LOW RES MBR ISSUE 36

COVER STORY 

MAKING MALTA THE CENTRE 

OF INNOVATIONS 

An exclusive interview with 

Nick Dobrovolskiy, Co-Founder/Vice- 

President of Parallels p.6 

INTERVIEWS 

BEYOND THE SURFACE 

Interview with Kenneth Mallia, Director 

at Seamless p.14 

IN-DEPTH INTERVIEW SERIES 

TASTE OF TRADITION 

MBR sits down to talk with intrepid Dorianne 

Kurtcu Mifsud, Director and owner of Diar 

Il-Bniet Diner in Had-Dingli p.22 

MALTA BUSINESS REVIEW 

EXCLUSIVE INTERVIEW 

GAMING, BETTING AND THE 

DIGITAL TECH WAVE? 

EIG Berlin: BtoBet’s chairman 

Alessandro Fried discusses the hot 

topics and changes that will affect the 

gambling industry p.36 

ISSUE 36 | 2017

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your perfect atmosphere 

Malta Business Review 

CONTENTS 

October 2017 

FEATURES 

26 EY MALTA’S ANNUAL ATTRACTIVENESS SUMMIT 

We publish abridged versions of speeches made by the Hon 

Prime Minister Dr Joseph Muscat and the Leader of the 

Opposition the Hon Dr Adrian Delia at EY’s AAS conference 

28 ACRONIS JOINS RUNA CAPITAL & PARALLELS 

We review joint venture agreement accelerating 

Innovation and Supporting Blockchain Initiatives in Malta 

COVER STORY 

6 MAKING MALTA THE CENTRE OF INNOVATIONS 

An exclusive interview with Nick Dobrovolskiy, Co-Founder/Vice-President 

of Parallels 

6 

30 

CORPORATE INTERVIEW OF THE MONTH 

PIONEERING SPACE STRUCTURES IN MALTA 

Engineer Martin Pillow talks with MBR about the creation 

of various types of space frame structures, roofing 

numerous industrial buildings in Malta 

SPECIAL REPORT 

10 MALTA BUDGET 2018 HIGHLIGHTS 

Focus on the main highpoints from the last Budget 

EU MONEY LAUNDERING 

12 EU COUNTRIES FAIL TO FIGHT MONEY 

LAUNDERING AND TAX EVASION, 

FINDS COMMITTEE 

EP committee of inquiry into the “Panama Papers” leaks 

confirm some EU member states are obstructing the fight 

against money laundering, tax avoidance and evasion 

14 22 

INTERVIEWS 

14 BEYOND THE SURFACE 

Interview with Kenneth Mallia, Director at Seamless 

28 

30 

TRANSPORT & LOGISTICS 

18 EXPRESS TRAILERS INVEST IN NEW 2,800 

SQM. WAREHOUSING FACILITIES 

We learn more about Express Trailers’ recent acquisition 

of a new warehouse in Qormi 

IN-DEPTH INTERVIEW SERIES 

22 TASTE OF TRADITION 

MBR sits down to talk with with intrepid Dorianne Kurtcu 

Mifsud, Director and owner of Diar Il-Bniet Diner in Had- 

Dingli 

OUR GOLDEN PARTNERS 

32 

CORPORATE FEATURES & AWARDS 

MEET GROWTH GURUS 

We go behind the scenes with one dynamic and resolute 

company switching their online objectives to growth 

plenipotentiaries 

34 THE MALTA BOATS & YACHTING AWARDS 2017 

One page paparazzi on Malta’s largest and most 

successful boats and yachting awards 

36 GAMING, BETTING AND THE DIGITAL 

TECH WAVE? 

Following the EIG Berlin, BtoBet’s chairman Alessandro 

Fried discusses the hot topics and changes that will 

affect the gambling industry 

42 BRUSSELS POLITICO PLAYBOOK+ 

Your monthly guide to what’s driving Brussels and Europe 

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. 

44 CHAMBER OF ADVOCATES TO COMMISSION 

STUDY ON HOW BEST TO STRENGTHEN RULE 

OF LAW 

The Chamber of Advocates refers to the current situation 

in Malta and why the rule of law is under 

unprecedented pressure 

4

MALTA 

BUSINESS REVIEW 

EDITORIAL 


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Printit 

QUOTE OF THE MONTH 

I make a conscious effort to keep things in 

perspective when I get burned out. It is easy to 

get stuck in the daily grind, but if you think 

about all the distance you have covered, and 

what lies ahead, it is much easier to feel 

motivated and optimistic. 

Alex Litoff, Event Farm 

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 

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Martin Vella 

Editor-in-Chief 

Even though they are completely unrelated, the abhorrent and evil 

murder of Daphne Caruana Galizia immediately reminded about 

Harper Lee’s epic Novel “To Kill a Mockingbird”, and of the protagonist 

Atticus, the fearless lawyer who was on a relentless search for truth 

and justice, as portrayed by Gregory Peck in the very touching film. Like 

myself, Daphne was a journalist, possessed by her relentless fight for 

freedom of speech and the prevalent corruption, which seems to be 

embedded as part of the culture in Malta. Stepping on people's toes 

has never been a good idea in Malta and car bombings seem to have 

become a common means of silencing troublesome persons, almost 

like in the rampant years of the mafia in Sicily. She was controversial; 

she was irritating; she was also an uncompromising campaigner for 

freedom and democracy, fighting for a better Malta. 

The ghastly and grim manner she was blown up reminds me how the Italian anti-mafia judges Giovanni 

Falcone and Paolo Borsellino were both taken out in similar fashion by mafia death squads, following a 

contract killing and with some inside police information. The Falcone murder, or the Capaci massacre— 

became a turning point for the way Italian society, politics and judiciary conceived of and dealt with 

organized crime. 

But this time, the mafia’s strategy backfired. For a long time it had been common to claim—as Mayor of 

Trapani Erasmo Garuccio infamously did in April 1985—that “here the mafia does not exist” (despite the 

fact that three days earlier a car bomb targeting a senior Trapani prosecutor had instead killed 30-year-old 

Barbara Rizzo and her six-year-old twin sons). After the murders of Falcone and Borsellino, Italy could no 

longer deny that it had a problem with the mafia. Daphne’s murder, like Falcone’s and Borsellino’s murders, 

should signal a point of no return. There was a great awakening. A great conscious awakening. Following the 

Charlie Hebdo massacre in France, all the French rallied behind one flag and acted in unison. Why do the 

Maltese find it so hard to do the same, stand up and be counted. We can win the fight against corruption 

and against tyranny. The battle is still very long, there are many people who are indifferent, and politics is too 

slow and too weak. But we can fight for liberty, for freedom of expression and. Some good must come out 

even from the most horrendous act these Islands have ever seen. 

The ease with which the killers struck against Malta’s top journalist, and the impunity with which the 

assassins escaped the scene of the crime suggest that it is the state that is impotent. The assassination is 

not a challenge to the state. It is an indisputable victory over the state and its laws. It is a defeat for everyone 

working for a moral and political renewal in Malta. The devastating consequences of this crime will be felt 

for months and years to come. 

The killing of Daphne in such a short time exposes the main structural weakness in fighting organised crime: 

that is, the absence of a real institutional framework combating the Mafia-style criminal conspirators. Local 

police have been hampered by lack of resources, laws that favour the corrupt, and an apparent absence of 

political will in Malta to commit the manpower to investigate where there is need. The death of Daphne, like 

Borsellino’s, will lead many to adopt the pessimistic stance of Il Gattopardo, a leading character in Giuseppe 

Lampedusa's novel The Leopard, that Malta, like Sicily, cannot fundamentally change, yet all things must 

change so that they can remain the same. Daphne, like Borsellino, did not share this view. A journalist once 

asked Borsellino why he ran the daily risk in his thankless task of fighting the Mafia. His stern face cracked 

into what passed into a smile. 'Because I'm not a gattopardista. I don't believe that things cannot change. 

And for Maltese, like the Sicilians, there is a choice. Either they can leave the island, or they can stay behind 

and try to improve the situation. 

Daphne has been a symbol of the institutional struggle against corruption and a beacon in the dark. She was 

an inspirational voice of freedom, champion of investigative journalism in Malta, and extremely undaunted 

and courageous woman. Perhaps too perfectionist, she was fighting against all odds and against a prevalent 

negative and misguided mentality. Her family, relatives and many Maltese, will once more express their 

anger at a state which they feel has lost control over the rule of law and abandoned them. Daphne died in 

a massive car-bomb attack. Daphne has always been a living target, 'a walking corpse' in the graphic Italian 

expression, because of her extensive knowledge of what was happening behind the scenes of power, that she 

knew too much, because of what she was about to reveal. No other practising journalist could understand 

the Maltese mentality as well, or could penetrate the Maltese nature of their actions and responses as 

Daphne could. Playing the freedom of expression card is incompetent, when one remembers so many tried 

their hardest to shut Mrs Caruana Galizia up by attempting to bankrupt her, and fellow journalists idly and 

hopelessly observing without taking any action of defending solidarity. 

We can all be certain that Malta's Justice System and the Law will never solve this murder and it will always 

remain a mystery, like the mystery of the Panama bank accounts and Pilatus Bank transactions! 

Our sincere and heartfelt condolences go to the Caruana Galizia family. 

www.maltabusinessreview.net 

5


COVER STORY OF THE MONTH 

Making Malta The Center of Innovations 

By Martin Vella 

Nick Dobrovolskiy, Co-Founder/ 

Vice-President of Parallels, 

talks with MBR to explain the 

significant €10 million investment 

made by Acronis, who has joined Runa 

Capital and Parallels In Accelerating 

Innovation and Supporting Blockchain 

Initiatives in Malta. In this exclusive 

interview Mr Dobrovlskiy tells us 

just why technology innovations 

and strong customer demand for 

data protection solutions fuels need 

for expansion in the Mediterranean 

region through a concerted and 

strategic partnership approach with 

the Island of Malta. 

Runa Capital is going to become the first 

Venture Capital Fund in Malta to provide 

funding to local startups. Acronis and Parallels 

will be engaged in joint research projects with 

local firms and institutions with a possibility 

of creation of a new R&D Center. It will be 

focused on advanced technologies in Data 

Protection, Artificial Intelligence (AI) and 

Blockchain. The group of our companies is 

expected to contribute up to $10 million over 

a three-year period through expanding its 

presence in the country, providing venture 

capital, R&D. 

MBR: Parallels, Acronis and Runa Capital 

have announced a €10 million investment 

to a European Technology Hub in Sliema, 

Malta. How is this support to an island 

state and developing of National Blockchain 

Initiative going to turn it into a Smart 

Digital Territory? Through accelerating 

innovations? 

ND: We are group of independent companies 

united just by common shareholders. We 

have similar vision of the future and our 

common aim is digital development! We 

discovered Malta as one of the best places for 

innovative business due to the high level of 

educated population and the strong support 

Nick Dobrovolskiy, Co-Founder / Vice-President of Parallels 

of development by the government. That's 

why we are here jointly. 

From my side, I want to note a good positive 

investment climate in Malta, a high level of 

IT-industry development. That's why we can 

move forward really fast and make the Island 

famous around the world with IT products 

made here. 

Parallels has already been investing heavily in its 

Maltese branch since 2015, and will continue to 

do so in foreseeable future. Today our team in 

Malta consists of 40 Maltese specialists. It means 

that more than 12% of worldwide Parallels 

employees work at Sliema office nowadays. 

MBR: Runa Capital will be the first Venture 

Capital Company in Malta to provide 

funding to local start-ups. Can you tell us 

more about these funding initiatives? 

ND: Runa Capital is a really successful Venture 

Capital Fund which works in hi-tech areas 

in many countries in the world. It has a 

good experience in fintech and other digital 

projects, and I’m confident that its activities in 

Malta will be visible in a short period of time. 

MBR: In what joint research projects are 

Parallels and Acronis engaged? 

ND: Parallels has more than 100 US Patents 

for inventions. Our expertise in virtualization, 

mobile technologies and IT-sphere in whole is 

truly unique. Collaboration with the biggest 

universities and research centers all over 

the world gives excellent results. This is a 

good example of synergy between practice 

and theory. These days we are discussing 

with colleagues from University of Malta 

6

COVER STORY OF THE MONTH 


some research projects on a cutting edge of 

innovation. I hope you will see results of this 

partnership very soon. By the way, Parallels is 

the Gold Partner of The University of Malta. 

MBR: How does Parallels intend to continue 

its international expansion? 

ND: Parallels is a world leader in crossplatform 

solutions. We are a successful 

global organisation with ten international 

offices worldwide and sales in more than 

60 countries, keeping strong ties between 

our regional headquarters. Our products 

help businesses and individuals securely and 

productively use their favorite devices and 

preferred technology, not depending on actual 

OS, providing an intuitive end-user interface. 

This meaningfully increases productivity and 

reduces complexity. It doesn’t matter where 

we are right now; we are everywhere just 

because we are international IT-company. If 

you mean our global ambitions then we have 

sales in 60 countries and they are growing 

up. When you have many good products that 

are on demand in global markets - it is easy to 

expand. This is our story. 

MBR: How significant is it to open a new 

European technology hub in Malta? 

ND: For us it is not the first experience to act 

with our partners from Acronis and Runa 

Capital in the world. We have already had 

the same experience in other countries. Why 

we are doing it in Malta right now? I think 

it’s clear. Malta has a really good chance 

to become the center on innovations. The 

country has a good location, a good positive 

investment climate and understanding from 

the government that IT-technologies are a 

new oil. 

MBR: What about blockchain? Does this 

technology need a critical mass to go 

mainstream? 

ND: I think in reality not everybody knows 

how it works and why blockchain some call 

a new Internet. But in a few years, it will be 

everywhere. Just try to remember your 

feelings about first social networks or Apple 

pay. Today, it’s usage by everybody is normal, 

but fifteen years ago seemed like fantasy. 

In my opinion, in a couple of years we will 

need more privacy and data protection. And 

blockchain technology which can secure 

your sensitive info is a good solution. Just 

imagine that you are free from paperwork. 

Only trustworthy due to Blockchain data in 

databases in operation. Sounds like the Matrix 

is coming, remember a famous movie. But 

maybe it's true and AI will become a reality in 

the life of everyone, I mean in 5-7-10 years. 

MBR: How long it will take to adopt 

blockchain technology by global industry? 

Part of Parallels Team 

ND: IT-industry is working on it right now. 

Other industrial spheres will wake up in a 

couple of years. I think the first will be banks. 

Next – Insurance, logistics, Healthcare, Law. 

Sure, the last will be sport. Though I know 

some startups which works with hi-tech 

solutions for estimation of results and on this 

basis creating personal training programs for 

sportsmen. The Future is coming fast. MBR 

All rights reserved - Copyright 2017 

About Parallels 

Parallels is a global leader in cross-platform 

solutions, makes it simple for customers 

to use and access the applications and 

files they need on any device or operating 

system. The company is a key partner 

of Apple and Microsoft and has more 

than 5 million users worldwide. In 2016 

the Parallels has got award as the Most 

Innovative Company of the Year as well 

as the Best Software & Web Development 

Company in Malta. 

Dr. Joseph Muscat, Prime Minister of Malta came to Parallels office. Parallels in collaboration with Runa Capital and 

Acronis, announced the opening of a new European Technology Hub in the Mediterranean island of Malta.


TRIBUTE 

DAPHNE 

CARUANA 

GALIZIA 

I am confident that the Maltese authorities 

will spare no effort in getting to the bottom of 

what happened. Every lead must be followed 

up. In my view Europol must also be involved, 

as part of an international investigation in 

which all police forces work together to bring 

those responsible to justice. 

In the presence of the Caruana Galizia 

family in the visitors' gallery, the European 

Parliament President said that it is through 

free and independent press. 

Statement by President Tajani in plenary 

in the presence of the family of Daphne 

Caruana Galizia 

As President, as a citizen and as a journalist, I 

should like to express my sense of outrage at 

the brutal murder of Daphne Caruana Galizia. 

She was a brave woman, and a fine journalist. 

She epitomised everything that is good about 

that profession: she sought out the truth, the 

facts, and refused to let anyone stand in her 

way. She was not afraid to do whatever it 

took to fulfil what she saw as her duty. 

In 30 years as a journalist, she never lost 

heart. She continued to shine a light in dark 

places, to speak the truth, answering only to 

her readers, the only people to whom she felt 

accountable. Drawing on that inner strength, 

she published more than 20 000 articles 

European Parlament 

denouncing abuses of power, corruption and 

the failings of governments. 

Like every true journalist, she was the sentinel, 

the soldier in the front line defending our 

values. We have a free and independent press 

to thank for democracy, the rule of law and 

freedom of expression - all the fundamental 

rights on which the European integration 

process and our very civilisation are founded. 

Our Union is far more than just a market or 

a single currency. It is the manifestation of 

our values, of our identity, at the heart of 

which stand the freedom and dignity of the 

individual. If we are to defend that freedom 

and that dignity, inside and outside the Union, 

we must safeguard the independence of the 

press. I am proud that this Parliament has 

always been in the front line of that battle. 

Daphne’s murder must not go unpunished. 

How can we credibly claim to defend 

journalists around the world if we cannot 

even offer them protection and justice here 

at home? 

The example Daphne set must never be 

forgotten. Together with the Vice-Presidents 

and the Quaestors, I have decided that the 

press room here in Strasbourg should bear 

the name of Daphne Caruana Galizia. 

"She was a brave woman, and a 

fine journalist. She epitomised 

everything that is good about 

that profession: she sought out 

the truth, the facts, and refused 

to let anyone stand in her way." 

Her family is here with us today in the 

gallery. To them I would like to say that we 

are together in spirit with the thousands of 

Maltese who on the Sunday following her 

assasination took to the streets to call for 

justice and to pay tribute to Daphne’s work. 

I would ask you now to observe a minute’s 

silence in memory of Daphne Caruana 

Galizia. MBR 

Courtesy: European Parliament Information 

Office in Valletta 

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BUDGET 2018 

MALTA BUDGET 2018 HIGHLIGHTS 

The key measures announced during the budget speech for 2018 have been summarised below for your convenience. 

INCOME TAX 

• There is no change to any tax band. 

However, for full-time and part-time 

employees earning less than €60,000, 

they will be entitled to a refund 

amounting from €40 to €68, depending 

on the gross income of the preceding 

year. 

• Pensioners shall be exempt from tax on 

their first €13,200. 

• Individuals who are below the age of 

40 years enrolling for a post graduate 

course equivalent to Masters and PHD 

will be exempt from income tax for a 

maximum period of two years. 

VAT 

• The exemption threshold for Small and 

Medium Enterprises will be extended 

from €14,000 to €20,000. 

• VAT will be exempt on motorcycles, 

scooters and pedal bicycles. 

• There is a 7% reduced VAT on hiring of 

bicycles. Electric and hybrid cars to be 

exempt from registration tax. Certain 

vehicles may benefit from a 5 year 

exemption on road tax. 

• VAT Grouping will be introduced to the 

Gaming and Financial Services industries. 

• Through VAT Grouping companies which 

form part of the same group may have 

one VAT number. Supplies of services 

intra group would fall outside of scope 

of VAT. 

PROPERTY 

• A white paper is expected to be 

published to discuss changes to the 

rental market. 

• The exemption on the first €150,000 

stamp duty for first time buyer’s is to be 

extended for another year. 

• Second time buyers may benefit from 

a maximum stamp duty exemption of 

€3,000 upon certain conditions being 

satisfied. Reduction in stamp duty to 

2.5% on property purchased in urban 

conservation area.The reduction of 

stamp duty from 5% to 2% on property 

purchased in Gozo, is being extended for 

another year. 

• The reduction of stamp duty from 5% 

to 2% on property purchased in Gozo, is 

being extended for another year. 

CORPORATE INCENTIVES 

• MircoInvest Scheme – the value will be 

increased to €50,000 for the enterprises 

based in Malta and €70,000 for 

enterprises based in Gozo. 

• Enterprises employing less than 50 

employees on a full-time base will also 

be entitled to the said scheme. 

• Private Entities in Gozo offering an 

employment contract of at least 3 years 

will benefit from a 30% refund of an 

average wage of an employee up to 

€6,000 per employee. 

CITIZENSHIP 

• Citizenship by Merit to be introduced 

and granted only to those who excel in 

science, research, sports, art and culture. 

BLOCKCHAIN 

It is the Government’s vision to make 

Malta a center for excellence in Blockchain 

Technology. 

• The Government has already set up a 

Task Force to evaluate proposals on a 

national Blockchain strategy. 

• As part of this strategy, there will be 

the creation of Blockchain Lab for the 

training of civil servants to become more 

acquainted with the use of blockchain 

technology. 

• The Government will also set up a 

Blockchain Hub to assist startups and 

investors using this technology. 

SOCIAL MEASURES 

• There will be a €10,000 maximum grant 

to couples to cover adoption expenses in 

relation to adoption proceedings. 

• There will also be an Increase in foster 

care allowance to €100 per week. 

• Pensioners aged 75 or over living in their 

house will be provided with a grant of 

€300 per annum. MBR 

For further information kindly contact: tax@ 

whpartners.eu 

Courtesy: WH Partners is a Malta-based leading 

law firm with a business focus and expertise in 

gaming & gambling, technology, tax, M&A and 

corporate finance. 

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EU MONEY LAUNDERING 

EU countries fail to fight money 

laundering and tax evasion,finds committee 

• Lack of political will among some 

member states for reforms 

• More dissuasive sanctions against 

banks and intermediaries needed 

• Condemnation for the “assassination” 

of Maltese journalist Daphne Caruana 

Galizia 

Some EU member states are 

obstructing the fight against money 

laundering, tax avoidance and 

evasion, the EP committee of inquiry 

into the “Panama Papers” leaks 

concludes. 

The Committee of Inquiry into Money 

Laundering, Tax Avoidance and Tax Evasion 

(PANA) approved its final report by 47 votes 

to 2 with 6 abstentions on Wednesday, after 

an 18-month probe into breaches of EU law in 

relation to money laundering, tax avoidance 

and evasion. 

The committee also approved the inquiry 

recommendations, by 29 votes for to 2 votes 

against, with 18 abstentions. 

Daphne Caruana Galizia 

The meeting opened with a minute’s silence 

as a tribute to Maltese investigative journalist 

Daphne Caruana Galizia, who was killed in a 

car bomb explosion on Monday. Ms Caruana 

Galizia gave the committee evidence about 

her work on the Panama Papers at a meeting 

in February 2017 in Malta. 

An oral amendment brought forward by 

David Casa (EPP, MT) condemning the 

“assassination” of the journalist, was 

overwhelmingly supported. The text 

described Ms Caruana Galizia as being “on 

the frontline of the battle against money 

laundering”. 

EP President Antonio Tajani has invited the 

family of the journalist to Parliament’s plenary 

session next week in Strasbourg to join MEPs 

in paying their respects to Ms Caruana Galizia. 

Lack of political will among EU 

countries 

MEPs expressed regret that “several EU 

member states featured in the Panama 

Papers.” They pointed to the “lack of political 

will among some member states to advance 

on reforms and enforcement.” This, they 

suggested, had allowed fraud and tax evasion 

to continue. 

The committee was sharply critical of the 

secrecy surrounding the work of the Council’s 

Code of Conduct Group and highlighted 

how moves to counter tax evasion are often 

“blocked by individual member states.” It 

wants the Commission to use its authority 

to change the unanimity requirement on tax 

matters. 

"It is clear that urgent reform 

is needed, not least within 

the Council Code of Conduct 

Group on business taxation. 

The citizens of Europe have 

a right to know what their 

national governments are doing 

- and not doing - in the Council 

to help end harmful crossborder 

tax practices.”" 

Common definitions of tax havens 

The committee backed a call for a common 

international definition of what constitutes 

an Offshore Financial Centre (OFC), tax 

haven, secrecy haven, noncooperative tax 

jurisdiction and high-risk country. It gave 

overwhelming backing to a call for the Council 

to establish by the end of this year a list of EU 

member states with “where Non-cooperative 

Tax Jurisdictions exist.” 

The committee members also supported 

a proposal that any entity with an offshore 

structure should have to justify to authorities 

their need for such an account. 

The committee stressed the need 

for “regularly updated, standardised, 

interconnected and publicly accessible 

beneficial ownership (BO) registers.” It 

also called for proposals to close loopholes 

which allow for aggressive tax planning as 

well as more dissuasive sanctions at both 

EU and national level against banks and 

intermediaries “that are knowingly, wilfully 

and systematically involved in illegal tax or 

money laundering schemes.” 

Quotes 

Co-rapporteur Jeppe Kofod (S&D, DK) said: 

"Europe needs to get its own house in order 

before it can end the scourge of systematic 

money laundering, tax avoidance and 

evasion. It is clear that urgent reform is 

needed, not least within the Council Code 

of Conduct Group on business taxation. 

The citizens of Europe have a right to know 

what their national governments are doing 

- and not doing - in the Council to help end 

harmful cross-border tax practices.” 

Co-rapporteur Petr Jezek (ALDE, CZ) suggested 

that the practices revealed by the Panama 

Papers were not inevitable. “Our conclusions 

are clear: had the EU and its member states 

played a more proactive role in the past, the 

problems revealed by the Panama Papers 

could have been avoided. They arose because 

EU legislation against money laundering and 

exchange of tax information was not properly 

implemented,” he said. 

Quick Facts 

The setting up of the Inquiry Committee was 

triggered by the leak of personal financial 

information, collectively known as the 

Panama Papers, which revealed that some 

offshore business entities had been used 

for illegal purposes, including fraud and tax 

evasion. Here is an overview of its inquiry. 

Next steps 

The Inquiry Committee’s final report and 

recommendations will be put to a final vote 

by the full Parliament as a whole in Strasbourg 

in December. MBR 

Courtesy: Hyun-Sung KHANG 

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INTERIOR DECO 

Beyond 

the 

surface…. 

Interview with 

Kenneth Mallia – 

Director at Seamless 

By JP Abela 

Kenneth Mallia - Director at Seamless 

"basically if I can imagine and 

draw something, chances are 

solid surface can be used 

to create it.” 

As more and more of us engage with design 

and try to push the boundaries of what 

our homes can be, we are turning to some 

exciting products and technologies to deliver 

the perfect spaces we envisage. Anyone who 

has looked into the huge range of options 

for kitchen benchtops, for example, is likely 

familiar with ‘solid surfaces’. If you don’t 

know the term, you may know their brand 

names, such as Hanex and HanStone – two 

major brands in the local market supplied 

by Seamless. At 29 years Kenneth Mallia is 

the Director of Seamless who is steering the 

Company from strength to strength. 

Back in April 2008, when the business was 

established little could one imagine that by 

2017, Seamless was to become the leading 

supplier of bespoke solid surfaces solutions 

in Malta. 

As a manufactured acrylic, Hanex come in 

flat sheets of varying thickness and an array 

of different colours. While originally used 

largely in commercial projects – think hospital 

counters, McDonald’s, banks – they now 

present huge scope for innovative design 

throughout homes and small-scale projects 

alike. 

In a traditional kitchen environment, there’s 

plenty of room to use these products in 

innovative ways. “If I feel the project calls for 

solid surface, it doesn’t take much convincing. 

Once a client appreciates they can have any 

size and shape desired, without visible joints, 

they’re instantly impressed and willing to 

explore it. If a design would benefit from having 

integrated sink bowls, coved splashbacks, 

unusual shaped drop-downs or features, solid 

surface is our only serious choice,” explains 

Kenneth. Unlike other options, such as stone 

or porcelain our surfaces get a uniformity of 

appearance, providing bold, solid colours with 

only imperceptible variations in texture and 

shades. 

Of course, the applications don’t stop in the 

kitchen and bathroom, with the products 

now finding their way into countless other 

environments and in some pretty amazing 

forms. “When we started manufacturing 

we used [solid surface] for table and kitchen 

tops and began using it for wall cladding 

as well,” explains Kenneth who has made 

everything from basins and bathtubs to bar 

and restaurant counters using the man-made 

material. 

Solid surface applications seem to be limited 

only by the creativity of the designer or 

architect – and the budget, of course. They 

also offer the ability to develop, not just 

remarkable concepts, but truly long-lasting 

design solutions. As Kenneth explains: 

“Oversized designs, curves, engraving, 

seamless finishes, total integration of bench 

and splashback… basically if I can imagine and 

draw something, chances are solid surface 

can be used to create it.” MBR 

14


EU PLENARIES 

Plenary session 

Legal Affairs & Employment 

EU-wide protection needed for whistleblowers 

• Whistle-blower protection fragmented 

by rules that differ from country to 

country 

• EU-wide protection plan should be 

tabled before end 2017 

• Calls for support, legal protection 

against retaliation and clearer reporting 

mechanisms 

Whistle-blowers acting in the public interest 

deserve proper protection and support, say 

MEPs. 

EU rules are needed to better protect and 

support whistle-blowers and their role in 

revealing serious breaches of the public 

interest, such as corruption, miscarriages of 

justice, tax avoidance, lack of protection for 

food safety or the environment and attacks 

on social, human or workers’ rights. 

Whistle-blower protection in the EU is patchy 

and often inadequate, say MEPs. They call on 

the EU Commission to propose EU-wide rules 

before the end of this year. 

They also argue that all EU countries should 

introduce: 

• reporting mechanisms, to facilitate 

internal whistle-blowing and allow 

whistle-blowers to report to NGOs or 

the press, including the possibility of 

anonymous reporting, 

• protection against retaliation, including 

sanctions against those attempting to 

prevent whistle-blowers from speaking 

out and measures to discourage the 

retaliatory actions, 

• supporting measures, such as legal and 

financial aid, psychological support and 

compensation for damage suffered 

by whistle-blowers in the event of civil 

proceedings, and 

• national independent bodies, 

responsible for reports, verifying their 

credibility and guiding whistle-blowers 

and an EU level authority, to facilitate 

coordination in cross-border cases. 

The non-legislative resolution was passed by 

399 votes to 101, with 166 abstentions. 

Rapporteur Virginie Rozière (S&D, FR), 

said "Luxleaks, Panama Papers, Monsanto 

Papers... Thanks to whistle-blowers, who 

raise collective awareness about serious 

encroachments on the public interest, our 

democratic rules have been improved. 

Despite their irreplaceable support for press 

freedom and democratic debate, they still fall 

prey to severe reprisals.” 

“With this resolution, we call for rules to be 

established to protect whistle-blowers and 

their rights to directly inform citizens", she 

continued. 

Posting of workers: EP ready to start 

negotiations with member states 

Negotiations with EU governments on the 

revised rules for the posting of workers can 

start after the full House gave the green 

light. 

The plenary refrained from objecting to the 

Employment Committee’s decision to start 

negotiations with the Council, which means 

that the committee can now start talks with 

EU ministers, who approved their negotiating 

mandate on Monday. 

Key issues 

The reform of the rules on the posting of 

workers aims to ensure better protection 

of posted workers and fair competition for 

companies. The key changes compared to the 

1996 Directive govern the remuneration of 

posted workers, the duration of the posting, 

collective agreements and temporary agency 

workers. 

“Now that Council is ready to join the 

European Parliament at the negotiating 

table, we are very eager to finalise a Posting 

of Workers Directive that is up to date and 

fit for purpose. Things are moving in the 

right direction, but the devil is in the details. 

We will pay particular attention to the 

road transport issue, to make sure that the 

revision strikes the right balance between 

the freedom to provide services and better 

protecting workers”, rapporteurs Elisabeth 

Morin-Chartier (EPP, FR) and Agnes Jongerius 

(S&D, NL) said. 

Next steps 

The Parliament and the Council are expected 

to start talks in November, with the aim of 

reaching a first-reading agreement. 

Quick Facts 

A posted worker is an employee who is sent 

by his employer to carry out a service in 

another EU member state on a temporary 

basis. In 2015, there were 2.05 million posted 

workers in the EU. 

Poland, Germany and France are the biggest 

senders of posted workers, while Germany, 

France and Belgium are the biggest receivers. 

Posting is particularly frequent in key 

sectors such as the construction sector, the 

manufacturing industry, education, health 

and social services and business services. 

Credit: Iina LIETZÉN, Press Officer, EP 

EP Office, Valletta, Malta. 

Virginie Rozière 

MBR 

16



17



EXPRESS TRAILERS INVESTS IN NEW 

2,800SQM WAREHOUSING FACILITIES 

Express Trailers has acquired a new 

2,800sqm warehouse in Qormi to 

centralize all its managed warehousing 

activity and to be able to cater for the 

increased business in this sector. 

Express Trailers entered the managed 

warehousing sector in 2011 when the 

company invested in its first two warehouses 

for the storage and distribution of 

pharmaceutical products in a temperaturecontrolled 

environment. These facilities are 

licensed by the Medicines Authority and 

complement Express Trailers’ international 

pharma transport services which are up to 

EU Pharma GDP (Good distribution practices) 

standards in the Industry. 

“The company always had vision. In 1995, 

Express Trailers was already the first local 

service company to attain ISO certification 

and subsequently licenses and GDP standards. 

Today, we are reaping the fruits of those 

business decisions,” says Franco Azzopardi, 

Chairman and CEO of Express Trailers. 

Explaining how this business activity 

developed, Franco Azzopardi said “The 

first two pharma warehouses meant that 

Express Trailers had to also invest in a 

Warehouse Management System, an ITbased 

platform that can be modified to cater 

for different types of commodities besides 

pharmaceuticals. Since different commodities 

require different handling, this WMS allows 

us to include permutations that can cater 

for other goods such as brown goods, white 

goods, manufacturing goods and more. 

We therefore invested in another two 

warehouses and structured them accordingly 

to store such items. This led to two major 

companies, a telecom and a white goods 

company to contract us to start handling their 

warehousing and distribution.” 

“Today, the prospects of more growth in 

this activity led us to start consolidating our 

available space and we decided to centralize 

our managed warehousing service under one 

roof to be able to offer a better and more 

efficient service to an increased demand. 

Our pharma warehouses will remain next to 

our main offices but our current managed 

warehouses located opposite will be moved 

18 

to this new 2800sqm warehouse in Qormi, 

leaving us with more space that will be 

utilised better to gain more efficiencies,” 

added Franco Azzopardi. 

“Companies should not be 

investing in storage space, 

transport and logistics 

but should concentrate on 

investing on their people and 

their core operations" 

Commenting on what led to this move, Mr 

Azzopardi explained how space is increasingly 

becoming a very valuable asset and 

companies should look into more ways how 

to utilize it more productively. 

“Companies should not be investing in storage 

space, transport and logistics but should 

concentrate on investing on their people and 

their core operations and leave the handling 

of imports, warehousing, picking and packing, 

exports, deliveries and distributions to a 

company like us who is specialised and already 

equipped with the space, risk management 

experience, enabling proprietary software 

and highly competent people to handle this 

increasingly complex activity.” 

“What we are offering is a scalable storage 

and distribution solution, a ‘pay-as-you-use’ 

offering where merchants, instead of owning 

and managing their ancillary warehouses 

and being tied down with idle space and 

human resources, can avail themselves of 

the space they need thus cutting significant 

costs, especially when their stored stocks are 

at their lowest, while at the same retaining 

full visibility of their inventories through the 

power of proprietary software we provide, 

and moreover, concentrating on their core 

business and commercial functions.” 

“This latest investment in our new 2,800sqm 

warehouse in Qormi’s industrial estate and 

in a software development company with a 

leading long-standing software house is one 

of our company’s strategic moves. We are 

confident that this will be a concrete step 

that will cement Express Trailers as the leader 

in the local Managed Warehousing sector,” 

concluded Franco Azzopardi. MBR

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Email: info@expressgroup.com 

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Transport Malta signs an agreement with CAR2GO Israel 

on electric car-sharing service GoTo 

Minister for Transport, Infrastructure and 

Capital Projects Ian Borg addressed a press 

conference on the occasion of the signing of 

an agreement between Transport Malta and 

CAR2GO Israel. This agreement which marks 

the introduction of an electric car-sharing 

service, will be a big step forward in favour 

of the environment and the electrification of 

the transport system. The service will operate 

under the Global brand GoTo - Anytime 

Anywhere. The company was selected after 

the Authority issued an international public 

call with this aim in the last few months. 

This concept kicks off fittingly following the 

announcement of a number of other budget 

schemes targeted towards catalysing the 

evolution of our country’s transport system. 

In his speech, Minister Borg spoke about the 

importance of a modal shift from the private 

vehicle to other alternatives as well as the 

concept of “sharing transport”, both in the 

face of an obstacle such as traffic congestion 

and in favour of a cleaner environment. 

CAR2GO Israel will be providing car-sharing 

services on our island, with a total investment 

of over €8 million. The fleet will be composed 

of a mix of vehicles of different classes, 

including commercial vans, which can be selfdriven 

by paid members from a designated 

exclusive public car space to another. Dr 

Borg expressed his satisfaction with the 

fact that the 150-strong fleet, which will be 

used in both Malta and Gozo, will be a fully 

electric one. This positive advancement 

in our transport system is only enhanced 

by the fact that the company will invest in 

225 charging pillars which means 450 new 

charging points. Adding these up to the 102 

government-owned charging points which 

are already installed would exceed the EU set 

national target of 500 for 2020 by 52 points. 

The Minister added that Malta is expecting 

to reach this target 2 years ahead of the set 

deadline. 

Dr Borg described this investment as a 

strategic one, stating that together with the 

charging point target, the deployment of such 

a sizeable fleet will also contribute towards 

Malta’s target to have at least 5000 electric 

vehicles registered on the road by 2020. This 

will also be an opportunity for the public to 

try out an electric car before investing in the 

conversion from their own private petrol 

or diesel vehicles to the cleaner and more 

efficient electric alternative. The Minister 

went on to say that this new investment by 

a foreign company will also be generating 

employment as we will see around 25 persons 

being employed to manage the service. 

These vehicles will only be permitted to park 

in designated car parking spaces distributed 

fairly around 40 strategic locations around 

different towns and villages. The selection of 

the exact locations will be done by Transport 

Malta through one-to-one consultation with 

the respective local councils so as to avoid 

negative impact on street parking and will 

focus on locations which suffer from acute 

parking problems. In fact, consultation with 

Local Councils had commenced last year 

through the Local Councils Association and 

prior to the publication of the tender. 

The Ministry is introducing this service in a bid 

to encourage people to share a vehicle when 

one needs to drive one, rather than purchase 

a new car or a second car. From research 

carried out, it transpires that between 85% to 

90% of its lifetime, a private passenger car is 

not being used and when not garaged it takes 

up precious road space which otherwise 

can be utilised better by public transport 

or bicycle users. Through the use of such 

services, using a car when you really need 

to, a would-be car owner will save time and 

money, spending much less than owning, 

servicing and operating a personal car. 

Members of the service can book a vehicle 

through a mobile app, other web applications 

Credit: Omar Camilleri - DOI 

or through a phone booking and will access 

the vehicle through an RFID card. The service 

is self-drive and the user will be charged a fee 

for the duration the car is being used. 

Dr Borg reminded attending press that 

this initiative falls within the scope of the 

Malta National Electromobility Platform. 

The platform was set up in December 2013 

between the Ministry for Transport and 

Infrastructure and Transport Malta with 

the aim to promote and bring about the 

electrification of transportation in Malta. 

Another role that the MNEP has, is to 

implement the Malta National Electromobility 

Action Plan (MNEAP) which was also launched 

together with the Platform in the same year. 

The MNEAP also includes a number of actions 

such as policy measures, financial grants, and 

a roll-out of related infrastructure and pilot 

projects with a 2020 timeline. The MNEAP is 

currently being updated to take into account 

other developments in the sector, including 

the decarbonisation of land transport in 

Malta, introducing new and innovative 

Sustainable Mobility Concepts and the 

deployment of Intelligent Transport Systems. 

The Minister made clear that this service is 

not to be confused with other car-sharing 

services which undercut the competitive 

price structure of current taxi operators. 

These other services have already been 

refused by the Government. MBR 

Courtesy: THE MINISTRY FOR TRANSPORT, 

INFRASTRUCTURE AND CAPITAL PROJECTS 

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IN DEPTH INTERVIEW SERIES 

Taste of tradition 

By Martin Vella 

MBR: Where did your passion for the food 

you produce come from and can you give us 

brief glimpse into your background? 

DKM: My passion for food dates back to 

my early days. I remember visiting my 

grandmother on a daily basis and simply 

enjoying sitting next to her watching her cook 

hearty meals for all the family. Moreover, 

my dad’s passion for the estate has sown the 

seeds of love for local produce in me and all 

my siblings. 

MBR: Why did you decide to pursue a career 

in the restaurant business? 

DKM: Given my passion for fresh quality 

produce, home cooking and authentic 

traditional Maltese recipes, the decision to 

pursue such a career was a natural one. As a 

matter of fact, one which was aligned with my 

roots and personality, thus I dare say a perfect 

fit! 

MBR: Tell us about your career path. How 

did you get your start? How and why did 

you open Diar Il-Bniet? 

DKM: I always considered education as 

critical, so I wanted to pursue tertiary 

education when I finished Sixth Form. For this 

reason, I read a Management Course at the 

University of Malta and right after graduation 

I started working at HSBC. During the eight 

year term of my tenure at the bank however, 

I never had the job satisfaction I had aspired 

for when I was studying, I felt inclined to do 

something about it. Being fully aware of 

my love for vegetation and authentic local 

produce, I dreamt about this concept which 

somehow linked the farmland to my Nan’s 

recipes. The timing was also right because 

this happened at a time when the farming 

industry was going through an economic 

decline, so I felt duty bound to help my family. 

MBR: You have emphasized community 

service in your career and through your 

Dorianne Kurtcu Mifsud, director and owner of Diar Il-Bniet Diner 

in Had-Dingli, started in the restaurant industry as a traditional 

family eatery priding itself in its use of home-grown produce, 

freshly picked from the family-run farm roughly 200 meters away. 

Since then, she has worked in every area of the restaurant, from 

the front to the back, calling the restaurant business a "lovehate 

relationship" in which "you definitely have to have grease 

(passion) in your veins to survive." 

As a business owner, she has placed special emphasis on to 

the family’s origins, heavily inspired by the teachings of her 

grandmother, Manan. The cuisine Diar Il-Bniet provide is nothing 

short of a family legacy of Maltese home grown produce. 

22

IN DEPTH INTERVIEW SERIES 


restaurant. In addition to being active 

in many organisations, you have been 

recognised locally and nationally. Tell us 

why you do this kind of work? 

DKM: We do get a wide spectrum of foreign 

visitors ranging from food bloggers to 

journalists, writers, gourmet experts even VIPs 

like Ambassadors and High Commissioners. 

The attraction is essentially the farm to table 

concept which we promote and practice 

on a daily and seasonal basis. Moreover, 

the homely, authentic feel of the restaurant 

design and ambience, do leave the desired 

impact on all our guests. 

"the challenges of a dynamic 

operation which is very much 

dependant on people is never 

easy to manage" 

MBR: What home grown products are you 

working on now? Which ones have been 

your favourites and what sort of family 

legacy is there? 

DKM: Dar il Bniet Management Team is 

presently working on the Autumn produce. 

My all time favourites are the pumpkins and 

quince, both of which take me back in time 

to my nan’s memories who simply used to 

love making delicious quince jam for all of us. 

With regards to pumpkins, I remember that 

as child I used to be fascinated seeing my dad 

storing them on the roof of our farmhouse. I 

just loved their shape and colour. 

MBR: What's your secret to keeping 

customers coming in? What have been 

some of your most successful promotions, 

and where did they originate? 

DKM: The recipe for success leading to repeat 

customers is ensuring that the products used 

are genuine and of high quality. Also service 

must be consistent and personalised. 

MBR: You have worked in all areas of the 

restaurant, from the kitchen to the floor to 

sales. What insights can you share about 

the differences and the difficulties? 

DKM: Creating a start-up is no mean feat 

however when seeing that your vision has 

become a reality, the satisfaction is enormous. 

Having said that, the challenges of a dynamic 

operation which is very much dependant 

on people is never easy to manage. Also 

finding the right people for the job, that is 

having the right expertise and real drive and 

passion for the concept can be daunting. 

Managing a team of employees with different 

personalities and keeping up with the market 

demands whilst retaining excellent customer 

service can be quite challenging at times. 

However, working passionately as a team is 

the key to success! 

MBR: As a restaurant manager and owner, 

how important is it to have actual experience 

in every aspect of the business, as you have? 

DKM: Having been there done it yourself 

helps a lot when managing your own 

business. The direct experience enables you 

first and foremost to put forward requests 

which you know first-hand are tenable and 

doable. It also enables you to know what 

attributes, qualities and skills to look for when 

recruiting staff. More importantly experience 

earns you your 'team members' respect. 

MBR: What are some of the challenges of 

being a restaurant owner and manager? 

DKM: I would classify this more as an 

opportunity rather than a challenge. Being 

able to work on your own steam for your own 

targets is what many aspire for. The difficulty 

with this is that given it is your own, the job 

never comes to an end and finding the time 

to unwind is difficult. Having put so much 

energy in the creation of such a concept 

and seeing it moving in the right strategic 

direction, it is difficult to stop and rest. I guess 

the challenge is more about achieving the 

right balance between work and home which 

is in fact something I struggle with on a daily 

basis being also the mother of a seven month 

old baby boy 

MBR: How important is artistic expression in 

your work? 

DKM: Artistic impression and design are 

fundamental in what I do. I give a great deal 

of attention to detail because I am a firm 

believer that first impression counts. Given 

our daily craze for speed, being able to offer 

a special dining get away place where guests 

feel very much at home, will surely make the 

dining experience a memorable one. 

MBR: How can the reality of a traditional 

restaurant management as a career differ 

from typical expectations when that is 

heavily inspired by the teachings of ‘timehonoured’ 

family origin? 

DKM: Although my only experience in the 

hospitality sector is essentially at Diar Il-Bniet, 

what I can vouch for is that our teachings are 

truly inspired by teachings of my Nan which 

have run in the family for years. For this 

reason, the delivery of high quality produce 

coupled by the firm belief of our teachings do 

distinguish DIB restaurant from the rest. MBR 


Diar Il- Bniet 

Diar Il- Bniet 

Diar Il-Bniet Diner 


23


DENTAL HEALTHCARE 

Starting Afresh! 

By Jean Paul Demajo 

Extra-oral before treatment 

Intra-oral after treatment 

Treating patients is a professional affair. 

However there is a very big personal touch, 

which is not thought in textbooks. When 

patients are about to embark on a big dental 

job they tend to go down one of two roads. 

One road may lead the patient to the Internet 

forcing them to go on some Google marathon 

searching every detail available to help the 

patient make up their mind on how he/ 

she would like their teeth to be fixed. Then 

whilst comparing photos and quoting big 

treatments plans they agree with the dentist 

on the plan. This is not the ideal way of doing 

things but at times ends up in this manner. 

The second road is all about leaving it entirely 

in the hands of the professional. In this 

scenario the patient tells the practitioner 

what he/she have in mind and then after 

having received the best treatment options 

from the dentist, they confirm which plan 

they wish to take on. 

Either road leaves the patient determined, 

excited, worried, anxious and full of 

expectations. More often than not the desire 

to correct ones teeth is associated with a 

milestone such as their children’s wedding, 

their anniversary, retirement plan and may 

often be attached to a financial commitment 

with the bank. This places the dentist in a 

position to have to tick all the boxes on the 

patient’s list delivering them on time and up 

to the patient’s likings or sometimes more 

importantly the likings of their better half! 

It is not easy to please all your clients. There is 

always someone who isn’t happy with the end 

result. Your only saving grace would be to redo 

the teeth until the patient is happy. A costly 

affair! Certain programs help in visualising the 

final result. For example, using certain smile 

design software, a close-up photo of the old 

teeth is taken and by modifying the colour, 

shape and character of the teeth, the final 

result may be visualized by the patient. This 

image may then be translated into a model 

producing a temporary plastic mock-up to be 

fit onto the teeth for a few hours allowing the 

patients to see the new teeth in situ. 

Once the treatment commences all those 

emotions are left in the hands of the dentist 

to address and deal with whilst having the 

patient in their dental chair. Communication 

and trust between the dentist and patient 

build up, and a friendship is established. The 

relationship doesn’t remain only professional, 

but also very personal, as the dentist would 

not want to displease or disappoint their 

patient. Ask your dentist! MBR 

DR JEAN PAUL DEMAJO 

Is a dental and Implant Surgeon, 

Trained in London working in 

private practice in Malta 

A Case Scenario 

A young professional man would like to fix 

his teeth. He takes good care of himself, 

is always smartly dressed but never took 

care of his teeth. He now wishes to fix 

his dentition and have it look as nature 

intended it to be. 

Treatment Plan 

1. Lengthy consultation involving 

photographs, study models, 

radiography and digital planning 

2. Gum treatment establishing 

healthy gums 

3. Conservative tooth preparations 

taking good care of the teeth 

4. Placement of four dental implants 

5. Removal of old restorations 

including heavily filled teeth with 

amalgam, old crowns/bridges 

containing dark metal 

6. Try-in of new restorations 

7. Approval and subsequent 

cementation of new porcelain 

inlays/onlays/veneers/crowns/ 

bridges. 

8. Restoration of the new implantretained 

all-ceramic implant 

crowns 

9. Review and maintenance plan 

established 

24


EY FORUM 

EY MALTA'S ANNUAL 

Prime Minister Joseph Muscat 

Speech by the Prime Minister of Malta 

Joseph Muscat during the EY Malta’s 

Annual Attractiveness Event 

Ten days ago, Daphne Caruana Galizia’s 

assassination scarred the landscape of this 

country, of our people. Not recognising that 

the country has taken a knock would be like 

staring at the elephant in the room straight in 

the face without acknowledging it. Our image 

of the stable country that we are has suffered. 

Ironically, EY’s annual Competitiveness 

Survey—conducted before last week’s 

barbaric act— tells us a completely different 

story. The Malta shown in EY’s study, the 

various credit reports, and the image of 

families and businesses moving up the social 

ladder, that is the real Malta. Malta is a 

peaceful, thriving nation. A strong and stable 

democracy where the rule of law is as strong 

as in any other EU member state. 

Having said this, my feet are firmly rooted 

to the ground. I acknowledge the need 

for introspection and for even more 

improvements. 

I want to be very clear about this: This horrific 

murder, for motivations that are still unknown, 

does not define us as a nation. More than 

ever, we must be united and send out the 

message that this is a horrific exception. An 

occurrence that I, for one, will not be ready to 

forget. But we are a positive nation that can 

rise to the occasion and unite to defeat those 

trying to instil fear. 

This was an attack on us all. As Prime Minister, 

I am determined to get to the bottom of this 

horrific act and to get the country back on its 

feet as quickly as possible. 

Positive budget and challenges for the future 

Three weeks ago, the Finance Minister 

presented one of the most positive Budgets in 

our history. No increase in taxation, tax refunds 

for 200,000 workers, and VAT exemptions 

for small businesses. All against a backdrop 

of over 6% economic growth, a surplus in 

our finances, while introducing some €35 

million worth of social justice measures and 

social mobility that show that this country is 

compassionate and considerate towards the 

wellbeing of those who need it most. 

Our problem in jobs does not stem from 

unemployment. Our challenge is that our 

employers are not finding enough employees. 

That is an issue we will be tackling this year 

through Jobs+ by formulating policies to 

ensure that our systems are open enough to 

receive workers, whilst having the necessary 

checks and balances not to allow any abuse. 

Last year, one of the major issues raised during 

this same event was transport. This is still an 

issue, and I know the nature of the challenge 

that we face. Years of under-investment and 

fragmentation of public transport. Massive 

increases in new cars on our roads each and 

every day, and an increase in passengers 

on buses. Our roads are suffering the 

consequences of economic growth. They’re 

taking a toll. Our plan is to improve our 

infrastructure to European standards over the 

next seven years. 

Another challenge of a growing economy is 

housing prices. To put it mildly, conspiracies 

of a property bubble or a housing crisis are 

completely off-track, as studies have shown. 

Yet even here, we are not ignoring challenges 

and we are focused on the matter, working 

on solutions through a thorough white 

paper proposing strong measures to ensure 

sustainable growth in this sector. 

Preparing for the future 

We are living in an exciting digital age that has 

brought about huge socio-economic progress 

on a near global level, radically transforming 

the way we live in a relatively short period. We 

have been living a digital revolution of sorts for 

a few decades already. The information age 

has, so far, generated a significant net positive 

dividend, albeit not uniformly distributed 

across the world. It has swept away many old 

economic structures, transformed society, 

created new jobs, generated economic 

growth, and changed our lifestyles. The 

drive for the next generation connectivity 

such as 5G only addresses the last mile 

challenge. Connectivity is important, but it 

is not the only critical success factor for the 

EU to take a leading positioning in the data 

economy. Successful data economies will rely 

on a broader set of enabling technologies 

and intelligent platforms. A strategy aiming 

at, say accelerating the introduction of 

autonomous driving vehicles, would likely 

fail if such technology is disconnected or 

isolated from the rest of our infrastructure 

or streaming data that should be available 

from the environment in which such vehicles 

operate. Intelligent transportation and traffic 

management systems, for example, should 

take priority.In the data economy, data will 

become the new factor of production, and 

the primary assets across many sectors. 

The new digital revolution has the power to 

widely disrupt the labour markets across all 

sectors, fuelled by machine learning (AI). The 

education sector needs to start preparing for 

this now, as traditional education offerings 

could fail to meet tomorrow’s requirements 

Harnessing new economic niches 

Disruptive innovation is as old as the wheel, 

and mankind has always benefitted from the 

adoption of technology. Resourcefulness 

has always turned undesirable short or longterm 

side effects of disruptive technology 

into new opportunities, paving the way for 

new industries, services, and jobs. There is 

no reason why this should not also happen to 

address the opportunities and challenges of 

the new digital revolution today. 

This government is working relentlessly to 

harness these new economic niches. 

Recently, while celebrating one of the first 

venture capital investments in Malta, I 

announced new areas in innovative disruptive 

technology which are being explored. Firstly, 

a study to discuss regulation and supervision 

of persons providing investment services in 

virtual currencies such as ICOs and exchanges 

to create a regulatory environment for 

new business, such as innovative banking 

solutions. Secondly, we will be establishing a 

taskforce with the aim to propose initiatives 

to attract new companies operating in Fintech 

and its sub-segments such as Regtech and 

Newtech. 

We are not rushing through such important 

innovative areas. But we are working 

relentlessly to be among the first in the world 

to provide a regulatory framework that will 

create the right environment for new business 

to set up in Malta. MBR 

Courtesy: Office of the Prime Minister/DOI 

26

EY FORUM 


ATTRACTIVNESS EVENT 

our professionals and institutions to provide 

the best workforce according to the business 

needs, or are we discussing the safety of our 

children? 

Reputation is Malta’s strongest selling 

point. But we are here today discussing 

the sustainability of an economy and its 

attractiveness for the coming ten to fifteen 

years from now. What is our plan? Are 

we late? Are we being outcased by other 

emerging economies? 

Credit: Michael Callejja - EY 

We cannot just talk cliche about how we want 

our children to prosper unless we invest in 

them. We cannot talk about the securities 

of our investments if we do not have 

autonomous institutions to act. We cannot 

adhere to authorities and institutions which 

we don’t trust. 

Speech by Opposition Leader Adrian 

Delia - EY Malta’s Annual Attractiveness 

Event 

We are here today to discuss Malta’s 

attractiveness to the business world, Malta’s 

sound economic structure to develop new 

industries and to create more opportunities 

for collaboration with giants in the business 

world. We are here today to speak about how 

much it is secure to do business in Malta and 

to invest millions in setting up house in Malta. 

Let me start by saying that after the 

unprecedented events which took place last 

week, and that brutally assasinated Maltese 

journalist, Daphne Caruana Galizia, Malta’s 

reputation as a secure and robust country 

was rocked. 

The main contributors to our Maltese 

economy are the Financial Industry, Gaming 

Industry, Tourism and Construction. These 

have been growing and heavily contributing 

for the past fifteen years. The main reason for 

that is because Malta has had a robust banking 

system, sound institutions and a secure 

place to live. Malta was special because of its 

culture, because of its people and because 

families had peace of mind. This economy 

reflected this sentiment as it was one of the 

only few economies which didn’t regress 

during a financial crisis and war in the North 

African countries. Today Malta’s economy 

is under a threat. Security is not a buzz word 

or perception. Its the universal value for 

sustainability and productivity. It is what unites 

us. It is one of Malta’s unique selling position. 

Malta never shied away from challanges and 

so it shouldn’t now in this difficult moment. 

That is why we are meeting today to discuss 

Malta’s attractiveness to the world. I ask, is 

the progress registered in Malta at stake? 

We know that this Government has louded 

Malta’s name on many occasions. Today is 

one of them. What ever happens in Malta, is 

known world wide. We know what happened 

in countries with internal warfare. Let us open 

our eyes and identify the elephant in the 

room. We have a solid legislation in place. It’s 

all about administering and implementing it. 

That is what is failing this Government. That is 

what is failing further growth of the economy. 

Malta needs to attract new industries for the 

only reason so to continue in its progress. 

The world’s economies of scale are becoming 

more and more difficult to compete with and 

yet, we are ignoring signs within our own 

economy. 

And what about cybersecurity? According the 

EY, (Forbes, 2017) it shoud be the number 

one priority for businesses, with more or less 

4,000 attacks of Ransomware per day in 2016. 

This also is a threat to Malta, as it is a threat 

for all economic players around the world. 

Where do we stand? Are we talking on how 

we can attract new niches and industries or 

are we discussing the state of affair for the 

existing ones in Malta? Are we talking about 

incentives and legislation to attract new 

business to the island or are we discussing the 

sustainability of the current business regime? 

Are we discussing the way forward on 

education in Malta and how we should equip 

We are here today to send a message to the 

international business community, that we 

believe in goodwill and that we do our best to 

safeguard our reputation. We believe in Malta 

and we believe in our people. Lets not be shy 

from taking concrete action for the national 

interest. Let’s strengthen our institutions. Lets 

give them independence and freedom from 

any partisan or political objectives. 

"Let’s thoroughly secure our 

country first!" 

Then we can discuss and plan together: 

How are we going to upgrade the 

infrastructure on the island? How are we 

going to improve the quality levels of our 

industries and the service level of our civil 

service? How social justice and business 

prosperity go hand in hand? How we should 

save AirMalta and make it once again Malta’s 

pride? 

How we should make way for new industries 

such as: Fintech, Knowledge Based Industries, 

Logistics? 

However, let’s thoroughly secure our 

country first. MBR 

Courtesy: Pn Media Communications 


27


ETH 

ACRONIS JOINS RUNA CAPITAL AND PARALLELS 

Serguei Beloussov CEO of Acronis 

In Accelerating Innovation and Supporting 

Blockchain Initiatives in Malta 

Nick Dobrovolsky 

Nick Dobrovolsky co-founder / Vice- 

President of Parallels 

Technology innovations 

and strong customer demand 

for data protection Vice-President 

solutions fuels need 

for expansion in the 

Mediterranean region through 

a concerted and strategic 

partnership approach with 

the Mediterranean Island 

of Malta. 

Acronis, a global leader in hybrid cloud data 

protection and storage, in collaboration with 

Runa Capital and Parallels, today announced 

the opening of a new European Technology 

Hub in the Mediterranean island of Malta. 

The group of companies will support Malta 

in becoming the first Smart Island through 

accelerating innovation and participating in 

national blockchain initiatives. Runa Capital 

will be the first Venture Capital firm in Malta to 

provide funding to local startups, and Acronis 

and Parallels will engage in joint research 

projects with local firms and institutions with 

a possibility of a new R&D center focusing on 

advanced technologies in data protection, AI, 

and blockchain. The group of companies is 

expected to contribute up to $10 million over 

a three-year period through expanding their 

presence in the country, venture capital, and 

R&D. 

“We are happy that another global investor 

chose Malta to expand its operations in 

Europe”, says Dr. Joseph Muscat, Prime 

Minister of Malta. “There is one added crucial 

factor that brings us here together today. 

We share the same vision for Malta – that of 

becoming a hub for technological innovation. 

The government is embracing new disruptive 

technologies and wants Malta to become a 

leader in new technology in Europe. We are 

doing this by preparing the right regulatory 

frameworks as well as laying the foundations 

for businesses such as Acronis, Parallels 

and Runa Capital who offer support for our 

national blockchain efforts to invest in this 

new emerging economic niche. Government 

is laying the grounds for such sectors. We can, 

and we are, providing leadership and policies 

that allow ideas to flourish. We are also 

simplifying access to finance and investment 

which will help our young professionals to 

make their ideas happen. But we surely 

cannot succeed without companies such as 

Acronis, Runa and Parallels who are coming 

forward to invest in local start-ups.” 

As part of the joint collaboration, Acronis will 

support Malta’s drive to become a center 

for blockchain applications. Earlier this year, 

Malta’s Cabinet approved the first draft of 

a national strategy to promote blockchain, 

supporting local firms in applying the 

technology in a variety of industry sectors. 

Acronis will share its expertise in using 

blockchain in production, being the first 

global company to deploy blockchain-based 

Acronis Notary for data certification. In the 

first six months since its release, Acronis 

Notary certified more than 500 thousand 

backups, giving users undisputable proof of 

data integrity. 

“Malta is becoming a focus for our presence 

in Europe, similar to Singapore in Asia, where 

Acronis, Runa Capital, and Parallels created 

a functional eco-system for innovation 

and startups to flourish. Government’s 

commitment to innovation, strong economy, 

and convenient geographical location 

between Europe, Africa, Middle East and 

Asia, creates a perfect environment for our 

innovative activities,” said the co-founder 

and CEO of Acronis, and the chairman of the 

Board of Directors of Acronis, Parallels and 

Runa Capital, Serguei Beloussov. 

Peter Bauert, Partner at Runa Capital, 

agrees: “Supportive to innovation on the 

highest level, English-speaking and friendly 

to business, Malta is to be the right place to 

be for an EU-focused venture capital firm like 

Runa Capital.” 

Jack Zubarev, President of Parallels, whose 

company opened a Malta office four years 

ago and currently employs more than 40 staff, 

also welcomes the move: “From my side, 

I want to note a good positive investment 

climate in Malta, a high level of IT-industry, 

that's why we can develop here really fast 

and spread our products around the world." 

Malta’s transformation into an international 

technology center is on the rise. The Maltese 

government is developing the concept 

of Malta as the Smart Island, embracing 

technology as a primary business enabler 

and transforming Malta into a European ICT 

innovation hub. 

Mr. Dobrovolsky is a co-founder and Vice-President According to the 2017 of Digital Parallels. Economy and Since t 

Society Index published by the European 

company’s founding, he is playing a key role in the development and launch 

Commission, Malta ranks 12th out of the 

Parallels Desktop for Mac, the world’s first software 28 EU Member that let states, Mac with strong users positions run Mac O 

in broadband connectivity, use of digital 

X and Windows applications at the same time. technology Nick by has businesses, more and than the provision ten years 

of public digital services. 

experience in virtualization systems development and leading the Research a 

Development division of Parallels, overseeing more than 200 staff members. 

“We are happy that another 

Mr. Dobrovolsky holds a degree in Moscow State 

global 

Institute 

investor chose 

of Radio 

Malta to 

Engineer 

Electronics and Automation. In 2010, he studied at expand Harvard its operations Business School. 

2012, he graduated from Foundation and Leadership program in Europe” of Yale University. 

With its stable macroeconomic environment, 

recording strong GDP growth of 4.6% in 

2017, well ahead of the 1.9% in the EU as 

a whole, Malta offers high tech companies 

new avenues of growth amidst a backdrop of 

financial and political stability. 

Acronis continues to expand its presence 

internationally, reaching new markets and at 

the same time supporting local talent and 

government initiatives. With its Corporate 

Headquarters in Schaffhausen, Switzerland, 

and International Headquarters in Singapore, 

Acronis already employs over 1,000 highly 

skilled professionals in more than 14 different 

countries. 

Acronis, Parallels, and Runa Capital were cofounded 

by Serguei Beloussov and have a 

cross-shareholding structure. MBR 

28

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The joy of a perfect fit during the insertion of a temporary 

moving platform in Caracas Venezuela 

PIONEERING SPACE 

STRUCTURES IN MALTA 

By George Carol 

Martin Pillow 

Onsite supervision at Medavia Hangar Safi 

Entrepreneur Martin Pillow talks with MBR about the creation of 

various types of space frame structures, roofing numerous industrial 

buildings in Malta. The recent Esplora Planetarium project at Bighi 

is proof that even though Pillow Space Frame is a relatively small 

firm, his vision and dynamic efforts developed further to the extent 

of designing, manufacturing and exporting a total of seven train 

station structures to Caracas Venezuela in 2012. 

MBR: When did you start thinking about 

steel structures and steel construction in 

sustainable building? 

MP: My first steel structures were realised 

in the mid-60s when I designed and 

manufactured an arched greenhouse of 12 x 

30 meters at Msida, when I was still attending 

the sixth form. In 2001, my Company designed 

and manufactured the largest Space frame 

roofing in Malta for Playmobil; being the 

most sustainable as it was designed to have 

the north lights covered with the PV panels 

facing the South. Moreover the space frame 

consumed relatively low quantities of steel of 

which 90% is recycled. 

MBR: What are some of the things you do for 

Pillow Space Frame? 

MP: My role at Pillow Space Frame is mostly 

research and Development, securing orders 

through my network of satisfied clients, 

recruitment of young engineers to take over 

the running of the business, overseeing major 

projects, succession planning. 

MBR: What are the biggest challenges facing 

the infrastructure and construction industry 

today 

MP: The biggest challenges I see today are 

the strict deadlines to execute projects in the 

least time frame after spending more time 

for tendering, adjudicating, negotiations and 

permits process. 

MBR: Could you sum up why construction 

delays are so costly and damaging? How do 

these numbers get so big? 

MP: Construction delays are very costly as they 

30



create a ripple effect to other sub-contractors, 

such as finishes and MEP. The numbers can get 

big if they inflict penalties and problems with 

Banks. 

MBR: Could you describe the one of your 

most important projects to date and what 

was learned from it? 

MP: After more than 50 years of working 

experience my, most important project to 

date is the design and manufacture of the 

Planetarium at Bighi. The reason being that 

it was a design and build contract, and my 

Company was responsible for all the trades for 

its realisation. The tender brief was that of a 

sphere all in glass 18 mm thick of 12,800mm 

diameter, an inner skin of 10,700mm diameter 

made up of sound and thermal insulation 

material, support system of only three points, a 

free space in between the two skins for lighting 

and services, flooring to take 7.5Kn, tiered 

seating for 54 seats, internal lining to control 

sound reverberation, and a wraparound 

metal veil in the form of waves. The total 

design factored load of the Planetarium is 

270 Tons so we had to design a system of two 

geodesic domes based on an icosahedron 

with frequency three connected to each other 

radially at each node. On the outer structure a 

series of fifteen vertical aluminium ribs were 

attached to form the base for the double 

curved glass which was procured from Spain 

only a few days after signing of the contract. 

Before proceeding with the production of 

the nodes we carried out tests to two times 

the ultimate loads at our factory and it was 

resolved to reinforced only six nodes at each 

support. 

The full assembly was done at ground level 

using a mobile crane hooking the structure 

from its north pole and gradually hoisting 

it every stage of assembly until the whole 

structure was completed which weighed 18 

tons. The hoisting operation was subsequently 

done after we inserted three stainless steel 

rods of 72 mm diameter inside the concrete 

columns and after the lift we simply inserted 

three pins and the structure was in place. From 

this point onwards we started with laying the 

40 mm marine plywood flooring followed 

with the inner skin made up of 174 triangle 

panels which has the outer skin in cement 

boards that were finally plastered at the joints 

and painted to form a homogenous skin 

which today can be seen through the glass. 

Then came the painstaking stage for the glass 

fixing formed by 120 panes made up of four 

sizes and fifteen segments. Finally the tiered 

seating was installed and the wraparound veil 

in aluminium also completed well in time for 

the inauguration on the 28th January 2017. 

From this project I learned that thanks to the 

new generation of young in house engineers 

that worked in this project using advanced 3D 

design cad programs, the Company can with 

courage and determination embark on even 

more complex projects of this nature. 

MBR: What is your personal opinion on the 

state of Maltese infrastructure? How do you 

think we got here, and what are the major 

hurdles towards improving the situation? 

MP: I have witnessed the early infrastructure 

of the late 50s and early 60s when in Malta 

we had the conversion from 100 to 50 cycles 

and the building of the Marsa power station, 

together with the building boom of that time 

particularly at Swieqi, Kappara and the building 

of the new University at tal-Qroqq. Up to the 

early 70s the number of cars on the road was 

just one sixth of what we have today. Since we 

entered the EU we have seen intensification of 

the infrastructure particularly in road building, 

but I believe that we are always getting stuck 

as the moment roads are made better, we are 

building more and more, and getting denser to 

the extent that we end up worse. The major 

hurdles I see to improve the situation are the 

mentality of using private cars with the driver 

only instead of public transport, and parents 

picking their children from school with their 

private cars when school transport is available. 

MBR: What is your personal opinion on the 

state of Maltese infrastructure? How do you 

think we got here, and what are the major 

hurdles toward improving the situation? 

MP: I believe that as a nation and 

proportionately to its size we stand at par 

to other countries in terms of producing 

geometrically complex steel structure. I have 

been witnessing this in the works of student 

architects that come to me for advice on space 

frames. Such structures can be improvised with 

the use of modern computerised machinery 

that are available in Malta or the use of foreign 

European service Companies that does this 

work. 

MBR: How structural steel can be innovatively 

used in construction to execute aesthetically 

designed structures and at the same time 

offer economical solution? 

MP: Structural steel is the ideal material for 

innovations in construction of aesthetically 

designed structures. With the introduction 

of modern laser cut machines and large scale 

section benders, pre-engineered components 

can be produced in complex shapes and 

assembled on site with bolts, thus rendering 

the project economical when compared to 

other designs. 

MBR: How do you see the role of structural 

steel being used in construction five years 

down the line? 

MP: Steel structures in construction have been 

in use in Malta for quite some time now. A 

particular building known as Mamo Brothers in 

Gzira was built in steel and it had so many steel 

that whilst being built it was nicknamed ‘La 

Traviata’ Up to the late 50s all roofs of building 

were using steel joists and clad with stone, until 

we had the first pre-stressed concrete factory 

that multiplied in 20 years later. Now we are 

seeing an increase in the use of structural 

steel lately for commercial buildings, and I can 

predict an exponential increase in use for the 

coming 5 years. Although sometimes it works 

out a little more expensive in the long run it pays 

as it is faster to erect and the project is finished 

before and more clean for the environment. A 

case in point is the new building being built at 

Portomaso just before entering the Hilton. 

Supervision of the Mariche Metro Cable station in Caracas Venezuela 

MBR: If there was one thing you could 

change or recommend others change, what 

would that be? 

MP: Lately an excise duty of €50 per ton 

was introduced on the importation of steel 

section for building, but you can import a preengineered 

steel building ready for erection 

and pay nothing as it falls under a different 

HS code. This is against the local industry and 

as members of the EU this duty should never 

been introduced. I strongly plea to be removed. 




31


CORPORATE 

Meet Growth Gurus 

A local business with global reach, impact and aspirations 

by Josh O’Cock 

In a world where everyone is trying 

to make a splash online, one local 

company has shifted their focus 

from your typical agency into 

business partners concentrated on 

driving growth. 

Over the past two years, Growth Gurus, a team 

of digital marketing experts, have positioned 

themselves as industry leaders, connecting 

thousands of people with the brands they 

love. Their individual skillsets range from 

web design to video animation, branding 

to campaign strategy, paid and social reach. 

Collectively, Growth Gurus are the Swiss army 

knife of online business development. 

Drive for Results 

For a company with only two years under 

their belt, Growth Gurus have managed 

to attract an impressive list of clients. The 

digital marketing agency has worked with 

over 70 brands from across the world, 

ranging from leading hotel chains, SaaS 

platforms, celebrity astrologers, art galleries, 

conferences, restaurants, investment bankers 

and everything in between. Growth Gurus 

treat the business of their clients as their own, 

stating “our partners’ success is our success.” 

“Determination and desire for achieving the 

best results possible in everything that we 

do resonates within our company. We are 

passionate about what we do and our clients 

businesses. We want to be renowned on a 

global level as being the best in our industry, 

which only motivates us to work harder 

and achieve it.” - Joshua O’Cock, Managing 

Director 

Company Culture 

The success of Growth Gurus can be 

attributed to their company culture. 

“We are continuously working on creating an 

open and positive company culture, whereby 

our team can feel composed and motivated. 

As marketers, we know the impact of positive 

marketing on brand value. Our office perks 

have not been designed to get our team 

talking about Growth Gurus, but rather as 

a reward for all the hard work every one of 

them has dedicated to helping us build our 

brand.” - Alex Thomson, Director 

Local Business / Global Presence 

After conferences, multiple consultancy 

sessions and meetings with several potential 

partners, Growth Gurus will be opening 

a brand new office in Europe as well as 

expanding their Brussels office. The goal is to 

become industry leaders on the international 

playing field, nothing short of that will do! 

In the world of social and digital marketing, 

the world is becoming smaller and smaller. 

The world is their oyster. By Q3 of 2018, once 

Growth Guru's offices are up and running in 

Malta, New York, Brussels, and London, the 

company aims to become a global agency 

with international impact. MBR 

32

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BOATS AND YACHTING AWARDS 2017 

34

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GAMING 

GAMING, BETTING AND THE 

DIGITAL TECH WAVE? 

Following the 

EIG Berlin, 

BtoBet’s chairman 

Alessandro Fried 

discusses the 

hot topics and 

changes that 

will affect the 

gambling industry 

Which are the most visible digital 

transformation signals that gambling 

operators must focus on? 

The increasing rate of change in new devices 

and technology are intrinsic to our daily 

lives and betting is a part of these broad 

trends. Customer expectations are changing 

accordingly, meaning operators have to stay 

updated and study new approaches to attract 

new clients and keep existing clients loyal to 

the brand. 

The rules of the game have changed, driven 

by the consumers and their preferences. 

Whether it is on the desktop, on the mobile 

or in the shops, the gambling consumer is 

seeking entertainment and personalization 

from their gambling choices. Giving them the 

bets they want, when they want them and 

in whatever form suits them best, is both a 

challenge and a requirement. 

Which is the fastest growing digital channel 

in the gambling industry, today? 

Mobile is the primary technology device 

in everybody’s daily life. In terms of 

communication, entertainment, games, 

social media, banking education or shopping 

smartphones are ubiquitous. Their use is 

increasing and the gaming industry is evolving 

in step with the technology. Already, the 

majority of new acquisitions now come 

through the mobile channel. 

What about the future and what is your 

vision about the customer evolution in the 

sports betting and gaming markets? 

In today’s digital world, the pressures affecting 

the gambling world are the same in the rest of 

the business world with digital transformation 

affecting every part of the economy. To 

keep pace, gambling operators have to be 

forward-looking and equip their business 

with the appropriate tools and technology 

to provide them with the flexibility they will 

need to answer the questions posed by a 

consumer which is more digitally adept than 

ever before. Only by employing systems and 

processes with the appropriate technology 

will operators be providing gaming and 

betting services that will compete with the 

very best in the sector and truly impress the 

consumer. MBR 


36



37


HIGHER EDUCATION 

Committed to Providing the 

Best Education Learning Experience 

OUR MISSION 

To enhance the level of Academic 

training and Tuition of both pre and 

post graduate levels by: 

• Contributing actively towards the 

propagation of equal opportunities 

for all. 

Learning a language or obtaining an academic 

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provide students with a first-class educational 

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constantly expands its worldwide networks, 

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Group is redefining the landscape of modern 

education. 

The eie Educational Group aims to develop the 

appropriate competencies and knowledge 

needed in planning, evaluation, research and 

development tasks in education and related 

fields in the midst of societal changes, both 

on local and global levels. This network gives 

eie the key to be competitive and to share 

the collective experience and continuous 

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In a fast moving world, challenges are 

demanding and change is constant. 

Tomorrow’s future depends on today’s 

knowledge. MBR 

For more information about eie’s degree programmes, 

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courses you can e-mail at info@eie-group.com, 

phone on +35621332804/5 

• Continually engaging in the pursuit of 

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38

eie educational group 

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eie Educational Group, Valletta Buildings, South Street, Valletta 

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

www.eieEducationalGroup.com


GOZO : SMEs 

SME WEEK 

in Gozo 

Credit : Terry Camilleri 

Minister for Gozo Justyne Caruana addressed a seminar entitled 

‘Grants, Schemes & Incentives for SME’, organised by the Gozo 

Business Chamber in collaboration with the Ministry for the 

Economy, Industry and Small Businesses as part of the SME 

Week Malta 2017. 



Minister Caruana noted that the main goals 

of the SME week are to provide information 

on what kind of support are being offered to 

micro, small and medium-sized businesses 

on both an EU and national level. Moreover, 

it showcases the help being offered by 

regional and local authorities, and promotes 

entrepreneurship. 

‘Dialogue leads to further understanding 

and better planning, and I have ensured to 

personally discuss business-related issues, 

both individually and with your constituted 

representative bodies. It was precisely in our 

initial meetings, in the very first weeks of my 

appointment as Minister for Gozo, that we 

had acknowledged the increasing difficulties 

in recruiting the required numbers of Gozitan 

workers. And we had purposely commissioned 

professional studies, particularly to analyse 

the skill gap on the island and the kind of 

employment Gozitans are looking for in terms 

of the career they wish to follow’ stated 

Minister Caruana in her closing speech. 

Minister Caruana highlighted the main 

points which were earmarked during this 

year’s Budget speech in connection to 

SMEs, particularly in Gozo. She noted that 

the Government was going to increase the 

Microinvest assistance to Gozitan SMEs up to 

Eur 70,000 and a refund of up to 30% or Eur 

6,000 for every new job created by the private 

sector as long as the employer offers a 3 year 

term contract to the employee. 

The Minister for Gozo pledged the 

Government’s continuous support in the 

interest of small and medium enterprises, 

whom she described as the backbone of the 

local industry. She mentioned the €10 million 

investment at the former MDP for which the 

Planning Authority has recently approved the 

permits. Justyne Caruana also mentioned the 

projects at tal-Ħofra and the SME Park both in 

the Xewkija Industrial Zone. 

Minister Caruana said that the next step is to 

attract investment which provides jobs for 

locals and those who decide to settle down in 

Gozo. Minister Justyne Caruana emphasised 

that the Ministry for Gozo is fully committed 

in supporting such initiatives, which will 

improve SME’s business operations both 

locally and on an international platform. This 

is geared towards a healthier economy. MBR 

40


DataByte partners 

with GARTNER 

DataByte are announcing a service 

agreement with GARTNER, the world’s 

leading research and advisory company. 

Thanks to this agreement, DataByte will 

tap in Gartner’s wealth of expertise in 

IT and IT projects marketing, which is 

normally sought from business leaders 

across all major functions in every 

industry and enterprise size. 

DataByte’s objective is to maximise on 

Gartner’s global insights that will support the 

internationalization efforts the company will 

be taking in the near future. 

Frederick Micallef, founder and Managing 

Director of DataByte described this agreement 

as another significant milestone for the company. 

“Through this agreement, our company will 

be significantly strengthening its offering to 

its partners and clients, in the development 

of new products and the enhancement 

of its current software offering. As we 

embark on new ventures, Gartner’s body of 

knowledge will be fundamental to ensure an 

internationally marketable product offering,” 

said Mr Micallef. 

Kevin Camilleri, Director at DataByte 

responsible for the Technical development of 

the organization said that this agreement with 

Gartner will continue to position DataByte as 

the company which builds cloud solutions to 

support businesses grow through technologyenabled 

business initiatives. MBR 

Like us on 

Facebook! 

21 482 453 / 99 498 580 

hbcarpet@gmail.com 


41

YOUR MONTHLY G 

DRIVING BRUSSE 


EU 

By RYAN HEATH with HARRY C 

It’s not a real month in Europe if there’s no 

summit. So the EU’s putting on five summits 

for you over the next seven weeks to make 

you feel at home. There’s the Social Summit 

in Gothenburg, Sweden November 17. Then 

there’s the Eastern Partnership Summit 

(with its own logo!) November 24, the EU- 

African Union summit November 29-30, 

a December euro summit (with eurozone 

wannabes invited too) likely to be attached 

to the Eurogroup meeting in the first week 

of December, and then the regular EU 

leaders’ summit December 14 and 15. MBR 

COMMISSIONERS ON TOUR 

President Jean-Claude Juncker is in Portugal 

to meet Prime Minister António Costa and 

President Marcelo Rebelo de Sousa. First Vice 

President Frans Timmermans is in Greece 

to receive the Grand Cross of the Phoenix 

medal and also an honorary doctorate from 

University of Athens. High Representative 

Federica Mogherini is in Italy to speak about 

European defense initiatives. Vice President 

Valdis Dombrovskis is in Estonia to meet 

leaders and give a speech on eurozone reform. 

Commissioner Pierre Moscovici meets Nick 

Clegg, the former U.K. deputy prime minister 

and leader of the Liberal Democrats, Kenneth 

Clarke MP and Andrew Adonis (all opponents 

of Brexit). Commissioner Phil Hogan is in 

Northern Ireland for the World Dairy Summit. 

DIGITAL POLITICS — SILICON VALLEY 

ON SEINE: 

French President Emmanuel Macron is using 

state cash to foster tech startups, writes 

Mark Scott, and it’s starting to work. So far 

this year, French venture funds raised more 

cash compared to their British or German 

counterparts, while Macron has won plaudits 

for promoting startups as a solution to the 

country’s sluggish economic growth and 

double-digital rates of youth unemployment. 

But don’t be fooled; not everything is rosy 

in France’s tech scene, particularly when it 

comes to creating billion-euro startups and 

offering bumper profits to investors. 

A message from Iberdrola: The future of 

energy today: being one step ahead of the 

energy transition. By embracing renewables, 

energy storage, digitalization and smart 

networks, we have become “the Utility of the 

Future.” Discover Iberdrola’s commitment to 

a sustainable future. And we are still only at 

the beginning of a long road! 

TRADING DOWN — EU GLYPHOSATE BAN 

COULD DISRUPT GLOBAL TRADE: 

If the EU blocks its own farmers from using 

glyphosate, those same farmers could make 

it almost politically impossible for Europe to 

continue importing food grown using the 

herbicide, write Simon Marks and Giulia 

Paravicini. MBR 

CATALONIA DECLARES 

INDEPENDENCE — MADRID IMPOSES 

DIRECT RULE 

Independence demonstrators 

Seventy of the Catalan parliament’s 135 

members voted in favour of independence 

at 3:30 p.m. local time Friday. Within minutes 

Wikipedia had been updated to list Catalonia 

as a “disputed territory.” Spanish Prime 

Minister Mariano Rajoy said “the rule of law 

will restore legality in Catalonia,” the Catalan 

Parliament was dissolved by Madrid, and new 

elections will be held December 21. The moves 

are a major escalation in a years-long conflict 

between Catalonia’s pro-independence 

leaders and the Spanish government that 

came to a head with a disputed referendum on 

October 1. European Commission President 

Jean-Claude Juncker said the EU “doesn’t need 

any more fissures.” 

Spanish protest: At least 300,000 marched for 

Spanish unity in Barcelona Sunday 30/10/2017. 

Who’s in charge? Spain’s Deputy Prime 

Minister Soraya Sáenz de Santamaría has 

become the de facto president of Catalonia. 

Madrid fires Catalonia’s EU ‘ambassador’: 

Amadeu Altafaj told Playbook he is one 

of more than 140 officials fired by the 

Spanish government. Unlike all of Catalonia’s 

delegations abroad, parts the EU delegation 

office have been retained by Madrid because 

of the technical nature of EU-related funding 

and other negotiations, but Altafaj’s role was 

considered political rather than technical. 

Antonio Tajani says ‘No one will ever 

recognize Catalonia‘: The European 

Parliament president, speaking to reporters 

Saturday, said the EU’s position is very clear: 

“The referendum was illegal … The state of 

law should be restored,” and no EU country 

will recognize Catalonia as an independent 

country. 

Asylum in Belgium for Puigdemont? Theo 

Francken, Belgium’s controversial state 

secretary for asylum and migration and 

a Flemish nationalist, told Flemish public 

broadcaster VRT that Carles Puigdemont, 

removed from office by the Spanish 

government last week, could apply for asylum 

in Belgium. Deputy Prime Minister Alexander 

De Croo shut him down, saying on Twitter such 

talk was unnecessary. MBR 

EU NATIONAL NEWS 

HARASSMENT SCANDALS SPREAD TO 

WESTMINSTER — MAY SAID TO BE IN 

DANGER … 

Theresa May stands accused of ignoring 

Tory MPs’ sexual misconduct and allowing 

ministers facing allegations of wrongdoing to 

serve in her Cabinet. Guido published, with 

names redacted, a spreadsheet featuring 

36 serving Tory MPs on a “dossier of shame” 

being circulated by junior party aides. The Sun 

reports May now fears for her government and 

may bring forward a Cabinet reshuffle in light 

of a growing set of harassment allegations, 

including against Mark Garnier, a minister at 

the international trade department, who the 

Mail on Sunday reports admitted calling his 

former secretary “sugar tits” and asking her 

to buy two vibrators at a Soho sex shop. The 

Sunday Times claims a serving minister placed 

his hand on the thigh of a female journalist 

and declared: “God, I love those tits.” Stephen 

Crabb, a married former Cabinet minister, 

apologized for “sexual chatter” with a teenage. 

Westminster employees are organizing to out 

harassers via WhatsApp groups, and Labour 

42

EU 


UIDE TO WHAT’S 

LS AND EUROPE 

OOPER and QUENTIN ARIÈS 

is urging victims to come forward, Buzzfeed 

reports. Diane Abbott, the shadow home 

secretary, told Andrew Marr on Sunday: 

“This isn’t a problem for any particular party 

or faction of a party, it runs right across 

parliament.” 

UK — NORTHERN IRELAND GOVERNMENT 

DEADLINE TODAY: London will set the country’s 

budget if Sinn Féin and the Democratic 

Unionist Party fail to reach agreement by the 

end of today, Reuters reports. MBR 

BREXIT 360° 

Go green or else! The European Commission’s 

unusually swift move to prepare its Emissions 

Trading System (ETS) in case of an abrupt nodeal 

Brexit on March 29, 2019 sends a clear 

political message to London: We’ll protect 

our industries and flagship tool for cutting 

greenhouse gases — at your expense. 

Over 100 devolved powers for Scotland 

after Brexit: David Mundell, the U.K. secretary 

of state for Scotland, aims to publish a list 

before Christmas of Brussels powers that will 

shift to Scotland after Brexit. The government 

hopes the list of 111 powers to be devolved 

to Holyrood will ease tensions with Scotland’s 

governing Scottish National Party, the Herald 

reports. 

Opinion — UK is now the nasty country: 

Maria Farrell on how Britain no longer feels 

like home, and is working to turn itself into a 

nastier country. 

READ TO LEAD — HOW TO BE A CEO: 

Adam Bryant in The New York Times on 

what he learned from interviewing 525 chief 

executives through his years writing the 

Corner Office column. MBR 

LONDON-BASED PROFESSOR JOSEPH 

MIFSUD IDENTIFIED IN THE TRUMP-RUSSIA 

INVESTIGATION. US COURT DOCUMENTS 

CLAIM HE ACTED AS A CONDUIT BETWEEN 

TRUMP STAFF AND MOSCOW. 

AROUND THE EU INSTITUTIONS 

PARLAMENT - PROFESSOR MIFSUD'S 

EUROPEAN CONNECTIONS: 

The professor who is said to have introduced 

George Papadopoulos — the foreign policy 

adviser who worked on Donald Trump’s election 

campaign and pleaded guilty to lying to federal 

investigators — to Russian government officials 

who had “dirt” on Hilary Clinton was confirmed 

Tuesday to be Maltese national Joseph Mifsud. 

A former chief of staff to Michael Frendo, Malta’s 

Nationalist foreign minister from 2004 to 2008, 

Mifsud’s network extends to the highest levels of 

the European Parliament. 

The professor was president of the Euro- 

Mediterranean University, a Slovenia-based 

institution founded in 2008 and backed by the 

European Parliament until 2012, when he was 

accused of having spent €39,332 in wrongly 

claimed expenses. According to the minutes of a 

meeting chaired by Socialist & Democrat leader 

Gianni Pittella in 2012, the Parliament was set to 

give the university €1 million, although Parliament 

spokespeople did not respond to a request for 

comment to confirm the payment had been 

made. Mifsud also could not be reached for 

comment but told the Telegraph: “I have a clear 

conscience.” 

Mifsud and Pittella are friends: A spokesman for 

Pittella told Playbook’s Harry Cooper they are 

friends and that Mifsud had asked the Socialist 

leader to “give some lessons (gratis) to the 

London School of Diplomacy” — Mifsud’s place 

of employment as of March 2016, when he is said 

to have met Papadopoulos. “Never ever — never 

ever — Pittella had the impression or feedbacks 

on Mifsud’s possible interference between the 

U.S. and Russia,” the spokesman said. MBR 

BEYOND EUROPE 

Professor Joseph Mifsud 

EUROPE HEADING FOR CLASH WITH US 

OVER IRAN: 

Ellie Geranmayeh for the European Council 

on Foreign Relations argues Iran is becoming 

the foreign policy focal point of Europe’s 

division with Trump’s America. She advises EU 

governments to prepare legal mechanisms to 

block renewed U.S. sanctions against Iran, and 

to work with Russia and China to preserve the 

core elements of the deal. 

CHINA — XI EXPANDS COMMUNIST 

MANDATE: 

The party now “rules everything,” writes 

François Godement for ECFR. MBR 

BRUSSELS CORNER 

SPAIN STEPS UP: 

Just when it looked like Spain had ceded 

ground to Catalonia in the PR wars, the 

Spanish embassy to the EU launched a 

#ProudToBeSpanish campaign. Vinces, a 

leading Spanish public affairs consultancy, will 

launch in Brussels November 13, rolling out 

with speeches by Spain’s Secretary of State 

for European Affairs Jorge Toledo Albiñana, 

former EEAS chief and ex-Permanent 

Representative of France to the EU Pierre 

Vimont, Bernardo Aguilera from Spanish 

industry association CEOE, and Elena Herrero- 

Beaumont, partner at Vinces and executive 

board member at Transparency International 

Spain. MBR 

Secretary of State for European Affairs Jorge Toledo Albiñana 

QUOTE OF THE MONTH 

“There are crooks everywhere you 

look now. The situation is desperate.” 

— Maltese journalist Daphne Caruana Galizia’s final 

blog post minutes before she was killed by a car bomb. 

REMEMBERING DAPHNE CARUANA 

GALIZIA 

Brussels paid its respects to the crusading 

Maltese journalist killed by a car bomb by 

holding a silent vigil on Wednesday. Caruana 

Galizia, a member of the 2017 POLITICO 

28 list of people who are changing Europe, 

generated strong opinions and is fondly 

remembered by the Playbook team for her 

efforts to hold powerful people to account, 

and not only in Malta. Paul Dallison and Harry 

Cooper discuss their memories of Daphne in 

latest EU Confidential podcast episode. 

If you’re anything like Playbook, Brexit navelgazing 

is now a bore, typified by Monday 

night’s Juncker-May dinner and the insipid 

joint statement that followed it. There is 

deeper meaning in the bombing of a journalist 

in Malta; the news that Catalan activists are 

now in jail for sedition and the fact Europe is 

missing in action at the Chinese Communist 

Party congress. It’s also EU Codeweek: 

teaching the most useful new digital skill to 

Europeans of all ages. MBR 

Courtesy: POLITICO SPRL 


43


RULE OF LAW 

Chamber of Advocates 

To Commission Study On How Best To Strengthen Rule of Law 

The Chamber of Advocates refers to the current situation 

in Malta, and the apparent perception formulated by a 

number of people, including some of its own members, 

that the rule of law is under unprecedented pressure. 

It is against this backdrop that the Chamber 

will be commissioning a study to analyse any 

structural deficiencies in the legal framework 

and the checks and balances intended to 

create the right balance between and within 

the different organs of the state. The 21st 

century and modern society has brought 

about new challenges, and the existing 

controls and checks may well not be sufficient 

to ensure an effective safeguard of the rule 

of law. The chamber will also be reviewing 

existing proposals, yet to be implemented, in 

this area. 

The Chamber believes that it is critical in a 

democracy, that all the country’s citizens, 

without exception and without any shadow 

of doubt, should have the firm belief that 

there exist within the state the necessary 

checks and balances to ensure the supremacy 

of law. Any doubts or perceptions that this 

may not be the case are a serious concern to 

the Chamber and cannot be easily dismissed. 

These doubts and perceptions can be the 

product of a number of factors, not least that 

the infrastructure of checks and balances 

intended to safeguard the rule of law are 

outdated and need to be strengthened to 

meet today’s new challenges; a mentality 

where anything goes; where profit or 

pecuniary advantage have priority over other 

values, such as respect of the law. 

The Chamber of advocates believes that it 

ought to contribute in a substantial manner 

to the debate about the rule of law. Such 

contribution should be the product of serious 

consideration and serene deliberation 

rather than an instinctive reaction to what 

is currently being stated publicly. It is in this 

vein that as a professional body, it shall first 

examine the position of the current legal 

infrastructure in some detail and then make 

concrete proposals on how the rule of law 

can be further strengthened to be able to 

meet the challenges of a modern society, in 

the foreseeable future. The Chamber plans 

to publish its study on the matter and then 

launch a national conference to debate its 

proposals. The Chamber believes that it 

should take the initiative to promote a serious 

national debate on how the rule of law can be 

further strengthened. 

It is expected that after publishing its study, 

the national conference will be organised in 

the first half of the year 2018. 

The Chamber wishes to advise that this is 

the only statement that sets out the formal 

position of the Chamber of Advocates. MBR 

44


EP/ONLINE 

FUNDAMENTAL RIGHTS / 

JUSTICE AND HOME AFFAIRS 

STRONGER PRIVACY RULES FOR 

ONLINE COMMUNICATIONS 

• EU privacy law to be updated to cover 

new communication tools 

• Stronger privacy rules for all new 

electronic tools 

• Ban on cookie walls blocking access to 

a website if no consent 

MEPS WANT TO STEP UP 

PROTECTION FOR CITIZENS USING 

TOOLS SUCH AS MESSENGER, 

WHATSAPP OR SKYPE, AND OTHER 

ELECTRONIC COMMUNICATION 

SERVICES. 

Draft proposals to ensure high standards 

of privacy, confidentiality and security in 

electronic communications across the 

EU were approved by the Civil Liberties 

Committee on Thursday. These would apply 

to SMS and telephone services, and would 

update the EU’s existing e-privacy rules to 

cover recently introduced internet-enabled 

services such as WhatsApp, Skype, Messenger 

and Facebook. 

The text, drafted by Marju Lauristin (S&D, 

ET) constitutes Parliament’s draft negotiating 

mandate for talks with the Council on the 

revision of the e-privacy rules. It was passed 

by 31 votes to 24, with one abstention. 

BANNING “COOKIE WALLS” 

MEPs call for a ban on “cookie walls”, which 

block access to a website if the person does 

not agree to his or her data being used by the 

same site. 

Snooping on personal devices via cookies or 

software updates, or tracking people without 

their clear approval through public hotspots 

or Wi-Fi in shopping centres, should also be 

prohibited, say MEPs. 

“Privacy by default” settings should become 

standard for all software used for electronic 

communications and service providers must 

provide for strong encryption, they add. 

Consent always needed for any use of 

personal data 

MEPs want to set strict limits on data 

processing and insist that data should only be 

used for the purpose of which consent has 

been given by the individual. 

So-called “meta-data”, which can give 

information about numbers called, websites 

visited, geographical location or the time and 

date a call and other sensitive data, should be 

treated as confidential and never passed on 

to third parties. 

QUOTE 

Parliament’s lead MEP Marju Lauristin 

(S&D, ET) said: “E-privacy can give a great 

competitive advantage to European 

companies and help them to create a real 

European model for digital economy, with 

high quality services, consumer trust and free 

choice”. 

“E-privacy can give a great 

competitive advantage to 

European companies and help 

them to create a real European 

model for digital economy, with 

high quality services, consumer 

trust and free choice”. 

NEXT STEPS 

The full Parliament will be asked at its plenary 

session in Strasbourg next week to formally 

confirm the committee decision to enter 

into negotiations with the Council. But the 

Council must agree on its own negotiating 

mandate before talks can start. 

QUICK FACTS 

The current directive on privacy in the 

electronic communication sector was last 

updated in 2009. The proposal for a revision, 

presented by the Commission on 10 January 

2017, replaces the directive with a regulation 

and brings the rules into line with the General 

Data Protection Regulation (GDPR), which will 

become applicable in May 2018. 

EU e-privacy rules aim to ensure the 

fundamental right to privacy and protection 

of personal data as enshrined in the Treaties. 

Creditline: Rikke Uldall, EP Press Service & EP, 

Malta 


46


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The Gran Cavalier Chardonnay, Sauvignon Blanc, Merlot and Syrah D.O.K. Malta selection holds Malta’s highest quality wine classification. 

The wines have won Gold, Silver and Bronze medals, and a total of 23 awards at international wine competitions. 


WWW.DELICATA.COM 47


TECHNOLOGY INFRASTRUCTURE 

The Core is Cracking 

Asset Managers Must Reboot Their Technology Infrastructure 

By Jay Wolstenholme 

Thin investment returns, shifting regulations, 

and tight operating margins are forcing asset 

managers to evolve their operational and 

technical business models to stay competitive. 

Competition among managers is fierce, and 

the need to differentiate themselves beyond 

performance, through portfolio breadth, 

operational efficiency, client communications, 

and smart marketing. 

The six buy side front-to-back operations and 

technology trends tracked throughout 2016 

and into 2017 are still very much in play. 

1. Low Return Investment 

Environment, Multiasset 

Portfolios 

2. Reevaluating Operational and 

Technical Architecture Due to 

Regulatory, Client Demand, and 

Cost Pressures 

3. Increased Demand for 

Investment Decision Support 

Tools from AMs and Asset Owners 

4. Growing Adoption of Systems and 

Business Process Outsourcing 

5. Growing Exploration, 

Experimentation, and Interest in 

Use Cases for Big Data and AI 

6. Asset Managers Search for 

Greater Volume and Direct 

Distribution 

These trends hold up well, but within these 

six there is an underlying theme lurking. This 

certainly sounds ominous, and unfortunately 

in a way it is: the buy side needs to pay 

some back dues for not paying as much 

attention and effort to its full front-to-back 

investment processes. When investment 

returns were high, it was convenient to patch 

in manual operational processes to get past 

the problems, but in the current economic 

and investment environment this ln longer is 

sustainable. 

In order to have an industrialized asset 

management operational base the technology 

foundation needs to be automated, digital, 

reliable, efficient, and cost-effective. For the 

majority of asset managers, this will mean 

needing to optimize incumbent systems 

rather than replacing systems. MBR 

if you would like a copy of the report or to 

speak with Celent Analyst Jay Wolstenholme 

about the research: www.celent.com 

Credit: Celent, a division of Oliver Wyman 

Low Return Investment Envoirment, Unique Mandates, and Multiasset Portfolios 

Client requirements differ across segments 

DB Pensions | DC Pensions | Insurance | High-Net Worth | Endowments & Foundations | SWFs 

Envolving investor priorities, sophistication and regulations 

Capital 

preservation 

Low Fees 

Diversification 

Absolute 

returns 

High Liquidity 

Transparency 

Asset allocation strategies / multi-asset 

Equities 

Fixed 

income 

Alternatives Passives Multi-asset Direct 

Spectrum of investment strategies 

Beta 

Factor Smart 

Beta 

ALM 

LDI 

Total 

Return 

Alpha 

Derivative 

Overlay 

PE/ 

Acquisition 

48

UNCTAD 


UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT 

REVIEW OF MARITIME TRANSPORT 2017 

Geneva, 19 October 2017 – The world’s 

commercial fleet grew by 3.2 per cent 

to reach 1.86 billion dead-weight tons in 

early 2017. UNCTAD’s Review of Maritime 

Transport 2017 reveals that the persistent 

imbalance between supply and demand is 

keeping freight rates and earnings low in 

most segments. 

The Review of Maritime Transport 2017, in 

keeping with previous issues since 1968, 

contains a wealth of critical analyses, new 

and unique data. The review covers the latest 

developments in international seaborne 

trade, shipping, the world fleet, ports, freight 

markets, and transport-related regulatory 

and legal frameworks. 

This year’s edition features a special chapter 

on the shipping connectivity in relation to 

trade and access to foreign markets as well as 

a five-year projection for seaborne trade. 

The Review of Maritime Transport 2017 will 

be launched on 25 October 2017 (under 

embargo until 1700 hours GMT). 

Journalists who have access to the UNCTAD 

virtual newsroom may download press 

releases and summaries of UNCTAD reports. 

Access to the virtual newsroom requires a 

password. 

After the lifting of the embargo, documents 

related to the report will be available on the 

main UNCTAD website. MBR 

For further information or to request or 

schedule interviews with UNCTAD experts, 

please do not hesitate to contact the UNCTAD 

Press Office (41 22 917 58 28, unctadpress@ 

unctad.org) 

Courtesy: UNCTAD 

The European Union receives Princess of 

Asturias Award for Concord 

European Parliament President 

Antonio Tajani, European Council 

President Donald Tusk and European 

Commission President Jean-Claude 

Juncker received the Princess of 

Asturias Award on behalf of the EU. 

The panel chose to award the European Union 

with the 2017 Princess of Asturias Award for 

Concord for its contribution to providing the 

"longest period of peace in modern Europe" 

and for spreading "values such as freedom, 

human rights and solidarity". 

The award ceremony took place on Friday 20 

October, in Oviedo, Spain. 

"I accept this award on behalf of all EU 

citizens, with the commitment to continue 

to work for a Europe that is closer to their 

concerns. Europeans want the European 

Union to be truly efficient and democratic, 

able to listen, to protect them and provide 

answers to their problems," said President 

Tajani. 

The award, with twenty-eight initial 

candidates from sixteen countries, will be 

conferred at the Teatro Campoamor in 

Oviedo. The ceremony will be presided over 

by the King of Spain, Felipe VI, in the presence 

of the Spanish Prime Minister Mariano Rajoy. 

Background - The "Princess of Asturias" 

Award 

The Princess of Asturias Foundation 

(Fundación Princesa de Asturias) is a nonprofit 

private institution which promotes 

scientific, cultural and humanistic values that 

constitute universal heritage. 

Since the coronation of His Majesty, King 

Felipe VI, he has assumed the honorary 

presidency of the institution that has given 

out the award annually since 1981. 

The prizes are awarded in eight different 

categories: arts, literature, social science, 

communication and humanities, scientific 

and technical research, international 

cooperation, concord and sport. They are 

handed out each year in October at Oviedo's 

Teatro Campoamor. The award ceremony 

is considered one of the most important 

cultural events on the international agenda. 

Nominees must have an exemplary 

profile and their work must be recognised 

internationally. Those who have received the 

award in the past include Nelson Mandela, 

Philip Roth, Stephen Hawking, the World 

Health Organization, Woody Allen, Umberto 

Eco, Paul Krugman, UNICEF, Riccardo Muti, 

National Geographic Society and Mario 

Vargas Llosa. MBR 

Further information: 

http://www.fpa.es/recursos/pdf_idiomas/ 

princessofasturiasawards-ita.pdf 


49


EU/EP 

EU/EP: Parlemeter 

Public confidence in the EU and its Parliament 

continues to grow 

• Parlemeter opinion poll of citizens’ 

views on European Union and European 

Parliament 

• 64% say their country has benefitted 

from EU membership 

• EU membership a good thing say 57% 

The share of EU citizens who believe that their 

country has benefitted from EU membership 

is 64%, an increase of four percentage points 

compared to 2016. In Malta this percentage 

shoots up to 89% with the majority of 

respondents on this being of the opinion that 

the EU contributes to economic growth in our 

country. 

In the latest European Parliament survey, 57% 

say EU membership is good for their country 

- a share that is almost back at its pre-crisis 

level. In Malta, 64% feel that EU membership 

is a good thing. 

The 2017 Parlemeter poll was held among 

27,881 citizens in the 28 member states. 47% 

feel that their voice counts in the EU, the best 

result since the European elections 2009. 

51% of Maltese respondents feel their voice 

counts in the EU, though 40% disagree totally. 

The Parlemeter survey takes a close look at 

citizens’ views on EU membership and its 

benefits, whether their voice counts in the EU 

and on their attitudes towards the European 

Parliament, its priorities, actions and mission. 

The survey confirms the citizens’ increasingly 

favourable view of the EU, continuing a trend 

visible in surveys since 2016. 

EP President Antonio Tajani said: “The result 

of the survey is very positive and encouraging. 

The poll shows that the confidence in our 

institutions and our work continues to rise 

and that we are leaving the crisis of recent 

years behind. People increasingly see the EU 

as a core player when it comes to tackling 

the big challenges and to protecting them 

against common threats such as terrorism, 

unemployment or poverty and exclusion. 

For us, as the people’s Parliament, that 

means we need to deliver and that we will 

work even harder to fulfil people’s hopes 

and expectations. I also take the results of 

the survey as a mandate for the European 

Parliament to continue to play a key role 

in shaping the EU’s future. The best forum 

for debate on what the EU should look like, 

what tasks it should perform, or what powers 

it should have, is here, in the European 

Parliament.” 

The result of the survey is very 

positive and encouraging. The 

poll shows that the confidence 

in our institutions and our work 

continues to rise and that we 

are leaving the crisis of recent 

years behind. 

PARLIAMENT FINDS FAVOUR 

46% of Maltese respondents have a positive 

image of parliament, compared to 33% 

Europe-wide, up eight points within one year. 

The share of citizens who have a neutral image 

of the European Parliament is 42%, whereas 

the share who have a negative image is down 

seven points, to 21%. 

Over half the respondents (55%) stated being 

interested in the 2019 European elections - 

with the figure rising to 65% for Malta - and 

47% thought the European Parliament should 

play a bigger role in the future. This figure 

goes up to 56% amongst the Maltese public. 

PROTECTING AGAINST 

THREATS 

The previous survey held in March 2017 

already showed that citizens are more and 

more aware that the EU is acting on their 

behalf in areas they see as priorities. Building 

on this growing acknowledgement of the EU’s 

action, interest in the EU remains high and at 

57%, showing a steady increase over time. 

European citizens also clearly expect the EU 

to help protect them against certain threats. 

When asked against which threats the EU 

should protect them, citizens cited terrorism 

(58%), unemployment (43%), poverty and 

exclusion (42%), and uncontrolled migration 

(35%). For the Maltese respondents terrorism 

(63%) and uncontrolled migration (56%) pose 

the greatest threat. 

Fewer than a quarter cited climate change 

(23%), religious radicalism (23%), organised 

crime (22%), armed conflict (21%), political 

extremism (20%), the spread of infectious 

diseases (10%), cyber-attacks, social dumping 

and threats to data privacy (9% each). 

SAFEGUARDING RIGHTS 

Citizens expect the EU to safeguard 

fundamental rights (44%), freedom to travel, 

work and study across the EU (36%), labour 

rights (34%), adequate pensions (34%) and 

economic well-being (33%). They expect the 

European Parliament in particular to defend 

human rights (56%), free speech (34%) and 

equality between men and women (32%). 

For Maltese respondents, the chief concern is 

the environment (53%). 

PROMOTING POLICIES 

Citizens expect the European Parliament to 

support action against poverty and exclusion 

(41%), terrorism (also 41%) and youth 

unemployment (31%). A common European 

response to the issue of migration should also 

be a top priority according to 35% of Maltese 

respondents. 

QUICK FACTS 

The 2017 Parlemeter survey is based on faceto-face 

interviews with 27,881 Europeans, 

aged 15 or more, in all EU 28 member states, 

between 23 September and 2 October 2017. 

Creditline: European Parliament, Directorate- 

General for Communication 


50



51


BANKING 

Achieves Positive Rating 

from Sigma Ratings 

FIMBank has achieved a positive 

rating from Sigma Ratings following 

a comprehensive review by the USbased 

specialist. The entity issues annual 

ratings on company-level financial crime 

risk posture, and utilises cutting-edge 

computer science to generate daily risk 

approximations on companies around the 

world. It has pioneered a technology-driven 

approach to understanding non-credit 

counterparty risk, evaluating inherent risk 

and control effectiveness data, to generate 

financial crime vulnerability ratings. 

Whilst most control sub-areas were rated as 

‘strong’, the overall rating places FIMBank in 

the upper quartile of Sigma’s ‘satisfactory’ 

rating band. Sigma also classifies FIMBank’s 

outlook as ‘positive’. Commenting on the 

Bank’s recent achievement, FIMBank Group 

CEO Murali Subramanian stated that “Sigma’s 

rating is consistent with the recent affirmation 

of our ‘BB Rating’ and Stable Outlook by Fitch 

Ratings. It is the outcome of the enhanced 

risk management framework adopted and 

encourages us to invest additional time and 

resources to seek further progression.” 

Mr Subramanian explained that over the past 

years, FIMBank has implemented a number 

of management and operational reforms, 

and boosted investments aimed at improving 

its financial crime compliance posture across 

the entire Group. “This has led to a dramatic 

shift in culture, one which places a particular 

focus on financial crime risk management and 

compliance. In line with guidance we receive 

from our Board, we have continued to adopt 

a group- wide “zero tolerance” policy on 

compliance failure”. MBR 

For more information about FIMBank plc, visit 

www.fimbank.com. For further information 

please contact: 

Jason Zammit, Head of Marketing & 

Administration, FIMBank plc 

52

EVENTS Malta Business Review 

THOMSON'S BACK IN TOWN 

HUGO BOSS has sponsored ALEX THOMSON 

since 2003, boasting one of the most 

successful and durable partnerships in the 

sport of yachting. 

BOSS Store St Julians hosted an intimate 

breakfast for the press and yachting 

enthusiasts, welcoming star sailor Alex 

Thomson ahead of his participation in the 

Rolex MIddle Sea Race on Saturday, aboard 

the iconic black HUGO BOSS Yacht. MBR 


53


BUILDING AND CONSTRUCTION 

RAIN RAIN GO AWAY… I AM NOT READY YET! 

By Antoine Bonello 

Water is life and we simply can’t 

live without it. Yet many people 

hate rainy days. This truth is always 

related to a reason and most of 

the time is due to inability to carry 

out with our daily plans or a bad 

experience similar to a friend of mine 

who called me in the middle of the 

night, in a state of panic because of a 

serious water infiltrations inside his 

house from almost everywhere. 

The truth is that for many of us the roof is 

something secondary or worse we just expect 

it to protect us any time unconditionally. But 

for this to happen we need to protect it and 

prepare it well beforehand. 

But what is the best way to waterproof our 

roof and how can I be sure that the persons I 

doing it are trustworthy? 

While there are many solutions and many 

self-thought roofers available we have to be 

very careful at this stage as for some reason 

this is a trade were everyone seems to be an 

expert in the field. Many unqualified people 

give out the most ridicules solutions just to 

show off, or worse suggest you the same 

product everywhere just because they know 

any better. 

So one is left to wonder which the best way 

forward is and how to make the right decision. 

So let me help you out with regards both. 

At present there are two types of 

waterproofing systems, liquid and carpet 

membranes. In Malta the traditional bitumen 

carpet membrane is still considered a 

solution by some. These products are mainly 

dark coloured, made from bitumen and 

covered with gravel. Once implemented it 

starts to harden, loose cohesion and harms 

the environment due to evaporation of oils 

caused by direct sunlight. They also tend to 

open from the sealed seams when subjected 

to concrete movements. 

Another important effect is the transmission 

of heat inside buildings due to their colour and 

properties, elevating considerably the room 

temperature and creating a hot and humid 

environment. This occurrence will inevitably 

result in making more use of air-conditions 

and an increase in electricity consumption. 

In our hot country these products are mostly 

recommended for use in foundations and in 

countries where there is no direct Sunlight like 

Sweden. 

In today’s world technology moves at a very 

rapid pace with materials being continuously 

developed and modified to meet today’s 

building exigencies. Resins membranes are 

proving to be the future; they are designed 

to meet our harsh hot summer and sudden 

climate change. Their application is simply by 

roller, brush or sprayed and can be applied 

easily in corners and obstructed areas. The 

final result is completely seamless, elastic, 

resistant to heavy traffic, can withstand direct 

bonding of tiles if desired and guaranteed to 

last for years due to their resistance to UV 

rays. They are light in weight compared to 

other materials and can become stronger 

when they are reinforced with fibreglass type 

matt 225. 

Resin membranes also help to reduce heat 

intake due to their ability to reflect natural 

radiation and low heat absorption properties. 

A new thermal resin liquid membrane has 

now been launched in the market with 

elevated thermal and reflective properties 

able to increase solar panels efficiency and 

intake. A leading producer of these products 

is NAICI. 

This revolutionary product is the perfect 

solution for our Maltese flat roofs. A strong 

waterproofing membrane with thermal 

properties that reduces by far structural 

movements and heat intake inside buildings. 

This means less use of air-conditioners to 

cool our houses and workplace. Another 

astonishing benefit of this innovative product 

is the ability to increase the efficiency and 

the intake of solar panels by redirecting the 

UV sunrays horizontally towards them. This 

means more money in the owner’s pocket, 

and a cleaner energy. 

Delicate works that involve waterproofing 

must be carried out by professionals who are 

54

BUILDING AND CONSTRUCTION 


able to identify the problems and address 

them with the best possible materials and 

solutions possible. Nowadays our houses 

are becoming more elaborated therefore 

waterproofing works must be carried out 

by properly trained people. Always make 

sure that the persons are members of the 

Malta Professional Waterproofing and Resin 

Flooring Association. This guarantees good 

work, traceability and trustworthiness. 

thanks to 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 

Serious roofers are in possession of the 

Association’s Installers Card for the peace of 

mind of their customers. Always ask to see it 

prior to any works. 

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 

Bitumen membrane carpet offers provides a poor 

waterproofing solution and cannot be applied everywhere 

Damages caused by carpet membrane 

Thermal resin membrane with micro fibres - perfect for DIY 

Primea 


55


AVIATION 

AIR MALTA ADDS THIRD AIRPORT IN SICILY 

IN LINE WITH ITS GROWTH STRATEGY: 

COMISO AIRPORT OF THE RAGUSA 

Air Malta will start operating a twice weekly 

scheduled service to Sicily’s Comiso airport, 

every Friday and Sunday as from 17th 

December. Comiso is an ideal destinations 

for commuters and for weekend tourists 

going to Sicily from Malta and vice-versa. 

Air Malta’s popular GO-LIGHT fares will apply 

on the route making it possible to fly for just 

EUR39 per way including taxes and charges. 

Last summer the Maltese airline also restarted 

a two to three times weekly scheduled 

services to the Sicily’s capital Palermo, and 

with another 14 weekly flights to Catania, 

Air Malta is now serving three airports to the 

neighbouring Mediterranean’s largest island 

creating ideal connections for commuters 

and tourists alike. 

Malta’s Minister for Tourism Dr Konrad Mizzi 

commented, “Great to see Air Malta's growth 

strategy gaining momentum. Air Malta will be 

actively strengthening its operations in Sicily 

with a view to better serve Sicilian tourists 

and business passengers who can connect to 

other destinations via Malta.” 

Ragusa Ibla 

Commenting on this newly launched service, 

Mr Paul Sies, Chief Commercial Officer at Air 

Malta stated, ‘’This is more good news both 

for Malta and Sicily. This is the first time that 

Air Malta will start operating to this Sicilian 

airport and this announcement continues to 

strengthen the airline’s position in the Sicilian 

market with at least 18 weekly flight this 

winter between the islands. The new addition 

will definitely improve connectivity between 

both islands as through the introduction of 

this route we shall now be also covering the 

southern province of Ragusa. This welcome 

addition is further proof of our commitment 

to Malta and Sicily and will strengthen our 

position by tapping into new markets in 

line with our current growth strategy and 

becoming the Airline of the Mediterranean 

Islands.” 

The flights will be go on sale by Monday, 16th 

October and will operate as follows: 

FRIDAY, SUNDAY 

Comiso is surrounded by the municipalities 

of Chiaramonte Gulfi, Ragusa and Vittoria. 

The city of Comiso and the neighbouring 

towns and villages offer spectacular scenery 

and impressive land marks. Wandering 

through the streets and cobbled lanes of 

Comiso, visitors are intrigued by the baroque 

architecture which is present throughout the 

entire city. The Naselli Castle which is an eight 

sided tower of Gothic origins is regarded as the 

main landmark of this Sicilian City. The interior 

of the castle is adorned and decorated with 

14th century frescoes while the precious floor 

mosaic which used to cover the entire floor is 

now preserved in the municipality library. 

Discovering the UNESCO World Heritage 

Site towns of Ragusa Ibla, Modica and Scicli 

is undoubtedly an unforgettable experience 

which takes any traveller on a unique journey 

to ancient civilisations. The municipality of 

Ragusa is renowned for an exceptional cuisine 

through simple dishes characterised by 

authentic taste of tradition. Comiso is home 

to a great number of Michelin star restaurants 

and the culinary activity of the region is placed 

among the first thirty Italian cities in the chart 

of high quality food and wines. 

In the coming days customers will be able 

to book flights through www.airmalta.com, 

by calling Air Malta’s Call Centre on +356 

21662211, from Air Malta sales office at 

Malta International Airport or from Travel 

Agents in Malta and Italy. MBR 

KM658 Dep. 

Malta 

20:30 Arr. 

Comiso 

21:10 

KM659 Dep. Comiso 

22:00 Arr. 

Malta 

22:40 

56

BUSINESS 


Best Deal Properties launch new interactive portal 

By JP abela 

Best Deal Properties has launched 

a new web portal, which can be 

accessed at www.bestdealmalta. 

com – a portal that is set to act as 

an increasingly important customer 

touchpoint. 

Best Deal Properties’ new web portal 

enables customers to not only find current 

information about our properties and our 

services but also provides direct access to our 

instant website updates. 

For the first time, through the www. 

bestdealmalta.com customers will also be 

able to go for improved navigation, fresh 

content and functionality. 

Developed with the end user in mind, the site 

has also been built to learn individual user 

trends and patterns and then put forward the 

most relevant information or functionality to 

the particular user. Our Portfolio section of 

the website has been designed to feature our 

array of top class interior design and finishing 

the customer would enjoy upon completion. 

The website’s Sold Properties area will feature 

an album of each finished property thus 

ensuring that all our projections are carried to 

the final detail. 

“We are proud to launch our new web 

portal that was designed with the objective 

of providing a convenient, dynamic and 

interactive channel,” said Erskine Vella, 

Director at Best Deal Properties. 

“When we first embarked on this project, 

our goal was to create a space where a 

customer could browse. This site is all about 

our customer first and foremost,” explained 

Erskine. MBR 

GIANPULA VILLAGE 

WORLD’S 100 BEST CLUBS 

Once again Gianpula Main Room has 

been placed in the list of The World's 100 

Best Clubs. 

For the first time this list has been produced by 

combining the direct public votes through the 

Facebook page of the International Nightlife 

Association and that of a qualified jury taking 

the publics opinion into great consideration. 

The World's 100 Best Clubs is an exclusive list 

that is released every year, taking into account 

different aspects such as security, innovation 

or the quality of services to offer users a way 

to select the best nightlife venues. 

The city with the most venues, winning 

public recognition according to The World's 

100 Best Clubs 2017 list is Ibiza with ten 

establishments followed by Las Vegas, with 

nine. The Balearic Islands bring names such 

as Ushuaïa Ibiza Beach Hotel (World's Best 

Club 2017), Hï, DC10, Amnesia, Pacha Ibiza, 

Sankeys, Heart, Blue Marlin Ibiza, Lío and 

KM5. Las Vegas keeps also remains strong 

on the list with Omnia, Hakkasan, Marquee, 

Drai's, XS, Foxtail, TAO and Surrender, to which 

they join Exchange, Avalon, Space, Sound 

Nightclub, E11even, LIV and Coda, and La Vela 

on American territory. Other clubs that are 

also strong in the list are Zouk, in Singapore; 

Cavalli Club in Dubai; Collosseum in Jakarta or 

Octagon in Seoul. 

Gianpula Village is more than a nightclub. It 

is a destination. Consisting of eight venues 

in one central area, it caters for every taste 

and genre. Gianpula Village’s success lies in 

providing a complete and comprehensive 

experience in one location. MBR 


57


NEWS MAKERS 

Consistent improvement in the fiscal 

balance in the first nine months of 2017 

A surplus of €56.4 million was recorded in 

the consolidated fund balance for the first 

nine months of this year. This represented 

an improvement of €120.1 million in the 

consolidated fund balance, turning a deficit 

of €63.6 million recorded in January to 

September last year, to a surplus this year. 

This significant improvement was the result 

of notable increases in all the main revenue 

categories, while growth in expenditure 

remained contained. Indeed, during the 

period January to September of this year, 

recurrent revenue increased by €346.7 million 

or 13.2 percent while total expenditure 

increased by €226.6 million or 8.4 percent. 

The largest increase in revenue was recorded 

in income tax (€83.4 million), reflecting the 

robust growth in employment recorded in 

recent years backed by the making work 

pay budget initiatives. Indirect tax revenues 

including VAT, customs, and excise duties as 

well as licenses, taxes, and fines continued 

to record significant increases reflecting both 

the dynamic growth in private consumption 

and Malta’s positive performance in net 

trade. The Government’s salary bill increased 

by 5.6 percent. 

The Minister for Finance comments, “It is 

encouraging to note this year’s consistent 

improvements in the consolidated fund 

balance over last year’s already successful 

outcome. I am also pleased to note that the 

fiscal performance for the first nine months of 

this year is better than the Budget projections 

for the same period, auguring well for the 

end-of-year fiscal outturn.” MBR 

Source: Ministry of Finance 

58 

Credits : Clodagh Farrugia O'Neill - DOI 


Minister for Finance addresses 

the legal profession practicing in 

commercial activities 

“Legal practitioners have an obligation 

to adopt high standards when it comes 

to customer due diligence, including strict 

know-your-customers procedures. We must 

not allow criminals to set up shop in Malta. 

Company legal practitioners should also be 

vigilant on the ongoing activities carried out 

by Maltese companies”, stated Minister for 

Finance Edward Scicluna when addressing the 

Annual Company Law Conference organised 

by the Academy within the Chamber of 

Advocates at the Old University in Valletta. 

He also stated that Malta has high standards 

of company legislation, providing for the 

company registration process and for the 

retention of extensive and up-to-date 

information and documentation on every 

company. 

“The Government is determined to take all 

the necessary steps to ensure that Maltese 

companies are not misused for crime and 

money, and that they have the standards and 

fundamental requirements of the Financial 

Action Task Force”, said Minister Scicluna. 

The Minister for Finance concluded by 

saying that, to further reinforce transparency 

and to fully comply with the requirements 

of international standards and the 4th 

Two year Framework Agreement 

between UOM and MITA to help students 

familiarise better with practical aspects 

with the ICT Industry. “Concrete measure 

to address the challenges brought about 

by the digital economy” – Parliamentary 

Secretary Silvio Schembri 

MITA and the University of Malta signed a two-year 

Framework Agreement that will help students 

studying in different faculties to experience 

and familiarise better with practical aspects 

within the ICT industry. 

During the signing of the agreement, 

Parliamentary Secretary for Financial 

Services, Digital Economy and Innovation 

Silvio Schembri said that the way forward 

to address the challenges that the digital 

economy is bringing about is by means of 

closer collaboration between entities and 

institutions. 

“Creating and sustaining people’s talent 

sustains our economy,” said Schembri 

while insisting on the importance of the 

involvement of academics and professionals 

to develop study-units in a way that will reflect 

today’s industry and today’s IT technology. In 

this way, students from various faculties will 

have a practical experience on what the ICT 

industry is expecting from them. 

University of Malta Rector, Professor 

Alfred Vella described the agreement as 

an example of how stakeholders involved 

Anti-Money Laundering Directive, the 

Government will over the coming weeks 

publish regulations requiring every company 

to hold information on its beneficial owners 

and to submit this information to the Registrar 

of Companies. The Regulations will also 

provide for the establishment of a register of 

beneficial owners of companies which will be 

directly accessible without any restriction to 

competent authorities, to obliged persons, 

and possibly to the general public, depending 

on the outcome of the current negotiations 

on the proposed amendments to the 4th 

Directive. MBR 

Courtesy: Ministry for Finance 

Credits : Clifton Fenech - DOI 

Credits : Clifton Fenech - DOI 


in the industry and the University of Malta 

can work closer together to understand the 

industry requirements while at the same time 

strengthening the educational curriculum. 

MITA Chairman Tony Sultana explained that 

that the Terms of Further Collaboration 

agreed with the University of Malta reflects 

the continuous discussions with the industry. 

He added that the agreement is going to 

establish a mutually beneficial collaboration 

that allows for a number of initiatives to take 

shape between the Parties. This is the first 

agreement reached with the Faculty of ICT 

and currently there are ongoing discussions 

with FEMA Faculty to establish a similar 

framework. 

After the signing, Parliamentary Secretary 

Silvio Schembri was toured around the Faculty 

of ICT accompanied by Rector Alfred Vella and 

MITA Chairman Tony Sultana. 


Courtesy: Parliamentary Secretariat for Financial 

Services, Digital Economy and Innovation

An Inspiration 

For your HOME 

& GARDEN 

22, Vallea Road, Qormi. - Mob: 79477542 - Email: prenss@innogreens.com

Exceptional Properties. 

Exceptional Clients. Exceptional Service. 

Tel. : +356 79798282, e-mail : info@simonestates.com 

6, Chemin du Repos, 1213, Petit-Lancy, Geneva, Switzerland: 159, Labour Avenue, Naxxar NXR 9025 : 223, Republican Street, Valletta VLT 1116, Malta

LOW RES MBR ISSUE 36

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