, and 

“Economic Structure and Performance” 

sections of our analysis were the key factors 

for the trend change. 

Following a fiscal consolidation process 

since 2013, Malta’s fiscal outturns came 

in better than expected in 2016. Both the 

headline and the structural deficits turned 

into surpluses, and the government debt 

ratio, already 12 percentage points lower 

than its 2011 peak, fell below 60% of GDP. 

The improvement in public finances has 

been driven by strong revenues as well as 

moderation in expenditure, and supported 

by a strengthened fiscal framework. The fiscal 

over-performance also meant that Malta 

complied with the budget balance rule, the 

debt rule, and the expenditure benchmark of 

the EU Stability and Growth Pact in 2016. 

Malta’s Eurozone membership ensures 

reliable access to European markets, fosters 

strong and credible macroeconomic policies 

and makes available financial facilities from 

European institutions. The expansion of trade 

and travel links with Europe has also provided 

a boost to the country’s economy. Malta’s 

economy is among the fastest growing in 

the Euro area and its growth prospects look 

favourable. 

Malta’s solid external position is another 

credit strength. The current account surplus 

has averaged 4.4% of GDP in 2011-2016, and 

the country is also a net external creditor with 

a net external asset position of 31.2% of GDP 

on average over the same period. Although 

the import content of production remains 

high, this has declined as the economy 

Republic of Malta 

RATINGS 

Issuer 

Malta, Republic of 




Long-Term Foreign Currency - Issuer Rating 

Long-Term Local Currency - Issuer Rating 

Short-Term Foreign Currency - Issuer Rating 

Short-Term Local Currency - Issuer Rating 

becomes more service oriented. The current 

account surplus is supported by sizable 

services exports. Malta’s low reliance on 

external financing has supported its resilience 

in recent years, as the core domestic banking 

sector is funded by domestic retail deposits, 

and the government meets its financing 

requirements domestically. 

Malta’s public debt composition and maturity 

structure also provide support to its rating. 

The Maltese Treasury has followed a strategy 

of lengthening the maturity of government 

debt in recent years. The average maturity of 

government bonds was 9.0 years in July 2017, 

which compares favourably to other European 

economies. Government debt is also largely 

fixed-rate, resulting in a predictable and 

manageable debt redemption schedule. 

On the private sector, Maltese households 

enjoy high levels of savings and moderate 

indebtedness. Household net financial 

assets are large at 182% of GDP. Household 

debt, mainly in the form of mortgages, has 

increased but it remains moderate. Private 

consumption growth is consequently quite 

resilient. 

Some of Malta’s credit challenges are 

associated with the exposure of its public 

sector and the still moderately high, albeit 

declining, level of public debt. Contingent 

liabilities from large state-owned enterprises 

(SOEs), though reduced, continue to pose 

a risk to government finances. The degree 

of concentration in the domestic financial 

sector could also be a source of contingent 

liabilities. Although the restructuring of some 

of the SOEs has reduced risks to the public 

sector balance sheet, and the overall financial 

condition of the core domestic banks looks 

strong, the public sector remains vulnerable 

to debt shocks. After remaining above 60% 

of GDP for decades, public debt has been 

declining since 2014 and forecast to fall below 

53% in 2018. 

Malta’s tourism sector and other industries 

that rely on foreign demand also expose 

the economy to unfavourable external 

developments. Tourism benefits from a 

market of wealthy European economies, but 

Debt rated Rating Trend 

A 

A 

R-1 (Low) 

R-1 (Low) 

Positive 

Positive 

Positive 

Positive 

it could be adversely affected by an economic 

downturn in the region. Malta is exposed to 

a slowdown in the UK economy, as British 

tourists account for 25% of Malta’s total 

tourists. Shocks to external demand could 

also have an impact on domestic real estate 

prices, with potential adverse implications 

for household finances. The increasing 

diversification of the economy, nevertheless, 

helps mitigate some of the external risks. 

Finally, pressures from age-related costs 

present another challenge for Malta. 

Healthcare costs and pension liabilities, while 

still below EU averages, have increased rapidly 

in recent years. Labour-market participation 

is rising, as a result of recent reform efforts, 

but remains among the lowest in the EU, 

particularly among women and older 

workers. Pension reform measures are being 

implemented and this should help secure 

the long-term sustainability of the system. 

However, the overall impact of the measures 

is still to be assessed. 

RATING DRIVERS 

A reduction in public indebtedness in the 

near to medium term, in line with DBRS’s 

expectations, could lead to an upgrade in the 

ratings. Successful implementation of reforms 

to improve the efficiency of the public sector, 

boost private sector investment, and increase 

further labour force participation could 

also have a positive effect. However, the 

emergence of additional contingent liabilities, 

from state-owned enterprises or the financial 

sector, could lead to a change in the trend 

back to Stable. Large external shocks could 

also pose downside risks. MBR 

Notes: 

The main points of the Rating Committee 

discussion included the fiscal performance, 

debt trajectory, economic performance 

and structure, government guarantees, and 

external position. 

All figures are in Euros (EUR) unless otherwise 

noted. 

Creditline: European Operations, DBRS Ratings 

Limited http://www.dbr 

TRANSPARENCY, ENEMY OF DEMOCRACY: 

The push for greater transparency about 

how lawmakers make decisions, who they 

meet and which interests are doing what 

has been gathering pace in recent years, 

with numerous inquiries launched by the 

European ombudsman, cases before the 

European Court of Justice and measures 

to boost lobbying disclosure rules. To the 

NGOs campaigning for transparency, it’s 

a question of democratic accountability. 

But not everyone is convinced. MBR 

TRANSPARENCY HELPS LOBBYISTS: 

A group of American researchers published 

a study this month called “The evolution of 

transparent corruption,” which argues that 

the introduction of rules forcing lawmakers 

to say how they voted helps lobbyists rather 

than boosts democratic accountability. “Endto-end 

transparency appears to provide 

enormous advantages for the application of 

grand scale corruption, as it provides both 

a sense of legitimacy and a way to interface 

easily with legislators,” write the Congressional 

Research Institute’s James D’Angelo, the 

Ronin Institute’s Brent Ranalli and Harvard 

University’s David C. King. They argue that 

as soon as lobbyists can see how a lawmaker 

votes, they can then start manipulating them 

using threats and money, a practice they say 

started in the U.S. in the early 1970s when 

Congress introduced new transparency rules. 

“Hopefully we’re at peak transparency,” 

D’Angelo told Brussels Influence. MBR 

UNDER-PRESSURE LAWMAKERS: The 

researchers argue that lawmakers need to 

be able to vote and discuss laws in secret 

because if there is too much scrutiny, they can 

be more easily persuaded to vote in a way that 

benefits a particular group. “They say, ‘every 

time a vote is open, my sphincter closes,’” said 

D’Angelo, referring to the pressure lawmakers 

can feel when lobbyists know how they are 

voting. MBR 

By HARRY COOPER and QUENTIN ARIÈS 

with thanks to Simon Marks 

A BRUSSELS PROBLEM? Votes and 

discussions in the EU institutions, however, 

are often shrouded in mystery, with lobbyists 

and activists complaining about a resistance 

to publish voting records, documents and 

legal opinions. The most sensitive discussions 

take place in so-called trilogues, an informal 

process whereby representatives from the 

three main institutions meet in closed-door 

meetings with no obligation to disclose 

anything. MEPs also aren’t that easily 

manipulated by promises of campaign 

finance, which is heavily regulated in most 

European countries. And in the Council of the 

EU, ambassadors representing EU countries 

take their orders from national capitals, where 

knowledge of what’s going on in Brussels is 

often patchy at best. MBR 

LOBBYING IS FINE BTW: D’Angelo was keen 

to point out that lobbying per se is not a 

problem. “Anyone should be able to lobby, to 

express an opinion,” he said. “But as soon as 

you say ‘if you don’t vote this way, we will do 

this,’ then it’s a problem.” In the compromisebuilding 

world of Brussels, you’d be hardpressed 

to find a lobbyist willing to threaten 

an MEP in that way, although many NGOs 

have spotted the benefits of this personalized 

approach to lobbying, with some naming and 

shaming MEPs on the International Trade 

Committee who voted in favor of free trade 

deals last year. MBR 

MONSANTO STRIKES BACK ON GLYPHOSATE: 

The agri-chemical giant says it has evidence 

that debunks the only appraisal by a major 

world body to label its weedkiller glyphosate 

as carcinogenic. It says court depositions in 

the U.S. show that the International Agency 

for Research on Cancer (IARC), a United 

Nations body, failed to make reference to 

two pieces of research from Germany that 

suggested the herbicide was safe. Testimony 

from Charles William Jameson, a worldrenowned 

scientist who specialized in animal 

studies at the IARC, was part of hundreds of 

documents from a high-profile court case in 

San Francisco that Monsanto provided to 

POLITICO’s Simon Marks. The agency denied 

purposefully withholding information from 

Jameson or anyone else. MBR 

TIMING IS EVERYTHING: The courtroom fight 

in San Francisco is happening as both U.S. and 

EU regulators decide whether glyphosate 

should remain on the market — which 

would be a big deal as it’s used by farmers 

and gardeners the world over. The EU has to 

make a decision by the end of the year, while 

the United States Environmental Protection 

Agency could release its recommendation at 

any time, although both have already said the 

chemical is safe in its current form. MBR 

MORE AGENCY DRAMA: The European 

Food Safety Authority (EFSA) has rejected 

claims made by Testbiotech, an anti-GMO 

NGO, that one of its scientists was indirectly 

paid by Monsanto to attend the annual 

conference of the Society of Toxicology. EFSA 

says the scientist in question, José Tarazona, 

didn’t go to the event in the U.S., which was 

instead attended by Daniele Court Marques, 

another leading scientist at the Parma-based 

institution. “Participation of EFSA staff in 

scientific conferences to present EFSA’s work 

is a standard activity,” the agency said. “In line 

with EFSA’s policy, no travel reimbursement, 

sponsorship or fee was received by the EFSA 

delegate from the conference organizers.” MBR 

COMPETITION SUMMER SCHOOL: The 

Institute of European Studies is hosting 

a summer school on EU competition law 

from September 4 with classes taught by 

officials from the European Commission and 

European Court of Justice as well as lawyers 

from big firms such as Covington & Burling, 

Freshfields Bruckhaus Deringer and Clifford 

Chance. MBR 

RUSSIA WATCH: The U.S. Embassy is looking 

for a Russian-speaking “information specialist” 

tasked with supporting “the Department 

of State’s broader efforts to communicate 

authoritative, accurate, and timely U.S. policy 

information to Russian-language media 

throughout Europe and Central Asia.” MBR 

REGISTER MY INTEREST: Last week 56 

new organizations signed up to the joint EU 

transparency register. MBR 

Creditline: POLITICO SPRL 

12 13 



ICT 


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14 www.maltabusinessreview.net 15 

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ERC STORY 

ERC STORY 


RELIGIOUS INTEGRATION: HOW TO LOOK BEYOND STEREOTYPED IMAGES 

Headscarves, mosques and halal shops — 

many EU citizens are Muslims, but visible 

signs of their faith are often viewed with 

distrust. What some Europeans see as a 

right to express their identity, others regard 

as a threat to societal core values. 

Insights from ERC-funded research into 

emblematic controversies may help to 

find a way forward. 

PROJECT DETAILS 

Researcher (PI): Nilüfer Göle 

Title: 

EUROPUBLICISLAM 

Islam in the Making of a European 

Public Sphere 

The Cologne Mosque, for debating new architectural forms in European context 

Controversies surrounding Islam aren’t 

specific to the city or country where they 

arise. In the post-migration phase, these 

public controversies reach across Europe 

and have gained a transnational dynamic. 

This is the premise of the research project 

EuroPublicIslam conducted by Prof. Nilüfer 

Göle, professor of sociology at EHESS, the 

School for Advanced Studies in the Social 

Sciences in Paris. 

“With my research, I wanted to look beyond 

the headlines to see the real people involved 

in these controversies,” she explains. “In the 

media debate, we don’t usually hear the 

voices of those who are involved.” To do so, 

she ran workshops exploring prominent 

disputes between Muslims and their 

neighbours in 21 European cities. 

In 2015, Prof. Göle published: Musulmans 

au Quotidien. Une enquête européenne 

sur les controverses autour de l’islam (La 

Découverte, Paris, 2015), a book based on this 

research. It has been translated to German, 

Polish, Turkish and was recently released in 

English. In May of 2017, Prof. Göle received 

the "Ambassador of the New Europe" award 

for her book, a prize awarded by the Center 

for European Solidarity (Solidarnosc) and 

the Jan Nowak-Jezioranski College in Eastern 

Europe, Gdansk, Poland. 

COURTING CONTROVERSY 

The public sphere is a matter of people, of 

citizens more than organised politics, Prof. 

Göle explains. The controversies around Islam 

appear not at an abstract level, but in local, 

physical places such as cities, where citizens 

interact and assert their differences. 

This observation raised tricky questions for 

research, she adds. “I wondered if there 

actually was such a thing as a European public 

sphere around Islam, and if so, how I could 

conduct research there.” 

In response to this question, she developed 

an “experimental public sphere” – a 

methodology recreating miniature versions 

of the public sphere where she and a 

team of students could study the dispute. 

This approach took the form of four-hour 

encounters where citizens discussed a 

particular bone of contention, such as a 

controversial art installation in Brussels or 

hotly debated plans for a new mosque in 

Cologne. Residents from diverse religious and 

cultural backgrounds were brought together 

in these sessions and explored possibilities for 

living together addressing also the conflictual 

issues. 

INTEGRATION BEYOND INVISIBILITY 

Europe’s Muslims are not a homogenous 

group – no more so than the other parties 

involved in the debate. However, says Prof. 

Göle, they have one thing in common, in that 

they are seeking to gain acceptance as being 

both Muslim and European. 

Other Europeans often feel threatened and 

invaded as core values of their societies are 

called into question, she notes. ‘Concessions’, 

however minor, may be viewed as the 

thin end of the wedge. When discussions 

are however allowed to go beyond the 

exchange of standard phrases, a wide range 

of perspectives can emerge on both sides of 

the debate. 

UNITED IN DIVERSITY? 

“The question,” says Göle, “is how to go 

beyond the opposition at the level of everyday 

life and public life. There were many groups 

where the attempt failed.” 

If we want to move forward together, 

she argues, we need to look beyond the 

stereotyped images conveyed by many 

media, reclaiming what she calls the power 

of interpretation in a bid to learn more 

about ordinary citizens, their hopes and their 

concerns. We need to express our diverse 

heritage in innovative forms and aesthetics, 

as exemplified by the integration of churchbuilding 

expertise in the design of Cologne’s 

new mosque. 

Change is already under way, says Prof. Göle. 

“Muslim citizens are carving out a space for 

themselves”, she notes. 

And, she adds, they need to reach out. 

Performative citizenship can help to break 

down barriers and increase tolerance, Prof. 

Göle explains, citing the example of a peace 

circle formed by Muslims around a synagogue 

in Oslo following extremist attacks in other 

European cities. 

“A new dynamic has begun to emerge in 

European public culture, an exploration of 

common norms, shared experiences of living 

together,” Prof. Göle notes. She describes 

this dialogue as crucial, even more so at 

times when terrorism targets cohexistence 

and exposes the vulnerability of public life in 

Europe. 

EuroPublicIslam, which ended in December 

2013, was backed by a grant from the 

European Research Council. “This grant has 

taken my work to an entirely new level,” Prof. 

Göle reports, adding that the project also 

provided opportunities and inspiration for 

the budding researchers who composed her 

team. 

“The project helped me to explore many 

ways of becoming European and being part 

of society, and it actually made me more 

European myself,” she concludes. 

Nilüfer Göle is Professor of Sociology at the 

School for Advanced Studies in the Social 

Sciences (EHESS) in Paris (France). She 

works on Islamic visibility, secularism and 

intercultural controversies in European public 

spheres. Her sociological approach aims to 

open up a new reading of modernity from 

a non-western perspective and a broader 

critique of Eurocentrism in the definitions 

of secular modernity. Her books have been 

published in many languages. MBR 

Creditline: European Research Council 

Host Institution: 

ECOLE DES HAUTES ETUDES EN 

SCIENCES SOCIALES, 

France 

ERC call details: 

ERC-2008-AdG, SH5 

Max ERC Funding: 

€ 1 414 645 

16 17 



ERC STORY 


Gozo, 

your best Opera destination 

HIGH ENERGY FASHION 

PROJECT DETAILS 

Portrait © Jan-Olof Yxell | Illustration: Conducting silk fibre on a washing line © Jason Ryan & Anja 

“The internet of things” is said to be the 

next big frontier for technology firms. A 

variety of small devices are always on and 

always connected. These devices permeate 

our lives at an ever increasing rate, bringing 

with them a demand for new and innovative 

mobile energy sources. One of the most 

promising candidates is thermoelectric 

power; a technology that would allow us to 

harvest one of the most ubiquitous energy 

sources available to us, our body heat. 

When a thermoelectric device is placed in 

such a way that it is exposed to a temperature 

difference, an electric potential is generated 

that can drive an electric current. This 

technology has had various applications in the 

past. From powering expensive wristwatches 

to NASA’s Curiosity Rover that was send to 

Mars. It has proven itself to be robust and able 

to operate for an extended period of time 

without maintenance but it has been difficult 

to bring to the wider public. This has been due 

to the high cost of the manufacturing process, 

and the toxicity of the substances used. 

The goal of the ERC-funded ThermoTex 

project headed by Prof. Christian Müller of 

Chalmers University of Technology, Sweden, 

is to create textile-based thermoelectric 

generators that can be woven into fabrics and 

worn. The team aims to create fabrics that are 

cheap, flexible and pose no health risk to the 

wearer. 

The project will test the capabilities of plastic 

semiconductors which are based on abundant 

elements such as carbon, oxygen, nitrogen 

and sulphur. A far more cost effective option 

compared to the typically used metal alloys. 

When processed in the right way, plastics are 

also flexible and light. 

Initially the research has centred on 

the preparation of these plastics, the 

thermoelectric properties which only recently 

receive renewed attention. At a later stage 

the Thermotex team will explore how these 

polymers could be processed into light-weight 

and flexible articles such as fibres, yarns and 

ultimately fabrics by looking at traditional 

weaving methods as well as emerging 

3D-printing techniques. 

Prof. Müller and his team focus on making 

plastic semiconductors that are cost-effective, 

can be used in a practical setting and are 

able to survive the harsh conditions inside a 

washing machine. They are currently working 

Researcher (PI): Christian Müller 

Title: 

ThermoTex 

Woven and 3D-Printed 

Thermoelectric Textiles 

Host Institution: 

CHALMERS TEKNISKA HOEGSKOLA 

AB, Sweden 

ERC call details: 

ERC-2014-STG, PE5 

Max ERC Funding: 

€ 1 500 000 

Prof. Müller presenting his research at the ERC 10 years celebration event. 

in collaboration with the Swedish School of 

Textiles in Borås, Sweden exploring how they 

can integrate these conducting fibres with 

weaving looms that would ultimately allow 

them to automate the manufacturing process 

and one day make them available in a retail 

store near you. MBR 

Creditline: European Research Council 

Photo by Daniel Cilia 

www.visitgozo.com 

18 19 



BANKING – TERM DEPOSITS 

IIG Bank reintroduces 

4 & 5-year term deposits 

For well over two years, IIG Bank has offered 

its standard range of Term Deposits with a 

maximum term of 3 years. 

Mixed economic indicators continue to 

influence decisions at the Federal Reserve 

and the European Central Bank. The high 

expectations on the number of interest rate 

hikes in 2017 for the US Dollar, and tapering 

marking the end of quantitative easing by the 

ECB have somewhat faded, with depositors 

still finding it difficult to earn a decent return 

on their savings. At IIG Bank, we continue to 

see increasing requests from both existing 

and potential clients for medium to longer 

term deposits to secure an attractive rate of 

interest. The Bank has therefore decided to 

restructure the range of our products, taking 

the opportunity to reintroduce the longer 

term. 

Nigel Stibbs, Chief Officer, Private Banking 

said ‘We have had a range of products for well 

over 2 years now, with rates being offered 

from 3 months to 36 months with options 

for each 6-month period in between. Our 

Limited Edition 5-year deposit product, 

launched earlier this year, proved to be very 

popular and was fully subscribed in a matter 

of weeks. We could see at that time and 

indeed since the closing of that product, that 

the demand for the longer term deposits is 

still there and so we have reacted with a new 

suite of revised rates to meet this demand.’ 

‘People may also notice that we are now 

offering higher rates for US Dollar deposits 

than those offered for Euro and British Pound. 

In The US, the Fed Funds rate increased in 

June by 0.25% to 1.25% and clients may wish 

to take advantage of the increase in rates 

for US Dollar deposits that we are offering, 

now that such deposits are also protected 

under the Depositor Compensation Scheme, 

something that until last year was not the 

case.’ 

IIG Bank has also taken the decision to remove 

the 18 & 30-month terms from its range, 

which will become effective on Monday 4th 

September. 

IIG’s offices are located on the Qui-Si-Sana 

Seafront and also in the Portomaso Tower. 

Its opening hours are 8am – 5pm, Monday to 

Friday. MBR 

Courtesy: IIG Bank 

20


CORPORATE INTERVIEW 

CONTINUOUS INNOVATION, 

UNCOMPROMISING INTEGRITY 

AND PROFESSIONALISM 

Liam Ferriggi, Managing Director with Infinite Fusion Technology tells us why the firm has become a 

leading global IT Solution company committed to provide a responsive, effective and flexible service 

which has evolved into a leading IT service provider. 

MBR: Would you tell us about the 

culture and background of Infinite Fusion 

Technologies Ltd? 

LF: We focus on creating long-lasting 

relationships with customers, keeping in mind 

that every day brings fresh opportunities. 

Simply stating this is simple enough, however, 

as Director at Infinite Fusion Technology, I can 

say with complete conviction that I, as well as 

my team members, continuously motivate 

each other to apply these values to our work 

ethic truly. 

MBR: What led you to become involved in 

technology and how would you define your 

role today? 

LF: From a young age, when I was still at school, 

I had an intense passion for technology. As 

a result of my interest, I began performing 

computer repairs, after which one thing led 

to another, and I never looked back. I soon 

started attending specialized training in IT 

while simultaneously opening a small shop in 

my hometown. It was through Infinite Fusion 

Technologies foundation in 2003, however, 

that the big changes occurred. During the 

conception years, I provided technical services 

to home users and small businesses. Later on, 

I began supporting larger enterprises, and 

during recent years I, along with my team, 

have worked on enterprise projects. We now 

consider ourselves to be amongst the top 

tech-organisations. 

22 

IT services revolve around 

keeping a business performing 

on a daily basis, but more 

importantly, they are meant to 

ensure the long-term resiliency, 

security, efficiency and 

flexibility of clients’ business 

MBR: What does it take to be successful in 

the field of IT technology? 

LF: Success in IT services comes from building 

relationships with customers, understanding 

their requirements and giving sincere yet 

professional feedback. It is also important 

to be flexible to the customers’ needs while 

providing a simple and reliable solution. IT 

services revolve around keeping a business 

performing on a daily basis, but more 

importantly, they are meant to ensure the 

long-term resiliency, security, efficiency and 

Liam Ferriggi, Director at Infinite Fusion and Mark Vassallo, Computime Software & Integration 

Solutions 

flexibility of clients’ business, so that it can 

cope with future demands. Our portfolio of IT 

services ensures that our clients’ investment 

in software, hardware, and infrastructure 

secures your outlay while adding value to 

your business. 

MBR: What is your feedback following 

the success achieved in Malta’s Best 

Entrepreneur of the Year Awards 2017 and 

how did you feel after winning Malta’s Best 

Digital & ICT Company of the Year Award? 

LF: Following the recent success, Infinite 

Fusion Technologies Ltd was awarded Malta’s 

Best Digital & ICT Company of the Year 

Award. Being an SME organisation, this award 

boosted our already renowned reputation 

within the corporate sector. The exposure 

that it resulted in is extremely beneficial 

to an organisation such as ours, and, upon 

receiving the award, I felt proud of all that I 

have achieved throughout the years. This 

was the result of numerous aspects that 

constitute the set-up we are today: hard work 

by all team members, reliability, providing the 

best service, recruiting the top experts in the 

field, etc. 

MBR: As a key leader in this space, is there 

anything you are working on that you are 

particularly proud or excited about? 

LF: Infinite Fusion Technologies has achieved 

great accomplishments, recently. For 

example, we have just been appointed by 

an International Award-Winning Company, 

which is currently setting up their 6th global 

factory in Malta, to design their Active 

Directory, not just for their Malta factory, 

but for their worldwide organisation. This 

didn’t happen coincidentally, but through the 

trust gathered recently vis-a-vis consultancy 

work our business set-up provided to this 

international organisation. The future is sure 

to be challenging and exciting. MBR 

All rights reserved / Copyright 2017 

IP CCTV 

Wired & Wireless 

We are an IT Solution Provider that can build or integrate 

any IT solution with your business needs. 

IT Design & Consultancy 

IT Security 

Servers & Storage 

Access Control 

Passive Infrastructure 

IT Outsourcing 

Infinite Fusion Technologies Ltd, Zingla Street, Zabbar, ZBR 1781, Malta, Europe 

Video Conferencing 

Home Automation 

www.infinite-fusion.com +356 99827126 info@ifnetworks.net



TAKING TECHNOLOGY FURTHER 

REPORTING, RECORDING, 

DEVELOPMENT, SELF 

SERVICE, OMNI-CHANNEL & 

CUSTOM APPLICATIONS 

THE TOOLS TO GET 

YOU THERE 

3XP LIVE 

Every call that comes through to the Agents is 

logged with a unique Ticket Reference Number in 

a purpose built Cisco Finesse integrated CRM & 

Ticketing System. 

Agents can enter the details of the Callers query, 

along with the Resolution notes wwhich are 

automatically saved to a Knowledge Base to help 

future calls drive a faster Resolution. 

THE EVOLUTION OF 

OMNI-CHANNEL CONTACT 

CENTRE INTERACTIONS IS 

HERE TRUST IN 3XP GROUP 

TO TAKE YOU TO NEW 

HORIZONS 

CUSTOM REPORTING 

We are experts in Contact Centre Reporting, including data manipulation, Contact Centre Performance 

Analytics, Agent Score Cards, and much more. 

Samples of all our reports are available upon request. 

3XP MANAGE 

Supervisors and Team Leaders now have the power 

to make live changes to the Call Centre as they are 

needed. 

With a UI designed for non-technical staff, 

this application removes the reliance on the IT 

Department to implement change. 

80% of changes to your Call Centre can now be 

made by non-technical staff. 

OMNI-CHANNEL 

The key to offering an Omni-channel integrated Customer Care solution is to be able to provide the 

best and most relevant information and solution for each Customer query, over any channel. 

It can be a challenge to migrate customers from the traditional Contact Centre channels to Omnichannel 

ones, as Customers sometimes believe that it is more difficult to access digital channels to find 

information. 3XP Solutions aims to overcome this barrier and motivate its Customers to adopt digital 

channels through its Self Service, EIM, WIM and Social channels. 

CALL & 

SCREEN 

RECORDING 

3XP AUDIT 

The 3XP Audit Application makes recovering from a 

Failure or Priority Incident easier than ever before. 

OMNI- 

CHANNEL 

RECORDING 

Managers & Change Control Boards can highlight 

All Changes within specified dates, drill down 

on what the change was, who implemented the 

change, and what the previous value was. Providing 

a quick and easy way to identify problematic 

24 configuration. 

www.maltabusinessreview.net 25


DENTAL HEALTHCARE 


NEW BROOM 

SWEEPS CLEAN 

by Dr Jean Paul Demajo 

Do you ever wonder what it would have been like if your teeth where in pristine shape? What went wrong? Have they 

reached this state due to lack of care or do those genes you inherited have a part to play? Where has that left you? Besides 

the obvious poor aesthetic smile you carry around with you on a daily basis what has all this done to your confidence? 

Take this case scenario; a middle-aged patient with a history of bad teeth toiling with the idea of correcting his/her teeth. 

Where is the starting line? Firstly and most importantly is will power to make that call and fix an appointment for a 

consultation. 

The Consultation is broken down into the 

following main fields: 

1. Past Dental/Medical History: Listening 

to the patient’s past experiences puts 

things into perspective on why his/her 

teeth are in this state. What went wrong 

along the years gives insight to a dentist 

on what must be done to radically 

improve the patient’s oral and mental 

well-being. 

2. Patient’s complaints: listing all of the 

patient’s wishes helps the dentist 

formulate a dental treatment plan and 

present it to them. The patient’s requests 

should be realistic, well addressed and 

convincing enough to the dentist that 

once all the work is done, what might 

have been poor dental attendance 

would be converted to good patient 

compliance. 

3. Treatment options: Treatments may 

vary in time, expense and endurance. 

Different lines of treatment can achieve 

different goals. This brings us back to the 

patient’s list of complaints and wishes. 

Will that particular treatment plan tick 

all the boxes on the patient’s list? 

4. Advantages and disadvantages: Listen 

to what the pros and cons are. Weigh 

everything out and choose what is best 

for you. 

A Case Scenario: 

1. A middle-aged man 

presents with a dentition 

in very poor state. Inflamed and enlarged 

gums as well as and very mobile teeth 

were present throughout the patient’s 

dentition. The initial investigation 

included a 3D CT scan. Bone levels: 

is there enough bone to place dental 

implants? 

2. Periodontal status of remaining teeth: 

are remaining teeth in good health or do 

they require removal? Can the patient 

maintain good hygiene post-treatment? 

3. Endodontic or root canal status of 

remaining teeth: do any teeth require 

root canal therapy? Is it worth trying to 

redo a root canal or does the tooth need 

to be pulled out? 

4. Potential presence of pathology 

5. Anatomy of jaws: sinuses, nerves, buried 

teeth etc 

Plan: 

1. Remove all upper and lower 

remaining teeth 

2. Recontouring of bone and gingival 

plastic surgery 

3. Simultaneous placement of 12 implants 

4. Placement of provisional upper and 

lower dentures 

5. Planning of upper and lower fixed 

implant-retained prosthesis 4months 

post-implant insertion. 

The dental work involved is anything but 

simple. It is enduring and requires dedication 

from both parties. Patients need to be patient 

and reassured at all times. This nature of 

dental work also carries a hefty cost in time 

and money but the confidence achieved is 

priceless! 

Ask your dentist. MBR 

Extra-oral before treatment 

Extra-oral after treatment 

DR JEAN PAUL DEMAJO 

Dental and Implant Surgeon, 

Trained in London working in 

private practice in Malta 

26 27 



LEADERSHIP 

Respect, Learning and Team-Spirit 

Deborah Schembri is the Managing Director of STM Malta Trust & Company 

Management Ltd. Through her added value tactics and inspiring leadership 

she has led with distinction, developing a view of leadership that blends the 

need for fundamentals—vision, strategy, communication skills—with the 

evolving complexities of a developing world in which corporations strive to 

operate in a difficult environment. 

MBR: In an industry that competes so much 

on price, what difference can a brand really 

make? 

DS: Pricing sometimes is considered in 

isolation from the rest of marketing—for 

example, as part of the revenue management 

function—and it may appear that companies 

can go about their business of finding the 

“right” price to charge with no regard to the 

rest of marketing strategy, but experience 

proves otherwise. Pricing is the marketing 

lever with the most immediate and direct 

business impact. Management decisions to 

change prices translate into revenue and 

profit. Pricing also is closely tied to the other 

elements of brand strategy. 

Traditional pricing practice starts from the 

classical economic notion that volume 

demand for a product will decline as price 

increases. This applies to many marketing 

situations, under the assumption that 

“everything else is equal.” However, effective 

brand marketing can give consumers 

compelling reasons to pay a premium. 

MBR: What kind of authority do you give 

the members of your team? 

DS: I believe that employees need the power 

and authority to make the critical decisions 

necessary to produce quality products and 

serve customers effectively. 

Employee empowerment does not mean 

absolute authority or absolute power. 

Empowerment is the extent or degree of 

responsibility and authority given to an 

employee or to a team. Different people and 

different teams will have varying degrees 

of empowerment based upon their level of 

experience and expertise. 

Employee empowerment also entails 

identifying how much responsibility and 

authority an individual can effectively 

handle without becoming over-burdened or 

distressed. 

MBR: How does STM create added value to 

its customers? 

DS: Added value is an important tactic that can 

be used by businesses to acquire and retain 

customers, increase brand awareness, and 

differentiate one’s place in the marketplace. 

Four ways to create added value will include: 

• Consider customer’s perspective 

• Consistently work and improve 

customer’s satisfaction 

• Implement marketing models within 

your strategy 

• Develop a memorable customer 

experience 

Empowerment is the extent 

or degree of responsibility and 

authority given to an employee 

or to a team. 

MBR: What keeps this business so fresh for 

you? 

DS: The only thing constant in life is change. 

Life – and with it society, technology, trends, 

priorities – constantly changes. Because of 

that continuously fluid state of affairs, your 

business must be ready, willing and able to 

change along with the times to remain viable 

in the marketplace. We’re not talking about 

a complete change of identity necessarily; 

in most cases, small yet significant tweaks 

to what you’re already doing will keep your 

business current with customer needs and 

tastes. 

Adjusting certain aspects of your operation 

to meet the expectations of your customer 

base is in no way a negative reflection on 

your business’ past performance. If it wasn’t 

meeting the public’s needs, it would not have 

remained successful. The key to longevity 

is to continue meeting the needs of your 

current customers while attracting new ones. 

Updating or re-imagining things is simply a 

smart way to keep your business robust and 

moving forward. 

MBR: Which aspects of STM’s culture stand 

out to you? 

DS: Company culture is the personality of 

a company. It defines the environment in 

which employees work. Company culture 

includes a variety of elements, including work 

environment, company mission, value, ethics, 

expectations, and goals. 

I describe and foster STM Malta’s culture as 

Respect, Learning and Team-Spirit. MBR 

All rights reserved - Copyright 2017 

EDITOR’S 

Note 

BA(Hons) Accty., Dip. Tax., 

FIA, CPA, DipPMI, MIM, 

MBA (Henley) Deborah has 

twenty years experience in 

the financial services, gaming 

and hospitality industries. 

In her various C-level and 

board member roles she had 

formulated new strategic 

directions and implemented the necessary 

changes. She has been instrumental in setting up 

and growing various companies. She is a Certified 

Public Accountant, holds a Masters in Business 

Administration from Henley Management 

College and she holds a Diploma in Retirement 

Provision pursued with the UK Pensions 

Management Institute. She is the only Maltese 

resident holding such a qualification in pensions. 

She is a Fellow Member of the Malta Institute of 

Accountants, and a Member of the Malta Institute 

of Taxation, Malta Institute of Management, 

Institute of Financial Services Practitioners and 

Pension Management Institute UK. Deborah 

won Malta’s Best Knowledge Entrepreneur of the 

Year Award 2015. She has also been nominated 

and then voted as one of the four finalists for the 

Commonwealth Women Entrepreneur of the Year 

2015. 

28


INTERNATIONAL TRADE 

NETWORK OF YOUNG WOMEN LEADERS 


Malta-Ghana technical Joint Commission to hold second meeting; 

new agreement establishing a bilateral political consultation framework signed 

Minister for Foreign Affairs and Trade Promotion, Carmelo Abela, exchanging views with the Ambassador for the European Union in Ghana, William Hanna. 

Ghanaian Minister of Foreign Affairs and 

Regional Integration, Shirley Ayorkor 

Botchway, and Malta’s Minister for Foreign 

Affairs and Trade Promotion, Carmelo Abela, 

have agreed to commence preparatory work 

for the second meeting of the Malta-Ghana 

Permanent Joint Commission for Bilateral 

Cooperation to be convened in Ghana 

in the coming months. The decision was 

taken during a bilateral meeting held in the 

Ghanaian capital, Accra, on Wednesday, 26th 

July 2017 on the margins of the President of 

Malta’s current State Visit to Ghana. 

The technical Joint Commission was 

established through a technical Memorandum 

of Understanding that was signed by the two 

countries on the 26th September 2014 on 

the margins of the 69th Session of the United 

Nations General Assembly in New York. 

The first meeting was held at the Ministry 

for Foreign Affairs in Valletta on the 11th 

September 2015, with the two sides agreeing 

on several proposals to be implemented 

to contribute to enhancing and developing 

bilateral relations and increasing exchanges, 

experiences and cooperation in the fields of 

culture and tourism, education, migration 

and police cooperation in border control, 

adoptions and investment cooperation. 

Meanwhile, in Accra on Wednesday, 

Ministers Abela and Botchway signed a new 

Memorandum of Understanding establishing 

a mechanism for regular bilateral political 

consultations. The consultations will cover 

political, economic, cultural, technological, 

and consular relations and other connected 

areas of common interest in order to 

strengthen and develop bilateral cooperation. 

The signing ceremony was held at the 

Presidential Palace in Accra in the presence of 

the President of Ghana, Nana Addo Dankwa 

Akufo-Addo, and the President of Malta, 

Marie-Louise Coleiro Preca. 

Ghanaian Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchway, and 

Malta’s Minister for Foreign Affairs and Trade Promotion, Carmelo Abela, signing the Memorandum 

of Understanding establishing a political consultation framework in the presence of the President of 

Ghana, Nana Addo Dankwa Akufo-Addo, and the President of Malta, Marie-Louise Coleiro Preca. 

Minister for Foreign Affairs and Trade 

Promotion, Carmelo Abela, meeting 

Ghanaian Minister of Trade and Industry, Alan 

Kyerematen. 

In Accra, Minister Abela also held a bilateral 

meeting with Ghanaian Minister of Trade and 

Industry, Alan Kyerematen, with whom he 

discussed ways how trade relations between 

Malta and Ghana could be enhanced. They 

agreed that unleashing the bilateral business 

potential would not only benefit both 

countries economically but also serve as an 

excellent way to connect the Maltese and the 

Ghanaian people. 

Minister Abela also had an exchange of views 

with the Ambassador for the European Union 

in Ghana, William Hanna, and attended a 

social event with Ghanaian former students 

of the International Maritime Organisation’s 

International Maritime Law Institute (IMLI), 

which is headquartered on the campus of the 

University of Malta. MBR 

Source: The Ministry For Foreign Affairs And Trade Promotion 

President Marie-Louise Coleiro Preca 

inaugurated ‘Artemisia’, an exhibition 

organised by the Network of Young Women 

Leaders, celebrating the stories of 100 

remarkable women and their narrative of 

courage, of leadership, and of hope recently 

at San Anton Palace. 

The President commended the Network of 

Young Women Leaders for their commitment 

to ensuring that young women in Malta and 

Gozo have a voice and can work together 

to promote equity and inclusion within our 

communities and across our society, and 

noted that the Network is growing and is 

undertaking meaningful initiatives focusing 

on gender empowerment. 

“The Network was not only created to provide 

a safe space for young women to come 

together and explore their ambitions. It is also 

encouraging connections between women 

of different generations by providing an 

environment where women who are already 

active in political life can offer their expertise 

and support,” the President explained. 

“Although we have, both as an international 

community and as a country, made 

important strides forward to improve 

gender equality, there is still so much to be 

done” 

President Coleiro Preca said that inequalities 

between women and men and between girls 

and boys continue to play a negative role in 

the lives of countless individuals and families, 

adding that unacceptable discrepancies in 

terms of women’s economic and political 

empowerment are having a destructive effect 

on our global economies and cultures. 

“Women are being paid less; women are 

being underrepresented in political, social, 

and economic sectors; and the authentic 

voices and concerns of women are less likely 

to be heard in our media and across our 

culture,” argued the President. 

The President also drew attention to the 

crucial need for women to be visible role 

models in society, saying that “we need more 

inspirational female figures to encourage the 

participation of girls and young women in the 

social, political, cultural, and economic lives 

of our communities and our society”. For 

this reason, ‘Artemisia’ is particularly timely 

and necessary, “because when we talk about 

motivating young women to achieve their full 

potential, I believe that we must first of all 

lead by example”. 

The President cited a recent study coauthored 

by Esther Duflo, Professor of Poverty 

Alleviation and Development Economics, at 

the Massachusetts Institute for Technology, 

highlighting the importance of female role 

models to determine the attitudes and to 

nurture the ambitions of girls and young 

women. The report offers conclusive evidence 

on the powerful effect that direct leadership, 

“I am confident that with the 

contributions of Malta’s young 

women, the political future of 

our nation is in safe hands” 

Her Excellency The President of Malta Marie Louise Coleiro Preca 

through inspirational women in political life, 

can have on the future prospects of girls and 

young women and states that localities which 

had long-serving female leaders in positions 

of authority within local government saw 

a massive reduction in their gender gap in 

education for teenage girls. This was due 

to the fact that girls had set higher goals for 

themselves and worked towards achieving 

these goals. 

The report also shows that parents are 

25 percent more likely to have higher 

expectations for their daughters when 

women leaders are active role models, 

creating a home environment to support and 

nurture their daughters’ ambitions. 

The President said that “the study reveals just 

how far-reaching the inspirational effect of 

women leaders can be, and should encourage 

us to implement quota systems and other 

strategies for the inclusion of women at 

all levels of political and socio-economic 

life”, adding that in today’s world, some ten 

countries in Europe including Norway, France, 

and Spain have already approved quota 

systems to ensure female representation on 

corporate boards. 

President Coleiro Preca said that this is an 

important step towards the closing the gender 

pay gap, but most importantly to ensure that 

inspiring examples of female leadership are 

present within the corporate world. 

“Having women in positions of authority 

transforms public perceptions opens peoples’ 

minds on who can lead and the important 

qualities in effective leadership. Therefore 

there is no doubt that under-representation 

of female leadership in positions of influence 

and authority is having a negative impact on 

young women”, said the President. 

Gender quotas are one strategy which can 

help speed up positive change and encourage 

the ambitions of the next generation of girls 

and young women. The President added that 

our efforts to secure gender equality and the 

equitable empowerment of women and girls 

will be putting the United Nations’ Agenda 

2030 and its Sustainable Development Goals 

into action, and will show our commitment 

to implement SDG 5 which specifically targets 

the particular challenges of poverty, exclusion, 

and violence that women and girls around the 

world face. 

On concluding, President Coleiro Preca, 

appealed for women to contribute at every 

level of our cultural, social, economic, and 

political sectors, and for women’s skills, 

perspectives, and attitudes. 

“We must be the champions of social justice 

because we have all experienced injustice. 

We must bring a message of hope because 

we all know how hopeless it can feel to be 

unfairly held back or sidelined because of our 

gender. We must be courageous activists for 

peace and well-being by guiding our national 

and international policies in ways that are 

inclusive, fully participatory, and respectful of 

our diversity”, the President concluded. MBR 

Creditline/Photos: OPR 

30 31 



TARGET 2 


FIMBank part of TARGET2 

European payment system 

FIMBank plc has announced its direct 

participation in TARGET2, a payment system 

owned and operated by the European Central 

Bank Eurosystem. TARGET2 is the leading 

European platform for processing largevalue 

payments, and is used by both central 

and commercial banks to process real time 

payments in Euro. 

Commenting on this landmark development, 

FIMBank’s Group Chief Operating Officer 

Howard Gaunt stated that, “Modern 

economies are heavily dependent on the safe 

and seamless flow of transactions. Payment 

systems provide the plumbing that allows 

money to flow in the economy. TARGET2 

enables EU banks to transfer money between 

each other in real time, which is known as 

real-time gross settlement (RTGS). More 

than 1,700 banks use TARGET2 to initiate 

transactions in Euro, either on their own 

behalf, or on behalf of their customers. Taking 

into account branches and subsidiaries, more 

than 55,000 banks worldwide (and all their 

customers) can be reached via TARGET2.” 

FIMBank’s Head of Banking Operations & 

Project Management Loranne Pace, explained 

that “Our membership to the TARGET2 system 

means that we will now be able to receive 

Euro payments directly from banks through 

the TARGET2 network. This also means that 

we are now in a position to process priority 

payments on behalf of our customers.” She 

further added that such membership will 

allow the bank to provide a Payments Priority 

Service, for which a respective fee applies. 

As part of the advantages of TARGET2 

payments, FIMBank is now directly 

reachable for Euro payments without the 

need for payments to go through its Euro 

correspondents. Membership of the system 

also facilitates the processing of high value 

priority payment orders in ‘safe’ central 

bank money with immediate finality, even 

across borders, thus reducing the inherent 

risks in payment transactions. Moreover, 

TARGET2 allows for extended cut-off time for 

Euro payments. The system also allows for 

straightforward direct settlement, thereby 

minimising claims from beneficiaries for nonreceipt 

of funds. Finally, national and crossborder 

payments are processed in the same 

way, with beneficiary banks being addressed 

directly. MBR 

For more information about FIMBank plc, visit 

www.fimbank.com. 

“Modern economies are heavily 

dependent on the safe and 

seamless flow of transactions.” 

32 33 



GLOBAL WARMING 

ICT 


Global warming 

could result in 

losses for the 

European wine 

industry 

By Andreas D. Flouris 

Dakar Software Systems have announced the 

launch of their first native mobile phone app, 

available for both android and iOS. Following 

the success of Dakar's online web-based 

leave modules with over 60,000 live users, 

Dakar have launched a fully functional Leave 

booking mobile app. 

The Leave booking mobile app enables 

employees to book leave and report in sick 

directly from their mobile phone. Managers 

will receive immediate notifications on their 

mobile phones and will be able to action the 

leave request immediately. 

Employees may also report sick from home 

via their mobile phones. A notification will be 

sent in real-time to both the HR manager and 

the company doctor who will use a dedicated 

Dakar mobile app to view the employee's 

home address via a map. All related medical 

information may be inserted directly by the 

doctor via the app itself. The HR department 

will be immediately notified, making the 

entire sick reporting function far more proactive. 

Dakar Software Systems® is a leader in the 

development and delivery of scalable "HR, 

Dakar 

announced 

the launch 

of their first 

native mobile 

phone app 

People Management Software Solutions". 

The company specialises in offering web 

based and desktop solutions. These include 

Payroll, Personnel (HR), Training, Recruitment, 

Performance Appraisals, On-Line Clocking's, 

Rostering and Time & Attendance software 

applications. The company also supplies 

Hand Readers, Face Recognition, Finger- 

Print Readers, IRIS Scanners and Swipe Card 

devices which integrate seamlessly with 

Dakar's software applications. 

For information kindly contact Dakar Software 

Systems on +356 21 374078 MBR 

Slight increases in temperature in 

Mediterranean regions from global warming 

could potentially result in labor, productivity 

and economic losses for the European wine 

industry, an article in the journal Temperature 

suggests. 

Researchers studied the effects of high 

temperatures on the labor output and 

productivity of manual agricultural grapepicking 

workers in the wine production 

industry in Cyprus, who often work in 

conditions of up to 36 degrees Celsius. 

They found that higher temperatures in 

the working conditions during the summer 

correlated with a significant labor loss of up to 

27%, due to the environmental heat causing 

increased perceived exertion on worker’s 

metabolic and cardiovascular systems and 

resulting in reduced output. 

When temperatures increased, there was 

also a 15% decrease in the amount of time 

workers were able to carry out their duties 

due to the increased need for irregular and 

unplanned work breaks. 

These research findings demonstrate that 

workplace heat, specifically in European 

agricultural workers, is accompanied by 

significant labor and productivity losses. With 

the wine industry comprising of 0.2% of world 

GDP, increased temperatures from global 

warming may negatively impact the industry 

and even potentially result in large losses 

worldwide. 

For this study, the authors specifically chose 

to study grape-picking workers, as the 

production of wine is still largely dominated 

by manual labor unlike other industries and 

therefore the effects of global warming on 

workers in this industry is highly likely to more 

prevalent. 

The authors warned that this research 

should not be considered an exhaustive 

large scale study of the impact of global 

warming on agriculture workers, and broader 

studies involving more workers and different 

locations should be undertaken in order to full 

assess the full impact. 

The study is the first of its kind in Europe 

assessing the impact of workplace heat 

on European agriculture workers. The 

researchers used an innovative approach to 

assess labor output and productivity of seven 

workers called time-motion analysis which 

can analyse every second spent by each 

worker during every work shift. MBR 

Creditline: Taylor & Francis 

* Read the full article online: 

http://www.tandfonline.com/doi/full/10.1080/233 

28940.2017.1338210 

EDITOR’S 

Note 

The article represents a study within a research program 

funded by the European Union and led by an international 

consortium of scientists (HEAT-SHIELD). The overall 

goal of this work is to study the complex effects of 

climate change on the European society. The study has 

received funding from the European Union’s Horizon 

2020 research and innovation programme under the grant 

agreement No 668786 

34 

www.maltabusinessreview.net 

35


CLIMETRICS 

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Climetrics is 

the world’s first 

fund rating 

which enables 

investors to 

integrate 

climate impact 

into their 

investment 

decisions. 

36 

Climetrics – the world’s first climate rating for 

funds, has been launched by CDP (Carbon 

Disclosure Project), ISS-Ethix and Climate-KIC, 

the EU’s climate innovation initiative. 

Climetrics enables investors to compare, for 

the first time, the climate impact of over 2,500 

funds for sale in Europe worth €2 trillion. 

With no such rating to-date for funds, 

Climetrics measures the climate impact of 

funds’ portfolio holdings, as well as asset 

managers’ application of climate as an 

investment and governance factor. 

Climetrics is a missing link between individual 

investment choices and the global problem of 

climate change. 

Methodology 

Using the most advanced metrics available, 

Climetrics has developed an independent, 

rules-based and transparent methodology to 

communicate the overall climate impact of 

investment funds. 

The methodology was developed by the 

rating's data providers CDP and ISS-Ethix 

Climate Solutions, in consultation with NGOs, 

asset owners and managers, and members of 

the academic community. 

Also including a number of external data 

sources, it scores funds across three levels 

to produce its 1-5 green leaf rating. Most 

importance is placed on each fund’s portfolio 

score, measuring the climate impact of all 

individual companies in which the fund is 

invested. An asset manager score identifies 

asset manager action on integrating climate 

change into their governance and investment 

processes, while a fund policy score identifies 

funds with a specific ESG mandate. The 

universe of funds is provided by yourSRI.com, 

the service provider for all of Climetrics’ fundrelated 

information. 

Climetrics covers roughly 55 percent of 

the assets invested in equity funds that are 

currently for sale in Europe, representing 

about €2 trillion in fund investments. A full 

outline of the rating methodology will be 

available soon. 

About CDP Europe 

CDP is an international non-profit that drives 

companies and governments to reduce their 

greenhouse gas emissions, safeguard water 

resources and protect forests. Voted number 

one climate research provider by investors 

and working with institutional investors with 

assets of US$100 trillion, we leverage investor 

and buyer power to motivate companies to 

disclose and manage their environmental 

impacts. Over 6,000 companies with some 

60% of global market capitalization disclosed 

environmental data through CDP in 2016. 

This is in addition to the over 500 cities and 

100 states and regions who disclosed, making 

CDP’s platform one of the richest sources 

of information globally on how companies 

and governments are driving environmental 

change. CDP, formerly Carbon Disclosure 

Project, is a founding member of the We 

Mean Business Coalition. MBR 

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38 www.maltabusinessreview.net 39


IN DEPTH INTERVIEW SERIES 

IN DEPTH INTERVIEW SERIES 


IN 

DEPTH: 

Equiom’s yachting and aviation experts 

Equiom, the international professional services provider, has had a dedicated 

yachting and aviation team for more than 10 years. It has grown from a single 

specialist to 30-strong worldwide and achieved a number of milestones, most 

recently having reached USD4 billion in assets under administration. Malta 

Business Review caught up with some of the key members of the team. 

Edward Leigh, Director – Yachting and Aviation 

" 

Equiom has entered new 

markets, we have built 

up a multi-jurisdictional 

approach 

" 

www.equiomgroup.com 

MBR: What is your role at Equiom? 

EL: I am responsible for leading Equiom’s 

yachting and aviation services business and 

oversee our 30-strong team across the Isle of 

Man, Jersey, Guernsey and Malta. 

MBR: How have the services you offer 

evolved over the years? 

EL: Having been in the industry for more than 

20 years, I have seen a lot of changes in the 

way the sector is regulated. For one thing, 

there is more complexity around VAT, which 

has more recently come to the fore following 

new local regulations surrounding yachts 

and specific requirements for aircraft of a 

certain weight. As far is safety is concerned, 

regulations have become increasingly tight 

with new management systems put in place. 

The regulations governing yacht and aircraft 

vary from jurisdiction to jurisdiction and, as 

Equiom has entered new markets, we have 

built up a multi-jurisdictional approach which 

gives us an advantage in determining the 

optimal solutions for our clients. 

MBR: What jurisdictions do you cover? 

EL: The majority of our yachting and aviation 

services are offered through our teams 

in the Isle of Man, Jersey, Guernsey and 

Malta but we are expanding our aviation 

services in Asia and, more recently, in the 

USA for both yachting and aviation. With 

our recent acquisition of a Guernsey-based 

trust company giving us a presence in the 

US, we are now able to move forward with 

building a framework for offering licensing 

and registration of yachts and aircraft in this 

jurisdiction. 

MBR: What have you got coming up? 

EL: The next 12 months will be interesting 

given our expansion into new regions and 

plans for further development of our yachting 

Edward Leigh, Director – Yachting and Aviation 

Chris Cini, Legal Counsel 

Mark Young, Senior Manager - 

Yachting and Aviation 

Daniel Gatt, Senior Trust and Company 

Administrator 

offering in Europe. Our team will also be 

gearing up for several key industry events 

throughout the year including the annual 

Monaco Yacht Show, the Asian Business 

Aviation Conference & Exhibition (ABACE) 

and its European counterpart, EBACE. 

What is your role at Equiom? 

CC: I am responsible for providing legal 

support to Equiom Malta, focusing primarily 

on the yachting, shipping and aviation sectors. 

I am also actively involved in promoting the 

yachting and aviation services offered by 

Equiom Malta. 

MBR: How did you end up working in the 

sector? 

CC: Ever since my university days, I have been 

interested in the maritime and aviation law 

sectors mainly because of their dynamic 

and ever-evolving character. I also owe my 

growing interest in the sector to a few people 

that I have met throughout my working years 

who have cultivated in me the skills required 

to work in the sector. 

MBR: What should owners and potential 

buyers of yachts and aircrafts look out for? 

CC: There are a number of issues. The VAT 

situation of the asset is always important to 

consider, and coupled with the necessary 

import/export obligations, it would be best 

for owners and potential buyers to check 

their position properly before effecting any 

transaction related to the asset. 

MBR: Where does the majority of your 

business come from? 

CC: Most of our business comes from 

owners or their representative offices, vessel 

brokers, agents, managers and captains. 

The geographic location of our clients was 

historically Europe, but requests from outside 

the EU are on the rise. Equiom is an allencompassing 

provider offering everything 

from VAT and customs advisory and 

compliance for yacht and aircraft owners to 

management of payroll and benefits for crew 

members. Our global nature means that we 

are able to provide services to clients around 

the world, irrespective of their location. 


MY: I am responsible for the formation and 

day-to-day management of niche ownership 

structures for clients’ yachts and aircraft. 

MBR: What are you working on at the 

moment? 

MY: One of my main projects is the import 

and subsequent VAT leasing and ongoing 

management of a superyacht valued at €85 

million for a high-net-worth individual. 

MBR: What sets Equiom apart from its 

competitors? 

MY: With the focus very much shifting 

towards Brexit and potential tax ramifications 

on UK high-net-worth individuals and their 

assets, the Maltese VAT leasing structure 

has never been so popular. Equiom is ideally 

placed within the EU to deal with complex 

transactions and the ongoing management of 

ownership structures for individuals wishing 

to ensure protection of their assets while 

mitigating their tax liabilities. 

MBR: You recently reached a milestone of 

USD4 billion in assets under administration. 

What does this mean for your team? 

MY: The milestone demonstrates the 

trustworthiness of Equiom as a yachting and 

aviation services provider. We are one of the 

largest yachting and aviation departments 

in the corporate service sector globally and 

manage transactions for some of the highest 

valued yachts and aircrafts in the world, 

including helicopters, other types of aircraft, 

motor and sailing yachts. The new milestone 

for assets under administration reflects our 

strong team and robust service offering. 

With an expanding team of professionals 

worldwide, I believe we can only grow 

stronger from here. 


DG: I am responsible for administering a 

number of structures for clients across several 

jurisdictions, dealing with a diverse portfolio 

of assets including some of the world’s most 

prestigious yachts and aircraft. 

MBR: What are the most important qualities 

for a person working in your sector? 

DG: The yachting and aviation sector is a 

dynamic one and requires individuals who 

take a proactive approach to client service. 

Our clients are at the heart of everything 

we do, so it is important to be timely in our 

responses and keep focused on the finer 

details. 

MBR: What attracted you to a career in 

yachting and aviation? 

DG: I have been working in the financial 

services sector throughout my career and 

was offered the opportunity to take a more 

specialised role in yachting and aviation. I am 

glad I did because I enjoy the variety of the 

work and the fast pace of the sector. 

MBR: What is your approach to client 

service? 

DG: I think it is important to take the time 

to understand clients’ needs. For me, the 

key is to spend your efforts building lasting 

relationships with clients so you have a 

mutual understanding for each other. Equally 

important is communication; communicating 

in an efficient and timely manner ensures the 

highest quality of client service. MBR 

40 41 



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42 43 



EU 

EU 


WHAT’S DRIVING BRUSSELS AND EUROPE 

By RYAN HEATH with HARRY COOPER and QUENTIN ARIÈS 

THE PM WHO CAME IN FROM THE COLD 

Like a scolding parent with a trust fund and a 

dose of affection up their sleeve, European 

Commission President Jean-Claude Juncker 

hugged Slovak Prime Minister Robert Fico 

close this week. While Slovakia looks set to 

lose its court appeal against the EU’s refugee 

quota system, and Fico is far from popular 

in his Socialist political family for his hardline 

migration rhetoric, Slovakia is now also 

the only member of the Visegrad Group 

of Central European countries to avoid 

Commission legal action over refusing to take 

asylum seekers. Indeed, Fico is all Juncker has 

left in the Visegrad Group: both EU and Slovak 

diplomats know it. While Slovakia handled 

its EU presidency with widely-recognized 

Airbus drone-car hybrid version 

Playbook spoke with European Commissioner 

for Transport Violeta Bulc about why every 

farm should use drones, how self-driving cars 

will take over Europe, her respect for Ryanair 

boss Michael O’Leary and what it would 

take to get more fast train lines in Europe. 

Playbook also talked to POLITICO transport 

maturity and restraint, Poland and Hungary 

are derailing from the EU track, and the 

Czech Republic is in election mode, with the 

potential to elect Andrej Babiš, a Euroskeptic 

liberal. 

Here’s the new deal between Brussels 

and one of its problem children, according 

to Playbook’s sources: Fico agrees to 

compromise on migration and the EU makes 

him their point man in Central Europe. 

Fico can do with the Brussels love. He has 

to look over his shoulder at a neo-Nazi party 

in parliament and at regular opposition-led 

street protests over leasing an apartment from 

businessman Ladislav Bašternák, who has been 

under investigation for tax fraud. MBR 

EU CONFIDENTIAL 

TALKS TRAINS, 

DRONES AND 

SELF-DRIVING 

AUTOMOBILES 

reporter Joshua Posaner about the scandals 

engulfing the German car industry. 

Euclid Tsakalotos: Greece’s finance minister 

successfully took his country back into 

international bond markets, against the 

advice of ECB chief Mario Draghi, and raised 

€3 billion. MBR 

BREXIT LATEST… 

U.K. Home Office officials admitted the 

department has not spoken to any experts 

on the impact of its Brexit policy on the 

Irish border. The U.K. Local Government 

Association said councils need billions in 

EU funding replaced after Brexit to create 

jobs and roll out infrastructure. 

FEUD OF THE 

MONTH 

Donald Tusk and Andrzej Duda vs. 

Jarosław Kaczyński and Beata Szydło.: 

You would be forgiven for thinking 

Donald Tusk is the leader of the Polish 

opposition rather than the European 

Council president given his willingness to 

pick fights in Poland and lack of interest 

in talking to non-Polish media. Perhaps 

he’s concerned about Polish President 

Andrzej Duda moving to steal his crown 

as the pro-EU conservative that Poles 

can vote for in the 2020 election. Duda 

surprised everyone this week by standing 

up to his political patrons in the ruling 

Law and Justice party and blocking 

judicial reforms they were pushing. That 

left Prime Minister Beata Szydło seething 

in a televised speech. 

PARLIAMENT’S 

SECOND GHOST 

TOWN 

The European Parliament has a message for 

citizens and other politicians this summer: 

don’t call us (and we won’t call you). The 

Parliament in Brussels is closed until August 

18, won’t conduct any business in Brussels 

until August 28, and is off limits to journalists 

until September 4 — they’ve even put up 

metal shutters to hammer the point home. 

Too bad if you use one of the banks located 

"Mirror mirror 

on the wall, 

who’s the 

greatest French 

leader of them 

all?” President 

Emmanuel 

Macron ignores 

polling showing 

his approval 

rating has 

plummeted by 

10 points." 

EU Commissioner for Environment, Maritime 

Affairs and Fisheries Karmenu Vella addresses 

a press conference 

PLASTIC NOT 

FANTASTIC 

Commissioner for Environment Karmenu 

Vella launched the campaign “World 

aquariums against marine litter” Thursday. 

Around 100 aquariums across the world are 

filling one of their exhibitions with plastic to 

show the problem of marine litter. Vella told 

Playbook “Aquariums are a TV screen to the 

ocean. The world’s aquariums have decided 

to become the oceans’ ‘breaking news’ to 

avoid becoming its history channel.” MBR 

inside the Parliament, because you won’t be 

allowed in. In Strasbourg, it’s a similar story, 

except that the French city is used to it as the 

Parliament building there is closed for most of 

the year anyway. 

Things are so slow that Czech MEP Pavel 

Telička resorted to tweeting a picture of 

snails. One Parliament staffer and library user 

was not amused at the answers he was given 

as to why some of the library’s services are 

unavailable. 

The rest of the EU has been working harder. 

The European Court of Justice issued an 

important opinion on Wednesday about 

how flight passengers’ data is collected. 

BY THE 

NUMBERS 

QUOTE OF THE 

MONTH 

“Germany is not a 

professor, France is 

a not a student.” 

25 

3000 

42 

— Martin Schulz reckons Germany should stop 

telling everyone else what to do. 

(There was no one at the Parliament to give 

a response.) Three European commissioners 

addressed reporters Wednesday following 

the weekly meeting of all 28 commissioners, 

during which they held talks with ministers 

from Turkey and Egypt. EU ambassadors 

also met, as did 14 groups of diplomats, and 

competitiveness ministers held two days of 

talks in Tallinn, Estonia. 

MEPs are, of course, entitled to a vacation but 

it doesn’t seem too unreasonable to suggest 

a shorter break, synchronizing calendars with 

other EU institutions and letting people know 

who’s in charge while Antonio Tajani & Co. are 

on the beach. MBR 

HEATWAVE HITS 

EUROPE: 

Nicknamed Lucifer, a heatwave is set to 

affect much of southern Europe, triggering 

weather warnings of “exceptionally intense 

meteorological phenomena” in Italy, 

Switzerland, Croatia and Poland. According 

to a new report authored by the European 

Commission’s Joint Research Centre, 

unless climate policies change, the number 

of deaths from weather-related disasters 

could rise to 152,000 between 2071 and 

2100 from around 3,000 a year between 

1981 and 2010. 

Number of health ministers Romania has had 

in the past 27 years. 

The number of refugees relocated around 

Europe in June 2017 — the best result since 

the relocation mechanism was put in place. 

Number of days that nothing is happening at 

European Parliament over the summer. 

PLAYBOOK COULDN’T 

HAPPEN WITHOUT 

Harry Cooper, Quentin Ariès, 

Zoya Sheftalovich and Gasper 

Zavrsnik. 

Creditline: POLITICO SPRL 

44 45 



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HSBC Bank Malta reports 

resilient profitability in H1 2017 

– retains 65% dividend 

payout ratio 

€ 

£ 

• Reported profit before tax of €25.9m 

for the six months ended 30 June 2017. 

The reported performance was €15.4m 

or 37% lower when compared with the 

same period last year. 

• On an adjusted basis (as explained 

under “Financial performance” on 

page 4), profit before tax was down 

15% compared with the same period 

in 2016 due to the continuing adverse 

impact of negative interest rates, lower 

non-interest income as a result of 

risk management actions and higher 

compliance costs. 

• Profit attributable to shareholders of 

€16.9m for the six months ended 30 

June 2017 resulting in earnings per share 

of 4.7 cents compared with 7.5 cents in 

the same period in 2016. 

• Common equity tier 1 capital ratio of 

13.9% as at 30 June 2017, up from 

13.2% at the end of 2016. 

• Recommended gross interim dividend of 

4.7 cents per share (3.0 cents per share 

net of tax). 

• Cost efficiency ratio of 63% for the six 

months ended 30 June 2017, compared 

with a ratio adjusted for the significant 

items of 60% for the same period in 

2016. The ratio was primarily impacted 

by lower revenue. 

• Adjusted return on equity of 7.1% for 

the six months ended 30 June 2017, 

compared with 8.5% for the same 

period in 2016. 

• Total assets of €7,068m at 30 June 

2017, down €238m compared with 31 

December 2016 due to lower loans and 

advances to banks and customers. 

• Customer accounts of €4,870m at 30 

June 2017, down €131m compared with 

31 December 2016. 

HSBC Bank Malta p.l.c. reported a profit 

before tax of €25.9m for the six months 

ended 30 June 2017 compared with €41.3m 

for the same period in 2016. This represents 

a decrease of €15.4m or 37% on the previous 

period. 

The reported results for the first six months of 

2016 included the gain on disposal of €10.8m 

arising on the sale of our membership interest 

in Visa Europe. This was a significant event 

and therefore the income related to this 

transaction is excluded from the adjusted 

results to analyse the underlying business 

performance. 

Reported profit before tax 

Net gain on sale of 

investment in Visa Europe 

Adjusted profit before tax 

H1 2017 H1 2016 

€000 €000 

25,925 

25,925 

41,314 

(10,787) 

30,527 

The performance during the first six months 

of 2017 was adversely impacted by persistent 

low interest rates, risk management actions 

and increased compliance costs but was in line 

with the management’s expectations. MBR 

- 

R 

¥ 

46 

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GAMBLING 


WHY MALTA BRINGS CALM AND DISTRUPTIVE 

THINKING TO THE GAMBLING INDUSTRY? 

In the ever evolving and fast-growing 

gambling industry, not only C-level but all 

employees are overexposed to visual and 

mind stress, facing challenging projects in 

a short time, suffering the overstimulation 

caused by desktop screens and multiple 

screens. So, how to mitigate the frantic days 

while working in the gambling industry? 

BtoBet chose to have its head office in 

Malta not only for the favorable gambling 

legislation, but also for the therapeutic 

power of water which, when in close 

proximity, has been proven to transmit calm 

and connectivity between people, to increase 

innovation and insight. Living and working 

in Malta, surrounded by the Mediterranean 

Sea, is undoubtedly a big plus. 

Since ancient times, humans have ascribed 

healing and transformational properties 

to water. In early Rome, baths were an 

important part of cultural life, a place where 

citizens went to find relaxation and to connect 

with others in a calming setting. Rivers have 

long been seen as sacred places, and in a 

number of different spiritual contexts, water 

has symbolized rebirth, spiritual cleansing and 

salvation. 

Today, we still turn to water for a sense of 

calm and clarity. Our affinity to water is even 

reflected in the near-universal attraction to 

the colour blue. The marine biologist Wallace 

J. Nichols believes that we all have a “blue 

mind”; water can heal the mind and the body, 

and helps to tap into a calmer and creative 

state of being. 

In this regard, Sabrina Solda’ CMO of BtoBet 

expressed her vision about “blue mind”. 

To discover more, read the entire blog here: 

http://www.btobet.com/en/stories/ 

blue-mind-brings-calm-disruptivethinking-gambling-industry?utm_ 

source=Media&utm_medium=Pr&utm_ 

content=blog&utm_campaign=BlueMind 

“Finding the blue mind is important to 

improve the quality of our lives. It brings 

3 main benefits to human beings: first of 

all, contact with water allows us to give our 

brains a rest from our everyday stressing life, 

constantly bombarded with sensory stimuli, 

whether from our devices, home, office and 

expos. This is especially true in our hectic 

sportsbook and gambling industry. How 

many of you are feeling the same? Monitoring 

player’s actions, betting odds, accepting risks, 

fixing player’s requests, watching new gaming 

content, being in conferences surrounded by 

the sound of slots and visual overstimulation, 

not to mention the virtual reality games.” 

She personally admitted: “When my brain 

definitely needs downtime, being surrounded 

by water gives my brain and my senses a rest 

from overstimulation. The sound of water 

is far simpler than the sound of voices or 

the sound of music or the sound of a city. 

And the visual input is simplified, too.” 

Sabrina added: “Secondly, when you have 

that simplified, quieter ‘blue’ space, your 

brain is better at a different set of processes, 

in fact water can induce a meditative state. 

Though we may not be conscious of it, water 

could be inducing a mildly meditative state 

of calm focus and gentle awareness. In fact, 

being in a mindful state — in which the brain 

is relaxed but focused —the mind and body 

benefits include lower stress levels, relief from 

mild anxiety, pain and depression, improved 

mental clarity and focus, and better sleep 

quality. The third benefit of the proximity 

to water is that it can inspire us to be more 

compassionate and connected with the rest 

of the world around us and more creative. 

In the restful, contemplative state associated 

with observing or interacting with water, it’s 

common to experience feelings of awe which 

creates a strong connection to something 

beyond ourselves, to the vastness of nature. 

This feeling of awe can increase our capacity 

for connection and empathy.” 

Sabrina also underlined: 

“If you are not as lucky as I am, that I chose 

and managed to live and work by the sea, 

do not despair! Also hopping in the shower 

can be a great way to trigger ideas when our 

brains are in a creative rut. In our always-busy, 

screen-saturated lives, we don’t give our 

minds much of a chance to rest and wander 

freely. We need to activate a default network 

to let the best insights and ideas come up 

instead of leaving them stuck while sitting at 

our computers, desperately searching for the 

solution. Unquestionably, since I have been 

living in Malta, my BLUE MIND DEVELOPED, 

quickly and constantly.” 

Commenting on her decision to live in Malta, 

she concluded: 

“Walking by the sea to go to BtoBet 

headquarters every morning, and 

contemplating the blue colour of the 

magnificent Mediterranean Sea, brings me 

the “Eureka” moment — the insight or 

solution“ feels like it drops out of the sea and 

into my head." MBR 

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, 

customisable, secure and flexible cloud based systems 

delivering unprecedented capabilities to drive sportsbook and 

iGaming business. BtoBet has offices in Macedonia, Italy and 

Malta. The Technical team of the company is in Skopie and 

has an ever-growing team of developers. BtoBet’s dynamic 

Sportsbook team operates from Rome, whilst Malta hosts the 

commercial and marketing centre. 

48 


49


UNCLOS 


50 years since Malta pioneered UNCLOS 

50 years ago, on 17 August 1967, Malta tabled 

a United Nations proposal which resulted in 

the adoption of the 1982 Convention on the 

Law of the Sea (UNCLOS)- Prof David Attard, 

Director of the International Maritime Law 

Institute (IMLI) recalled during a meeting 

with the Minister for Foreign Affairs & Trade 

Promotion, Carmelo Abela. Because of this 

initiative, Malta is considered the pioneer of 

UNCLOS and its outcomes. 

Through its first Permanent Representative 

to the UN, the late Maltese diplomat Dr 

Arvid Pardo formalised this proposal to the 

UN’s Secretary General which gave birth to 

doctrine that states the seabed, ocean floor 

and sub-soil, are ‘the common heritage of 

mankind’, to only be used and exploited 

for peaceful purposes and the benefit of 

mankind as a whole. 

This culminated in the famous three-hour 

speech delivered by Dr Pardo at the UN’s 

1515th meeting of the General Assembly 

on 1 November, which triggered the later 

negotiations of UNCLOS, and other legal 

developments that subsequently earned Dr 

Pardo the title ‘Father of the Law of the Sea’. 

Minister Abela and Prof Attard agreed that 

the Ministry for Foreign Affairs & Trade 

Promotion and IMLI will work together to 

organise a commemorative event marking 

the anniversary of Dr Pardo’s speech, and the 

adoption of the resolution: 

“The examination of the question of the 

reservation exclusively for peaceful purposes 

of the sea bed and ocean floor and the subsoil 

thereof, underlying the high seas beyond 

the limits of present national jurisdiction, 

and their use of resources in the interests of 

mankind.” 

Minister Abela underscored the significance 

of commemorating these important 

anniversaries which have left an indelible 

mark on the history of mankind, and continue 

to guide us in today’s world. And how the 

doctrine of the ‘human heritage of mankind’ 

underpinned the idea of sharing our common 

goods, which today has extended to all issues 

concerning our common environment and 

has even been extended to include outer 

space. 

Minister Abela and Prof Attard also discussed 

possible initiatives that Malta could undertake 

to further strengthen international maritime 

law. 

MBR 

Creditline: The Ministry For Foreign Affairs And 

Trade Promotion 

50 51 



VIRTUAL CURRENCIES 

PRE-BUDGET 2018 DOCUMENT 


Be vigilant: 

MFSA warning on 

virtual currencies 

The Malta Financial Services Authority 

(“MFSA”) has taken note of recent articles 

in the media referring to virtual currency 

ATMs and the installation of a first such 

ATM in Malta. The MFSA hereby informs the 

public that a virtual currency (also known 

as cryptocurrency) such as Bitcoin is an 

unregulated digital instrument used as a form 

of money that is not issued or guaranteed by 

a Central Bank or by any other authority and is 

not equivalent to traditional currencies. 

Unlike traditional money, acceptance of 

payment in virtual currency depends entirely 

on the voluntary consent of the recipient. 

Furthermore providers of services in relation 

to virtual currencies are currently neither 

regulated by law nor authorised by the MFSA. 

‘Bitcoin’ is probably the most well known 

virtual currency, however there are a number 

of other virtual currencies. Virtual currencies 

are becoming increasingly popular and it is 

now possible to use virtual currencies as a 

means to pay for goods and services. 

However there are a number of possible risks 

when buying, holding or trading such virtual 

currencies, including the risk of losing your 

money. The European Banking Authority had 

issued a warning about virtual currencies 

and this notice contains the salient aspects. 

The public therefore should be aware of the 

following risks: Money may be lost on the 

exchange platform Virtual currencies may 

be obtained from someone who owns them 

or through an exchange platform. Currently 

exchange platforms are not normally 

regulated and in some cases they have failed 

or gone out of business with the consequence 

of consumers losing significant amounts of 

money. 

Exchange platforms are not banks and if an 

exchange platform loses any money or fails, 

there is no specific legal protection, such 

as through a deposit guarantee scheme. 

Money may be stolen from your digital wallet 

Virtual currency is stored in a ‘digital wallet’ 

on a computer. Although digital wallets have 

public and private keys or passwords they are 

still vulnerable to hackers. Virtual money may 

therefore be stolen from your wallet. 

Consumers losing virtual money have little 

prospect of having it returned. Furthermore 

if you lose the key or password to your digital 

wallet, your virtual money may be lost forever. 

You are not protected when using virtual 

currencies as a means of payment when using 

virtual currencies as a means of payment you 

are not protected by any refund rights under 

EU law. Unauthorised or incorrect debits from 

digital wallet can therefore not usually be 

reversed. 

The value of virtual currency can change 

quickly, and could even drop to zero Different 

virtual currencies have different values, the 

MFSA said. Furthermore the value of virtual 

currencies can easily go down as well as up. 

Unlike the value of traditional currencies, 

there is no guarantee that the value of virtual 

currency funds remains stable. Transactions in 

virtual currency may be misused for criminal 

activities Transactions in virtual currencies are 

largely untraceable and provide a high degree 

of anonymity. This makes virtual currencies 

vulnerable to misuse for criminal activities 

such as money laundering. Law enforcement 

authorities may therefore decide to take 

action against or close exchange platforms 

and prevent you from accessing or using 

any digital funds that the platforms may be 

holding for you. 

The MFSA advised the public to exercise 

caution and be vigilant when dealing with 

virtual currencies and to ensure that they 

have understood the risks involved. If 

you buy virtual currencies, you should be 

fully aware and understand their specific 

characteristics. You should also exercise the 

same caution with your digital wallet as you 

would do with your conventional wallet. You 

should not keep large amounts of money in 

it and ensure you keep it safe and secure. 

You should also familiarise yourself with the 

ownership, reputability, transparency and 

public perception of the exchange platforms 

that you are considering using. MBR 

Email: info@wel.com.mt | Tel: 2144 2295 

52 53 



BUILDING & CONSTRUCTION 

BUILDING & CONSTRUCTION 


How to perform in 

The History of waterproofing dates back to 

biblical times, when liquid bitumen coatings 

was used to waterproof boats. However, 

in early 20th century, certain methods and 

products were invented in order to meet the 

industrial requirements, and by the late 20th 

century, flexible waterproofing systems were 

introduced to the market. This technology 

enhanced the durability of waterproofing 

liquids greatly. Waterproofing can be 

defined as the formation of an internal 

or external membrane which is capable of 

preventing water from entering or escaping 

through a permeable layer. 

Almost all roofs in Malta are nowadays 

constructed with iron and poured concrete, 

hopefully a proper waterproofing system 

is implemented on top of it together with 

some form of insulation. Afterwards a 10cm 

thick concrete slab with power float finish 

is made to seal it completely. Concrete 

requires a great deal of maintenance to 

keep it from leaking. The root problem is 

that concrete is porous and retains moisture. 

Water dampness flows from top bottom and 

through openings and cracks which are the 

result of expansions due to hot temperatures. 

It is often observed that small plants grow 

inside the joints and other openings. This is a 

clear indication of water intake that is surely 

affecting the strength of the concrete slab. 

Without any form of waterproofing beneath 

the slab, moisture and polluted atmosphere 

containing sulphate and carbon reaches the 

concrete roof structure, resulting in corrosion 

of steel. The Volume of corroded steel 

increases by more than three times its 

original volume resulting in spalling concrete. 

This can be very dangerous if it happens in 

your bedroom while you are sleeping. 

To avoid the ingress of rain water, moisture 

and aggressive environment in concrete 

waterproofing 

surface it is imperative to make the outer 

surface impervious by coating with suitable 

resin membrane preferably with thermal 

properties which could seal all the pores, 

crevices, hair cracks etc. The waterproofing 

compound should be resistant to 

atmospheric temperature, aggressive 

environment, and to the effect of ultra violet 

rays. It should also be flexible enough to 

withstand the expansion and contraction 

of structures and resistant to normal 

abrasion. But before we implement any type 

of waterproofing we must make sure that an 

elastic triangular fillet made of polymer resin 

is applied around the perimeter of the roof 

and in all the corners, thus facilitating water 

exit and better seal the areas which are more 

sensible to structural movements. Next is 

the sealing of joints, there are two types of 

joints, static and active joints. The first is one 

is manmade and is meant to avoid cracks 

during concrete shrinkage while the second 

is the result of two separate concrete screeds 

adjacent to each other. Both of them must be 

treated with elastic materials, do not fill or seal 

with ridged materials like cements as they are 

not meant to stand stress and will crack soon 

by Antoine Bonello 

after. The implementation of a polymer resin 

inside the openings is also recommend in this 

case due to its UV resistance and elasticity. 

The Primer is what we take for granted and 

think that we can do without. Many even 

think it is a waste of money, well…wrong. 

The primer prevents the flaking and peeling 

of membrane. A good primer bonds cement 

dust and provides a strong surface over 

which the membrane is applied. The latest 

generation of primers now have biocide. 

This helps to kill microspores and other 

microorganisms that can regrow beneath the 

membrane and detach it. 

In industrial point of view, there are many 

commercially available waterproofing 

materials used for different purposes. 

However, the suitability and the 

performance of each and every product 

are yet doubtful. Many products imported 

in Malta are not made to withstand our harsh 

hot climate. 

A very interesting product is NAICI THERMAL 

REFLEX MEMBRANE. It is a resin membrane 

with micro fibres able to reduce 90% of heat 

intake inside buildings. It also increases the 

efficiency of solar panels and provides an 

effective solution all year round. 

Over 80% of building damages originates 

from water intake. Always make sure that 

your waterproofing works are carried by 

skilful people affiliated with the Malta 

Professional Waterproofing and Resin 

Flooring Association and in possession of 

the INSTALLERS Card. Improper works by 

unaccountable or unethical persons can lead 

to a serious of unwanted damages. Resulting 

in endless court cases that can take years and 

prove fruitless. 

The Malta Waterproofing and Resin Flooring 

Association provide technical knowledge and 

professional formation to all Maltese installers 

who wish to improve their workmanship or 

start a carrier in the waterproofing business. 

The Association also assists its members 

by providing the services of a profession 

advisor when facing challenging situations 

or other difficulties during their works. 

The Association also provides its qualified 

members the Certified Installers Card. This 

is done to reassure the general public that 

the person is able to carry out the requested 

job at its best. All this is being made possible 

thanks to the Resin and Membrane Centre 

and NAICI International Academy. For 

further information with regards the Malta 

Professional Waterproofing and Resin 

Flooring Association visit our website on 

www.maltawaterproofing.com or call on 

27477647. MBR 

54 55 


Malta Business Review INTERIOR DESIGN CRM 


A new frontier for bio-interiors 

We all know the benefits of having live 

plants in our interiors be it home or office. 

Research reveals that studying or working 

in the presence of plants can have a pretty 

dramatic effect, being around plants improves 

concentration, memory and productivity. 

Scientifically proven to reduce the heart rate 

as you breathe deeply, soften your gaze. This is 

the timeless appeal of nature and vegetation. 

Its subtle shades of green evoke simplicity 

and peace. A miniature landscape of moss 

and lichen invites you to forget your hurry, 

slow down and concentrate for a moment. 

Moss walls are the latest trend in biophilic 

interiors but this application has been long in 

use known for it’s benefits. Buddhist monks 

of Japan delighted in the cool tranquility of 

the moss that grew in their temple gardens. 

Cultivated on stones and walls, creating 

the sensation of expansiveness, freedom 

from clutter and daily distraction. For them, 

moss was an essential element: a symbol of 

harmony. 

But having said all this we all know the 

maintenance that comes with having indoor 

vegetation. 

But what exactly are Moss Walls. It’s an art for 

inspiring and redefined interiors using natural 

lichen. Grown naturally in Scandinavia, 

covering very large areas that are generally 

used for grazing reindeer, moose and musk 

oxen.In the unspoiled nature of Lapland’s 

forests, the Reindeer moss (Cladonia Stellaris) 

grows in protected areas to ensure the natural 

ecosystem of the land of ice. The Reindeer 

moss is harvested in special areas it is then 

collected, dried and later preserved, this is 

process done using only natural ingredients. 

Moss strives in humidity of no less then 50%, 

making it ideal for Malta. 

There is now a solution to having this mood 

boosting decorative application in your 

interior décor avoiding all the maintenance 

that comes with it. A revolutionary and high 

demand solution for interiors are preserved 

vertical moss gardens. As an Interior Design 

Studio we strive to source the best innovative 

products and novelties available around the 

globe and make these available for both our 

projects colleagues such as designers and 

architects. Vera Sant Fournier - Design Studio 

is proud to represent Moss Trend in Malta. 

The use of Moss in home or office interiors 

is again only limited by imagination, starting 

from having a stunning array of colours 

available, Blue, Orange, Red for example, 

giving one the flexibility to paring Moss with 

the chosen colour palette of your chosen 

décor. Signage and company logo’s can also 

be recreated in Moss. Jungle Moss is another 

method of creating a vertical garden, this 

method takes various species of plants which 

are all harvested and preserved to recreate 

harmony in interiors. There is also Ball Moss, 

this gives you a three dimensional feel to 

your wall - ball moss and jungle moss are 

both unique and custom methods, each time 

giving you a completely individual result. 

The studio is available to discuss your project 

and to help you design and install your new 

moss wall at home or at the office, our service 

includes visuals and plans to help you get a 

true feel of the end results you are able to 

achieve. 

Visit www.verasantfournier.com or call +356 

2745 5567 to organise a site visit. MBR 

Stay ahead 

of the 

tomorrow’s 

challenges 

and 

improve 

customer 

satisfaction 

by Hadrian Sammut 

In today's fiercely competitive business 

environment, companies are exploring new 

ways to delight customers and retain their 

loyalty because it has a direct impact on 

revenue. Customers today expect to have 

fluid, convenient and timely interactions 

with businesses seamlessly across multiple 

channels. While many businesses have 

adopted an omni-channel approach, 

customer data remains fragmented, making it 

difficult to gain a single view of the customer. 

So, combining data from multiple sources 

is a fundamental step to gain a complete, 

360-degree view of the customer. A customer 

relationship management (CRM) software 

offering data on all customer interactions 

and integrating with other systems, is the 

ideal first step to achieving your customer 

experience goals. 

If you are a business owner or a sales 

manager, you’ve probably heard the term 

‘CRM’. In its simplest definition: a CRM 

system allows businesses to manage their 

business relationships and the data and 

information associated with them. A CRM 

system such as Salesforce makes it easy for 

sales representatives to effectively engage 

with customers across multiple channels, 

while keeping track of their own sales targets 

and performance. They are also able to 

capitalise on selling trends and share pipeline 

information with their managers for better 

collaboration and accountability. 

A CRM system can use qualitative data to 

provide customers the information they 

need. For instance, what kind of questions 

are leads and customers asking about your 

product/service? Do some of your highvalue 

customers have individual preferences 

or specific queries? With this data at your 

fingertips, you can add the right Q&As to 

your FAQ page, highlight key points likely 

to impress potential customers in your 

marketing brochures and case-studies, and 

update customer-care training materials with 

useful takeaways. 

Customer feedback from your website and 

social media channels can be used to retain 

customer loyalty and upsell to them. Some 

points you may consider to identify patterns 

of behaviour include: 

• How frequently do they buy from you? 

• How long have they been your 

customer? 

• What has motivated repeat purchases? 

Was it seasonal or due to a sales 

promotion? 

If possible, enrich customer data with market 

data and third-party data to test assumptions, 

design in-house experiments and surveys, 

and validate popular or trending customer 

experience approaches. The wealth of 

knowledge and insights gained from this 

endeavour will serve as one of your most 

valuable assets for the present and future. 

For further information contact info@imovo. 

com.mt or visit www.imovo.com.mt MBR 

About iMovo 

At iMovo we specialise in Customer 

Experience Management, using 

Business Intelligence, Big Data 

Analytics and Customer Relationship 

Management, delivering some of 

the most innovative solutions in 

the market. We help organisations 

achieve insight in the customer value 

chain, empowering them to plan and 

execute profitable strategies that meet 

the customer needs of today and the 

future. 

56 


57


NEWSMAKERS 

During a visit at the Malta Financial Services 

Authority, Parliamentary Secretary for 

Financial Services, Digital Economy and 

Innovation, Silvio Schembri announced 

that the Government was publishing a 

consultation document for the strengthening 

of the MFSA to take the financial services 

sector to a new level. 

Silvio Schembri said that in such a dynamic 

financial services environment, time was 

ripe for MFSA to step up the game through 

a pragmatic risk based approach rather 

than a descriptive one, fostering more 

efficient processes and a more conductive 

environment for innovation. 

He emphasized that this public consultation 

should lead to an authority which is reactive 

enough to address situations where 

regulations lag the developments of new 

products in the market. Silvio Schembri said 

that a strengthened MFSA should be well set 

to harness the industry in the design of new 

products like Fintech, Blockchain and other 

niches to tap. 

“At the same time, the new MFSA needs to 

be vigilant to ensure that any new niches do 

not endanger the long-term stability of the 

sector and with it Malta’s long standing high 

reputation. The risk of allowing the industry 

to tap new niches may be contained if there 

is the right synergy between those willing to 

invest and the regulatory authority to create 

During August, our national airline Air Malta 

assisted the Inspire Foundation by collecting 

funds on board the airline’s flights towards 

this cause. 

Inspire believes that everyone has a right to 

equality and inclusion. Its mission is to try to 

help everyone with a disability achieve this, by 

providing individuals and their families with 

educational, therapeutic, and leisure services. 

“Today, Inspire helps over 1000 individuals 

with various disabilities ranging from Down 

Syndrome, Autism, Cerebral Palsy and 

learning difficulties such as dyslexia and 

dyscalculia. We do this through many services 

and disability programmes that are offered at 

a highly subsidised rate or sometimes even 

for free. But this is only possible thanks to 

the voluntary donations collected from the 

general public and assistance from nationally 

important organisations like Air Malta”, 

explained Antonello Gauci – Inspire’s CEO. 

Consultation document for 

the strengthening of the 

Malta Financial Services 

Authority 

products that actually reduce such risks”, said 

Silvio Schembri. 

Whilst thanking chairman Prof. Joe Bannister 

and his team for their work to strengthen the 

MFSA through the years, the Parliamentary 

Secretary reiterated that the government is 

committed to the continued development of 

the financial services sector and is publishing this 

Consultation Document to seek the views of all 

operators on MFSA. The consultation document 

can be downloaded online from www.opm.gov. 

mt and submissions will be received until the 

15th of September 2017. MBR 

Courtesy: The Parliamentary Secretariat For 

Financial Services, Digital Economy And Innovation 

Air Malta Dedicates 

August to Inspire 

Joe Galea, Acting CEO of the National airline 

said, “Air Malta is More Than Just an Airline. 

Apart from our efforts to connect the Maltese 

Islands to main gateways across Europe and 

the Mediterranean we offer support to the 

community through a number of initiatives. 

We are proud to once again help Inspire to 

continue their commendable work within 

the local community and continue assisting 

hundreds of individuals and their families 

support services in time of need.” 

This campaign also forms part of Air Malta’s 

Corporate Social Responsibility initiatives 

whereby the airline supports organisations 

that work hard in the Maltese community. 

As Malta’s national carrier, the airline is 

the only airline flying from Malta that fully 

supports the local community in all possible 

ways and every year it carries an increasing 

number of medical cases, including stretcher 

cases for treatment abroad. No other airline 

operating to Malta provides continued 

support to voluntary and non-governmental 

organisations like Air Malta. 

This initiative is also being supported by the 

airline’s catering provider – Sky Gourmet. MBR 

The Malta 

Stock Exchange 

introduces 

a new index 

Minister for Finance Edward Scicluna 

inaugurated the ‘Malta Stock Exchange 

Total Return Index – MSETRX’ which is a 

methodology that calculates the value of 

investment in equities through an index. In 

his speech he said that “this is going to bring 

the Maltese Stock Exchange in line with 

international Stock Exchange’s standards, 

reflecting the total return generated by equity 

investments”. 

The MSETRX will be replacing the current 

MSE Equity Index which was used up till now. 

The new Total Return Index (TRX) will take into 

consideration both the price fluctuations of 

the component shares as well as the dividends 

the companies pay. The MSETRX is based on 

the assumption that that all dividends are 

reinvested back into the index thus giving 

a better representation of the potential 

economic benefit of equity investments and 

the benefits of compounding. The indexes 

return from January 1st 1996 to December 

31st 2016 would have been 10.91% annually, 

with a cumulative gain of 780%. 

Malta Stock Exchange Chairman, Mr Joseph 

Portelli, said that the tenants of sound 

financial planning suggests that the hefty 

dividends paid by many of the companies 

listed on the MSE, where possible, could be 

reinvested into buying more shares. 

In fact he said the Exchange intends to 

introduce a dividend re-investment program 

facilitating the re-investment of dividends 

with lower costs. He also said that the 

Index’s stellar returns reflects very well on 

the excellent growth of the Maltese economy 

and fantastic performance of many of the 

companies listed on the Exchange. 

The Malta Stock Exchange for the first time 

presented a special dividend of €2 million 

to the Government of Malta, which is a sign 

of the success the Malta Stock Exchange is 

doing. MBR 

Credit: The Ministry For Finance 

58

MBR AUGUST ALL

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